SOMA Living December 2022

FINANCIAL FOCUS

DO YOU HAVE FINANCIAL SECURITY?

Financial security requires a comprehensive strategy. For this strategy to succeed, you must guard it from challenges – and build layers of protection. Consider the following: • Protect your ability to reach your goals – To achieve your long-term goals, such as a comfortable retirement, requires adequate financial resources. This includes an investment portfolio aligned to your objectives, risk tolerance, and time horizon. . • Protect your family – If something happens to you unexpectedly, how will your family cope? Their chances improve with adequate life insurance. Proper coverage may cover your mortgage, higher education, and protect the family lifestyle. • Protect your income should you become temporarily disabled – If you become ill or temporarily disabled and can’t work for a while, the income disruption could jeopardize your family’s needs or inhibit timely bill payments. To protect against this threat, you may want to consider adding disability insurance. Your employer may offer a short-term disability policy as an employee benefit, and/or access to a private policy to cover shortfalls. • Protect your long-term investments from short term needs – Life is full of unexpected expenses – major car and home repairs, medical expenses, etc. Taking money from an IRA or 401(k) early may incur taxes/penalties, and hinder your retirement. To prevent this, build an emergency fund with 3-6 months of living expenses, in cash or a liquid account. • Protect your financial independence – No one wants to be a burden to their grown children. If you need long-term care, such as a nursing home, it can be expensive. A financial professional can offer strategies to mitigate these costs.

Gary T. Jones 973.821.4900 • g.jones@EdwardJones.com

With over 25 years of experience, I work with individuals and businesses to help you achieve your financial goals. As a longtime resident of SOMA, I am proud to serve the local community. To learn more about the content of this article or schedule an appointment to talk about your goals, please contact me in my Maplewood office.

DECEMBER 2022 | SOMA LIVING 17

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