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CFL Newsletter Example Flipbook PDF
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N EW FOR
2019
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JANUARY/FEBRUARY 2019
NEWS YOU CAN USE
Health Care Costs a Top Concern in Retirement Living to a ripe old age brings with it many milestones and memories. Unfortunately, it also can come with significant medical expenses. The longer we live, the more likely we are to incur them.
Feature Article: A recent survey of affluent, older adults Customize with conducted by the Nationwide Retirement your own article Institute revealed 64 percent are “terrified” issue. thateach significant health care costs could derail 1
their retirement plans. Consider:
• 27% say they couldn’t cover more than $1,000 in unplanned expenses • 44% couldn’t cover more than $4,000 • 60% couldn’t cover more than $5,000 Adults age 50 and older with at least $150,000 in household income report they plan to use a wider array of resources like [COMPANY NAME]
Medicare to cover medical expenses than current retirees do (71 percent vs. 59 percent). For those nearing retirement, developing a plan for health care costs should be a priority. And yet, more than half (52 percent) of those who have a financial advisor say they haven’t discussed such a plan. It’s never too early — or too late — to explore strategies that can help ensure health care expenses don’t undermine a retirement income plan.2 1
Insurance News Net. June 26, 2018. “Survey: Wealthy Americans Fear Health Costs Could Derail Retirement.” https://insurancenewsnet.com/oarticle/even-affluentamericans-are-concerned-about-health-care-costs-and-theirimpact-on-retirement-plans#. Accessed Oct. 6, 2018. 2 Ibid.
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THAT TIME OF YEAR
Snow Garden: Flowers for Winter With a little effort, harsh, cold winters can still harbor a bit of seasonal color in your flower beds. If you live in an area that is not prone to an all-winter freeze, the following are some cold-hardy flowers you can plant to provide a splash of color Feature Article through late winter.1
and Image: Pansies — This vibrant, You may provide the soft-petaled flower is hardier than it appears. image and content Choose from a vast array of colors each issue. and watch for them to bloom in
planters and in the ground even after the occasional freeze. Ornamental kale — As hardy as it is beautiful, this leafy foliage boasts rich shades of lavender, rose, white
and creamy yellow from autumn through spring. They can grow to 2 feet tall and are ideal for lining porches, patios, sidewalks and entryways. English primrose — Most primroses bloom in spring or summer, but the English primrose is also an excellent choice for winter color. It features circular flowers either alone or in clusters in a wide spectrum of colors that grow 8 to 12 inches high. Snapdragon — Add height as well as color to your winter garden. Snapdragons can grow up to 3 feet tall and bloom all winter long in milder climates.
Stock — This old-fashioned favorite can come in a variety of colors and sizes. Ranging from 1 to 3 feet tall, these sweet-smelling flowers perform best in full sun or a light shade. Take your pick of white, pink, red, purple, blue, yellow and cream. Winter jasmine — Although not featuring the scented flowers of its summer brethren, winter jasmine shrubs showcase a flood of willowy stems with bright yellow flowers and dark green, glossy leaves that can be trained along a trellis or up a wall. 1
S unset. “17 Best Plants for Cool-Season Color.” https://www.sunset.com/garden/flowers-plants/ best-plants-for-winter-color#winter-color-kale. Accessed Sept. 12, 2018.
[Investment Advisory Disclosure]
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Content prepared by Kara Stefan Communications and Advisors Excel. We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.
Belgian chocolate and waffles. If you’re heading toward southern Europe, make a stop in Lucerne, Switzerland, for its namesake Swiss cheese and over to Vienna, Austria, for its famous apple strudel.
Fine Dining Destinations
Going further south, check out Bologna, Italy, for handmade tortellini and tagliatelle pastas and mortadella and other choice meats. In Florence, complement local truffles and asparagus with some of the world’s finest olive oil. In Venice, order the fried sardines marinated with onions, pine nuts and raisins.
Planning a vacation in Europe? It’s always a good idea to bond with the locals and find out what restaurants, cafes and eateries they recommend. However, you may not know what to order once you get there.
If you journey to Portugal, Lisbon is known for its Pasteis de Nata, an egg tart pastry lightly dusted with cinnamon. Another popular culinary destination is Porto, home to some of the finest seafood in the world.
THE GOOD LIFE
The following is a brief rundown of favorite destinations known for local culinary delights. Also, keep these specialties in mind when browsing local farmers markets and grocers.1
HOW TO ...
Traveling to France? You can hardly go wrong for gastronomy tourism. The Dordogne Valley boasts truffles, strawberries, walnuts, cheese, lamb, duck, chestnuts and foie gras. Venture to the city of Aix-En-Provence for traditional fruited candy sweets (Calissons) and to Paris for exquisite French pastries.
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TheStreet.com. Aug. 28, 2018. “Eat Your Way Through Europe: Best Places for Foodies.” https:// www.thestreet.com/personal-finance/eat-your-waythrough-europe-best-places-for-foodies-14692980. Accessed Sept. 24, 2018.
Further north in Amsterdam, order Gouda and Dutch cheeses; in Bruges,
…Eliminate Expensive Habits • Take advantage of loyalty programs at local stores where you shop often; otherwise you’ll needlessly spend more than other customers.
If you’re trying to cut back your spending in the new year, here are a few tips:
• Fight the impulse to buy something just because it’s new, like the latest smartphone. • Don’t sale shop for things you don’t need, even if it’s Black Friday, Cyber Monday, Super Saturday or Free Shipping Day. • Don’t pay fees to use a credit card or checking account — there are plenty of good ones that are free or require only a minimum deposit (which you can consider emergency savings).
• Eschew clipping coupons, which research shows makes us more likely to buy something we don’t need, purchase a more expensive product or more items than we normally would.1 1
J acob Wolinski. Value Walk. Oct. 5, 2018. “The Digital Coupon Revolution.” https://www.valuewalk. com/2018/10/digital-coupon-vs-discount/. Accessed Oct. 10, 2018.
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DOLLARS & SENSE
Life-Cycle Financial Planning How do you judge how well your investment plan is doing? Do you compare its annual performance to similar benchmarks? Do you have a specific target you want to reach before retirement? Or, are you more concerned with how your overall financial strategy will provide for your daily, monthly and annual expenses throughout retirement? Some people focus on their return on investment rather than the return on their lifestyle. However, life-cycle economics is a branch of economic study that can inform financial planning, focusing on investor objectives by taking into consideration potential variances in their personal life cycle.1 We tend to automate our savings through work plans, saving a certain percentage of income each year until retirement and perhaps increasing that percentage as we receive subsequent pay increases. However, the reality is, during some cycles of life, we may be able to save even more, such as when each subsequent child moves out and becomes financially independent. Consider other variables such as: • How much a couple can save with only one child versus when they have additional children • How much money is necessary for a family vacation including children versus for an empty-nest couple • Spending reductions related to children no longer living at home (e.g., clothes, activities, entertainment, family cellphone plans, health insurance, auto insurance, maintaining an extra car)
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On the other side of that equation, spending tends to ebb and flow during retirement as well. In the first phase, many retirees spend more money as they embark on travel and hobby pursuits. During the middle phase, those expenses tend to wind down as retirees spend more time at home. At the latter stages of retirement, individuals may need more money to pay for health and long-term care but may cut back on other types of expenses such as maintaining cars and auto insurance. From the outset, a key variable in financial planning is assessing an investor’s level of risk aversion. However, instead of gauging response to a percentage decline in the market, the lifecycle perspective involves converting that percentage into portfolio dollar terms. In other words, how would an investor with $100,000 in assets under
management react to a loss of:2 • $25,000 (the equivalent of the 25% loss following the dot-com bubble) • $50,000 (the 50% decline during the Great Recession) • $75,000 (the 75% decline during the Great Depression) Not surprisingly, investor responses typically vary based on age and amount of accumulated assets.3 A focus on the life cycle involves projecting spending levels and anticipating variability and the potential for disruption risks, such as divorce, disability or the death of a spouse. 1
J oe Tomlinson. Advisor Perspectives. July 2, 2018. “Insights from Life-Cycle Financial Planning.” https://www.advisorperspectives.com/ articles/2018/07/02/insights-from-life-cyclefinancial-planning. Accessed Oct. 11, 2018. 2 Ibid. 3 Ibid.
THE SCOOP
A Common Key To Success Author Tim Ferriss gained fame after the success of his first book, “The 4-Hour Workweek.” In subsequent studies on productivity, Ferriss interviewed 140 successful people at the top of their fields, ranging from sports to economics. He was struck by one consistency among nine out of 10 of those surveyed: They began their day with some form of mindfulness or meditation practice.1 Meditation involves quiet, still reflection during which time a person looks inward and trains the mind to ignore itinerant thoughts and emotions. By developing mindful strategies within a contained environment, people can better control thoughts and emotions during periods of high stress. For highly successful people, this practice
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has provided a means of finding inner peace, reducing anxiety and focusing their attention. The mental and physical practices of meditation, yoga, tai chi and other mindful exercises have permeated mainstream America. They are practiced in an effort to find meaning and purposefulness in a world increasingly cluttered with priorities, overstuffed schedules, and demands on our time and money — leading to overwhelming stress.
flight response. Both the National Institutes of Health and the American Heart Association have endorsed daily meditation as effective at reducing blood pressure and stress levels.2 1
Scientists have conducted studies producing tangible evidence that mindfulness and meditation activities have a positive effect on the amygdala — the part of the brain that controls emotions, memory and the fight or
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ichard Feloni. World Economic Forum. Nov. R 28, 2017. “Here’s what 140 successful people had in common.” https://www.weforum.org/ agenda/2017/11/heres-what-140-successful-peoplehad-in-common. Accessed Sept. 27, 2018. 2 Ibid.
BRAIN GAMES
15 Up Game Rules Use a pen or pencil to draw the boundaries round groups of cells to make the region add up to fifteen exactly. The regions can be any shape as long as all the cells touch each other (but not diagonally). There is only one way to achieve this.
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- GET THE AC SERVICED. Sure, you may not need it for a few more months, but scheduling an AC check during the winter means you’ll pay less, wait less time for an appointment and ensure your air conditioner is working when the warmer months roll around. - C H E C K B AT T E R I E S I N S M O K E A N D CARBON MONOXIDE DETECTORS. Your home maintenance list should include regular checks of the batteries in all detectors – helping you avoid that annoying “lowbattery” chirp that always seems to disturb your 2 a.m. slumber.
—Y O U R WINTER (HOME)
WORK LIST The winter months may have you cooped up inside, but that doesn’t mean the home maintenance projects halt until spring. Here are a few things you can check off your list during the colder season.
- T E S T Y O U R S U M P P U M P. If you have a sump pump, it’s good to make sure it’s working properly before the spring rains have it working overtime. The typical lifespan of a sump pump is about 10 years. - GET READY FOR STORMS. Whether it’s an ice storm in winter or a bad thunderstorm in summer, you need to be prepared. Gather items for a survival kit, including flashlights, a battery- or solar-powered radio, drinking water and other items you might need. Don’t forget the batteries! - CHECK FOR LEAKS AROUND YOUR HOME. You might already know about the window that’s drafty, but other areas can leak, too. Inspect for cracks and gaps that may be causing leaks, including electrical outlets, attic hatches, vents, fans and door frames. - DEEP CLEAN. We usually think of it as “spring” cleaning, but who wants to spend the day indoors when it’s beautiful outside? Use this time to wash bedding, clean ceiling fans or clean the oven that’s warmed your comfort food all winter.
CENTER STAGE
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Convergent vs. Divergent Thinking Scientists have identified two primary categories of thinking: convergent and divergent. These patterns of thought influence how individuals perceive the world and help drive the way we problem solve and make decisions.1 Convergent thinkers tend to be more “book smart.” When a question or problem emerges, they scan vast stores of existing knowledge to generate a finite number of choices to solve a problem, then assess all relevant variables to choose the best option. Convergent thinkers are organized, logical and accurate. Not surprisingly, most standard IQ and achievement tests are designed to measure convergent thinking.2 Divergent thinkers, on the other hand, do not rely solely on previous knowledge; they push boundaries to explore new possibilities that may not be readily apparent. We often call this “thinking outside the box.” Not only does divergent thinking enable creative problem-solving, but it can produce free-flowing new ideas with uncommon speed. Another trait of divergent thinkers is that they do not necessarily seek the single best solution but rather as many viable solutions as possible.3
If you’re a divergent thinker, you may not come up with your best ideas in a group setting. In fact, new research has found that there is a strong link between creativity and solitary activities and that all thinkers tend to be more creative when alone rather than in groups.4 arcel Schwantes. Inc. Aug. 7, 2018. “How Can You Be Sure You’re Really M Creative? Look for This 1 Rare Sign (and Ask Yourself 3 Questions).” https://www.inc.com/marcel-schwantes/how-can-you-be-sure-youre-reallycreative-look-for-this-1-rare-sign-and-ask-yourself-3-questions.html. Accessed Sept. 27, 2018. 2 Ibid. 3 Ibid. 4 Andreea V. Learning Mind. August 3, 2018. “What Is Divergent Thinking, How to Find If You Have It & How to Develop It.” https://www.learningmind.com/divergent-thinking. Accessed Nov. 2, 2018. 1
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BAKED PLUM PUDDING Unsalted butter (to grease pan) 8 plums, cut into thin wedges (any type will work, but prune plums are recommended) ¾ cup granulated sugar, plus more to dust pan
3 large eggs 1½ cups half-and-half 2 teaspoons vanilla extract ½ cup all-purpose flour ½ teaspoon kosher salt Powdered sugar
1. Preheat oven to 400°. Butter a 2-quart baking 3. Let custard sit 10 minutes, then pour over dish, then dust with granulated sugar. Arrange plums. plums in dish. 4. Bake pudding 15 minutes, then reduce oven 2. Pulse eggs and ¾ cup granulated sugar in a temperature to 350°. food processor. With the motor running, stream 5. Continue to bake until custard is golden and in half-and-half and vanilla. Add flour and salt; set, 20 to 25 minutes longer. pulse to combine. 6. Let cool slightly, then dust with powdered sugar.
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