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JUNE 2023
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Smart Tax Moves for the Retirement Red Zone MAXIMIZE YOUR INCOME
The “retirement red zone” is the critical period right as you enter retirement when you can make savvy tax moves to reduce your tax burden.
It’s a time when your regular wages have ended (or are just about to), and you have to decide where your next source of income will come from. Social Security, pensions, retirement accounts, or other investments? How you structure this income will make a huge difference in what you owe in taxes. The good news is that you have control. You aren’t required to take Social Security right out the gate, and you may not have to immediately start withdrawing from your pension (if you have one). Instead, you can usually decide when that money starts flowing. However, once these sources begin to pay out, it can be very hard or impossible to stop them, should you want to.
you more control over time. It’s another factor to consider as you plan your retirement income.
With your securities, for example, you may still have gains. When you’re in the red zone, it might make sense to sell those securities when their value is up. And you can do it in such a way that you pay zero taxes on those gains. Capital gains are generally not taxed if your income is within the two lowest income tax brackets. Capital gains can be taxed upward at a rate of 20%, so it can pay to devise a strategy to avoid that. If you’ve already turned on your Social Security or pension benefits or have already been forced to take RMDs, you may have to pay higher tax rates on those securities. It becomes considerably hard to avoid.
With the SECURE Act changes, you no longer have to take required minimum distributions (RMDs) at age 70.5. The new age is either 73 or 75, which gives
BRIDGERIVER JUNE 2023 SEMINARS June 6 & 8 - 6:30 Filippas (Shelby Township) The Top 5 Tax Strategies Every Retiree Needs to Know June 13 - 6:30 Filippas (Shelby Township) More Income & Less Taxes June 15 - 6:30 Filippas (Shelby Township) More Income & Less Taxes June 20 & 21 - 6:30 Filippas (Shelby Township) More Income & Less Taxes June 27 & 29 - 6:30 Filippas (Shelby Township) The Top 5 Tax Strategies Every Retiree Needs to Know
However, you can eliminate your tax burden by creating a year or two of zero income and having no retirement income sources flowing.
You earned this money, right? You were prudent in investing years ago as you planned for retirement. So, why not get the most out of that money?
You can make some significant moves when you’re in the retirement red zone. If you have any questions about how or when to do it, don’t hesitate to call us at 248.785.3734 so we can strategize together.
-Dan Casey President, Bridgeriver Advisors
Register today at BridgeriverLLC.com! Free dinner provided.
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Surprising Uses for This Handy String DENTAL FLOSS: IT’S NOT JUST FOR YOUR TEETH
Starting a Fire: Consider keeping dental floss in your camping supplies. Waxed floss is flammable. Wrapped around the kindling, it’ll light up nicely, igniting your campfire.
Who doesn’t have extra rolls of dental floss in their medicine cabinet or junk drawer? After all, you get a free roll every time you visit the dentist. In a perfect world, dental floss is used daily by every family member to keep their teeth and gums clean. But how often do you actually use up an entire roll of floss for its intended purpose? You can adapt those extra dentist office freebies (or purchase some at the dollar store) to make your home life easier with a few unconventional applications. Here are nine floss tips from Taste of Home you’ll want to try. Hanging Home Decor: Dental floss is strong and stretchy. It’s perfect for hanging pictures, Christmas ornaments, and other home decor. Unlike wire, it won’t scratch the paint off your walls. Sliding Off Hot Cookies: Scraping hot cookies off a pan can sometimes ruin a perfect cookie. Gently sliding dental floss under a cookie prevents it from sticking and helps it to release from the pan. Binding Meats for Cooking: Dental floss is perfect for holding a roast or ham together in the oven. Just make sure to use unflavored and unwaxed floss so it doesn’t melt and leave a minty taste on your food. Slicing Cheese: Cutting cheese with dental floss gives you a straight, clean slice that you can’t get with a knife. Stretch a long piece of floss (wider than your block of cheese) between your hands, hold it tightly, and press it through. Voila!
Crafting and Decorating: Dental floss is perfect for sewing, stringing popcorn, beads, jewelry, and hanging temporary party or holiday decorations. It can even save you a small fortune in craft supplies. Cleaning Your Keyboard: The dust and crumbs that get into computer keyboards can be tough to get rid of. Wrapping floss around your keys, like you do your teeth, gets into those tight spaces and lifts the crud away. Remove Photos From Old Albums: If you’ve tried removing photographs from an old photo album, you know it can be tricky and can potentially damage your pictures. Gently sliding a piece of floss under the photo helps you remove it from the page, undamaged. Hold Your Glasses Together: You can even use dental floss to fix your eyeglasses in a pinch if a screw comes loose. Thread the floss through the screw hole and tie a knot. This will hold your glasses together until you can get them fixed.
With all these fun, alternative uses for dental floss, it could become one of your most used household tools. You might even need to go buy more!
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JUST A SPOONFUL OF SEA MOSS …
The Superpowers of This Popular Red Algae When you think of sea moss, you probably imagine the green, slimy stuff that floats in water or gets caught in your toes when you’re wading in the ocean. You might even think of seaweed used in sushi and salads. But did you know that sea moss is sold as a health supplement in both powder and pill form? Sea moss (a red algae, also called Irish Moss) is a type of seaweed that grows year-round in the Atlantic Ocean. Humans have been consuming sea moss for centuries, and it’s been prevalent in the Caribbean. These days, sea moss has piqued the interest of health and wellness gurus and health-conscious consumers for its many potential health benefits. It’s also touted as one of the most nutrient-dense foods on the planet. Besides being rich in vitamins and minerals, here are a few reasons why sea moss is worth considering on your quest for healthy living: Immune Function: Sea moss is high in antioxidants which fight free radicals and protects the body against cellular damage and inflammation. Digestion: Sea moss contains soluble fiber, which helps regulate bowel movements. Plus, it helps decrease the amount of harmful bacteria in your gut. Thyroid Function: Sea moss has abundant amounts of iodine, which is key to the production of the thyroid hormones that regulate metabolism and energy.
Healthy Skin, Hair, and Joints: The high vitamin and mineral content in sea mosses are excellent for skin health and can help prevent hair loss. Plus, sea moss may help reduce the pain caused by arthritis inflammation.
Supports Weight Loss: Sea moss is low in calories but high in fiber, which boosts metabolism and helps you feel full and satisfied longer after eating. Plus, sea moss reduces fatigue during physical activity. The benefits of sea moss are impressive. However, as with any supplement, it’s recommended that you consult with your health care professional before adding sea moss to your diet. If you get the green light to try sea moss, experiment with the best method for you. Sea moss is a powerful superfood that can improve your health — and we all deserve a few more waves of good health in our lives.
TAKE A BREAK
Seafood Pasta Salad
Inspired by TheSpruceEats.com
Ingredients
• 4 cups fusilli noodles • 2 cups crab meat or shrimp • 2 cups shredded cheddar cheese • 2 cups ranch dressing • 1 cup frozen peas, thawed • 1/2 cup chopped green peppers
• 1/2 cup chopped red peppers • 1/2 cup diced onions • 1/2 cup shredded carrots • 2 cups halved cherry tomatoes • 1/2 cup of Parmesan cheese (optional)
Directions
1. In a large pot, bring the fusilli noodles to a boil and cook until al dente, then drain. 2. In a large bowl, combine noodles, crab or shrimp, cheddar cheese, ranch dressing, peas, green and red peppers, onions, and carrots, then mix together gently. 3. Refrigerate the pasta salad for 3–4 hours. If salad is dry upon removing from refrigerator, add more ranch dressing. 4. Once you’re ready to eat, top salad with tomatoes and Parmesan cheese if desired.
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INSIDE
This Issue Are You in the Retirement Red Zone?
9 Brand-New Ways to Use Dental Floss
Can You ‘Sea’ the Health Benefits?
Seafood Pasta Salad
Don’t Let Early Pain Turn Into Long‑Term Suffering
Get better without causing further injury. Those early aches and pains from an injury may tempt you to avoid activity out of fear of worsening the damage or experiencing more pain. However, doing so may create more issues with your injury. With a physical therapist’s help, you can maintain your ability to move through daily life without exacerbating your injury. Avoid the cost and risk of surgery and medications. If doctors diagnose your injury early enough, a physical therapy program may help you avoid or delay surgery altogether. And when it comes to pain management, either after surgery or during your program, the Centers for Disease Control and Prevention recommends physical therapy as a safe alternative to opioids to manage most kinds of pain not related to cancer. Speed up your recovery. Typically, patients who seek help from a physical therapist within the first two weeks of the start of their pain require less care. This is because the physical therapist can help you better understand the origin of your pain, symptoms, and strategies to manage your pain levels, all with your recovery in mind. Dodge other issues caused by chronic pain. The longer we live with pain, the more coping mechanisms we develop to avoid it, like avoiding physical activity. This, in turn, results in advanced issues like stiffness, loss of strength, and increased pain sensitivity. Seeking help from a physical therapist while the pain is still acute can help you avoid these problems caused by long-term pain.
WHY WAIT?
Get Ahead of Early Pain With PT
Many think seeing a physical therapist is only necessary after a significant event, like a workout/sports injury, surgery, or accident. But the truth is that even small things like discomfort after lifting something heavy, strain on our bodies from work, or bad posture can result in pain a physical therapist should treat. The pain doesn’t have to be severe to see your doctor, either. There are proven benefits to seeing your physical therapist early while the pain is still considered “acute.” Why? Because the longer an injury persists and becomes “chronic,” the more complicated treating the injury becomes. So, if you feel early signs of an injury, even just a pulled muscle in your back or a crick in your neck, here are four reasons to call your physical therapist now rather than later.
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