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February Anniversaries

These employees have reached the following milestones this month, and we celebrate and appreciate their longevity with us. Congratulations!
Kim Hesting – 27 Years, Kim Davis – 15 Years, Betty Schwant – 9 Years, Brenda Bruntzel – 5 Years, Alice Carter – 5 Years, Carol Maish – 5 Years, Kevin Stover – 5 Years, Julie Huffman – 2 Years, Phyllis Kjellberg – 1 Year, Stacy Thompson – 1 Year

Because Life Is More Than Money

“How ‘bout them Chiefs!” As I think about the workouts the Chiefs’ and Niners’ players are going through in final prep for the Superbowl, I think about many of us gathering up snacks and drinks for watching the game. So, we’ll be adding pounds sitting in cushy chairs while the players are running, tackling, and shedding pounds.

Like the disparity of the physical condition between many of the football players and many of us fans, there is a disparity of spiritual condition among us.

God had the Apostle Paul write these verses to us at I Corinthians 9:25-27, “All athletes are disciplined in their training. They do it to win a prize that will fade away, but we do it for an eternal prize. So, I [Paul] run with purpose in every step. I am not just shadowboxing. I discipline my body like an athlete, training it to do what it should. Otherwise, I fear that after preaching to others I myself might be disqualified.”

Conditioning our spirit and soul includes reading the Bible and praying and other spiritual disciplines. Then, just as the athletes run out their conditioning and practicing in the games, so we run or, live out, if you will, our spiritual conditioning in the daily game of living on earth. Also, as the athletes cooperate with their coach so we must cooperate with our leader, Jesus Christ.

Football players seeking personal glory won’t be as effective as players cooperating with each other and following their coach. Patrick Mahomes has said he is trying to play his best to glorify God. God created each of us to follow and glorify His Son. That’s how we play our best game every day.

Happy conditioning to play your best for Christ every day.

Doug Johnson

When Should You Begin Taking Social Security?

Genesis 41:36 This food should be held in reserve for the country, to be used during the seven years of famine that will come…

Our government has established the Social Security System to place some of our income each year during our working years to be used later when we retire or slow down.  My purpose of this chat is not to debate the merits of the system as it is run today.  Nor is it to discuss whether Social Security (SS) benefits will still be there years from now.  I will only say on that issue, it would be political suicide for politicians to not find a way to continue the system for many years to come and politicians do like to stay in office.

This month’s chat is about discussing some of the factors involved in making the decision when to begin taking Social Security.

If you elect to take SS at the earliest age (62), you will only receive about 70% of the full benefit you could receive if you waited until your Full Retirement Age (FRA)…depending on your year of birth, that age is 65-67.  Also, if you waited until age 70 to take SS, you could receive about 124% of the amount you would receive at your FRA.  In other words, if you wait until age 70 vs. age 62 to start taking benefits, on average, you will receive about 50% more in monthly benefits.

Some of us look at taking SS at the earliest age possible because we don’t know how long we will live.  What is the magic age we will receive a higher lifetime benefit if we wait until FRA or age 70 to begin taking SS?  On average, if you take SS at FRA, once you reach age 78, you will receive more in SS over your lifetime, than if you started SS at age 62.  If you wait until age 70 to start SS, then once you reach age 83 you will receive more over your lifetime by waiting.

This brings up the question, how long can we expect to live?  In the U.S. today, an average 62-year-old female can expect to live to age 84.  An average 62-year-old male can expect to live to age 81.  (You may have seen statistics saying the average female life span in the U.S. is 82 years and the average male’s is 77.  However, this is for a baby born today and not someone who has already reached the age of 62.)  Granted, no one is exactly average. But it gives us something to base our thoughts on.

From our high school science days, we remember a “hypothesis” is an informed or educated guess.  To make an informed, educated guess regarding the best time for each of us to begin taking SS, we need to look at our individual circumstances.  Are we still working? Are we currently healthy? (If you are in good health, you can add up to 10 years to the above lifespans!) Do we have an immediate need for the money? Are we retiring in a recession? How will our timing of SS affect our spouse’s benefits?  What are the priorities in our life?

One of the services we offer in Guaranty’s Trust Department, is helping you navigate the complexities of determining when will be the right time for you to start taking SS benefits given your own, personal circumstances.  Though we can’t tell you the future, we can assist you in looking at each of your options and carefully weigh how each will affect the benefits you (and your spouse) will receive now and in the future.  Just let us know if you’d like some help figuring this out.

Shannon McDowell, JD, CTFA
Vice President & Trust Officer
Without counsel plans fail, but with many advisors they succeed. Proverbs 15:22

Traditional IRA Contributions

Contributions to a Traditional IRA may be tax deductible on your Federal Income Tax return. This is important because tax-deductible contributions lower your taxable income for the year, saving you money in taxes. If neither you nor your spouse is covered by a 401(k) or other employer-sponsored plan, you can generally deduct the full amount of your annual contribution. Contact the GSB Financial Resource Center at 785-738-4429 to discuss establishing an IRA for the 2023 tax year.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Guaranty State Bank & Trust Co and GSB Financial Resource Center are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using GSB Financial Resource Center, and may also be employees of Guaranty State Bank & Trust Co. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, GSB Financial Resource Center or Guaranty State Bank & Trust Co. Securities and insurance offered through LPL or its affiliates are:  Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed | Not Bank Deposit or Obligations | May Lose Value