F I N A N C I A L S E R V I C E S , L L C
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January 2019
IS IT A BRAND-NEW YEAR — OR ARE YOU IN THE SAME OLD RUT?
All too often, when we prepare for retirement and then finally get to retirement, we find ourselves afraid of change. The way we were doing things was working, so we expect it to continue to work in retirement.
But just because something works doesn’t mean you shouldn’t change. There is no guarantee that what works today will work tomorrow.
As new tax laws go into effect, for example, the way your income is taxed will change too. You may fall into a new tax bracket. You need to take time to review your goals, dreams, and desires.
You also need to understand that retirement is made up of three phases, as I’ve shared in the past. These phases are Go-go, Slow-go, and No-go.
When this happens, it’s time to take the opportunity to do what you can to lower your tax burden while making your accounts grow. You may even test the waters by gifting some of your assets to your children slightly earlier than you originally expected. Or let’s go a stage further, to the No-go phase. People in this phase are not traveling unless they absolutely need to. You’re looking to your money to give you “wealth care.” This is when it’s time to readjust your investments and income. You may be looking into hiring someone to help you with your daily living or looking into longer-term care. Neither of these phases should be looked at in a negative light. Rather, it’s healthy to embrace changes that are taking place in your life. Your portfolio needs to change, as well, to keep up with your life changes. Remember, at the end of the day, and as you enjoy your retirement, your assets are a tool that should be used first and foremost for your personal benefit. Let’s start the new year by making sure you’re ready for new opportunities and that you avoid falling into the same old rut. –Gary Mattson
I recently sat down with a client who told me he could not feel comfortable enjoying his retirement. His previous advisor wasn’t making him any money, and one of his goals was to pass assets on to his children.
He continued on to say that all of his friends had been able to save more money than he had. He asked, “Why can’t I enjoy my retirement?”
There was more to the story than met the eye. He had also recently lost his spouse and felt like every day was getting on the treadmill to do the exact same thing, as if she were still with him. He hadn’t changed his state of mind or the way he was approaching saving for retirement. His world had changed dramatically, but he hadn’t changed with it. One of the reasons why his retirement wasn’t going as planned was because he had lost his equilibrium. He needed to refocus. When a major event changes our world — a change in health, the loss of a loved one, or even major market gains or losses —we need to assess where we are right now and where we need to be, both in the short term and the long term. Let’s say you’re at a point in your retirement where you’re no longer interested in travel. You’re becoming discerning about how you spend your dollars. You’re getting a little older, and as a result, you’re entering the Slow-go phase of retirement.
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WHAT TO KEEP, GIFT, DONATE, AND THROW OUT A GUIDE TO DOWNSIZING
the Salvation Army, or St. Vincent de Paul. Donations are a way to give back to the less fortunate instead of simply giving or throwing things away. GIVE GIFTS TO LOVED ONES If you have children, they will undoubtedly want to keep a few cherished mementos and precious possessions. Deciding who will keep what can be a sensitive subject, so you’ll need to devise an equitable way to divvy up the goods. Some families engage in the process collaboratively, but there should always be some communication before anything is thrown out. Your kids may value certain items more than you ever realized. If you suspect a certain heirloom could be a source of contention, it’s best to hold on to it and make it part of your estate plan. ONLY KEEP THE ESSENTIALS After completing the first three steps, you should be left with only those items you actually use and those that have the most
Many homeowners reach a point in their lives when they’re ready to move from the house they raised their families in to something smaller and more manageable. While finding the right place can be a challenge, the hardest part of downsizing is often sorting through a lifetime’s worth of possessions. This process, called contents downsizing, is much easier when you follow this four-step system. START WITH THE JUNK Beginning your downsizing with the hardest items will only lead to frustration and inaction. Instead, start by tackling areas of the house that are full of documents, knickknacks, and boxes you haven’t touched in years. These will be the easiest to part with and will put you in the right downsizing mindset. DONATE UNWANTED ITEMS The next category contains items that are no longer valuable to you or your family but may be useful to others. These items can be donated to one of many worthy organizations, such as Goodwill,
‘THE SCORE TAKES CARE OF ITSELF’
Bill Walsh on What It Means to Be a Leader
defeat.” In business and in football, losses are just a fact of life; how you prepare for and respond to these crises will determine your team’s success. But the most valuable element of leadership in Walsh’s eyes is how you treat the members of your team. You need to have the courage to let them know you believe in them. Using simple but earnest positive reinforcement, this legendary coach turned the 49ers into an incredible team, and the benefits show. Segments of the book contain anecdotes and reflections from players such as Joe Montana and Randy Cross, whose deep admiration for their former leader speak volumes. “The Score Takes Care of Itself” was published posthumously. Walsh’s son, Craig, did much of the legwork to piece this definitive portrait together. What we are left with is a truly insightful read from one of the most innovative, inspiring minds in sports history. It will be a long time before a book like this comes around again.
highest level? It takes incredible willpower to defy conventional wisdom and turn a struggling team into a powerhouse. In Walsh’s memoir on leadership, “The Score Takes Care of Itself,” he explores the philosophy that guided him through his coaching career and led him to success. Working with award-winning author Steve Jamison, the two distill Walsh’s decades of experience into a comprehensive guide that can be used by coaches and CEOs alike. One theme throughout the book is the idea that sound fundamentals trump instincts. As Walsh aptly puts it, “Hearing someone described as being able to ‘fly by the seat of his pants’ always suggests to me a leader who hasn’t prepared properly and whose pants may soon fall down.” For long-term success, you have to have a game plan. For Walsh, preparation for leadership begins by bracing yourself for the worst. A mantra repeated throughout the book is “expect
The term “game changer” gets tossed around so much these days that it no longer seems to hold enough weight to describe a legendary coach like Bill Walsh. But how do you describe someone who quite literally changed the way football is played on the
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The Origin of New Year’s Day WHY JANUARY?
sentimental value to you. These are the objects worth bringing to your new home.
The month of January kicks off by welcoming the new year — there are countdowns, fireworks, and of course, the ball drop in a freezing- cold Times Square. But why? Why do we start our calendars when much of the U.S. is in the dead of winter? Why January? The short answer is Julius Caesar and Roman politics. The calendar had long been a political tool in Rome. Depending on who was in power, Roman pontifices would add or subtract entire weeks from the year, manually adjusting the term limits of elected officials. As you could imagine, this caused a lot of chaos, because months frequently slipped out of time with the changing seasons. After becoming emperor, Julius Caesar brought about some much- needed reforms. Inspired by the Egyptian solar calendar, Caesar fixed the Roman year at 365 days and instituted the leap year to keep months aligned with the solstices. He moved the new year from the spring to the day that elected officials traditionally began their year-long terms, Jan. 1. This choice carried spiritual significance, since January was named for Janus, god of doors and gates. What better month to celebrate new beginnings? Under Caesar and subsequent rulers, the Roman Empire expanded its reach, carrying its calendar with it. While much of Europe adopted Caesar’s calendar, New Year’s Day remained a hot- button issue for centuries. Thanks in part to the spread of Christianity and to the colder conditions in Northern Europe, there was a lot of resistance to the January start date. Religious leaders saw it as a pagan holiday, and much of Europe chose to restart the calendar on March 25, during the Feast of Annunciation. Much of Catholic Europe officially recognized Jan. 1 as the start of the new year after Pope Gregory reformed the solar calendar again, correcting certain mathematical errors made in Caesar’s day. There were still holdouts, however. In fact, England and its American colonies continued to celebrate New Year’s Day in March until 1752. So there you have it — we were very close to having our fireworks celebrations in lovely spring weather. Ultimately, the ubiquity of the Gregorian calendar won out, as the demands of our increasingly interconnected world made a shared calendar a necessity. So if you struggle to start your New Year’s resolutions this winter, blame Julius Caesar.
BONUS TIP: COLOR CODE EACH CATEGORY Odds are that you’ll find junk and valuables stored right next to each other. If you don’t have time to physically separate them at the moment, use different colored Post-it notes to keep everything organized when it comes time to move.
BRUSSELS SPROUT HASH
Inspired by Food Republic
Ingredients
•
4 cups Brussels sprouts, finely shredded
• • • •
2 cloves garlic, minced 1 sprig fresh rosemary
• •
4 eggs
2 tablespoons extra-virgin olive oil Salt and freshly ground pepper
1/4 cup onions, chopped
Directions
1. In a cast-iron skillet or large sauté pan, heat oil to medium. 2. Once shimmering, add rosemary for 1 minute, then remove sprig. 3. Reduce heat to medium-low, add onion and garlic, and cook until onion softens, about 5 minutes. 4. Increase heat to medium-high, add Brussels sprouts, season with salt and pepper, and cook for 5 minutes. 5. Using a large spoon, create 4 wells for eggs. Pour 1 egg into each well and cook until set. 6. Carefully remove eggs and Brussels sprouts from pan and serve.
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Is It a Brand-New Year — Or Are You in the Same Old Rut?
1
Why Less Stuff Means More Freedom The Philosophy of Bill Walsh
2
Brussels Sprout Hash Why Start the New Year in Winter?
3
The Best Skiing Destinations in the World
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**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.
Investment advisory services are offered through Mattson Financial Services, LLC, a Registered Investment Advisor in the state of Michigan. Insurance products and services are offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.
3 of the World’s Greatest Winter Sport Destinations
WHO’S READY FOR SOME POWDER?
British Columbia, you’ll understand why they hosted the 2010Winter Olympics. The location’s beauty is only part of your stimulating experience, because every curve of fresh powder makes your pupils dilate. Once you’re done flying down the hill where Bode Miller took the bronze, head over to the winter wonderland of the old Olympic Village for a cozy night in a picturesque town. ST. ANTON, AUSTRIA If you want a great location for next year’s Christmas card photo, there’s no better place than the Tyrolean Alps. Nestled in a valley between perfectly molded mountains, the Austrian landscape provides a beautiful backdrop for your winter excursions. The densely wooded areas and the bright reflection of the snow frame the vibrant town that’s just waiting to be explored. When you’re ready for world-class runs, hop in one of the 11 gondolas and zip down the hills that hosted the 2001 AlpineWorld Ski Championships.
The sound of the first carve through fresh powder is the anthem of all winter sports enthusiasts. Here are three of the world’s best places to experience that powder you’ve been craving all year. BRECKENRIDGE, COLORADO John Denver’s anthem“Rocky Mountain High”is about the freedom he felt here. Where there are great mountains, there’s even better snow. The ski resort boasts five peaks, 187 trails, 34 lifts, four terrain parks, and a renowned cross-country trail. After a day on the slopes, head into the town of Breckenridge for dining and activities that ditch the glitz and glamour of Vail or Aspen and take you straight to the heart of fun. WHISTLER, BRITISH COLUMBIA, CANADA A destination that looks like a cross between a Nordic paradise and Olympic-level runs, Whistler is filled with true magic, winter activities, and a town that captivates the senses. When you see the mountains of
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