Mattson Financial Services - February 2022

Mattson Financial Services - February 2022

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

FEBRUARY 2022

ACRONYMS, AND WHY DO I CARE? Why You Need an Insurance Checkup

PUP, LTCi, FTI, PIP.

own peril. If the insurance isn’t enough to cover someone’s losses, they could sue you and your family and now possibly win damages that you would have to pay out of your pocket.

You may be asking what all those letters are and why do I care? Well, they’re all acronyms for types of insurance. PUP stands for a personal umbrella policy, LTCi is long-term care insurance, and FTI is foreign travel insurance. Finally, PIP stands for personal injury protection. Recently, a newer client came to me and stated that they seem to be insurance poor — that is, they seem to be paying a lot of insurance premiums. As we reviewed their policies, we detailed how many ways people can spend their hard-earned money on insurance. There’s even title insurance to protect you from someone stealing your identity so they can instigate a mortgage on your home and abscond with the proceeds. If you are insured for every possibility, you may feel the same way, insurance poor. So, it may be time to review all your insurance coverages to make sure you don’t have any overlapping coverage, or you are not missing coverage you should have in place. Clients ask all the time, “What is the best insurance out there?” In short, it’s the one in effect when you need it. Now, how many people need long-term care insurance? Statistics tell us that 1 in 2 people (age 65 or older) will use some sort of long-term care. That could be in-home care, adult day care, assisted living, or even full- time nursing care. With odds like those, LTCi may be a type of insurance worth considering. Foreign travel insurance is something I started looking into recently. Nancy and I enjoy traveling, and as we get older, things can happen. As we planned our final wishes with our funeral director, he said we might want to buy foreign travel insurance. Why? For a onetime payment of $200–$300, if you pass away outside of your home state or in a foreign country, the insurance will pay all the expenses to bring your remains back home. Though it might seem morbid to some, I like planning for the worst and accept the best outcome possible in every situation. Meanwhile, Michigan recently changed the rules for PIP (personal injury protection) insurance, allowing people to purchase lower coverage levels. While you can choose less than 100% coverage, you may do so at your

As financial advisors, we invest people’s money. Our job is to make assets grow and minimize our clients’ risks. Insurance assists us in minimizing the risk in all types of scenarios. The question is: How much are you truly at risk in different areas? One of my favorite policies to recommend to everyone is a personal umbrella policy. In basic terms, this covers you anytime an event happens, even if it’s not on your property. So, whether someone slips and falls at your doorstep, or you run over someone’s foot in a parking lot, all these scenarios are covered. Coverage generally starts at $1 million, and most personal umbrella policies run from $100 a year or so to $200–$300 at most. If you ever need it, it’s an excellent return on investment, so talk to your insurance agent and see what they recommend for your circumstances. This year, my suggestion is to get an insurance checkup. Is the coverage you have right now more than you need, or is it insufficient? Either way, you don’t want policies that will put you in financial peril.

Secondly, check your beneficiaries and make sure they’re updated — then look at new tax developments that may affect you.

We look forward to working with your insurance agent — or if you don’t have one, we can recommend a preferred provider.

Remember, the best insurance is the one you have in place when it’s needed. If you’ll never need it, then why pay for it?

–Gary Mattson

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THE IMPORTANCE OF A GOOD NIGHT

Sleep is an essential part of our lives, but it becomes even more important as we get older, as it’s a necessity for healthy aging and staying energized. Ideally, everyone should sleep between 7.5–9 hours a night, but as we get older, this becomes much harder to achieve. Health complaints, minor disturbances, and a decrease in melatonin levels make it difficult for seniors to get a full night of sleep, which can cause irritability and fatigue. In order to combat these disturbances, here are a few things you can do to ensure you get enough sleep during the night.

Build an active daily routine. Outdoor exercise and general

movement every day is good for your body, but being outside and absorbing sunlight can balance and optimize your melatonin levels, which can help you fall asleep easier. On top of exercise, try weaving protein-rich snacks and meals into your routine. Foods like light meat and nuts can improve sleep quality, and dairy foods contain tryptophan, which is a sleep-promoting chemical. Eliminate unhealthy substances. Limit your intake of caffeine and sugar throughout the day — especially right

DON’T DREAD TAX SEASON Get Your Biggest Refund in 2022

No one likes tax season, but the 75% of taxpayers who receive refunds every year appreciate the extra cash. However, many people inadvertently overpay their taxes and lose out on money they’re legally owed. Don’t let that happen to you — make sure you get your maximum refund by paying attention to the following factors. Itemization One of the most crucial decisions you’ll make when filing your taxes is taking the standard deduction or choosing to itemize deductions. Due to recent tax reforms, more people should take the standard deduction than in previous years — TurboTax and the IRS estimate that about 90% of taxpayers will get more money back by choosing the standard deduction. But if you have hefty state or local taxes, pay large amounts of mortgage interest, or donate large amounts to charitable organizations, it’s worth the time to determine if itemizing will get you a larger refund.

still claim additional tax money back. With “above-the-line deductions,” you don’t have to itemize. If you contribute to a health savings account (HSA) or individual retirement account (IRA), you might be eligible for an additional deduction. People who pay student loan interest, teachers who purchase school supplies, or individuals who pay alimony can also claim these costs above the line. Earned Income Tax Credi t People with low to moderate incomes can claim the earned income tax credit (EITC), but about 1 in 5 eligible taxpayers fail to do so every year. Some taxpayers don’t realize they qualify; others (mistakenly) decide not to file taxes because their income is below the IRS’ filing threshold. Whether you’re eligible for the EITC will depend on your income and household size, but those who qualify can reduce the amount of taxes they pay by $500–$6,000 and receive a larger refund check. This year, don’t leave any money on the table. You earned it, so it should go in your wallet. But taxes can be tricky. If your situation is complicated or you don’t know where to start with filing, see a tax expert.

Above-the-Line Deductions If your biggest refund comes via the standard deduction, you can

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Quality Sleep Promotes Healthy Aging

T’S REST

Upcoming Events March 4 12 p.m.–3 p.m. First Friday Event With a Market Update TAKE A BREAK!

before bed — for better rest. It’s also best not to drink anything about an hour before bed, so you don’t wake up in the middle of the night to use the restroom and disrupt your sleep. Regulate your sleep schedule. Keeping the same schedule for sleeping can reap immediate benefits. You will notice increased alertness during waking hours as well as enhanced memory and attention span. You may also start to feel tired around the same time every day, ensuring that you will actually go to sleep right on schedule. It can take time and patience to adjust to new habits to improve sleep, especially for the elderly. It won’t happen overnight, but the benefits that come with a better night’s sleep will have you feeling younger and healthier than ever before. If anything, you will feel more engaged and happier throughout your daily life.

RACHAEL’S

MEDITERRANEAN STUFFED CHICKEN BREAST

Inspired by DiabetesStrong.com

Ingredients

• • •

2 chicken breasts

• • • • •

10 large basil leaves, chopped

2 oz mozzarella cheese, cubed 2 canned artichoke hearts, chopped

2 cloves garlic, chopped 1/2 tsp curry powder

1/2 tsp paprika

•

4 tsp sun-dried tomatoes, chopped

Salt and pepper, to taste

Directions

1. Preheat oven to 365 F. 2. Cut a slit lengthwise to create a pocket in the middle of each chicken breast. Place the breasts on a baking sheet. 3. In a medium bowl, combine the mozzarella cheese, artichoke hearts, tomatoes, basil, and garlic. 4. Divide the mixture in half and stuff each chicken breast pocket. Using toothpicks, seal the edges of the pockets. 5. Season the chicken with curry, paprika, salt, and pepper, then bake for 20 minutes or until the chicken reaches 165 F. 6. Remove the toothpicks and serve with rice, potatoes, salad, or roasted vegetables!

Solution

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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

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F I N A N C I A L S E R V I C E S , L L C

3226 28th Street SE Kentwood, MI 49512

INSIDE THIS ISSUE

1 2

Why You Need to Know These 4 Acronyms

Quality Sleep Can Promote Healthy Aging How to Get Your Biggest Tax Refund

3

Mediterranean Stuffed Chicken Breast Mark Your Calendar!

4

Eat Smart While Abroad

**Reminder: If you have any changes to your financial situation, please notify us as soon as possible.

Investment advisory services offered through Mattson Financial Services, LLC, an SEC-Registered Investment Advisor. Insurance and annuities offered through Lakeview Financial Group, LLC. Mattson Financial Services, LLC and Lakeview Financial Group, LLC are affiliated companies.

5 Tips for Eating at Restaurants in Foreign Countries

Enjoying some food abroad? It can be tough to feel like the odd one out, and restaurant etiquette can vary widely across country borders. Here are five things to keep in mind while exploring the cuisine in new places! China While eating food in China, don’t stick your chopsticks into your meal straight upward. It brings a curse of bad luck since it reminds those in the Chinese culture of the incense that burns at funerals. It’s also bad luck in many other Asian cultures for similar reasons, including Japan and Korea. When setting down your chopsticks, let them rest on the rims of your rice bowl or on the table. Chile With the exception of bread, in Chile, you must use utensils for everything you eat! It’s considered bad manners to eat with your

hands. Even french fries and pizza are eaten with a knife and fork.

Egypt It’s never acceptable to refill your own beverage while in Egypt. It’s customary to allow someone else to do it. When your neighbor’s glass is half-empty, refill their glass, and they’ll return the favor! England Port — a sweet wine that originates from Portugal — is enjoyed in a very specific way in England. It must be continuously passed to the left side of the table until the bottle is finished. If the port is not passed, it’s impolite to ask for it. Instead, someone can ask the person who has it, “Do you know the Bishop of Norwich?” Once they reply they don’t know him, the response goes, “He’s a very good chap, but he always forgets to pass the port.”

Italy In Italy, it’s considered a cardinal sin to ask for cheese when it’s not offered to you. If you want to blend in with the locals, don’t ask for extra cheese on your pasta or — even worse — seafood!

We hope these tips help you on your next journey abroad! Bon appétit!

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