Mother’s Day is fast approaching. This special holiday reminds us of the joy we receive from the powerful bond between mother and child. To help mark the occasion, you may want to consider making certain financial gifts, including the following:
IRA contribution – If your mother is still working, she is eligible to contribute to an IRA, but she might not always fully fund it – so you may want to help. You can’t contribute directly to your mother’s IRA, but you can write her a check for that purpose, though, of course, she can use the money however she likes. In 2019, the contribution limit for a traditional or Roth IRA is $6,000, or $7,000 for individuals 50 or older. (A Roth IRA does have income limits that can reduce the contribution amount or eliminate it altogether.)
Insurance premium – If your mother has life, disability or long-term care insurance, why not offer to pay some of the premiums this year? Long-term care premiums, in particular, can be quite costly, especially for older policyholders.
Introduction to a financial professional – If your mother doesn’t already work with a financial professional, consider introducing her to yours, or to someone else who is recommended by friends or relatives. A financial advisor can help your mother move toward her retirement goals – and, at some point, also can work with legal and tax professionals to assist your mother with her estate plans.
We don’t need to exchange presents on Mother’s Day to show our appreciation for one another, but certain financial gifts can help provide needed support – and even some valuable life lessons – for your loved ones.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.