Continuing the course with a financial plan

Financial Planners

question: I want to be debt free when I retire in five years. I have a mortgage and am making additional principal payments each month. I also donate his 15% to her 401(k). When markets are down, should you cut your contributions and use that money to pay off your debt early? – MM, Orlando

answer: If you keep donating with a 401(k), you can do dollar cost averaging while the price is low. I have a modest balance and a low interest mortgage. We recommend that you maintain your current plan of action. – Greg Collier

question: I want to give my child $10,000 in cash this year. Do I have to pay taxes if I do this? — AB Orlando

answer: In 2023, one person will be able to give $17,000 or less to another person without incurring a gift tax or reducing the exemption from living gift tax or inheritance tax. The couple can jointly donate her $34,000 to each child. — Charlie Fitzgerald III

I have a question? Send an email to Please include your name (only initials will be printed), hometown and phone number. Questions will be answered by a certified financial planner from the Central Florida Financial Planning Association. Answers are used for educational purposes only. You should also consult a financial expert. Questions and answers may be edited for space.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *