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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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www.MattsonFinancial.com
June 2018
AGE IS MORE THAN A NUMBER — IT’S A MILESTONE HAPPY BIRTHDAY TO ME!
Happy birthday tome! Yes, it’s that time again. My birthday is in June, and I’m turning the wonderful age of 62. Now I get to ask that age-old Social Security question: Should I or should I not? At age 62, I amnow eligible for Social Security benefits. I have to decide if I should begin taking themnow or if I should hold off. It’s a question millions of Americans have faced as they reach this age. But 62 is just one of the ages along the journey we call the“milestones of retirement.” The first major milestone is age 50 . Not only are you a half-century old, you have the privilege of adding additional funds to your retirement accounts, called catch-up contributions. For example, you can contribute an additional $6,000 to your 401(k) or an additional $1,000 to a traditional or Roth IRA. Next up is age 55 . This is when, if you stop working with your current employer, youmay be able to access your tax-deferred accounts without the 10 percent penalty. At age 59 1/2 , you are considered old enough to retire in the eyes of the IRS. Congratulations! You can access retirement money in your IRAs and 401(k)s without having to pay any sort of penalty. Then it’s the big 60 . If you are a widow or widower, youmay be eligible to withdraw Social Security benefits early, though at a reduced rate. Now comes age 62 . You can begin to receive Social Security, though you will receive the lowest standard rate.
At age 65 , many employers will let you access your full pension benefits. You should be able to qualify for full Medicare benefits, as well. When you reach 66 and 67 , you arrive at the (current) full retirement age for most baby boomers. You can finally take advantage of full Social Security benefits. When you reach age 70 , Social Security benefits become serious. If you delayed taking your benefits and let them accrue for eight years with compounded cost-of-living adjustments, this is when they max out. This is the year you want to start taking Social Security nomatter what. Finally, we hit the last retirement milestone: age 70 1/2 . This is the year Uncle Sam is ready for you to take your required minimum distributions
(RMDs). Your RMDs come from your tax-deferred plans so the IRS can start collecting taxes on those distributions. I have to admit, I have never wished to be whisked away to any of my previous birthdays. Every year brings fresh opportunities and new joy. With that, I suggest you take some time to consider each of these milestones. Make sure you take the opportunity tomaximize each and every area of your financial plan. And remember, just as you’re careful not to singe your eyebrows on your birthday candles, don’t let your financial plan singe your retirement. –Gary Mattson
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HONE IN ON HONEY
NATURE’S WO
Honey is a wonderful all-natural sweetener. Despite being sweet, it comes with actual health benefits — something you can’t say about other types of sugar. But some honeys are better than others, so it’s important to buy the right kind. Raw honey may help your body heal itself more effectively. One study in BMC Complementary and Alternative Medicine pointed to raw manuka honey as an effective way to speed up the time it takes wounds to heal while also reducing risk of infection. Simply apply manuka honey to a wound and let it do the rest. One of the best types of honey you can buy is raw, unfiltered, local honey. While it isn’t known to decrease the healing time of wounds, it can reduce symptoms related to allergies. Raw honey contains trace amounts of pollen, as well as other allergens
from grasses and weeds. Local honey contains many of the pollens and allergens you would normally breathe in on an average day. The pollens in local honey are just enough to kick your immune system into gear. As a form of immunotherapy, raw, local honey helps your body become acclimated to those allergens. But these three points — raw, unfiltered, and local — are crucial. When honey is processed and filtered, it loses practically all of its allergy-fighting power and becomes an ordinary sweetener. Most experts advise finding honey that was produced as close to your home as possible, preferably within 20 miles. The closer, the better. Keep in mind that it can take several weeks before you feel results. Of course, you won’t find a more delicious way to combat allergies.
‘THE ORIGINS OF HAPPINESS’
Changing Our Ideas of Success
Listed as one of the top five books Business Insider was excited about for the year 2018, “Origins” does not disappoint. If you want to better understand your own happiness or the happiness of others, you’ll find the book to be an enlightening page turner. Even though it’s based on years of research and filled with graphs and data to support the authors’ arguments, it doesn’t read like a heady scientific report. On the contrary, this fairly short book is surprisingly accessible. Between the charts and equations, you’ll find “Origins” has wit, charm, and wisdom in spades. With their down-to-earth prose, the authors dissect complex arguments and strip long-held beliefs to their core assumptions. The result is a methodical yet enjoyable exploration of what it means to live well in today’s world. While it’s designed to help policymakers quantify and boost the satisfaction of their citizens, there is something for everyone in “Origins.”The chapters on success and
happiness in children are of particular interest to parents and educators, for example. Business owners and managers should be especially interested in the book’s data-driven reimagining of wealth and happiness. The paycheck is no longer the universal incentive for employees we once thought it was. One has only to look to Silicon Valley to know that some of the most successful companies on the planet have prioritized the well-being of their employees. The quirky perks and benefits offered by Google and Amazon make much more sense from a business standpoint after reading “Origins.” This is one of those rare works that captures the prevailing winds of the business world and puts them into easy-to-understand terms backed by hard data. Far more than vague platitudes about money not buying happiness, “Origins”will change the way you think about everyone’s well-being — including your own.
What is happiness? How can we encourage well-being in others? These are the sorts of questions that have kept philosophers busy since the dawn of human history. In “The Origins of Happiness,” a team of the world’s leading social scientists tackles these age-old mysteries. Their groundbreaking findings may change the workplace and public policy.
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Even with Medicare, medical expenses can be costly. Many retirees worry that rising medical costs will eat away at their retirement savings. Even when offset by insurance, health care costs are above what the majority of people (working or retired) can pay, regardless of whether they have Medicare, employer-subsidized health insurance, or insurance through the Affordable Care Act. SAVE FOR RISING HEALTH CARE COSTS NOW
DER SWEETENER
MARY’S OATMEAL COOKIE ICE CREAM SANDWICHES
Fidelity estimated that couples who retired in 2017 at age 65 faced a cost of $275,000 for health care throughout their retirement, a 6 percent hike from 2016’s estimate of $260,000 and more than a 70 percent increase since Fidelity came out with its initial estimates of retiree health costs in 2002. These totals include Medicare premiums, copays and deductibles, and prescription drug costs but not nursing homes or long-term care. Obviously, health care costs continue to rise every year. Over time, employers have offered ways to help workers offset costs through health savings accounts, which provide tax breaks on medical expenses. However, many retirees are not prepared for the high cost of medical care when they are no longer part of a company plan. Medicare only covers a percentage of your medical bills, which means retirees have to dip into savings to pay for medical costs. While this certainly isn’t good news, there is a silver lining. If you take steps to increase your retirement plan contributions, you can compensate for those daunting health care costs. This could mean cutting your spending or canceling trips now, but by ramping up your savings, you’ll be able to enjoy more of these things later in retirement. Given the rate at which health care costs are rising, you really have no choice but to face the problem head-on. Social Security won’t be able to provide enough income to cover medical expenses. The sooner you add to your portfolio, the better positioned you’ll be to save without worrying about dipping into your assets.
[inspired by Bon Appetit]
Ingredients
• 1 teaspoon kosher salt • 3/4 cup light brown sugar, packed • 1 large egg yolk • 2 teaspoons vanilla extract • 4 pints ice cream (any flavor)
• 1 1/2 sticks unsalted butter • 1 1/2 ounces store-bought waffle cones, lightly crushed • 1 1/2 cups oats • 2 tablespoons all-purpose flour
Directions
1. Heat oven to 350 F.While oven is heating, cook butter in saucepan over mediumheat until browned, 5–8minutes. Scrape browned butter into a heatproof measuring glass. 2. Pulse waffle cones, oats, flour, and salt in a food processor or blender. Once cones are finely ground, add brown sugar and pulse again. 3. Whisk egg yolk, vanilla, and 2 tablespoons water in a small bowl. 4. Add eggmixture to food processor while spinning on low. Once integrated, slowly add browned butter; blend until dough forms a solid mass around blades. 5. Formdough into 26 balls and place 2 inches apart on a parchment- lined baking sheet. Flatten balls and bake 12–15minutes or until edges begin to brown. 6. Let cool, then spread ice creambetween cookies tomake sandwiches. 7. Freeze for up to 5 days—or enjoy today!
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3226 28th Street SE Kentwood, MI 49512 INSIDE THIS ISSUE
[ SAVE THE DATE! ] JUNE 2 — CLIENT CASINO CHARITY GALA
Age Is More Than Just a Number
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A Natural Sweetener With Real Health Benefits Business Must-Read: ‘The Origins of Happiness’
Mary’s Oatmeal Cookie Ice Cream Sandwiches Are You Prepared for Rising Health Care Costs?
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Too Much Shade? Plant These Vegetables!
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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.
Lay Some Shade on Me
THE BEST VEGETABLES TO PLANT IN SHADY SPOTS
HERBS. While many herbs, such as basil, are better suited for sunnier conditions, there are a few that will do great in shade. These include chives, cilantro, golden marjoram, mint, oregano, and parsley. (Hours of sun per day: 3)
There’s nothing quite like growing your own vegetables, but if your home doesn’t get the best sunlight, what can you do? It’s a problem many gardeners face. Even if you live in a sunny area, you may have a shady corner of the garden or side of the house going to waste. Fortunately, there are plenty of plants that do well in partial and full shade.
quite as full, and plants may take longer to mature, but with proper planning, you’ll still reap a plentiful harvest. Bush and dwarf varieties are recommended over their pole counterparts. (Hours of sun per day: 4–5) POTATOES. Root vegetables, such as potatoes, carrots, and beets, will grow in partial shade, but they may take a few more weeks to mature, and they may produce fewer vegetables. However, as most gardeners agree, the results are still worth the effort. (Hours of sun per day: 4–5) SPINACH. Like most leafy greens, spinach does very well in shade, particularly baby spinach. The plant will continue to produce leaves for an extended period of time if you regularly harvest the outer leaves. (Hours of sun per day: 3–4)
KALE. Typically, kale does
well in partial shade. When kale is grown in full shade, the leaves tend to be slightly smaller, but this can be
As a general rule, leafy greens do better in shade and milder temperatures than other vegetables.
offset by growing additional plants. (Hours of sun per day: 3–4)
Flowering plants and vines, such as cucumbers, peppers,
and tomatoes, need more hours of sunlight per day in order to thrive — about six hours or more.
PEAS. Like kale, when grown in shade, peas
and beans won’t grow
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