John Cruse / M3 Investment Services

Myths and Facts About Social Security #2

Myth: If you earn money after you retire, you will lose your Social Security benefit.

Fact: Money you earn after you retire will only affect your Social Security benefit if you are under full retirement age.

Here is how it works:

If you are under full retirement age, $1 in benefits will be withheld for every $2 you earn above a certain annual limit. In 2024, that limit is $22,320.

In the year you reach full retirement age, $1 in benefits will be withheld for every $3 you earn above a certain annual limit until the month you reach full retirement age. For 2024, that limit is $59,520.

Once you reach full retirement age, you can earn as much as you want without impacting your Social Security benefits. Even if your benefits are reduced temporarily, the SSA will recalculate your benefit at full retirement age, potentially increasing your monthly payment moving forward.

Do you know your full retirement age?

Myths and Facts About Social Security:

Myth: Social Security will provide most of the income you need in retirement.

Fact: Social Security is likely to provide a smaller portion of your retirement income than you might expect.

Social Security is undeniably an important source of income for most retirees—nearly nine out of ten individuals aged 65 and older receive benefits. However, it’s crucial not to rely too heavily on it. To keep the system sustainable, changes are likely, particularly affecting younger and wealthier individuals.

Remember, Social Security was never intended to be your sole income source in retirement. As President Dwight D. Eisenhower wisely noted, it should serve as a foundation upon which your private savings, pension plans, and insurance are built.

No matter your stage of life, prioritize saving for retirement. By combining your savings and pension benefits with Social Security, you can better secure your financial future and enjoy a comfortable retirement.

🌟💼 Don't overlook your financial well-being—it's as vital as your physical health! 💪💸 Make smart money choices, set goals, and nurture your financial fitness alongside your physical wellness.

Here's a powerful reminder of why time in the market trumps timing the market. As of May 22, just nine days drove all of the 2024 stock market gains. Stay invested for the long haul! 💼📈 "

Morningstar, May 22, 2024

“Both optimists and pessimists contribute to society. The optimist invents the airplane, the pessimist the parachute.”
-George Bernard Shaw

If you could turn back time ⏳: What financial advice would you give your younger self?​

🌟 It's halfway through ! Understanding financial basics is key to financial independence. 💰 What money topic would you love to master? Share below! 📈

Thinking of investing? Consider these questions first:

1. What's your current financial situation?

2. What's your time frame for investing?

3. How do you handle market volatility?

Being clear on these can help make smarter investment decisions.

💡 Understanding Debt: It's all about the type!

"Good debt" can be your ally in growing your net worth over time and even paving the way for future income streams.

On the flip side, "bad debt" won't do much to boost your net worth and could saddle you with high interest rates. Choose wisely! 💰

Do you know the differences?

🚨 Attention Millennials! 🚨 Did you know that 95% of us are saving less than recommended? 😱 Here's why that matters:

1️⃣ Straining our future lifestyle closer to retirement age

2️⃣ Lowering our standard of living during retirement

3️⃣ Postponing retirement altogether

In the worst-case scenario, it could be all three! 😫 That's why early and consistent investing is key! 💰 Start now, invest often, and prioritize YOU first! 💪 🌟

Source: National Institute on Retirement Security (NIRS)

Congrats Nicole!

🎉 🌟 Join us in congratulating Nicole Casinelli - she's been named the Michigan Association of School Social Workers Region F 2023-2024
School Social Worker of the Year 🌟⭐

💸 Time to make your tax refund work for you! Here are some smart ways to put that extra cash to good use:

💳 Pay off Debt: Knock out those high-interest balances and save on future interest payments.

🚨 Build Emergency Savings: Start an emergency fund for unexpected expenses like car repairs or medical bills.

🌟 Invest in Retirement: Secure your financial future by contributing to retirement accounts like IRAs or 401(k)s.

📚 Invest in Education: Support further education for yourself or family members for a brighter future.

🏠 Home Improvements: Boost your property value and quality of life with smart home upgrades.

🎯 Save for a Goal: Whether it's a vacation or a down payment, put your refund toward achieving your dreams.

❤️ Charitable Contributions: Give back to causes close to your heart and reap potential tax benefits.

📚 Invest in Yourself: Enhance your skills or pursue a passion project to invest in your personal growth.

💼 Start a Business: Use your refund as startup capital and turn your entrepreneurial dreams into reality.

🎉 Treat Yourself (Responsibly): Take a little something for yourself or your loved ones, but keep it within budget.

Make the most of your refund and set yourself up for financial success! 💪

🌟 Don't miss out on THE MOST IMPORTANT CLASS YOU WILL TAKE! 💰 Did you know that the lifetime benefit of high school students taking a financial literacy class is estimated to exceed $100,000. 💸 Despite this incredible impact on future financial wellbeing, less than one in four high school students graduating in 2023 completed a personal finance class. Let's change that! Empower yourself with the knowledge and skills to navigate the world of finance. Your future self will thank you! 🚀 📈

Would love to hear your thoughts!

💰 Investing is all about achieving financial wellness. 💡 What does that mean to you?
Here are 6 habits of successful investors to get you on the right track:
1️⃣ Start with a plan
2️⃣ Diversify your portfolio
3️⃣ Be a saver, not a spender
4️⃣ Don't forget about taxes
5️⃣ Consider your investments carefully
6️⃣ Stick with your plan
Invest wisely! 💪📈

💰💔 INHERITING DEBT 💔💰

According to Policygenius’ 2024 Financial Planning Survey, a staggering 46% of American adults and 58% of those earning over $150,000 per year would pass on debt to their loved ones if they died today. Shockingly, among those who anticipate their loved ones inheriting their debts, 21% have no life insurance coverage. Let's prioritize financial planning and protection for our families' futures!

📊🛡️

(Source: Policygenius.com)

🌟✨ FIRST IMPRESSIONS MATTER ✨🌟

Did you know? In the 40 years since WWII, when the S&P 500 has been up at least 1.5% in January, its median performance for the remainder of the year has been a gain of 13.4% with positive returns 82.5% of the time. In all other years, the S&P 500’s median gain was 5.7% with positive returns 66.7% of the time.

A strong start can set the tone for success! 💼💰



(SOURCE: BESPOKE)

SOFTENING IN LOGISTICS SECTOR: The Logistics Managers’ Index (LMI) measures logistics activity in the US and is considered by some researchers to be a leading indicator of the economy. Due to softening in the freight market, the LMI declined for the third straight month in May and fell into contraction territory for the first time in its 6.5-year history. (SOURCE: LOGISTICS MANAGERS’ INDEX)

Are you retiring within the next 5 years? Here's what to focus on as the transition approaches...You can prepare for the transition years in advance. In doing so, you may be better equipped to manage anything unexpected that may come your way.How much monthly income will...

Let us remember all our heroes who have left us while fighting for our country!

Rebalancing Your Portfolio Over time, different investments' performances can shift a portfolio's intent and risk profile. Rebalancing may be critical.

THOUGHTS: U.S. workers 45 and older think it will take about $1,100,000 in savings to retire in comfort. But only 21% expect to reach even the $1 million mark, down from 24% in 2022. Furthermore, the study showed more than half of the respondents (59%) expect to have less than 500,000 stashed away for their golden years, including 34% who expect to have less than $250,000 in savings.

(InvestmentNews, April 4, 2023)

Winter Blast Royal Oak presented by Soaring Eagle Casino & Resort will present a wide range of both indoor and outdoor activities for families to enjoy! The Rink at Royal Oak presented by M3 Investment Services will feature free skating all weekend and rental skates available for $5. Throughout the weekend, we’ll feature over 60 live entertainment acts across three stages presented by Soaring Eagle Casino & Resort, House of Dank Michigan, and DTE Energy Kid Stage along with many other family fun activities! Returning will be the snow activities, tasty food trucks and zipline attractions, as well as an ice garden sponsored by Henry Ford Health around Centennial Commons! Save the date – February 3-5 is sure to be a blast in Downtown Royal Oak! Festival hours are Friday 4-11pm, Saturday 11am-11pm, and Sunday 11am-8pm. The best part? Admission is FREE! For more information about the Winter Blast Royal Oak, visit https://bit.ly/3ysnGmF

Winter Blast Royal Oak presented by Soaring Eagle Casino & Resort will present a wide range of both indoor and outdoor activities for families to enjoy! The Rink at Royal Oak presented by M3 Investment Services will feature free skating all weekend and rental skates available for $5. Throughout the weekend, we’ll feature over 60 live entertainment acts across three stages presented by Soaring Eagle Casino & Resort, House of Dank Michigan, and DTE Energy Kid Stage along with many other family fun activities! Returning will be the snow activities, tasty food trucks and zipline attractions, as well as an ice garden sponsored by Henry Ford Health around Centennial Commons! Save the date – February 17- 19 is sure to be a blast in Downtown Royal Oak! Festival hours are Friday 4-11pm, Saturday 11am-11pm, and Sunday 11am-8pm. The best part? Admission is FREE! For more information about the Winter Blast Royal Oak, visit https://bit.ly/3ysnGmF

Contact M3 Investment Services Headquarters and Muskegon Office

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