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Retirement Insights for March 2023

News and information for current and future retirees.

I arise in the morning torn between a desire to improve the world and a desire to enjoy the world. This makes it hard to plan the day.

-E.B. White

Mom Kissing Teenage Daughter

How Long Do You Keep Your Records?

When it comes to keeping records, there tend to be Oscars and Felixes, like in Neil Simon's The Odd Couple. The "Oscar" type tends to have papers everywhere, disorganized and perhaps just stacked in a shoebox or paper bag. It's good to hold on to things, but when you need something, it's also nice to have it right where you can find it for quick reference. For that reason, it's nice to be a "Felix" about your records and keep them carefully organized. This also means destroying and throwing out what you no longer need.

The IRS acknowledges that, in some cases, it's okay to shred your tax returns after three years. Your tax professionals may have a different prescription for you, however, based on their understanding of your financial life. You might want to ask them what they suggested when you see them this year.

Here's some other guidelines to consider: purchase and sale statements for your house should be kept for your entire ownership of the house. Hold on to utility bills for at least one year. Statements from your investment or brokerage account should be kept for at least one year. Statements from your bank account or from your credit card provider should also be kept at least one year.

Keep in mind that these suggestions are only suggested guidelines. Every financial life is different, and it's best to check with your financial and tax people before making any changes to your record-keeping approach.1

Recipe

Citrus Twist Orange Roughy2

A close up of a bowl orzo and meatballs in broth with silverware, bread, olive oil, and a stemmed glass of water

Ingredients

  • 3-5 Orange Roughy Fillets
  • 1/2 Cup Fresh Orange Juice
  • 1/2 Cup Fresh Lemon Juice
  • 1 Tbsp. Extra Virgin Olive Oil
  • 1/2 Tsp. Lemon Pepper
  • 1-2 Pinches of Dill

Directions

  1. Use one large skillet. Set heat to "high" and heat olive oil for three minutes.
  2. Re-set heat to "medium" and add fish fillets. Cook until the fish is flakey (about five minutes).
  3. Lightly pour lemon and orange juices over the top of the filets as they cook.
  4. Finally, sprinkle dill and lemon pepper on top to garnish.
Two senior men having coffee on the porch stairs in front of suburban home

Taking a Social Media Break

Are you developing a love/hate relationship with social media? You might enjoy it for quick hits of entertainment throughout the day, or as a way to keep in touch with friends and loved ones. But the constant onslaught of information might feel overwhelming at times.

One study found that those who spent time on social media to avert loneliness during the pandemic reported a decrease in their mental health.

You may not want to give up on social media totally, but just like turning off TV or video games and doing something else, a change can feel as good as a rest. Another study of 68 university students showed that taking a break from social media led to better sleep, improved mood, and a reduction in anxiety.

So don't hesitate to give yourself a break now and then. A walk or a hike with your social media muted might do the trick. If you want to rest your eyes, you might consider enjoying an audio book or podcast. It might also be an opportunity to try something new, like yoga, or meditation. And there's always the opportunity to call up a friend and meet up for a little "in person" social time.

While social media is probably here to stay, your level of use is always up to you. Taking a little time away can be refreshing and do your body and mind no end of good.3

Bison grazing near the North Rim of the Grand Canyon

Did You Know?

How Rich Was Rockefeller?

In the year of his death (1937), John D. Rockefeller's net worth equaled 1.53% of America's gross domestic product.4

Happy senior woman working on computer at home

On the Bright Side

During a heavy snowstorm in Buffalo, NY, Jay Withey helped 24 stranded people, including several seniors, find heat and comfort in a school building. He even left a polite note apologizing for the intrusion! It didn't take long for the news to spread. Former Buffalo Bills running back Thurman Thomas surprised Withey with two tickets to Super Bowl LVII in recognition of his neighborly heroism.5

Brain Teaser

A non-Newtonian fluid, this household item originally contained 65% dimethyl siloxane, 17% silica, 9% Thixatrol ST, 4% polydimethylsiloxane, 1% decamethylcyclopentasiloxane, 1% glycerine, and 1% titanium dioxide. Scientists happened upon it during World War II. Today it is found in many grocery stores (though you probably don't want to eat it). What is it?

Silly Putty

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

1. IRS.gov, August 22, 2022

2. TastyKitchen.com, January 17, 2023

3. Healthline.com, January 17, 2023

4. Forbes.com, January 17, 2023

5. NBC's Today, January 16, 2023

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Latest Blog Post

Should I be Worried About my Cash at the Bank?

March 13, 2023

Should you be worried? How should you protect your cash? What makes Silicon Valley Bank's situation unique? The sudden collapse of SVB created a lot of anxiety, is this isolated event or something that could spread?

FDIC Insurance & Other Cash Management Options

March 13, 2023

With recent events, now is a great time to review the Federal Deposit Insurance Corporation (FDIC) coverage limits and other cash management strategies available when holding cash in excess of these limits.

What Would You Attempt if You Knew You Could Not Fail?

March 13, 2023

This sign has always found a place on display where I can see it nearly every day.  This seemingly simple question can take on much deeper roots. What would YOU do? And how do we move from fearing failure to blazing our own path?

 

Featured Team Member

Brian Worley, CFP®, CPWA®

Schedule with Brian

Brian Worley is a founding partner of The Martin Worley Group. He utilizes his knowledge and experience to help clients work toward achieving their goals by developing personalized financial plans and portfolios.

Terra J. Thurgood, CFP®, CDFA®

Schedule with Terra

Terra has been providing tax & financial planning services for clients since 1999. She works to simplify the complexities of each client’s financial world, allowing them to focus on the things that matter most.

Jack L. Griffin, EA/LTC

Jack has been in the financial services industry since 1998. Jack's extensive experience in tax provides him with a unique ability to provide investment advice in a tax-efficient manner. Jack services his clients from our branch in Oregon.

Barry T. Watson, CFP®

Schedule with Barry


Barry enjoys using his unique skill set to help clients gain financial freedom. He has significant experience with portfolio management, investment analysis, tax, estate, and financial planning. 

Shandon Johnson, CFP®

Schedule with Shandon

Shandon joined our team in December 2017. He received his BS in Financial Planning from Utah Valley University in 2017 and his CFP® certification in 2021.

Courtnee Hansen

Courtnee will most likely be the first voice you hear on the phone and the first person to greet you at our office. Her friendly personality provides a warm welcome, whether in person or over the phone.

Julie Pos

Julie Pos is the newest member of the Martin Worley Group. As a 20+ year mortgage professional, she brings practical experience within the financial sector and a passion for strong client relationships.

 

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Copyright 2023 FMG Suite.

Information on this web site is directed toward U.S. residents only. The Martin Worley Group is registered as an investment adviser with the Securities and Exchange Commission, and only transacts business in states where it is properly notice filed, or is excluded or exempted from notice filing requirements. Our Customer Relationship Summary (CRS),  Advisor Brochure (ADV) and Privacy Policy can be accessed here.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Contact

The Martin Worley Group
Office: 801-568-9788
Toll-Free: 800-565-9788
Fax: 801-568-6879

6965 Union Park Center
Suite 420
Cottonwood Heights, UT 84047

info@martinworley.com

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