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November 2022
CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 400, Alexandria, Virginia 22314
Having Those Tough (but Necessary) Conversations WHAT WOULD YOUR WISHES BE?
Last month was National Financial Planning Month, a time dedicated to ensuring you properly plan your financial future. Hopefully, you’ve completed your planning and can recognize the benefits you’ve reaped from that planning. After all, the month of November is all about thanks and giving. Thanksgiving is a time to gather together with friends and family to celebrate our blessings, gratitude, and each other. As tradition would have it, we do this over a great Thanksgiving dinner of either turkey or ham (some families even have both). If you ask me, I’m a turkey guy, hands down! Thanksgiving is also a great time, while everyone is gathered, to make sure all of the folks around the table are on the same page, especially family members. I’m bringing this point up because recently, my mom went into the hospital with an infection. Over the few days she was there, things got a bit scary for both her and us — we found ourselves at a point where we were looking at each other blankly, asking ourselves, “What would mom want?” Nobody had a definitive answer. I wish I knew exactly what she’d want, but we had not talked about it yet. And, while she had the correct documents in place when it came to wills, power of attorney, durable power of attorney, and medical directives, beyond those documents, we didn’t know
what her wishes would have been if her health took a turn for the worse.
just like to be sure to tell your children or grandchildren or, on the flip side, your parents just how much they mean to you! While this may not be a Thanksgiving dinner table conversation, it’s still good to begin the dialogue so you can continue at a later time — it could be much more meaningful than you’d think! Life has a funny way of throwing curveballs our way. From my family to yours, enjoy the fall and have a wonderful Thanksgiving! Kelly Campbell
As her closest family members, we would have much rather had a conversation well ahead of time. Thankfully, my mom ended up pulling through and recovering. She is now once again happy and healthy and that scare is well in the past. Now, we can have those conversations in person so we know what her wishes would be. However, not everyone will be as lucky — you never know what tomorrow will bring. So, I encourage each of you to have those candid conversations, letting your loved ones know what you’d like them to do if anything were to ever happen to you. Or maybe, you’d
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Consider These End-of-Year Tax Tasks! It’s Time to Wrap Up 2022
Look Into a Roth Conversion If you were to do a Roth IRA conversion before the Dec. 31 deadline, you would pay tax on the funds you convert, with the perk of being able to withdraw them tax-free down the road. If we see tax increases in the future, this is one way to prepare and get ahead of the game. It should be noted that Roth IRA conversions are not reversible and the funds cannot be withdrawn without a penalty until five years after the conversion takes place, and typically until you are 59 ½ years old. If you are interested in a Roth IRA conversion but not sure where to start, that’s where we come in. We are here to help. We know this time of year is busy for everyone, but make sure your financial and tax well-being does not get lost in the holiday rush! To discuss your individualized tax minimization strategy for now and the future, give us a call today!
This time of year, holiday meal shopping lists, gift lists, holiday agendas, and sending out cards are at the top of your priority list. But, don’t forget your end-of-year financial checklist!
Dec. 31 is the deadline to complete many tasks that will make a difference when you file your taxes next year. Here are some things to add to your to-do list before the new year rolls around. Review Retirement Account Contributions Although the end of the year is near, it’s still not too late to max out your IRA, 401(k), or other retirement accounts for 2022. This year, employees participating in most 457 plans, the government’s Thrift Savings Plan, and 401(k)s can contribute up to $20,500. Finish Making Charitable Donations If you itemize your taxes, all qualified charitable contributions can be deducted! After all, it is the season of giving! Be sure to check just how much you can donate to charities tax-free.
Wait, Don’t Click That!
Protecting Your Accounts From Cyberthreats Especially during the holiday season with online shopping at the highest point of the year, it’s important to protect your retirement savings from cybercriminals. Retirement account fraud is a common financial crime, thus it’s important to take the right steps to protect your accounts and information from cybersecurity threats. Let’s take a look at three ways to ensure your retirement accounts stay safe! suspicious activity. Because it’s becoming more difficult for criminals to hack bank accounts, many are homing in on retirement accounts instead. Do not open suspicious emails.
or text message, as communicated on their website. So, if you receive an email from a sender claiming to be the IRS asking you to click on a link or provide personal information, do not click on it or provide your information! While the internet is an extremely useful tool, especially for researching holiday recipes and purchasing gifts, it comes with a giant risk when it comes to financial accounts and personal information — it’s important to protect our accounts from cyberattacks as well as market downturns. If you’d like to discuss any retirement concerns or have questions about your 401(k), give us a call today!
As a general rule of thumb, if you receive a strange email from someone claiming to be your 401(k) provider, and something just doesn’t look right, don’t open it. On that note, also avoid clicking on or interacting with pop-up windows, attachments, and links from any sender you do not recognize. These strange links and emails may be phishing attempts from criminals. Ignore emails from the IRS. The IRS does not communicate via email
Keep a watchful eye on your 401(k). Understandably, your retirement account may be something you rarely check. However, just like you monitor your credit card statement, it’s important that you watch your 401(k) account for
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All This for a Truckle of Cheese? What Is Cheese Rolling?
Would you like to be a Campbell Wealth Management Ambassador? Would you like access to exclusive events? During the spring, the southwest part of England hosts one of the strangest sports each year — cheese rolling. People worldwide travel to watch and participate as contestants launch themselves down a hill in pursuit of a round of cheese. But how did this sport come to be? It’s kind of a mystery. No one really knows the origins of cheese rolling. For as long as the locals can remember, the sport has always been there. Several theories attempt to explain how the sport came about. One theory states that the competition started in the 15th century, and racing down the hill was a way to establish grazing rights on the commons. Others say the game has a pagan origin, where people would throw bundles of brushwood down the hill to represent the new year once winter ends. Although its roots are unknown, locals have kept score since the 1970s and watched it gain in popularity over the years. What are the rules? Competitors begin the race at the top of Cooper’s Hill in Brockworth, Gloucester, which slopes downward at an almost 90-degree angle. Then, when the master of ceremonies tells you to go, you launch yourself down the mountain. The first person
to grab the 8-pound wheel of double cream Gloucester (which has never been done before) or cross the finish line at the bottom (about 200 yards) will win the race and the cheese.
You don’t need to meet any criteria or fill out any paperwork to participate. Simply arrive at the top of the hill before the race begins, and you’re all set. But participating is at your own risk: Many people suffer severe injuries because you’re going down the hill at speeds reaching 70 mph. The sport has gained many fans over the years — around 15,000 attendees come to view the spectacle annually. The media attention further spreads the interest and popularity of cheese rolling. Many YouTube channels cover the sport, and a Netflix show titled “We Are the Champions” has an episode covering the sport and how competitors train.
Can you believe all of this excitement and fame over a truckle of cheese?
Join us for our 4th Annual Pie Pickup & Toys for Tots Drive — Partnering with Marine Corps Toys for Tots!
Dates: Monday, Nov. 21, in Alexandria; Tuesday, Nov. 22, in Reston. Time for both days: 1:00–4:00 PM. How it works: • Choose a pie ahead
All you have to do is refer a friend. Do you know someone who: • Wants to be better prepared for retirement?
of time (pie is on us) — we will send you the information via email. • You pick up the pie when you drop off your unwrapped toy donation!
• Is looking for a second opinion regarding their portfolio? • Has gone through a major life event (death of a spouse, retirement, etc.)? Call us at ( 703) 535-5300 and let’s set up an introduction! If they are important to you, they are important to us.
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700 S. Washington St. Suite 220 Alexandria, Virginia 22314 (703) 535-5300 CampbellWealth.com
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CampbellWealth.com (703) 535-5300 330 John Carlyle St., Suite 400 Alexandria, Virginia 22314
Inside
1
Difficult (but Necessary) Conversations
2
2022 Tax Minimization Strategy
3 Ways to Protect Your Accounts From Cyberthreats
3
All This for Cheese?
Pie Pickup and Toys for Tots
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Getting Outdoors Despite the Cold
Come Out and Play Staying Active in Cold Weather Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Advisory services offered only by duly registered individuals through Campbell Wealth Management, LLC (CWM), a Registered Investment Advisor. MAS and CWM are not affiliated entities. Our firm does not offer tax or legal advice. Consult your tax or legal advisor regarding your situation.
Winter is almost here, and as the weather gets colder, many people use it as an excuse to stay inside and on the couch. But if you don’t want to wonder what happened to your fitness goals when spring comes around, now is the time to start preparing. Here’s what you need to know to comfortably enjoy outdoor exercise in low temperatures. First, there’s good news: Your chance of frostbite in 5 degree F weather is less than 5%. So, outdoor exercise is perfectly safe most days of the year. Just stay inside when there’s a particularly nasty wind chill and don’t exercise on icy surfaces. But while you probably won’t be hurt by outdoor winter exercise, there’s no denying it can be unpleasant if you aren’t prepared.
warmer so you don’t trap sweat. Also, remember the wool socks, gloves, and hat.
Another way to keep yourself comfortable during an outdoor workout is to warm up longer before beginning. Exercise in cold weather makes strains and sprains more likely, and a warmup will keep you safer. Plus, the additional movement before heading outdoors will help the temperature change feel less jarring. You’ll want to protect your skin from the harsh air. One of the best ways to do that is by staying hydrated. Though it sounds obvious, many people feel less thirsty when exercising in the cold and don’t drink enough water. Also, moisturize regularly and protect your nostrils and lips from the wind with petroleum jelly or Carmex. Finally, don’t forget the sunscreen — if skiers can get a sunburn, so can you!
So, if you want to exercise outdoors in the winter, you must set yourself up for success with the proper gear. Dress in layers and put them on in the correct order. Opt for a moisture-wicking material as your bottom layer, then add a warm insulating layer, followed by a wind and water-resistant jacket on top. Remove items as you get
One school of thought suggests there’s no bad weather, only poorly chosen clothing.
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