What’s New at MGFS
We strive to help clients meet their ongoing goals and needs. During the second half of 2022, we continue to review accounts for potential rebalancing and tax considerations, where appropriate. For our retired clients 72 and older, we focus on required minimum distributions. We also prioritize heavy client communication, not only directly, but through educational emails and social media. Many of our clients now prefer to communicate through Zoom. Believe it or not, our retirees love it! This reduces time spent on the road, high fuel costs, and allows us to connect with great convenience.
In addition to what we are doing above, we think you would like to know the ingredients that often result in the most successful investment and planning outcomes. Our clients thrive most when they engage in at least one annual meeting (brief or comprehensive, as needed) AND either attend a physical or web-based event or read at least one of our articles most relevant to them. There is no substitute for being active in your financial wellness, especially with anticipated life changing events and during dynamic markets.
So many of you have asked questions about inflation and the implications on the economy and your financial objectives. In addition to connecting with you, over the last 6 months we started writing a series of reports on inflation, to answer your questions and provide some true, unbiased, education. We are completing our 5th of 5 reports soon. For now, you may find the reports on our blog. Just go to www.mgfs.net/blog and search for “inflation”. When the series is complete, we intend to bring the reports together and publish our second book!
We have helped many of you this year with creating personal pensions (accounts that pay through your life and your spouses, if needed), long-term portfolio tax strategies, and have expanded the asset allocation of your portfolios. We are grateful for the opportunity to serve you and for the trust you have placed in us.
Barry recently went back to school, virtually, and obtained a new professional designation from the American College of Financial Services to become a ‘Chartered Advisor in Philanthropy’ (CAP). The certification helps guide clients or donors to fulfill their philanthropic aspirations and interests in positive social impact. These matters are often overlooked or sequenced ineffectively in estate, business exit, and legacy planning. CONGRATS Barry!
Keep In Mind
We will be sending you a short email survey to ask about your impressions of our email and social media content. Please take the time to respond and help us help you best.
If you are on the move or have upgraded the means of communicating with you, let us know if you change your preferred email address or phone number. Email cbannester@mgfs.net.
Security – Always contact us if you receive any unusual correspondence regarding your accounts that you do not understand. It is always better to be cautious and let us help. Please reach out to us if your personal information is ever compromised. Importantly, please know that we have policies, procedures, and various forms of security to help you and access your accounts. For example, we must directly verify an account withdrawal with you; we cannot take written requests by mail or email, for your protection.
On the Personal Side!
We asked everyone to tell us about a memorable experience so far in 2022, and here is what they said:
ADAM – Our first half of the year was busy with work and family. We took a terrific trip to Nashville in May to pick-up our son from school, had great food and music, and checked out the Johnny Cash Museum. We also went to Ft. Myers for a super, hot, summer family vacation. Time with the family before both kids go to school was priceless!
BARRY – The coolest thing that my wife and I did this year was going on a national park guided tour. We traveled over 2,200 miles in 12 days and experienced a taste of five different national parks, in addition to many other amazing destinations. I loved them all. However, the one location that moved me the most was our short time at Mount Rushmore.
TOM – The beginning of 2022 brought the birth of my beautiful niece Emily Marie on January 27th. Post-Covid, she has brought so much joy to our family with her adorable smile that she wears all the time! Also, after rescheduling twice, my family and I were able to venture to Florida for a long weekend with my parents, with fun days at the beach, the pool, and on a boat one day.
DAN – The best part of my 2022 so far was merging the Daniel Watson Agency with MGFS. I feel relieved that I have a succession plan in place and that Tom, Adam, and Barry will take care of my clients moving forward.
CORY – Our family spent a lovely day this Summer honoring the life of our dear friend’s daughter, Eloise, who passed away this year. We happily attended the block party bash to celebrate her birthday.
#EloiseTakesOnTheWorld
We are also looking forward to our end of Summer trip to Yellowstone!
MARY PAT – My husband and I visited our daughter in New Orleans for Easter this year. We enjoyed delicious meals at more than a few of the many fine restaurants in the city. One highlight of the trip was a visit to the World War II Museum. It was a wonderful immersive experience with interactive exhibits that we found both interesting and informative.
LAURA – My big event of the year, so far, has been the Dan Watson Agency move to partner with MGFS. I will always remember my first day, Groundhog Day, there actually was a blizzard, and I showed up to the office before anyone else and was waiting in the dark at my desk to start my day. I didn’t know where the lights where!!! That is one I will not soon forget.
Always Be Researching!
Adam, Barry , and Tom recently attended a 3 day conference in July during which a series of speakers were brought in to discuss financial planning topics, investment and insurance strategies, and the economy. The goal was to help us stay focused, educated, and current in a world that is evolving quickly. One of the three speakers on the economy was CNBC financial analyst and reporter Ron Insana, pictured here with Adam and Barry. He was super smart with unique insight!
Planning Opportunity!
Roth conversions– We’ve written three quarters in a row about this strategy. It is a great potential opportunity to consider implementing a Roth conversion for a part of your tax qualified portfolio, particularly this year while the markets are down. The conversions are with discounted values and have a greater potential to recover in the future. Consider the following:
- A Roth conversion especially makes sense if you feel tax rates will eventually increase.
- Roth IRAs are not subject to required minimum distributions.
- Strategy: Prepay your IRA taxes now, and if you meet the IRS holding and age requirements, all future growth and distributions in retirement will tax free.
- Roth conversions are subject to ordinary income taxes in the year of conversion. Several partial or systematic Roth conversions can lessen the tax impact over time.
- Roth IRAs offer effective estate planning for beneficiary to receive assets tax-free.
Please Note: Roth conversions increase income and possibly taxes in the year of execution. Older individuals, while not all, should consider the potential tax impact on social security benefits and premiums increases on Medicare parts B and D.
Great Quote
“Remembering that life won’t last forever makes us enjoy it all the more today,”
by Arthur C Brooks.
Fun Money Quiz
See how money you get right, answers below.
All answers are with 4 letters. See how many you get right away. The answers will come at the very end.
- Flat round $$$$
- Borrowed $$$$
- Pirated $$$$
- Paper $$$$
- Amount of $$$$ to buy goods
- Someone with lots of $$$$
- Oldest and most globally popular form of $$$$
- Someone with little $$$$
- Mexican $$$$
- Brazilian $$$$
It's a Wrap!
Thank you for taking time out of your busy lives to read our content. While much of what we communicate to you is important and timely, we are in this together and want you to know about us, too. We look forward to speaking with you soon!
Money Quiz Answers:
1-Coin,
2-Loan,
3-Loot,
4-Cash,
5-Cost,
6-Rich,
7-Gold,
8-Poor,
9-Peso,
10-Real
