In Case of Emergency: Organize Your Vital Info

Jul 16, 2024 | Estate Planning, Retirement Planning

Organize your vital personal, health, and financial information in one accessible place to help your loved ones navigate with ease should something happen to you.

Life can be unpredictable, and emergencies can happen when we least expect them. Think about this: if you have a medical emergency, could your loved ones access your phone? If your partner couldn’t talk, do you know their usernames and passwords? Does your family know the names of your doctor and important medical information? Could they easily find your IDs and legal documents?

Make sure your family doesn’t have to wade through piles of paperwork or argue about who will take care of the cat by having vital personal, health and financial information in a centralized and accessible place.  Here are some practical steps you can take:

Personal and Digital Connections

 

Compile a list of your usernames, passwords, and other login details in case someone needs to access your electronic devices or social media accounts. You can keep this information secure by using password management tools or a digital vault.

Create a list of essential personal and professional contacts who should be notified if you have an emergency or are incapacitated, including employers, attorneys, and financial advisors. Help make it easy for your family to reach out to your community of connections if needed.

Do you use an online financial aggregation service or app? A trusted contact will need to know how to access anything that is password protected.

Health and Medical Information

Who will advocate for your health needs during a medical emergency? Having quick access to your health information can be a lifesaver and help remove doubt and stress when handling difficult situations. Create a document with details about your primary healthcare providers, ongoing medical conditions, allergies, and any medications you’re currently taking.

Consider obtaining an advance directive to provide instructions for medical care if you become unable to make decisions. According to the Journal of Preventative Medicine only 26% of Americans have taken this important step.

Legal and Financial Documents

Ensure your important documents such as wills, trusts, advance directives, and power of attorney are in order and make sure a trusted person knows where to find all of this information. If you’re unable to manage your affairs for a period of time, your representative may need proof of ownership documents such as the deed to your house and vehicle titles or contracts such as sale of property.

Download the Important Documents Checklist

A simple tool we’ve created to help you organize your vital documents.

DOWNLOAD CHECKLIST

Not a Cornerstone client?

Will your loved ones have the information they need if something happens to you? Preparing involves organizing your personal, health, and financial information. The Cornerstone Experience® gives our clients access to our professional team and several online tools to help organize personal, health and financial information in a centralized and accessible place.

Contact us today at 605-357-8553 or cfsteam@mycfsgroup.com if you’d like to learn more about the unparalleled service you can expect from the Cornerstone team.

CSP #541388 Exp. 7.10.25

Honoring All on Mother’s Day

May 12, 2024 | #Cornerstone Community

Honoring All on Mother's Day

On behalf of everyone at Cornerstone Financial Solutions, happy Mother’s Day! It’s not uncommon to hear people describe their mom as “The Best Mom Ever” and proudly present her with a personalized coffee cup or trophy. But Mother’s Day can also be a difficult day for some people, and we want to try to honor all the ways this complicated day affects people.

If this is your first Mother’s Day without your mom – our hearts are with you as you find new traditions to continue celebrating her. Whether you plant flowers in her honor, enjoy brunch at her favorite restaurant, or spend an afternoon on her favorite lake, we know she is in your thoughts on this day.

If you have little ones and think some quiet time alone would be a great gift, we see you. We know you’re exhausted and have probably run out of ideas about what to cook for dinner. Your capacity for love inspires us, and our fingers are crossed that you get the nap you so greatly deserve.

If you’re celebrating via Zoom because your kids live too far away to give you a hug in person, we are ready and waiting to help! We’d love to hear about your children and deliver the hug they aren’t able to give you in person. Stop at the office and say hello.

For foster moms and adoptive moms who are making a difference in the most tangible way imaginable, we are in awe of your willingness to open your hearts and homes.

For the women who thought they’d be a mom by now, but that isn’t how life has played out, you are not forgotten. Give yourself the self-care you need today, in whatever form that may be.

 To the mommas whose babies are waiting for you in Heaven – you are in our thoughts and hearts more than ever on this day. We can’t even begin to imagine the pain you have endured.

 And for those of you for whom this day evokes painful memories, we wish you nurturing relationships to help heal and mend your heart.

 Wherever your heart is this Mother’s Day, we are grateful for you. We are here if you need a shoulder to cry on or an ear to speak to, and look forward to many years of celebrating life’s triumphs and heartaches with you as friends.

     

    CSP #487144 Exp 2025.05.06 

    5 Steps to Determine How Much Income You’ll Need in Retirement

    Mar 5, 2024 | Retirement Planning

    5 Steps to Estimate Retirement Income Needs

    USE YOUR CURRENT INCOME AS A STARTING POINT

    It’s common to discuss desired annual retirement income as a percentage of your current income. Depending on who you’re talking to, that percentage could be anywhere from 60% to 90%, or even more. The appeal of this approach is its simplicity. It seems fairly common-sense – Your current income sustains your present lifestyle, so taking that income and reducing it by a specific percentage to reflect the fact that there will be certain expenses you’ll no longer be liable for (e.g., payroll taxes) will, theoretically, allow you to sustain your current lifestyle.

    The problem? It doesn’t account for your specific situation. For example, if you want to travel extensively in retirement you might easily need 100% (or more) of your current income to get by. It’s fine to use a percentage of your current income as a benchmark, but it’s worth going through all of your current expenses in detail, and really thinking about how those expenses will change over time as you transition into retirement.

    PROJECT YOUR RETIREMENT EXPENSES

    Your annual income during retirement should be enough (or more than enough) to meet your retirement expenses. That’s why estimating those expenses is a big piece of the retirement planning puzzle. But you may have a hard time identifying all of your expenses and projecting how much you’ll be spending in each area, especially if retirement is still far off. To help you get started, here are some common retirement expenses:

      • Food and clothing
      • Housing: Rent or mortgage payments, property taxes, homeowners insurance, property upkeep and repairs
      • Utilities: Gas, electric, water, telephone, cable TV
      • Transportation: Car payments, auto insurance, gas, maintenance and repairs, public transportation
      • Insurance: Medical, dental, life, disability, long-term care
      • Health-care costs not covered by insurance: Deductibles, co-payments, prescription drugs
      • Taxes: Federal and state income tax, capital gains tax
      • Debts: Personal loans, business loans, credit card payments
      • Education: Children’s or grandchildren’s college expenses
      • Gifts: Charitable and personal
      • Savings and investments: Contributions to IRAs, annuities, and other investment accounts
      • Recreation: Travel, dining out, hobbies, leisure activities
      • Care for yourself, your parents, or others: Costs for a nursing home, home health aide, or other type of assisted living
      • Miscellaneous: Personal grooming, pets, club memberships

    Don’t forget that the cost of living will go up over time, and keep in mind that your retirement expenses may change from year to year. For example, you may pay off your home mortgage or your children’s education early in retirement. Other expenses, such as health care and insurance, may increase as you age. To protect against these variables, build a comfortable cushion into your estimates (it’s always best to be conservative). Finally, have a financial professional help you with your estimates to make sure they’re as accurate and realistic as possible.

    DECIDE WHEN YOU’LL RETIRE

    To determine your total retirement needs, you can’t just estimate how much annual income you need. You also have to estimate how long you’ll be retired. Why? The longer your retirement, the more years of income you’ll need to fund it. The length of your retirement will depend partly on when you plan to retire. This important decision typically revolves around your personal goals and financial situation. For example, you may see yourself retiring at 50 to get the most out of your retirement. Maybe a booming stock market or a generous early retirement package will make that possible. Although it’s great to have the flexibility to choose when you’ll retire, it’s important to remember that retiring at 50 will end up costing you a lot more than retiring at 65.

    ESTIMATE YOUR LIFE EXPECTANCY

    The age at which you retire isn’t the only factor that determines how long you’ll be retired. The other important factor is your lifespan. We all hope to live to an old age, but a longer life means that you’ll have even more years of retirement to fund. You may even run the risk of outliving your savings and other income sources. To guard against that risk, you’ll need to estimate your life expectancy. You can use government statistics, life insurance tables, or a life expectancy calculator to get a reasonable estimate of how long you’ll live. Experts base these estimates on your age, gender, race, health, lifestyle, occupation, and family history. But remember, these are just estimates. There’s no way to predict how long you’ll actually live, but with life expectancies on the rise, it’s probably best to assume you’ll live longer than you expect.

    IDENTIFY YOUR SOURCES OF RETIREMENT INCOME

    Once you have an idea of your retirement income needs, your next step is to assess how prepared you are to meet those needs. In other words, what sources of retirement income will be available to you? Your employer may offer a traditional pension that will pay you monthly benefits. In addition, you can likely count on Social Security to provide a portion of your retirement income. To get an estimate of your Social Security benefits, visit the Social Security Administration website (www.ssa.gov). Additional sources of retirement income may include a 401(k) or other retirement plan, IRAs, annuities, and other investments. The amount of income you receive from those sources will depend on the amount you invest, the rate of investment return, and other factors. Finally, if you plan to work during retirement, your job earnings will be another source of income.

    NOT A CORNERSTONE CLIENT?

    If you have questions about your financial plan please contact us today to schedule a complimentary, no obligation review with one of our advisors. Call 605.357.8553 or email cfsteam@mycfsgroup.com.

    M22-12417 Exp 2025.09.27. This information is not intended to be a substitute for specific individualized tax, legal, estate, or investment planning advice as individual situations will vary. Please discuss these matters with the appropriate professional.

    Mammograms a Crucial Part of Self-Care

    Oct 31, 2023 | We Invest In People

    Originally published October 2023

    Cornerstone Client Relationship Manager, Stephanie Gerrits, FPQP®, recently talked to staff at Huron Regional Medical Center (HRMC) about their campaign to promote the importance of mammograms to women. A wife and proud mom to three amazing boys, she had her first mammogram at age 40 – a recommendation that all women don’t follow. She believes early detection through regular mammograms is a crucial part of self-care, saying, “I want to be in charge of my health so I can live my life to the fullest and be with my family.”

     

    Her willingness to share her experience to benefit this crucial health advocacy campaign is a testament to Stephanie’s belief in the potentially life-saving health screening and her commitment to the community. And it brilliantly reflects Cornerstone’s core value, Invest In People, which drives us to build genuine connections and make a positive impact.

    Here’s Stephanie’s Mammogram Story:

    Q: Do you have any friends or family that have been affected by breast cancer?
    Stephanie: Yes, including a few who have lost their battle. They have all been diagnosed at different stages of life – 20s, 40s, 60s and beyond. And several of them, like myself, have had no close family history of breast cancer.

    Q: Why did you get a mammogram?
    Stephanie: During my annual physical in 2022, shortly before I turned 40, my doctor recommended that I schedule my first annual mammogram. I wasn’t looking forward to it, so I kept putting it off. However, in June of 2022, I lost a classmate and friend to metastatic breast cancer. It hit me hard because she was a wife, a mother, and 40 years old just like me. Her passing, combined with close relationships with others who’ve battled this disease, pushed me to get an appointment scheduled.

    Q: Was it hard to schedule or get an appointment?
    Stephanie: For whatever reason, I felt awkward about calling to schedule an appointment. So, I used Huron Regional Medical Center’s online form to make my first mammography appointment (I’ve had two now.) I provided my information, chose appointment dates and times that would work with my schedule, and then they called me with available options that met my criteria. The day of the mammogram was just as easy, I simply checked in with Admissions and went back to the Radiology department. I would guess I didn’t have to wait more than 10 minutes either time I’ve had a mammogram.
    Both times I have scheduled a mammogram I’ve been offered an appointment within two weeks of the scheduling phone call. They work with you to find a time that works best for your schedule. I was only gone from work for around 30 minutes for my appointments.

    Q: Does having a mammogram hurt?
    Stephanie: It isn’t the most comfortable experience, but it isn’t anywhere near as bad as I had imagined. I think that there are a lot of things that women do for the sake of beauty that are far more painful. It is just a little discomfort for the sake of your health once a year.

    Q: What would you tell other women about getting a mammogram?

    Stephanie: I wholeheartedly recommend getting a mammogram! The brief discomfort of a mammogram is significantly outweighed by the potential benefits of early detection. It can save lives! As moms, we often put everyone else’s needs before our own. But we need to do better, especially when it comes to our health. Making our health a priority gives us the power to be there for our loved ones.

    Call HRMC at 605-353-6334 to schedule a mammogram. Or, visit https://www.huronregional.org/services/radiology-imaging/3d-mammography  to learn more or access the online appointment request form.

     

     

     

     

    Cornerstone team at Huron’s Annual 1 Mile Walk for Breast Cancer
    Alyssa Kirk, Associate Advisor
    Lori Mack, First Impressions Director, CFS, Branch Associate, RJFS
    Liz Opfer, Personal Assistant, CFS, Branch Associate, RJFS
    Stephanie Gerrits, FPQP® Client Relationship Manager

     

    Stephanie’s “Why”

    Husband Trevor and sons
    Logan, Evan, and Dilan

    Raymond James is not affiliated with and does not endorse Huron Regional Medical Center. CSP #312962-2 Exp. 10.24.25

    Quiz – Market Volatility vs Risk

    Jun 23, 2023 | Investing

    What’s the Difference Between Market Volatility and Risk? 

    While volatility is not the same as risk, the chances of incurring a loss may increase during periods of market volatility. In large part, that’s because investors become anxious about falling share prices and sell when they might be better off holding.

    Is there a connection between your risk tolerance and market volatility? Take this brief quiz and find out!

     1. What is market volatility?

    a. Asset prices rising over a period of time.

    b. Asset prices falling over a period of time.

    c. The frequency and size of asset price swings, higher and lower.

    d. A measure of how easy it is to buy and sell stock.

     

    2. What is risk?

    a. The chance of losing some or all of an investment.

    b. The chance that actual investment returns will be different from anticipated investment returns.

    c. A vulnerability that can be managed through asset allocation and diversification.

    d. All of the above.

     

    3. How can the effects of stock market volatility be limited?

    a. By timing the market

    b. By avoiding bonds

    c. Through asset allocation and investment diversification

    d. By avoiding stocks

     

    4. Which famous investor said, “When people are desperately trying to sell, I buy. When people are desperately trying to buy, I sell. It has worked out very well over the years.”

    a. Warren Buffett

    b. Abby Joseph Cohen

    c. Sir John Templeton

    d. Abigail Johnson

    Answers: 1) c1; 2) d2; 3) c3; 4) c4

     

    If you feel overwhelmed and uncertain because of volatile markets, give us a call. You don’t have to go it alone! We can help you make sound decisions during difficult times.

    Not a Cornerstone client?

    Discover what’s possible when our 140 years of combined team experience and 30 years in business goes to work for you! Call 605-352-9490 or email cfsteam@mycfsgroup.com.

     

     

    Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

    Sources

    1 https://www.forbes.com/advisor/investing/what-is-volatility/

    2 https://www.investopedia.com/terms/r/risk.asp

    3 https://www.investopedia.com/articles/active-trading/121014/protect-retirement-money-market-volatility.asp

    4 https://novelinvestor.com/quote-author/john-templeton/

    CSP #242150-2 Exp. 10.23.25