Take a look at our May newsletter!
MAY 2021
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PATRIOT WEALTH
The Recipe for a Great Retirement Plan
If you’re a regular reader of our newsletter, then you know food is a big part of my life. From annual gatherings to steak-grilling competitions, many of my family’s favorite traditions center around good food and coming together. Last October, I wrote about how my father-in-law introduced me to grilling and smoking. Now, I can’t compete with Randy quite yet, but I couldn’t let National Hamburger Month go by without mentioning the famous Juicy Lucy burger recipe. Check it out on Page 3 for a burger you won’t be able to put down. Now, a good burger is pretty subjective. Some people prefer a plain burger with ketchup, while others like to load it up with toppings. To me, a great burger is simple. It’s something you enjoy. There’s really no such thing as a “best burger” because everyone’s tastes are so different. If it evokes that feeling after just one bite, then it’s a good burger.
The same can be said for a retirement plan. There are a few moving parts to a great retirement, but I believe there are four ingredients that make it excellent. It all starts with a clear vision. You can’t fully plan for retirement until you have an understanding of what you want out of it. Do you want freedom to do what you want or a comfortable, relaxing life with little fuss? You have to determine what a great retirement looks like for you — not what you have been told a good retirement should be. Ultimately, retirement is about so much more than money; it’s about what you do with it and if it makes you happy. That same feeling you get from eating your ideal burger should apply to finding your ideal retirement scenario. Having this conversation with your spouse and a trusted advisor can help you develop a clear understanding of what this looks like and can lead you to the next important ingredient. The second ingredient is a plan. Once you have a clear vision, you need tangible steps to get there, and you need to be able to track your progress on that plan in order to adjust as needed. For example, the manner in which you coordinate various income streams. Think about how your current distribution strategy will be affected by your tax rates. Taxes will change
over time, but this can provide context. Once again, an advisor can also help you understand this, create tests to examine the plan, and help you adjust as needed. Another key to a great plan is a thoughtful investment process. Most retirees benefit from an approach that seeks to minimize large losses where possible. Ultimately, the plan and strategy will always circle back to your goals. It’s easy to get lost in the emotions of this process but keeping your focus on the ultimate result and goal is critical. As Alexander Graham Bell said, “Before anything else, preparation is the key to success.” Finally, you need to implement the plan. Think of this as sliding the burger onto the grill. Everything is mixed together, and it’s time to actually let it cook. Now, we don’t forget about the plan, strategy, or goals, and we regularly monitor your plan and adapt it when necessary. The result is a well-executed retirement plan that takes your life into consideration. The variables and the factors will change depending on the person, but the principles remain the same. It’s a retirement recipe catered to your specific lifestyle.
–Wes White
These articles are designed to provide general information on the subjects covered. They are 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 Patriot Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Investment Advisory Services is offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth 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 professional before making any investment decision.
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DON’T LET HIDDEN ENERGY COSTS DRAIN YOUR BANK ACCOUNT What to Do About Your Home’s ‘Energy Vampires’
We’ve all been there: You’re hit with an unusually high energy bill and you aren’t sure why. While we expect our energy bills to increase during certain times of the year, we still expect some consistency. When there are unusual bumps, we want to know why. In some cases, these unusual bumps can be traced to hidden energy drains, or “energy vampires.” Most of these energy vampires are far more insidious than a noticeable bump to your energy bill. Why? Because we’re often paying for electricity we didn’t even realize we were using.
fact that practically every electronic device made today stays “on” even when we turn it off. The U.S. Department of Energy estimates that these electronics — while off — still contribute to more than 10% of household energy bills. Some electronics offer settings that allow people to truly turn them off, but even that’s not a guarantee. Another option, however, is to use energy-saving power strips or plug-ins. These power strips allow you to control power to select devices — and ensure these devices are only powered when you want them to be.
to dishwashers, washing machines, and dryers, make sure you run larger, less frequent loads. Running the appliances for smaller loads is very costly — even with ENERGY STAR-rated appliances. One of the biggest energy drains in the home is the electric water heater. For the most part, that’s to be expected. But what people don’t realize is that sometimes, the water temperature is set too high. In this case, your water heater has to work extra hard to keep the temperature up, resulting in an energy drain. The best way to combat this is to simply lower the temperature on the unit.
APPLIANCES Appliances like refrigerators,
What are these energy drains and what can you do about them?
dishwashers, washing machines, and dryers can be used very inefficiently. Refrigerators, for example, work best when they’re full. If you have a fridge with only a few things in it, you’re wasting a lot of energy. When it comes
ELECTRONICS TVs, PCs, surround sound equipment, and video game consoles typically drain energy. It comes down to the simple
3 GREAT WAYS TO AGE NATURALLY WITHOUT PAINS Age Better With Mother Nature
Aging is inevitable, but the pain, fatigue, and skin distortion that normally comes with it don’t have to be. Despite new anti-aging treatments and serums coming out every day, the answer to aging gracefully and healthily may actually be provided by Mother Nature. Before you reach for the latest trend in anti-aging, try one of these “home remedies” instead.
TRY SOMETHING NEW Your brain is like any other muscle in your body. It needs exercise in order to grow. Just as walking or lifting weights is vital to the growth of your biceps and quadriceps, trying new things just might improve your brain health. Scientists have discovered that when your brain is challenged or confronted with something new, it creates a new neural pathway. This is your brain’s way of growing! This new pathway may be the key to lowering your risk of developing dementia, too. So, go ahead and pick up that skiing hobby or learn how to woodwork! Your brain may need it.
STAY SOCIALLY ENGAGED This past year has been difficult for those who crave social interaction — especially for those aged 65 and older. Studies have found that humans don’t thrive in social isolation, and in fact, the Centers for Disease Control and Prevention links loneliness among older adults with increased rates of chronic conditions and diminished cognitive function. To curb aging, stay engaged with local clubs or groups, join volunteer organizations, find a part-time job, or travel to see your loved ones. As vaccinations continue, find your freedom again and age better!
EAT COLORFUL FRUITS AND VEGETABLES
The same compounds that give food its color can also fight aging. For example, sweet potatoes are orange because of beta carotene, which is transformed into vitamin A and can protect against skin blemishes. Furthermore, spinach contains the highest amount of naturally occurring vitamin K, an essential vitamin for reducing inflammation. Try adding a variety of colorful vegetables to the grill or whip up a berry crumble for a delightful, anti-aging medley.
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As graduation looms for many high school seniors, they may not be the only ones planning to continue their education. Adult education is becoming increasingly popular among retirees who are searching for their next chapter. It’s becoming so popular that more universities are looking to add or bolster their offerings in anticipation of an influx of retirees, according to MarketWatch, which also reports that the number of adults aged 65 or older is set to outpace those who are 18 years old by 2034. Continuing education programs for adults can vary. Some older adults may choose to earn a new degree on an alternate student route. Some may opt to find a new passion with cooking or photography, while others explore options for a new career by dabbling in a variety of courses. Regardless, returning to school in retirement is no easy feat, and it’s important that you consider all of the variables. Here are a few items to keep in mind before enrolling. How will you pay for school? Higher education costs money, and you may not have considered that when you begin saving for retirement. Will you work longer to supplement your retirement savings for potential classes or will you find part-time work? Can you swing the cost without sacrificing your lifestyle? Is your lifestyle conducive to going back to school? Classes take commitment. Regardless of what you study, you will have to make time for homework and practice. This may mean playing fewer rounds of golf or taking your homework with you to visit your daughter. Can homework fit into your life again? What is motivating you? You may want to go back to school in hopes that you can start your own business, or maybe you have always been curious about playing the piano. Those are two very different motivations! Be honest with why you want to return to school so you spend money on the right classes for you. Going to school isn’t strictly a young person’s game. You can boost your education, find a new passion, and start your next chapter with the knowledge you need to thrive. All you need is support! If you need help discerning how your financial future can support your next educational endeavor, contact our team at Patriot Wealth today. What to Consider When You Want to Go to School in Retirement PLANNING FOR YOUR NEXT CHAPTER
TAKE A BREAK
RECTEQS’ JUICY LUCY BURGERS
Impress your guests at the barbecue and make your own restaurant-quality burgers with one of Wes White’s favorite recipes!
INGREDIENTS
• 3 lbs 80/20 ground beef • 2 eggs • 2 tbsp Ben’s Heffer Dust
• 1 tbsp steak sauce • 1/2 cup onion, minced • 16 oz cheddar cheese, sliced
DIRECTIONS
1. In a large bowl, mix ground beef, eggs, Ben’s Heffer Dust, steak sauce, and onion until fully combined. 2. Form the beef into 4-oz patties. 3. Top half of the patties with the cheese, making sure to leave about half an inch on the outside perimeter. 4. Top each patty with the patties without the cheese. Press down to ensure there is no trapped air and crimp the sides tightly to ensure a tight seal. 5. Season each burger with more Ben’s Heffer Dust, to taste. 6. Preheat the grill on high and sear each side for 4–6 minutes.
Source: Recteq.com/Bens-Heffer-Dust
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INSIDE THIS ISSUE
A Recipe for a Great Retirement PAGE 1
Eliminate Your Home’s ‘Energy Vampires’ PAGE 2
3 Food Groups for Anti-Aging PAGE 2
Wes’ Juicy Lucy Burgers PAGE 3
You Can Go to School in Retirement! PAGE 3
Brighten Up Your Space With These May Flowers! PAGE 4
The April showers came and went, so now we get to enjoy May flowers! You might not buy flowers for yourself often, but it’s totally worth treating yourself and your visitors, all while supporting your local florist! To start off, anemones are the most mythological May plant around because of two famous Greek myths surrounding these jewel-toned flowers. Anemones are said to have sprung from blood shed by the death of Aphrodite’s lover, Adonis. The ancient Greeks also believed that the god of the west wind favored anemones — hence their second name, the windflower. Attach them as pops of color to any bouquet for a classic, romantic, or modern arrangement, or mix them with roses and trailing greenery for a more boho look. Carnations are also fantastic flowers to display in May. Some people may see carnations as a cheap flower, but, when used en masse, they can have a truly breathtaking effect in a room. Try using natural-colored carnations to create a fresh, contemporary space. Bring Spring Indoors THE MOST BEAUTIFUL MAY FLOWERS FOR YOUR HOME OR OFFICE
You can also freshen up the room with sweet peas , which have a wonderfully mild perfume. They come with an enormous range of colors — one of the biggest ranges in the flora kingdom, in fact! Delicate, ruffled, and feminine, sweet peas are sure to delight anyone who sees them. Lastly, although tulips or orchids would be classic choices for your arrangement, consider surprising your visitors with lilies of the valley . These beautiful, peaceful little blooms only grow in white, which is often seen as the color of renewal and innocence, and they wear it well! Their adorable little bell-like flowers will be sure to put a smile on your face. We hope you will consider these gorgeous flowers for your space this year. A small purchase at your local small businesses can make a big difference, just like how a few flowers can make a big difference in your home!
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