Page 15 - Talk of Tequesta - October '23
P. 15
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
of preretirees have either limited their financial support these shares had appreciated in value, and you were to sell Computer Install/Setup/Repair
to adult children or other family members, or would limit them yourself, and then give the money to your children,
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
providing financial assistance – their goal is to maintain they could hold the shares and hope that they appreciate * Hardware/Software Installation
their financial independence, so they never have to depend further. (Keep in mind that you can make financial gifts, * Virus/Spyware/Adware Fix
* Cleanup/Maintenance/Backup
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
offer will depend on several factors, including your Being cautious about providing financial support to your and wireless network”!
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
account, you should be able to develop a good estimate of thoughtful way to protect your own financial security and FOR SMALL BUSINESSES FOR AS LOW AS $50.00 AN HOUR,
WITH A MINIMUM OF 6 HOURS A MONTH,
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,
be strategic about it. In other words, how can you do the your local Edward Jones Financial Advisor, Edward Jones, QUALITY MAINTENANCE, ATTENTION TO DETAIL AND
most good? Member SIPC. PERSONABLE ON-SITE SUPPORT!
(561) 315-0144
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.
Yesterday I was diagnosed with Breast Cancer
Today I start the fight.
At the Anderson Family Cancer Institute at Jupiter Medical Center, we believe that no one should wait for cancer care. That is why
we are offering next day oncologist appointments for newly diagnosed patients. Rapid access to leading cancer specialists will
empower patients and their families to jump start their journey to beat cancer.
Call 561-263-4400 to start your fight.