Page 20 - The Jewish Voice - October '23

Page 20, The Jewish Voice

LiFestyLes

Financial Focus ® is $6,500, or $7,500 for those 50 or older. Also, if you have Medicare Corner with Kathy O
grandchildren, you could contribute to a 529 education
Should You Be Selfish in Retirement? savings plan for them. A 529 plan can provide tax-free It’s Time for Medicare Annual Enrollment
earnings and withdrawals for qualified higher education Period, Oct. 15-Dec. 7
By Sally Sima Stahl expenses.
As a parent, you naturally However, even if you don’t think you can afford to make What does this mean to me,
want to help your children — cash gifts, you might be able to provide some financial what are my options?
but is it always a good idea benefits in other ways. For example, you could give your Change from Original
to provide them with support children shares of stock you’ve owned for several years. If Medicare to a Medicare
when they’re adults? You may these shares had appreciated in value, and you were to sell Advantage Plan
want to proceed carefully them yourself, and then give the money to your children, Change from a Medicare
in this area — to protect you’d have to pay the capital gains taxes. By gifting the Advantage Plan back to
everyone’s financial interests. shares directly to your children, you’d avoid these taxes, Original Medicare
This topic is on the minds and while your children would have to pay the taxes when Switch from one Advantage
of many people: 63 percent they sell the shares, they might be in a lower tax bracket Plan to another Advantage Plan
of retirees and 69 percent of than you. And if they didn’t need the money right away, Join, drop, or change
pre-retirees have either limited their financial support to they could hold the shares and hope they appreciate further. Medicare Drug coverage
adult children or other family members, or would limit this (Keep in mind that you can make financial gifts, including Supplement or Advantage Plan?
support, to preserve their own financial stability and avoid the value of stocks, of up to $17,000 per person, per year, Advantage Plans must cover all the medically necessary
becoming a burden, according to a recent survey by Age to as many people as you want without incurring gift taxes.) services that Original Medicare covers. Most plans offer
Wave and Edward Jones. Being cautious about providing financial support to your extra benefits that Original Medicare doesn’t cover, like
So, as this finding indicates, it isn’t that pre-retirees grown children and other family members — and being prescription drugs, dental, vision, and hearing.
and retirees are being selfish when they’re cautious about purposeful when you do provide it — isn’t selfish. It’s a Medicare Supplement Insurance Plans (also called
providing financial assistance — their goal is to maintain thoughtful way to protect your own financial security and Medigap) helps fill gaps in Original Medicare and are sold
their financial independence, so they never have to depend avoid burdening your family — while still helping them by private companies to cover deductibles and copays.
on their family members for help. And anyone can agree out when you can. Prescription drug coverage must be purchased separately.
that this is a worthy objective. This article was written by Edward Jones for use by What do I look for? How do I know what Advantage Plan
In any case, the amount of support you can reasonably your local Edward Jones Financial Advisor, Edward Jones, is best for me?
offer will depend on several factors, including your monthly Member SIPC. First, we review the costs of supplement and drug plans
income, your expenses, your savings, and your projected Edward Jones is a licensed insurance producer in and look at your healthcare budget. Then, we review the
future expenditures. By taking these figures into account, all states and Washington, D.C., through Edward D. Advantage plans, are your doctors in network, and review
you should be able to develop a good estimate of what you Jones & Co., L.P., and in California, New Mexico and the cost of medications you take. Another consideration
can — and can’t — do for your adult children. Massachusetts through Edward Jones Insurance Agency is which of the ancillary benefits of Advantage plans are
But if you do decide that you can afford to provide some of California, L.L.C.; Edward Jones Insurance Agency of most important to you: dental, eye exam, glasses, gym
financial resources, at least on occasion, you may want to New Mexico, L.L.C.; and Edward Jones Insurance Agency membership, hearing aids, over-the-counter medication, etc.
be strategic about it. In other words, how can you do the of Massachusetts, L.L.C. How do I decide??
most good? Edward Jones, its employees and financial advisors Medicare.gov offers tools for medications and all plans in
You have various options. For one thing, if your children cannot provide tax advice. You should consult your qualified your area. There is an overwhelming amount of information
have earned income, they can contribute to an IRA to help tax advisor regarding your situation. there. A licensed local agent like me can review your
fund their retirement — and while you can’t put funds Contact us at (561) 748‑7600, Sally Sima Stahl, AAMS, information and help you make an informed decision.
directly into their IRAs, you can give them money for that 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
purpose, up to the annual contribution limit, which, in 2023, Lifestyles on page 21

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