Beau Barrow  /  Glass City Federal Financial Solutions  /  1340 Arrowhead Dr, Maumee, OH 43537
419-887-1029
Beau Barrow
beau.barrow@securitiesamerica.com

Monthly News and Information for Current and Future Retirees
Presented by Bernard Barrow – MARCH 2019

QUOTE OF THE MONTH
 

“You must do the things you think you cannot do.”

ELEANOR ROOSEVELT

DEALING WITH A “surprise” RETIREMENT

For years, you have imagined the way your “second act” will unfold: when it will start, what you will do, and where you will be. Then life hands you a wild card. You are forced to retire years earlier than you planned and with little notice. How do you adjust?

This turn of events is not uncommon. The respected Center for Retirement Research at Boston College finds that 37% of Americans retire earlier than they anticipated. The big dilemma is that you find yourself potentially having to fund a few more years of retirement with a few years less of accumulated retirement savings. There are ways to respond to that challenge. Many new retirees work a little, and you might be able to find part-time or lower-paying employment, possibly with health care benefits. While not the work you once did, it can help you refrain from tapping your savings too soon. You may want to reconsider when to claim Social Security benefits. You might not want to make big consumer purchases or embark on major vacations until you are confident you can justify them, financially. You may definitely need to run the numbers again, as variables affecting your potential retirement income have changed. This circumstance could call for significant financial adjustments – and a fresh look at where you stand now in relation to your retirement savings and income objectives.
1

RECIPE

Southern Buttermilk Biscuits

[serves 9]

 

Ingredients

2 cups Southern all-purpose flour (White Lily or other brand), plus more for kneading

1 Tbsp. baking powder

1 tsp. fine sea salt

¼ cup cold unsalted butter, cut into small pieces and chilled

¾ to 1 cup buttermilk

 

Step 1

Begin by preheating your oven to 500°F. Use a rimmed baking sheet with a non-stick silicone baking sheet, lining the pan.

Step 2

Combine the flour, baking powder, and salt in a large bowl. Cut the butter into the dry mixture using two knives or a pastry cutter. Once the contents in the bowl resemble coarse meal, pour in the buttermilk and mix until it is just combined. You do not want to overwork it.

Step 3

Begin by lightly kneading the dough on a sparsely floured surface. Keep turning the dough; do this about 8 times. Avoid kneading for too long, or you will overwork the dough. Lightly flour a rolling pin, then roll the dough to ½-inch thick. Cut the biscuits with a 2¼-inch round cutter dipped in flour. Be sure to press the biscuit cutter straight down (avoid twisting it). This way, the biscuits will rise evenly while baking.

Step 4

Arrange the biscuits on the baking sheet and bake for 8 to 10 minutes. Look for a golden-brown color. Cool on a rack and serve the biscuits warm with plenty of butter and honey.

Recipe adapted from southernkitchen.com/recipes/breakfast-brunch/virginia-willis-buttermilk-biscuits.

COULD WORKING A little AFTER 70 BECOME ROUTINE?  

Some baby boomers and Gen Xers hope that they can work into their seventies. Is that hope unfounded? It may not be. Consider the nation’s shifting generational demographics, and how they may reshape the workforce.

In 2035, Americans older than 65 will outnumber Americans younger than 18 for the first time, and by the mid-2030s, the percentage of physically demanding jobs may be lower than it is now. Jobs in information and service technologies could predominate – an ideal environment for highly educated adults who see no reason to stop being productive. Many of these seniors will be aware that the longer you can put off claiming Social Security in your sixties, the larger the monthly benefits are expected to be – currently, they are projected to be as much as 75% larger when claimed at the latest possible age of 70 versus age 62. Evidence suggests that the population of employed Americans is already skewing older. As a
Forbes
article notes, the percentage of working men aged 65-69 increased 10% from 1995 to 2016; for women aged 65-69, the increase was 12%. Once again, baby boomers could defy expectations.
2

 

DID YOU KNOW?
 

The westernmost U.S. state is also the easternmost

Alaska holds this distinction thanks to the geographic position of the Aleutian Islands. Part of the Aleutians are on one side of the 180° line of longitude, denoting the eastern hemisphere from the western hemisphere, and part of them are on the other side.
3

ON THE
BRIGHT SIDE

According to the TransAmerica Center for Retirement Studies, 76% of U.S. retirees own homes. Just 28% of these homeowners have outstanding mortgages, and the median balance of those home loans is about $52,000.
4

BRAIN TEASER
 

What do the following six words have in common: fast, away, water, through, down, neck?

STUMPED? CALL 419-887-1029 FOR THE ANSWER!

Bernard Barrow may be reached at 419-887-1029 or beau.barrow@securitiesamerica.com 
www.glasscityfcu.com

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

 

CITATIONS.
1 – fool.com/retirement/2019/03/04/what-to-do-if-youre-forced-to-retire-before-youre.aspx [3/4/19]
2 – forbes.com/sites/kerryhannon/2019/03/04/reimagining-retirement-with-purpose-and-a-paycheck [3/4/19]
3 – worldatlas.com/aatlas/infopage/nsewusa.htm [3/4/19]
4 – foxbusiness.com/personal-finance/how-to-successfully-navigate-financially-in-retirement [3/1/19]

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

 

Beau Barrow  /  Glass City Federal Financial Solutions  /  1340 Arrowhead Dr, Maumee, OH 43537
419-887-1029
Beau Barrow
beau.barrow@securitiesamerica.com

Monthly News and Information for Current and Future Retirees
Presented by Bernard Barrow – FEBRuary 2019

QUOTE OF THE MONTH
 

“What I know for sure is that what you give comes back to you.”

OPRAH WINFREY

HOW CAN A WOMAN TRY to prevent outliving her money?

Certain financial decisions may help a woman grow and sustain her retirement assets across the decades to make up for time out of the workforce and the prevalent earnings gender gap. Obviously, one fundamental move would be to start saving and investing for retirement as early as possible – but other, sometimes underrecognized choices may also allow a woman to make more financial progress. 

For example, stay-at-home moms and caregivers who are joint filers can consider a spousal IRA strategy if they do not have earned income this year. They can ask their spouse to contribute up to $6,000 to their Roth or traditional IRA in their name in 2019 (up to $7,000 if they are 50 or older). This way, one spouse can make an IRA contribution on behalf of the spouse who is not working. (The working spouse’s 2019 income must be at least as much as the total IRA contributions made on behalf of both spouses.) Negotiating a higher salary becomes important, as more income should correlate to more retirement saving potential for a woman. Additionally, if a woman is retiring without a pension, but her spouse is, perhaps a survivor benefit could be arranged should her spouse pass away first.
1,2

TRAVEL Tip

Enjoy a pricy restaurant at lunch

One way to save money while sampling fine cuisine: eat lunch at a highly regarded eatery rather than dinner. You may end up with virtually the same menu items to choose from, served at about half the price they would be hours later.

FIGHTING FOOD INSECURITY 

Nearly 5 million American seniors cannot regularly go out and get the nutritious food they need to eat in order to stay active and healthy. This may have to do with a lack of money, a lack of access, or even, a lack of awareness. This problem is called “food insecurity,” and it is no small social issue. Nor is it one only poor seniors face. A report by nonprofit food bank network Feeding America estimates that 20% of older adults who are above the poverty line risk eating inadequately as well. 

If poverty alone caused food insecurity, a social remedy might be fairly simple. Other factors come into play, though: high health care costs that crimp senior household budgets, prioritizing caregiving duties at the expense of selfcare, and simple pride that makes older adults shun food assistance programs in their communities. As Next Avenue reports, only about 45% of seniors eligible for SNAP benefits choose to receive them. The U.S. Administration for Community Living and private-sector agencies have awarded several million in grants to nonprofits in urban centers and rural areas to address this problem. If you think a friend, neighbor, or loved one might be coping with food insecurity, contact the U.S. Administration on Aging’s Eldercare Locator at 800-677-1116.
3

DID YOU KNOW?
 

Cinemas once had a chapeau alert

Between the World Wars, many movie theatres had signs asking women to remove their hats during a screening. In that era, some women wore hats large enough to obstruct the view of other moviegoers. (For that matter, so did some men.)
4

ON THE
BRIGHT SIDE

Seventy-five percent of baby boomers polled for a new retirement preparedness study, conducted on behalf of
Retirement Living
, thought they would have enough money to live comfortably in their “second act” after their careers ended.
5

BRAIN TEASER
 

There is a nine-letter word starting with S and ending with G, and you can selectively remove one letter at a time from this word and still have a word in the English language, from nine letters right down to a single letter. What is this nine-letter word

?

STUMPED? CALL 419-887-1029 FOR THE ANSWER!

Bernard Barrow may be reached at 419-887-1029 or beau.barrow@securitiesamerica.com 
www.glasscityfcu.com

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

CITATIONS.
1 – investopedia.com/terms/s/spousal-ira.asp [11/21/18]

2 – kiplinger.com/article/retirement/T047-C034-S002-retirement-tips-for-a-long-lifetime.html [1/31/19]

3 – nextavenue.org/older-americans-food-insecure/ [1/31/19]

4 – mentalfloss.com/amazingfactgenerator/554068/1920s-and-30s-many-movie-theaters-had-signs-instructing-ladies-please-remove-your-hats [1/9/19]

5 – planadviser.com/boomers-far-confident-retirement-gen-xers/ [1/23/19]

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

Handing Over the House Keys in Front of a new home

You may be eligible for the “Welcome Home” grant program through the Federal Home Loan Bank of Cincinnati with Glass City mortgage loan financing. Contact our Mortgage Loan Officer, Don Kost, at 419-887-1018 and get pre-approved! Hurry! Limited funds available.

Click here for program details.

 

*Subject to credit approval, income limits, and program requirement eligibility.

 

Beau Barrow  /  Glass City Federal Financial Solutions  /  1340 Arrowhead Dr, Maumee, OH 43537
419-887-1029
Beau Barrow
beau.barrow@securitiesamerica.com

Monthly News and Information for Current and Future Retirees
Presented by Bernard Barrow – January 2019

QUOTE OF THE MONTH
 

“Always laugh when you can. It is cheap medicine.”

lord byron

Think of these factors AS YOU think about retirement income

If retirement is drawing closer, you will want to ask yourself some key questions relating to your future income. Answering these fundamental questions may help to give you a better picture of the monthly cash flow needs of your retiree household. 

The first two questions concern time. One, when do you anticipate retiring; two, how long do you suppose your retirement might last? The earlier you retire, the longer your retirement might be – and the more money it might require. Concluding your career before age 62 means living without Social Security income for a spell. Leaving work before age 65 means living without Medicare for a period of months or years. The other two questions have to do with accumulation and distribution of assets. What might your monthly household budget be in retirement? Even a ballpark version could lead to an understanding of the income your lifestyle might require. (Keep in mind that the first phase of retirement might demand more money than you think, as travel and opportunities to live the “good life” beckon to you.) Lastly, how do you stand in terms of your savings? Are you on track to accumulate enough assets to create adequate retirement income? By double-checking your progress a few years before your “second act” begins, you can see if you need to save more or work longer. These questions are central to estimating retirement income needs.
1

golf Tip

Adjust your expectations in the winter

Cold-weather golfing means accepting some compromises. When you wear rain gear or layers, your swing is restricted to some degree, and that restriction impacts the distance you get on the tee and fairway. You may need more club to reach the greens, you may have to rely more on your short game, and the course might be far from peak condition. Given all this, do not despair if the numbers on your scorecard are not as low as you would like. Be grateful for the opportunity to get out and play.

COULD A ROBOT BE YOUR FRIEND IN THE FUTURE?


At this winter’s Consumer Electronics Show in Las Vegas, several tech companies unveiled robots designed to make life a little easier for the elderly. Some of these AI products were on the edge of a launch, while others were already available.

Among the hit products were small robots conceived as friends for seniors, with price tags in the thousands of dollars. Some of the prototypes and cutting-edge products are literally small, warm, and fuzzy: they ask their human companions to be cuddled, and periodically follow them around. Others take more utilitarian roles, such as a small car on rising robotic legs; it could help physically challenged seniors get in and out of non-ADA buildings. Eldercare could get a helping hand from two other robot assistants that were on display: one could monitor heart rate and blood pressure, offer daily health briefings, and provide companionship; another was designed to warn caregivers and home health aides about doors left open and stoves left on. Expect to hear more about such potential companions in the years ahead

.
2

DID YOU KNOW?
 

A lot of words, a lot of work

When the editors of the first
Oxford English Dictionary
met in 1857, they thought it would take about a decade to complete their project. Five years later, they had only gotten to the word “ant.”
3

ON THE
BRIGHT SIDE

While about 10,000 baby boomers are retiring per day, employers have been readily hiring the ones who want to keep working. In 2018, Americans 55 and older filled 1.4 million of the 2.9 million new jobs recorded by the Department of Labor’s regular survey of households, even though they constituted just a quarter of those either working or looking for work.
4

BRAIN TEASER
 

When they are caught, they are thrown away. When they escape, you itch all day. What are they

?

STUMPED? CALL 419-887-1029 FOR THE ANSWER!

Bernard Barrow may be reached at 419-887-1029 or beau.barrow@securitiesamerica.com 
www.glasscityfcu.com

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

 

CITATIONS.
1 – kiplinger.com/article/retirement/T037-C032-S014-need-a-retirement-income-plan-start-here.html [1/7/19]

2 – telegraph.co.uk/technology/2019/01/08/tech-companies-target-ageing-baby-boomers-robot-pets-gadgets/ [1/8/19]
 

3 – public.oed.com/history/ [1/9/19]
 

4 – tinyurl.com/y78ra6kj [1/9/19]

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

 

Glass City Federal Credit Union Scholarship Information

ELIGIBILITY

Students are eligible to apply for the Glass City Federal Credit Union Scholarship if they meet all of the following criteria:
– The student will be attending a 2- or 4-year accredited post-secondary institution, during the 2019-20 school year.
– The student is a member of Glass City Federal; or a parent, step-parent, or legal guardian is a member of Glass City.
– The student submits the required essay and completes the application.
*Glass City employees, and immediate family members of employees and Board of Directors are not eligible to apply.

SCHOLARSHIP AND ESSAY DETAILS

Glass City will award five scholarships, one in the amount of $2500 (highest scoring entry); and four in the amount of $1000 each (second to fifth highest scoring entries). The scholarship will be paid to the Office of the Bursar at the colleges attended by our winners, no later than August 2019. Winners must show proof of enrollment before scholarship payment is sent. Scholarship essays will be reviewed anonymously by Glass City community business partners. The essays will be scored with attention given to spelling and grammar, content, validity and sincerity, and the applicant’s ability to answer the question.

HOW TO APPLY

Please complete and submit the application with the required essay by March 29, 2019. Click here for a printable scholarship application.

*Winners will be notified by May 1, 2019.

Important Notice regarding Electronic Deposits of Tax Returns:

Per the Internal Revenue Service, your tax return refund can only  be deposited into accounts that are in your own name, your spouse’s name or both, if it’s a joint account.

Therefore, if an electronic deposit is made to your Glass City checking or savings account and the taxpayer name and social security number do not match the name and tax identification number on your account, your refund may be returned to the Internal Revenue Service.

Click here to view our Winter 2019 Glass Cutter Newsletter.

 

Beau Barrow  /  Glass City Federal Financial Solutions  /  1340 Arrowhead Dr, Maumee, OH 43537
419-887-1029
Beau Barrow
beau.barrow@securitiesamerica.com

Monthly News and Information for Current and Future Retirees
Presented by Bernard Barrow – DECEMBER 2018

QUOTE OF THE MONTH
 

“It is wonderful what we can do if we are always doing.”

George Washington

CAN YOU PSYCH YOURSELF UP TO SAVE MORE?

You have probably spent decades saving for retirement, and you might have a decade or more of saving to go before you actually retire. At times, your resolve may be tested. The stock market may falter; household money pressures may mount; new near-term priorities may arise. What can you do to stay on point and stick with this financial commitment you have made to your future self? 

First, keep picturing the future you want. Envision the dreams and goals you want to accomplish. If you want to retire to a certain place, spend a day or a weekend there. If you imagine yourself enjoying a particular hobby or pursuit, try out that pastime today. This could reinforce the importance of retirement saving at a time when distractions threaten. Second, if you are tempted to spend more and save less after a raise or promotion, think about the opportunity cost of that choice. A $100 or $500 expenditure on some consumer good poised to depreciate is not an investment in your future, but $100 or $500 invested in equities or fixed-income vehicles could result in further progress toward your savings objective. Third, automate your saving and investing, if that is not already the case, so you never have to think about it. You can do this with an IRA, not just a workplace retirement plan. Some workplace plans offer you the option of gradually increasing your contribution rate. So, instead of merely saving for something hazy called “retirement,” save for the dreams that inspire you.
1

Health Tip

Scrub your hands when you wash them

Some people wash their hands more thoroughly than others, and thorough is good. Start by wetting your hands, then apply enough soap to get a good lather going. Then, vigorously scrub your hands, your fingernails, and between your fingers for 15-20 seconds. This scrubbing is what removes the bulk of the germs and viruses, not to mention oil and dirt.

NEW INGREDIENTS ENHANCE CULINARY TOURS

If some of your fondest travel memories center on the cuisine you have savored abroad, you may be intrigued to know how culinary vacations are taking on a whole new flavor. The new trend is toward a deep food experience: exploring the origin and culture giving birth to the food, not merely the food alone.

These trips strive to provide a memorable balance of activities, culture, and cuisine. You might ride a conventional or electric bike from one prime foodie destination to the next in Italy or Spain, fish for salmon and gather edible herbs in Alaska or the Yukon, or go clamming and cook on wild rhubarb-covered rocks in Patagonia. Obviously, trips of this sort are not cheap (think $5,000-$10,000 for two weeks, not including airfare), but they can provide a profoundly immersive experience and lifelong memories. In some areas, you can even add this kind of encounter to a vacation yourself: travel services like NOSHtrekker in Singapore help travelers dine at the homes of locals who share their interest in art, history, and other disciplines.
2

DID YOU KNOW?
 

Famous fast words

Some celebrated novels and novellas have been written with astonishing speed. Irish author John Boyne wrote the first draft of
The Boy in the Striped Pyjamas
in 60 hours. Fyodor Dostoyevsky wrote
The Gambler
in 26 days. Jack Kerouac wrote
On the Road
in three weeks.
3,4

ON THE
BRIGHT SIDE

Participants in employee stock ownership plans (ESOPs) have an average balance of $170,326 by the estimate of the National Center for Employee Ownership, which is more than twice the mean savings that workers have amassed in other kinds of employer-sponsored retirement plans. There are about 6,700 ESOPs nationwide.
5

BRAIN TEASER
 

Sharks have skeletons, yet they don’t have bones. How is this possible?

STUMPED? CALL 419-887-1029 FOR THE ANSWER!

Bernard Barrow may be reached at 419-887-1029 or beau.barrow@securitiesamerica.com 
www.glasscityfcu.com

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

 

CITATIONS.
1 – marketwatch.com/story/how-to-use-mental-tricks-to-save-more-for-retirement-2018-12-10 [12/10/18]

2 – kiplinger.com/article/retirement/T059-C000-S004-savor-the-tastes-of-local-culture-in-retirement.html [12/4/18]

3 – irishtimes.com/culture/books/first-draft-of-the-boy-in-striped-pyjamas-took-me-two-days-1.3034687 [4/3/17]

4 – independent.co.uk/arts-entertainment/books/news/in-just-30-days-you-too-can-write-a-masterpiece-2121214.html [10/31/10]

5 – plansponsor.com/workers-esops-double-retirement-savings/ [12/6/18]

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

 

Important Notices for Members with Individual Retirement Accounts (IRAs)

  • IRA balances as of December 31, 2018 are considered Fair Market Value, and will be the amount that Glass City will report to the Internal Revenue Service (IRS).
  • Withholding Notice for IRA Periodic Payments:
    We are required by law to send a Withholding Notice to any member receiving an IRA Pre/Post 70½ Distribution from the credit union. Whether or not you currently have Federal taxes withheld from your IRA Periodic Payment, no change will be made unless you contact the credit union.

    Payments from your IRA are subject to Federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, contact the credit union at 419-887-1029 for the appropriate form, or visit your nearest branch.

    Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However,  our withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

  • IRA One-Rollover-Per-Year Rule:
    Per the IRS, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including Simplified Employee Pension (SEP) and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.
    • Trustee-to-trustee transfers between IRAs are not limited
    • Rollovers from traditional to Roth IRAs (“conversions”) are not limited
    • Direct Transfers of IRA money are not limited: This change won’t affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn’t a rollover. The one-rollover-per-year rule of Internal Revenue Code Section 408(d)(3)(B) applies only to rollovers.
  • Donating IRA Contributions to Charity:
    Congress has made permanent the option of making direct contributions from an IRA to charity; therefore, if you are age 70 ½ or older, you can transfer up to $100,000 annually from your IRA to charity. Such transfers count as part of your required minimum distribution. Unlike other payouts from traditional IRAs, direct donations don’t count as taxable income, so they can’t reduce the value of your itemized deductions or personal exemptions, or trigger a Medicare premium surcharge. Of course, you won’t be able to also deduct direct IRA donations.

 

For further details, visit www.irs.gov.

 

Beau Barrow  /  Glass City Federal Financial Solutions  /  1340 Arrowhead Dr, Maumee, OH 43537
419-887-1029
Beau Barrow
beau.barrow@securitiesamerica.com

Monthly News and Information for Current and Future Retirees
Presented by Bernard Barrow – NOVEMBER 2018

QUOTE OF THE MONTH
 

“Live life to the fullest.”

ERNEST HEMINGWAY

retirEment PLANNING CONTINUES AFTER YOU RETIRE

It can be easy think of retirement planning as a means to an end: a series of purposeful meetings leading up to a life transition. This transition is not the end of retirement planning. Think of this transition (and the steps preceding it) as the first phase. The second phase focuses on managing your spending, plus enhancing your income and savings.

It may be useful to plan your spending with the “bucket” approach. In this strategy, you withdraw assets from three “buckets” to spend on present-day, near-term, and future needs. The present-day (or short-term) bucket is a bucket of cash, typically from bank accounts or short-duration, fixed-income investments, that complements Social Security and other income sources. This is a liquid resource you can tap for emergency expenses as well as everyday needs. Your second bucket is your near-term bucket, a portion of your retirement savings invested for a mix of growth and income. This bucket could help you finance your vacations, a remodel of your home or yard or a dream that emerges during your “second act.” Your third bucket, a portion of your retirement fund invested mostly with an eye toward long-range growth, can be used to address health care costs (including long-term care expenses). All the while, tweaks can be made to your retirement plan in pursuit of tax efficiency and improved income streams (one may lead to the other). According to Bankrate, 61% of Americans have no idea how much money they will need to save for retirement, and very few have probably considered how they will spend the savings they have once away from work. So the first phase of retirement planning is designed to provide one kind of clarity; the second phase, another.
1

TRAVEL TIP
 

Going abroad? Bring medications and supplements in original packaging.
In other countries, you may end up getting generics rather than brand names, and supplements and vitamins may come in different forms than you expect. Ask your physician for the exact generic names of the drugs you take. 

THE MAY-DECEMBER RETIREMENT CHALLENGE

When one spouse or partner is considerably older than the other, retirement may unfold differently for that couple than it does for others. Most importantly, the younger spouse or partner must realize how self-reliant he or she may need to be decades from now. 

If you are a Gen Xer married to or partnered with a Baby Boomer, the prime challenge may be making your own wealth last until your eighties or nineties. Your spouse or partner may have a greater amount of wealth and retirement savings than you do, but future long-term care or hospital expenses may reduce it to an extent you cannot anticipate. Consider also that you might need to retire earlier than you think, to care or simply be with your spouse or partner if he or she becomes physically or mentally frail. If you can work well into your sixties, this can be a plus, as you can maintain your own income and keep up your own retirement savings effort. If you are in your early sixties and your partner or spouse is in his or her eighties and in need of eldercare, having at least one income can help if your home needs upkeep or if you need to downsize. If you intend to retire together, your loved one may be eligible for Medicare, but you may be without any health insurance for some time (and the average annual premium for individual private health coverage was $6,896 this year, by the estimate of the National Conference of State Legislatures). These matters all deserve consideration before a retirement decision is made.
2

DID YOU KNOW?
 

Sometimes the red planet gets a blanket of white

Snow occasionally falls on parts of Mars. The snow is a bit different than that we know on Earth, however: it is not comprised of water, but carbon dioxide. As a result, there are no snowflakes during a Mars snowfall, only a kind of fog.
3

ON THE
BRIGHT SIDE

At the end of the third quarter of 2018, the average IRA balance was $111,000. That was more than double the average balance of $52,000 in 2008, according to Fidelity Investments.
4

BRAIN TEASER
 

What belongs to you, but is used more by others?

STUMPED? CALL 419-887-1029 FOR THE ANSWER!

Bernard Barrow may be reached at 419-887-1029 or beau.barrow@securitiesamerica.com 
www.glasscityfcu.com

 

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

 

CITATIONS.
1 – investopedia.com/retirement/retirement-planning-doesnt-stop-when-you-retire/ [11/12/18]

2 – washingtonpost.com/business/2018/10/29/retiring-with-big-age-gap-these-couples-share-joys-challenges/ [10/29/18]

3 – mentalfloss.com/life-on-mars-facts [11/12/18]

4 – plansponsor.com/years-positive-retirement-savings-behaviors-lead-record-balances/ [11/5/18]

Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Glass City Federal Credit Union, Glass City Federal Financial Solutions, and Securities America are separate entities.
Not NCUA Insured – No Credit Union Guarantees – May Lose Value
Trading instructions sent via e-mail may not be honored. Please contact my office at [insert phone number] or Securities America, Inc. at [insert phone number] for all buy/sell orders. Please be advised that communications regarding trades in your account are for informational purposes only. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential, and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated.