Page 10 - the Shores of Jupiter - October '23

Page 10, The Shores

Financial Focus ® Walking my talk

Wise words indeed. Written by Regina Brett, 90 years 19. Burn the candles, use the nice sheets, wear fancy
Should You Be “Selfish” In old, of The Plain Dealer, Cleveland, Ohio. lingerie. Don’t save it for a special occasion. Today is
“To celebrate growing older, I once wrote the 42 lessons
special.
Retirement? life taught me. It is the most requested column I’ve ever 20. Over prepare, then go with the flow.
written. My odometer rolled over to 90 in August, so here 21. Be eccentric now. Don’t wait for old age to wear
By Sally Sima Stahl is the column once more.” purple.
As a parent, you 1. Life isn’t fair, but it’s still good. 22. The most important sex organ is the brain.
naturally want to help 2. When in doubt, just take the next small step. 23. No one is in charge of your happiness but you.
your children – but is it 3. Life is too short – enjoy it. 24. Frame every so-called disaster with these words “In
always a good idea to 4. Your job won’t take care of you when you are sick. five years, will this matter?”
provide them with support Your friends and family will. 25. Always choose life.
when they’re adults? You 5. Pay off your credit cards every month. 26. Forgive but don’t forget.
may want to proceed 6. You don’t have to win every argument. Stay true to 27. What other people think of you is none of your
carefully in this area – yourself. business.
to protect everyone’s 7. Cry with someone. It’s more healing than crying alone. 28. Time heals almost everything. Give time time.
financial interests. 8. Save for retirement starting with your first paycheck. 29. However good or bad a situation is, it will change.
This topic is on the 9. When it comes to chocolate, resistance is futile. 30. Don’t take yourself so seriously. No one else does.
minds of many people: 63 percent of retirees and 69 10. Make peace with your past so it won’t screw up 31. Believe in miracles.
percent of preretirees have either limited their financial the present. 32. Don’t audit life. Show up and make the most of it now.
support to adult children or other family members, or 11. It’s okay to let your children see you cry. 33. Growing old beats the alternative – dying young.
would limit this support, to preserve their own financial 12. Don’t compare your life to others. You have no idea 34. Your children get only one childhood.
stability and avoid becoming a burden, according to a what their journey is all about. 35. All that truly matters in the end is that you loved.
recent survey by Age Wave and Edward Jones. 13. If a relationship has to be a secret, you shouldn’t 36. Get outside every day. Miracles are waiting
So, as this finding indicates, it isn’t that preretirees and be in it. everywhere. (I love this one.)
retirees are being “selfish” when they’re cautious about 14 Take a deep breath. It calms the mind. 37. If we all threw our problems in a pile and saw
providing financial assistance – their goal is to maintain 15. Get rid of anything that isn’t useful. Clutter weighs everyone else’s, we’d grab ours back.
their financial independence, so they never have to depend you down in many ways. 38. Envy is a waste of time. Accept what you already
on their family members for help. And anyone can agree 16. Whatever doesn’t kill you really does make you have, not what you need.
that this is a worthy objective. stronger. 39. The best is yet to come.
In any case, the amount of support you can reasonably 17. It’s never too late to be happy. But it’s all up to you 40. No matter how you feel, get up, dress up and show
offer will depend on several factors, including your and no one else. up.
monthly income, your expenses, your savings and your 18. When it comes to going after what you love in life, 41. Yield.
projected future expenditures. By taking these figures into don’t take no for an answer. 42. Life isn’t tied with a bow, but it’s still a gift.
account, you should be able to develop a good estimate
of what you can – and can’t – do for your adult children.
But if you do decide that you can afford to provide
some financial resources, at least on occasion, you may
want to be strategic about it. In other words, how can you
do the most good?
You have various options. For one thing, if your
children have earned income, they can contribute to an
IRA to help fund their retirement – and while you can’t put
funds directly into their IRAs, you can give them money
for that purpose, up to the annual contribution limit,
which, in 2023, is $6,500, or $7,500 for those 50 or older.
Also, if you have grandchildren, you could contribute to
a 529 education savings plan for them. A 529 plan can
provide tax-free earnings and withdrawals for qualified
higher education expenses.
However, even if you don’t think you can afford to 747-PALM
make cash gifts, you might be able to provide some
financial benefits in other ways. For example, you could 747-7256
give your children shares of stock you’ve owned for
several years. If these shares had appreciated in value, and
you were to sell them yourself, and then give the money
to your children, you’d have to pay the capital gains taxes.
By gifting the shares directly to your children, you’d avoid
these taxes, and while your children would have to pay
the taxes when they sold the shares, they might be in a
lower tax bracket than you. And if they didn’t need the
money right away, they could hold the shares and hope
that they appreciate further. (Keep in mind that you can
make financial gifts, including the value of stocks, of up
to $17,000 per person, per year, to as many people as you
want without incurring gift taxes.)
Being cautious about providing financial support to
your grown children and other family members – and
being purposeful when you do provide it – isn’t selfish.
It’s a thoughtful way to protect your own financial security
and avoid burdening your family – while still helping them
out when you can.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.