Wolf Retirement Navigation July 2019

BEWARE THESE RETIREMENT SPENDING MISTAKES COMMON FINANCIAL PITFALLS

T he bulk of retirement planning is spent discussing how you will save money in the years leading up to the end of your career, but that’s only half of the picture. Once you enter retirement, your focus shifts to the smartest way to divest your money for both your own enjoyment and your continued financial security. There are countless ways to wisely spend your nest egg, such as taking trips, providing for the education of your grandchildren, and more. However, this article isn’t about good ideas. Instead, let’s talk about some of the worst ways to spend your retirement funds.

vacationing options. In a world where you can book an Airbnb with just a few clicks, timeshares are poised to become a relic of a past age. Online Scams Hackers and cyberscammers love to prey on the elderly. As gross as it may sound, they know that older generations tend to be less tech savvy than their younger counterparts. You should be wary of online offers that look too good to be true. If you have even the slightest doubt, have a loved one take a look at the offer to ensure you’re not being scammed. Never provide your private financial data to a source you don’t absolutely trust. Tchotchkes Many of us have walked into the house of an older relative to find a room full of American Girl dolls or a display case of Candlewick glassware. Collecting can be a rewarding hobby when done in Mountains challenges participants to hike the distance of Mount Everest, 29.9 miles. Adam will have 36 hours to climb the summit of Snowbasin 13 times in order to conquer a distance equal to climbing Everest. Support Adam’s climb and the kids in our community by signing up to donate to JaxPAL. Visit https://wolfretirement.com/ everest to join the cause. 2. Join the raffle! We’re putting on an old-fashioned raffle! Buy your tickets and be entered to win some great prizes, like an Aprons Cooking School class for two or tickets to the Jacksonville Symphony. Proceeds from the raffle directly support all of JaxPAL’s amazing programs. Check out all the prizes and claim your raffle tickets at https://wolfretirement.com/ everest.

moderation, but amassing junk simply for its own sake is a waste of money and space. Make sure you’re acquiring objects because you truly want to treasure them. Rushed Relocations In general, real estate-based purchases can be extremely beneficial for retirees. The exception to this rule is a spur-of-the- moment relocation in order to be closer to your family or a retirement community. Because real estate transactions are so expensive, it’s best to approach them with extreme care and due diligence.

Timeshares The appeal of a timeshare seems

obvious. It’s a space of your own for a few weeks of the year, and you get to enjoy a nice change of pace from your regular environment. The problem is that these properties are full of hidden costs and have been outpaced by other

MAKE A DIFFERENCE

Help WRN Support JaxPAL This Summer

Businesses do not exist in a vacuum. They’re part of a community; and at Wolf Retirement Navigation, we believe in giving back to our community. This is why we are proud to support the Police Athletic League of Jacksonville (JaxPAL). This amazing program provides a safe place for over 4,700 at-risk youths in our community through after-school and outreach programs, summer camps, and leadership development courses. JaxPAL does so much for our community, and we want to make sure they are able to continue their good work all year long. This summer, we’re raising funds to support JaxPAL, and we are extending an invitation to all our readers to join us. There are two ways you can help us support JaxPAL. 1. Make Adam climb a mountain! Adam Wolf will be participating in “29029 Everest” at Snowbasin Resort, Utah. This incredible endurance event in the Wasatch

Thank you to everyone who has helped us support JaxPAL already. We truly believe in this program and the difference it can make for these special kids in our own neighboring communities.

Learn more about JaxPAL and the good work they do every day at JaxPAL.com .

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