Campbell Wealth Management - July 2020

The First Steps to Building Your Dream Patio Enjoying your time outside can be hard when you also want indoor comforts. But why settle for just one when you can have the best dream feature you’d like to include. If you can make these two work together, then you’ll be very satisfied with the results.

of both worlds with an outdoor patio? Summer is a great time to make a plan to create or revamp your current patio into your dream patio. As with any home project, however, it can be overwhelming at first to design an entire space. If you’re not sure where to start, then here are some suggestions. No. 1: Determine the purpose. No two households are the same, and likewise, no two patios are used exactly the same way. Maybe you’d like to have a quiet, cozy spot in the mornings to listen to the sounds of nature, enjoy the weather, and

Dream features can include a beautiful firepit, an elaborate brick design, a Jacuzzi, or a professional grilling station. For example, if you want a cozy spot for your family to enjoy Sunday afternoon barbecues, then you’ll need enough space to set up your ideal outdoor cooking area as well as a dining area with the right amount of seating. Once you have the space in mind, you can accommodate and plan for changes. No. 3: Consider how to decorate. If your patio isn’t constructed yet (or if you’re reconstructing), then consider using fresh, great-looking patio pavers

take in a good book or podcast. Maybe you’d like to use your patio mainly to relax and breathe in the fresh air as you entertain guests. Or, maybe you need your patio to serve both purposes! No. 2: Plan the space in advance. This can be the hardest part for some, but you must keep two specific things in mind when planning your patio: the preferred size and any THE CARES ACT AND RETIREMENT Does It Make Sense to Withdraw Money Early? In the wake of the coronavirus pandemic, the rules regarding withdrawing funds from retirement accounts have temporarily changed. In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This was the law that resulted in millions of Americans receiving checks from the IRS. The CARES Act also gave those with retirement accounts the option to take money from those accounts, such as IRAs and 401(k)s, without penalty. This potentially opens up cash for those who may need it in the fallout from the coronavirus pandemic. If you are not yet retired and you have an IRA, for example, then you can withdraw up to $100,000 from that account. While you don’t have to pay any penalty to withdraw the money, you do have to repay that money to the IRA within three years. You also have to pay tax on that money, like you would when withdrawing from a traditional IRA in any other circumstance. The IRS also loosened its rules on withdrawing money from employer- sponsored 401(k) accounts. You can withdraw up to $100,000, or 100% of the account balance, whichever is lowest. Again, you do have to repay

to complement your house’s exterior and invite you and your guests to step into the outdoors. Try to add interesting textures by using different materials. Slate, limestone, sandstone, and terra cotta paving slabs are very popular choices. Finally, decorate with planters, shade structures, and anything else you think will make your outdoor escape a little more comfortable. the funds. You have five years to restore your 401(k). The terms also apply to 403(b) and 457(b) accounts. While withdrawing funds from retirement accounts can be useful, is it something you should pursue? It’s important to keep in mind that once the money is removed from the account, it is no longer working for you. It lowers your investment potential. Even in repaying those funds, your retirement funds will be lower than they would otherwise be once you do officially retire. Of course, every situation is different. Some people will need the money now and in the short-term future. Others may not. It’s important to consider all your sources of income and determine what money you can safely use now in the event you need to access money for whatever reason. It’s also important to consult with your retirement and wealth manager before making any decision to determine your best course of action.

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