Russ Jablonsky, AAMS Financial Advisor 739 Clark St., Medford 715 748 6366 FINANCIAL FOCUS Financial Freedom: A Gift to Your Family This may be an attractive option if your children are grown and your current home feels too large. Of course, downsizing is a highly personal decision — if you’ve lived in your home for many years, have fond memories of raising a family in it and still enjoy the neighborhood, it can certainly be hard to leave. Consequently, you’ll need to weigh these emotional factors against the potential financial benefits of moving into a smaller, less expensive space. • Prepare for long-term care costs. If you were ever to need some type of long-term care, such as an extended stay in a nursing home, you could face some sizable expenses, most of which may not be covered by Medicare or a Medicare Advantage plan. And clearly, you would not want to put your grown children in a position where they might feel the need to step in financially. To help avoid this possibility, you may want to consult with a financial professional about addressing these costs through strategies that may be appropriate for your needs. These aren’t the only ideas to consider in helping maintain your financial independence and reducing your potential dependence on your family during your retirement years. But taken together, they can give you a good start — so think about putting them to work. Here’s a sobering statistic: 72% of retirees say one of their biggest fears is becoming a burden on their families, according to a study by Edward Jones and the consulting firm Age Wave. If you are near retirement, how can you prepare yourself to become financially free, so you won’t have to depend on grown children or other family members? Here are a few suggestions to consider: • Keep adding to retirement savings. Today, with a greater awareness of healthy lifestyles, many people are spending two, or even three, decades in an active retirement. To help pay for those years, then, you’ll likely need to build your retirement savings as much as possible. So, while you’re still working, try to contribute as much as you can afford to your 401(k) or other employer-sponsored retirement plan. If you are in the later stages of your career, possibly close to your peak earning power, you may be able to put in sizable sums every year. • Choose an appropriate withdrawal rate. While it’s obviously important to build your retirement savings, it’s just as essential to make the money last. Once you retire, you’ll want to establish an appropriate withdrawal rate — that is, the amount you can take out each year from your 401(k) and other investments without running the risk of outliving your money. The amount you can safely withdraw each year will depend on a variety of factors, including your age, your account balances, Social Security benefits, inflation, income tax rates and spousal income. In any case, selecting a suitable withdrawal rate can help go a long way toward preserving your financial freedom throughout your retirement. • Think about downsizing. One possible way to boost your savings and add liquidity is to downsize your living arrangements. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC Making Sense of Investing 150632 Russ Jablonsky, AAMS Financial Advisor 739 Clark St., Medford 715 748 6366 FINANCIAL FOCUS Financial Freedom: A Gift to Your Family This may be an attractive option if your children are grown and your current home feels too large. Of course, downsizing is a highly personal decision — if you’ve lived in your home for many years, have fond memories of raising a family in it and still enjoy the neighborhood, it can certainly be hard to leave. Consequently, you’ll need to weigh these emotional factors against the potential financial benefits of moving into a smaller, less expensive space. • Prepare for long-term care costs. If you were ever to need some type of long-term care, such as an extended stay in a nursing home, you could face some sizable expenses, most of which may not be covered by Medicare or a Medicare Advantage plan. And clearly, you would not want to put your grown children in a position where they might feel the need to step in financially. To help avoid this possibility, you may want to consult with a financial professional about addressing these costs through strategies that may be appropriate for your needs. These aren’t the only ideas to consider in helping maintain your financial independence and reducing your potential dependence on your family during your retirement years. But taken together, they can give you a good start — so think about putting them to work. Here’s a sobering statistic: 72% of retirees say one of their biggest fears is becoming a burden on their families, according to a study by Edward Jones and the consulting firm Age Wave. If you are near retirement, how can you prepare yourself to become financially free, so you won’t have to depend on grown children or other family members? Here are a few suggestions to consider: • Keep adding to retirement savings. Today, with a greater awareness of healthy lifestyles, many people are spending two, or even three, decades in an active retirement. To help pay for those years, then, you’ll likely need to build your retirement savings as much as possible. So, while you’re still working, try to contribute as much as you can afford to your 401(k) or other employer-sponsored retirement plan. If you are in the later stages of your career, possibly close to your peak earning power, you may be able to put in sizable sums every year. • Choose an appropriate withdrawal rate. While it’s obviously important to build your retirement savings, it’s just as essential to make the money last. Once you retire, you’ll want to establish an appropriate withdrawal rate — that is, the amount you can take out each year from your 401(k) and other investments without running the risk of outliving your money. The amount you can safely withdraw each year will depend on a variety of factors, including your age, your account balances, Social Security benefits, inflation, income tax rates and spousal income. In any case, selecting a suitable withdrawal rate can help go a long way toward preserving your financial freedom throughout your retirement. • Think about downsizing. One possible way to boost your savings and add liquidity is to downsize your living arrangements. This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC Making Sense of Investing 150632
The top 30 essays were selected from among all 8th graders at Medford Area Middle School. Student essays placing 16 to 30 received a $20 Chamber Gift Certificate and recognition certificate along with a laminated copy of their essay. Honorees were (in alphabetical order): Sada Carstensen, Kinnley Gowey, Autumn Hartl, Braxton Larson, Graecyn Meseberg, Coraline Neitzel, Oliver Nuernberger, Steven Parkinson, Natalie Pomeroy, Melanie Richter, Renae Rymer, Avery Sigmund, Emma Steinke, Gracie Strama and Maggie Wallace-Szydel. BRIAN WILSON/THE STAR NEWS
Jacob and Daniel Nagel were joined by members of The Chamber, the Gilman Development Foundation and representatives from the Wisconsin Economic Development Corporation to celebrate the ribbon cutting for Hickory Haven Apartments in Gilman. The owners renovated and converted the former nursing home facility into a mixedsize apartment complex with seven different styles of apartments ranging from a 600 square foot studio apartment to a 1,400 unit with three bedrooms and two baths. Pricing ranges from $900-1,400 with internet and water and sewer utilities included. BRIAN WILSON/THE STAR NEWS
Price County Administrator Paul Trimner explained his duties to members of the Taylor County ad hoc administrative committee on April 4. BRIAN WILSON/ THE STAR NEWS
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