Page 32 - Southern Exposure- March '20

Page 32, Southern Exposure

FinanCial FoCus

Will Your Money Last As Long As You Do?

By Sally Sima Stahl

What do your fellow • Choose an appropriate withdrawal rate. During your a long way toward alleviating this fear and enjoying your
c i t i z e ns fe a r m ost ? retirement, you’ll need to withdraw money from your IRA, life as a retiree.
Almost half of them – 49 401(k) and other retirement accounts. But you’ll want to This article was written by Edward Jones for use by your
percent – are most afraid avoid taking out too much each year, especially during the local Edward Jones Financial Advisor.
of running out of money early years of your retirement. It’s important to establish an Edward Jones, its employees and financial advisors are
during retirement, a higher annual withdrawal rate that’s appropriate for your needs, not estate planners and cannot provide tax or legal advice.
percentage than the 44 taking into account your age, sources of income, lifestyle Call me for a free portfolio review at (561) 748-7600,
percent whose chief concern and other factors. Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste. 106,
is failing health, according The thought of running out of money during retirement Jupiter, FL 33458.
to a recent survey by Aegon is scary indeed – but by making smart choices, you can go
Center for Longevity and
other groups.
What steps can you take to help ensure your money
will last as long as you do?
Here are a few suggestions: undersTanding Taxes
• Estimate your longevity. None of us can say for
sure how long we’ll live. However, you can make some
educated guesses based on your health and family history.
And once you do have at least a ballpark figure, you can Tax Questions? Palm Beach Tax
then determine about how much money you may need
to last the rest of your lifetime. A word of caution: It’s
probably going to be more than you think. Health care Group Has The Answers
costs alone can run into the hundreds of thousands, even
with Medicare.
• Determine when you’ll retire. Your retirement age Q: What area of tax hours, a five-business day turnaround time for client tasks and
will have a big impact on how long your money can last. practice do you specialize unparalleled access to the people you want to talk to, promote
The longer you work, the more you can contribute to your in? the service our client’s feel they deserve. The secret advantage
retirement plans, such as your IRA and 401(k). Plus, if A: In the 1970s our to using Palm Beach Tax Group as your trusted resource is
you have health insurance through work, you should be firm was primarily a tax our proactive and integrated approach to tax and financial
able to cover some of the out of pocket health care costs preparation firm, back when planning. When was the last time your tax professional came
you’d normally have to pay if you’re retired. taxes were completed on to you with a way to save taxes? Most tax professionals are
• Invest as much as you can in your retirement. During carbon copy paper and a great at recording your history, putting the right numbers in
your working years, contribute as much as you can typewriter. Over the last 50 the box and telling you how much to pay Uncle Sam. We
afford to your IRA and your 401(k) or similar employer- years we have evolved into a show you how to pay less tax by looking ahead and helping
sponsored retirement plan. And every time you get a raise, full tax and financial planning you maximize the IRS code to your advantage. Planning is
try to increase the amount you put into your employer’s firm. This includes tax prep, key! You cannot plan backwards; after the year is over.
plan. proactive tax planning, accounting, payroll service, CFO Q: Can you represent me if I get audited by the IRS?
• Protect yourself from long-term care costs. If you’re advisory and family office services. Our extensive knowledge A: Yes, Palm Beach Tax Group President/CEO is an
fortunate, you’ll never need any type of long-term as a firm and our alliances around the nation allow us to bring enrolled agent licensed by the United States Treasury to
care, such as an extended stay in a nursing home or the the best holistic planning to our clients as needed. represent taxpayers in all areas of tax. This includes, but is
services of a home health care provider. Still, there are no Q: What are the advantages to using PBTG? not limited to, audits, back taxes owed, payment plans, unfiled
guarantees, and long-term care expenses can be big enough A: Palm Beach Tax Group is still a family firm. We treat tax returns, liens, levies and more. We can work nationwide
to threaten your retirement savings. The average cost for a clients as part of the family from the perspective of respect to help make sure you get the best resolution possible.
private room in a nursing home is about $100,000 per year, and integrity. Although a third generation family firm, we For more information, please contact Roland C. Manuel,
while a home health aide costs about $50,000 per year, bring our clients the big firm experience and results they EA, Enrolled Agent/CEO, (561) 655-5777, roland@
according to the insurance company Genworth. Medicare expect. Returning calls or emails the same day or within 24 palmbeachtaxgroup.com, palmbeachtaxgroup.com.
typically pays just a small portion of these amounts, so
you may want to purchase a long-term care insurance
policy that will pay for qualified long-term care costs. Or
you might consider a “hybrid” policy, which combines
long-term care protection with life insurance. So, if you Mother Nature’s Pantry
never needed long-term care, your hybrid policy would
pay a death benefit to your beneficiary, but if you did need Serving The Community For 40 Years
the care, your policy would pay benefits toward those
expenses.
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