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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
September 2019
Giving Back and Getting More from Your Charitable Contributions
the IRA, it doesn’t change his adjusted gross income, but he meets the yearly requirement that started at age 70 1/2.
My daughter, Tracy Dahms, is involved in the National FFA Organization and teaches agricultural sciences and biology with the Saranac School System. Here, she is pictured with me next to a sign recognizing the “Grand Champion of Giving” as part of the Feeding America program, a program that benefits local 4H and FFA programs as well as people in need all over the country. This summer, we attended the Ionia Free Fair, and Mattson Financial Services as a whole bought and paid for a hog to go to the Feeding America program. Anyone who attends our annual gala knows just how committed we are to our local charities and how much we appreciate our communities.
This works out because he is in a position where he doesn’t need the RMD funds as he has other sources of income. This allowed him to support
his favorite causes while avoiding tax liability and allowed us to take money from his IRA and convert it into his Roth IRA, paying state and federal taxes along the way. If he had taken the RMDs and then given that money to the charities himself while still planning to do the IRA to Roth IRA conversion, this would have bumped him up to the 22% tax bracket, essentially leading to a tax time bomb. However, since he was able to give directly to charity — no withdrawing on his part — he bypassed his tax reporting and made sure that money never became a taxable event. Even better, because the charities received these funds directly, they ended up getting more money because the money didn’t go through the IRS. It’s a win-win situation. As you sit and read this, why not start making a list of charities you support? That way, when you start taking your RMDs, if you haven’t started already, you have another option for that money. You, too, can bypass the tax burden that comes with withdrawing RMDs from your IRA, all while maximizing the gift you give to the charities you know and love. It’s something we should all be thinking about as we enter this coming holiday season. –Gary Mattson
Now, it’s time to bring this fact home to you for your benefit!
No, I won’t be dropping off a pound of pork sausage at each of your homes, but I do have a tax strategy to share that’s almost as good. With this strategy, you can donate your required minimum distributions (RMDs) to the charity of your choice and maximize the tax benefits of your RMDs at the same time.
We have a client who donates heavily to his church as well as to local animal shelters and a number of other charities he is passionate about. Because he gives back so much, we set up his RMDs
in such a way that, during the first week of December, his contributions go straight from his IRA to the charity of his choice. The RMDs do not pass through his hands in any way, and all the donations go to exactly where he’s designated.
Here’s the great thing: Because the funds never went through his hands, this donation is a nontaxable event for him. When the RMDs are taken from
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STAY TONED BY LIFTING WEIGHTS AT HOME
THE ANTI-AGING BENEFITS OF FREE WEIGHTS
You don’t have to join a gym to reap the benefits though; just pick up a set of free weights and a resistance band and research how to safely use them in your own home. Bodybuilding.com recommends designing a workout routine that includes one or two exercises for each of the major muscle groups: legs, back, shoulders, arms, chest, and abs. Try 8–10 repetitions per set, but don’t push yourself to use heavy weights. Even options that are 10 pounds or less should be enough to keep you chasing after your grandchildren for years to come. One public figure who has taken the weightlifting creed to heart is Supreme Court Justice Ruth Bader Ginsburg. The documentary “RBG” shows the 86-year-old judge at the gym, pumping lightweight iron with her personal trainer, and she even walked spring chicken Stephen Colbert through her routine on “The Late Show.” Ginsburg has called her trainer “the most important person” in her life apart from her family, which is a ringing endorsement for lifting weights if ever there was one.
In her best-selling lifestyle guide “FrenchWomen Don’t Get Fat,” Mireille Guiliano advises women in their 50s to invest in a set of free weights — nothing too heavy, perhaps 3–5 pounds — in order to maintain their toned, youthful appearance and range of motion. She notes that lifting weights isn’t entirely necessary during your 20s and 30s, but it’s essential to maintain muscle tone and bone density in your later years. Though Guiliano’s evidence is anecdotal, the science confirms that lifting weights can be an indispensable aid to healthy aging for both men and women. A study published by the National Center for Biotechnology Information recommends strength training 2–3 times per week to lower your risk of health problems and preserve bone density, independence, and vitality. According toWebMD, “Muscle loss is one of the main reasons people feel less energetic as they get older. When you lift weights, work out on machines, use resistance bands, or do exercises with your own body weight (like pushups and situps), you build strength, muscle mass, and flexibility.”
BUILD A MILLIONAIRE’S LIBRARY
Book Recommendations From the Ultra Successful
experience the world we live in. Each letter is a valuable reminder that we should never underestimate our own artistic spirit.
What does every successful person have in common? They read. Avid reading is a key characteristic of the ultra successful because, through great ideas, you can learn how to achieve your full potential. If you want to be more successful in business and in life, you should definitely add these great books to your reading list. ‘Business Adventures: Twelve Classic Tales From theWorld of Wall Street’ by John Brooks Who read it? Bill Gates, founder of Microsoft
‘It’s Not About the Coffee: Leadership Principles From a Life at Starbucks’ by Howard Behar Who read it? Katrina Lake, founder and CEO of Stitch Fix Starbucks is known for its quick coffee and seasonally controversial cups, but that’s not what turned the company into a world-conquering success. In “It’s Not About the Coffee,” Howard Behar highlights the importance of company culture and the role business leaders play in helping their team members reach their full potential. ‘Creativity, Inc.: Overcoming the Unseen Forces That Stand in theWay of True Inspiration’ by Ed Catmull With AmyWallace Who read it? Mark Zuckerberg, co-founder and CEO of Facebook Ed Catmull, co-founder of Pixar, is responsible for some of the most successful animated movies in the history of cinema. “Creativity, Inc.” explores the creative process behind such films and how this process can be replicated in any industry. Forbes has suggested that Catmull’s book “just might be the best business book ever written.”
Famously loaned to Bill Gates by Warren Buffett himself, “Business Adventures”was written and originally published shortly after the stock market crash of 1962. In this book, John Brooks recorded the successes and failures of 12 major companies of the era, including Ford, Xerox, and General Electric. ‘Letters to a Young Poet’ by Rainer Maria Rilke Who read it? Jen Rubio, co-founder and president of Away
From 1903–1908, renowned German poet Rainer Maria Rilke wrote letters to a young, aspiring poet. These candid thoughts from one of the greatest artistic minds offer insights on life, love, and how to fully
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According to the Bureau of Labor Statistics, upward of 40% of people aged 55 and older are continuing to work past the normal retirement age. There are a number of reasons why people are choosing to stay employed, with one of the biggest being a lack of retirement funds, but some are also using work to keep their minds and skills sharp. In fact, most of the jobs that the 55-plus crowd goes after keep them engaged with the community and help them lead more active lives. Why More Adults Over 55 Continue to Work FINDING FULFILLMENT IN YOUR GOLDEN YEARS
CLASSIC APPLE CRISP LAUREL’S FAVORITE
The BLS categorized the jobs many older workers are currently pursuing:
What do you do when apples are in season but you don’t have time to make a pie? You opt for a crisp, of course.
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Real estate appraisers/ assessors
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Tax preparers
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Construction/building inspectors
Ingredients
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Property/real estate/ community association managers
Topping: •
Filling: •
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Crossing guards
3/4 cup all-purpose flour 1/3 cup brown sugar 1/4 tsp ground cinnamon 6 tbsp chilled butter, cut into pieces 1/4 cup pecans, coarsely chopped 1/4 tsp salt
5 lbs Granny Smith apples, peeled, cored, and chopped 1/4 cup pecans, finely chopped 3 tbsp all-purpose flour
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Technical writers
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Clergy
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These seven jobs are projected to grow between 8–14% over the next six years according to BLS data. They often pay well and don’t always require a full-time commitment. Many even offer flexible schedules, which can help older workers spend more time with peers or loved ones. This balance is exactly what many older workers are looking for, especially those who are “part-time retired.” More importantly, however, most older workers find these jobs fulfilling. They allow older folks to interact with the community and stay active, both of which, research suggests, are essential to healthy living as people age. For many, working past retirement, or not leaving the workforce entirely, can be a win-win-win: It’s a win for your bank account, a win for your health, and a win for the community.
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2 tbsp maple syrup 1 tbsp lemon juice
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Directions
1. Heat oven to 350 F. 2. In a mixing bowl, mix all filling ingredients together. Transfer to individual serving ramekins. 3. In a different mixing bowl, combine flour, sugar, cinnamon, and salt for the topping. Mix in butter until it forms lumps roughly the size of a pea, then stir in pecans. Sprinkle topping over filling. 4. Bake for 35–40 minutes, let stand for 10 minutes, and serve.
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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
106.9 FM and 1300 AM Saturdays from 7 – 8 a.m. Sundays from 11 a.m. — 12 p.m.
F I N A N C I A L S E R V I C E S , L L C SAVE THE DATE!
SEPT. 6TH- First Friday event 12-3pm - Special Presentation from your advisors, “Preparing For Your Last Paycheck,” beginning at 2pm OCT. 4TH- No First Friday event this month OCT. 21ST- Gary’s 30yr work anniversary open-house party! More details TBA NOV. 1ST- First Friday event 12-3pm - market update begins at 2pm DEC. 7TH- Client appreciation movie event, “A Beautiful Day In the Neighborhood.” More details TBA.
3226 28th Street SE Kentwood, MI 49512 INSIDE THIS ISSUE 1
Get More from Your Charitable Contributions
Stay Toned by Lifting Weights at Home
2
A Reading List for Real Success
Classic Apple Crisp
3
Why Are So Many People Deciding Not to Retire?
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An Excursion in the Pennine Alps
**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.
An Alpine Excursion
Nestled between Italy and Switzerland, Monte Rosa is the second highest peak in the Alps, making it one of the best views in either country and one of the more physically demanding ascents in the mountain range. In the late summer and early fall, tourists and locals alike tour Monte Rosa to pay their respects to the peak and to be challenged by the cross-country trek over the mountain. The full tour of the mountain is a nine-day journey that starts in Switzerland and crosses quickly over into Italy, winding its way through both countries before eventually returning trekkers to their starting point. The out-and-back path is the most popular route, though there are other ways to approach it. However you go, you’ll encounter massive glaciers, rigorous 1,000-meter ascents and descents, and breathtaking views that are sure to make this journey memorable. For accommodations, opt for charming mountain huts to immerse yourself in the true Alpine experience. You can book them in advance to guarantee your bunk and a dinner of spaetzle or lasagna, depending on which country you’re in that night. Unless you’re traveling with an experienced mountaineer, a guide is recommended for touring Monte Rosa, even if you only plan to traverse a small section of the mountain. Weather can vary greatly and change TOUR MONTE ROSA
quickly in this region, so you never know when you’ll encounter ice or snow, which can lower your visibility. Toward the top of the peak, you’ll even have an opportunity to cross a sprawling glacier, and having a guide will ensure you have the necessary equipment for a safe trip. On top of the spectacular views, you can expect a beautiful blend of cultures and an experience unlike any other on your tour of Monte Rosa. Plus, you may even get to see a few Swiss cows or mountain goats along the way!
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