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January 2023 Happy New Year!
CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 400, Alexandria, Virginia 22314
Developing Your Road Map to and Through Retirement WHERE IS YOUR FINANCIAL GPS POINTING? January is an important month because it kicks off a new year and a fresh start to continue to accomplish great things — and it’s also Financial Wellness Month! So, what exactly is financial wellness? Here at Campbell Wealth Management, it’s all about having confidence in your future, likely one of the most important aspects of retirement or preretirement years. When I look at retirement, I look at it like a vacation — the ultimate vacation of a lifetime. When you plan a road trip, you map out your journey for the fastest and most logical route. When I was young, I recall always having a paper map in our family car (man, were those things easy to unfold and tough to refold). These maps took some time to read and understand, but they were a factual way to take a look at where you were, where you planned to go, and how to get there. As I aged a bit and hit my 30s and 40s, I always had ADC map books in my vehicle. I mastered these maps and was always proud to say that I could look at them and, within a few short minutes, have a game plan and route established. Then came the GPS, which took the world by storm, so much so that now everyone relies on the GPS and navigation, whether it be on their phone or built into their vehicle, to get from point A to point B. Nobody would ever consider driving across the country without it! GPS provides directions and notifies you of hazards, traffic, and speed traps along the way.
When you think of retirement as an ultimate vacation, how have you planned? Many people are traveling on this road and don’t have a clue whether they are heading in the right direction or not because they don’t have a mapped plan or a financial GPS. Financial wellness is all about relying on your financial GPS that shows you where you currently are, where you are going, and all of the things that can occur along the way. This is why every one of our clients has a financial plan that we review with them every year. Proactive planning is key. Some of you may remember that last month, we discussed the importance of putting your goals into writing. If you haven’t yet done this, I urge you to do so. This way, you’ll know exactly what 2023 is going to look like if and when you achieve your goals. I’d like to again remind you of the five categories I take a look at when setting my resolutions:
1. Business goals — Are you planning to ask for a promotion or will you be choosing your long-awaited retirement date?
2. Family goals — Maybe you’re planning a family vacation or a special treat for a family member or spouse. Continued on Page 2 ...
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With Your Spouse It Takes 2
Planning for Retirement
Your spouse is your partner for life! They’re your forever wedding date, best friend, and the best critic you’ll ever find. When it comes to retirement and planning for your golden years, it’s all about teamwork and working together. As you approach retirement, discussing your finances and estate planning is crucial, even if you are not retiring at the same time. No matter what your situation is or how you and your partner manage and share your finances, here are some things to consider to best plan for your financial future in retirement. Talk about estate planning. Having conversations about estate planning is not easy and certainly not fun. After all, who wants to talk about what happens after you’re gone? Even if you and your spouse already have a plan in place, it may need to be updated. To protect your family members from the headache of sorting through your assets and finances, you need an up-to-date estate plan! Consider a spousal IRA. It may be wise to consider an IRA contribution for your partner. While you cannot directly contribute to their IRA, you can always cut them a check. This year, you are able to contribute up to $6,500 to your IRA or $7,000 if you’re age 50 and older.
Look into a 529 plan. 529 savings plans are fantastic options to put in place for your children and grandchildren because any withdrawals are federal income tax-free if the cash is used for qualified college or graduate school expenses of the beneficiary you’ve named. It should be noted that non-qualified expenses could be subject to ordinary income tax and a 10% federal penalty. To ensure that you are on the best path to retirement, financially speaking, schedule a financial review with us for you and your spouse! We look forward to chatting with you soon!
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3. Physical goals — These can be health and exercise goals or aspirations to run a half-marathon or a 10K race.
or calling a relative. It’s not only good for your mental well- being, but it benefits your overall health as well!
4. Spiritual goals — Maybe you want to attend a weekly service, read the Bible, or meditate consistently.
On a final note, January is National Thank You Month, and I find that it’s really important to periodically look back at all of the people who have impacted our lives, whether they be our parents, spouses, children, or mentors. I have one such individual who I just found out in the last few weeks has passed away. Lowell was not only a personal friend of mine, but he was a business coach, too. He was one of those guys that everyone loved being around — his positivity was contagious. He had a great attitude and sense of humor and was a genuinely friendly person. He attracted a crowd wherever he went. When I learned of his passing, I was so upset that I hadn’t spoken to him in about six months — it’s a major regret of mine. So, over the holidays, make it a point to say thank you to those who have helped you in some way, shape, or form. With that in mind, thank you, Lowell, I appreciate you!
5. Personal achievement goals — Possibly you aspire to start and complete a home project or want to find a way to give back or volunteer. As a continuation, I have a sixth category to add. A month back, I attended a Schwab Impact meeting in Denver, Colorado, where they discussed the importance of social relationships and how they help you to stay mentally and physically healthy. It was stated that 51% of Americans reported feeling lonely and 31% of individuals over the age of 65 have not formed a new friendship in the last five years. These numbers were astonishing to me and really stressed the importance of interacting with others and building relationships.
So, as a sixth category, put a plan in place to be more social — whether it’s by attending an art class, having coffee with friends,
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Want to Try Something New This Winter? Check Out These 3 Unique Activities
Throughout winter, we have the opportunity to participate in many activities that are only possible during this season. We can ski, snowboard, snowshoe, sled, and more. While some people fly south for winter vacations to escape the cold weather, others travel to extraordinary winter destinations within our country. Plenty of options are available if you’re looking for a truly unique experience this winter. Here are three winter activities that will leave you with long-lasting memories. Snowmobile Tours in Alaska Alaska is one of America’s hidden gems, even though it’s the biggest U.S. state. If you’re looking for unique winter experiences, you’ll want to visit Alaska. One of the coolest adventures you can experience is a snowmobile tour. You can hop aboard a snowmobile and ride the same path as the Iditarod Trail Sled Dog Race or visit some beautiful mountains and glaciers. Many of these tours will lead you right past moose, bears, and caribou as you take in the beauty of Alaska’s environment.
Skating on Mirror Lake at Lake Placid Lake Placid, New York, had the privilege of hosting the Winter Olympics twice, so it’s no surprise they have some amazing cold weather activities to showcase. A truly exceptional experience is skating on Mirror Lake. They have a 2-mile-long ice track where you can test your speed and areas for people to skate openly or play a game of ice hockey. You can even participate in dog sledding there. It’s a beautiful area filled with various winter activities. Ice Fishing Excursions in Brainerd, Minnesota While fishing might be more commonly known as a spring or summer activity, you can get plenty of fishing done in the winter if you know where to go. Brainerd is considered one of the best places to visit for ice fishing enthusiasts. There are over 300 fishing lakes near the city, and you can expect to catch bluegill, walleye, largemouth bass, yellow perch, northern pike, and many others. If you like to fish throughout the year, check out Brainerd.
What’s changing? Your client portal will be upgraded to a new platform on Feb. 1, 2023. This portal is where you log in and view your accounts with Campbell Wealth. Why? The new portal includes account viewing, documents, and advisor communication all in one consolidated place. We’re making this change in order to enhance your client experience and continue to provide you with the best support and resources. Your Campbell Client Portal Is Changing in the New Year
When? Your current log in credentials and portal access will remain active until the end of January. Beginning Feb. 1, 2023, the new portal will be live for your use. What to expect? We will communicate with you throughout the month of January about the new portal:
● In late January, you will be provided with new log in directions via email.
● We will also provide you with details on how to navigate it and what’s new and improved, and we will be available for any questions you may have or needs regarding your access to the portal. ● For those who would like to wait until your next meeting to log in, that’s perfectly fine as well. Your Campbell team will walk you through your portal access and answer any questions during your first session of 2023. We’re very excited about the enhancements the new portal provides, and we expect you’ll find it easier to use as well. Should you have any questions about this process, please don’t hesitate to contact your Advisor — otherwise, we’ll be in touch in January!
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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
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Retirement’s Road Map
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Spousal Retirement Planning
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3 Unique Winter Activities to Experience
Changes Coming!
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Stick to Your New Year’s Resolutions
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.
Another Chance to Get It Right With Focus and Support!
New Year’s resolutions and goals seem to be on everyone’s radar, but they can’t be achieved without action! Resolutions tend to have a bad reputation because of how many people fail to get past January before they give up altogether. So, it may be time to take a new approach! Start with a specific goal. Millions of people resolve to lose weight, be more productive, or give up bad habits for the new year. But instead of choosing a general, ambiguous goal, focus on something more concrete you can realistically measure and achieve! What about that new promotion, career opportunity, or even an advanced degree? Getting specific on how the goal is essential to your career will get you past the inevitable obstacles and failures. It will be worth the time, energy, and heart you invest in a career enhancement.
Commit to developing your networks. Your professional network influences your career potential. You don’t have to attend every event and mixer, but choosing a few opportunities to connect with others or meet new people can be a building block of your resolution. Get those events on your calendar for a greater chance of sticking with the plan! Create an accountability system. Consider choosing a trusted person — personally or professionally — to check in periodically to see how you are progressing on your goals. This way, they can offer encouragement, brainstorm ideas, and hold you accountable for sticking with it. Putting your thoughts on paper is also a great way to hold yourself accountable! In a journal, you can write down everything you want to accomplish within a set time frame and continuously check off the things you finish!
Strive for progress, not perfection. Striving for perfection can derail your progress in the long run, so it’s important to frame your goals in terms of knowledge, networks, and experiences you collect along the path to success. No one is perfect, and everyone has setbacks along their road to success. Still, if you set your sights on the goals and take it one step at a time, you are that much closer to achievement. With the right tools, focus, and support, you can stick with your New Year’s resolutions and make this year the best!
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