Page 12 - Jupiter Spotlight - October '23

Page 12, Jupiter Spotlight
Financial Focus ®

Should You Be “Selfish” In So, as this finding indicates, it isn’t that preretirees and and then give the money to your children, you’d have to pay
retirees are being “selfish” when they’re cautious about
the capital gains taxes. By gifting the shares directly to your
Retirement? providing financial assistance – their goal is to maintain their children, you’d avoid these taxes, and while your children
financial independence, so they never have to depend on their would have to pay the taxes when they sold the shares, they
By Sally Sima Stahl family members for help. And anyone can agree that this is a might be in a lower tax bracket than you. And if they didn’t
As a parent, you naturally worthy objective. need the money right away, they could hold the shares and
want to help your children In any case, the amount of support you can reasonably hope that they appreciate further. (Keep in mind that you can
– but is it always a good offer will depend on several factors, including your monthly make financial gifts, including the value of stocks, of up to
idea to provide them with income, your expenses, your savings and your projected future $17,000 per person, per year, to as many people as you want
support when they’re adults? expenditures. By taking these figures into account, you should without incurring gift taxes.)
You may want to proceed be able to develop a good estimate of what you can – and Being cautious about providing financial support to your
carefully in this area – to can’t – do for your adult children. grown children and other family members – and being
protect everyone’s financial But if you do decide that you can afford to provide some purposeful when you do provide it – isn’t selfish. It’s a
interests. financial resources, at least on occasion, you may want to thoughtful way to protect your own financial security and
This topic is on the minds be strategic about it. In other words, how can you do the avoid burdening your family – while still helping them out
of many people: 63 percent most good? when you can.
of retirees and 69 percent of preretirees have either limited You have various options. For one thing, if your children This article was written by Edward Jones for use by
their financial support to adult children or other family have earned income, they can contribute to an IRA to help your local Edward Jones Financial Advisor, Edward Jones,
members, or would limit this support, to preserve their own fund their retirement – and while you can’t put funds directly Member SIPC.
financial stability and avoid becoming a burden, according into their IRAs, you can give them money for that purpose, up Edward Jones is a licensed insurance producer in all states
to a recent survey by Age Wave and Edward Jones. to the annual contribution limit, which, in 2023, is $6,500, or and Washington, D.C., through Edward D. Jones & Co., L.P.,
$7,500 for those 50 or older. Also, if you have grandchildren, and in California, New Mexico and Massachusetts through
Edward Jones Insurance Agency of California, L.L.C.; Edward
you could contribute to a 529 education savings plan for them.
Medicare Corner A 529 plan can provide tax-free earnings and withdrawals for Jones Insurance Agency of New Mexico, L.L.C.; and Edward
qualified higher education expenses.
Jones Insurance Agency of Massachusetts, L.L.C.
With Kathy O However, even if you don’t think you can afford to make Edward Jones, its employees and financial advisors cannot
provide tax advice. You should consult your qualified tax
cash gifts, you might be able to provide some financial benefits
in other ways. For example, you could give your children
advisor regarding your situation.
It’s Time For Medicare shares of stock you’ve owned for several years. If these shares Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
had appreciated in value, and you were to sell them yourself,
Annual Enrollment Period
(AEP) Oct. 15 To Dec. 7 “Service is our number one priority”

What Does This Mean 561-743-0070
To Me, What Are My www.palmspoolservices.com
Options?
Change from original
Medicare to a Medicare
Advantage Plan, change
from a Me dica re
Advantage Plan back to
original Medicare, switch
from one Advantage Plan
to another Advantage
Plan, join, drop or change
Medicare drug coverage.
Supplement Or Advantage Plan?
Advantage Plans must cover all the medically
necessary services that original Medicare covers. Most Expires 11/15/23.
plans offer extra benefits that original Medicare doesn’t
cover – like prescription drugs, dental, vision and hearing.
Medicare Supplement Insurance Plans (also called State Licensed & Insured
Medigap) helps fill “gaps” in original Medicare and are Serving Palm Beach County CPC # 1457468 • LPG#30099
sold by private companies to cover deductibles and copays.
Prescription drug coverage must be purchased
separately.
What Do I Look For? How Do I Know What DR. RYAN CHIZNER
Advantage Plan Is Best For Me?
First, we review the costs of supplement and drug plans HAS JOINED PALM
and look at your healthcare budget. Then we review the
Advantage Plans, are your doctors in network and review
the cost of medications you take. Another consideration BEACH CARDIOLOGY
is which of the ancillary benefits of Advantage Plans are
most important to you; dental, eye exam, glasses, gym CENTER
membership, hearing aids, over-the-counter medication, etc.
How Do I Decide? P.B.C.C. is pleased to welcome Dr. Ryan Chizner. Dr. Chizner
Medicare.gov offers tools for medications and all completed fellowships in cardiology and interventional
plans in your area. There is an overwhelming amount cardiology for which he is board certified.
of information there. A licensed local agent like me can In addition he holds board certification in Internal Medicine,
review your information and help you make an informed Echocardiography, Nuclear Cardiology and Vascular
decision. Interpretation.
I Am Already On An Advantage Plan I Like. Should He has a Bachelor’s of Science degree from the Honors
I Change? Program at the University of Florida. He went on to complete
Each year you receive the Annual Notice of Change dual degrees with a Doctorate of Osteopathic Medicine and
(ANOC) for your plan which outlines the changes for the Master of Public Health from Nova Southeastern University.
upcoming year. A free plan review will let you know if Previously, Dr. Chizner practiced Interventional Cardiology in
other plans you previously ruled out may have coverage Central Florida and Georgia.
that better meets your needs now or if your current plan
is sufficient. He is the Co-Author of a Bestselling textbook on Cardiac Drugs
If you do not look at other plans, you may not know for healthcare providers, which is now in its second edition.
there is a plan with lower costs or higher benefits than He is thrilled to move closer to family in South Florida.
your current plan. A good point to review is the maximum
out of pocket costs in and out of network. This is your
financial exposure. It is important to ensure a major illness
will not bankrupt you. 561-775-1061
Happy AEP and happy Medicare planning!
I speak Medicare: Supplement, Drug Plan and
Advantage Plan.
For your free Medicare Plan review please call me. Kathy
Olejniczak, agent, (561) 835-5413, cell/text (561) 212-7640. 3365 Burns Rd., Suite 101, Palm Beach Gardens, FL 33410