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FEBRUARY 2019
PATRIOTWEALTHNC.COM
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PATRIOT WEALTH
ADVENTURE INTO PARENTHOOD
HOW RACHEL AND I PLAN TO NAVIGATE A FUTURE WITH CHILDREN
There’s nothing quite like the excitement of bringing a child into the world. The thought of the near future takes me back to the day it all began. Rachel and I have been married for six years, going on seven this summer, but we met back in 2009. I was a student and playing hockey at North Carolina State at the time, and my three roommates were on the team. Every year, we hosted a big Christmas party. After the party was over, a couple of friends offered to come over and clean the next day. One of those friends happened to bring Rachel with them. So the first time I met her, we were cleaning our college house after a party. From the moment I saw Rachel, I was floored. I had to get to know her more. We started going out, and as time progressed, we got closer and closer. We went a year or so without an official title, but we didn’t need one. Best friends don’t need a label. Our courtship continued, and we eventually married. We spent the next six years doing the newlywed dance. She wanted to finish nursing school and start her career, and I wanted to support that. We took our time and built an incredible marriage. It’s been such a great experience growing together over the years that making the decision to bring a child into the world was easy. Everything gets more real each day, and by the time you read this, we’ll know the sex of our baby. We’re planning out the nursery and getting our home prepared. It’s all a blast, but nothing beats the feelings we got when we told our parents. Over Christmas, Rachel and I bought a custom ornament that displayed a snowman, snowwoman, and our dogs, Clyde and Hailey. The snowwoman’s belly was enlarged, and at the bottom, it read, “Expecting in 2019.” My mom was looking at it and said, “Oh, this is cute.” Then when she realized what was on it, she went bananas. Our
baby will be the first grandchild of my wife’s parents, and they are equally excited.
One of the more interesting aspects to navigating the early stages of parenthood is learning how to handle all the advice. It seems like everyone has their own strategy for everything. It’s so stimulating that I don’t know how to soak it all in. Luckily for Rachel and me, our parents aren’t pushy folks. They never asked us when we were going to start a family or pressured us to have kids. They’ve always been supportive of our decisions and lifestyle. If anything, that makes the advice from everyone else a little easier to process, because we filter it through the lens of how our parents raised us. A big part of how we want to parent our kids is to show them how faith can help mold their lives. Building a relationship with God teaches responsibility and also helps our child appreciate their individuality.
We are incredibly blessed and looking forward to this journey!
–Wes White
Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
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EMBRACING ‘SPENDOPHOBIA’ 3 WAYS TO INVEST IN YOURSELF AFTER RETIREMENT
TRAVEL
You’ve spent your entire life being told to save, save, save. Now you’re finally retired, so it’s time to spend some of that money — but you’re scared! This is only natural because it means breaking a lifelong habit of socking away money and refusing to touch it. You’re not alone. A recent study of retirees’ spending habits showed many people actually spend less than they can afford to. They’re scared of the “what ifs” that come with living on a fixed income. However, at age 70 1/2, you have to start taking the required minimum distributions (RMDs) from your traditional IRA and 401(k) whether you want to or not. Instead of stressing over the fact that you’re pulling money out of these accounts, embrace the opportunity to do something for yourself.
might be outside your budget, but new kitchen countertops or a deeper tub will add a touch of luxury to the space you spend the most time in. Upgrading your home is almost always a good investment because it adds equity, which will pay off down the road. That extra cash will come in handy if you decide to sell later on in order to downsize or you plan to enter assisted living. Don’t forget to set aside money for ongoing maintenance, such as a new water heater or roof repairs.
It can be tempting to hold off spending money as long as possible. After all, who knows how long you need your savings to last? Travel, however, is one thing you can indulge in early without feeling guilty. Even the most leisurely trips can be physically demanding, so it’s better to see the world at 70 rather than wait until you’re 90. To keep yourself on track financially, use the bucket system to set up a separate savings account just for travel.
GO BACK TO COLLEGE
INVEST IN YOUR HOME
It might sound counterintuitive to go to college when you’re not planning to go back to work, but continuing your education after retirement offers many benefits. Many individuals
Once you no longer have to work five days a week, you’ll be in your home more often, so why not make it amazing? An in-ground pool or a private tennis court
IS LONG-TERM CARE A PART OF YOUR RETIREMENT PLAN? NOW IS THE TIME TO START
No one wants to talk about living out their retirement in assisted living, but with rising costs and higher demand, long-term care should be a topic at the forefront of everyone’s retirement plan. The U.S. Department of Health and Human Services estimates that 70 percent of retirees will need some sort of long- term care in their lives. When this is combined with the median annual cost of assisted living, $45,000, the financial impact on your retirement becomes substantial. All of this begs the question, are you prepared for long-term care?
be extremely stressful and overwhelming. In some cases, relatives can be nonexistent or unreliable, which can leave you with a lack of options. All of this is undesirable but becomes even more dangerous when you factor in rising costs.
RISING COSTS
The price of nursing facilities is increasing quickly. You could be paying anywhere from $3,500–$8,000 per month to make sure most basic needs are met. In 2017 alone, these costs were up 3.36 percent, and they are projected to continue to rise through 2019. Overlooking long-term care in your retirement plan can put you and your family in a problematic situation. Take the burden off your shoulders now by incorporating the probability of assisted living into your retirement plans. No matter where you’re at in life, it is never too late to plan. Contact us today and let’s put something in motion so your retirement is ready for any bumps along the way.
WHO IS RESPONSIBLE?
Medicare won’t cover your long-term care needs. Medicaid can assist with them, but it would require spending down all of your assets to become eligible, which could bankrupt your spouse. Failure to plan can cause long-term care to fall on family, which can
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Diversification is a must for any investment portfolio. Think about it like lifting weights: If you exercised one specific muscle group every single day for the rest of your life, what would that look like? You may be ripped in that one area, but the body as a whole would be out of proportion. The same principle applies to investing. Building a well-diversified portfolio is key to generating consistent returns and getting the most out of your investments. In the context of working out, when you exercise the whole body instead of just one area, you develop a physique that works in harmony, achieving better results. We believe not only in the diversification of your portfolio but also your investment strategies. Every plan of attack will occasionally underperform, so it’s essential to use the variable tactics to mitigate risk. Just because you have a well-diversified portfolio doesn’t guarantee great returns. Market fluctuation is always going to be a factor when it comes to investing. If you diversify your portfolio too much, you’re going to eventually detract from your returns. Placing assets in conflicting industries will have your money working against itself, so diversification has to be targeted. “Buy and hold” is age-old investing advice. This concept states that the market will always go up and down, but long term, it consistently increases. But what if instead of buying and holding with a diversified market portfolio, you could consistently plug your money into asset classes potentially during their time of optimal performance? This is why you need a money manager and why we can help. A tailored plan using the correct strategies is designed to generate much better returns for you than just a shot in the dark. Contact us today and let us show you how a diversified portfolio should work. DON’T PUT ALL YOUR EGGS IN ONE BASKET WHY YOU WANT A DIVERSIFIED PORTFOLIO
find themselves with more time on their hands than they’re accustomed to, and without a plan to fill this time, it’s easy to become depressed or isolated. Numerous studies have shown that continuing to exercise your brain has a positive impact on cognitive function, so taking a few classes can be the perfect way to stay busy and keep your mind sharp. Attending school late in life is also a great opportunity to indulge your passions and learn more about subjects you’ve always been interested in. Many colleges offer free classes or reduced tuition to seniors, so check with your local schools and see what classes or programs they have available.
SPICY SALMON TARTARE
INGREDIENTS
Inspired by Epicurious
• 1 8-ounce boneless, skinless salmon fillet • 1 tablespoon fresh lime juice • 1/4 teaspoon lime zest • 1/4 cup cucumber, seeded and finely diced • 1 1/2 teaspoons jalapeno peppers, seeded and minced • 1 1/2 teaspoons shallots, minced • 3/4 teaspoon fresh ginger, peeled and finely grated
• 1 1/2 teaspoons fresh cilantro, minced • 1 1/2 teaspoons fresh chives, minced • 1 1/2 teaspoons grapeseed or vegetable oil • Salt and freshly ground pepper, to taste • Crackers or chips, for serving
DIRECTIONS
1. Place salmon in freezer for 20 minutes to make slicing easier. 2. Meanwhile, prepare other ingredients for mixing. 3. Thinly slice salmon into sheets and cut sheets into strips and strips into cubes. When finished, you should have 1/8-inch cubes. 4. In a mixing bowl, combine salmon with all other ingredients. Season with salt and pepper. 5. Garnish with chips or crackers and serve.
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PATRIOTWEALTHNC.COM PHONE | 919.322.4113
INSIDE THIS ISSUE
All About Parenthood PAGE 1
3 Ways to Invest in Yourself After Retirement PAGE 2
Why You Should Incorporate Long-Term Care into Your Retirement PAGE 2
Spicy Salmon Tartare PAGE 3
Is Your Portfolio Diversified? PAGE 3
Prepare for an Adventure in Lapland PAGE 4
INTO THE ARCTIC CIRCLE
ADVENTURE IN SWEDISH LAPLAND
If you’re eager for a new adventure in 2019, you’ll surely find it in Swedish Lapland. With trail systems that take you into the Arctic Circle, the northernmost region of Sweden is home to national parks, glaciers, reindeer, the beguiling midnight sun, and spectacular night skies. Though winters are cold, one benefit of traveling to the region in this season is to catch a glimpse of the night sky. The northern lights are visible from a few remote locations like Abisko National Park, one of the first established national parks in Sweden. Traveling to Abisko is an adventure in and of itself. From Stockholm, the fastest option is to take one of only two airlines that fly into Kiruna, then travel by train to Abisko. Despite the challenge of getting there, adventure-seeking visitors from around the world arrive each winter to experience the Arctic beauty.
Winter attractions include ice skating, snowshoeing, and the Scandinavian sauna (this last one is a must any time of the year). Befriend a Scandinavian and you might be treated to some pickled herring or even a princess cake, a raspberry-filled dessert covered in marzipan. Scandinavians cherish their public lands, and the trail systems are well taken care of. Hikers and backpackers can enjoy the stunning beauty in both late spring and summer, as well
While hiking, you may spot reindeer herds or lemmings (a small rodent similar to a hamster) racing around rocks. The Sami people have herded reindeer for thousands of years through this very land. In the summer, keep an eye out for blueberries, lingonberries, and the brightly colored cloudberries. Because of the Arctic climate, weather conditions can change quickly from sunshine to rain and heavy fog, so it’s best to dress in layers and bring wind and rain protection if you plan to venture into the backcountry.
as a chance to see the midnight sun. Because of its far-north location, Swedish Lapland receives close to 24 hours of sunlight from June through early August. Between the boulder fields, mountains, and stunning glacial lakes, hiking here is a treat.
The fantastic scenery of Swedish Lapland awaits you, no matter when you decide to take your trip. What are you waiting for?
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