NOV D E C 2022

NEWS YOU CAN USE

Think You’re Too Smart to be Scammed? Financial scams are more prevalent than ever with consumers losing more than $5.8 billion in 2021 – an increase of more than 70%.1 The uncertainties of the day have made it easier to manipulate and con people; it’s why financial fraud spiked during the pandemic2. It's not all bad news, however. If you know what modern cons look like, you can easily avoid them. 1. IMPOSTER SCAMS Imposter scams involve someone posing as a person you trust - the government, tech support or even a family member. Always be suspicious of out-of-the-blue callers or new online "friends" requesting wire transfers, payments by gift cards, or access to your computer.

2. IDENTITY THEFT Credit card fraud is the most common type of identity theft, followed by loan fraud and bank fraud. To safeguard your personal information shred sensitive documents, regularly change your passwords, and monitor your credit report routinely. Address any suspicious charges or new accounts as soon as possible. 3. PRIZE SCAMS You've just won! But you have to pay some fee or share some personal information to collect your prize. Legitimate sweepstakes and lotteries never require payment for prizes you've already won. Greg Iacurci. CNBC. “Consumers lost $5.8 billion to fraud last year – up 70% over 2020.” 1

Greg iacurci. CNBC. “Coronavirus scams, feeding off investor fears, mimic fraud from the 2008 financial crisis.” March 21, 2020. 2

THAT TIME OF YEAR

4 Powerful Money Lessons 1. Accountability is Key Financial accountability requires planning, routine check-ins, consequences, and a commitment to try again when things don't go your way. Example: If I don't hit my next target for my financial goals by XX/XX, I'm going to find an accountability partner to help me stay on track. 2. Pay Yourself First Make your savings, retirement, and insurance mandatory expenses and re-order your other spending around these financial priorities. Example: "I'm going to automate monthly deposits into my savings, retirement, and health savings accounts. And I'm going to check in on those deposits quarterly to see if I should make any adjustments.

Example: To get a better work-life balance, I will not check work emails after a certain time every day. 4. Don't Be Intimidated by Your Money You do NOT need to be a personal finance pro to make smart choices for your future. A solid strategy, commitment, and a willingness to learn can go a long way towards financial success. Example: "I'd like to get a better handle on tax planning or retirement planning, so I'm going to take a class or talk with a professional. We have to practice life’s important financial lessons to make them actually work for us. And the lessons we need the most can change at any point. After all, in life and finance, things can change quickly. If or when that happens, you don’t have to jump into any decision blindly or stand at the crossroads alone.

3. Money Isn't the Only Thing Wealth gives you options, but money alone won't fulfill us. Time, relationships, and our well-being can matter far more than money when it comes to our long-term happiness.

Content prepared by Advisors Excel and Snappy Kraken 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. 08/22-2350110C

SMART INSIGHTS FROM FINANCIAL PROFESSIONALS

Get Ready, Get Set,

Retire

You may be able to retire right now. Lots of people are, without even realizing it.

They just need an income plan to start enjoying all the benefits that retirement has to offer. By CHARLES DZAMA, INVESTMENT ADVISER REPRESENTATIVE CD Financial

One of the perks of being a financial adviser is talking to clients after they’ve retired and sharing in their happiness. It’s a pleasure to witness the transformation of so many retirees as they recover from the stress of working, commuting and always rushing. It’s also a privilege to have helped them craft the plan that helped them reach their lifestyle goals.

IT’S AN OPPORTUNITY TO IMPROVE YOUR HEALTH I recently ran into a client who retired in his late 50s, and the change in his appearance from the last time I’d seen him was startling. The stress in his eyes was gone; he was relaxed and couldn’t stop smiling. This was a guy who wanted a way out of the daily grind for himself and his wife. They were shocked when they realized — thanks to a written income plan based on the couple’s goals — that they could retire.

That’s especially true when it’s clear the person was eager to retire, and would benefit from doing so, but didn’t think it was feasible. For those folks, a comprehensive retirement Well, sort of retire. He wanted a job working by the beach, and plan is like a permission slip to exit the rat race and enjoy life. he’s now a food runner assisting the waitstaff at an exclusive

oceanside restaurant. It provides some income to supplement what he has from his savings, and he loves it. He also plays softball every week, keeping him fit and happy.

I always hope people will make the decision to start their retirement journey as they feel ready, without putting it off unnecessarily. From what I’ve seen with my own clients, Transitioning to retirement with a part-time or less taxing job retirement comes with several benefits for your wellness and is often a healthy step. For instance, I have another client who your happiness. Get Ready, Get Set, Retire Continued on page 5

Originally published on Kiplinger.com

DOLLARS & SENSE

A Living Legacy Let’s face it: Sometimes you don’t want to wait. It’s especially true when it comes to giving gifts; we want to see someone receive and use the gift we’ve given them. The good news is the IRS allows you to gift money to an individual, generally, without creating additional taxes for you or the recipient. The gift not only allows you to help someone out, but also reduces the amount of money in your taxable estate. For 2022, a parent can gift each of their children $16,000 with no tax consequences. A spouse can also gift that same individual $16,000, for a total of $32,000.1 As a hypothetical example, Rick and Rita have a daughter, Sarah, and a son, Tim. Rick and Rita can give a combined $32,000 to Sarah without taxes being owed. They can also give $32,000 to Tim, for a total of $64,000 given their children tax free. Other types of gifts are also considered nontaxable. The IRS allows you to pay tuition or medical expenses for another individual under the educational and medical exclusions, but the payments must be made directly to the providing institution. Gifts to your spouse or

to a political organization are also not taxable. Gifts to qualifying charities are deductible, as long as you itemize your deductions.3 2

Starting at age 72 (or 70 1/2, if you turned 70 1/2 during or before 2019), you must generally take required minimum distributions (RMDs) from IRAs and other qualified accounts. You may be able to have your RMD directed to a qualified charity and avoid having to recognize it as income.4 You can also consider donor-advised funds, which allow you to forgo capital gains taxes. With a donor-advised fund, you can donate gains on stocks and claim immediate charitable deductions on the value of those donations. There aren’t any RMDs — you control when you would like to donate.5 Giving can be a great way to communicate your values and goals and doesn’t always have to be blighted by taxes. To help you get closer to giving on your own terms, talk with your financial professional who can help you strategize the proper timing and vehicles for your unique situation.

This is a hypothetical example provided for illustrative purposes only; it does not represent a real life scenario, and should not be construed as advice designed to meet the particular needs of an individual's situation. IRS. May 2, 2022. “Frequently Asked Questions on Gift Taxes.” https://www.irs.gov/businesses/small-businessesself-employed/frequently-asked-questions-on-gift-taxes. Accessed Aug. 3, 2022.

1,2

IRS. March 19, 2022. “Topic No. 506 Charitable Contributions.” https://www.irs.gov/taxtopics/tc506. Accessed Aug. 3, 2022.

3

IRS. Sept. 30, 2021. “IRA FAQs - Distributions (Withdrawals).” https://www.irs.gov/retirement-plans/ retirement-plans-faqs-regarding-iras-distributionswithdrawals. Accessed Aug. 3, 2022.

4

5 Bob Carlson. June 26, 2021. Forbes. “Maximizing the Power Of Donor-Advised Funds.” https://www.forbes.com/ sites/bobcarlson/2021/06/26/maximizing-the-power-ofdonor-advised-funds/?sh=6056e7a95e85. Accessed Aug. 3, 2022.

“It is up to us to live up to the legacy that was left for us and to leave a legacy that is worthy of our children and of future generations.” -Christine Gregoire

GET READY, GET SET, RETIRE continued from page 5

Many clients have told me about rekindling the relationship with their spouse in retirement or building better bonds with family members. took a 45% pay cut to relocate to Oregon for a less-stressful position than his former government job. When we met to review the retirement plan we had built, I asked him how he was doing. “Look at me,” he said. “I’ve lost 40 pounds, and I’m off my cholesterol, blood pressure and anti-depression meds. I golf every week. I see my grandkids, who live nearby. Let me tell you, the extra money I made before just wasn’t worth it. Even with the pay cut, I’ll still be able to stop working soon.” Of course, it isn’t just about dumping the anxiety. My retired clients tell me they get more sleep and exercise and have more time to focus on cooking good food — sometimes even growing it themselves (they used to call it a garden).

IT’S A CHANCE TO SPEND MORE TIME WITH FAMILY Unfortunately, working and commuting so many hours every week can lead to a pretty self-centered life. Depending on your career, it can be hard to stop thinking about what you need to get done even when you’re at home. There’s always an email or text to answer or a project to prepare or finish. Many clients have told me about rekindling the relationship with their spouse in retirement or building better bonds with family members. They say retiring provides more opportunities to be tender. It makes sense, doesn’t it? When your head isn’t buzzing with small details (Does my car need gas? What time was that meeting tomorrow? Is everything prepared for it?) you can focus on the person in front of you. One friend and client reconnected with his sister, and they now travel the world together. Another client is spending quality time with his twin sons in ways he never imagined would be possible when he was working. Retiring at 61 or 62 instead of 67 or 70 may not seem like that big of a difference, but those who wish to travel or hang out with their kids or grandkids often tell me how thrilled they are to do it while they still feel young and are able to get around easily. Even if these clients aren’t old enough to collect their Social Security benefits — or if they want to delay filing to continue growing Get Ready, Get Set, Retire Continued on page 6

Originally published on Kiplinger.com

GET READY, GET SET, RETIRE continued from page 5

Retiring at 61 or 62 instead of 67 or 70 may not seem like that big of a difference, but those who wish to travel or hang out with their kids or grandkids often tell me how thrilled they are to do it while they still feel young and are able to get around easily. their benefits — we often can find a way to build a plan with what they have in savings and other income sources, allowing them to do the things they truly want.

YOU CAN GIVE SOMETHING BACK Retirees often remark on how much they enjoy volunteer work — and not just because it gives them something to do. They say they feel blessed to have had people in their lives who helped them in the past. Though they didn’t have time or energy to get involved with a service organization when they were working, it’s something they now can embrace. One of my clients adopted a girl with special challenges who is thriving thanks to the attention from her new full-time mom. Others serve as mentors for young people, deliver meals to shut-ins or help their neighbors with chores, giving them a sense of purpose and renewed vigor. And remember: Charities aren’t just looking for checks. Many are seeking help from volunteers who have special skills and experiences to offer. One example is the non-profit organization SCORE, made up of retired professionals who give free advice and wise counsel to business owners and entrepreneurs alike. I have been a recipient of their services, and I can attest that these are some sharp-minded, helpful retirees.

THERE’S TIME FOR SELF-REFLECTION People often don’t realize that their quality of life wasn’t what they thought until they retire. Bills may have been getting paid, but they were busy and not completely fulfilled. Their minds

were occupied with worry of deadlines and tasks at hand. Retirement allows time to ponder who and what is really important, what they’re truly proud of and, maybe, what needs to change. For some, retirement is a reminder that they aren’t going to live indefinitely, and that inspires them to embrace the years ahead. I admit, I’m looking forward to semi-retirement; to devoting more time to my eldest son’s special needs, pursuing my passion for cooking, learning from others and to giving something back. If that’s how you feel, and you’re holding back because you lack confidence in your retirement income plan, perhaps it’s time to talk to a financial professional about what you still need to do or how you can use what you already have to make things work. Believe me, there’s a retirement professional out there who will be thrilled to put together a plan that gets you to your goals. The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way. Kim Franke-Folstad contributed to this article. Charles Dzama is the founder of CD Financial (https://cdfinancial.org/). He has passed the Series 65 securities exam and holds life insurance licenses in California, Colorado, Nevada, Washington, Florida, Pennsylvania and Missouri. Charles is registered as an Investment Adviser Representative. Comments are suppressed in compliance with industry guidelines.

Originally published on Kiplinger.com

CENTER STAGE

North Bound When you hear the word “vacation,” do you automatically picture sandy beaches and warm sunshine? It might be time to consider a change of scene and temperature. These cooler-weather vacation spots are sure to have you creating some warm memories.

Milwaukee, Wisconsin

Cannon Beach, Oregon You can still stroll on a sandy beach, but you might want to wear long sleeves. Fans of “The Goonies” will want to salute Haystack Rock seen in the ever-popular film.

Great Smoky Mountains, North Carolina

Join in any of Milwaukee’s many fun festivals, including Summerfest, the largest music festival in the US.

Ever been to a firefly festival? This popular annual event will see hundreds of fireflies light up the night sky.

cut here

"

RECIPE LEFTOVER HAM AND CHEESE BUTTERMILK BISCUITS

When there’s leftover ham to use up, these easy homemade buttermilk biscuits are the perfect solution! They’re tasty and great with a nice warm soup. INGREDIENTS

HOW TO MAKE IT:

BRAIN GAMES

• 3 cups unbleached organic all-purpose flour

1. 2.

ANSWER KEY:

• 1 tablespoon baking powder

8 9 5 1 2 3 6 7 4

3 2 6 8 4 7 5 1 9

1 7 4 6 5 9 2 8 3

7 5 1 3 6 8 4 9 2

2 8 9 5 7 4 1 3 6

4 6 3 9 1 2 8 5 7

5 3 8 4 9 6 7 2 1

9 4 7 2 8 1 3 6 5

6 1 2 7 3 5 9 4 8

• ½ teaspoon baking soda • ½ cup salted butter, (1 stick)

3. 4.

• 1 ¼ cup buttermilk • ½ cup chopped ham • 1 cup shredded cheddar cheese

5. 6.

Preheat oven to 450 degrees. Mix dry ingredients. Cut butter into thin slices and then cut it into the flour until pieces of butter are small. Add in the buttermilk slowly and incorporate with flour mixture. Don’t overmix. Sprinkle a small amount of flour on work surface and place dough on top of it. Press down to make flat and then add the ham and cheddar cheese to the top. Knead dough a few times to incorporate the ham and cheese. Press or roll out into ½ inch thickness. Use a biscuit cutter or highball glass to cut out biscuits. Bake biscuits for 10-12 minutes.

Makes 10-12 biscuits.

UPCOMING DATES NOVEMBER 6 Daylight Savings Day 8 Election Day 11 Veteran's Day 24 Thanksgiving 25 Black Friday

DECEMBER 25 Christmas 31 New Year's Eve