Page 9 - Hobe Sound Reflections - March '25

Hobe Sound, Page 9

finanCial foCus ®

Key Decisions For Retired once you retire, you’ll probably need to draw on these accounts can affect your spouse – and vice versa. If the lower-earning
spouse claims Social Security before their full retirement age –
to help pay your living expenses. Consequently, both of you
Couples will need to be sure that you don’t withdraw so much each year again, age 67 – their own retirement benefit and any potential
that you risk running out of money later in your retirement. spousal benefit will be reduced. (Spousal benefits are given to
By Sally Sima Stahl, One common guideline is to aim for an annual withdrawal the lower-earning spouse if their full retirement benefit is less
Edward Jones rate of 4 percent, but everyone’s situation is different based than half the other spouse’s full retirement benefit.)
Once you and your on age, pre-retirement income, lifestyle, health, travel plans • Should you downsize? If you live in a big home and your
spouse retire, you’ll have and other factors. (Once you turn 73, or 75 if you were born children are grown, you may find it economical to downsize.
some decisions to make – in 1960 or later, you will have to take certain amounts, based Of course, this is also an emotional decision, but you may find
decisions that could affect on your age and account balance, from your traditional IRA that you can save money by moving into a smaller home.
your quality of life in your and traditional 401(k) each year.) • Where should you live? Some states are far more
retirement years. What are • When should you take Social Security? The answer to expensive to live in than others. You’ll want to weigh your
these choices? this question depends on many factors, such as your age and decision carefully, considering the cost of housing, food,
Here a few of the most other sources of income. You can take Social Security as early income and real estate taxes, transportation and health care
important ones: as age 62, but your monthly payments will typically be bigger in whatever state you choose.
• How much should you if you wait until your full retirement age, which will be age • Have you finished your estate plans? If not, now is the
withdraw from your retirement accounts? By the time you 67 if you were born in 1960 or later. And if you can afford to time. You’ll want to work with your legal professional to create
retire, you may have contributed for decades to an IRA and wait even longer, your payments will “max out” when you whatever documents are needed – a will, living trust, power of
a 401(k) or similar employer-sponsored retirement plan. But reach age 70. Your decision on when to take Social Security attorney – to help ensure your assets go where you want them
to go, and that your financial and health care choices will be
protected if you become physically or mentally incapacitated.
Honoring from page 8 Table Sponsors were NAACP of Martin County Branch Of course, many of these same issues will apply if you
5085B and Tammy Stefanovic; and JSS Marketing and are single, divorced or widowed. But if you are married, you
Studies show today’s girls are not spending enough Public Relations was a Friend of Girl Scouts Sponsor. and your spouse will want to discuss all your choices and
time outdoors. However, the proceeds from Emerald About Girl Scouts then decide which steps to take. Once you’ve got your plans
Awards Martin County and the community’s generous We are the preeminent leadership development in place, you may well find that you can fully enjoy your
support, Camp Welaka provides girls with a transformative organization for girls who believe that every girl can retirement years.
environment where they can build confidence, develop be a go-getter, innovator, risk-taker, and leader with This article was written by Edward Jones for use by your
independence and forge lifelong friendships through the power to change the world. More than any other local Edward Jones Financial Advisor, Edward Jones, Member
traditional camp activities. Located on 640 beautiful acres organization in our community, Girl Scouts of Southeast SIPC.
within Jonathan Dickinson State Park in Tequesta, Fla., Florida empowers girls ages 5 to 17 with vision and Edward Jones is a licensed insurance producer in all states
Camp Welaka offers girls the opportunity to explore nature voice—girls who command their future, engage their and Washington, D.C., through Edward D. Jones & Co., L.P.,
through outdoor activities such as swimming, canoeing, communities and inspire others. We offer every girl a and in California, New Mexico and Massachusetts through
archery and outdoor skills in a safe, girl-led setting where chance to practice a lifetime of leadership, adventure Edward Jones Insurance Agency of California, L.L.C.; Edward
they can step out of their comfort zones and discover their and success. Girl Scouts of Southeast Florida serves Jones Insurance Agency of New Mexico, L.L.C.; and Edward
true potential. more than 6,900 girls in Broward, Palm Beach, Martin, Jones Insurance Agency of Massachusetts, L.L.C.
Ruby Sponsor of the 2025 Emerald Award Martin St. Lucie, Indian River and Okeechobee counties. Edward Jones, its employees and financial advisors cannot
County was Publix Super Market Charities; Award To explore opportunities to volunteer or partner with provide tax advice. You should consult your qualified tax
Sponsors were Amazon, HCA Florida Healthcare Girl Scouts, call (561) 427-0177 or visit www.gssef.org. advisor regarding your situation.
and Florida Power & Light; PNC Bank was the Valet Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
Sponsor; LaCroix Water was the Beverage Sponsor; Photos by Steven Martine Photography AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
33458.

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