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We may have shared this story in the past and it’s worth sharing again as it is extremely impactful and motivational. I met with a married couple many years ago. Upon our first planning meeting, I had asked what was important to them and what they wanted to accomplish. The wife stated that she wasn’t too fond of living in Virginia. Over the next few months, we planned out for them to spend the next few weeks, which then ended up being a much longer time, vacationing in areas that were away from Virginia. When I later asked the husband what his personal goals were, he blurted out that he wanted to skydive. His wife was not too thrilled about this, but he was set on it. I assisted him in setting him up with a plan and a location to do so. Unfortunately, his experience got rained out. The next time he was in the office, I got back on the phone and rebooked his excursion. Well, two weeks later, I ended up with a photo of him skydiving. A few years after that, he passed away, and at his funeral, there were a number of photos and memories. One of those photos was the same photo we have today in our office: his skydiving adventure. Plans, aspirations, and dreams are always possible! It all boils down to properly planning to make those dreams a reality. At Campbell Wealth Management, we are here, ready to help you to map out your road to a successful, relaxing, and fruitful retirement.
A list is a perfect tool to check things off one by one, like a chopping block.
After listing everything out, we detail the basics: income, investments, tax, and legacy. We mathematically prove to our clients how they can achieve those things and what is possible. Having a written plan in place allows us to set everything up from the beginning and to follow it on a regular basis, making necessary adjustments along the way. This provides efficiency in the process. Next, it is important for our clients to protect their finances. For example, if they have a 60% stock and 40% bond portfolio while the market continues to do well, their stocks may move up accordingly, but their bonds won’t do so well. As years go by, they may wind up having 90% of their money tied up in the stock market. This means that if the market turns downward significantly, they will be participating in that downturn, putting them at risk to lose 40%– 60% of their portfolio. The more we can protect their finances, the more we can prevent mistakes with any market. Lastly, resetting each year is paramount. Things change, and we always want to take time to see what else the client would like to accomplish and to add new things to their list. From there, we must build again to accomplish those new plans. It is a forever evolving process. We have been utilizing this process for years with clients, and it has brought significant success.
Kelly Campbell
Wealth Management Is Different for Women Identifying a Variance
Whether you are a single woman or married, it is important to understand that managing finances in the golden years and for retirement is different for women. But why? Women who are 55 years and older require a different wealth strategy than men do because statistically, women live 3–5 years longer than men. Due to this, the Social Security Administration estimates that roughly 75% of married women will be widowed in their lifetimes, thus they must be financially prepared.
accrued less over time. Women also invest differently than men. Men tend to put more money into
riskier investments while women are much more conservative on average. This may or may not be beneficial, but it must be balanced out and taken into consideration. It is essential that a wealth management plan considers these variables.
By covering all of their bases with a financial advisor, women can be sure that if they outlive their partner, they will be prepared and financially stable — free of worry. Whether women are married, divorced, widowed, or single, a written plan is necessary. And once it is written, it is even more important that it is followed and reviewed each year to account for changes and fluctuations. With a secure plan in place, the future is brighter!
Women tend to retire with less money in their retirement accounts compared to men, mainly because they typically leave work at some point in their lives to care for their children and generally
This is intended for informational purposes only and should not be construed as tax advice. Consult your tax advisor regarding your situation.
2 • CampbellWealth.com
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