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JANUARY/FEBRUARY 2023
Financial Horizons Your Connection for Wealth, Lifestyle & Legacy
McBeathFinancialGroup.com 309.808.2224 The Seasons Are Changing — Are Your Finances Ready? 4 WAYS TO SUCCEED IN THE ‘COUNTDOWN PHASE’
Every time I pull into the driveway of our house after a long day at the office, I feel blessed to live in Eagle Crest East. Robert and I have called this neighborhood home for going on 17 years. It’s a truly wonderful place. Not only is it conveniently located on the east side of Bloomington, but we also have incredible neighbors — many of whom have become close friends. The best thing about our neighborhood is the feeling of belonging it generates. That impression is conveyed through the little things: greetings during a walk on a summer evening, neighbor kids who offer to babysit
We’re moving into a new season.
it may be wise to change from your current long-term investment approach.
2. Crunch the numbers with the help of a financial professional. If you sit
The more I thought about this change, the more it reminded me of my work at McBeath Financial Group. Most of us know when to take the Christmas tree and holiday lights down, right? But I find that when it comes to preparing for retirement, many people don’t see the signs that the season is changing. They leave their financial “lights” up well into spring. This is concerning because there is far more at risk when it comes to retirement than the embarrassment of being the last neighbor with twinkling lights on the porch. If your life slips from one season to another
down with me, I can help you determine how much you have saved, how much income you will need once you’re retired, and how much of that income may be produced from your savings, Social Security, and optional part-time work.
3. Project your income tax rate.
Understanding how much of your income the government will demand going forward can help you assess your financial security in retirement. It’s also important to meet with a financial professional and/or your accountant to discuss recent tax law changes that could affect your legacy. 4. Pay off as many high-interest debts as you can. If you don’t have the funds to pay your debts, at least transfer balances on high-interest credit accounts to accounts with smaller interest charges. This is the best alternative to the ideal of entering retirement debt-free. I hope you have done all or most of these four things already. If so, you can pass this newsletter on to a friend in their golden years who isn’t as well prepared. If you still have work to do, reach out to me for help. I’m here for you, regardless of the season!
“Most of us know when it’s time to take
our daughter, and other parents who coordinate playdates for our children. Over the years, I’ve watched some of the families nearby
the Christmas tree and holiday lights down, right? But I find that when it comes to preparing for retirement, many people don’t see the signs that the season is changing.”
unnoticed, your financial security in retirement could be in danger — especially if your season changes during a volatile market like the
welcome new babies while others become empty nesters. The seasons in the neighborhood change just as quickly as the seasons of life, and sometimes it seems the clock is running too fast! Yesterday on my drive home from work, I was reminded of just how swiftly time moves. It seems like only days ago we were driving through the streets “oohing” and “ahhing” at our neighbors’ incredible Christmas light displays. Now, several of those scenes have vanished as our friends take down their holiday decorations. One by one, the houses on our street are going dark.
one we have right now.
It’s important to understand that when you enter your mid-50s, your retirement plan enters its countdown phase. This is the time to examine key aspects of your retirement strategy. I recommend taking these four steps. 1. Evaluate your risk exposure. If a market downturn leads to a couple of years of investment losses starting when you reach 60, your portfolio may have only a few years (or less) to recover before your retirement starts. In this situation,
Wishing you a healthy and wealthy 2023,
–Krista McBeath
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11 Minutes of Movement a Day CAN HELP KEEP DEPRESSION AWAY
According to the Hope for Depression Research Foundation, depression affects 10% of Americans annually. And since the disorder doesn’t pick favorites, anyone can suffer from its melancholy grasp. But there are things people can do to help. In fact, exercise has been known to help, but what if people are limited on time or motivation? New research by JAMA Psychiatry shows that completing just half of your recommended daily exercise (only 11 minutes!) can lower your risk of experiencing depression. So, when battling the blues, some exercise is always better than none. Here’s how to squeeze that movement into your schedule. INCREASED WALKING TIME If you’re not exercising already, you don’t need to start running a 5K tomorrow. Take it slow before building on the activity that’s already in your routine. The easiest way to hit that exercise mark is by slowly increasing the time you spend walking each day. If you work from home and never leave the couch, consider taking a lap around your house every 30 minutes. If you need to go grocery shopping, make yourself walk through every aisle or park your car farther away so you have a longer distance to walk.
WORKOUT VIDEOS When you’re depressed or feeling down, following a peppy exercise influencer
in a 35-minute YouTube video is probably the last thing you want to do. But remember, you only need to start with 11 minutes a day. Simply choose a video and plan to only complete a portion of it. You can even choose to follow the easy parts, but set your timer for 11 minutes and follow along the best you can. Once your alarm goes off, reward yourself for getting that movement in.! THE BENEFITS OF DANCING Any movement counts, even dancing. And you don’t need to be good at it to participate, either. To meet your 11 minutes, simply put on four of your favorite dance songs — and bust a move! Even if it takes months to get there, moving your body a little each day will help. So, push that cart, pop on that video, or pull out your best dance moves to fight depression.
Get those steps in however you feel comfortable, but the goal is to walk for at least 11 minutes a day.
How to Celebrate and Honor Your Pet We Miss You, Oscar!
As I write this, Robert and I are grieving the loss of our precious fur baby, Oscar. National Change a Pet’s Life Day is coming up on Jan. 24, and we wish he were still with us so we could spoil him. Fortunately, we had almost 18 wonderful years with our beloved dachshund before he passed away this fall.
you’d like to care for your pet, but it could also be wise to seek out the legal expertise of an estate planning attorney.
Second, consider honoring your pet and/or their memory by making a one-time donation to a pet-focused charity like the Humane
Society of Central Illinois in their honor. Finally, you may design your financial strategy to benefit a pet- focused charity. This is a wonderful way to honor the memory of a “family member” close to your heart. As I’ve written in my book, “The Generational Wealth System,” donations like this can be part of a tax-driven strategy while you’re living or a component of your legacy after you’re gone.
You may also have a pet whom you consider a family member. If you do, I applaud you for embracing them! It takes a special person to open their heart and home to a four-legged gift from God. Like raising a child, raising a pet requires a lot of hard work, expense, and heartbreak, but the love our animals give us in return makes it all worthwhile.
If you consider your pet family, you may want to include them in your financial plan and end-of-life decisions, just as you would for other loved ones. There are several ways to do this. First, you can make a plan for the day you are no longer able to care for your pet. Who will become their guardian, and how will their care be paid for? You may be able to resolve this by talking with the person
When he was with us, Oscar’s favorite treats were from Nilla’s Tub, a dog wash and health food store near our office on Landmark Drive. If you’re celebrating National Change a Pet’s Life Day by adopting a pet or treating your current one, I’d encourage you to visit them!
–Krista McBeath
2 McBeathFinancialGroup.com
10 Questions for a Successful Retirement
SUDOKU
Stay Tuned for Our Upcoming Series!
On the cover of this newsletter, Krista shared a few key things you should think about as you move into your “countdown phase” and get closer to retirement. Often, these are the questions on the lips of our clients when they come to see us for the first time — but the few Krista shared only scratch the surface! To plan for retirement, you have to go into specific detail on your financial situation, your personal and financial goals, and the strategies that will help you achieve them. Discovering what works for you (and, even more importantly, what will work for you in 5, 10, or 15 years) can be challenging, but it isn’t impossible. To dive deep into those details and discover the answers you need, it helps to ask the right questions — and that’s where we come in. To help assess and reduce potential financial threats in retirement, we’re launching a groundbreaking new series of articles in this newsletter called “Questions for a Successful Retirement.” Over our next 10 newsletters, we will share one important question per edition. We will also dive into why that question matters, and how you might answer it to achieve greater health, wealth, and happiness in retirement, to benefit yourself and your family. The sooner you answer these financial and personal questions, the more effectively you can uncover pitfalls that could sabotage your retirement. Exploring these areas of concern will lead to an honest assessment of your need to address the threat. This may warrant a meeting with our team to discuss your worries and discover how we’ve accounted for them as part of your financial plan. In addition to reading these newsletters yourself, we hope you will share them with your friends and family! If they aren’t already planning with us, they can schedule an appointment to talk about any retirement issues the questions raise for them. We will show them how our financial planning tools will work to resolve those fears. In the meantime, you, your friends, and your family members can learn more about how retirement concerns are best addressed with a holistic financial plan in Krista’s book, “The Generational Wealth System.” Call or email our office to request your copy!
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INSIDE
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4 Smart Ways to Change With the Seasons
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3 Easy Ways to Exercise
The McBeaths Say Goodbye to Oscar
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10 Questions for a Successful Retirement
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3 Unique Winter Activities to Experience
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Want to Try Something New This Winter? Advisory services are offered through Landmark Wealth Management Inc, dba McBeath Financial Group, an Illinois Registered Investment Advisor firm. Insurance products and services are offered through McBeath Tax and Financial Services, LLC. McBeath Financial Group and McBeath Tax and Financial Services, LLC are affiliated. All content of this newsletter is for informational purposes only. Opinions expressed herein are solely those of McBeath Financial Group and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual financial professional prior to implementation. Copyright 2021 McBeath Financial Group.
CHECK OUT THESE 3 UNIQUE ACTIVITIES
Throughout winter, we have the opportunity to participate in many activities that are only possible during this season. We can ski, snowboard, snowshoe, sled, and more. While some people fly south for winter vacations to escape the cold weather, others travel to extraordinary winter destinations
SKATING ON MIRROR LAKE AT LAKE PLACID Lake Placid, New York, had the privilege of hosting the Winter Olympics twice, so it’s no surprise they have some amazing cold weather activities to showcase. A truly
exceptional experience is skating on Mirror Lake. They have a 2-mile-long ice track where you can test your speed and areas for people to skate openly or play a game of ice hockey. You can even participate in dog sledding there. It’s a beautiful area filled with various winter activities.
within our country. Plenty of options are available if you’re looking for a truly unique experience this winter. Here are three winter activities that will leave you with long-lasting memories. SNOWMOBILE TOURS IN ALASKA Alaska is one of America’s hidden gems, even though it’s the biggest U.S. state. If you’re looking for unique winter experiences, you’ll want to visit Alaska. One of the coolest adventures you can
ICE FISHING EXCURSIONS IN BRAINERD, MINNESOTA
While fishing might be more commonly known as a spring or summer activity, you can get plenty of fishing done in the winter if you know where to go. Brainerd is considered one of the best places to visit for ice fishing enthusiasts. There are over 300 fishing lakes near the city, and you can expect to catch bluegill, walleye, largemouth bass, yellow perch, northern pike, and many others. If you like to fish throughout the year, check out Brainerd.
experience is a snowmobile tour. You can hop aboard a snowmobile and ride the same path as the Iditarod Trail Sled Dog Race or visit some beautiful mountains and glaciers. Many of these tours will lead you right past moose, bears, and caribou as you take in the beauty of Alaska’s environment.
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