Page 8 - Southern Exposure - October '23

Page 8, Southern Exposure BW

finanCial foCuS ®

Should You Be “Selfish” In Retirement?

By Sally Sima Stahl

As a parent, you naturally offer will depend on several factors, including your they sold the shares, they might be in a lower tax bracket
want to help your children monthly income, your expenses, your savings and your than you. And if they didn’t need the money right away,
– but is it always a good projected future expenditures. By taking these figures into they could hold the shares and hope that they appreciate
idea to provide them with account, you should be able to develop a good estimate of further. (Keep in mind that you can make financial gifts,
support when they’re adults? what you can – and can’t – do for your adult children. including the value of stocks, of up to $17,000 per person,
You may want to proceed But if you do decide that you can afford to provide some per year, to as many people as you want without incurring
carefully in this area – to financial resources, at least on occasion, you may want to gift taxes.)
protect everyone’s financial be strategic about it. In other words, how can you do the Being cautious about providing financial support to
interests. most good? your grown children and other family members – and being
This topic is on the minds You have various options. For one thing, if your children purposeful when you do provide it – isn’t selfish. It’s a
of many people: 63 percent have earned income, they can contribute to an IRA to thoughtful way to protect your own financial security and
of retirees and 69 percent help fund their retirement – and while you can’t put funds avoid burdening your family – while still helping them
of preretirees have either limited their financial support directly into their IRAs, you can give them money for out when you can.
to adult children or other family members, or would limit that purpose, up to the annual contribution limit, which, This article was written by Edward Jones for use by
this support, to preserve their own financial stability and in 2023, is $6,500, or $7,500 for those 50 or older. Also, your local Edward Jones Financial Advisor, Edward Jones,
avoid becoming a burden, according to a recent survey by if you have grandchildren, you could contribute to a 529 Member SIPC.
Age Wave and Edward Jones. education savings plan for them. A 529 plan can provide Edward Jones is a licensed insurance producer in
So, as this finding indicates, it isn’t that preretirees and tax-free earnings and withdrawals for qualified higher all states and Washington, D.C., through Edward D.
retirees are being “selfish” when they’re cautious about education expenses. Jones & Co., L.P., and in California, New Mexico and
providing financial assistance – their goal is to maintain However, even if you don’t think you can afford to make Massachusetts through Edward Jones Insurance Agency
their financial independence, so they never have to depend cash gifts, you might be able to provide some financial of California, L.L.C.; Edward Jones Insurance Agency of
on their family members for help. And anyone can agree benefits in other ways. For example, you could give your New Mexico, L.L.C.; and Edward Jones Insurance Agency
that this is a worthy objective. children shares of stock you’ve owned for several years. If of Massachusetts, L.L.C.
In any case, the amount of support you can reasonably these shares had appreciated in value, and you were to sell Edward Jones, its employees and financial advisors
them yourself, and then give the money to your children, cannot provide tax advice. You should consult your
you’d have to pay the capital gains taxes. By gifting the qualified tax advisor regarding your situation.
all about KidS shares directly to your children, you’d avoid these taxes, Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
and while your children would have to pay the taxes when

Reading Time

With Dad

By Jim Forgan, Ph.D., School Psychologist

James and the Giant
Peach and Danny, Champion
of the World were two of
Roald Dahl’s books my dad 747-PALM
read with me when I was in
elementary school. Some 747-7256
of my fondest childhood
memories were reading
these books with my dad.
We did other things together
like playing basketball,
going fishing, and riding
bikes but the relational connection of sitting next to my
dad on the couch and feeling his presence and love was
strong and evident. Dad gave me his precious gift of time.
The father-child relationship is powerful and creates a
foundation for your child’s psyche to develop. Will your
child feel loved and affirmed or rejected and ignored by
dad? As a school psychologist and dad, I get it. Dads are
busy. Dads might believe they don’t have the nurturing
instinct that mom holds. They are busy providing for their
family. Parenting expert, Meg Meeker, M.D., says, “After
30 years in my medical practice and extensive research, I
see one common thread in children of all ages: the direct
correlation between a father’s presence and a child’s
well-being.”
If you are a dad reading this, it’s not meant to guilt you.
Whether you’ve messed up or think it’s too late, your child
of any age still needs you. They don’t need perfection; they
need your presence and affirmation. Start small. Perhaps
for you it’s asking them more thoughtful questions, taking
a genuine interest in them telling you about a favorite video
game, or watching a funny video together. For other dads
it is telling your child what every child wants to hear: You
love them and are proud of them.
Parenting is an on the job learning experience. Here are
a few resources to help you along the way: Meg Meeker’s
book Strong Fathers, Strong Daughters, Robert Lewis’
book Raising A Modern Day Knight or John C. Maxwell’s
book Intentional Living, are thoughtful books to help dads
along their parenting journey. Check out AllProDad.com.
Dad, you got this.
Call or text to discuss your child as we test for autism,
dyslexia, dysgraphia, ADHD, depression, and anxiety.
Visit JimForgan.com or call (561) 625-4125.