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SEPTEMBER/OCTOBER 2024
Financial Horizons Your Connection for Wealth, Lifestyle & Legacy
McBeathFinancialGroup.com
309.808.2224
What Squirrels Teach Us About Finances THINK (AND DON’T THINK) LIKE A SQUIRREL
Did you know October is National Squirrel Awareness Month? Many of us don’t think much about these furry creatures, yet their antics are fun to observe. In our home, we have about five squirrels who will pop up next to our windows, and we can’t help but drop everything we are doing to watch them for a few moments every time. As I type this, the squirrels are busy preparing for the long winter! As silly as National Squirrel Awareness Month can be, these hardworking busybodies are a great representation of what to do and what not to do when it comes to financial planning. We want to be as prepared as squirrels
risks can create a solid foundation. This is why it’s critical to have a comprehensive strategy encompassing all assets, strategically allocated by a professional. DON’T BE SQUIRRELY … Now, as bright as squirrels can be, they are also a little distracted. We’ve all seen a squirrel on high alert, swiveling its head around at even the slightest noise and dropping its loot as soon as it suspects danger. So, while I admire a squirrel’s work ethic, I want to also remind you not to get squirrely ! (Literally!)
in the wintertime, but we don’t want to get too distracted when targeting the big picture. In fact, squirrels may provide the perfect example for financial planning. Maybe that’s why October is also National Financial Planning Month! (I’m joking, of course.) PREPARE LIKE A SQUIRREL. One squirrel can horde up to 3,000 nuts across multiple locations in preparation for long winters when food is scarce. They may appear frantic and distracted, but in reality, these creatures are providing a solid example of how to prepare for your financial future.
Simply put: Don’t get distracted. There will be ups and downs in the market; no one can control or predict what will happen. Rather than dropping the loot (i.e., making a rash decision based on fear rather than evidence-based practices), our goal is to create a plan that could help you through the downturns and create a path to financial freedom. Don’t focus on that fear. Focus on the options. This is vital to financial planning. It’s not one- and-done. The plan we make with you today may no longer serve your goals in 10 years. So, in addition to avoiding fear-mongering distractions, don’t get so
Squirrels don’t have a crystal ball telling them how many nuts to store for winter. Instead, they overprepare in anticipation of a long winter. Likewise, when planning your future, you cannot predict what may happen, but having a solid financial plan can provide options through whatever may lie ahead to lead you toward a more secure financial future. Furthermore, squirrels don’t rely on one stash. They spread their wealth around, ensuring that if one collection is compromised, they have backups to support them. A financial plan should be similarly safeguarded. Nothing is guaranteed when planning for the future, but having a diversified portfolio strategy to match your goals and
distracted with life that you forget to update your plan. Regular financial planning reviews are vital to building a future that may fit your needs and goals. This fall, approach your financial future like a squirrel preparing for a long, cold winter. But unlike our bushy-tailed friends, don’t get so distracted that you lose sight of the course. As always, we’re here to keep the distractions at bay so you can prepare for what may be next. –Krista McBeath
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What’s Your Plan for Leaving a Legacy? Retirement Question #10
We’ve made it — this is the 10th Retirement Question in our series of retirement FAQs!
If you’ve missed any of the 10 questions in our series of retirement FAQs, each can be accessed in our full report HERE by scanning the QR code!
Retirement isn’t just about securing your financial future — it’s also a crucial time to reflect on the legacy you’ll leave behind. The strategies for retirement planning and legacy planning often overlap, making your retirement years an ideal time for efficient legacy planning. Here’s what you should consider. INTEGRATING LEGACY GOALS INTO RETIREMENT PLANNING When creating your retirement strategy, consider your legacy objectives. Would you like to financially support family members, fund education for your grandchildren, or give to charitable organizations? Incorporate these goals into your overall retirement plan.
TAX-EFFICIENT GIVING IN RETIREMENT While retirement secures your financial future, it can also be a platform for meaningful philanthropy. Charitable Remainder Trusts (CRTs), for instance, can be designed to provide you with a regular income stream for a specified period or even for life. After the trust term ends, the remaining principal will go to a charity or family foundation, fulfilling your philanthropic objectives.
Qualified Charitable Distributions (QCDs) from an IRA offer another avenue for charity, allowing you to transfer funds to qualified organizations directly. This fulfills your desire to give and can yield tax benefits, providing a well-rounded approach to managing your retirement finances.
These strategies can be woven into your broader retirement plan, ensuring that your charitable aspirations are met while optimizing your tax situation.
ESTATE AND TAX PLANNING Managing your tax liabilities is critical to ensuring the maximum transfer of wealth to your heirs. In addition to federal estate taxes, keep state-specific rules and regulations in mind. Gifting strategies can also reduce the potential tax burden on your heirs. A well-designed estate plan should provide a road map for your retirement and legacy. LEGAL DOCUMENTATION Work with legal professionals to keep your will, living will, and power of attorney updated. These documents are essential for both your retirement peace of mind and your legacy planning. REGULAR REVIEWS WITH ADVISORS The financial landscape is constantly changing, influenced by market dynamics, tax laws, and your personal life changes. Regularly consult with advisors specializing in comprehensive financial planning, including tax and estate planning. Your retirement years offer a unique opportunity to blend your financial security planning with your aspirations to make a meaningful impact. By weaving your legacy goals into your retirement planning, you stand a better chance of achieving a fulfilling and secure retirement while leaving behind a legacy you’re proud of.
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Have you been thinking about how you can make a difference in our local community? If you are seeking a flexible volunteer opportunity, Faith in Action might be what you are looking for. Faith in Action provides transportation services to medical appointments and the grocery store for older adults in the greater Bloomington/Normal area. When volunteering, you look at an online schedule and choose the dates and times of appointments that work for you. If you can help once or twice a month, your time is appreciated. We often hear stories of new friendships developing between volunteers and care receivers, or we have had many friends reconnect through our services. It is an amazing way to make a difference! Faith in Action care receivers are 60 years or older and have been pre- screened before they can begin receiving services. There are no income guidelines, but they must be 60 years of age or older, able to walk with the assistance of a cane or walker (we are unable to serve those in wheelchairs), and live in our service area. They do not pay anything to use Faith in Action services, and the door-to-door transportation helps many who could not afford a taxi or would be unable to navigate multiple bus transfers. Our care receivers are very appreciative of the time and efforts of our volunteers. One care receiver, Bev, has a health condition, making it difficult for her to leave her house, and she relies on her volunteer shopper. “I could not survive in my home without the help and kindness of my Faith in Action volunteer. She had a family crisis that took so much of her time and energy, but she never stopped making sure my needs were met. Just wanted you to know how much Faith in Action means to me.” Make a Difference in Our Community Volunteer With Faith in Action
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In addition to driving, Faith in Action has volunteer opportunities for light home maintenance, friendly visits or calls, office help, and volunteer committees that plan and execute special programs or help plan for the future of Faith in Action. Faith in Action is a not-for-profit organization that began in 2005 as a collaborative effort to help Bloomington-Normal older adults stay independent in their homes. Through the efforts of about 400 volunteers, it has grown dramatically to serve 500-plus McLean County care receivers. If you would like to help our senior neighbors, give Faith in Action a call at (309) 827-7780 or visit bnfia.org .
If you or someone you know needs assistance, call (309) 827-7780 to request an at-home visit from one of our volunteers, who will explain the program further. There is no financial qualification, and all services are free. Donations to Faith in Action are gladly accepted, as this program does not receive any federal or state funds. All money raised here stays here to support the needs of seniors in McLean County.
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203 Landmark Dr., Unit A - Normal, IL 61761 - 309.808.2224
INSIDE
1
Financial Planning Lessons … From Squirrels?
2
Retirement Question #10
3
Faith in Action — a Wonderful Volunteer Opportunity
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The Evolution of Work: Bizarre Jobs That Time Forgot
SOLUTION
Unmasking Some of History’s Worst Jobs 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.
Careers You’ll Be Glad Are Extinct
Occupations reflect the times: Jobs we have today didn’t exist years ago, and vice versa. Many past careers weren’t glamorous, and some are the worst professions in history. Let’s look at four foul jobs that no longer exist (and we couldn’t be more thrilled about it). PURPLE DYE MAKERS Dyeing clothes is so ordinary today that it’s hard to imagine a world where certain pigments are rare, but this was especially true for purple in generations past. Back in ancient times (first century CE), the hue of the royals was made by crushing thousands of snails, extracting their glands, and then heating
A dripping man back in Victorian England would go to homes and businesses to collect their fat to sell to the public.
CHILDBED LINEN WAREHOUSE KEEPERS For much of history, women gave birth at home, not in a hospital. So, it’s not surprising that an industry arose during the 19th century to cater to this. According to an 1842 book of trades, there was a job for supplying, collecting, and cleaning bed linens specifically for birth. HONEY DIPPERS, TOSHERS, AND PUREFINDERS In 19th century England, the country had recently seen an enormous boom in the population, and most of the available housing lacked flush toilets or sinks with running water. This meant more sewage found its way into the city streets — giving rise to three jobs we no longer see today. Honey dippers collected waste from homes, toshers scavenged sewers for valuable items to sell, and purefinders collected dog poop (to be used in the process of tanning leathers). The next time you get a case of “the Mondays” and question whether or not you like your job, consider this: Would you rather be crushing and boiling snails for 10 days instead? Probably not! Still, which jobs of our era will be considered weird history in the future?
the material in a pot full of brine for 10 days in an incredibly odorous process!
DRIPPING MEN Do you use the fat drippings from your roasts to make gravies or fry other foods? Since this liquid gold can add flavor to any dish, there was once an entire profession built around it.
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