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FINANCIAL SERVICES, LLC
616-514-3831
www.MattsonFinancial.com
November 2024
As a result of recent events, my mom designated me to handle her financial, medical, and other legal decisions. My stepfather has arranged for me to do the same. While helping clients, we have seen others in this situation. Many people are having to make decisions about their parents, who are becoming their children. The same may be true of their spouses. I am fortunate that my spouse is healthy, but we see clients who are taking care of their spouses and their parents. It is hard enough to take care of one individual. According to a study published in the Journal of the American Medical Association, caregivers under stress face a 63% higher risk of dying within four years than the person they are caring for, research shows. Compound that by a factor of two for those taking care of both a parent and a spouse, and you can see that considerable stress comes into play. As responsible children, we feel obligated to listen to and fulfill our parents’ requests. For example, if a parent wants to stay in their home and have multiple children come and sit with them for hours at a time, the “good children” living nearby bear the brunt of this responsibility, rather than the children who have moved out of the area or are not as responsible. Sometimes, it comes down to hard choices. A neighbor’s father, who was in his 80s, was presented with a decision by the family of his wife, who was a stepmom to his children, that she needed to move into a care facility because of her dementia and acute diabetes. She was not good at dealing with other people except her spouse. When he realized that his assets, in addition to his spouse’s assets, would have to be spent down to cover long-term care costs, he made a tough decision recommended by an attorney — to divorce his wife. He took this very, very hard because his vow was “until death do us part.” But his choice was between spending down his funds or taking care of somebody who rarely recognized him anymore. I am relieved that I don’t have to make that type of decision. But without proper planning, this is what our world has come to. We all have to plan for the possibility that a loved one will live a long time with dementia. The forced liquidation of assets is a real concern. STRETCHED THIN
without destroying themselves? Are they able to maintain their sanity while trying to take care of their loved ones? Respite care to give the caregiver time off can be the most important thing. MY PARENT OR MY SPOUSE?
Stress, guilt, and self-doubt can set people at odds when caring for both a spouse and a parent.
My sister and brother-in-law, who have both passed, at one time had his mother living with them. A couple of times, my brother-in-law could tell when he came home from work that his wife and mother had a spat because nobody was talking. One day, his mother told him, “You promised your father you would take care of me, but she doesn’t want me around (meaning his wife). You’ve got to take care of me.” His wife then said, “Your mother is belligerent and belittling, and whenever I do anything to try to help her, she responds with nothing but retribution.” What is a son and husband to do? He told both of them that he was very disappointed that while he went out to work to provide for them every day, the two of them could not get along. He told his mother that, as the Bible states, a man is to leave his mother and father and cleave unto his wife. And he put his mother on a plane back to the state she came from, addressed to his two sisters. He told his wife he would take care of her and be with her, but he was disappointed that the situation had not worked out. What is right? What is wrong? Once again, mental stress, physical capabilities, and financial strain all play important roles in these scenarios. Recently, I advised a husband who was taking care of his father and his wife to have someone come in and help with both. “Instead of being the caregiver, be the care lover,” I suggested. Enjoy your loved ones’ company while you still have time with them! Before you end up in a situation where money makes people funny and hard choices must be made by those who love you, set some parameters while you are capable of doing so. It’s far better to plan in advance, than to face these scenarios when emotions are high. We at Mattson Financial Services have resources to help with these situations. Please share this article with family and friends who may benefit from it!
–Gary Mattson
I advise clients facing these situations to look at it selfishly from the caregiver’s point of view. Are they in a position to provide care
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Gather, Savor, Repeat
Tips for Launching Your Own Dinner Club
Although the holiday season often enables us to reconnect with friends and loved ones in person, maintaining that spirit of tangible togetherness all year can often be a struggle. Sure, social media is fine for “likes,” but nothing beats sitting down with people whose company you enjoy. If you’re looking for a new way to stay connected with family members, friends from college, old work colleagues, or anyone else within a reasonable travel distance, starting a dinner club may be perfect! CONCEPTUALIZING YOUR CLUB There are no hard-and-fast rules to creating and maintaining a dinner club. You could start by giving your club a fancy name and
deciding how often it should meet. From there, think about the people you want to invite. For example, maybe you know people who share a particular interest you also love (classic movies, model airplanes, etc.), or you have a group of old friends you’d love to catch up with over a great meal. The trick is to be mindful of your club’s membership size. Ideally, it should be large enough for guests to connect with several friends or new people but small enough to ensure intimacy. CHOOSING YOUR DINNER DESTINATION Determining the best settings for your dinner club gatherings is key to their success. For example, hosting them at members’ homes on a revolving basis (with the host or other
members doing the cooking) would help the invitees avoid cramming into a noisy restaurant and having to shout at each other while seated at a long table. MATCHING MOOD AND MENU Coming up with interesting themes for each meal adds a thrill to the festivities. Maybe one of your members would like to give cooking a vegan meal a try. Perhaps another member would love to share an amazing recipe they picked up while vacationing in Mexico. The possibilities are endless! No matter how you structure your dinner club, the goal is to have fun and spend time with wonderful people. Bon appétit!
Lock in a Fail-Safe Savings Plan
Budgeting and saving are skills many Americans learn late in life, if at all. Only 36 states require high schools to offer personal finance courses. While that’s a marked increase from seven states in 2000, it still leaves many Americans adrift. Many consumers benefit from setting up regular automatic deposits to each of the four key savings and investment accounts, either through paycheck withholding or via their bank. With this system, growing their savings requires no conscious effort. START AN EMERGENCY FUND. Deposit 2% of your paycheck into an emergency fund, either a high-yield savings account or a money market fund. These accounts currently yield about 4% annual interest or more, so your money will be working for
you. Work toward setting aside enough to cover at least three months’ expenses to avoid using high-interest credit cards.
AUTOMATE RETIREMENT SAVINGS. If possible, put 10%–15% of your paycheck into a retirement account, such as a 401(k), Roth IRA, SEP-IRA, or another investment account. To help you meet this lofty goal, take full advantage of any matching program your employer offers. That’s free money! OPEN A BROKERAGE ACCOUNT. A regular investment account gives you access to stocks, bonds, and other instruments. Most advisors recommend a low-cost index fund as an initial investment, but if you are uncomfortable with stock market volatility, consider certificates of deposit or bonds. If you hold investments for at least one year, your earnings will be taxed at the long- term capital gains rate — far less than the tax on your ordinary income. SET UP A HEALTH SAVINGS ACCOUNT. Health savings accounts (HSAs) are a powerful way to set aside income tax-free to pay medical bills. They offer a triple tax advantage in that deposits, earnings, and withdrawals are tax-free if you use withdrawals for eligible medical expenses. You can sign up for these plans through an employer or HealthCare.gov by opting for an HSA-eligible health insurance plan. To determine how much to deposit, search online for “HSA Contribution Calculator.” Unlike other tax-sheltered savings vehicles, HSAs do not have a “use-it-or-lose-it” requirement, so you can accumulate funds for the future.
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December Market Commentary Release Dec. 6, 2024, 12 p.m. In the comfort of your own home! A recap on market performance and a current outlook will be presented by a Gradient Investments portfolio manager, with introductions by your Mattson team, sent via email. January Market Commentary Release Jan. 3, 2025, 12 p.m. In the comfort of your own home! A recap on market performance and a current outlook will be presented by a Gradient Investments portfolio manager, with introductions by your Mattson team, sent via email.
Nancy’s
Exquisite Lemon Bars
Not on our email list? Contact us at info@mattsonfinancial.com !
TAKE A BREAK!
Ingredients
• • • •
2 cups all-purpose flour 1/2 cup powdered sugar 1 cup butter, softened
• • • • •
2 cups granulated sugar 1/2 cup fresh lemon juice 2 tbsp grated lemon zest 1/4 tsp baking powder
4 large eggs
1/4 tsp salt
1. Preheat oven to 350 F and grease a 9x13-inch baking pan. 2. In a medium bowl, combine flour and powdered sugar. 3. Cut in butter until the mixture resembles coarse crumbs. 4. Press mixture into prepared pan. Bake for 15 minutes or until lightly browned. 5. In a large bowl, whisk together eggs, sugar, lemon juice, lemon zest, baking powder, and salt. Pour over crust. 6. Bake for 25 minutes or until set. Allow to cool before cutting into bars. Directions
Solution on Pg. 4
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
FINANCIAL SERVICES, LLC
106.9 FM and 1300 AM Saturdays from 10–11 a.m. Sundays from 11 a.m.—12 p.m.
3226 28th Street SE Kentwood, MI 49512
INSIDE THIS ISSUE
1
Family Caregivers Do Double Duty for Spouses and Parents
2
How to Make a Meal a Lasting Memory
4 Must-Have Savings Accounts to Secure Your Future
3
Exquisite Lemon Bars
Upcoming Events
4
A Big Wintertime Playground
Reminder: If you have any changes to your financial situation, please notify us as soon as possible. For distribution requests, please provide at least one week’s notice to allow time for placing trades and raising cash.
Investment advisory services offered through Mattson Financial Services, LLC, an SEC-Registered Investment Advisor. Insurance and annuities offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies. The Unique Allure of Big Bend National Park
Most national parks are full of visitors from spring through fall. Big Bend National Park turns that schedule upside down.
The park also offers an abundance of family-friendly activities. A legal Port of Entry enables visitors who bring their passports to cross the Rio Grande River and visit the shops and restaurants of a rural Mexican village, Boquillas del Carmen. Families also enjoy stargazing at the Sotol Vista Overlook, scrambling over the boulders on the Upper Burro Mesa, and trekking the Grapevine Hills trails to see Balanced Rock, a giant boulder seemingly teetering in midair. Kids can also see dinosaur remains at the Fossil Discovery Exhibit or explore the ruins of a mercury-mining ghost town, Terlingua. Five visitor centers are usually open through the winter. Construction of a new visitor lodge and water system will begin in late 2024, likely causing some disruptions. However, Big Bend has four developed campgrounds and many backcountry camping opportunities. Most campsites are filled six months in advance, so reserve a spot early for your winter camping adventure.
The ideal time to visit this southwest Texas wonderland of river canyons and mountain vistas is the offseason — October through May. Summertime temperatures in Big Bend soar to 105 degrees F or more, too hot for safe vacationing, while wintertime is mild and usually sunny. Many tourists and vacationers have recently discovered the park, driving visitation 16% higher since 2018 to more than 511,000 people annually. Big Bend offers a diversity of sights and terrain. Elevations soar from about 1,800 feet along the Rio Grande River to almost 8,000 feet in the Chisos Mountains. Boating and rafting trips along the Rio Grande take visitors through the spectacular Santa Elena Canyon limestone cliffs. Options range from a leisurely float lasting less than a day to a seven-day wilderness adventure down the Lower Canyons. Big Bend is also a birder’s paradise, with 450 species sighted there.
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