Mindful Money Plan

Our first episode is out!! Jonathan interviews his cohost Terrie Schauer about her journey to becoming a #RealEstateInvestor and #coach and how she lives out #mindfulness. Listen to the #episode to find out more: https://mindfulwealthpodcast.com/listen-to-podcast-page/

Learn how to close the gap between the rat race and true #wealth. The mindful wealth #podcast is all about making meaningful mental improvements to manifest an exponentially richer life. Discover the secret to security, tools to beating bigger-is-better thinking, and tips to #mindful success, holistic wealth, and #FinancialFreedom.

Whether you’re in the mood to burst out the door or curl up on a couch this summer, The Atlantic’s writers and editors have reading recommendations to match. https://www.theatlantic.com/summer-reading-2021/

In a world that is market-focused and performance-driven, we focus on simple, disciplined behaviors that have a long-term impact on our lives. Develop a better relationship with #money by creating a comprehensive #financialplan that addresses your goals for the #future and leads to finding your happiness dividend. At #MindfulMoney, we’re committed to harmonizing your financial realities with the unique aspirations that set you apart.... Contact us today! https://mindful.money/contact-us

I know we are coming to the end of #WFH (Work From Home). One of the best things I discovered during the #pandemic was @TedLasso. As a fan of English Football, down-home humor, and storied thoughtfulness, I loved it and I'm excited to pick it back up again in July... Learn more about this #StaffPick here: https://abnormalreturns.com//heres-hoping-this-anomaly-pe/

It's finally here. My son Eli has released his first #album, "Waiting Patiently." I believe I have exhausted all of the acceptable ways of saying "I'm really proud of him" and "he's worked really hard on this thing" or that "I think he's actually really good." It doesn't get any more personal for me. I hope you enjoy it. Listen to @EliDeYoe's "Waiting Patiently" album here: https://music.apple.com/us/artist/eli-deyoe/1549392231... #FunFriday

Don't always look to add. Sometimes the very best solution comes through reduction. Find out why here: https://www.nature.com/articles/d41586-021-00592-0

October is the most important time of the year for Social Security recipients, primarily because it's when the SSA announces the cost-of-living adjustment (COLA) for the upcoming year. Think of COLA as the "raise" that Social Security beneficiaries receive that's designed to keep their benefits on par with inflation. For 2021, Social Security beneficiaries are looking at a good news/bad news scenario. The good news is simple: You're getting more money. The SSA announced a 1....3% COLA for the upcoming year, which for the average retired worker is going to translate into an extra $20 a month, working out to an estimated monthly payout of $1,543 a month by January 2021. Considering that prices for goods and services headed lower between March and May as a result of the coronavirus disease 2019 (COVID-19) pandemic, a 1.3% COLA is a victory for the program's 64.8 million recipients. The bad news is that 1.3% ties for the second-smallest positive COLA in history. But with inflation in shelter and medical-care services outpacing 1.3%, senior citizens are going to see the purchasing power of their Social Security income decline, once again. (Source: Fool) See more

Do you harness this power? Keep it up! Let us help you plan, today!

Time to Change Your Clocks! Daylight Saving Time ends. Unless you're in Hawaii and Arizona (except for the Navajo Nation). The territories of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands also do not observe DST.

Financial Fact Friday: HALFof Americans aged 55 and up will retire in poverty or near poverty. Older workers are losing their jobs at a faster rate, relative to younger people and relative to where they had been before than they were in the Great Recession. (Source: Market Watch)

FACT or FICTION: Social Security only replaces about 40% of working income. FACT, for many. Social Security won't cover all of your living expenses in retirement. Assuming your expenses remain the same after you leave the workforce, that creates an income shortfall of 60%. It's important for you to quantify the size of your own income shortfall at different claiming ages. That way, you know where you stand while you still have the time to address it. (Source: Kenosha News)

Pitfall of only using a 401(k) for retirement... Tax advantages are among the most frequently cited benefits for 401(k)s. Contributions are pre-tax, meaning that they are deducted from paychecks and excluded from taxable income, which allows these funds to grow on a tax-deferred basis throughout a person's career. Qualifying withdrawals are taxed as ordinary income while avoiding capital gains taxation. Tax diversification can be transformative to a portfolio, we can help.

The U.S. Census Bureau released a survey that about 60 million American households are expecting an income loss due to COVID-19 this month. Be sure to keep earmarking some monies for retirement. Yes, you need money today or the next couple of years, but frankly, you still should look out 10, 20, 30 years into the future. Remember to keep some focus on the long-term.

How does your retirement timeline look? We can help you make this timing intentional for you. Contact us, today.

Financial Fact Friday: While home prices continue to climb upward, the average interest rate on a 30-year mortgage is low by historical standards: just below 3%. To get a mortgage when you're retired can be "tricky" for some. If your tax returns don’t show enough income to qualify for a mortgage, you might be able to temporarily tap your retirement account to prove you can afford the loan. Another option may be to qualify based on assets in that account, or explore pledging assets to make the purchase. (Source: CNBC)

FACT or FICTION: The pandemic is pushing some older workers into retirement early. FACT: The labor force participation rate is falling. That means there are more people out of work who aren’t looking for a job. That could be due to a lack of available openings, childcare issues at home or folks who have simply decided to retire early. Since February, the number of employed workers over age 55 has dropped by 7%, and many will never return, said Richard Johnson at the Urban Institute. (Source: MarketPlace)

Wealth Wednesday tip #501: There are tax free retirement strategies out there! When you invest in a Roth and comply with all of the withdrawal rules, you take money out tax-free. As for Social Security, your benefits become taxable only if you have provisional income above a certain threshold. Provisional income includes half your Social Security benefits, other taxable income, and some nontaxable income such as municipal bond interest. Distributions from a Roth won't count as provisional income, so no matter how much you withdraw, it won't make your Social Security benefits taxable. (Source: Fool)

Are you ready to plan? We are here to help!

Financial Fact Friday: Only 24% of retirement-age Americans in a 2020 survey purported to be very confident that they would have enough money to retire comfortably, the Employee Benefit Research Institute reported in April. Many more were less upbeat about their financial futures. Some workers will see no option but to remain on the job when others have left the workforce. In 2019, employed Americans surveyed by Gallup planned to retire at age 65, compared with age 60 in 1995.