In the interest of the health and well-being of the communities we serve, our branch offices are not meeting in person with new and existing clients at this time. We will continue to serve you through several virtual options. Learn More
You’ve worked hard to get to this point, so it’s wise to prepare for what you can’t predict. We can help you with the right strategy, so you can avoid dipping into your retirement savings to pay for unexpected expenses.
If you purchased life insurance years ago, it may be time for a review. If you no longer have earned income, the kids are on their own and the mortgage is paid off, don’t continue to pay for life insurance that was designed to cover those needs. As your life changes, your insurance needs will change as well. Your financial advisor can look at your entire financial picture and help you determine how much life insurance makes sense for your current situation.
Basically, you can either save for risks or insure against them. A good rule of thumb is to insure items that are too expensive to replace – like your income and your health.
Will your money last? This is a valid concern given that a 65-year-old couple has a 50% chance that one of them will live to age 90. So what can you do?
A large medical bill can quickly ruin your finances, so it’s critical to keep your health insurance through your employer or another source until you qualify for Medicare. Once you’ve retired, you’ll still need to budget $4,000 to $6,000 per person to cover the out-of-pocket costs Medicare doesn’t pick up.
And don’t forget about long-term care. Many people assume Medicare will cover these bills, but it typically doesn't. You need to decide whether you want to incorporate these potential costs into your retirement expenses or insure against them with long-term care insurance. Either way, don’t ignore them – a costly medical need could quickly unravel your retirement strategy.
You've worked hard to be able to live the life you want, whether that includes volunteering, spending more with your family or working at something you enjoy. Don't let an unexpected liability drain your resources that were dedicated to retirement.
Guarantees are subject to the claims-paying ability of the issuing company.
Annuities are not suitable for everyone. We recommend them to clients as long-term investments designed as one component of saving for retirement. Withdrawals taken prior to age 59½ may be subject to a 10% federal tax penalty. Surrender penalties may be assessed if you withdraw all or a portion of your principal.
Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P., and in California, New Mexico and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.