Page 6 - The Shores of Jupiter - July '23

Page 6, The Shores
Financial Focus ® town of Jupiter news

Biggest threats to a

comfortable Retirement? By Jim Kuretski, • significant cost inflation rates
Mayor, Town of Jupiter
• supply chain shortages on many products
The Town Council • increasing lead times to secure products
By Sally Sima Stahl works with our town • rationing schedules of certain construction materials
If you save and invest manager, staff, and others to The groundbreaking event for this building was on
for decades, you’d like address issues affecting our Dec. 9, 2022. The project team hit the ground running.
to know you can retire residents and businesses. They had proactively worked to secure construction
without financial worries. The following provides materials ahead of schedule. Materials were stockpiled
Nonetheless, you still have to a summary of actions in vacant spaces in the old police office building.
be aware of some threats to and achievements since Just one day shy of six months later, the new Town
a comfortable retirement — last month’s community Hall building shell has been completed and buildout of
and how to respond to them. newspaper report. the interior spaces is already underway. Extraordinary
These threats include: new town hall Facility progress has been made.
• inflation – Inflation Construction of the new Town Hall facility on the Town of Buildings under construction are at greater risk in being
has been high recently, Jupiter Governmental Campus, located at 210 Military Trail damaged during hurricane events, than buildings with
but even a mild inflation rate can seriously erode your is proceeding well and currently trending ahead of schedule. completed enclosures. The new building will be capable
purchasing power. In fact, with just a 3 percent inflation Kaufman Lynn Construction hosted a building roof of being fully sealed from hurricane winds by July 15.
rate, your expenses could double in about 25 years — and topping out event on June 8, to celebrate a significant This is the next important milestone.
your retirement could easily last that long. So, if you’re milestone achievement in the construction of our new This New Town Hall building represents much more
going to rely on your investment portfolio for a sizable Town Hall building. The progress made has been than a physical structure. It is a more fitting and appropriate
part of your retirement income, you will need to own a remarkable and is the result of the dedication, hard work workplace for our Town Government staff. It provides more
reasonable number of growth-oriented investments, such and collaborative efforts of many. suitable meeting spaces for interacting with Jupiter residents
as stocks or stock-based funds, whose potential returns One year ago, we were experiencing: and businesses enabling us to best serve the Jupiter public.
can equal or exceed the inflation rate.
• excessive withdrawals – Once you retire, you
should establish a withdrawal rate for your portfolio — an
amount you can take out each year and still feel secure Advertise in This Newspaper! Call (561) 746-3244
that you won’t run out of money. Some people make
the mistake of withdrawing too much, too soon, once
they’re retired. Your withdrawal rate should be based on
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of your portfolio and the amount of income you receive
from other sources, such as Social Security. A financial Peripheral
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that’s appropriate for your needs. Neuropathy?
• market volatility – The financial markets will always
fluctuate. When you’re still working, this volatility may
not be such a problem, as you have years or decades to FREE Consultation
recover from short-term downturns. But when you retire,
you don’t want to have to sell investments when their
price is down. To help prevent this, you can tap into the for Acupuncture
cash in your portfolio, assuming you have enough to cover
several months’ worth of living expenses. You could also
draw on a CD “ladder” — a group of CDs that mature at
different times — to provide you with resources for the
next few years and allow your equity investments time
to recover their value.
• unexpected costs – You had them when you were 561-745-1002
working, and you’ll probably have them when you’re
retired: the furnace that breaks down, the car that needs 654 West Indiantown
a major repair, and so on. But if you’ve established an THE PATIENT AND ANY OTHER PERSON RESPONSIBLE FOR PAYMENT HAS THE RIGHT TO Road, Jupiter, FL 33458
REFUSE TO PAY, CANCEL PAYMENT OR BE REIMBURSED FOR PAYMENT FOR ANY OTHER
emergency fund containing a year’s worth of living SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
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may be able to “ride out” these costs without jeopardizing
your investment portfolio. Be sure to keep these reserves
separate from your typical day-to-day accounts to avoid
the temptation of spending your emergency money.
• health – Retirees may face more health concerns
than younger people, and those concerns often come with
larger medical bills. That’s why it’s important to maximize
the benefits from Medicare or your Medicare Advantage
plan. Also, if you contributed to a Health Savings Account
(HSA) while you were working, and you haven’t depleted
it, you can use the money in retirement. As long as the HSA
funds are used for qualified medical expenses, withdrawals
are tax- and penalty-free, and won’t be included in your
income. This could help keep your income below certain
levels, lower your Medicare premiums or avoid the 3.8
percent surtax on net investment income that can be
assessed on high-net-worth taxpayers.
Retirement can be a pleasant time in your life — and
you’ll enjoy it more if you’re prepared for the challenges
that face all retirees.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency
of New Mexico, L.L.C.; and Edward Jones Insurance
Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.