For more information about the author, click to view their website: Edward Jones-Chad Choate
You plan, dream and talk about it for decades — and now it’s finally within sight: retirement. Now that your vision is about to become a reality, there are lots of details to take care of. In addition to talking to your financial advisor, this checklist can help you get started.
Checklist-
■
Take stock of your income, expenses, assets and other financial obligations. Your assets include:
• Retirement savings: IRAs and employer-sponsored plans
• Equity in your home and other
real estate
• Cash value of life insurance
• Investments
• Bank accounts
■ Work
with your financial advisor to identify a specific goal for the amount of
savings you want to have at retirement — and develop a strategy to reach it.
■ If
you still have a few years to retire, ramp up your retirement plan
contributions and savings as much as possible. Limits on contributions to IRAs
and many employer retirement plans — e.g., 401(k) and 403(b) plans — are higher for people 50 and over.
■
Work to pay off all your debts, including mortgage,
car loans, credit cards and home equity loans.
■ Estimate
your Social Security benefits — see www.ssa.gov
to calculate your benefits — and any pensions
or other government benefits.
■
Think about when you'd like to retire. Your age when you retire will impact the amount of Social Security benefits you receive.
■ Work
with your financial advisor to estimate how much income you think you'll need
in retirement. Take into consideration that some expenses (such as health care)
may be higher in retirement, while others will be lower.
■ What
other financial obligations do you have? Are you caring for parents or
supporting children? Do you want to help children or grandchildren with their
education or leave an inheritance?
Do you wish to make donations to charity?
■ Estimate how many years you may spend in retirement based on average life expectancy. If your family has a history of living well into the 90s or longer, expect that you'll live that long, too!
Put your plan into action
■ Learn
about the requirements for your retirement plans — how early you can start
taking penalty-free withdrawals, when you must begin withdrawing, and how long
you can continue making contributions.
■ Review
the beneficiaries listed on your retirement accounts, life insurance policies,
annuities and trusts, and make sure they're up-to-date.
■ Enroll
in Medicare three months before you turn 65, and look into Medicare
supplemental insurance. If leaving your job before age 65, determine how you
will cover health care. Options may include:
• Enrolling in your spouse’s
medical plan
• Obtaining insurance
through the federal Health Insurance
Marketplace
• Extending your employer’s coverage
under COBRA
• Purchasing private insurance
■ Consider purchasing long-term care insurance.
■ Everyone knows about Social Security, but you may qualify for other benefits. You may be eligible for federal benefits to help pay for medications, health care or utilities. Visit www.benefitscheckup.org to find out.
■ Meet
with an estate-planning attorney to ensure you have a strategy in place that
will carry out your wishes. Review and, if necessary, update your:
• Will
• Living will
• Durable health care power of attorney
• Health care power of attorney
• Trust
■ Think
about — and discuss with your loved ones — how you'd like to spend your time.
Do you plan to earn income in any way, such as a part-time job or consulting?
Or are you ready to leave the workforce altogether?
■ Be sure to think about the nonfinancial considerations and discuss them with your loved ones. It's important to have a plan for how you'll spend your newfound free time.
What You Have HeardAsk yourself, was the info you heard from a Certified Medicaid Planner?Medicaid Misconception #1 - You can only have $2,000.FACTSSingle applicants have a resource limit of $2,000. (in 2024) A married applicant has a resource limit of about $150,000. (in 2024)Medicaid Misconception #2 - Your home will be taken from you if you are on Medicaid.FACTSAll applicants are allowed to have 1 home and 1 car. There are ways to avoid Medicaid estate recovery, an applicant can receive Medicaid and keep their home.Medicaid Misconception #3 - You make too much money.FACTS If you are over the income limit, Beneficent can provide the legal steps using the Medicaid code to bypass being over the income limit.Medicaid Misconception #4 - You must spend down to $2,000 to qualify for Medicaid.FACTSThis is an option, however not your only option. If you want to preserve the hard-earned assets you or your loved one has worked their entire life, you can!Medicaid Misconception #5 - Why doesnt everyone apply for Long-term Care Medicaid if the other outcome statements are true?FACTSMany are deceived by misinformation and preconceived notions. There's a game-changer you need to know about - Certified Medicaid Planners (CMP) - we know the rules and regulations.You can find all the CMPs in the United States here, (https://cmpboard.org/locate-a-cmp/) there arent too many of us! Need to schedule an appointment with one of our Certified Medicaid Planners at Beneficent? Book here (https://calendly.com/doinggoodforothers) or call our office (719.645.8350) for more appointment times.
Youve probably heard stories about fortunate investors who get in the ground floor of a new, hot company and quickly make a fortune. But while these things may happen, they are exceedingly rare and often depend on hard-to-duplicate circumstances and they really dont represent a viable way of investing for ones goals. A far more tried-and-true approach is the slow-and-steady method.To follow this strategy, consider these suggestions: Start small and add more when you can. When youre first starting out in the working world, you may not have a lot of extra money with which to invest, especially if youre carrying student loan debt. But one of the key advantages of the slow-and-steady method is that it does not require large investment sums to get going. If you can afford to put away even $50 or $100 a month into individual stocks or mutual funds, month after month, you may be surprised and pleased at how your account can grow. And when your salary goes up, you can put away more money each month. Take advantage of an employers retirement plan. If your employer offers a 401(k) or similar tax-advantaged retirement plan, try to take full advantage of it. Again, if youre just beginning your career, you may not be able to put away much in this type of plan, but even a small amount is better than nothing. And as soon as you can possibly afford it, try to put in enough to earn your employers matching contribution, if one is offered. These types of plans can offer some key benefits and perhaps the biggest one is that investing is automatic, in that the money is moved directly from your paycheck into the investments youve chosen within your 401(k) or other plan. Be prepared for downturns. The financial markets will always experience ups and downs. So, you need to be prepared for those times when your investment statements may show negative results. By understanding that these downturns are a normal part of the investment environment, you can avoid overreactions, such as selling quality investments with good fundamentals just because their price has temporarily dropped. Chart your progress regularly. A key element of a slow-and-steady investment approach is knowing how well its working. But its important to measure your progress in a way that makes sense for you. So, for example, instead of measuring your portfolios performance against that of an external stock market index, such as the S&P 500, you may want to assess where you are today versus one year ago, or whether the overall progress youre making is sufficient to help you meet the financial goals youve set for yourself well into the future. Another reason not to use a market index as a measuring tool is that the index only looks at a certain pool of investments, which, in the case of the S&P 500, is simply the largest companies listed on U.S. stock exchanges. But long-term investors try to own a range of assets U.S. and foreign stocks, bonds, government securities, certificates of deposit, and so on. Slow and steady may not sound like an exciting approach to investing. But its often the case that a little less excitement, and a lot more diligence, can prove to be quite effective. Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.com This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC
Creating a budget for senior living is essential for financial stability and peace of mind. Here are some practical steps to help you or your loved one create a budget:List Net Income: Begin by listing all sources of income, including pensions, Social Security, investments, and any other funds. Be thorough to avoid underestimating or overestimating income.List Expenses: Identify fixed expenses such as rent or mortgage payments, utilities, car payments, insurance, and other regular bills. These are essential costs that need to be covered consistently.Track Actual Spending: Keep track of daily spending to understand where the money goes. This step helps identify areas where adjustments can be made.Identify Savings Sources: Consider any savings accounts, emergency funds, or other financial resources available. Having a safety net is crucial for unexpected expenses.Set Goals: Define financial goals. These could include saving for healthcare costs, leisure activities, or travel. Prioritize these goals based on their importance.Recognize Obstacles: Be aware of potential challenges, such as rising healthcare costs or unexpected emergencies. Planning for these obstacles ensures better financial preparedness.Seek Support: Consult with a financial advisor or counselor. They can provide personalized guidance and help create a realistic budget that aligns with your specific circumstances1.Remember that budgeting is an ongoing process. Regularly review and adjust the plan as needed to accommodate changes in life and financial circumstances. By following these steps, you can better manage your finances during senior living.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.