A Special Place

A Letter from the Editor

Summertime brings a sense of freedom. With the beautiful weather, warm temperatures, blue, sunny skies, it makes it so easy to get up, get out, and start exploring this incredible place we live here in the Inland Northwest.

There’s truly no better time than summer in the Inland Northwest! With the mountains, the lakes, the rivers and streams, the prairies … what more could you ask for? From a picnic on the river to a boat ride on the lake, to hiking the many trails or biking the Hiawatha Trail, you can’t help but feel blessed. From the North Idaho Panhandle into Spokane, you truly get a taste of mountain paradise.

As fall makes its debut, the air turns crisp, the leaves begin to change, and it truly is a sight to be seen. Outdoor adventure continues, along with many autumn-inspired happenings to celebrate the season.

Those of us who live here know how blessed we are to call this place home, and our paradise continues to be discovered by people from all across the country who want a better life for themselves and their loved ones. Though we may notice more traffic and road work, and yes, a lot more building, we should remember that most everyone here—those born here and those new—want to enjoy the same simple pleasures: the beauty of this place and the ample outdoor opportunities it provides. It’s quieter here, bringing a sense of peace in an otherwise busy, noisy world.

In each issue of REAL Northwest Living, it is important for us to share just a glimpse of the beauty that resides here. We are honored to serve our communities and share stories about the people, the places, the arts, entertainment and events—and much more!

To those who live here, you already know how special it is here. For those visiting, we hope you enjoy this place we all live, work and play as much as we do.

Jillian Chandler, Editor

REALNORTHWESTLIVING.COM

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Our mission with each issue of REAL Northwest Living is to produce a unique product that inspires us all to connect with our local surroundings. This is “our” local guide to everything that matters to us here in the Inland Northwest. Where we eat, play, venture out and live! We feature the unique, the inspiring, the tried and true, highlighting all that makes our lifestyle here in the Northwest truly special. REAL represents the local stories, people and businesses that make up this place we call home.

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If you’re getting closer to retirement, you might be thinking more about Social Security. Specifically, can you count on it to contribute part of the income you’ll need as a retiree?

There’s been an increase in alarming language surrounding the solvency of Social Security, but in reality, its prospects are not nearly as gloomy as you might have heard.

Here’s the story: Under current law, Social Security is estimated to exhaust its trust funds by 2035, after which benefits could be cut by 20 percent, according to the 2022 Social Security Trustees report. However, the large cost of living adjustment (COLA) (8.7 percent) for 2023 could cause the trust funds to use up their resources sooner.

But this outlook may represent a worst-case scenario. For one thing, the cost of the 2023 COLA will be somewhat offset by higher taxes on workers contributing to Social Security. The maximum amount of earnings subject to the 6.2 percent Social Security tax jumped from $147,000 in 2022 to $160,200 in 2023. And in looking down the road, further increases in this earnings cap may also help reduce the gap in the trust funds. Increasing the payroll tax is another possibility for boosting funding to Social Security.

• Move it to your new employer’s plan

6-month

2.55

1-year 2.75 2-year 3.00

• Roll it over to an Individual Retirement Account (IRA)

And here’s a political reality: Social Security is a popular program, and it’s unlikely that any future Congress wants to be blamed for reducing benefits. Of course, there are no guarantees, but it seems fair to say that you can reasonably expect some benefits from Social Security when you retire.

• Cash out the account subject to early withdrawal penalties We can talk through

But perhaps the bigger issue is just how much you should depend on Social Security for your retirement income. On average, Social Security benefits will provide about 30 percent of a beneficiary’s preretirement earnings, according to the Social Security Administration. But the higher your earnings before you retire, the lower the percentage that will be replaced by Social Security.

Still, you’ll want to maximize the benefits that are available to you—and that means deciding when to start taking Social Security. You can begin as early as 62, but your monthly payments could be as much as 30 percent lower than your normal (or “full”) retirement age, which will likely be between 66 and 67.

Even if you were to wait until your full retirement age before collecting Social Security, you’ll also need to draw on other sources of funding. So, while you are still working, it’s a good idea to keep contributing to your IRA and 401(k) or other employer-sponsored retirement plan.

The amount you contribute should depend on your overall financial strategy and your financial needs, so, for example, you probably shouldn’t put so much into your retirement accounts that you feel significant stress in your monthly cash flow. But when you do get a chance to invest more in these accounts, such as when your salary goes up, you may want to take advantage of the opportunity.

Ultimately, you should be able to count on Social Security as part of your retirement income. You may want to consult with a financial professional to determine when taking Social Security makes the most sense for you and how you can also get the most from your other retirement accounts. You’ll want a retirement income strategy that’s built for the long run.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor Ken Wood.

* Annual Percentage Yield Edward Jones are bank-issued (principal and interest accrued insured depository institution, Please visit www.fdic.gov additional information. Subject values are subject to interest rise, the prices of CDs can the investor can lose principal losses in market value. Early quoted are net of all commissions. interest and do not allow interest Edward Jones are issued by by Edward Jones are registered

We can talk through your financial goals and find the option that works best for you.

Ken Wood Financial Advisor 477100 Highway Suite B Ponderay, ID 208-255-2613

477100 Hwy 95, Ste. B, Ponderay, ID 208-255-2613