Monthly Tips May 2024

Monthly Tips

May 2024


TIP 1 May the 4th – Star Wars Day

May 4th aka “Star Wars Day,” when people wish “May the fourth be with you” to replace the movie phrase “May the force be with you,” was officially recognized as “Star Wars Day” by the California Legislature on May 2nd 2019.

If you celebrated this year, here’s a fun fact from the Wookieepedia (a fandom page dedicated to Star Wars lore) – the wordplay may have all begun a couple years after the first movie, in 1979, after Margaret Thatcher was elected the Prime Minister of the United Kingdom. Her party released a newspaper ad that said “May the Fourth be with you, Maggie. Congratulations.”.


TIP 2 An Unexpected Problem For a Centenarian

An interesting article recently by the BBC demonstrated an unexpected issue for a Centenarian. American airlines thought she was a baby on multiple occasions. Reminiscent of the Y2K bug that would have rolled computer dates back 100 years because they were limited to two digits, the article suggests that it may have been the case that AA’s computers rolled her forward 100 years because they didn’t accept that she could be that old.

Although it didn’t create major issues and the airline was still able to accommodate her, it does show how unexpected issues can show up as we age. This may be a rare issue because Centenarians are pretty rare, and Centenarians that are still flying are even rarer, but that doesn’t mean they don’t exist. According to Pew Research, the U.N. estimates there are 108,000 Centenarians in the U.S and that figure is projected to grow.

When Garden State Trust company helps with retirement planning, one factor we suggest clients look at is life expectancy. For portfolio management, we need to consider the chance of beating that average age, too. If you’re interested in the planning considerations not just for early retirement, but all of retirement, let us know – we’d be pleased to elaborate.


TIP 3 An Update To Who Needs To Be a Fiduciary

The Department of Labor released a final version of its fiduciary rule for retirement advisors last month. This would affect the roughly $1 trillion in assets that’s rolled over from 401(k) and other retirement plans to IRAs every year and would take effect in September unless it is delayed by court action.

As a trust company, we are very familiar with fiduciary duty. Trustees have been fiduciaries much longer than financial advisors, and we take great pride in being held to the highest standard when it comes to putting our client’s interest first. Learn more about what the “suitability” and “fiduciary” standards mean and what it means to hire a trustee in our latest blog – Do I Want a Fiduciary To Handle My Assets?


TIP 4 Memorial Day Commemoration

Memorial Day is a day of remembrance when we honor and mourn those that have sacrificed their lives in the U.S. Military. One way to memorialize them is through a visit to a gravesite or monument, but one can also do so by telling stories about the person or people being thought about. Reflection can be made about what they were fighting for when they lost their lives, and how we can continue the fight for their ideals today, either inside or outside the military. Some may consider charitable donations as well.

Here at Garden State Trust Company: We salute our veterans and extend our appreciation to those that have been willing to serve our great nation.

Happy Memorial Day!