For more information about the author, click to view their website: Edward Jones
If you’re planning to retire in a few years, are you looking forward to it?
Or are you somewhat apprehensive? Are you asking yourself: “What sort of
retirement can I afford?”
It’s a good question — because
the answer can make a big difference in your ability to enjoy life as a
retiree.
And retirement can indeed
be enjoyable, exciting and fun. Consider this from a recent survey by Edward
Jones and AgeWave: A majority of respondents said retirement should be looked
at as a whole new chapter of life, and not just a time for rest and relaxation.
In other words, people are viewing retirement as a chance for new experiences
and new opportunities, rather than a time to simply wind down. But if you’re
going to make the most of your retirement — which could last two or even three
decades — you need to be financially prepared.
This preparation can
involve many steps, but here are some of the key ones:
• Decide what your retirement lifestyle will
look like. How you choose to spend your retirement years can make a big
difference in the financial resources you’ll need. For example, if you plan on
traveling the world, you might need more income than if you were to stay close
to home and pursue your hobbies. If you can envision your retirement lifestyle
and estimate how much money you’ll need to support it, you can help reduce some
of the uncertainties you might face once you do retire.
• Review your
income sources. During retirement, you’ll likely need to draw on all your
income sources, so it’s a good idea to know what you’ll have available, such as
your IRA, 401(k) and other investment accounts. You’ll also need to decide when
to take Social Security — if you wait until your full retirement age (probably
between 66 and 67), you’ll get much larger monthly benefits than if you started
taking them at 62. And here’s another variable: earned income. Even if you’ve
retired from your career, you might, if you desire, use your acquired skills in
a consulting or part-time position. The more you can earn, the less you may
have to withdraw from your investment accounts and the better position you’ll
be in to delay taking Social Security.
• Consider
adjusting your investment portfolio. For most of your working years, you
may have invested mostly for growth — to increase your assets as much as
possible. But growth-oriented investments are also, by nature, riskier, so when
you retire, you should review your portfolio to determine whether you need to
move it toward a more conservative position. Also, more conservative
investments may provide more current income in the form of interest payments.
However, even in retirement, you may need some investments with growth
potential if you want to keep ahead of inflation.
Retirement is certainly a
major milestone in your life — and adjusting to it can take some time. But there will be much less to fear — and
much more to enjoy — if you’ve done what you can to prepare yourself financially.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
This article was written by Edward Jones
for use by your local Edward Jones Financial Advisor.
Edward Jones, Member SIPC
When an older adult needs help at home and sees several clinicians, a coverage decision can affect everything from prescription refills to rides. If youre considering TRU PACE in Lafayette, start by asking how enrollment would change the care and coverage you already use. How Medicare and Medicaid Fit Into PACEPACE is the Program of All-Inclusive Care for the Elderly. It coordinates healthcare and support for eligible adults who meet a state standard for nursing home-level care and can live safely in the community with PACE support at enrollment. Applicants must also be 55 or older and live in the programs service area. TRU PACE and Your Current CoveragePhone: 303-665-0115Medicare says people with Medicaid pay no monthly PACE premium. Medicare beneficiaries without Medicaid pay premiums for the long-term care portion and Medicare Part D drugs. Medicare also says participants owe no deductible, copayment, or coinsurance for drugs, services, or care approved by their PACE team. Ask TRU PACE for an estimate based on your individual coverage before enrolling. Doctors, Prescriptions, and Existing ServicesTRU PACE says it becomes the participants insurance provider at enrollment. Participants generally receive care through the programs provider network. Bring a list of your doctors, medications, and scheduled services. Ask which providers are in the network and how the team would coordinate any changes. Why This Matters in LafayetteIf you regularly see a clinician near home or have a specialist visit scheduled outside Lafayette, give the enrollment team the names and dates. Ask which appointments can continue and what to do about any refill due around the enrollment date. How to Get Started1. Gather Your Coverage InformationHave your Medicare and Medicaid information, if applicable, along with details of any current plan. List the appointments and prescriptions you rely on most.2. Ask for an Enrollment and Cost ReviewCall TRU PACE and ask for your expected monthly cost, when any coverage change would take effect, and who would help coordinate the transition. Related Seniors Blue Book CategoriesPACE Adult Day Services Care Management
After a death, families may have to make several decisions in a short time. Others prefer to talk through their wishes ahead of time. In either situation, it helps to separate the practical arrangements from the decisions about how to gather, remember, and say goodbye. What Funeral and Mortuary Services CoverA funeral home can help arrange transportation and care of the person who died, assist with paperwork, and coordinate burial or cremation. A family may also arrange a viewing, funeral, memorial, or private gathering. Ask which decisions need to be made immediately and which can wait. The Natural Funeral in LafayettePhone: 720-515-2344The Natural Funeral lists natural burial, flame cremation, water cremation, and terramation, also called natural organic reduction. Water cremation uses an alkaline water process, and terramation transforms remains into soil. If one of these options interests you, ask what the process involves, how long it typically takes, and what the family receives afterward. Planning a Gathering and Reviewing CostsThe Lafayette funeral home is at 102 W Chester Street in Old Town. Ask what can take place at the Lafayette location and which parts would involve another venue or a cemetery. Request a General Price List and a written breakdown of your choices so you can see which fees cover the funeral homes work and which come from outside providers. Why This Matters in LafayetteIf relatives are coming from out of town or some guests have limited mobility, ask about parking, step-free access, and how many people the gathering space can accommodate. If you plan to hold a service and burial at different locations, check how much time guests will need between them. How to Get Started1. Write Down the Persons WishesLook for written instructions and note any cultural or religious preferences. If youre planning ahead, tell a trusted person where you keep your instructions and whom to call.2. Ask for a Written PlanCall 720-515-2344 and ask what is needed on the first call. Once youve discussed options, request the expected timeline and itemized costs before approving arrangements. Related Seniors Blue Book CategoriesCounseling Hospice Advance Care Planning
When an older adult spends most weekdays alone, families may need more than a place for them to go. They may also be juggling transportation, appointments, and help at home. TRU PACE in Lafayette offers a day center as part of a program that coordinates those needs for eligible older adults. What Are Adult Day Services?Adult day services offer daytime support outside the home. Depending on the program, participants may spend time with peers, eat a meal, take part in activities, or receive help with daily needs. Some centers accept people directly. The Lafayette TRU PACE center serves people enrolled in its broader Program of All-Inclusive Care for the Elderly. TRU PACE in LafayettePhone: 303-665-0115TRU PACEs Lafayette center is at 2593 Park Lane. The program coordinates medical and social services and arranges transportation to the day center and medical visits as needed. Ask the enrollment team what a typical center day includes, how often a participant might attend, and how the team decides what support to arrange at home. Who May QualifyPACE applicants must be at least 55, live in the programs service area, meet the states standard for nursing home-level care, and be able to live safely in the community with PACE support at enrollment. Ask how enrollment would affect access to current doctors and prescription coverage before making a decision. Why This Matters in LafayetteWhen family members already drive someone to several appointments a week, a coordinated schedule can change who needs to be available and when. Ask how pickup would work at the persons Lafayette address and who to call if a ride or appointment changes. How to Get Started1. Ask for an Eligibility ReviewCall TRU PACE. Have the participants ZIP code, current coverage, and a short list of the help they need. 2. Ask to Visit the CenterFind out what the participant might do on a center day, how transportation works, and what changes to their current care arrangements enrollment would involve. Related Seniors Blue Book CategoriesCare Management Transportation Respite Care