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F I N A N C I A L S E R V I C E S , L L C
616-514-3831
www.MattsonFinancial.com
July 2019
ACE & RMD
What Do These Mean?
Converting accounts to IRAs comes with a big advantage: You can choose which IRA account you want to withdraw from. Strategic withdrawing allows you to minimize your tax burden.
As longtime clients know, we hold a charity event every year, which gives us a chance to really recognize local charities and give back.
It’s also an opportunity to have a little fun! Our ACEs (annual charity events) are typically a Vegas-inspired night of entertainment where you can leave the money at home! We supply everyone with 500 chips right at the door. All you have to do is play the games and lose chips! We usually involve four different charities at each ACE. As you play, your chips can go toward any of the charities. The charity that has the most chips at the end of the night gets a check for $1,500. I held our first event back in 1989 inmy own home. It was just a backyard barbecue. Since then, we’ve held ACEs at the Grand Rapids Art Museum, rented out the John Ball Zoo, and spent an evening on paddle wheel boats, not tomention all the other great venues we’ve rented around Michigan. This year, as we turn ACE into Vegas Night, you can expect plenty of entertainment and hors d’oeuvres. This is our way to share our appreciation of you, our clients, as well as giving back to the community. We hope you’ll reserve time to participate in our July 13 event! One more thing: We’re already planning an event for next year! The newest James Bond movie comes out next spring, so we will be renting out a theater for our clients! Now, what about RMDs? These are three letters we talk about a lot, and they’re very important. Short for required minimum distributions, RMDs are what the government requires you take out of qualified, pre-tax retirement accounts. You must start taking RMDs at age 70 1/2. Up until you turn 70 1/2, the government lets you grow this money without worrying about the tax. Then the money must come out. As a general rule, you start taking funds out at a rate of 4%. If you have different types of accounts, such as a 403(b), 401(k), or a 457 plan, as well as an IRA, you have to take RMDs out of each of these accounts. Now, if you were to convert your 403(b) or 457 accounts to IRAs, for example, you would not have to withdraw from each IRA.
What happens if you miss taking out an RMD? The IRS will hit you with a 50% penalty. Some people don’t like taking RMDs
because they have other sources of income, and taking RMDs can change their tax status. But, again, you can be strategic about it.
While we at Mattson Financial Services assist clients with their retirement accounts, it is the investor’s responsibility to make the withdrawal correctly and on time. As a courtesy, we closely follow our clients’ financial situations and will do what we can to help.
If you have a spouse taking our RMDs, and that spouse passes away, you may or may not have to continue the RMD process. If the account is left in the deceased spouse’s name, the RMDs must continue or face a penalty.
If you convert the account to an IRA in your name and are not yet 70 1/2, you do not have to continue taking the RMDs until you are of age.
The State Supreme Court made a ruling regarding IRAs that are received as part of an inheritance. Those assets can be attacked by predators and creditors. If you want to make sure those assets are protected, call us and we’ll connect you with Randall Borkus, who can tell you exactly how to keep that money out of the hands of predators and creditors! –Gary Mattson
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INSOMNIACS UNITE
Snore Report Many troubled sleepers who are able to fall asleep are jolted awake shortly afterward. The inability to stay asleep throughout the night can stem from a multitude of factors, but snoring tends to be the most common. The Snore Report app records through the night to detect any snoring sounds and then provides the user with an overview of the previous night’s recording, including an index to determine snore intensity. Using this app might not help you fall asleep faster, but it could offer helpful information about why you aren’t able to stay asleep. Sleep Cycle Alarm Clock Instead of setting an alarm to jolt you out of sleep at a specific time, choose a window of time to wake up with the Sleep Cycle Alarm Clock. The app will sense your sleep movements and ring an alarm when you’re in the lightest stage of sleep. This way, you’ll wake at the optimal time, feeling refreshed rather than groggy.
Everyone with a smartphone has heard time and time again that looking at your phone before bed is a bad idea. According to the National Sleep Foundation, “The use of electronic devices in the bedroom further disrupts the natural pattern of the sleep-wake cycle” primarily because of the blue light emitted from the screen. While most scientific data pertaining to sleep recommends you place your phone in another room overnight, those who toss and turn regardless of phone location might benefit from using technology rather than tucking it away. Here are three FREE sleep apps that might help you get to dreamland faster. Pzizz While there are many apps that claim to help people fall asleep quicker, very few are programmed to prevent sleepers from growing bored of the same monotonous soundtracks. Pzizz combines music, sound effects, and binaural beats, and an embedded algorithm generates a slightly different track each time you use it.
‘FIERCE CONVERSATIONS’
Learn How to Get Your Message Across
Those who tend to judge a book by its cover may make the mistake of associating the word “fierce”with “aggressive.” However, as a master of meaningful communication, Scott
So often, we talk to our friends, coworkers, and loved ones without actually saying anything. We’ll beat around the bush on important subjects or hesitate to bring up sensitive matters. Global business coach and best-selling author Susan Scott has set out to change that. In her book “Fierce Conversations,” Scott argues that the key to get
has found that it’s important not to force emotions one way or the other. As she observes, “If your behavior contradicts your values, your body knows.” Instead of relying on fake bravado or false modesty, the author argues it’s better that the bravery be genuine. Breaking down those social barriers to be authentic in our conversations takes true ferocity.
more out of our personal and professional relationships is to learn to lower our barriers and convey our message honestly. “Fierce Conversations” is one of those works born out of a simple idea with big implications. As the author explains it, “While no single conversation is guaranteed to change the trajectory of a career, a company, a relationship, or a life, any single conversation can.” By having the communication skills necessary to create lasting bonds, handle strong emotions, and overcome barriers, you’ll be prepared when crucial conversations present themselves.
Scott does more than simply explain why frank and honest communication is important; she gives readers the tools to get there. Having spent years as a business coach, and now as the head of a firm that trains CEOs around the globe, Scott is well-versed in the art of teaching exercises. “Fierce Conversations” is brimming with action items, tactics, and tailor-made examples of how to communicate in every situation, from board meetings to parenting. If you’re someone who likes concrete guides over vague concepts, this book will pleasantly surprise you.
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3 FREE APPS TO HELP YOU CATCH THOSE Z’S
BEWARE THESE RETIREMENT SPENDING MISTAKES
Common Financial Pitfalls
The bulk of retirement planning is spent discussing how you will save money in the years leading up to the end of your career, but that’s only half of the picture. Once you enter retirement, your focus shifts to the smartest way to divest your money for both your own enjoyment and your continued financial security. There are countless ways to wisely spend your nest egg, such as taking trips, providing for the education of your grandchildren, and more. However, this article isn’t about good ideas. Instead, let’s talk about some of the worst ways to spend your retirement funds. TIMESHARES The appeal of a timeshare seems obvious. It’s a space of your own for a few weeks of the year, and you get to enjoy a nice change of pace from your regular environment. The problem is that these properties are full of hidden costs and have been outpaced by other vacationing options. In a world where you can book an Airbnb with just a few clicks, timeshares are poised to become a relic of a past age. ONLINE SCAMS Hackers and cyberscammers love to prey on the elderly. As gross as it may sound, they know that older generations tend to be less tech savvy than their younger counterparts. You should be wary of online offers that look too good to be true. If you have even the slightest doubt, have a loved one take a look at the offer to ensure you’re not being scammed. Never provide your private financial data to a source you don’t absolutely trust. TCHOTCHKES Many of us have walked into the house of an older relative to find a room full of American Girl dolls or a display case of Candlewick glassware. Collecting can be a rewarding hobby when done in moderation, but amassing junk simply for its own sake is a waste of money and space. Make sure you’re acquiring objects because you truly want to treasure them. RUSHED RELOCATIONS In general, real estate-based purchases can be extremely beneficial for retirees. The exception to this rule is a spur-of-the-moment relocation in order to be closer to your family or a retirement community. Because real estate transactions are so expensive, it’s best to approach them with extreme care and due diligence.
The Juicy Lucy is a burger with cheese hiding in the patty, and it is a staple in Minnesota. We think it should be a Fourth of July favorite nationwide. JUICY LUCY SLIDERS LAUREL’S FAVORITE Ingredients
• • •
16 small potato rolls, toasted Salt and pepper, to taste
•
2 lbs. ground chuck beef, 20% lean 8 slices melting cheese (like American, Swiss, Muenster, or cheddar)
Your favorite burger accompaniments
•
Directions
1. Divide beef into 16 evenly sized balls. 2. Rip cheese into roughly equal pieces, creating 16 equal portions. 3. Using your index finger, create a small indentation in each ball. 4. Fill indention with cheese and pinch meat around to seal. Then gently form balls into 3/4-inch-thick patties. Season patties. 5. Meanwhile, heat a cast-iron skillet to medium-high. 6. Lightly coat skillet with oil and cook patties in batches. Brown one side undisturbed, about 3 minutes. Carefully flip and cook until desired doneness, about 3 minutes for medium. 7. Serve on toasted potato rolls with your favorite accompaniments.
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F I N A N C I A L S E R V I C E S , L L C
SAVE THE DATE! July 5 — No First Friday Event July 13 — Annual Charity Event, “A Magical Night in Shanghai”, please call (616) 514-3831 to RSVP! Aug. 2 — First Friday Event 12–3P.M. at our Kentwood Office, “Show and Shine” Car Show! Call (616) 514-3831 to register your classic car
3226 28th Street SE Kentwood, MI 49512 INSIDE THIS ISSUE
1 2
What Are ACEs & RMDs?
3 Free Apps to Help You Catch Those Z’s
Make Yourself Heard With ‘Fierce Conversations’
3 4
The Worst Retirement Spending Decisions
Avoid the Summer Heat Somewhere Cool
**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.
As the scorching summer sun beats down, it’s hard to remember that just six months ago you were shivering through the winter, whether that meant a chilly 50 F or bitter subzero temperatures. But if cooler temps sound like paradise, and a dip in the pool is no longer keeping you cool, it might be time to take a vacation somewhere chilly. Check out these three destinations to avoid the summer heat. Alaska No place says chilly quite like Alaska. Trips to Alaska can be expensive during this time of year, but when you step into that crisp air with a cool mountainous view, you’ll understand why it’s a popular summer voyage. Travelers can choose to fly or take a cruise ship, and many cities feature tourism-packed excursions. A few notable locations include Anchorage, the Kenai National Wildlife Refuge, and Denali National Park and Preserve. Iceland Just as its name suggests, Iceland can be the perfect destination for travelers yearning to get away from the unbearable summer heat. With temperatures rarely exceeding 60 F — the average high for the country — packing is easy for this relaxing vacation. Take a relaxing dip in one of the country’s many hot springs or enjoy tremendous views of the fjords. Even better, you can tour the country at any time because it’s sunny almost 24 hours a day. What could be better than a midnight hike around the fourth happiest country in the world? CHILL OUT
Relax in These Cool Destinations This Summer
Norway Just because it’s summer doesn’t mean you have to give up your skiing hobby! Venture off to Norway and experience some of their most popular summer ski resorts. After a day or two shredding the slopes, experience the popular Norwegian Opera and Ballet in Oslo or choose between numerous outdoor and indoor exhibitions. Best of all, you won’t even break a sweat, as the average temperature in Norway’s hottest month barely hits 70 F. Bordering Sweden and northern Finland, Norway can even be the beginning to a cool European tour this summer.
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