Q: I want to be debt free when I retire in five years. I have a mortgage and paying extra principal each month. I also contribute 15% to my 401(k). When the markets are going down, should I reduce my contributions and use that money to pay my debt down sooner?  – M.M., Orlando

A: Continuing your contributions in the 401(k)  allows you to dollar cost average while prices are lower. You have a low-interest rate on your mortgage with a modest balance. I suggest you remain on your current plan of action. – Gregg Collier

Q: I would like to give a cash gift of $10,000 to my child this year. Will I have to pay taxes if I do this? — A.B. Orlando

A: You can give $17,000 or less from one person to any other person in 2023 without incurring a gift tax or reducing your lifetime gift or estate tax exemption. A married couple can jointly give $34,000 to each child. — Charlie Fitzgerald III

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.