McBeath Financial Group - May/June 2021

McBeath Financial Group - May/June 2021

MAY/JUNE 2021

Financial Horizons Your Connection for Wealth, Lifestyle & Legacy

McBeathFinancialGroup.com

309.808.2224

Lessons From a 57-Year-Old Tradition My In-Laws’ Story Provides a Powerful Reminder

May Day traditions have many forms and meanings, but for my husband Robert’s parents, it was a simple way to have fun and inject a little laughter into their daily lives. When Robert was growing up, on May Day, May 1, his mom would gather a bundle of flowers in a homemade basket, sneak out to the front door, ring the doorbell, and take off running! If his dad could catch her before she made one full lap around the house, then he would get a kiss! They began this tradition when they were newlyweds, and Robert fondly remembers all of the excitement and laughter it created every year. Recently, we learned that they still do this! Even though it has been slightly modified, since they’re both in their late 70s, they have carried on this tradition for 57 years! Sometimes Robert’s mom has to ring the doorbell a lot before his dad finally answers. And when he does, she will smile, a basket of flowers in her hands, and say, “I can’t run.” Sharing her excitement, his dad responds, “Good, because I can’t chase you!” Isn’t that just wonderful? All these years later, their tradition has changed as they have, but the sentiment remains the same. I’m inspired by their love and connection, but more than that, I admire the way they live. Robert’s parents have always been hardworking. His mom is nearing retirement as a hairdresser, while his dad is retired from working at a Caterpillar plant. They are an average middle-class couple who sacrificed what they could to provide a very modest yet secure retirement. Their cars may not be brand-new and they love their senior discounts, but they have all they need in life. They have always been grateful for what they have together and their family. Over the years, they’ve diligently planned for their needs and more importantly, they’ve never forgotten the important things that money can’t buy.

That’s what I hope to help my clients achieve through financial planning — regardless of what their retirement account looks like. Working in this industry involves a lot of critical, analytical thinking. Helping my clients prepare for their future takes careful planning, and I make it my personal

mission to provide the most accurate, beneficial information that will help my clients achieve their dreams. It’s a careful blend of analytical thinking combined with compassion and understanding. As such, when I examine your financial plan, I don’t just see the numbers and trends. That’s a big part of it, but what that information boils down to is the security and happiness tied into a person’s life. The goal of the financial planning we do together is to help you secure those “peak moments” with a carefree retirement, regardless of how much you have in your retirement account. Through their May Day traditions and other little actions, Robert’s parents have taught their children — and, subsequently, their grandchild — that it doesn’t matter how much money you have or make. What matters most is that your financial plan allows you to enjoy those moments, big or small. As they say, money can’t buy happiness. It can fuel the dreams you have, but sometimes, all you need is a bundle of flowers in a homemade basket to create a beautiful, lasting memory and a happy life.

—Krista McBeath

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How to Live to 99

BETTY WHITE’S SECRETS OF LONGEVITY

Exercise Your Mind In addition to her busy work schedule, what

Beloved “Golden Girls” actress Betty White is still enjoying her golden years. The famed actress celebrated her 99th birthday this January. While she told People magazine that she’s “blessed with good health, so turning 99 is no different than turning 98,” she also had a few tips for folks looking to make it to their centennial birthday. Keep Laughing “Don’t take yourself too seriously,” White says. “You can lie to others — not that I would — but you cannot lie to yourself.” White has undoubtedly provided many laughs to viewers over the years, but she’s not just playing it up for the camera. Laughter is part of what keeps her young. Be Optimistic White says a good sense of humor also helps her keep a good attitude and look for the positive rather than “dwelling on the downside.” Avoiding negativity also gives her energy. “It takes up too much energy being negative,” she told People magazine. Stay Busy With nearly eight decades of acting under her belt, six Emmys on her shelf, and over 120 screen credits to her name, White is no stranger to hard work. As she told Parade in 2018, “I just love to work, so I’ll keep working until they stop asking.”

keeps Betty White sharp? Crossword

puzzles! She told Katie Couric in an interview, “I’m addicted. An admitted addict. I just can’t put ’em down.”

Find a Cause White is a lifelong animal lover. She calls her golden retriever, Pontiac, “the star of the house.” While pet ownership itself comes with proven health benefits, White has channeled her love for animals in bigger causes. She’s been a trustee and board member of the Greater Los Angeles Zoo Association for over 40 years and has done work to help protect endangered species in the wild. Funds raised from White’s official fan club, Bet’s Pets, all go to support animal charities. Embrace Your Vices White told Parade she loves vodka and hot dogs “probably in that order,” which just goes to show that you don’t have to forgo your treats to live to 99.

Your Next Chapter Is Up to You!

Why You May Consider Working or Going to School in Retirement

As high school graduates earn their coveted diplomas this season, some may be considering a gap year. A gap year gives a graduate time to discover the best path for their future. They may choose to work at an entry-level job, try entrepreneurship, or take introductory courses to find their passion.

Community College offers a wide variety of adult learning options, including professional development courses and classes in history, cooking, wellness, theater, and more. In fact, Krista has been a regular instructor at Heartland for adult classes in investing and retirement planning!

Furthermore, working, going to school, or building a business in retirement offers you more flexibility than it does in your 20s or 30s. Your retirement savings will still support you if you want to scale back on the number of hours you work or find that your “second chapter” just isn’t the right fit. Of course, there are many factors to consider before opting for a “gap year.” There are added costs that come with school or starting a business, and the income most likely will affect your taxes and Social Security benefits. Consider this and your personal goals before making your decision. There’s no rule that says retirement has to be lived a certain way. If this article prompted any questions regarding your retirement plan, please call McBeath Financial Group at 309-808-2224.

Today’s retirees are doing the same.

By enrolling in courses or trying a new career, you open yourself up to a bevy of possibilities.

While some enter retirement with no intention of working again, others opt to spend their early years of “retirement” figuring out what they want to do next. Instead of fully retiring, they take a “gap year” to explore new opportunities. According to MarketWatch, adult education programs — which allow nontraditional students to attend college courses at a university without enrollment for a specified degree — are becoming increasingly popular in higher education. In fact, locally, Heartland

Working in retirement can offer social interaction, introduce you to new friends, and boost your monthly income. Some of our clients even choose to turn their “side hustles,” like painting or plumbing, into full-time gigs in retirement. They say that continuing to learn and keeping busy using new skills will keep you young! This includes lowering the risk of developing Alzheimer’s by creating new neural pathways, which lowers your risk of developing the disease and grants emotional benefits.

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SUDOKU

The Goldilocks Paradox

Do you know how much money you should be saving for retirement? As a financial advisor, you probably expect me to have that answer for you. However, the answer is a lot more complicated than you might think. You should save as much as possible for retirement, but how much you save shouldn’t be the question. What you should really ask is, “How much can I spend in retirement?” The lifestyle you live — and many other factors — will determine this, but there’s an interesting phenomenon that occurs among new retirees that you should consider. It’s not uncommon for people to live well below their means as they start retirement because they worry that spending money too lavishly will deplete their retirement savings. As time progresses, they discover they have more time for hobbies, travel, and dining out. It’s easy to start living beyond their means, but this could derail a retirement plan and lead to an income gap later. A good retirement plan straddles that line for you. It includes a budget that has been stress-tested as sustainable for your lifestyle, based on what you want most out of retirement. What are your guaranteed expenses and sources of income? What lifestyle do you want to live? Does one thing, like the ability to see your family, matter to you more than another item, like traveling? (As a note, retirees tend to change their plans for retirement as they ease into it. Don’t resist this! That’s perfectly normal.) How much money you have accumulated throughout your life and subsequently have saved for retirement doesn’t determine how happy or prepared you are for that next big chapter. There is no amount of retirement savings that is too high or too low; what matters most is that you have a plan that supports your spending habits. It has to be “just right” — as Goldilocks would say. Proper financial planning can help secure this, and a budget can provide you with parameters for safe spending in retirement. Partnering with an experienced, knowledgeable financial advisor can help you create a financial plan that supports your retirement goals while also providing you with peace of mind when plans change. My goal is to help you find the retirement plan that is built around your goals and “just right” for you. How Do You Know You Have Saved Enough for Retirement?

SOLUTION ON PG. 4

“Change your thoughts, and you change your world.” –Norman Vincent Peale

—Krista McBeath

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203 Landmark Dr., Unit A - Normal, IL 61761 - 309.808.2224

I N S I D E

1

What You Do With What You Have

2

99-Year-Old Betty White’s Secrets of Longevity

Retirement Is a New Opportunity!

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Striking the Right Balance in Your Retirement Savings

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Are ‘Resort Bubbles’ Safe?

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 information 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.

Are ‘Resort Bubbles’ Safe? WHAT YOU NEED TO KNOW BEFORE BOOKING YOUR TROPICAL TRIP

still requires masks, unless the visitor is in their room, dining, drinking, sitting at the beach or pool, or swimming. Then, at check-in, sanitation and temperature checks are required. After the checks, tourists are directed to an on-site clinic, where nurses ask a few questions and perform a rapid COVID-19 test. Guests are then sent to their rooms, where they must await the results. If the test comes back negative, the tourist will receive a key card and can commence with their vacation. (Some resorts set the price of lodging so that if test results are positive, then the required flight home is part of the original cost, so it’s already paid for.) Other resorts require visitors to wear tracking bracelets for 72 hours upon arrival and a negative test result. After 72 hours and a second negative test, the guest is then

permitted to leave the hotel grounds. This allows the hotel chain to track potential COVID-19 cases. These resort bubbles offer a potentially safe alternative for travel, but they don’t come without risks. A traveler could potentially contract COVID-19 while en route to the destination, and resorts that allow guests to leave the premises risk exposure. Furthermore, these precautions may not be 100% effective. However, if you are vaccinated, have COVID-19 antibodies, or feel safe to travel, resort bubbles offer a travel alternative that can be safer than traditional vacation stays. Perhaps no industry was hit harder during the COVID-19 pandemic than the travel and hospitality industry, but with the addition of resort bubbles, the travel industry looks to return to a new normal.

As vaccination numbers continue to climb and experts gain a better understanding of COVID-19, more industries are adapting. Tropical resorts in Hawaii and the Bahamas have started to host visitors in “resort bubbles,” requiring travelers to complete a series of tests before full admittance.

But are these travel options safe?

That depends on your comfort level and a resort’s adherence to the rules. According to Forbes, each resort that offers this travel package may have different rules, but the gist of each experience is the same. Each resort

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