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MARCH/APRIL 2023
Financial Horizons Your Connection for Wealth, Lifestyle & Legacy
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Can’t Help Falling in Love HOW I LOST MY HEART TO AN ELVIS IMPERSONATOR
The first time I saw the man who would become my husband, he was standing on stage
treasured memory to add to my trove of recollections, including the Elvis anecdote. I’m sure you have your own stories of important anniversaries in life, whether of your wedding, your child’s birth, your cross- country move, or the scary surgery you survived against the odds. I’m curious: If you’re retired, have you ever considered your retirement date a similarly special anniversary? Many of my clients have traveled fascinating roads to retire successfully, and I think the end of those roads should be celebrated. If you recall the date of your retirement, consider treating it like you would an anniversary or new year. Sit
• Are there any bad habits I’d like to leave behind or skills I’d like to hone? • Am I as financially stable as I hoped to be, or is there still work to do? We all need to reflect on these questions and cherish their inspiring memories and realizations. I like to consider these things on anniversaries, but any day of the year will do! At my regular wealth management meetings with clients, we work through a similar exercise reflecting on the past year’s financial maneuvers, updated tax strategies, and investment performances. We also take that time to talk about moving forward — whether that means updating their financial goals or implementing new strategies to match the constantly evolving landscape of the market.
dressed as Elvis. I was
sitting in the front row and was quickly smitten by his
spectacular display of shoulder pads and rhinestones. I knew it instantly: I’d marry that man one day!
At least, that’s how my husband, Robert, likes to tell the story.
down with your financial documents and the most important people in your life and reflect on the year of retirement behind you and the one ahead. Ask yourself important questions like:
“I was sitting in the front row and
In reality, while there is photographic evidence I attended that networking event I only vaguely remember Robert being there. He was just one of the committee members running the 1970’s themed event — in a ridiculous rented Elvis outfit. We didn’t become friends until about four months later — but that doesn’t stop him from telling the made-up story about my swooning over his pompadour and sideburns! Despite those past “theatrics,” Elvis and I did end up happily married a little over two years later. On March 25, we’ll celebrate 17 years of marriage, and he still makes me laugh (or at least roll my eyes) to this day. Anniversaries like these are a great time to pause, reflect on the past, and look forward to the future. Each one is a
Those conversations are some of my favorites every day. Watching
was quickly smitten by his spectacular display of shoulder pads and rhinestones.”
my clients achieve their goals and visualize their next steps is exciting. I find myself cheering you on just as I would cheer on Robert,
• Is the life I have today the
life I hoped to achieve when I retired years ago? • What bucket list items did I accomplish in the last 12 months? • Looking back on the previous year, what were a few of my favorite moments? • What do I want to achieve in my next “golden year”? • What can I do to enhance my happiness every day for the next 365 days? • Is there anything I want to do differently in my next year of retirement?
our daughter, or a close friend.
It’s easy to forget that retirement is a special time. If you’re blessed enough to enjoy it, take some time on your next “retirementaversary” to savor that pleasure, then tell me a bit about what you learned in our next meeting.
I’m fortunate to be a part of your journey!
–Krista McBeath
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What Is Healthspan? AND HOW CAN YOU IMPROVE IT
If you’re retired or about to retire, you have a new and exciting life ahead of you. You may plan to travel the world, start a home project, or adopt a pet. Whatever you decide to do in your retirement, it’s essential to ensure you have as much time to enjoy it as possible.
any activity, but ensure that your weekly exercises
are well- rounded
So, how do you make it last?
and include at least one exercise in each category.
The best way to ensure you get the most out of your life after retiring is to focus on improving your healthspan. While your lifespan is how long you live, your healthspan is how long you can do things independently with complete physical and cognitive ability. Your healthspan also impacts the quality of life left in your lifespan, and the more you invest in it, the more you can enjoy your sunset years to their fullest.
HOW MUCH YOU INVEST MATTERS. We all get busy, that much is true, but how much time you invest in your health makes a difference in how much you get on the return. Ideally, you want to exercise in one of the previously mentioned categories for 30 minutes daily. If your schedule is slammed, and exercise seems impossible to fit in, try to exercise at a higher intensity (at a level where you cannot hold a conversation during it) for at least 15 minutes a day for roughly the same results. Investing in a well-rounded exercise routine with consistent time durations can improve your healthspan for many years. While the amount of time you have left is important, the quality of that time undoubtedly matters too. When you invest in your healthspan, you’re investing in your independence!
Here’s what you can do to invest in your health now to get the highest return in the future.
INVEST IN ALL ASPECTS OF YOUR FITNESS. Exercise is always an excellent investment for a healthier life, but to increase your healthspan, you’ll need to invest in all facets of your fitness, not just cardio. To diversify your health investments, focus on strength, power (how much energy you can output in a short time), balance, flexibility, and cardio. You can accomplish this through
Here’s What I Learned Along the Way I’m Officially a Bestselling Author!
I can hardly believe it: It’s been an entire year since I published “The Generational Wealth System: A Holistic Approach to Preserving Your Wealth and Legacy”! It still feels surreal. To celebrate, I thought I’d reflect on my whirlwind authorship experience by answering a few FAQs about my book. ‘HOW DID YOU MAKE IT TO NO. 1 ON THE BESTSELLER LIST?’ Let’s be honest, I couldn’t have done it without the support of my clients, friends, family, and community. I think getting the word out before my book’s release helped it move up the charts in several Amazon categories. While new releases by Dave Ramsey and Suze Orman around the same time made it a challenge in some categories, I still made it to #1 in a few others. ‘WHAT WOULD YOU DO DIFFERENTLY IF YOU REWROTE THE BOOK?’ I’d probably change the title. My book emphasizes teaching people to take care of themselves first through wealth management and retirement planning. The current title is accurate because that approach creates a system of abundance with enough left over for the next generation. However, I think it gives the impression my book is just for the extremely wealthy.
Often when I mention the book, the initial reaction from people is that they are more interested in a secure retirement and minimizing their tax burden, first and foremost. Those are actually the exact issues my book covers! A different title might have helped get that message across. If I write another version, I may title it “Why Settle for a Retirement Plan?” ‘WHAT’S IT LIKE TO BE FEATURED ON FAMOUS TALK SHOWS?’ Well, I haven’t been on “The Oprah Winfrey Show” or “Dr. Phil,” but I did have the pleasure of appearing on Calvert & Metzler Funeral Homes locally famous show, “In the Community” hosted by Chad Sparks! Chad is a great friend and a charismatic host. You have got to see this one! McBeathFinancial.com/Sparks ‘WHAT’S NEXT FOR THE BOOK?’ I plan to host workshops and webinars based on my book. In the meantime, we’re offering FREE Lifestyle and Legacy Gift Boxes that make it easy for you to share the book’s message! If you still haven’t gotten your free copy or want to send one to a friend or family member, visit wealth‑book.com to claim your gift.
–Krista McBeath
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Welcome to our new series, “Questions for a Successful Retirement!” In the coming months, we will share important items you should consider before retiring and explain why they matter. The first question you should answer to retire successfully is “How much income will you need every month to cover your monthly expenses in retirement?” WHY BUDGETING MATTERS You likely already know this question is important, and maybe you’ve even worked with our team to answer it. But you’d be surprised how many people fail to take the same steps! According to The Motley Fool, 30% of Americans head into retirement without any savings — and of the 70% who do have funds, in our experience, few create budgets. Instead, they live each day of retirement afraid of running out of money, watching their bank accounts empty. You can avoid that fate with smart budgeting. If you already have a budget in place, please share the following steps with your friends and family approaching retirement. If you don’t, follow the steps yourself to achieve peace of mind! Retirement Question No. 1 How Much Will You Spend in Retirement?
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RETIREMENT BUDGETING BASICS To begin budgeting for retirement, add up all your current monthly expenses. You can do this easily by looking at your checking account and credit card statements. From there, group your expenses into categories like housing, transportation, utilities, groceries and restaurants, entertainment, gifting, medical expenses, and taxes. Identify how much you spend in these areas right now. Look at data for an entire year, then find averages for each category and overall monthly spending. Next, adjust your category numbers to match what you expect to spend in retirement and run the math again. Keep in mind that when you retire, some costs will drop (e.g., your housing cost will go down if you pay off your home) while some will increase (e.g., you will need to save more for taxes because income tax won’t be automatically deducted from your paychecks). Assuming the results are doable on your planned retirement income, this will give you a starting point for your retirement budget — the essential foundation of your lifestyle in retirement! Simple? Maybe, but when projecting expenses over a long period of time, such as a retirement, there can be many variables, such as inflation, increased health care costs, tax bracket changes, and more. Most find they need professional help to create effective projections. Estimating and planning for such living expenses is a fundamental part of our wealth management system. Our advanced software helps collect your data, budget, account for variables, and more. Part of that software suite is available right now! Visit our website or follow the QR code on this page to get started, and call our office to unlock even more advanced projections.
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INSIDE
1
Krista’s Elvis Love Story
2
The Investment You Can’t Afford to Skip
A Q&A With Our Bestselling Author
3
A Question to Answer Before You Retire
4
6 St. Patrick’s Day Fun Facts
SOLUTION
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.
‘Irish I Knew That Sooner!’ 6 FUN FACTS ABOUT ST. PATRICK’S DAY
Year after year, we celebrate St. Patrick’s Day with green shamrocks, leprechauns, pots of gold, and Lucky Charms, but did you know that St. Patrick was actually British? Even more surprising, St. Patrick isn’t even his real name!
HE DIDN’T BANISH SNAKES. Legend has it that St. Patrick banished all of the snakes from Ireland. In fact, even some portraits depict him doing so.
Get ready to celebrate the luck of the Irish while impressing others with some fun St. Patrick’s Day trivia.
However, fossil records show that snakes were never present in Ireland around his lifetime.
THE MAN’S BRITISH ROOTS RUN DEEP. St. Patrick isn’t Irish — he was born in Britain around the end of the fourth century. Legend has it that at 16 years old, he was kidnapped and sold into slavery by Irish raiders. After six years, he was able to escape back to Britain and returned to Ireland much later as a Christian missionary. Ireland named him the country’s patron saint after he passed away. MARCH 17 ISN’T ST. PATRICK’S BIRTHDAY. Many believe that we celebrate St. Patrick’s Day on his birthday, but it’s actually the day he died in 461 A.D. THAT’S NOT HIS NAME. As mentioned earlier, St. Patrick is not his real name! When he became a bishop, Maewyn Succat changed his name to Patrick.
CORNED BEEF AND CABBAGE ORIGINATED IN AMERICA. On March 17, everyone loads up on corned beef and cabbage in celebration, but did you know that in Ireland, they ate ham and cabbage, and the corned beef tradition actually began in America? In the 19th century, Irish Americans bought leftover corned beef from ships returning from China. THE FIRST ST. PATRICK’S DAY PARADE HAPPENED IN AMERICA. Many believe that St. Patrick’s Day was first celebrated in Ireland, but in 1737, the first St. Patrick’s Day parades actually took place in Boston and New York City.
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