The Meakem Group

Technology moves fast! We’re always looking for ways to raise the bar on service thanks to new tech tools. Traci was recently asked to be part of a panel to help other Raymond James advisors use tech to better serve their clients. What a privilege to be among a group of financial planning professionals committed to excellence and continued education.

September is World Alzheimer’s Month, and there’s no better time to talk about brain health. Did you know that an appetite for learning is one of the best ways to keep a sharp mind? A study published in JAMA Internal Medicine showed a correlation between ongoing education and lower dementia rates. Luckily, you don’t have to head back to school to keep your brain in tip-top shape. Check out these easy ideas for fitting a mental workout into your day.

https://themeakemgroup.com/keeping-your-brain-sharp/

Grab a red pen– Medicare Open Enrollment begins on October 15th, so it’s time to grade your health insurance and revise your plan as needed. Does your current coverage fit your needs? If you’re still in the workforce, does it work well with your employer-provided healthcare? Does your employer match HSA contributions? Make sure you understand the benefits available to you and choose a Medicare plan that works well across the board.

The latest Pupdate:

Poor Bob Ross! He got to pick out a toy for his birthday, and Cocoa destroyed his new buddy. We've never seen a birthday boy look sadder. R.I.P., Mr. Flamingo. You were loved (maybe a little too much)!

Something you may not know about the Meakem Group is that we’re proud sponsors of the Leadership Montgomery Emerging Leaders Program. It’s designed to help professionals in our community further their leadership skills and confidence through interactive sessions, team projects, insight from local industry leaders, and networking.

We love playing a small part in the success of our community, and Amy (far left) recently had the pleasure of watching another class graduate from the program. Congratulations Emerging Leaders Class of 2024!

Join us to welcome the newest member of our team, Melanie Ehrlich! Melanie is a New Jersey native who graduated from the University of Central Florida with a Bachelor of Science degree in Computer Science. She’s a tech enthusiast who brings her passion for AI and user experience to her new role as our Client Services Specialist. We know you’ll love her just as much as we already do!

Back-to-school shopping doesn’t have to break the bank. Buy only what you need for the first month of school, and wait to purchase everything else until the rush has ended and retailers drop their prices. You also might find that the list changes once they see how they use their supplies or what their friends are wearing.

Pro tip: don’t miss this great teachable moment for older kids! Involve them in the process and let them choose their own clothes and supplies to see how far they can stretch their budget.

Have you thought about bringing your pet with you to a CCRC? Saying “hello” to this next chapter of retirement shouldn’t mean saying “goodbye” to your best friend. Read our new blog to learn how to plan for your pet's comfort and yours, and don’t forget to add dog treats to your packing list.

https://themeakemgroup.com/how-to-find-and-plan-for-a-pet-friendly-ccrc/

Whenever a prominent company announces a stock split, we get questions about why companies split and whether the split alone is a signal that it’s a good time to buy.

One reason a company may choose to split stock is to allow more investors the chance to invest at a lower price. For example, a 3-for-1 stock split would make 1 share previously priced at $150 hold the same value as 3 shares priced at $50 each, potentially making shares more easily available and attractive to buyers.

In short, when a stock split happens, the value of the company and its shares do not change based on the split alone. Looking at the big picture to understand the company’s overall financial direction and health is the best way to decide if it’s an investment that aligns with your goals.

Did you know some of your summer activities may be tax-deductible? 25-35% of day camp for the kids may be written off if you’re working, job hunting, or in school. Or, if you moved due to a new job, some of those moving costs (truck rental, hotel stays, movers, or shipment costs) may also be tax-deductible. Check with your tax preparer and track your expenses now to simplify tax season next year.

Is there anything better than the idea of retiring to your happy place with the person who makes you happiest? Well, as explored in a recent NYT article, having nowhere to be and nothing to do alongside your partner can be too much of a good thing.

Transitioning from life at the office to 24/7 “quality time” is often a surprising challenge for retirees. Annoyances, differences of opinion and habits, and disagreements that were easy to overlook thanks to a busy schedule are suddenly front and center. It’s no wonder that "gray" divorce rates among Baby Boomers are rising higher than in any other demographic.

Your 401(k) isn’t the only way to invest in your retirement. Check out our series on navigating depression in retirement for tips to invest in your relationship, passions, and dreams so that when you retire to your happy place, it’s everything you’ve dreamed of and more.

https://themeakemgroup.com/retirement-depression-series/

Read the NYT article here:

https://www.nytimes.com/2024/05/05/magazine/retirement-couples.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb

A recent study by the Guardian found that almost 25% of American adults are balancing a full-time job and caregiving. Chances are, you and/or someone you know are familiar with the emotions and fatigue of caregiving. So how can we ask for and offer more effective support?

Have you heard of the Ring Theory? The idea is that someone in a difficult situation is at the center of a circle, with concentric rings of support groups around them. The closest circle to the center is immediate family, followed by close friends, neighbors, coworkers, etc., as the rings move outward. You get to vent and look for support from the rings outside of yours, but not the inner rings; offer support and a listening ear to those closer to the center than you are. This way, comfort and support are always offered to those who need it most.

Learn more here: https://www.psychologytoday.com/us/blog/promoting-hope-preventing-suicide/201705/ring-theory-helps-us-bring-comfort-in

If your parents are at a stage where they’re beginning to need assistance, living out of state can feel like a huge, guilt-riddled burden. You might be surprised to learn that you can provide meaningful care for them no matter the distance. Read our blog to learn practical ways you can support Mom and Dad during this season while more evenly distributing responsibilities among your siblings.

https://themeakemgroup.com/caring-for-your-parents-part-2-how-to-be-the-long-distance-kid/

Raymond James conferences never fail to inspire and refresh our team. At a recent conference our team attended, Raymond James’ COO, Kim Jensen, interviewed legendary investigative journalist Bob Woodward. We loved this quote from his reflections on his career: “Capitalism is the genius ingredient in American and other civilizations.”

With election season kicking into gear, many clients are asking what can be done to prepare their portfolios for market disruption that may arise from the November election. While asset allocation decisions are specific to each client’s needs, one investing maxim applies broadly: Avoid having a forced sale of growth positions during a temporary downturn. How can we do that? We ask clients to think ahead and communicate with us about any unusual withdrawals that might be needed during expected volatile periods, then we use that information to adjust their investments as needed to prepare. Our clients are used to communicating with us about known needs, so in times of possible market stress we amp up that connection to include the possible needs as well. This extra communication helps us all have a plan to deal with what’s coming.

Of course, we also rely upon diversification and investment discipline to help our clients weather market ups and downs. But in times of uncertainty, when clients ask what they should do to prepare? The answer always includes communication.

No matter what their living situation, if you’re the kid who lives closest when your parents need care, you’re up, right? Well, kind of. Caregiving as the on-call kid doesn’t mean you have to do everything yourself, and it also doesn’t mean your needs should be the lowest priority. Read part one of our new blog series on caregiving for your parents (and don’t forget to tag your siblings in the comments!).

https://themeakemgroup.com/caring-for-your-parents-part-1-how-to-be-the-on-call-kid/

Did you know that after age 55, you can contribute an additional $1000 to your Health Savings Account every year? But, much like summer, that window of time will be gone before you know it. Once you enroll in Medicare coverage, you’re no longer eligible to contribute to your HSA.

Make hay while the sun shines so you can take advantage of the tax-deductible contributions, growth, and spending that your HSA provides!

“Instead of saying ‘How old are you?’ people should say ‘How long have you lived?” - Diane von Furstenberg

Are you dreading going “over the hill”? Instead of viewing aging as a decline, reframe that mentality! Age may be just a number, but it can also be the number of memories made, children or grandchildren you’ve gotten to meet, places visited, and wisdom gained. And once that’s your perspective, the closer you get to retirement, the more you have to celebrate!

Dads usually get to be there for your first car, so it’s pretty special when you get to see a throwback to his first set of wheels, or, in this case, wings!

Traci recently stumbled across this picture of her dad next to his first airplane, which makes us wonder: do dads always kick the tires, even on a Cessna?

Happy Father's Day weekend!

We keep hearing how inflation has supposedly started to go down. So why didn’t you notice it last time you went to the grocery store?

Inflation is how much prices go up over a given period of time. While a 2% annual inflation rate is considered normal, it spiked during the pandemic to just over 9%. Even though the Federal Reserve was able to get rates down to just over 3% in February 2024, this just slowed the rate of inflation; it didn’t lower the prices of goods. That’s why a gallon of milk or a new car may cost less now than it did in June 2022, but it still costs more than it did in January 2020.

Now that we’re a few years out from helping family members move into a CCRC, we’ve learned some things that we’re excited to pass along. Read our latest blog to get our best lived-through tips for easing the move, whether you’re the one moving or you’re helping your parents navigate this significant life change.

https://themeakemgroup.com/settling-into-a-ccrc/

Are you wondering how summer jobs can contribute to financial independence?

If your teen or young adult is gearing up for a summer job, it's a great opportunity to recognize their hard work, invest in their future, and teach them about financial responsibility.

Many young adults find it challenging to prioritize long-term financial planning, especially when faced with immediate financial demands. However, offering to match their reportable income in a Roth IRA can kickstart their savings journey. In 2024, the maximum contribution is their reportable income or $7,000, whichever is less.

Once the contribution is made, it's essential to discuss the power of investing over time. Check out this video for more insights: https://themeakemgroup.com/save-smarter-thanks-to-compound-interest/. Emphasize the importance of embracing market risk for growth potential, especially in long-term retirement funds like a Roth IRA, where all growth is tax-exempt!

Happy 529 Day! May 29th is the perfect excuse to contribute to your child’s college savings fund. You can also contribute to a plan for your grandchild, just make sure to discuss your intentions with your kids first to make sure your gift is given respectfully.

529 plans come with fees and expenses, and there is a risk they may lose money or underperform. Most states offer their own 529 programs, which may provide benefits exclusively for their residents. Please consider whether the state plan offers any tax or other benefits. Tax implications can vary significantly from state to state.