Expert Advice

Renee A. Hanson, CFP® , ChFC®, CEP®, CDFA™ , CFS®, BFA®, APMA®

Having spent decades saving for retirement, it can feel like a major shift for retirees to spend down their hard-earned assets. Research by the Employee Benefit Research Institute found people with $500,000 or more in savings at retirement spent down less than 12% of their assets over 20 years.1 Many of these retirees are reluctant to dip into their principal for fear of running out of money due to the anticipation of increased healthcare expenses and other factors. If you share these concerns about the longevity of your savings, know there are steps you can take to help you feel more confident. Here are some tips to help you get started:

SPENDING. Annual expenses generally are highest within the first few years of retirement. This is because retirees are often taking advantage of their newfound leisure time to pursue hobbies, travel, dine out and shop. Spending tends to slow down with advancing age. You may find it reassuring to realize there’s a good chance your lifestyle expenses in retirement could level out or decrease over time. easily accessible investments to provide income in case of a market downturn or an unexcepted financial event in your life. At the same time, it’s important to also have investments that are positioned for growth, or at the minimum, keep up with inflation. Many retirees spend decades in retirement, so plan your investment strategy with longevity in mind.

STRATEGY. A well-crafted retirement income plan can help you avoid running out of money and feel more confident about spending your hard-earned assets. Tally up your various sources of retirement income, which may include Social Security, annuities, retirement assets and other investment earnings. Then, decide which assets you will tap into first, and when you will claim Social Security benefits. Remember that at 72 years of age you are required to take required minimum distributions from your traditional IRA and employersponsored retirement plans, so work this income into your plan.

PLAN FOR HEALTHCARE COSTS. Healthcare is consuming an increasing proportion of many retirees’ income. You can start preparing for these expenses today by researching your insurance and savings options and developing a strategy to cover your needs. Your options could include a combination of the following: Medicare, Medigap supplemental insurance, health savings accounts (HSAs), long-term care policies, continuing health insurance through your current or former employer, and other dedicated healthcare savings. Having funds and protection in place can help you feel more prepared to handle a medical emergency or more routine care. CONSIDER THE TAX CONSEQUENCES. Reducing the tax bill on retirement income is a priority for a great number of retirees, yet many feel understanding the tax impacts of drawing down assets is complex. If you share these sentiments, starting the planning process early and seeking guidance from a tax and financial advisor can help you feel more secure in your strategy.

1 – “The Employee Benefit Research Institute’s Spending in Retirement Survey”. EBRI, 2021.

UNDERSTAND THE LEVEL OF RISK IN YOUR PORTFOLIO. As you turn your savings into income, it’s important to review your portfolio and assess your level of risk. This means ensuring that you have a diversified portfolio that suits your anticipated spending and balances your needs for liquidity and growth. For example, consider having a year to several years of

Renee A. Hanson, CFP® , ChFC® , CEP® , CDFATM , CFS®, BFA® , APMA® , is a Private Wealth Advisor with Affinity Wealth Advisory Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Phoenix, Arizona. She specializes in fee-based financial planning and asset management strategies and has been in practice for 31 years. To contact her visit www.affinitywealthadvisor.com or call (602) 923-9800. Her office is located at 7010 E. Chauncey Lane, Suite #200, Phoenix, AZ 85054-3115. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal Putting the needs of clients first is the approach I believe in. I’ll work with you to find and fluctuation in value. the right financial solutions to help you plan for your unique goals. And together, we’ll Ameriprise Financial Services, LLC. Member FINRA and SIPC.track your progress over time, adjusting your plan along the way to help get you where © 2022 Ameriprise Financial, Inc. All rights reserved.you want to go.

Private Wealth Advisor

A private wealth advisory practice of Ameriprise Financial Services, LLC

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com

The decision to sell your gold jewelry is not always a simple one. While you may not wear a lot of your gold rings, bracelets, necklaces, or other pieces, chances are some of them have sentimental value that would make them difficult to part with. Wedding rings, family heirlooms, anniversary gifts—all of these can hold a special place in your heart.

Still, it helps to remember that parting with an object doesn’t have to mean parting with its emotional worth, and it may even feel liberating to let go of something you’ve held onto for too long. If you’re feeling hesitant about selling your gold, it may help to go through your jewelry box or your home safe and take stock of the items you have. Separate the gold pieces you feel less attached to and put those aside to sell. It may be that once you’ve sold them and seen how profitable it can be, you’ll be ready to part with the remainder of your unused gold jewelry and other items.

Unlike the future of our economy, the demand for gold is certain. The precious metal will always be in high demand, so it will always be valuable. This means your old gold pieces are essentially money in disguise.

Due to the high value of gold, it’s not difficult to find a gold buyer in Phoenix. You can also find buyers on the Internet, but we strongly recommend avoiding selling gold online. Not only is it safer to sell gold in person, but it’s also more profitable too.

First, do a little research so you have some idea of what your gold may be worth. Based on the market and the current demand, the value of gold and other precious metals will fluctuate over time, but a quick online search can help you find the most recent spot price for gold.

You should also have a basic understanding of the karat structure used to measure gold. Since gold is so soft, it is often mixed with other metals to make it more durable. However, all gold jewelry must be at least ten karats (10K). This means that by weight, ten of 24 parts must be gold, while the other 14 parts can be different metals. Be sure to separate out your gold jewelry by karat before you take it to a jewelry buyer.

If you do decide to sell your gold jewelry, it should be a comfortable and enjoyable experience. Instead of selling your jewelry online, which takes time and may come with added risks, or taking it to a pawn shop, where you likely won’t receive the highest price for your items, it’s best to work with a reputable local dealer that you can meet with in person.

For example, at Southwest Jewelry Buyers, our GIA-certified appraisers take the time to meet with you one-on-one and examine your unwanted gold to determine its value. Each appointment is discrete and respectful, and you will never be pressured to sell if you are not ready.

Reputable dealers buy all kinds of gold, even your broken or damaged jewelry. What type of gold can you sell? Gold jewelry, broken or damaged jewelry, gold coins, gold medallions, watches, scrap gold, and more are all sellable. In addition to gold, you can also sell your silver, platinum, other precious metals, diamonds, and more.

To learn more about selling gold and other precious items, call 480-773-8004 or visit swjbuyers.com.

Eric Schwarz is the owner of Southwest Jewelry Buyers. Since their inception in 2000, Southwest Jewelry Buyers has been committed to paying their clients the best prices for their gold, diamond, silver, and platinum jewelry.