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During your working years, you know where your income is coming from because you’re working. But once you retire, you’ll have to identify your income sources, know how much you can expect from them and know how to manage them to help support a retirement that could last two or three decades.
So, where will your retirement income come from? And what decisions will you need to make about these income sources?
Consider the following:
• Retirement accounts
– If you’ve regularly contributed to an IRA and a 401(k) or similar
employer-sponsored retirement plan, you likely have accumulated substantial
amounts of money in these accounts — but during your retirement, you’ll need to
start tapping into them. In fact, once you turn 73, you’re required to start
taking withdrawals from some of your retirement accounts, with the amount
determined by your age and account balance. You could take out more than these
amounts (technically called required minimum distributions, or RMDs) but you
can’t take less without incurring penalties. Many people take out 4% of their
balance each year, and this guideline may be reasonable, but everyone’s
situation is different. So, you’ll need to weigh various factors including your
age, health and other sources of income before deciding on an appropriate
withdrawal rate.
• Social Security –
You can start collecting Social Security at age 62, but your payments will be
much higher if you wait until your full retirement age, which will be between
66 and 67. And your benefits will reach the maximum amount if you wait until 70
before collecting. So, your decision on when to take your benefits will depend
on whether you can afford to wait, and for how long. In making this choice,
you’ll also need to consider your health and your family history of longevity. And
if you’re married, you may want to factor in spousal benefits when deciding
when you should collect Social Security. A spouse can receive either their own
benefit, based on their work record, or up to 50% of their spouse’s benefit,
whichever is greater. So, if one spouse has a much higher benefit, it may make
sense for that spouse to delay taking Social Security as long as possible so
that both spouses can receive bigger payments.
• Earned income –
Even if you have retired from one career, it doesn’t mean you can never receive
any earned income again. If you have specific skills that can translate to
part-time work or a consulting arrangement, you might want to consider
reentering the work force in this way. With the added income, you might be able
to afford delaying Social Security, and you would still be eligible to
contribute to an IRA.
• Supplemental lifetime
income – There aren’t many guarantees in the financial and investment
worlds — but one of them is the income from a fixed annuity, which can be
structured to provide you with a lifetime income stream. Annuities aren’t for
everyone, however, and they do involve penalties for early withdrawals and lack
of protection from inflation.
By learning all you can
about your potential retirement income sources, and by understanding how to
manage this income to your best advantage, you can help yourself achieve a
comfortable — and more rewarding — retirement.
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.
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Real Estate Agents are all alike.Realtors? Theyre a dime a dozen! and What do agents really do anyway?I do hear these comments, and it does bother me.Not for the reasons you think it bothers me because we individual agents havent done job number one: introducing ourselves to you and the market as a person, and as a professional. Im sure if you knew what each agents special sauce is youd think differently on that dime a dozen comment!In other words why should you use me as opposed to doing it yourself or choosing one of the more than 216,000 other licensed agents in Florida?Lets first address you DIYers when Greg and I moved from Spring Hill to Bradenton here in Florida, and even selling my home of 23 years in Alpharetta, GA I was a licensed agent, but not active. I didnt have access to the MLS, lockboxes, or contracts. I knew enough to pay an active practicing colleague for her valuable service, tools and support. Not only was she able to do background research on the property I was purchasing, but she was also a partner in the transaction and a sounding board in the negotiation process. Bottom line was that I knew I stood to lose way more than the percentage of the deal that I had agreed to pay her. I knew her knowledge, research and negotiation skills would net me a higher outcome than if I moved forward thinking I had all the answers (even being a licensed agent myself). You see, it was my own property, my investment, and I was like many buyers and sellers too close to the transaction to be 100% objective.So, lets say I just convinced you to partner with an agent. Who should you choose?As you might guess, Im here to make the case that not all agents are alike, and certainly not equal. What sets us apart is who we serve and how we do it. So you, as the consumer, need to be very clear about what your needs are and what you want to accomplish.So now youre thinking, Come on Jude how am I supposed to know those answers? I dont even know where to begin! When I get a call from someone like you just entering into the market I ask to meet them, preferably in person in a coffee shop or at their home. I like to spend a little time asking questions and getting to know their story, their vision, their desire, their situation. You see, knowing all of this seemingly extra stuff helps me guide, advise, and add value to their transaction.If you consider working with an agent to help you buy a property and she just jumps straight to yes, Ill show you that property you might want to rethink the relationship because she wont have the insight she needs to be of true service.Same with if youre looking for an agent to sell your property. If your first meeting with her is all about what she can do for you and what a stellar agent she is and she skips right over learning your needs wants, desires, time frame and goals then youll be working on her agenda, shell be flying blind, and thats a recipe for disaster.Bottom line as much as you need to vet the agent youre considering, make sure theyre curious about you. (Thats my tip for those of you dating, too!)LIFE CHANGES ARE HARD. HOME CHANGES DONT HAVE TO BE.
The respiratory system, like many of the other human systems (e.g., cardiovascular, digestive), is a wondrously complex and sophisticated arrangement of organs working together to maintain homeostasis.Contact an Office in Your AreaChronic obstructive pulmonary disease, more commonly referred to as COPD, is a health problem facing adults in the U.S. Because of its progressive nature and increased age as a leading factor, there is a greater prevalence of COPD in seniors. The good news is that many adults can easily reduce their risk of COPD through lifestyle management. COPD represents a group of lung diseases, with the two most common being emphysema and chronic bronchitis.Symptoms of COPD includeConstant coughingWheezingShortness of breathCoughing up mucusTightness in the chestResearch also suggests that there may be a link between poor air quality and COPD. The American Lung Association estimates that between 80-90% of COPD cases result from smoking. Unsurprisingly, secondhand smoke is a significant risk factor as well. Seniors should take the following steps to reduce their risk of COPD:Older adults that smoke should get support from a primary care physician and take steps to quit. There are many programs, services, and products that can help.Seniors should avoid contact with secondhand smoke whenever possible.Reducing exposure to air pollution can help relieve symptoms. Many cities issue poor air quality warnings when these warnings are in effect, seniors should limit outside activities. Seniors should avoid airborne irritants (chemicals, fumes, etc.) in the home.A healthy diet and exercise plan can improve lung function and overall health with direction from a physician.Older adults should understand the impact of aging on their respiratory system and reduce their risk of any related diseases, illnesses, or conditions.Doctors may recommend getting vaccinations for both influenza and pneumococcal pneumonia to guard against further breathing complications.Comfort Keepers Can HelpComfort Keepers elevates the human spirit for todays seniors and their families through a unique, individualized approach to care that helps seniors thrive and achieve greater wellbeing by fostering everyday positive moments, connection, and a more purposeful life no matter their age or acuity. As part of a healthcare team, an in-home caregiver can assist with activities that slow disease progression or reduce the risk for those with respiratory issues. Comfort Keepers caregivers can help by supporting physician-recommended health programs, preparing meals, encouraging prescribed physical activity, reminding seniors to take medications, and providing transportation to scheduled appointments. References:Healthline. Everything You Need to Know About Chronic Obstructive Pulmonary Disease (COPD). Web. 2018.Everyday Health. 5 Best Ways to Prevent COPD by Chris Iliades, MD. Web. 2018.Aging Care. An Overview of COPD by National Institutes of Health. Web. 2017.Unity Point Health. The Top 8 Respiratory Illnesses and Diseases. Web. 2014.American Lung Association. Lung Capacity and Aging. Web. 2017.Centers for Disease Control and Prevention. Chronic Respiratory Disease. Web. 2017.
As seniors age, physical activities can have not only positive physical effects, but positive cognitive effects as well.Contact an Office in Your AreaIn one study, 100 nursing-home residents performed resistance exercises three times a week for 10 weeks. At the end, the exercise group could lift significantly more weight, climb more stairs, and walk faster and farther than their sedentary counterparts.Its been proven time and again that exercise is good for seniors physical and mental health. Regular exercise, even in small amounts, can improve mood, relieve stress and improve health. According to the CDC, four of the five most expensive health conditions older adults face can be prevented or managed with physical activity. But, only about 35% of adults over the age of 65 are physically active. Any senior starting a new exercise plan should consult with their physician. And, it is helpful for family and members of the care team to assist and support physical activity in any way they can. For those that are physically able to begin an exercise program, regular movement can help them live a more vibrant and healthy life. Some of the health benefits include:Improved mental health, mood and outlookPrevention, or improvement of, diseases such as diabetes, obesity, heart disease, and osteoporosisReduced pain from arthritis and minimizing its severityDecreased risk of fallsEach individual has different needs when it comes to exercise and varying health conditions that may need to be taken into consideration before beginning an exercise regimen. A health professional to determine the best approach to physical activity with senior care.There are a variety of ways to incorporate aerobic activity, strength-building exercises, stretching and balance all without leaving the comfort of home! Aerobic exercise Walking in place, dancing or aerobic routines can help get the heart rate up. These activities improve cardiovascular health and help older adults maintain a healthy weight. Strength building exercises there are many easy strength-building exercises that can help seniors build the muscles they need to do everyday activities and prevent muscle loss. And, exercises can be done with household items or using body weight, so no expensive equipment is required. Stretching Stretching before and after exercise can help prevent soreness after exercise. And, the additional benefit is improved flexibility, which is good for older adults physical health. For those looking to improve their flexibility even more, there are exercise routines available online that include yoga or stretching routines specifically for seniors.Balance exercises Balance exercises help seniors prevent falls and improve mobility. Yoga, tai chi, and other low-impact activities can all help improve balance and overall physical health.Those that need a little assistance getting started should not hesitate to reach out to their doctor, family or caregiver. It is never too late to adopt an active lifestyle! Comfort Keepers Can HelpFor seniors that need a little extra help living an active lifestyle, Comfort Keepers caregivers can help with encouragement, support and assistance with physician-prescribed exercise plans. And, caregivers can encourage overall health through meal planning, grocery shopping, meal preparation and activities. Our custom care plans focus on physical and mental health and wellness activities. Our goal is to see that clients have the means to find the joy and happiness in each day, regardless of age or acuity.To learn more about our in-home care services, contact your local Comfort Keepers location today. ReferencesCenters for Disease Control and Prevention. Adults Need More Physical Activity. Web. 2019.Health and Human Services. Facts & Statistics: Physical Activity. Web. 2017.National Council on Aging. Exercise Programs That Promote Senior Fitness. Web.Readers Digest Canada, 5 of the Best Exercises for Seniors to Build Strength, Improve Balance and Boost Heart Health. Web. Harvard Health Publishing. Exercise after age 70. Web. 2007.
Experience and BackgroundI am a financial advisor in Bradenton, FL, and 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 our office so that we 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.