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JANUARY 2020
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PATRIOT WEALTH
THE RETIREMENT JOURNEY
GETTING FINANCIALLY AND EMOTIONALLY PREPARED
Happy New Year! As we turn the calendar on a new decade, I’m looking forward to the developments this decade will bring. In the next 10 years, we will see Noah head off to his first days of school and grow into a little kid instead of the little baby he is today. The next 10 years could bring about big changes for our Patriot Wealth clients, too. One of the most rewarding things we do is help people uncover their vision for the future. The financial part of your life is just one aspect of this, and we recognize the work we do every day affects your future and your family. We want to help you build a future you look forward to. Do you want to travel? Do you see yourself settling near your children and grandchildren? Are you hoping to write your memoir in retirement? Speaking of retirement, when do you plan to begin this new chapter? In fact, a number of you could be retired by the time we roll into 2030. As we start this new decade, I want to encourage you to take this into strong consideration as you plan for your future, especially as the scope of retirement continues to evolve. Years ago, it was common to practice cold-turkey retiring. Workers would
complete their last shift on Friday, and by the following Monday, they had a clear calendar and nothing to do. Today, workers nearing retirement age are opting for a gradual transition. They start reducing their hours, passing off their responsibilities, and transitioning into consulting roles with their companies before finally letting go of the job. This process is stretched over months and even years. retiring 20 or even 10 years ago. And it stands to reason that it won’t be the same in 2030. But do you know what you would do if you woke up the next morning and didn’t have to go to work? Many people know how the first week or so of their life would look. They would fall asleep without setting an alarm, enjoy breakfast and lunch whenever they wanted, maybe golf or hike more, and do other things they have always wanted to fill their days with when work wasn’t in the way. But there are only so many days you can do this. It may be hard to believe, but you will get tired of playing golf every day. For this reason, and many others, retiring today is not the same as
You can set goals for your golf game. Maybe you want to see a few PGA Tour events, or maybe you want to improve your score through lessons. For nongolfers, maybe it’s finding a club or community organization you can volunteer with. Some people may even want to find seasonal or part-time jobs to fill their days. Whatever it is, find something that’s going to help you fill your vision for retirement. If you’re stumped, we are here to pitch in. Over the course of multiple discussions, our goal is to help you develop a vision for how your retirement will look. We can help you make the decisions that will best serve the goals you have when retirement finally rolls around. We will encourage you to speak with your loved ones about these goals and create a legacy for your family. Beyond the monetary contributions you will leave behind, what do you want to teach your grandchildren? What do you want your family to know once you’re gone? The beginning of a new year — and a new decade — is a great time to ponder your next moves. We’re here to guide you through each step and create a retirement plan that fits into your life.
–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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STAY ACTIVE DURING YOUR GOLDEN YEARS 3 PART-TIME JOBS FOR RETIREES
GIVE BACK AS A PERSONAL CARE AIDE.
Whether you want to generate some extra income during your retirement or just keep yourself busy, getting a part- time job can be a great way to spend your golden years. But why settle for just any opportunity when you could stay mentally and physically active and give back to the community? If that sounds like your ideal way to spend retirement, here are a few options to consider.
certificate — just a wealth of knowledge from your years in the workforce. Alternatively, if you want to help younger students with their academics, you could also work as a tutor or a teacher’s assistant at a local school.
If you’re looking for an opportunity to stay active and have a more direct impact on people’s lives, you can try being a personal care aide. Personal care aides help elderly and disabled people with everyday tasks, such as shopping, doing laundry, and bathing. Many people who require this assistance prefer older aides who can empathize with their struggles, so it’s a great job for recent retirees. Just because you’ve retired doesn’t mean you can no longer bring value to your community. With all the time you have on your hands, you could become one of your town’s most valuable assets.
SHARE YOUR PASSION FOR SPORTS AS A COACH.
Coaching can be a satisfying way to spend your retirement and support younger athletes. However, there are a few things to keep in mind if you want to be a coach. You might need to pass a background check, and you’ll probably need to know first aid as well. While the pay isn’t incredible, the time you’ll spend sharing your passion for sports with young people is more than worth it.
PASS ALONG YOUR KNOWLEDGE AS A TEACHER.
Many community colleges and community centers offer part-time teaching opportunities for those who want to share their field of expertise with others. Many of these positions don’t require a teaching degree or
RETIREMENT IS JUST A NEW CHAPTER 3 ORGANIZATIONS THAT HELP RETIREES STAY ACTIVE
SILVER CONNECTIONS
As you approach retirement age, it can feel like walking up to the edge of a cliff. After living a busy life filled with the demands of work and, often, raising children, entering retirement can feel like having an overwhelming amount of free time. However, we are fortunate to have a large selection of organizations aimed at helping retirees remain active, engage community members, and retain their purpose, as well as provide both cognitive and physical stimulation. Here are just a few of those organizations. Raleigh Parks and Recreation sponsors several Active Adult Centers, including the Anne Gordon Center for Active Adults, the Five Points Center for Active Adults, and the Walnut Terrace Neighborhood Center. These centers offer a wide variety of programming, both on- and off-site. The centers, which require participants to be 50 years or older to partake, provide a space and opportunity for adults to do things like take yoga classes, go on planned trips (including international trips and cruises), take art classes, and join music groups. The centers are designed to help people connect with friends, both old and new, and offer free fitness rooms for members. RALEIGH PARKS AND RECREATION ACTIVE ADULT CENTER
Targeted at the 55 and older crowd, Silver Connections organizes anywhere between 8–10 events each month. These might be anything from a potluck dinner to a wine tasting or concert, with an effort made to sponsor events that will meet a broad range of budgets each month. For example, in August 2020, Silver Connections has a trip planned to Scotland and Ireland. Some of their past events include a trip to the Carolina Ballet, a sunset cruise on Jordan Lake, and holiday gatherings on Thanksgiving, Christmas, and Easter. If you’re interested in connecting with a broader range of ages, check out the numerous events sponsored by Wake County Public Libraries. Wakegov.com/libraries/events hosts a broad list of offerings, including library-led book groups, instruction on journaling, and concerts. The library even offers volunteer-led programs like business counseling from Service Corps of Retired Executives, so checking out their calendar is also an excellent way to learn about opportunities to give back. WAKE COUNTY PUBLIC LIBRARIES
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Saving for retirement can feel overwhelming, and that only becomes truer when the IRS changes the regulations that govern how we do it. However, keeping track of updates to these regulations can have a real impact on your quality of life down the road. Here’s what you need to know to stay current on the changes the IRS will roll out in 2020: RETIREMENT ACCOUNTS AND HSAS WHAT THE IRS WILL CHANGE IN 2020 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase to $19,500, up from its 2019 contribution limit of $19,000. In addition, if you haven’t always saved as much as you should have, and you are over the age of 50, the IRS is increasing the catch-up contribution limit by $500. Contribution limits have also increased for HSA accounts. In 2020, the contribution to these tax advantaged accounts will go up to $6,900 for individual coverage and up to $13,800 for family coverage. If you contribute to an IRA, keep doing what you’re doing. Contribution limits are still sitting at $6,000. What has changed about IRA contributions are the income ranges that determine eligibility to make deductible contributions. Taxpayers who found themselves within $1,000–$3,000 of an income range in 2019 should investigate the updates further and ensure they get every deduction they’re entitled to. It’s easy to be overwhelmed by the nuances of the laws that govern our money, but don’t let the nitty gritty details stop you from taking control of your future. Give us a call at 919-322-4113 so we can help you leverage what has changed in 2020 for your future. CONTRIBUTION LIMITS INCREASED INCOME LIMITS FOR DEDUCTIBLE IRA CONTRIBUTIONS INCREASED
HOW TO MAKE YOUR OWN SAUERKRAUT
INGREDIENTS
Inspired by NourishedKitchen.com
• 2 lbs cabbage
• 4 tsp fine sea salt
EQUIPMENT
• Jar • Lid with airlock • Something to weigh down cabbage, ideally made of a nonreactive material like glass
DIRECTIONS
1. Remove outer leaves from cabbage. Slice very thinly. 2. In a large bowl, combine cabbage and salt. Let stand for 20 minutes. 3. Squeeze cabbage to release juices. Let the cabbage continue to soak and release juices for another 20 minutes. 4. Transfer to a jar and press down cabbage until completely submerged in its juices. Weigh down cabbage. 5. Seal jar with airlock. Let cabbage sit at room temperature and away from sunlight for one month. Once fermented, transfer to the fridge. Sauerkraut will keep for six months to one year.
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INSIDE THIS ISSUE
Finding Your Vision for Retirement PAGE 1
Stay Active During Your Golden Years PAGE 2
Retirement Is Just a New Chapter PAGE 2
How to Make Your Own Sauerkraut PAGE 3
What the IRS Will Change in 2020 PAGE 3
Real Winter Wonderlands PAGE 4
ESCAPE TO A WINTER WONDERLAND CHILL OUT IN THESE FROSTY DESTINATIONS
Snow is magical and gorgeous — unless you have to commute in it. If you want to enjoy all the wonder that winter has to offer without the hassle, why not turn it into a vacation? Here are a few breathtaking, snow- covered destinations that any winter lover can enjoy. BULGUKSA TEMPLE, SOUTH KOREA Above the city of Gyeongju, this ancient Buddhist temple has stood on the slopes of Tohamsan Mountain since the eighth century. Bulguksa, or “Temple of the Buddha Land,” is South Korea’s No. 1 UNESCO World Heritage Site, making it a popular attraction for domestic and international tourism. The crowds and school tours die down during the winter, however, which also happens to be when Bulguksa is at its most pristine. The iced-over lotus ponds and snow- dusted pagodas add to the sense of tranquility this site naturally exudes. THE DOLOMITES, SOUTH TYROL, ITALY If you want the feel of a ski trip to the Alps without the packed slopes and ritzy resorts, the Dolomites are just for you. Located in northeastern Italy, this stunning mountain range is home to some of the best skiing
in Europe, as well as many historical sites. The secluded villages that dot the mountain valleys are an attraction in their own right, especially for the rustic cuisine you’ll find there. Don’t expect pasta though. This region is a melting pot of flavors from Austria, northern Italy, and the local Ladin people. Ricotta and sauerkraut pancakes, anyone? THE ANTARCTIC This is the one entry on this list that is best enjoyed during the summer months, which is December–February in the Southern Hemisphere, because that’s when the freezing temperatures of the southernmost continent are at their most hospitable. The Antarctic has become an increasingly popular tourist destination, with cruises taking adventure seekers through the vast, untouched beauty of this far-flung destination. Some tourists even enjoy kayaking or cross-country skiing through this icy paradise.
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