Page 14 - Southern Exposure - December '22

Page 14, Southern Exposure

financial focuS

Avoid Becoming “Burden” On Grown Children

By Sally Sima Stahl

Here’s an interesting statistic: Some 72 percent of retirement plan at work, so financial power of attorney, which lets you name someone
retirees say one of their biggest fears is becoming a burden take advantage of it. Even to manage your finances if you became incapacitated, and
on their families, according to a 2021 survey by Age Wave with an employer-sponsored a durable power of attorney for health care, which allows
and Edward Jones. Both before and during retirement, plan, you also may be someone to make medical decisions on your behalf if you
what steps can you take to avoid burdening your loved eligible to contribute to an can’t make them yourself. You’ll want to work with a
ones in the future? IRA. In addition to offering legal professional to develop the documents appropriate
Here are a few suggestions: a variety of investment for your needs.
• Build your retirement savings. The greater your options, a 401(k) and • Evaluate your housing needs. As you enter retirement,
financial resources, the less likely it becomes that you’d IRA provide potential tax you may want to evaluate your living situation. Could you
ever have to count on your grown children for financial advantages. And once you downsize to a smaller home, or perhaps a condominium
support. You may have access to a 401(k) or similar do retire, be careful about or apartment? Not only might you save money with such
how much you withdraw a move, but you could also end up relieving your grown
each year from your retirement plans and other children of the responsibilities and hassles involved in
investments. clearing out and selling your home should you become
• Plan for health care costs. Once you are retired, health unable to do so yourself during the later years of your
care costs will be a significant expense. You may have retirement.
Medicare, but you’ll also want to consider your need for By taking these measures, along with others, you can
supplemental health insurance to cover traditional medical go a long way toward maintaining your independence and
costs. And you’ll want to consider another potential putting yourself in a place where you won’t burden your
health-related expense: long-term care. You may never grown children. And that’s a good place to be.
need the services of a home health aide or a stay in a This article was written by Edward Jones for use by
nursing home, but no one can predict the future. your local Edward Jones Financial Advisor, Edward
Medicare does not cover most costs for long-term care, Jones, Member SIPC.
which can be quite high. In 2021, the annual national Edward Jones is a licensed insurance producer in
median cost for a private room in a nursing home was all states and Washington, D.C., through Edward D.
over $108,000, while the median cost for a full-time home Jones & Co., L.P., and in California, New Mexico and
health aide was nearly $62,000, according to a survey Massachusetts through Edward Jones Insurance Agency
by Genworth, an insurance company. You may want to of California, L.L.C.; Edward Jones Insurance Agency of
consult with a financial professional on strategies for New Mexico, L.L.C.; and Edward Jones Insurance Agency
protecting yourself from these costs. of Massachusetts, L.L.C.
• Create necessary legal documents. If something were Edward Jones, its employees and financial advisors
to happen to you, and you didn’t have the appropriate cannot provide tax advice. You should consult your
legal documents in place, your loved ones could be placed qualified tax advisor regarding your situation.
in a bind, both financially and emotionally. That’s why Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
it’s a good idea to create documents such as a durable 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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