Mattson Financial Services - October 2021

Mattson Financial Services - October 2021

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

OCTOBER 2021

WHO AM I NOW? Finding Yourself in Retirement

You sat down with a competent advisor, you’ve done the math, and you know you’re not going to run out of money in your retirement. In fact, you know there’s going to be money left over to pass on to family members. You’ve worked in your industry for 40–50 years, and it’s time to say goodbye.

All those things you thought you would be doing in retirement as you were putting the dollars away and thinking about the future may be very different now.

I was in California working at age 35 when Nancy and I decided that we were going to get married. I’d known her since sixth grade (that rumor is true), but I enjoyed California and wasn’t looking forward to going back to winter. We made an agreement that after retirement, we would move back to Southern California to an area that I had fallen in love with. She’d fallen in love, too, with the beaches, cliffs, and sunsets. Fast forward 30-plus years, and we have two daughters who live within 15 minutes of us and four grandchildren, and a year ago, my mother moved from Florida back to Michigan at 97 years old. I know without having to ask that California beach-living is not going to be on my horizon. It turns out that’s okay with me. So many people reach their goals and find that the preconceived ideas of what they would do in retirement are no longer valid. Let’s face it, you’ve been producing a product, working with a team of people, or having a brand all of your life. Now, during retirement, what are you going to be doing? There are only so many hours you can use taking care of grandchildren, traveling, or even doing part-time work.

So now it’s time to evaluate a different list of assets. And for a truly fulfilling retirement, it is really about what you enjoy. In retirement, I know that I will still be getting up between 5:30 and 6 in the morning. I’ve been doing that since I was a youngster. Even when I stay up late until 1 or 2 in the morning, my body will still be getting up at 5:30 or 6. Not that I like it, but that’s my internal clock. Nancy, my wife, gets her second wind and likes to vacuum at 9 o’clock at night. So, sometimes, we’re not on the same page. And that’s okay. When Nancy retired after 37 years in the automotive industry, she looked in the mirror and asked, “Who am I now?” She had many people who depended upon her and took advice from her on a regular basis, and now she wasn’t leaving the house. For many people, this could be a time when depression sets in. So, Nancy had to assess her skills and go back to what she knew and felt good about. And she wanted to be an interior decorator. Now, she did not start up a business. Instead, she’s been helping family members liquidate estates and determine what has value, what has potential for donation, what is recyclable,

and what is junk. If you ask Nancy if she is bored, the answer is that she doesn’t have time to be bored. She found fulfillment in dedicating time to our church, giving time to our community through the arts commission, and being a fair board member. Tack on being a grandma as well as a caregiver for her mother, and you’ll see she has a full plate. The beautiful thing is that we still have time to do the things we want to do together, which includes traveling and spending time with our children and grandchildren. (Living on a lake made it possible for them to come to us as much as we go to them.) So, as you look forward to leaving the nest of a steady paycheck, health insurance, and other financial safety nets, you’ll also have to take an assessment of where you are personally. What’s going to be your fulfillment in retirement? Are you going to be grandma or grandpa? Are you going to be a volunteer?

Are you going to have a part-time job or even start a new business with your grandchildren,

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SELF-HELP BOOKS CAN’T

How Reading F

Many CEOs and other successful individuals continually espouse the benefits of regular reading. Many times, leaders read self-help books to improve their leadership skills and become more successful. This is all well and good, but even the most successful people in the world could be missing out on the unique benefits that come specifically from reading fiction. But what are those benefits exactly? Greater Empathy When a psychologist analyzed 86 functioning MRI (fMRI) studies, he found that the same parts of the brain that fire up when reading fictional stories also fire up when we’re seeking to understand the

thoughts and feelings of others. That’s because when the characters in the book we’re reading are thinking or feeling a certain way, we tend to think or feel that way with them. Less Stress and Better Sleep When we read fiction specifically, we tend to disengage from the world — and that’s a good thing! Our brains can’t always be functioning at their peak capacity. We need breaks, or else we’ll stress ourselves out and negatively affect other areas of our lives. Stress tends to keep us from sound sleep, but reading fiction before bed engages the imagination, taking us away from the stresses of everyday life before we drift off.

SO, WAIT — HOW IS CRYPTOCURRENCY TAXED? A Quick Explanation

Many people enjoy using Bitcoin and other cryptocurrency for the financial freedom that it offers — especially because there are very few fees, if any, involved. Utilizing banks and regular stocks can come along with some large fees. However, this currency still does ultimately get taxed. Here’s how! How It’s Taxed The buzz about cryptocurrency is that it is not backed by any government affiliation and is subject to little or no regulation. However, this is false. When a crypto exchange occurs, both gains and losses must be reported to the Internal Revenue Service. Thus, this is taxed just like traditional stocks and personal assets. When it comes to federal income taxes, cryptocurrency is thought of as “property” and is therefore treated as a capital asset. This means that it is subject to capital gains taxes just as stocks and bonds are. If the asset appreciates in value and you trade, sell, or use it for profit, then it will be taxed just like capital gains. However, you only owe tax when those gains

are realized. Realized gains are those that have been actualized when an existing position is sold for more than it was purchased. So, if the asset happens to depreciate in value and it is traded, sold, or used at a loss, you may be able to subtract the loss from other capital gains to reduce your taxes. Calculating Taxes on Cryptocurrency Gains and Losses To determine your taxes on cryptocurrency, compare your net proceeds to your cost basis. You also must take into consideration the length of time that you owned the asset. This information is crucial for figuring out the type of capital gain or loss you recognize. Some gains or losses are determined to be “short term,” typically a year or less, and others are “long term,” more than a year. It is important to note that you can offset your capital gains with capital losses. Tracking your crypto gains and losses is crucial for staying on top of everything when tax season rolls around. As always, you can turn to your trusted financial advisor for professional assistance and advice.

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T DO IT ALL

Upcoming Events Join us at one of our financial webinars or other fun events. Visit MattsonFinancial.com/events to stay up to date!

Fiction Can Benefit You

More Comfort With Uncertainty Even though many stories (particularly those portrayed in popular movies) have nice happy endings, most people would agree that life sometimes leaves things a little more open-ended. While this fact might stress out some people, researchers have discovered that fiction readers don’t need “cognitive closure” as much as nonfiction readers. Greater Happiness Even if none of the benefits of fiction interest you, everyone wants to find ways to make themselves happy — and for many, that is reading fiction. According to one survey, 76% of participants said that reading makes them feel good and improves their lives. So, what are you waiting for? Dust off that novel you’ve been meaning to read and crack it open!

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as we’ve had several clients do? They know they have financial flexibility, and they get the enjoyment of spending time with the grandchildren and teaching them business skills. That was something that was never even on their radar when they talked about retirement. I even have one couple that sold all their worldly belongings. The few things they wanted to keep as mementos, they parked in one of the children’s basements. Now, they travel through Europe to a new city every 30 days, just carrying two small bags and an electric frying pan. They find comfort living in a new city and really entering into the lifestyle and culture. They fly back for holidays and share their experiences. The first thing to do is to take an assessment of what you enjoy. These are the golden years, so while your health is good and your mind is capable, you have a lot of opportunities. More importantly, you have a lot of knowledge that you can share. I know growing up, it was easier listening to my grandparents give advice than my parents, especially in my teenage years.

NADA’S

SLOW COOKER SQUASH, KALE, AND SAUSAGE SOUP

This healthy, savory soup is the perfect lunch for a cool fall day.

Ingredients

• •

1 tbsp vegetable oil

• • • • • •

Salt and pepper, to taste 4 cups chicken broth 1 tsp smoked paprika 1 tsp Italian seasoning 3 cups kale, chopped 1 tbsp red wine vinegar

4 Italian chicken sausages, sliced to bite-size pieces

• • •

6 cloves garlic 1 onion, chopped

6–7 cups butternut squash, peeled and cubed

Directions

So, who am I? Make the assessment and decide who you want to be, then allow your assets to help fulfill your new goals.

1. In a large pot, heat oil over medium heat. Add sausage and cook 4–5 minutes, stirring often, then remove from the pot and set aside. 2. Add garlic and onion to the pot. Sauté 4–5 minutes. Add squash, salt, and pepper. Sauté 8 minutes. 3. In a slow cooker, combine sautéed vegetables, sausage, chicken broth, and seasonings. Cook on low heat for 3 hours and 30 minutes. 4. Open the pot and add the kale. Cook another 20 minutes, then add the red wine vinegar and stir to combine. Cook 10 more minutes, then serve and enjoy!

October is the month of wearing masks. Some of us get to be the police officers, doctors, or superheroes we wouldn’t be any other time of the year. Halloween is only one day out of 365, but retirement is a long time. Now it’s time to determine who you’re going to be.

–Gary Mattson

Inspired by SugarAndSoul.co

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INSIDE THIS ISSUE

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Ask Yourself, ‘Who Am I Now?’

The Unique Benefits of Reading Fiction How Is Cryptocurrency Taxed?

Slow Cooker Squash, Kale, and Sausage Soup Mark Your Calendar!

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3 Haunted Destinations to Visit This October

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**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.

Ghosts Across America 3 Haunted Spots Every Ghost Believer Will Love

October is one of the best months for travel in the U.S. With mild temperatures and gorgeous, colorful leaves everywhere, there’s no better time for a cross-country road trip. Add some Halloween flair to your October vacation with these three ghostly attractions.

into the local fascination and hosts regular walking ghost tours and ghost hunting classes.

Stay a while at Hotel Monte Vista in Flagstaff, Arizona.

Guests at Hotel Monte Vista have often enjoyed long stays at the downtown Flagstaff, Arizona, hotel, but not everyone leaves. Constructed in 1927, the hotel is host to a number of reported ghosts. The most well-known is an elderly woman who would spend hours rocking in the chair in her room. Today, her chair can be found moving on its own. Another popular visitor is the ghost of a bellboy who knocks on doors and announces that room service has arrived — only, no one’s there.

Visit the most haunted town in the U.S. — Waynesville, Ohio.

Sure, New Orleans may have a spooky past, but it doesn’t compare to Waynesville. Many residents and visitors think this Ohio town is rife with ghosts. You may hear cries to “hurry up” at The Hammel House Inn, where many tunnels for the underground railroad came through, or you could see the apparition of a businessman from the 1800s who “never checked out.” Other sources report hauntings at the town’s historical society, Museum at the Friends Home, including a little girl who moves toys and sits on the porch. The society leans

land that spreads across seven counties in New Jersey — and its most famous resident isn’t human. The Jersey Devil has a long, storied history and is said to be a combination of many animals: Its body is shaped like a kangaroo with wings. It has the head of a dog but the face of a horse. The creature is believed to have had a sickly start to life in 1735 and has stayed to haunt the forest’s inhabitants and even those who visit the area today.

Is there a monster in Pine Barrens, New Jersey?

This one’s for those who love mysterious creatures. Pine Barrens is a mass of forested

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