Page 5 - The Shores of Jupiter - March '25

The Shores, Page 5
Financial Focus
Key Decisions For Retired
Couples
By Sally Sima Stahl,
Edward Jones
Once you and your
spouse retire, you’ll have
some decisions to make –
decisions that could affect
your quality of life in your
retirement years. What are
these choices?
Here a few of the most
important ones:
• How much should you
withdraw from your retirement accounts? By the time you
retire, you may have contributed for decades to an IRA and
a 401(k) or similar employer-sponsored retirement plan.
for Jupiter Town Council
SAFETY
by the
ELECTION DAY IS MARCH 11th
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But once you retire, you’ll probably need to draw on these will “max out” when you reach age 70. Your decision on
accounts to help pay your living expenses. Consequently,
when to take Social Security can affect your spouse – and
both of you will need to be sure that you don’t withdraw vice versa. If the lower-earning spouse claims Social
so much each year that you risk running out of money Security before their full retirement age – again, age 67
later in your retirement. One common guideline is to aim – their own retirement benefit and any potential spousal
for an annual withdrawal rate of 4 percent, but everyone’s benefit will be reduced. (Spousal benefits are given to the
situation is different based on age, pre-retirement income, lower-earning spouse if their full retirement benefit is less
lifestyle, health, travel plans and other factors. (Once than half the other spouse’s full retirement benefit.)
you turn 73, or 75 if you were born in 1960 or later, you • Should you downsize? If you live in a big home and
will have to take certain amounts, based on your age and your children are grown, you may find it economical to
account balance, from your traditional IRA and traditional downsize. Of course, this is also an emotional decision,
401(k) each year.) but you may find that you can save money by moving
• When should you take Social Security? The answer to into a smaller home.
this question depends on many factors, such as your age • Where should you live? Some states are far more
and other sources of income. You can take Social Security expensive to live in than others. You’ll want to weigh
as early as age 62, but your monthly payments will your decision carefully, considering the cost of housing,
typically be bigger if you wait until your full retirement food, income and real estate taxes, transportation and
age, which will be age 67 if you were born in 1960 or later. health care in whatever state you choose.
And if you can afford to wait even longer, your payments • Have you finished your estate plans? If not, now is
the time. You’ll want to work with your legal professional
to create whatever documents are needed – a will, living
As Jupiter begins to vote on Town leadership, trust, power of attorney – to help ensure your assets
I’M PROUD TO STAND ON MY RECORD go where you want them to go, and that your financial
and health care choices will be protected if you become
of thoughtful, lawful decision making on Jupiter’s physically or mentally incapacitated.
priorities! The countless conversations I’ve had with Of course, many of these same issues will apply if you
residents and small businesses have guided the votes are single, divorced or widowed. But if you are married,
I have cast in the past three years, and I’ll continue to you and your spouse will want to discuss all your choices
and then decide which steps to take. Once you’ve got your
have those conversations - easy and hard - to ensure plans in place, you may well find that you can fully enjoy
I faithfully execute my oath of service to you, the your retirement years.
This article was written by Edward Jones for use by
residents of the Town of Jupiter!
your local Edward Jones Financial Advisor, Edward
... NOW, LET’S TALK ABOUT JUPITER’S BRIGHT FUTURE! 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, CFP ,
®
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