Wolf Retirement Navigation December 2018

904-232-8760 www.wolfretirement.com MONTHLY RET IREMENT NAV IGAT ION

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December 2018

Still Going Strong

How We Face Changes and Plan for Tomorrow

How is it that this year turned out to be crazier than 2017? This time last year, we were all wondering how the final version of the new tax bill was going to look. I never would have guessed that it was only the beginning of the roller coaster. A great deal of economic, financial, political, and geopolitical change has taken place recently. We just went through a wild midterm election, and that’s only the tip of the iceberg! There are still big changes happening right now, and changes will likely continue well into the foreseeable future. It can be overwhelming to try and keep up with it all. How can you plan for the future when the present is so unpredictable? This is what a lot of our clients have been asking me. They want to do the smart thing and build a strong retirement plan, but they don’t know how all these changes will affect them. It’s a good thing it’s my job as their financial planner and fiduciary to figure all that out. My job, as always, is to stay on top of all these changes and keep my proverbial “ear to the ground” so I can continue to help clients successfully plan for their future years. It is my sole mission in life to keep my clients protected from financial risk. Outliving your savings, market- loss risk, increasing tax rates, inflation, and excessive fees are all real threats Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Wolf Retirement Navigation LLC 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

to one’s retirement, and they’re serious components of a retirement plan that can adversely affect the goals set forth in the initial plan. It’s important to be prepared whenever possible. Fortunately, I have many years’ worth of knowledge and a lot of experience in that area. Our team’s goal is to tailor a successful retirement plan for you that offers guidance along life’s journey and the flexibility to adapt to potential changes along the way — empowering you to live the lifestyle you desire and leave the legacy you envision. We will be celebrating our five-year anniversary in January 2019. During that time, I have helped a lot of clients start planning for retirement, and I have guided many others safely into the retirement they have always dreamed of enjoying. Seeing my clients able to rest easily because their futures are secure is a source of great joy and accomplishment in my professional life. I want to take the time now to thank all the clients who are with us today, especially those who have been with us since the beginning. Thank you for your support, your business, and your friendship. I love being a financial planner — your financial planner — and I couldn’t do this without you . professional before making any investment decision. This information is designed to provide general information on the subjects covered; it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Wolf Retirement Navigation LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Through the ups and downs of the day to day, it can be tempting to lose hope,

but I urge you to stay positive as we finish 2018 and start the new year. While there are many things that are out of our control, we get to decide how we react to life. We can hope for the best, plan for the worst, and cherish each moment we have on this earth. Let’s enjoy the holiday season with our loved ones. That way, no matter what changes the future may bring, we can remember those we love with memories we have created, and we know we’re not alone. We can face any challenges together. There are some great things happening in 2019, so keep an eye out for a big announcement in future newsletters. Until then, I hope you have a very merry Christmas, the happiest of holidays, and a great New Year’s!

–Adam Wolf, CPA, CFP ®

Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.

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Planning for and navigating retirement is the most pressing financial concern for older adults. While understanding how to budget and spend as

college years or other outstanding loans. Others turn to credit cards to defray a surprise cost like a medical emergency. If you’re in danger of falling behind on payments, contact your lenders before opening a new credit account. Reverse Mortgages Many seniors have reverse mortgages, which allow them to buy into home equity provided they repay it when the property is sold. In this mortgage structure, however, people still need to pay property taxes and homeowner’s insurance. These mortgages can end up being a trap for seniors, which is why Jean Setzfand, a senior vice president at AARP, refers to them as a last resort. Scams and Identity Theft Sadly, many identity thieves and cybercriminals target the elderly. While your credit report can be corrected after such an event, many seniors are unequipped to deal with the process. The

best defense is to check your statements often to ensure that any foul behavior is caught as early as possible. Confusion Regarding Fees Many seniors reported charges they didn’t understand to the CFPB. Often, they were signed up for subscriptions they didn’t use or weren’t sure how interest was being calculated. As with identity theft, monitoring your statements for unusual charges is the best way to avoid this source of stress. Loss of a Spouse The loss of a spouse presents challenges much greater than the financial burden, but that is often a major part of navigating the death of your partner. Accessing bank accounts and other assets can prove difficult, especially if it was the deceased who primarily managed the finances. Working with a financial planner or elder law attorney can help make this process less daunting.

you approach and enter retirement is crucial, it’s far from the only issue that seniors face. Last year, a report from the Consumer Financial Protection Bureau (CFPB) investigated the most commonly reported complaints the organization had received from adults age 62 and older. Aside from retirement savings, here are the five major issues reported by seniors. Debt The number of seniors and retirees with debt is at an all-time high. Many seniors carry excessive debt in order to ease the burden on their children and grandchildren. Some still have student debt from their

MARK YOUR CALENDARS Birthdays, TV Spots, and Office Closures

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Fun for a Cause

Get financial advice right at home when you watch Adam’s shows!

Wolf Retirement is proud to sponsor Whitey’s Fish Camp 16th Annual Lighted Boat Parade . Join us on Saturday, Dec. 8; 6:30 p.m. for a beautiful scenic event celebrating the holiday season. There will be cash prizes, a silent auction, and a raffle with all proceeds benefiting the Safe Animal Shelter. Learn more about this event at WhiteysFishCamp.com . Celebrate We have 26 birthdays in December! Happy Birthday to Adam (Dec. 12) and to all our friends and family members celebrating this month. May your birthday be as wonderful as you are.

River City Live: Tuesday, 12/4 and 12/18; 11 a.m.–12 p.m. First Coast Living: Wednesday, 12/12 and 12/19; 11 a.m.–12 p.m.

Don’t Forget!

All of our offices will be closed from Monday, Dec. 24, 2018, to Tuesday, Jan. 1, 2019. Have a merry Christmas and a happy new year! We’ll see you in 2019.

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Give Yourself a Gift

How Retirees Use the Holidays to Reduce Taxes

Cut Your Losses Do you have losing stocks in your portfolio? Consider selling them before the end of the year. Minimizing losses can help lower your taxes. Manage Your Tax Bracket If there’s a gap between the bracket you’re in now and the next tax bracket, selling a capital gain or converting a traditional IRA into a Roth IRA may work to your advantage. Reach out to us to learn if there are moves you can make to take advantage of converting before the end of the year and lowering your tax liability for many years to come. Remember the Season of Giving Everyone knows donating to charities can reduce your income tax bill, but are you aware that you can also give to individuals? You can give up to $15,000 per individual — to as many individuals as you want — without affecting the unified credit or getting hit with a gift tax; however, you cannot reduce your income tax bill by gifting to individuals. Need some advice for cutting your taxes before the year is over? Give Wolf Retirement Navigation a call at 904-232-8760. Let the professionals review your accounts to see how you can save some money in the new year. Happy Savings!

Beyond budgeting for gifts, financial planning often takes a back seat during the holiday season. But these last few weeks of the year are crucial if you want to reduce your income taxes payable in 2018. Here are a few ways current and future retirees can reduce their taxes around the holidays. Contribute the Maximum to Your Retirement Plans You can enjoy a pretty sizable tax deduction by contributing to certain qualified retirement plan programs if you are still working. These are the programs funded by pretax dollars, such as your 401(k) and traditional IRA accounts. Give yourself a break by letting your money grow in these accounts without being taxed until you need to pull it out. Strategize Your Withdrawals Did you have a low-income year? It might be wise to make more withdrawals from your tax-deferred retirement plans and convert to a tax-free Roth IRA. When it comes to accounts like your 401(k) or traditional IRA, your distributions are taxed based on your marginal tax rate for that year. If you’re in the 10-percent tax bracket, a $10,000 distribution from your 401(k) will cost you $1,000 in taxes. However, if you had a higher income year and are in the 24-percent tax bracket, you’ll pay $2,400 in taxes for that same distribution.


Looking for an easy holiday roast that still feels elegant enough for the occasion? Look no further than this delicious prime rib flavored with garlic, thyme, and red wine.


• 1 bone-in prime rib (6–7 pounds) • 8 cloves garlic, thinly sliced • 2 cups red wine

• 4 cups beef stock • 1 tablespoon fresh thyme, chopped • Salt and freshly ground pepper, to taste pan and roast prime rib for 2 hours, until medium-rare. 5. To make au jus, place roasting pan with drippings from roast over 2 burners on high. Add wine and scrape pan as liquid reduces. Add beef stock and cook until reduced by half. Finally, sprinkle in thyme. 6. Slice roast and serve topped with au jus.


1. 30 minutes before cooking, remove roast from fridge and let sit until it reaches room temperature. 2. Heat oven to 350 F. 3. Make small slits in prime rib and stuff with slices of garlic. Liberally season with salt and pepper. 4. Place a rack inside a roasting

Answer on page 4

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904-232-8760 www.wolfretirement.com 4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224


Solution to puzzle on page 3

• What Does the Future Hold? PAGE 1

• Financial Struggles Older Adults Face PAGE 2

• Don’t Forget! PAGE 2

• Year-End Financial Tips for Retirees PAGE 3

• Holiday Roast Prime Rib PAGE 3

• Holiday Decoration Tours PAGE 4

Christmas Tours

Get Away and Be Festive This Holiday Season

Tips forYourTripBack inTime

There’s nothing quite like the magical lights of the holiday season, and some destinations in the U.S. have perfected the craft of holiday decoration. If you’re looking to get away this December and still engage in seasonal festivities, add one of these places to your must-visit list.

four elk antler arches, but around the holidays, they are lit up with white string lights and flanked by snow. The Christmas decorations and lights surrounding the archway make for a Western-themed holiday pulled right out of a John Wayne classic. For holiday admirers looking for a unique spin, Jackson has you covered. Yearly Yuletide in Santa Claus, Indiana This one’s for the Christmas lover. If you can’t make it out to Santa Claus, Indiana, this holiday season, you can still celebrate Christmas in this tiny Midwestern town in January, June, or even October. Embracing its unique name, the town boasts a museum, holiday shopping

New York City’s Rockefeller Center New York City is an iconic location for Christmastime. The scene is like a Hallmark card: Ice-skating lovers whiz past miles of twinkling lights underneath an exceptionally tall and amply decorated tree. The tree is specially selected by Rockefeller Center’s landscaping crews, who scout out trees years in advance. It remains lit from November to early January, so you have plenty of time to check it out. Ranch Christmas in Jackson, Wyoming Jackson, Wyoming, takes its frontier culture to the next level during the Christmas season. All year, the city proudly displays

center, and a Christmas theme park. In a moving tribute, the town’s residents also write responses to children’s letters to Kris Kringle himself. It’s impossible to avoid holiday cheer in this town. Disney World’s Christmas Magic What better place to celebrate the most magical time of the year than in the most magical place on Earth? Walt Disney World’s halls are decked to the max with a parade, gingerbread homes, strings of lights, and festive parties. Plus, costs to visit Disney World can be cheaper during the Christmas season, so keep an eye out for a vacation steal.

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