Wolf Retirement Navigation - February 2020



4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224

4711 US Highway 17, Suite C-5 Fleming Island, FL 32003

As seen on:

February 2020

The Perfect Leap Day Making Those Extra 24 Hours Count

I ’ve been writing “2020” on documents for about a month now, and it is still blowing my mind. How is it already 2020? When I was a teenager, 2020 felt so far away. Marty McFly didn’t even reach the year 2020 in “Back to the Future II.” That’s how far away it was! Now we’re in the year 2020, and time seems to be moving faster than ever. Something special about this year, besides the fact that it’s truly the future, is that 2020 is a leap year. This month will have an extra day — an extra 24 hours to do whatever we’d like. It’s not really extra time, of course, but there’s something about having another day that we didn’t have last year that makes you want to take a step back and ask, “What do I actually want to do with this time?” Leap day is on a Saturday this year, so my extra day can start with a morning workout. I’ve started training for two

If you’d asked me what my ideal leap day looked like 20 years ago, I would have painted a completely different picture. “

dad spent five minutes holding my bike up before letting go and telling me I had to do it on my own. Talk about times changing! At the end of our extra day, Bella and I will likely have dinner with my mother and stepfather. They live just a mile up the street, which is nice because it means we get to see them a lot. It makes organizing family dinners really easy, and Bella loves going to her grandparents’ house. If you’d asked me what my ideal leap day looked like 20 years ago, I would have painted a completely different picture. I probably would have wanted to be at some big party or stay up late doing who knows what with my friends. It would have been big and flashy so I could “live life to the fullest.” But at 42, I don’t need fireworks for a day to be special. A great day is time with my family, being there for my daughter, and watching her grow up. This isn’t better or worse than a flashy day, but it’s what is important to me now. Leap day is a time to pause and devote energy to things that make life fulfilling, whatever they may be to you. We aren’t guaranteed another day, so getting this extra day is really something to celebrate. -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.

29029 Everesting Challenges, and I’m determined to conquer the mountains this year. Having an extra day to train might really make a difference. My leap day will start early with a two-hour workout before spending the rest of the day with my daughter. Isabella and I have a routine. I’ll make her breakfast and then we’ll do some art stuff together. She’s such a creative kid. In the afternoon, we’ll probably switch gears, literally, and head outside with her bike. Bella is learning to ride a bike right now, so we’ll spend hours out there, working on it. She has a little way to go, but she’s really getting the hang of it. Teaching her how to ride a bike is really different from how my dad taught me to ride a bike. Isabella has a helmet and knee pads, and we take things slowly. Back in the day, I didn’t have any protective gear, and my 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.

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

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

www.wolfretirement.com | 1

Protect Yourself and Your Money Don’t Let Scammers Get You Down

A ccording to a recent survey by the American International Group (AIG), a majority of Americans over the age of 65 don’t know much about the myriad financial scams circling the globe. Reports show that ignorance of these scams has proven costly for the 65-plus crowd, who are the most frequently targeted demographic. Is It Love? One common shakedown taking seniors and retirees for a ride is the online romance scam. As part of it, a person poses as a potential date or romantic partner and engages in a fake relationship with the victim. The scam usually starts with an online or web-based dating service and progresses to texting or talking over the phone, but it always stops short of an in-person meeting. Instead, after the scammer has gained the trust of their victim, they’ll claim there’s been some kind of emergency for which they need money fast. The clueless victim usually offers to

overdue $50 for their power bill. If the victim says they’ve already paid, the scammer might respond, “Your payment didn’t process correctly.” The crook’s job is to get the victim to relent and pay up. Then, once they’ve been paid, usually via credit card number or wire transfer, the scammer once again vanishes along with a significant portion of someone’s bank account. Scammers want your money, but if you are aware of today’s hustles, you can better protect yourself and your assets. Luckily, AIG also found that nearly 92% of the 65-plus crowd now ignores phone calls, texts, and emails that request personal information, and 89% of these folks say they avoid clicking links from unknown senders. Be vigilant and remember that if someone calls you and demands personal information over the phone or asks you to wire money, there’s a very good chance it’s a scam. Marina Hotel and Restaurant. It will be an afternoon of food, drinks, and fun. Space is limited, so RSVP by calling 904-232-8760 or emailing Robin@wolfretirement.com before Feb. 6, 2020. State of the Retirement Luncheon Guest Speaker Martha Marshall, Tax Manager When: Friday, Feb. 21, 2020; 12–2 p.m. Where: Wolf Retirement Navigation - 2nd Floor Conference Room How will the current state of retirement impact your future plans? We will recap current economic, market, annuity, and tax trends and news. Guest speaker Martha Marshall will be joining us to discuss the new individual tax filing season and what to expect. Lunch will be served. This is a client-only event, and clients are encouraged to bring one guest or family member.

wire them the money. In many cases, the scammer will continue asking for money for as long as they can get away with it. Then, once the victim figures they’ve been bamboozled and try to retaliate, the scammers vanish — off to find their next target. scam. Again, AIG reports that about 57% of people aged 65-plus aren’t familiar with this sham. In most cases, the victim receives a phone call or email from a representative of a local company, who says they still owe money for a bill or service. For example, the scammer may tell the victim they owe an Did You Pay? Another prevalent rip-off is the invoice Group, is a former Cal football running back who now teaches finance and personal motivation on his podcast “The Young Money Podcast.” • Michelle Singletary is the author of “Spend Well, Live Rich,” formerly “7 Money Mantras for a Richer Life.” Singletary takes wisdom from her grandmother and offers practical personal financial advice. ‘Galentine’s Day’ Luncheon NEW DATE: Wednesday, Feb. 12, 2020; 11:30 a.m. to 1:30 p.m. Where: Casa Marina Hotel and Restaurant, Jacksonville Beach, Florida


What’s Happening in February?

Patrice Washington

Black History Month To commemorate Black History Month, Wolf Retirement Navigation is highlighting members of the African American community who are making strides in the field of personal finance. • Patrice Washington, founder of Seek Wisdom, Find Wealth, Inc., prides herself on the fact that she can “drive some of the personal finance gurus crazy.” On her podcast “Redefining Wealth,” Washington teaches listeners to chase purpose, not money. • Dasarte Yarnway, financial advisor and founder of Berknell Financial

Wolf Retirement Calling all the ladies! You’re invited to a special Galentine’s Day luncheon celebrating YOU! This is a ladies and

client-only event, so feel free to bring your mom, sister, or best gal pal along to enjoy a delicious pris fixe lunch at the Casa

2 | 904-232-8760

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

The SECURE ACT: Key to Better Retirement or Future Nightmare?

At the end of 2018, the United States faced a government shutdown. Fortunately, an emergency spending bill was passed to keep the lights on. But hidden within this spending bill was the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This bipartisan legislation went into effect on Jan. 1, 2020 and is meant to strengthen retirement security across the U.S., but will it? This month, we’re looking at three major retirement changes introduced by the SECURE Act. Meet the New Required Minimum Distribution Age Prior to the SECURE Act, qualified account holders had to start taking required minimum distributions (RMDs) from their retirement accounts when they turned 70 1/2. Failure to do this resulted in harsh penalties. As of Jan. 1, 2020, the RMD age rose to 72. This change is to accommodate longer life expectancies. If you turned 70 1/2 in or before 2019, you

will be expected to take RMDs normally in 2020. Failure to do so may result in a 50% penalty of the RMD. Everyone else can wait to start taking RMDs until age 72. Hello, Annuities Employers can now offer their employees annuities as investment options within 401(k) plans. The idea is to provide employees with guaranteed lifetime income options. However, many experts warn of the hefty fees and penalties that come with using annuities improperly. We encourage employees to work with a financial planner to assess annuity options in their employer- provided 401(k) plans before signing up.

could “stretch” the inherited IRA, taking out smaller distributions to enjoy a lifetime of income. The SECURE Act does away with this benefit. Any IRA inherited by nonspousal beneficiaries after Dec. 31, 2019 must

see all assets withdrawn in 10 years. Being required to take larger distributions means beneficiaries face higher taxes and higher federal income brackets. These are just a few ways the SECURE Act changes retirement in the United States. This new legislation introduced 29 new provisions or rule changes. Do you know if these changes will impact your retirement plan? We can help you find out! Call 904-232-8760 to discuss any changes you need to make in order to keep your retirement plan on the right track.

Goodbye, Stretch IRAs This is one of the most troubling

elements of the SECURE Act. Before this new legislation, if you left an IRA account to a beneficiary, your beneficiary


Make date night simple with this easy shrimp scampi recipe.


• 4 tbsp butter • 4 tbsp olive oil • 1 tbsp minced garlic • 1 lb shrimp, peeled and deveined • 1/2 tsp oregano • 1/2 cup dry white wine

• 1/4 cup lemon juice • 8 oz cooked linguine • 1/4 cup parsley


1. In a skillet over medium heat, melt 2 tbsp of butter with 2 tbsp of olive oil. Add garlic and cook for 2 minutes. 2. Add shrimp and oregano, stirring frequently until shrimp is pink. Remove shrimp from skillet. 3. Add wine and lemon juice to skillet and bring the mixture to a boil.

4. Stir in remaining butter and olive oil and cook until butter is melted. 5. Add cooked shrimp to skillet and cook for 1 minute, stirring occasionally. 6. In a serving bowl, top cooked linguine with shrimp mixture. Garnish with parsley and serve.

Solution on Page 4

Inspired by The Blond Cook

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

www.wolfretirement.com | 3


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


Solution to puzzle on Page 3

• Here We Are in the Future PAGE 1

• Don’t Let These Scammers Steal Your Money PAGE 2

• Make Plans for Galentine’s Day! PAGE 2

• 3 Ways the SECURE Act Changed Retirement PAGE 3

• Easy Shrimp Scampi PAGE 3

• Learn All About Leap Year PAGE 4

LEAP INTO 2020 Facts About the Leap Year

Where Anthony, Texas/New Mexico (a single town that straddles the two states’ borders), claims the title “Leap Year Capital of the World.” The city throws one massive birthday party for all leaplings but invites everyone to join the celebration. Two leapling neighbors from Anthony began the tradition in 1988, and it’s blossomed into a festival with thousands of participants every four years. It includes banquets, hot air balloons, a carnival, concerts, parades, and more. When you have four years to plan in between each shindig, there’s time to go big. Celebrate this leap year by doing something unusual or new. It’s a special day that doesn’t occur often, so make the most of it by doing something you’ll talk about for another four years.

Like the Olympics and presidential elections, leap years only occur once every four years, which is why many people look forward to Feb. 29. But there’s a lot that you might not know about this quirk on the calendar. Why To keep the calendar in sync with Earth’s orbit around the sun, an extra day is added to it every four years. Earth takes exactly 365 days, 5 hours, 48 minutes, and 46 seconds to orbit the sun. Those

extra hours add up over time, so another calendar day becomes necessary. But a leap year doesn’t occur every four years. Adding that extra day still doesn’t quite keep Earth on track, so the calendar skips leap years that occur during century years not divisible by 400. For example, 2000 was a leap year, but 2100 won’t be. Who The odds of being born on Feb. 29 are 1 in 1,461. That means that of the roughly seven billion people in the world, only about five million of them are “leaplings.” The number of leaplings currently living in the U.S. is roughly 187,000. Some famous leaplings include motivational speaker Tony Robbins, rapper Ja Rule, and singer Mark Foster of Foster the People. However, the most famous leapling is probably Superman. When you invent a super-being, you might as well give him a super-birthday.

Tips forYourTripBack inTime

4 | 904-232-8760

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

Page 1 Page 2 Page 3 Page 4


Made with FlippingBook - Online magazine maker