SOMA Living June 2025

FINANCIAL FOCUS IS YOUR RETIREMENT AT RISK? To safeguard your retirement, start calculating and saving now. Only half of Americans know how much money they need for retirement. Without this knowledge, reaching retirement goals becomes challenging. First, define what “comfortable” retirement means financially for you. Assess current spending and project future expenses. This analysis helps determine necessary savings to achieve your desired lifestyle. Consult a financial advisor for guidance on developing a strong strategy. Save immediately, regardless of age. Younger individuals tend to delay, yet early savings require less from each paycheck, growing over time. Those nearing retirement can use catch-up contributions for 401(k), 403(b), 457 plans, and the Thrift Savings Plan. If you’re 50 or older, you may save an additional $7,500 pretax beyond the annual limit. Individuals aged 60 to 63 can contribute an extra $11,250. Consider risk levels carefully. Avoid leaving your entire portfolio in cash, which lacks growth over time and fails to outpace inflation. Instead, invest in growth opportunities that elevate funds needed for retirement. Balance risk to amplify growth without excessive exposure. Separate emergency savings from retirement funds to secure your future. Maintain three to six months’ worth of expenses in an accessible, low-risk account. This fund covers unexpected costs like auto repairs, medical bills, or job loss. Refrain from tapping into long-term retirement investments, which incurs taxes, penalties, and diminishes principal. Retirement should be a rewarding phase of life. Proper planning and protecting savings encourage a fulfilling future.

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.

PAINTING CARPENTRY

EXTERIOR & INTERIOR & GUTTERS (973) 951-0606

SCAN TO UPLOAD CONTACT INFO

BEFORE

Floors Fences Kitchen Bathrooms Basement Attics

Siding Trims Windows Doors Decks Railings

1980 SPRINGFIELD AVE STE 9A, MAPLEWOOD NJ, 07040

AFTER

JUNE 2025 | SOMA LIVING 25

@somalivingmagazine