Page 22 - September 2020 Issue.indd

What Does an Try to look at your situation holisti- IRA and 401(k)? If so, how much

cally, rather than strictly in a short-term can I afford to take out each
Unplanned Career manner. Consider these four areas: year without running the risk of
Transition Mean • Retirement – What does retire- outliving my resources? Should
I adjust my current investment
for You? ment really look like to you? Are mix? If I haven’t yet started
you ready to fully retire or would
collecting Social Security, should
you like to work part time? Are
I do so now, or can I aff ord to
Submitted by Ann Jacobs, you confident that you can work wait until my monthly payments

Financial Advisor somewhere else for a few years will be bigger? Are there any
Edward Jones - Denton before retiring on your own other sources of income I can
terms? If you’re not certain you
The COVID- leverage? You may want to work
19 pandemic can work elsewhere, how can you with a fi nancial professional
has unsettled adjust your desired retirement to address these and other key
the country’s lifestyle – what you planned to income-related issues.
employment do, where you hoped to live, etc.
picture for – to meet your new reality? • Insurance – If you received
months and • Income – Just how fi nancially health insurance through

will l i k e l y affected you’ll be from an early your employer, an early retire-
continue to do so for a while. However, retirement depends on several ment could present you with
the nature and terminology of this factors: how much you’ve already a dilemma, especially if you’re
disruption varies greatly among individ- saved and invested, whether not quite old enough for Medi-
uals – some have seen their jobs disap- you’re married and have a work- care. You might be eligible
pear, others have been “furloughed” and ing spouse, whether you’ve paid for COBRA, which provides

still others have been offered an early off your mortgage, and so on. ex-employees and their depen-
retirement. If you’re in this final group – In any case, though, you’ll need dents the option of continued

those either offered, or feeling forced to to answer several questions, health insurance for potentially

accept, an early retirement, how should including these: Do I need to up to 36 months, but this cover-
you respond? start taking withdrawals from my age can be expensive. As an
alternative, you might be able to

edwardjones.com
Ann M Jacobs Member SIPC
Financial Advisor
105 Franklin St
Denton, MD 21629-1207
410-479-0271

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