Page 6 - Talk of Tequesta - March '25

Page 6, The Talk Of Tequesta

finanCial foCus ®

Key Decisions For Retired Couples

By Sally Sima Stahl, Edward Jones

Once you and your age and other sources of income. You can take Social care choices will be protected if you become physically
spouse retire, you’ll have Security as early as age 62, but your monthly payments will or mentally incapacitated.
some decisions to make – typically be bigger if you wait until your full retirement Of course, many of these same issues will apply if you
decisions that could affect age, which will be age 67 if you were born in 1960 or later. are single, divorced or widowed. But if you are married,
your quality of life in your And if you can afford to wait even longer, your payments you and your spouse will want to discuss all your choices
retirement years. What are will “max out” when you reach age 70. Your decision on and then decide which steps to take. Once you’ve got your
these choices? when to take Social Security can affect your spouse – plans in place, you may well find that you can fully enjoy
Here a few of the most and vice versa. If the lower-earning spouse claims Social your retirement years.
important ones: Security before their full retirement age – again, age 67 This article was written by Edward Jones for use by
• How much should – their own retirement benefit and any potential spousal your local Edward Jones Financial Advisor, Edward Jones,
you withdraw from your benefit will be reduced. (Spousal benefits are given to the Member SIPC.
retirement accounts? By lower-earning spouse if their full retirement benefit is less Edward Jones is a licensed insurance producer in
the time you retire, you may have contributed for decades than half the other spouse’s full retirement benefit.) all states and Washington, D.C., through Edward D.
to an IRA and a 401(k) or similar employer-sponsored • Should you downsize? If you live in a big home and Jones & Co., L.P., and in California, New Mexico and
retirement plan. But once you retire, you’ll probably your children are grown, you may find it economical to Massachusetts through Edward Jones Insurance Agency
need to draw on these accounts to help pay your living downsize. Of course, this is also an emotional decision, of California, L.L.C.; Edward Jones Insurance Agency of
expenses. Consequently, both of you will need to be but you may find that you can save money by moving into New Mexico, L.L.C.; and Edward Jones Insurance Agency
sure that you don’t withdraw so much each year that you a smaller home. of Massachusetts, L.L.C.
risk running out of money later in your retirement. One • Where should you live? Some states are far more Edward Jones, its employees and financial advisors
common guideline is to aim for an annual withdrawal rate expensive to live in than others. You’ll want to weigh your cannot provide tax advice. You should consult your
of 4 percent, but everyone’s situation is different based decision carefully, considering the cost of housing, food, qualified tax advisor regarding your situation.
on age, pre-retirement income, lifestyle, health, travel income and real estate taxes, transportation and health Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
plans and other factors. (Once you turn 73, or 75 if you care in whatever state you choose. AAMS™, 1851 W. Indiantown Road, Ste. 106, Jupiter, FL
were born in 1960 or later, you will have to take certain • Have you finished your estate plans? If not, now is the 33458.
amounts, based on your age and account balance, from time. You’ll want to work with your legal professional to
your traditional IRA and traditional 401(k) each year.) create whatever documents are needed – a will, living trust,
• When should you take Social Security? The answer power of attorney – to help ensure your assets go where
to this question depends on many factors, such as your you want them to go, and that your financial and health

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