Bridgeriver LLC - June 2020
Nest Egg
THE
JUNE 2020
To Live a Tax-Free Retirement Putting the Pieces Into Place
I recently started doing an online webinar series. I wanted to answer questions many people have related to navigating retirement. One big question is, “How do I set up my accounts so I’m not paying taxes in retirement?” You can find the answer to that question and others at TaxFreeRetiree.com , where you can register and watch my webinar for free. I answer questions and go in-depth on this important topic. You’ll get deeper insight into this topic that you won’t find on my YouTube channel, YouTube.com/bridgeriveradvisors.
And remember the Trump tax plan that was aimed at lowering the taxes of most Americans? That plan was not meant to last forever. A sunset was built into it. In 2026, that tax plan comes to an end. Anyone who saw their taxes go down as a result of that plan will no longer see those benefits. If you’re in your 40s or 50s, now is a great time to start setting up your accounts to reduce your tax burden, if not outright eliminate it. A big part of reducing or eliminating that burden comes down to your Social Security benefits. How is this possible? It all comes down to the fact that if Social Security is your only source of income, it’s generally tax-free. How Social Security is taxed is defined in “Publication 915” — an IRS publication that you can find online. Many people assume that if you collect X amount of Social Security each year, you will fall into the corresponding income tax bracket. This isn’t true at all. In “Publication 915,” you can see that Social Security is taxed very differently than all other sources of income. How can you take advantage of this? It’s all a matter of arranging your other assets so they don’t interfere with Social Security. The first step is figuring out exactly how your Social Security benefits will be taxed — if at all — and then the rest will fall into place.
Here’s why this topic is now more important than ever: In my opinion, the more money the Fed prints, the more taxes will go up. They won’t go up right away. But eventually, you’ll be hit with the increase. It’s something every taxpayer is going to have to deal with. In the Great Recession, the government printed $4.2 trillion. By the time the COVID-19 crisis is over, it’s likely the national debt will have increased by another $6 trillion. Printing money to stimulate the economy and help businesses and individuals may seem like a good idea to some, but it comes with consequences. It can lead to inflation and higher taxes — both which are passed on to the small businesses and individuals the stimulus was meant to help.
To learn more about how to get all the pieces into the right place, head over to TaxFreeRetiree.com . And if you have further questions about setting yourself up for a tax-free retirement, then don’t hesitate to get in touch!
-Dan Casey
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THE BEST WAYS TO HELP LOCAL NONPROFITS IN CHALLENGING TIMES Over the past several months, families, businesses, and nonprofits have had to navigate life in this challenging “new normal,” and it can be hard to VOLUNTEER
In a time of social distancing, volunteering may be discouraged, but nonprofits still need volunteers to operate. The good news is that many nonprofits need volunteers for positions that maintain social distance, such as driving. Food banks and kitchens need drivers to pick up donations or ingredients from donors and to deliver food to people in need, such as the elderly or those with disabilities.
support your favorite nonprofits when times are tough. Here are a few ways you can help these important entities, even when you don’t have resources to spare right now.
DONATE
ADVOCATE
While many people donate generously during the holiday season, remember that nonprofits need donations throughout the year, and different nonprofits need different things. A monetary donation can often go a long way, but never feel obligated to give money, especially when your budget may be tight. Instead, consider cleaning out your closet. What clothes, shoes, or other accessories can you part with? What about dishware or small appliances? When you clean out your home and donate unused items, you benefit those in the community who need them most.
Even if you don’t have time or resources to give, you can become an advocate for important causes around your community. While it might not seem like much, sharing information about local nonprofits on social media can make a genuine difference. Nonprofits need exposure, which is greatly boosted through community support. Sharing useful information about nonprofits — or sharing their posts — increases their visibility so more people will take action.
GLAZED GOODNESS
THE SWEET HISTORY OF NATIONAL DOUGHNUT DAY
Get ready to treat yourself because June 5 is National Doughnut Day! Contrary to popular belief, National Doughnut Day wasn’t created as an excuse for Americans to eat more doughnuts. The celebration was actually started by the Salvation Army in 1938 to honor “Doughnut Lassies,” the women who served doughnuts to soldiers on the front lines during World War I. The Salvation Army still celebrates National Doughnut Day by delivering doughnuts to veterans across the country. The earliest version of the doughnut is believed to have come to North America with Dutch settlers in the 17th century. The Dutch brought with them balls of fried, sweetened dough called olykoeks , which translates to “oily cakes.” Though they were tasty, we don’t think many people would be eager to pick up a dozen oily cakes for the office. According to Smithsonian Magazine, the word “doughnut” was coined in the 19th century by a woman named Elizabeth Gregory. Her son, Handon Gregory, was a New England ship captain. She began making deep-fried dough treats with nutmeg, cinnamon, and lemon rind for her son and his crew. She would put hazelnuts or walnuts in the center of the pastry where the dough might not cook through, so she called her creation “doughnuts.”
though the exact reason is unclear. Some say it was to
use fewer ingredients, while others suggest he created the
hole by accident after skewering
the pastry on the spokes of
the ship’s wheel when he needed to steer with both hands during a storm. Whatever the reason, that hole is still part of a classic doughnut to this day.
There are lots of ways to celebrate National Doughnut Day. Recognize the history of the holiday by donating to the Salvation Army or by sending a box of doughnuts to a veteran in your life. You can also order from your favorite local doughnut shop or fry up some homemade doughnuts with your family. There’s a pretty great recipe at SallysBakingAddiction.com/ how-to-make-homemade-glazed-doughnuts.
Handon Gregory also gets some credit for making doughnuts recognizable: He was the one who first put the hole in the doughnuts,
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Hearing about someone who has claimed a Guinness World Record is pretty cool, but do you know what’s even cooler? When animals make world records. Here are a few amazing animals who hold some really cool records.
and giving high-fives, and culminated in riding a
skateboard while hopping over a low bar. Dollwet told Guinness World Records that training Didga took a lot of time and patience and that he was so proud of his clever cat.
SUPER BEAGLES AND JUMPING LLAMAS Guinness World Records’ Most Amazing Animals
CASPA, THE AMAZING JUMPING LLAMA
Sue Williams is an animal trainer and behaviorist who specializes in dogs. One day, she was working on agility training with her dogs when she noticed her llama, Caspa, watching them. After a little time and training, Williams discovered that Caspa loved jumping, too. In 2015, Caspa cleared a bar set at 3 feet, 8 1/2 inches. He jumped right into the world record for “highest bar jump cleared by a llama.” “He’s a complete diva,” says Williams. “So, if there are people there to show off in front of, that’s when he’s at his ultimate best.”
PURIN, THE BEAGLE WHO HOLDS 3 GUINNESS WORLD RECORDS
Nicknamed “The Super Beagle,” Purin scored her first title in 2015 for her amazing goalkeeping skills. The beagle “saved” 14 mini soccer balls thrown by her human, Makoto Kumagai, in one minute. A year later, Purin claimed another record when she became the “fastest dog on a ball” by traveling 10 meters in 10.39 seconds while balancing on a ball. Not long after, Purin and Kumagai set the record for “most skips by a dog and a person in one minute — single rope” with 58 skips. Talk about super!
DIDGA, A VERY TRICKY KITTY
You can find videos of all these amazing record holders and more at GuinnessWorldRecords.com.
Anyone who says cats can’t learn tricks hasn’t met Didga. In 2016, Didga, with help from her human, Robert Dollwet, claimed a world record by performing 20 different tricks in 60 seconds. Her routine started with the classics, like sitting
SUDOKU
Grilled Basil Chicken and Tomatoes You can’t go wrong with grilled chicken and tomatoes on a warm summer’s evening. It’s a simple recipe that packs a flavor punch.
Ingredients
Inspired by TasteOfHome.com
• • • •
2 tbsp olive oil 1 clove garlic
• • •
1/4 cup tightly packed fresh basil leaves
8 Roma tomatoes
1/2 tsp salt
4 boneless skinless chicken breast halves (4 oz each)
3/4 cup balsamic vinegar
Directions
1. For marinade: In blender, combine olive oil, garlic, salt, vinegar, and basil. Cut 2 tomatoes into quarters and add to mixture. Cover and process until blended. Halve remaining tomatoes for grilling. 2. In bowl, combine chicken and 2/3 cup
3.
Heat grill to about 350–400 F. Lightly oil grates. Grill chicken until internal temperature reads 165 F, about 4–6 minutes per side. Grill tomatoes until lightly browned, about 2–4 minutes per side. Discard remaining marinade. Serve chicken and tomatoes with reserved marinade. 3 248.785.3734
marinade. Cover and refrigerate for 1 hour. Reserve remaining marinade.
4.
Solution
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INSIDE This Issue
Set Yourself Up for a Tax-Free Retirement Help Local Nonprofits in Challenging Times A Day to Honor Doughnut Lassies 5 World Records Broken by Animals Grilled Basil Chicken and Tomatoes 3 Enriching Staycation Ideas
TURN YOUR VACATION INTO A STAYCATION
3 Ways to Replace a Canceled Vacation
CREATE A ‘FAMILY MUSEUM’ Many vacations include an educational aspect in order to enrich our understanding of the place we’re visiting, and museums are a great way to accomplish that. If you’re confined to the house, then teach your kids about your own knowledge and interests and encourage them to get creative and make their own contributions, too. Have everyone create art, take photos, or write about their prized possessions. Display these masterpieces around your home and let their creators take you on a tour. Learning more about one another builds meaningful bonds. BRING YOUR TRIP HOME You probably chose your original vacation destination in order to experience new and different cultures and activities. But just because you’re no longer traveling to that location doesn’t mean you can’t experience some of what it has to offer! Research popular local cuisine, activities, and history of the area, then create ways to experience them with your family. Cook a traditional meal, recreate a scenic location through photographs, or share a story about local lore and history. Your changed plans will no longer feel like a missed opportunity. Staying at home doesn’t mean your family can’t have the fun of a vacation. All it takes is a little creativity and innovation to build an experience that will bring your family closer together.
Vacations provide opportunities for families to spend time together in a relaxed environment, get away from the routines of everyday life, and create meaningful memories. If you’ve recently had to cancel a trip but still want to create the experience of a vacation for your family, then a staycation is just what you need. TRANSFORM YOUR BACKYARD When you’re trying to recreate a vacation, the outdoor areas of your home present a variety of possibilities. You can turn a sandbox into a relaxing beach, complete with a kiddie pool “ocean.” If you have trees, then set up a zip line or obstacle course. You can even stimulate summer brains with a scavenger hunt around the backyard with hidden clues in the dirt or bushes. The ultimate prize can be something you would have purchased on your original vacation, like a souvenir you can find online.
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