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JANUARY 2023
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ONCE YOU RETIRE, HOW DO YOU WITHDRAW MONEY?
The Expert’s Secret: It’s the Wrong Question
Your retirement plan might seem on track when you retire, with everything finally in its proper place. But now, you’ll ask yourself this question: In what order do you start withdrawing money?
The truth is, that isn’t the question you should be asking.
any strategy or tax considerations. When considering retirement, the most profitable question you can ask is, “How can I tax diversify?”
Let me explain. There are three types of accounts that you’ll have. First, there are retirement accounts, such as 401k plans and IRA accounts. The taxes on your gains accounts are always deferred. Second, there are non-retirement accounts — anything that’s not in an IRA or 401k — and profits in these accounts are generally taxed, paid every year as you make them. Lastly, there are tax-free accounts (Roth IRA, life insurance, etc.). When you Google which type of account you should start withdrawing from first, the websites you’ll find almost always get it wrong. You should be creating an income plan rather than taking withdrawals that might lack Top 3 Annuities for Explosive Income & Safe Growth Jan. 17 and 19 - 6:30 p.m. at 15th Street Tavern (Clarkston) Retirement Planning, Hosted by Krisstin Petersmarck Jan. 17 and 19 - 6 p.m. at Filippas (Shelby Township) The Top 5 Tax Strategies Every Retiree Needs To Know Jan. 24 and 26 - 6:30 p.m. at Filippas (Shelby Township) More Income & Less Taxes in Retirement Jan. 31 and Feb. 2 - 6:30 p.m. at Filippas (Shelby Township)
Once you stop working and your income is entirely within your control, moving money from “always taxable” to the “never taxable” bucket is up to you. When you first retire and begin moving your money to accomplish this, you’ll initially have to pay some taxes, but that is the cost of getting your money into the perfect tax-diversified setup. If you’re following me so far, let me explain why you’ll need two income plans. The first plan starts when you first retire (i.e., moving your money to be tax beneficial), and the second plan begins when you turn 72. Why? Well, that’s the required minimum distribution age, meaning you’ll have to withdraw a certain amount of money from certain retirement accounts starting at 72. There are rules of thumb while charting your two separate income plans. First, consider not taking Social Security right away. Usually, a lot of people will take their Social Security as soon as it’s available, but when the markets are doing great, I tend to tell clients to hold off. It’s easier to produce income from investments at that point and not take Social Security. After you reach your full retirement age, your Social Security will grow by 8% a year. Worst case scenario, Social Security is only 85% taxable, meaning it’s always 15% tax-free. If you can hold off, that’s always an income stream you want to grow when possible.
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STAY WARM THIS WINTER By Growing a Thick, Luxurious Beard
Over the past few years, beards have come back in style, but growing a luxurious beard is easier said than done and can be a struggle for many men. If you saw Chris Hemsworth’s or Jason Momoa’s beards and
Your beard will continue to grow in at the same thickness regardless of how many times you shave it.
Take supplements. You can take vitamins and minerals that promote hair growth, including biotin, vitamin E, vitamin C, vitamin D, zinc, copper, and magnesium. You should also use beard oil to enhance your beard’s appearance and soften it. This will prevent dryness and itching, which is essential because the skin underneath your beard needs to be healthy to promote hair follicle growth. Also, be sure to shampoo and condition your beard. Exercise and get proper rest. When you work out, you increase your testosterone levels and improve blood flow, promoting beard growth. This will also help you to reduce stress, which also works in your favor, as stress can stall hair growth. Sleeping also reduces stress and improves testosterone levels, so get eight hours of sleep if you want to grow the beard of your dreams!
thought, “That’s a good look. I should grow my beard out,” only to find your beard came in patchy or uneven, don’t worry. You’re not alone. The good news is that you can make a shaggy beard look good with the proper routine. Hemsworth and Momoa weren’t gifted with beautiful natural beards; they followed a routine until they were pristine, and you can, too.
Here are three steps to grow a thick, luxurious beard of your own.
Be patient. Growing a beard takes time and effort. You won’t see optimal results within a week or even a month. It takes extreme dedication and patience. Let your beard grow out and resist shaving it if you’re unhappy with the early results. Over time, your beard will look thicker. A common misconception is that shaving your beard makes it thicker, but this makes no difference.
EXPLORE THE WORLD OF MIDDLE-EARTH
In Recognition of J.R.R. Tolkien Day
On Jan. 3, we recognize J.R.R. Tolkien Day in honor of one of the most prolific storytellers and world builders of the past century. Tolkien is responsible for creating the world of Middle-earth, which most people are familiar with thanks to “The Lord of the Rings” books and movies. The talented author has inspired many individuals with his work, including “Game of Thrones” author George R.R. Martin and even Led Zeppelin. If you’re a fan of “The Lord of the Rings” or anything hobbit-related, you might want to take advantage of J.R.R. Tolkien Day. Here are a few ways to get your Middle-earth fix in early January. Read Tolkien’s books. The books are where Middle-earth first came to life. With “The Hobbit,” “The Lord of the Rings,” and “The Silmarillion,” there’s no shortage of Middle-earth stories to consume. These books are written elegantly and contain much more detail than Peter Jackson’s film adaptations. These books are lengthy, especially if you’re planning to read the entire “The Lord of the Rings” trilogy, so make sure you have ample time to read. Watch shows and films inspired by Tolkien’s work. Peter Jackson’s collection of “The Lord of the Rings” and “The Hobbit” movies are fantastic adaptations of Tolkien’s original work and are always
worth a rewatch when J.R.R. Tolkien Day rolls around. You can also watch Amazon Prime’s new “The
Rings of Power” show that dives deeper into the lore of Tolkien’s expansive world. If you’re looking to learn more about the man himself, try watching the 2019 British- American biographical drama film, “Tolkien.”
Play video games that take place in Middle-earth. If you’re into video games and Tolkien’s work, you’re in luck! “Middle-earth: Shadow of
Mordor” and “Middle-earth: Shadow of War” are both well-received games that are highly beloved by fans of Tolkien’s work and gamers who enjoy stealthy action games. Over the past few years, a game that allows you to play as Gollum called “The Lord of the Rings: Gollum” has been in development and will surely bring joy to fans everywhere when it is released.
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VIDEO GAMES FOR GROWING MINDS
THEY’RE NOT JUST FOR ENTERTAINMENT
They learn how to problem-solve. Most video games feature puzzles and situations that require critical thinking to overcome. Players must often try different approaches to solve a puzzle before moving on to the next part of their game. They’re learning how to make their own decisions to accomplish goals. “The Legend of Zelda” games excel in this area. Video games spark creativity. It’s essential that children have a creative outlet to focus on as they grow up. While some kids get this from writing stories or drawing, others can showcase their creativity and grow their skills by playing video games. Take “Minecraft” for example. “Minecraft” gives kids an opportunity to create their own world. They can build castles, create roller coasters, and do just about anything they put their mind to, thus enhancing their creative skills.
Video games often get a bad rap. Many view them as time-wasters with nothing beneficial to offer, but that couldn’t be further from the truth. Many benefits can be gained from playing video games, especially for children. Although positives exist, pay attention to what you buy or rent for kids, as benefits vary depending on the type and age appropriateness of the games. Also, limit the time your kids spend playing video games, as too much screen time can be detrimental to their behavior and attention span. The American Academy of Pediatrics suggests allotting 30–60 minutes daily on school days and two hours or less on non-school days. If they stay within this range, you’ll quickly notice your children gaining some of the following benefits from playing video games.
Kids can improve relationship-building and leadership skills. Some games require kids to play on teams. Consequently, they can make new friends and bond over similar interests. Additionally, when kids play together, they have a chance to practice their leadership skills and lead their team to victory. Sports games and massively multiplayer online role-playing games (MMORPG) like “World of Warcraft” are great for teaching these skills. Be cautious if your kid is playing online with others, though. There’s no telling whom they’re playing with, so make sure they’re an appropriate age before introducing online multiplayer games.
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Slow Cooker Chicken and White Bean Stew
Second, if you’re lucky enough to get a pension from your company, sometimes (not all the time), you’ll have an option to either roll out a lump sum into your own IRA, tax-free, or take monthly payments for the rest of your life. I usually try to get people to roll it into their IRA because it offers more freedom to tax diversify. Monthly payments are still an excellent problem to have, but you’ll be tied to the IRS for the rest of your life. Third, don’t pay taxes on money you’re not spending. If you have non-retirement accounts you’re not spending, consider putting those funds into suitable investments. That way, taxes aren’t making you pay more than you have to.
Inspired by EatingWell.com
Ingredients
• 4 15-oz cans cannellini beans, drained and rinsed • 6 cups chicken broth • 1 cup chopped yellow onion • 1 cup sliced carrots • 1 tsp finely chopped fresh rosemary
• 4 cups
chopped kale • 1 tbsp lemon juice • 1/2 tsp kosher salt • 1/2 tsp ground pepper • 2 tbsp extra-virgin olive oil • 2/3 cup grated Parmesan cheese • 1/4 cup parsley leaves
• 1 4-oz Parmesan cheese rind • 2 1-lb bone-in chicken breasts
Directions
So, as you can see, relying on Google answers is expensive. If you need help assembling your two
1. In a 6-qt slow cooker, combine beans, broth, onion, carrots, rosemary, and Parmesan rind. Top with chicken. Cover and cook on low until the beans and vegetables are tender, about 7–8 hours. 2. Remove chicken from slow cooker. On a clean cutting board, let the chicken rest until cool enough to handle, about 10 minutes. Shred the chicken and discard bones. 3. Return chicken to slow cooker and stir in kale. Cover and cook on high until kale is tender, 20–30 minutes. 4. Stir in lemon juice, salt, and pepper. Discard the Parmesan rind. Serve the stew drizzled with oil and sprinkled with Parmesan cheese and parsley.
income plans, don’t hesitate to reach out — I’ll be happy to help.
-Dan Casey President, Bridgeriver Advisors
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INSIDE
This Issue
Googling the Wrong Question
3 Tips to Grow a Thick, Full Beard
Explore the Lore of Middle-Earth
What Our Kids Can Learn From Video Games
Slow Cooker Chicken and White Bean Stew How to Stay Hydrated Without Drinking Water
Iced Coffee How often have you heard that coffee is bad for you and will dehydrate you? Coffee is one of the few caffeinated drinks that does not cause fluid loss. It’s also 98% water, so it’s actually helping to rehydrate you. Decaffeinated coffee is the best way to go, but you can get the same benefits by drinking regular coffee. Just don’t overdo it since too much caffeine can cause adverse effects. Limit yourself to one or two cups a day. Coconut Water and Drink Mixes Many people consume sports drinks to counter dehydration, but many of those are loaded with sugar and sodium, which both dehydrate you. Instead, try drinking coconut water. It has more potassium and fewer carbs and sodium than sports drinks, so it’s a great alternative to maintain your hydration levels. You can also try drink mixes that flavor your water and make it taste better. Be cautious of what you use, as many drink mixes contain sugar and caffeine, which can counteract your efforts.
Did you know that 75% of Americans are chronically dehydrated? It’s a hidden epidemic that many Americans fail to realize is happening. Most people need to drink at least 4–6 cups of water daily, but Americans only average 2.5 cups each day. This leaves them seriously dehydrated, and they get used to the feeling, so they don’t even notice it. For many people, the challenge comes from finding time in the day to drink enough water, while others simply don’t like the taste. If you’re someone who doesn’t enjoy the taste of water, there’s good news. There are other ways to stay hydrated. Here are a few of them. Fruits and Vegetables Most of us already know how beneficial eating fruits and vegetables can be, but they also help us stay hydrated. Many fruits and vegetables are comprised mostly of water. Lettuce and cucumbers have 96% water content, celery and radishes have 95%, and cauliflower, strawberries, spinach, watermelon, and bell peppers are 92% water. Eating enough fruits and vegetables in your daily diet can increase your water intake by 2–3 cups without drinking anything.
Stay Hydrated With These Alternatives HATE THE TASTE OF WATER?
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