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.
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
Citrus Twist Orange Roughy2
- 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
- Use one large skillet. Set heat to "high" and heat olive oil for three minutes.
- Re-set heat to "medium" and add fish fillets. Cook until the fish is flakey (about five minutes).
- Lightly pour lemon and orange juices over the top of the filets as they cook.
- Finally, sprinkle dill and lemon pepper on top to garnish.
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
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
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
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?
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