3 THINGS I'M THINKING ABOUT:
Success!
Confession time. I love seeing what all my friends and colleagues are up to on social media. But it exhausts me.
In fact, I take month long breaks where I hardly look at it. Why? Because I struggle with Envy. Bad.
I know in my head that social media represents the “highlight reels” from peoples’ lives. I know that my business associates are far more likely to paint a picture of success than the anxiety that I know they also feel.\
I also try to count my blessings. I have so much to be thankful for. My family is growing and changing in amazing ways. Our team here has achieved so much over the last 2 years. Despite the challenges of the first year of owning a business, we are on track to build fantastic new services for our clients.
On paper, I’m successful. But all I see are the mistakes I’ve made, the things I still need to fix, and everything that could go wrong. Both stories are true! I can decide which one to focus on, which picture to paint.
Maybe it’s this simple: Success might never feel like success. If that’s true, what do I need to change?
Elder Abuse
Elder Abuse is a huge problem that hides in plain sight! Long-time readers probably notice we bring this up regularly: here’s why it matters to our clients:
1. Prevalence: Elder abuse is a significant and underreported problem. About 1 in 6 elderly individuals worldwide experienced some form of abuse in the past year.
2. Perpetrators: Most elder abuse is perpetrated by family members, particularly adult children and spouses. Caregivers, both family and professional, are also known to be involved in cases of elder abuse.
3. Elderly women are more likely to experience abuse.
4. Age and Vulnerability: The risk of elder abuse increases with age, and those with physical or cognitive impairments are more vulnerable.
5. Financial abuse is one of the most prevalent forms of elder abuse.
6. It’s often hidden by the victims. Victims often feel shame, and sometimes they are unwilling to see that they have been taken advantage by people they trust.
Elder Abuse can be super obvious. Think Nigerian prince email scheme, or a child caregiver buying new cars with mom’s retirement accounts. But more often, it’s quite subtle. For example, an older person selling an investment property at thousands below fair market value. Or a family member who manages rental property and skims rent that should go to the elder.
The best time to address potential elder abuse is before it happens. Honest, open conversations and good financial planning for potential problems help prevent future abuse.
New Retirement Account Contribution Limits
If you save money into a workplace retirement account or a personal IRA, your contribution limits have increased in 2023. Talk with your advisor if you want to maximize your contributions.
Here’s a summary:
· Elective deferrals to 401(k) or 403(b): $22,500, with a $7,500 catch-up if you’re
over 50
· SIMPLE IRA: $15,500, $3,500 catch-up.
· IRA or Roth IRA: $6,500, $1000 catch-up.