Page 15 - Talk of Tequesta - October '23
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The Talk Of Tequesta, Page 15



                                                              finanCial foCus                  ®




                             Should You Be “Selfish” In Retirement?



                                                                        By Sally Sima Stahl


        As a parent, you naturally                      help fund their retirement – and while you can’t put funds   Jones & Co., L.P., and in California, New Mexico and
      want to help your children                        directly into their IRAs, you can give them money for   Massachusetts through Edward Jones Insurance Agency
      – but is it always a good                         that purpose, up to the annual contribution limit, which,   of California, L.L.C.; Edward Jones Insurance Agency of
      idea  to provide them with                        in 2023, is $6,500, or $7,500 for those 50 or older. Also,   New Mexico, L.L.C.; and Edward Jones Insurance Agency
      support when they’re adults?                      if you have grandchildren, you could contribute to a 529   of Massachusetts, L.L.C.
      You  may want  to  proceed                        education savings plan for them. A 529 plan can provide     Edward Jones, its employees and financial advisors
      carefully in this area – to                       tax-free  earnings  and  withdrawals  for  qualified  higher   cannot provide tax advice. You should consult your
      protect everyone’s financial                      education expenses.                                qualified tax advisor regarding your situation.
      interests.                                          However, even if you don’t think you can afford to make     Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
        This topic is on the minds                      cash gifts, you might be able to provide some financial   1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
      of many people: 63 percent                        benefits in other ways. For example, you could give your
      of retirees and 69 percent                        children shares of stock you’ve owned for several years. If   Southern Exposure Technologies
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      this support, to preserve their own financial stability and   you’d have to pay the capital gains taxes. By gifting the   (561) 315-0144
      avoid becoming a burden, according to a recent survey by   shares directly to your children, you’d avoid these taxes,   getsetgo.annie@gmail.com
      Age Wave and Edward Jones.                        and while your children would have to pay the taxes when                * DSL, Broadband,Wireless Install
        So, as this finding indicates, it isn’t that preretirees and   they sold the shares, they might be in a lower tax bracket   * Networking, Troubleshooting
      retirees are being “selfish” when they’re cautious about   than you. And if they didn’t need the money right away,        * Instruction
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      their financial independence, so they never have to depend   further. (Keep in mind that you can make financial gifts,    * Virus/Spyware/Adware Fix
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      on their family members for help. And anyone can agree   including the value of stocks, of up to $17,000 per person,      * Business Consult/Startup/Move
      that this is a worthy objective.                  per year, to as many people as you want without incurring               * Website Design/Maintenance
        In any case, the amount of support you can reasonably   gift taxes.)                                      Call S.E.T. to install your “new computer, printer
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      monthly income, your expenses, your savings and your   grown children and other family members – and being           GET S.E.T. GO!
      projected future expenditures. By taking these figures into   purposeful when you do provide it – isn’t selfish. It’s a   REASONABLE HOURLY, WEEKLY, MONTHLY RATES
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      what you can – and can’t – do for your adult children.  avoid burdening your family – while still helping them out   OR 2 HOURS A WEEK, OR ON AN AS-NEEDED
        But if you do decide that you can afford to provide some   when you can.                                      BASIS RATE OF $75.00 P/HOUR.
      financial resources, at least on occasion, you may want to     This article was written by Edward Jones for use by   START YOUR NEW YEAR WITH SECURE BACKUPS,
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        You have various options. For one thing, if your children     Edward Jones is a licensed insurance producer in   CALL S.E.T. TODAY FOR YOUR COMPUTER NEEDS!
      have earned income, they can contribute to an IRA to   all states and Washington, D.C., through Edward D.


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