Financial Focus How to be a good money manager in retirement Stick to a budget. If you've fol- cant amount of assets, you've done a great lowed a budget throughout your working job of saving and investing. But now comes years, there's no reason to stop now in fact, budgeting may be even more essen- tial when you retire. Of course, you don't necessarily want to force yourself to be as frugal as possible after all, you worked hard, saved and invested so you can enjoy a sizable number of people have reached a a comfortable retirement lifestyle. Look different conclusion. In fact, 36% of retirees for reasonable cost-cutting opportunities, taking advantage of these discounts, you can save a surprising amount of money and ease pressure on your cash flow. Establish a sustainable withdrawal strategy. For decades, you've been putting money into your IRA and 401(k). But once you're retired, you will likely need to start taking withdrawals from these accounts. It's essential that you don't withdraw so much early in your retire- say managing money in retirement is more such as eating out less often or eliminating ment that you eventually run the risk of If you reach retirement with a signifi- another challenge - making that money last. You might think that this task, as important as it is, won't be as hard as accu- mulating the money in the first place. Yet, confusing than saving for retirement, and 56% say they wish they had budgeted for more unexpected expenses in retirement, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. What steps can you take to help you streaming services you don't use. Don't underestimate health care costs. Even when you're on Medicare and pay for supplemental insurance, health care costs could still be one of your big- gest expenses during retirement. Initially, outliving your money. You may want to work with a financial professional, who can analyze your entire situation assets, expenses, lifestyle, expected longevi- ty, etc. and recommend a sustainable withdrawal rate. Keep in mind that once become an effective money manager during budgeting for $4,500 to $6,500 per person you turn 72, you may be required to take your retirement years? Here are a few to consider: annually may be a good starting point for traditional health care expenses in retire- out a certain amount each year from your Set your goals. Your money manage- ment. However, depending on your health, 401(k) and your traditional IRA, so you'll ment needs will certainly depend, to some prescription drug usage and other factors, extent, on what your goals are for the com- your costs could be higher or lower. And ing years. Will you travel extensively? Stay you may also want to estimate long-term close to home and pursue your hobbies? Or care expenses as part of your plan. Look for senior discounts. Once you identify your vision for retirement, you you're a senior, you may be able to find can estimate how much it will cost, which discounts on a wide range of items and activities, such as movies, transportation, want to incorporate these withdrawals into your overall income strategy. Do whatever it takes to become a good money manager during retirement. You'll find that it's well worth the effort. maybe even open a small business? Once This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. will then dictate much of your spending and saving needs. groceries, gym memberships and more. By Edward Jones, Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS" Edward Jones Pam Covington CFP AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert AAMS Edward Jones Karen Rupert AAMS Financial Advisor Financial Advisor 7127 Homestead Rd. Suite C Fort Wayne, N 46814 karen ruperttedwardores.com 263-4760 Making Sense of Investing Financial Advisor 14413 lieoin Rd Ste E Fort Wayne, IN 46814 Financial Advisor Financial Advisor Financial Advisor 7030 Pointe nvemess Way Suito 125 Fort Winyne, IN 404 432-3613 Making Sense of Investing Financial Advisor Financial Advisor 01 Chestnut Hils Parkway fort Wayne, iIN 40814 6525 Constitution Dr Fort Wayne, IN 404 7329 West Jetterson Bivd Fort Wayne, ItN 4604 7525 West Jetferson Bivd. 414 S. Scott Rd Fort Winyne, IN 46a04 Fort Wayne, N 40814 625-5700 Making Sense of Investing 432-0304 Making Sense of Investing 478-8038 Making Sense of lnvesting 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing 625-3524 Making Sense of investing Financial Focus How to be a good money manager in retirement Stick to a budget. If you've fol- cant amount of assets, you've done a great lowed a budget throughout your working job of saving and investing. But now comes years, there's no reason to stop now in fact, budgeting may be even more essen- tial when you retire. Of course, you don't necessarily want to force yourself to be as frugal as possible after all, you worked hard, saved and invested so you can enjoy a sizable number of people have reached a a comfortable retirement lifestyle. Look different conclusion. In fact, 36% of retirees for reasonable cost-cutting opportunities, taking advantage of these discounts, you can save a surprising amount of money and ease pressure on your cash flow. Establish a sustainable withdrawal strategy. For decades, you've been putting money into your IRA and 401(k). But once you're retired, you will likely need to start taking withdrawals from these accounts. It's essential that you don't withdraw so much early in your retire- say managing money in retirement is more such as eating out less often or eliminating ment that you eventually run the risk of If you reach retirement with a signifi- another challenge - making that money last. You might think that this task, as important as it is, won't be as hard as accu- mulating the money in the first place. Yet, confusing than saving for retirement, and 56% say they wish they had budgeted for more unexpected expenses in retirement, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. What steps can you take to help you streaming services you don't use. Don't underestimate health care costs. Even when you're on Medicare and pay for supplemental insurance, health care costs could still be one of your big- gest expenses during retirement. Initially, outliving your money. You may want to work with a financial professional, who can analyze your entire situation assets, expenses, lifestyle, expected longevi- ty, etc. and recommend a sustainable withdrawal rate. Keep in mind that once become an effective money manager during budgeting for $4,500 to $6,500 per person you turn 72, you may be required to take your retirement years? Here are a few to consider: annually may be a good starting point for traditional health care expenses in retire- out a certain amount each year from your Set your goals. Your money manage- ment. However, depending on your health, 401(k) and your traditional IRA, so you'll ment needs will certainly depend, to some prescription drug usage and other factors, extent, on what your goals are for the com- your costs could be higher or lower. And ing years. Will you travel extensively? Stay you may also want to estimate long-term close to home and pursue your hobbies? Or care expenses as part of your plan. Look for senior discounts. Once you identify your vision for retirement, you you're a senior, you may be able to find can estimate how much it will cost, which discounts on a wide range of items and activities, such as movies, transportation, want to incorporate these withdrawals into your overall income strategy. Do whatever it takes to become a good money manager during retirement. You'll find that it's well worth the effort. maybe even open a small business? Once This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. will then dictate much of your spending and saving needs. groceries, gym memberships and more. By Edward Jones, Member SIPC Edward Jones Sean P. Asiala AAMS Edward Jones Michael C. Caley AAMS" Edward Jones Pam Covington CFP AAMS Edward Jones Tod Heisler AAMS Edward Jones Jason Korner CFP Edward Jones Quinn Nofziger Edward Jones Gwen Ruppert AAMS Edward Jones Karen Rupert AAMS Financial Advisor Financial Advisor 7127 Homestead Rd. Suite C Fort Wayne, N 46814 karen ruperttedwardores.com 263-4760 Making Sense of Investing Financial Advisor 14413 lieoin Rd Ste E Fort Wayne, IN 46814 Financial Advisor Financial Advisor Financial Advisor 7030 Pointe nvemess Way Suito 125 Fort Winyne, IN 404 432-3613 Making Sense of Investing Financial Advisor Financial Advisor 01 Chestnut Hils Parkway fort Wayne, iIN 40814 6525 Constitution Dr Fort Wayne, IN 404 7329 West Jetterson Bivd Fort Wayne, ItN 4604 7525 West Jetferson Bivd. 414 S. Scott Rd Fort Winyne, IN 46a04 Fort Wayne, N 40814 625-5700 Making Sense of Investing 432-0304 Making Sense of Investing 478-8038 Making Sense of lnvesting 444-3134 Making Sense of Investing 399-5853 Making Sense of Investing 625-3524 Making Sense of investing