Page 25 - The Jewish Voice - March '23

The Jewish Voice, Page 25

LiFestyLes

Financial Focus But there may be other reasons why “going it alone” as an Elder Estate

Should Investors Go It Alone? investor might not be desirable. Top Ten Long-Term Care Planning Myths

For example, when the financial markets are down, as was
By Sally Sima Stahl the case for much of 2022, some investors make decisions Submitted by Anné Desormier-
If you’re going to enjoy a based on short-term volatility, such as selling investments to Cartwright, Esq.
comfortable retirement, you “cut their losses,” even if these same investments still have 1. I Can Care for My Spouse
should know, among other things, solid business fundamentals and good prospects for growth. Indefinitely on My Own
how much money you’ll need. But if you work with a financial professional, you might All too often a primary
And you may have a much better decide to stick with these investments, especially if they’re caregiver ends up hospitalized
chance of knowing this if you get still appropriate for your long-term strategy. Other times, of or even predeceasing the
some professional help. course, the advice may be different — but it will always be unhealthy spouse because he
Consider these findings from a advice based on your goals, needs, and time horizon. or she failed to acknowledge
2021 study by Dalbar, a financial Furthermore, if you’re investing on your own, you may the limits of his or her ability
services market research firm: always be measuring your results against the major market to provide 24/7 care. It is
• Investors who worked with a financial advisor were three indexes, such as the S&P 500 or the Dow Jones Industrial imperative that all involved recognize an illness impacts
times more likely to estimate what they would have saved at Average. But in reality, your portfolio should contain a wide both spouses. In the end, keeping an unhealthy spouse at
retirement than “do-it-yourself” investors. range of investments, some of which aren’t contained in these home can do more harm than good sometimes.
• More than two-thirds of investors with a financial indexes, so you might not be assessing your performance 2. Medicare and Medicaid Are Terms to Be Used
advisor were satisfied with the amount they would have appropriately. A financial professional can help you develop Interchangeably
saved at retirement, compared to about 27 percent of the your own, more meaningful benchmarks that can show the Eligibility for Medicare is determined based solely
do-it-yourselfers. progress you’re actually making toward your goals. on whether a worker or their spouse paid adequately
How do financial professionals help their clients in In some areas of life, going it alone can be exciting — but during their lifetime. Medicare eligibility does not depend
these ways? when it comes to investing for your future, you may benefit on assets or income. On the other hand, eligibility for
First, consider the issue of determining how much from some company on the journey. Medicaid is determined based upon the assets and income
money will be needed for retirement. It’s not always easy By knowing exactly what to expect from Social Security, of the applicant. Whereas the rules governing Medicare
for individuals to estimate this amount. But financial including the tax effects, you can more effectively incorporate eligibility are identical in all states, the rules governing
professionals can help clients like you arrive at this figure your benefits into your overall retirement income planning eligibility for Medicaid differ depending on the state.
by exploring your hopes and goals. How long do you plan to – and the better your plans, the more you’ll be able to enjoy 3. Medicare Will Pay for a Nursing Home if I Ever
work? What kind of lifestyle do you anticipate enjoying in your life as a retiree. This article was written by Edward Need One
retirement? Where would you like to live? How much would Jones for use by your local Edward Jones Financial Advisor, Medicare will pay for just 20 days in full following a
you like to travel? Are you open to pursuing earned income Edward Jones, Member SIPC. hospitalization. It can potentially assist for an additional
opportunities, such as consulting or working part time? Edward Jones is a licensed insurance producer in all states 80 days, but only after the resident covers a daily co-
Next comes the other key question: How much money will and Washington, D.C., through Edward D. Jones & Co., L.P., payment of $133.50. Under no scenario will Medicare
be available for retirement? This big question leads to many and in California, New Mexico and Massachusetts through provide assistance with long-term care beyond 100 days.
others: How much do you need to save and invest each year Edward Jones Insurance Agency of California, L.L.C.; 4. Medicaid Will Cover Home Health Care and Assisted
until you retire? About what sort of investment return will Edward Jones Insurance Agency of New Mexico, L.L.C.; and Living Care
you need to reach your retirement income goals? What level Edward Jones Insurance Agency of Massachusetts, L.L.C. Although there are limited Medicaid programs designed
of risk are you willing to take to achieve that return? What Edward Jones, its employees and financial advisors to help with home health care or assisted living care, these
is the role of other income sources such as Social Security cannot provide tax advice. You should consult your qualified programs are grossly underfunded and maintain long waiting
or any pensions you might have? tax advisor regarding your situation. lists. Moreover, under no circumstances will Medicaid pay
Having a financial professional help you gain a clear idea Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
of your retirement income picture can certainly be reassuring. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458. Lifestyles on page 26

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22–23 SEASON • KEY ART CONCEPTS • PAUL GASCHLER

22–23 SEASON • KEY ART CONCEPTS • PAUL GASCHLER