Campbell Wealth Management - July 2018

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A lot of people have questions about retirement. They want to know if they’re making the right decisions and if they’re ready for retirement and the years ahead. Because there are so many questions—and there’s so much information to share—about retirement, we decided to start a radio show. It’s a great way to answer your questions and offer some insight into retirement. You can catch the radio show, called Right on Retirement , Sundays at 1 p.m. onWMAL (105.9FMor AM630). Retirement News Network's Louann Fulmer and I tackle a number of retirement issues to help keep you informed and ready for the next step in life. On the family front, Connor officially graduated fromhigh school. He’s already taking summer classes at the University of Maryland to prepare for his first full semester this fall. During summer classes, he’ll also start working out with the baseball team, getting ready for their upcoming season. Carter also had a major accomplishment: He got his driver’s license! So far, so good—but I’ll be keeping my fingers crossed as he gets used to this new responsibility. He does have a busy summer ahead of him. He’s gone full-force into his Italian ice business. Codie, our youngest, will be attending a few theater programs over the summer. She’s been really engaged with theater and drama over the school year and wants to keep that momentum going. She can’t get enough of it. Mom and Dad, well, we’re just trying to get in some relaxation time. The past couple of months have been pretty hectic as the kids wrapped up the school year. With Connor’s graduation, we had a lot of family in town for a few parties along with the ceremony itself. It was great to see our first child graduate, but it won’t be quite as great when we see him off. He’ll be moving out the first week of July, and then his college career begins. Speaking of kids, I did want to mention a topic that’s come up among our clients. At Campbell Wealth, we often get asked to provide information

for our clients’ kids and grandkids. I teach retirement classes, but these classes are not geared toward the younger crowd—kids, teens, and college students. But I do agree. There is a lot of good information that younger people need to know. For instance, when it comes to retirement, knowing howmuch to contribute to retirement and at what age can help young people plan for the future. In order to retire at 65, a 25-year-old making $30,000/year needs to save 10.4 percent of their income every year. If they start saving at age 30, it’s 11.8 percent of their income. At age 35, it’s 13.7 percent. At 40, it’s 16.1 percent. And at 50, it jumps to 19.8 percent. Saving for retirement at any age does take time and effort, but the sooner you start, the better off you’ll be—this is the most important message you can pass on to your kids or grandkids. It’s a three-step process, which starts with setting up a financial plan. The only way to knowwhere you are is to knowwhere you’re going. When you’re younger, a financial plan doesn’t just inform your retirement. It’s also about planning to buy a house, finding the right insurance for your family, and eventually putting your kids through college. The second step is always knowing your current financial situation. It’s important to know your net worth and to get a cash flow statement. This is something many businesses do, but it’s just as important for individuals. The third step is to find money to save and invest. It’s part of the “pay yourself first” concept. The key behind this is to put money away before you pay all your bills or spend money on yourself. That way, you knowmoney was put away and then allocated accordingly. I know I’m preaching to the choir on a lot of this stuff, but if you have kids or grandkids and you want to help themwith their financial futures, this gives you a starting point. And it may even open up further discussion and learning, which is always a plus. Kelly Campbell

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