Page 24 - July 2021 Issue.indd

Declare Your Retirement study. But when you’re your ability to achieve fi nancial
retired, the risk to this freedom independence. Your employer
Financial Freedom is obvious – the paychecks have may offer disability insurance

stopped but the bills haven’t. as an employee benefit, but this

Submitted by Ann Jacobs, Financial Furthermore, you could spend two coverage is typically quite limited,
Advisor, Edward Jones - Denton or three decades in retirement. both in duration and in the

410-479-0271 That’s why it’s so important to amount of income being replaced.
contribute as much as you can Consequently, you may want

afford to your tax-advantaged to consider purchasing private
Independence
retirement accounts, such as your disability insurance. Keep in
Day is almost
IRA and your 401(k) or another mind that this coverage, also, will
here. And as we
employer-sponsored plan. At have an end date and it probably
make progress
a minimum, put in enough to won’t replace all the income lost
in moving past
earn your employer’s matching while you’re out of work, but it
the COVID-19
contribution, if one is off ered. will likely be more expansive and
pandemic, more
Whenever your salary goes up, try generous than the plan provided
of us will be able to enjoy Fourth of
to increase the annual amount you by your employer.
July activities. However you observe
put in your 401(k) or similar plan.
the holiday, it’s important to recognize • Long-term care – Individuals
And if appropriate, make sure
all the liberties we enjoy in this country. turning 65 have about a 70%
you have a reasonable percentage
But you may still need to work at one chance of eventually needing
of growth-oriented investments
particular type of freedom – and that’s some type of long-term care,
within your 401(k) and IRA. Most

financial freedom. How can you achieve such as a nursing home stay
people don’t “max out” on their
it? or the assistance of a home
IRA and 401(k) each year, but, if
health aide, according to the

There’s no one instant solution. But you you can consistently afford to do

U.S. Department of Health and
can work toward fi nancial independence so, and you still have money you
Human Services. And these
by addressing these areas: could invest, you may want to
services are quite expensive – the
explore other retirement savings
• Retirement savings – average annual cost for a private
vehicles.
Approximately 45% of Americans room in a nursing home is more
think the ideal retirement • Illness or injury – If you were to than $100,000, according to
involves “enjoying my well- become seriously ill or sustain a Genworth, an insurance company.

earned freedom,” according to significant injury and you couldn’t Medicare typically covers only a
the March 2021 Edward Jones/ work for an extended period, the small part of these expenses, so,
Age Wave Four Pillars of the New loss of income could jeopardize to avoid depleting your savings
and investments (and possibly
subjecting your grown children
to a financial burden), you may

want to consider long-term care
insurance or life insurance with
a long-term care component. A

financial advisor can help you
choose a plan that’s appropriate
for your needs.
By addressing these areas, you can go a
long way toward attaining your fi nancial
independence. It will be a long-term
pursuit, but the end goal is worth it.
This article was written by Edward Jones for use by

your local Edward Jones Financial Advisor. Edward
Jones, Member SIPC
Ann M Jacobs
Financial Advisor edwardjones.com
Member SIPC Edward Jones is a licensed insurance producer in
105 Franklin St all states and Washington, D.C., through Edward
Denton, MD 21629-1207 D. Jones & Co., L.P., and in California, New Mexico
410-479-0271 and Massachusetts through Edward Jones Insurance
Agency of California, L.L.C.; Edward Jones Insur-
ance Agency of New Mexico, L.L.C.; and Edward
Jones Insurance Agency of Massachusetts, L.L.C.
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