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It’s important to save
for retirement, but only half of Americans have calculated how much money
they’ll need, according to the 2024 Retirement Confidence Survey by the
Employee Benefit Research Institute. Yet without knowing how much you'll need,
it's hard to know if you're on track to reach your goals for retirement.
Here are a few considerations to
help shape your retirement savings strategy.
Calculate how much you’ll need. You
may dream of retiring “comfortably,” but how do you define “comfortable” in terms
of actual money? Take the time to outline how much you spend now, and how much
you think you’ll spend in retirement. That will help you understand how much
you need to save now to afford the retirement lifestyle you want later. A
financial advisor can help with resources and knowledge for building and
managing your retirement strategy.
Start saving now. It’s easy to procrastinate,
especially if you are younger and further away from retirement. But the earlier
you start, the less you may need to save from each paycheck to build your funds
over time. If you’re closer to retirement, you can take advantage of catch-up
contributions to most 401(k), 403(b), governmental 457 plans and the federal
government’s Thrift Savings Plan. If you’re 50 or older, you can save pretax an
extra $7,500 to your retirement account beyond the standard total limit of
$23,500 allowed in 2025. Those 60–63 years old can contribute to these plans an
extra $11,250 above the standard total limit. That’s an annual total of $31,000
for people ages 50 and older; or $34,750 for those 60–63 years old in pretax retirement
plan contributions.
Take the right amount of risk. You may think it’s
risky to put money away for retirement instead of keeping it handy for discretionary
spending. But the biggest risk of all is not reaching your retirement goal. For
example, a portfolio that’s all in cash will have little increasing value over
time and won’t provide any growth potential even to keep up with inflation. It's
as if you're losing money every year. Then again, if your investments are only
keeping up with inflation, your money is not growing. Consider growth
investments to help build the funds you’ll need in retirement. The key is
ensuring you have the appropriate amount of risk — not too much, but not too
little — to achieve your growth goals.
Save separately for emergencies. To protect your hard-earned retirement savings, build an emergency fund
separate from your long-term investments. It can help ensure you have what you
need to cover surprises like a large auto repair, unexpected medical bills,
temporary loss of income from changing jobs or early retirement caused by
health issues. For most people, three to six
months’ worth of total expenses is an appropriate amount for an emergency fund.
And you'll want to keep it in an accessible, low-risk account that holds cash
and equivalents. Above all, try to avoid taking money from your long-term
retirement investments. Doing so could result in taxes, penalties and reductions
to your overall principal investment, all of which could affect your retirement
savings.
Retirement
should be an exciting time to enjoy what you’ve worked so hard to earn. Planning
for what you’ll need and protecting those savings can help ensure a comfortable
future.
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
Theres a quote about the importance of setting goals that says, If you dont know where youre going, any path will take you there. You probably have dreams about retirement, vacations, hobbies and more. But if you dont have a strategy with financial goals in place, you may not make the choices that can best set you on the path to achieve those dreams. Setting goals helps define and showcase your purpose, passions and priorities. And establishing your own strong financial goals can help you earn and enjoy a wide variety of short- and long-term achievements throughout your life. When you reach your financial goals, you can feel a sense of accomplishment in seeing your efforts literally pay off. But how do you get started? Prioritize your needs and wants. Think about the things that are most important to you and then outline them as financial must-haves and wish-list targets. Start with the big-ticket items and work through to ideas that may not cost as much. A must-have for many people is having enough to live comfortably through retirement. Being able to afford the college of your child's choice, without incurring mounds of debt, is another. Your wish list, on the other hand, may include things like saving for vacations, hobbies or entertainment expenses. Create detailed short- and long-term goals within your financial strategy. Its important to be specific about the goals you want to achieve and how much youll need to achieve them. One way to do this is by making your goals measurable. Assign estimated dates and costs to each goal so you can plan how much to save and how much time you have before you need the money. For example, for your retirement goal, be specific about how many years before you want to retire. And once you do, how you plan to spend your time perhaps traveling the world, turning your hobby into a business or taking your grandkids on outings. These can have vastly different price tags.Be willing to compromise. Reaching one, or more, of your goals may mean compromising. If your must-have is building your dream home but it's not looking quite affordable, you may need to make a trade-off build it a bit smaller, work a year or two longer or trade in some of your wish-list goals so you can stay focused on your must-haves. Hold yourself accountable to stay on track. Once your strategy is in place, its not a set-and-forget exercise. Actively tracking your progress and managing your decisions and actions can help you be better positioned to reach your goals. Use time-tested principles for making financial decisions, not predictions. Diversify, own quality investments and keep a realistic perspective, especially for your long-term goals. Maintain your focus and dont let your emotions control your investment decisions. It can be helpful to meet with a financial advisor at least annually to review your full financial strategy, address any changes in your life or your goals, and discuss your progress and new ideas.As you achieve certain milestones, celebrate them. You may even want to refresh your outlook with new goals. Take pride in your ability to strategize and accomplish a personal financial goal for yourself by following the path you envisioned and created. Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.comThis article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC
Will Federal Medicaid Changes Affect Colorados Long-Term Care Medicaid? Heres the Answer President Trumps One Big Beautiful Bill (OBBBA) certainly includes far-reaching revisions to Medicaidcuts to provider taxes, new work requirements, tighter eligibility checks, and billions in savings over a decade. But Colorados long-term care Medicaidcovering nursing homes, home health, and other LTSS (long-term services and supports)has unique state safeguards that ensure it remains insulated from these changes. 1. Federal Cuts Mostly Affect Expansion and Non-Elderly AdultsThe OBBBAs primary targets are Medicaid expansion, non-disabled adults, and children, via work requirements and cost-sharing policies. These reforms are expected to phase in during 20272028. In contrast, long-term care beneficiariestypically seniors and people with disabilitiesfall under separate eligibility categories that the bill doesnt restructure. 2. States Can Shield Long-Term Care FundingColorado funds long-term care services through its Medicaid waiver system. The OBBBA reduces providers taxes and places new caps on expansion enrollment, but it does not limit waivers for nursing homes or home- and community-based services. Even without adjusting, Colorado can preserve funding by prioritizing these essential services over general expansion. 3. Colorados Bipartisan Commitment to Aging ServicesColorado has a long-standing commitment to supporting seniors and people with disabilities. In recent years, the state has steadily increased its share of state funds to match or exceed federal contributions, especially for the elderly population. With broad political consensus, any state-level attempt to curtail waivers would be unlikely. 4. Historical Stability Through Waiver ProtectionsSince implementing the Home- and Community-Based Services (HCBS) Medicaid waiver in 2004, Colorado has used it to support aging in place and reduce institutional costs. These waivers have remained stable across administrations and funding changes. Theres no indication that Trump-era reforms would dismantle this proven framework. 5. National Context Supports StabilitySources like KFF confirm that while OBBBA cuts the Medicaid expansion rate from 90% to 80%, and imposes red tape on enrollment, it does not overhaul LTSS (long-term services and supports). Even health-policy experts acknowledge the targeted nature of the reformfocused on non-elderly groups, not those needing long-term care. Bottom Line for Coloradans Trumps Medicaid changes will significantly affect parts of the system serving non-disabled adults, especially in expansion states. But Colorados long-term care Medicaiddriven by federal waivers, state obligations, and a bipartisan mandatestands apart. Residents access to nursing home care, home-based services, and support for people with disabilities is not at risk.
Top Questions to Ask Your Healthcare Provider: A Guide for SeniorsAs we get older, our health needs change. Regular checkups and open conversations with your healthcare provider become even more important. But lets be honestmost doctor visits feel rushed or even overwhelming. You have so much you want to discuss with your doctor, only to leave the office and suddenly realize you forgot to ask all the questions you had intended to.Thats why you have to be prepared. Asking the right questions can help you better understand your health, avoid confusion, and feel more in control of your care. If youre a senioror caring for onehere are the top 5 questions you should ask your healthcare provider. Print them out, jot them down, or keep them in your phone. These questions can help make the most of every visit.1. What screenings or tests do I need at my age?This is one of the most important questions to discuss with your doctor. Prevention is key to better health. Health screenings give you the opportunity to catch potential health issues early before they become serious. Thats especially important as we get older, since the risk of certain conditions (like heart disease, diabetes, cancer, and osteoporosis) increases with age. Some screenings are age-based, while others depend on your personal and family history. Common screenings for older adults may include: Blood pressure and cholesterol checks Bone density scan Mammogram or prostate exam Colon cancer screening Vision and hearing tests Diabetes screenings Ask your provider: Am I due for any screenings? How often should I get these done? Do I need any lab work or imaging? 2. Are all my medications still necessary?Its common for many seniors to take multiple medications to manage different health conditions. But over time, your health needs can change, and so can your bodys response to certain drugs. Thats why its important to regularly review your medications with your doctor. Some prescriptions may no longer be needed, while others might interact with new medications or cause unwanted side effects. Asking about your current medications helps ensure youre only taking whats truly helpfuland nothing more.Always bring a list of everything you are taking, including over-the-counter drugs as well as vitamins and herbal supplements.Ask your provider: Do I still need these medications?Are there any side effects I should watch for?Can any of these medications intereact with each other - or with over-the-counter vitamins or supplements I take? 3. What vaccines do I need to stay protected?Many people tend to think vaccines are just for children. But that certainly is not the case. As we age, our immune systems become weaker, making us more vulnerable to certain infections. Certain illnesses, like the flu, pneumonia, shingles, and COVID-19, can be more serious in seniors. Thats where vaccines come into play. Staying up to date on recommended vaccines can help prevent complications and keep you out of the hospital. Recommended vaccines for seniors often include: Flu shot (every year) Shingles vaccine (usually two doses after age 50) Pneumonia vaccine COVID-19 vaccines and boosters Tdap booster (for tetanus, diphtheria, and whooping cough) Ask your provider: Am I up to date on my vaccines? Do I need the shingles or pneumonia shot? What about the flu or COVID vaccines? 4. How is my memory and mental health?Its normal to forget where you put your keys now and then, but memory loss that affects daily life shouldnt be ignored. The same goes for feeling down, anxious, or lonely. Your mental health is just as important as your physical health, and it deserves attention too.Memory issues and mental health concerns often go unspoken. The earlier you talk about it, the more options there are to support your wellbeing and independence. It can help to talk openly with your provider about how you're feeling emotionallyespecially after big life changes like retirement, loss, or illness. If needed, your provider may suggest counseling, support groups, or safe treatments. Ask your provider:Is my memory okay for my age?Should I be concerned about confusion or forgetfulness?How do I know if I'm just feeling low or if I'm dealing with depression or anxiety?5. What can I do at home to stay healthy and prevent illness?Staying healthy isnt just about doctor visitsits about the choices you make every day at home. From the foods you eat to how active you are, small lifestyle habits can have a big impact on your overall well-being. Your provider can guide you on safe, practical ways to support your health right from the comfort of your home.Ask your provider:What kind of exercise is safe for me?Should I be eating differently at my age?How can I improve my sleep or energy? Speak Up and Be a Partner in Your Healthcare JourneyYour doctor is your partner in healthbut youre the expert on how you feel. Dont be afraid to ask questions, bring notes, or speak up if something doesnt make sense or feel right. There are no wrong questions when it comes to your health. At VIPcare, we specialize in senior-focused primary care. Our providers take time to listen, answer your questions, and tailor care to your specific needs. From preventive screenings to chronic condition management, were here to support your health and your goals. Call (251) 257-2886 today to schedule an appointment or learn more at www.getvipcare.com.
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.
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.
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.