Author: Edward Jones

Be Creative When Withdrawing from Retirement Accounts

By Edward Jones 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. Like many people, you may spend decades putting money into your IRA and your 401(k) or similar employer-sponsored retirement plan. But eventually you will want to take this money out – if you must start withdrawing some of it. How can you make the best use of these funds? To begin with, here’s some background: When you turn 70 ½, you need to start withdrawals – called required minimum distributions, or RMDs from your traditional IRA and your 401(k) or similar employer-sponsored retirement plan, such as a 457(b) or 403(b). (A Roth IRA is not subject to these rules; you can essentially keep your account intact for as long as you like.) You can take more than the RMD, but if you don’t take at least the minimum (which is based on your account balance and your life expectancy), you’ll generally be taxed at 50% of the amount you should have taken – so don’t forget these withdrawals. Here, then, is the question: What should you do with the RMDs? If you need the entire...

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Work Toward Your Own Financial Independence Day

Once again, it’s time for fireworks, picnics and parades as the nation celebrates Independence Day. Collectively, we enjoy many liberties, but some freedoms can be elusive – and financial freedom is one of them. What actions can you take to help yourself eventually declare your own financial independence? For starters, you’ll want to determine what financial independence means to you. Is it the liberty to meet all your cash flow needs? The freedom to retire comfortably, at the age you choose? The ability to set up the kind of legacy you’d like to leave? If any or all of these things are important to you, consider the following suggestions: • Liberate yourself from oppressive debts. The cost of living is certainly not cheap, so it’s hardly surprising that so many people incur significant debt. Yet, the higher your debt load, the less you’ll have available to invest for the future. Debt might be one of the biggest barriers you face on the road to your financial independence. To avoid piling on too much debt, live within your means. Take steps such as saving for a vacation, rather than putting it all on your credit card, and getting just one more year out of that old car. Look for bargains everywhere – and find out what you can live without. And if you have sizable debts, see if you can...

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Life Events Can Lead You to See a Financial Advisor

Over the years, you’ll experience many personal and professional milestones. Each of these can be satisfying, but they may also bring challenges – especially financial ones. That’s why you may want to seek the guidance of a financial professional. Here are some of the key life events you may encounter, along with the help of a financial advisor can provide: • New job – When you start a new job, especially if it’s your first “career-type” one, you may find that you have several questions about planning for your financial future, including your retirement. You may have questions about how much you should contribute to your employer-sponsored retirement plan. What investments should you choose? When should you increase your contributions or adjust your investment mix? A financial advisor can recommend an investment strategy that’s appropriate for your goals, risk tolerance and time horizon. • Marriage – Newlyweds often discover they bring different financial habits to a marriage. For example, one spouse may be more of a saver, while the other is more prone to spending. And this holds true for investment styles – one spouse might be more risk-averse, while the other is more aggressive. A financial advisor can help recommend ways for you and your spouse to find some common ground in your saving and investment strategies, enabling you to move forward toward your mutual goals. • New...

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Walking in My Father’s Footsteps

This Father’s Day weekend marks the second one without my father, my best friend, and mentor Jaime P. Martinez who would have turned 72 this year. What a life he lived! A testament to the remarkable life and journey he experienced, are the many stories shared about my father from those he organized with and touched over the last four decades at the local, state, and national levels of the labor and civil rights movement. That was his work, but most remember him as the founder of The Cesar E. Chavez Legacy & Educational Foundation, a 100% volunteer led...

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Tools are Great for Father’s Day and for Investors

If you’re a dad, you may well be pleased to unwrap some tools as Father’s Day gifts. Of course, it might be a stereotype that all men are handy at repairs; women certainly can be every bit as good when it comes to building and fixing things. In fact, the construction process is valuable for anyone to learn – and the same skills that go in to creating and mending physical objects also can be applied to financial projects – such as working toward a comfortable retirement. Here are a few of those skills: • Diagnosing the challenge – A good craftsperson knows that the first step toward accomplishing any outcome is to assess the challenge. So, for example, if you want to build some bookshelves right into the wall, you’ll need to locate the wall studs, determine if you have adequate space for the shelving you want and allow room for future expansion. Similarly, if you want to retire at a certain age, you need to consider the key variables: your current and future income (How much can you count on from your retirement plans?), where you’ll live (Will you downsize or relocate? Will you rent or own a house or condominium?) And what you’ll do as a retiree (Will you travel extensively or stick close to home? Will you do some type of work for pay or...

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