Page 14 - Lifestyles in Palm Beach Gardens - March '25

Page 14, Lifestyles in Palm Beach Gardens
Financial Focus ®

Key Decisions For Retired • Where should you live? Some states are far more This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
expensive to live in than others. You’ll want to weigh
Couples your decision carefully, considering the cost of housing, Jones, Member SIPC.
food, income and real estate taxes, transportation and Edward Jones is a licensed insurance producer in
By Sally Sima Stahl, health care in whatever state you choose. all states and Washington, D.C., through Edward D.
Edward Jones • Have you finished your estate plans? If not, now is Jones & Co., L.P., and in California, New Mexico and
Once you and your the time. You’ll want to work with your legal professional Massachusetts through Edward Jones Insurance Agency
spouse retire, you’ll have to create whatever documents are needed – a will, living of California, L.L.C.; Edward Jones Insurance Agency
some decisions to make – trust, power of attorney – to help ensure your assets of New Mexico, L.L.C.; and Edward Jones Insurance
decisions that could affect go where you want them to go, and that your financial Agency of Massachusetts, L.L.C.
your quality of life in your and health care choices will be protected if you become Edward Jones, its employees and financial advisors
retirement years. What are physically or mentally incapacitated. cannot provide tax advice. You should consult your
these choices? Of course, many of these same issues will apply if you qualified tax advisor regarding your situation.
Here a few of the most are single, divorced or widowed. But if you are married, Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
important ones: you and your spouse will want to discuss all your choices AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
• How much should you and then decide which steps to take. Once you’ve got 33458.
withdraw from your retirement accounts? By the time you your plans in place, you may well find that you can fully
retire, you may have contributed for decades to an IRA enjoy your retirement years.
and a 401(k) or similar employer-sponsored retirement
plan. But once you retire, you’ll probably need to draw
on these accounts to help pay your living expenses. Meet the New Cardiologist in
Consequently, both of you will need to be sure that you
don’t withdraw so much each year that you risk running
guideline is to aim for an annual withdrawal rate of the Neighborhood!
out of money later in your retirement. One common
4 percent, but everyone’s situation is different based
on age, pre-retirement income, lifestyle, health, travel Dr. Hemang B. Panchal, MD, MPH,
plans and other factors. (Once you turn 73, or 75 if you FACC, FSCAI, is board-certified Highlights of Dr. Panchal:
were born in 1960 or later, you will have to take certain in cardiology, interventional • 13+ years of experience
amounts, based on your age and account balance, from cardiology, echocardiography, and • Well-published in top-rated
your traditional IRA and traditional 401(k) each year.) nuclear cardiology. He recently journals, including the Journal
• When should you take Social Security? The answer to established his new cardiology of the American College of
this question depends on many factors, such as your age practice, South Florida Heart & Cardiology and Circulation.
and other sources of income. You can take Social Security Vascular, located in Jupiter, FL. • Helped reform the guidelines
as early as age 62, but your monthly payments will by the American College of
typically be bigger if you wait until your full retirement Hospital Affiliations: Cardiology.
age, which will be age 67 if you were born in 1960 or later. • Jupiter Medical Center • Reviewer for many journals,
And if you can afford to wait even longer, your payments including the American Heart
will “max out” when you reach age 70. Your decision on • Palm Beach Gardens Medical Journal, British Medical
when to take Social Security can affect your spouse – and Center Journal, and many others.
vice versa. If the lower-earning spouse claims Social
Security before their full retirement age – again, age 67 • Good Samaritan Medical
– their own retirement benefit and any potential spousal Center
benefit will be reduced. (Spousal benefits are given to
the lower-earning spouse if their full retirement benefit is • Cleveland Clinic Tradition South Florida Heart
less than half the other spouse’s full retirement benefit.) Hospital & Vascular
• Should you downsize? If you live in a big home and 4425 Military Trail, Suite 102
your children are grown, you may find it economical to • Cleveland Clinic Martin North Jupiter, FL 33458
downsize. Of course, this is also an emotional decision, and South Hospitals. Phone: 561-208-5246
but you may find that you can save money by moving Fax: 561-245-5399
into a smaller home. Email: infosfheart@gmail.com
For more information, please visit
our website at www.sfheart.org. We offer same-day or next-day
appointments whenever possible.

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