Mattson Financial Services - August 2021

Mattson Financial Services - August 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

AUGUST 2021

WHERE DO WE GO NOW? MANAGING YOUR RETIREMENT IN A POST-COVID-19 WORLD

I used the phrase “post-COVID-19 world” in the title of this article, but of course that’s not entirely true. The coronavirus is still out there and new variants continue to appear, but for the most part the high risk of death seems to be in the rearview mirror. Last year, the markets were tumultuous and emotionally charged, but now people are starting to get back to work and both the supply chain problems and ongoing shortages are decreasing. So, does that mean COVID-19 is behind us? If you’re retired or getting ready to retire, finding the answer to that question will require a little bit of homework on your part. To determine it, you need to be really honest about where you are financially and how the unwelcome surprise of the pandemic affected you emotionally. We’re going through that same process of reflection here at Mattson Financial Services. Ultimately, I’m pleased with how we handled the pandemic. We took advantage of the market’s volatility and movement, and for the most part we had exemplary returns for our clients across the board. It’s funny to think about, but when markets are good and steady our job here at Mattson is frankly quite boring. In 2017, for example, there was very little movement in our clients’ accounts and it was a nice, even ride across the board. In the 1980s, we had multiple years of that. Any time we threw money at anything, we had returns! COVID-19 was the opposite of boring. Fortunately though, my team and I had prepared for a range of opportunities we expected might present themselves. This allowed us to react quickly to the pandemic, England leaving the European Union,

cyberattacks, and wars in the Middle East that disrupted oil pricing. We were prepared; we watched and reacted appropriately for all of our clients. We made sure to harvest gains when the markets went up, and we prepared to rebalance clients’ portfolios and ready their assets to buy during market downturns. While 2020 was the perfect storm, it was also the greatest opportunity we’ve had to show exactly how we reassess client accounts, relocate those accounts, and stay patient as they grow. This volatility created great opportunities for you as an investor. It also reminded us that the financial markets are unpredictable. If you took out a crystal ball and made a guess at the future, you’d probably be right more often than I would! That’s why we position your assets to take advantage of market movements, not predict them. COVID-19 proved over and over what a successful strategy this is. We constantly realigned your portfolio throughout the pandemic, and we’ll do it again next year, when we expect markets to fully reopen and supply chains to normalize. So, what does this mean for you? In our “post- COVID-19 world” it’s time for you to assess your risk tolerance, taking into account what we do for you. You may find yourself comfortable taking risks you wouldn’t have considered in 2019. You should also examine where you are financially and how the pandemic affected you emotionally. Ask yourself, “Am I taking advantage of everything I desire?” This is the perfect time to adjust your current and future plans. If you felt bored or disconnected from the world during the last 18 months, maybe you should consider

part-time work in retirement. It’s always nice to have a few extra dollars, but such work (or volunteering) can also offer social connections and mental stimulation. Just make sure this new hobby or endeavor doesn’t cause you to owe additional taxes! If your income rises above a certain level it can create downsides for your Social Security benefits, Medicare benefits, and other taxes due to the increases that we expect to take hold in 2021. Rest assured, once those tax changes are announced we’ll go through your portfolio, examine different scenarios, and reach out to you if we need to make adjustments. We’ll also share the details of the changes with you through webinars, emails, and this newsletter, so stay tuned for that! In the meantime, remember to assess your risk tolerance, and keep us informed if anything changes for you financially. We’re here to help you to and through retirement with as little stress as possible.

Thank you for allowing us to be part of your financial plan and part of your family!

–Gary Mattson

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IT’S TIME TO DIVERSIFY YO 5 Reasons Not to Keep All of Your Mon

You’ve probably heard the expression, “Don’t put all of your eggs in one basket.” But what about “Don’t put all of your dollars in one bank”? Banking at a single institution is the default for most people, but just because something is the typical strategy doesn’t mean it’s the best

more loan options. Some banks offer high-yield checking accounts while others don’t, and online banks can have interest rates on savings accounts up to 15 times higher than brick-and-mortars. By banking with more than one institution, you can get the best of both (or three!) worlds. 2. You’ll have a backup if one bank fails. According to Bankrate, 511 U.S. banks failed between 2009 and 2020. That’s not nothing! If your bank isn’t insured by the Federal Deposit Insurance Corp (FDIC) and it fails, you could lose your entire balance, so diversifying your accounts (or choosing only FDIC- insured banks) is a good backup measure.

one for you! Here are five reasons to consider taking the road less traveled.

1. Different banks have different perks . Credit unions are member-run nonprofits and often don’t have minimum balance requirements. Traditional banks have cutting- edge financial technology and

3. You can make sure ALL of your money is insured. The FDIC only covers up to $250,000 per depositor, per bank. So,

THE ROOKIE 3 Oldest Rookies in Sports History

Have you ever felt that fate meant for you to take a different path than the one you took? In some fields, making that change is possible, or even common — as any law student can tell you, where the “average” age of students is in their 30s. But other worlds, like the world of professional sports, are less welcoming to those over 25.

three years and spitting them out, all in the name of entertainment, consider the case of another similar story that was turned into a movie, that of Vince Papale — played by Mark Wahlberg in “Invincible.” Of course, Papale — whose flag football prowess in his late 20s overrode his lack of college ball experience — signed with the Philadelphia Eagles in the 1970s. Modern football has come a long way, critics will argue. But there’s no denying the old-school toughness and tenacity Papale showed in making it to the NFL. NBA player Pablo Prigioni’s career was twice as long as either Morris’ or Papale’s was, with four years in the big leagues starting in 2012 at age 35. But basketball is arguably less demanding on the body than football and even baseball if we look at the potential damage major league pitchers can do to their throwing arm. Their careers may not have been the stuff of dreams, but these three men showed something we all like to see: tough players hanging on long past their “prime.” And they lived the dream — if only for a while. We all love that!

Which only makes for a better story when it does happen, of course.

That’s what Jim Morris discovered when he signed with a Major League Baseball team in 1999 after his 35th birthday. Morris’ life became the subject of the Dennis Quaid movie “The Rookie,” filmed just after Morris’ major league career had ended. You might think that two years is a short time in the majors, but hey, you try throwing 98-mph fastballs for hours a week, 104 weeks in a row! Besides, the careers of pro athletes aren’t nearly as long as icons like Tom Brady or Peyton Manning would have you believe. The average MLB career may be a few years longer than Morris stuck it out, but in the NFL? Most players make it less than three years and quit, depending on the position. While you’re meditating on the ethics of chewing up football players for

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OUR BANKING!

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

ney in One Place

if you have high-value accounts, depositing with multiple banks can ensure all of your money is covered.

4. The more accounts you have, the more withdrawals you can make penalty-free. Many money market and savings accounts have limits on how many times you can pull money out each month. If you bank with several institutions, you can make a few withdrawals from each of them, stay under the limits, and avoid fees. 5. You’ll have access to more banks and ATMs . Do you travel across your city, state, or the country regularly? If you do, it can be beneficial to bank with several institutions so you’re always close to an ATM or bank branch. For example, you may want to use a local credit union at home for the member benefits but bank with a national bank for out- of-state emergencies.

RACHAEL’S

EASY FOIL-GRILLED SAUSAGE AND VEGETABLES

Dinner is ready in 30 minutes with this easy, seasonal August sausage and vegetable bake.

Ingredients

• • • • • • • •

4 sausage links of your choice

• • • • • •

2 cloves garlic, grated

1 lb green beans

1 tbsp thyme 1 tsp oregano

1 red bell pepper, diced 1 yellow bell pepper, diced

1 tsp basil 1 tsp salt

1 red onion, diced 1 zucchini, diced

1 tsp crushed red pepper (optional)

1 yellow summer squash, diced

3 tbsp olive oil

Directions

1. Preheat your grill to medium heat or your oven to 425 F. 2. In a large bowl, add all of the ingredients and mix well. Divide into four equal portions. 3. Prepare four 16-inch pieces of foil and place a portion in the middle of each section. Wrap each foil piece tightly and avoid holes. 4. Grill each foil packet for 20 minutes, flipping halfway through. You can also bake each packet for 20 minutes at 425 F.

Solution

Inspired by NutmegNanny.com

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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

3226 28th Street SE Kentwood, MI 49512

INSIDE THIS ISSUE 1

Tips for Managing Your Retirement in a Post- COVID World

5 Reasons to Diversify Your Banking

2

The Rookie: 3 Oldest Rookies in Sports History

Easy Foil-Grilled Sausage and Vegetables

3

Mark Your Calendar!

Nothing to See Here: Mystery Spot Tourism

4

**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.

Nothing to See Here A History of the Mystery Spot

The most famous mystery spot is in Santa Cruz, California, but it has cousins in Oregon, West Virginia, and Michigan. Each one is inexplicable — drawing thousands of people every year to come and spend their tourist dollars. And for many, the whole thing is just one big hoax, designed to take in suckers and generate cash. Although Santa Cruz has the most visitors, it was “inspired” by the Oregon Vortex, which was a spot that had odd occurrences “documented” back to the early frontier days. From a mining office sliding off its foundation to the high presence of optical illusions, the Vortex was the home to some odd events. Naturally, the thing to do was build a structure there and start taking people’s money!

attractions” of all kinds have been the rage since people began to tour America by car, and it’s pretty clear that, real or not, these mystery spots fall into that category. That’s why many of them have updated over the years to suit changing tastes — such as the Michigan St. Ignace Mystery Spot’s addition of zip lines and other attractions. And unlike many other roadside attractions, mystery spots continue to draw attention. Something in the American psyche loves the idea of the paranormal; Google “Europe mystery spots” and you’re likely to discover lists of unique vacation destinations. Perhaps they recapture the “paradise is just over the hill” mystery that in part drove colonization of the American West.

It’s not a coincidence that these locations began to pop up at the same time as the average American got access to automobiles — “roadside

Or perhaps it’s all a bunch of hooey. The best way to decide, of course, is to visit one of these mystery spots for yourself!

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