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F I N A N C I A L S E R V I C E S , L L C
616-514-3831
www.MattsonFinancial.com
October 2018
Get the Most Out of Your RMDs
Not only will the education of this client’s grandchildren be paid for, so will future generations of great-grandchildren. This family will have educational opportunities for years to come, which in turn, has a positive effect on society as these generations graduate and contribute to the world around them. Of course, everyone’s situation is different. Your children or grandchildren may not need this kind of assistance. Or you may not want to provide it. Another route you can take is to direct your RMDs toward charities or nonprofits. One couple we work with wanted to be million- dollar contributors to the Michigan State science department. They set up a fund using their RMDs so that upon their passing, $1.5 million would go to the school and they would become foundation donors. These are just two examples of how you can make a huge, lasting difference. When you don’t need your RMDs — and you don’t want to pay the 50 percent penalty fee — you can direct that money elsewhere to a cause you really care about, whether it’s for family or charity. If you have questions about these options, or you want to develop a different plan to get the most out of your RMDs, give us a call. We’ll help you put together a strategy that works best for you and your family. –Gary Mattson
W e’ve talked a lot about required minimum distributions — RMDs — in the past. It’s a topic we bring up regularly because navigating RMDs can be perilous. For one, if you don’t plan for them, because you think you don’t need them or you forget, you’ll face a 50 percent penalty. That can amount to a significant sum of money regardless of your retirement needs. We recently sat down with a client who, after careful planning, did not need to utilize their RMDs to fund their retirement in any capacity. So we looked at their objectives to see how they could get the most out of their RMDs.
One of their objectives was to maximize education for their grandchildren and for future generations of great-grandchildren. RMDs are a great way to do just that. You can fund a large endowment, or you could do what our client decided to do: He purchased a life insurance policy that served as the start of a family foundation. As a result, the client paid a relatively small amount of money to build up a great return when they pass. Properly invested, this amount of money has the potential to ensure that any grandchildren who go to college will have their undergraduate studies paid for in full regardless of where they attend school.
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HIDDEN FEES AND ADDED SERVICES THE REAL COST OF ASSISTED LIVING
According to the U.S. Census Bureau, the population of seniors is growing. Projections indicate that 56 million seniors will inhabit the country by 2020 and 74 million by 2030. As the number of seniors increases, so does the need for senior living facilities. While you can still find plenty of traditional nursing homes, assisted living facilities have soared in popularity over the years. While this type of community has many benefits for seniors and their families, it can be difficult to parse exactly what you’ll be paying for. The pricing structure and contract details require careful consideration before you decide on an appropriate facility for your loved one. Prices for assisted living facilities vary significantly. Because they offer a slew of services, you need to be fully aware of what you’re paying for. The base price you are quoted will usually include rent, meals, and activities offered on the premises. Some companies may offer a few additional basic services included in this cost, but as a rule, you can expect that any extra services will increase the price.
Add-ons for assisted living services can range from basic hygiene needs to medical costs. If your loved one needs help dressing, you can expect an additional fee. The same goes for medication reminders, escorts to meals, incontinence care, and many more services. On-site activities are usually folded into the base rate, but be sure of that before signing. Access to a gym, pool, or pharmacy, for example, may incur extra charges. One advantage of the pricing model of assisted living facilities is that you can add services at any time. Many care facilities house seniors of varying health and ability levels. In the event that your loved one needs more services, they can be easily added to your payment package. However, it’s important that you read the terms and conditions detailing any services you decide to include. Otherwise, you may end up paying for a service your loved one doesn’t need.
‘THE ART OF LEARNING’
A Child Prodigy Rethinks Success
who had to relearn everything because of it. Yes, “The Art of Learning” reads like a gripping, emotional memoir, but make no mistake — Josh Waitzkin’s work doubles as an effective guide for business owners striving to attain perfection in their fields. JoshWaitzkin’s name will be familiar to longtime chess fans and movie buffs alike. As a child prodigy, Waitzkin won his first national chess title at age 9, which quickly made him an international sensation. His father, Fred Waitzkin, wrote the renowned book“Searching for Bobby Fischer,”chronicling his young son’s journey into the world of chess. This then inspired the movie of the same name. Now, one does not normally think of child prodigies as being great sources of insight into finding success. By definition, prodigies are exceptional — exceptions who operate on a different playing field than most. But Waitzkin firmly positions his journey through the chess world as the antithesis of what he calls “the art of learning.”
As the author states,“The moment we believe that success is determined by an ingrained level of ability as opposed to resilience and hard work, we will be brittle in the face of adversity.”Waitzkin was very gifted at chess, and he didn’t have to push himself early on, but by the time he did find challenging opponents, he found loss and adaptation impossible to handle. It wasn’t until he stepped out of the rigid grids of chess and into the flowing movements of tai chi that Waitzkin was able to formulate a guide to success. Appropriately subtitled “An Inner Journey to Optimal Performance,”Waitzkin’s story of grappling with childhood stardom and climbing the brackets of the tai chi chuan circuit is full of wisdom applicable to anyone looking to achieve mastery in their field. With compelling personal anecdotes and a unique perspective on what success really looks like, “The Art of Learning” is a fresh, vibrant addition to the personal development genre.
This is a book about a journey. It chronicles a life of international chess tournaments, high-stakes martial arts competitions, a boy who found too much success, and the man
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HOW TO REWIND LIFE’S CLOCK USING SOCIAL MEDIA
There’s an App for That?
The most important piece of advice when it comes to the hidden costs of assisted living is to read your contract thoroughly. You can also consult an estate planning or elder law attorney to ensure that you’re fully aware of all charges and possible future costs.
One of the hardest challenges of aging isn’t coping with the physical changes or new limitations associated with getting older; it’s finding new groups of people with similar interests, especially for empty nesters. Many adults build their peer networks around their children, making them the focal point of conversations with other parents in similar situations. But as children grow older and eventually leave home, parents are forced to adjust to their dwindling social lives. While some adults thrive in meeting new people, many struggle to find ways to connect with their peers. Fortunately, there are apps for that. EASY FACEBOOK FOR SENIORS The mother ship of social media can sometimes be more of a maze than a way to connect with others. Facebook took notice of this and created a simplified version of the app specifically designed for those who want to avoid all the distractions. Ease of use makes the opportunity to connect with others who have similar interests simpler than ever. OURTIME Dating in your 50s can be tricky, especially when many singles are looking for specific requirements in a partner. Some are seeking casual relationships, while others are looking for someone to grow old with. OurTime is a dating app that allows seniors to find partners with similar values, priorities, and passions. It’s a great way to find new people to share the golden years with. SKYPE You don’t have to wait for the holidays for your next group gathering; Skype allows you the opportunity to have video chats with anyone who has a smartphone. Maybe your conversation about the football game got cut short at church, or maybe you never finished your discussion at book club. Whatever the occasion, Skype gives you the option to connect with the people around you, even when you don’t feel like leaving the comfort of your house.
MARY’S HOMEMADE MARSHMALLOWS Inspired by Food Network Ingredients
• 3 packages unflavored gelatin • 1 1/2 cups granulated sugar • 1 cup light corn syrup
• 1/4 teaspoon kosher salt • 1 tablespoon pure vanilla extract • Powdered sugar, to coat
Directions
1. In a mixing bowl, combine gelatin and 1/2 cup cold water. Let sit while you make the syrup. 2. In a small saucepan over medium heat, combine sugar, syrup, salt, and 1/2 cup water until the sugar dissolves. 3. Raise heat to high and bring syrup up to 240 F, using a candy thermometer to check for temperature. 4. With an electric whisk on low speed, slowly whisk syrup into gelatin mixture. Switch speed to high and whip for 15 minutes, until very thick. Fold in vanilla after whipping. 5. Dust a nonmetal baking dish with powdered sugar and spoon mixture into dish. Smooth mixture, top with more powdered sugar, and let stand uncovered overnight. 6. Cut into squares, decorate, and serve.
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F I N A N C I A L S E R V I C E S , L L C
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How You Can Get More Out of Your RMDs
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Hidden Costs of Assisted Living Discover ‘The Art of Learning’ Mary’s Homemade Marshmallows Turn Back Time With Social Media
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The Birthplace of Halloween
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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.
The Real Halloween Town
COUNTY MEATH, IRELAND, WHERE HALLOWEEN BEGAN
Fans of Halloween don’t need to look far to find somewhere to celebrate their favorite holiday. There are festive parties all over the world, from New Orleans to London, but if you really want to embrace the spirit of Halloween, there’s no better destination than the birthplace of the holiday: County Meath, Ireland.
and other rituals meant to keep evil spirits away. Many of these customs carried through the centuries and inspired Halloween traditions that are still practiced today. Today, Meath celebrates Oct. 31 with a blend of spooky thrills and traditional Samhain practices. The Spirits of Meath Halloween Festival starts with the lighting of the first torch fire of Samhain in Athboy, which kicks off a month of fun activities. If you like your Halloween extra spooky, the scream park, Farmaphobia, is waiting for you. And if you’re not a fan of screaming your head off, you can check out the Halloween-themed Spookling Afternoon Tea for fresh-baked treats and spirited conversation. The motto of this all-ages festival is “Fun by Day; Frights by Night,” meaning all the really scary ghosts wait until after sunset to come out. There are plenty of ways to celebrate Halloween, from carving jack-o’-lanterns and eating chocolate to running for your life through a haunted corn maze. And in County Meath, you can celebrate Halloween in every possible way. For more info, visit www.Discoverboynevalley. ie/whats-on/spirits-meath-halloween-festival-2018.
Every year in Boyne Valley, the residents of County Meath throw a month-long Halloween celebration. The Spirits of Meath Halloween Festival attracts thousands of guests from all over the world, and while this festival has only been celebrated since 2009, many of the traditions observed here date back to ancient times. The ancient Irish weren’t trick-or- treating or visiting haunted houses on Oct. 31, but they were celebrating the pagan holiday Samhain. Over 3,000 years ago, this Celtic festival was born in Meath and marked the end of the harvest. Samhain was celebrated with bonfires, offerings to fairies,
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