Page 18 - The Jewish Voice - March '25

Page 18, The Jewish Voice

Lifestyles from page 17 Financial Focus trust, power of attorney — to help ensure your assets
go where you want them to go, and that your financial
• Do not drink caffeine in the afternoon. Key Decisions for Retired Couples and health care choices will be protected if you become
• Create and maintain a sleep preparation routine, physically or mentally incapacitated.
relaxing at least 45 minutes to an hour before going to bed. By Sally Sima Stahl Of course, many of these same issues will apply if you
Avoid working on projects that require complex decision- Once you and your are single, divorced, or widowed. But if you are married,
making or involve stressful tasks during this time. spouse retire, you’ll have you and your spouse will want to discuss all your choices
• Avoid drinking an excessive amount of fluid before some decisions to make — and then decide which steps to take. Once you’ve got your
bedtime to minimize the need to use the bathroom in the decisions that could affect plans in place, you may well find that you can fully enjoy
middle of the night. your quality of life in your your retirement years.
retirement years. What are This article was written by Edward Jones for use
Dr. Peña notes that these choices? by your local Edward Jones Financial Advisor, Edward
sleeping pills should Here a few of the most Jones, Member SIPC.
be used only as a last important ones: Edward Jones is a licensed insurance producer
resort. “Avoid them, if • How much should in all states and Washington, DC, through Edward D.
at all possible,” he said. you withdraw from your Jones & Co., L.P., and in California, New Mexico, and
“Medications do not retirement accounts? By the time you retire, you may have Massachusetts through Edward Jones Insurance Agency
provide a permanent contributed for decades to an IRA and a 401(k) or similar of California, LLC; Edward Jones Insurance Agency of
solution to sleep problems. employer-sponsored retirement plan. But once you retire, New Mexico, LLC; and Edward Jones Insurance Agency
In general, they alter the you’ll probably need to draw on these accounts to help pay of Massachusetts, LLC.
architecture and quality of your living expenses. Consequently, both of you will need Edward Jones, its employees, and financial advisors
normal sleep and leave you to be sure that you don’t withdraw so much each year that cannot provide tax advice. You should consult your
groggy in the morning.” you risk running out of money later in your retirement. One qualified tax advisor regarding your situation.
Dr. Luis Peña-Hernández common guideline is to aim for an annual withdrawal rate Contact us at (561) 748-7600, Sally Sima Stahl,
When is it a good of 4 percent, but everyone’s situation is different based CFP , AAMS™, 1851 W. Indiantown Road, Ste. 106,
®
time to consider seeing a sleep specialist? “Anytime you on age, pre-retirement income, lifestyle, health, travel Jupiter, FL 33458.
have a recurrent problem falling or staying asleep, or you plans, and other factors. (Once you turn 73, or 75 if you
experience daytime sleepiness,” said Dr. Peña. “Also, if were born in 1960 or later, you will have to take certain Does Your Revocable Living
you exhibit any abnormal behaviors like sleepwalking amounts, based on your age and account balance, from
or restless legs, among others, it’s important to see a your traditional IRA and traditional 401(k) each year.) Trust Reduce Your Federal
specialist.” • When should you take Social Security? The answer
Dr. Peña and his colleagues at TGH PCSI evaluate to this question depends on many factors, such as your age Estate Tax Bill?
and address sleep disorders that can negatively affect your and other sources of income. You can take Social Security
quality of life and overall health. “We can determine if a as early as age 62, but your monthly payments will By Anné Desormier-
sleep study at home or a test in the sleep lab would help, typically be bigger if you wait until your full retirement Cartwright, JD, Esq.
and then recommend a proper plan of care depending on age, which will be age 67 if you were born in 1960 or later. Many believe that
the patient’s specific needs.” And if you can afford to wait even longer, your payments once they set up and
For more information about the sleep health services will max out when you reach age 70. Your decision on fund a revocable living
offered by the TGH Pulmonary Care & Sleep Institute, when to take Social Security can affect your spouse — trust, property held in
please call 561-739-4TGH (4844) or visit TGHPCSI.com. and vice versa. If the lower-earning spouse claims Social the trust will completely
Security before their full retirement age — again, age 67 avoid federal estate taxes
— their own retirement benefit and any potential spousal after they die. A living
benefit will be reduced. (Spousal benefits are given to the trust does not provide any
lower-earning spouse if their full retirement benefit is less unique estate tax avoidance
than half the other spouse’s full retirement benefit.) strategies.
• Should you downsize? If you live in a big home and The primary mechanisms for reducing estate taxes
your children are grown, you may find it economical to — the unlimited marital deduction and the charitable
downsize. Of course, this is also an emotional decision, deduction — apply whether money or property (sometimes
but you may find that you can save money by moving referred to generally as assets) are held in a trust or held
into a smaller home. directly by an individual. The unlimited marital deduction
• Where should you live? Some states are far more allows the transfer of assets to a U.S. citizen surviving
expensive to live in than others. You’ll want to weigh your spouse free from estate tax, while the charitable deduction
decision carefully, considering the cost of housing, food, permits tax-free transfers to qualifying charitable
income and real estate taxes, transportation, and health organizations. These deductions are not exclusive to living
care in whatever state you choose. trusts but can be incorporated into a trust-based estate
• Have you finished your estate plans? If not, now is plan to ensure that assets are distributed tax-efficiently.
the time. You’ll want to work with your legal professional
to create whatever documents are needed — a will, living Lifestyles on page 19