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Boulder City Magazine® February 2007 Issue
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Money Matters
by Wendell Whitman
Edward Jones
Planning For Retirement?
Avoid Unrealistic Expectations
At one time or another, you’ve probably thought about the “ideal” retirement. But do you know what it takes to get there?
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Unfortunately, many people have unrealistic expectations about paying for retirement. Don’t join this group. Know what to expect from your 401(k) or other employer-sponsored retirement plan. And get the most from your plan by choosing the right mix of investments for your specific goals.
Also, look beyond your 401(k) for other tax-advantaged opportunities, such as an IRA and a fixed annuity. And try to gradually build a diversified portfolio of high-quality stocks, bonds and other securities.
Finally, don’t underestimate how much money you will need to pay for retirement. You could spend two or three decades as an active retiree. The better prepared you are for retirement, the better off you can be when that day arrives.
How Will You Pay for Health Care When You Retire?
During your retirement, some of your expenses will go down. But your health-care costs will probably go up. What can you do to prepare yourself?
You can build your savings by contributing as much as you can to your 401(k) and IRA. And if you have access to a health savings account where you work, consider using it. You can withdraw funds tax-free, provided the money is used for qualified medical expenses.
By taking the steps necessary to deal with health care expenses during retirement, you can hopefully avoid some unhealthy surprises down the road.
Contact Wendell at Edward Jones www.edwardjones.com. |
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