Campbell Wealth Management's online newsletter for October 2018
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CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 600, Alexandria, Virginia 22314
Change isn’t always easy, but it often comes with benefits. By now, you’ve heard about many of the positive changes we’ve been implementing at Campbell Wealth Management. We’ve moved into a new office and rolled out new technologies, plus we have a few new systems and processes in place. All in all, we’re very excited about enhancing your experience as a client! Our new office can be found at 330 John Carlyle St., Suite 600 in Alexandria. We’re in the same building as the Society for Human Resource Management. The Society actually owns the building and has quickly become a great neighbor to have, not to mention a great landlord. We’re excited to be in the new building and to use our new space. This space will allow us to have more room for the team to grow and to bring on new team members as needed. We will also have the opportunity to hold our radio recordings in house with bigger space. Speaking of the radio show, “Right On Retirement” it's off to a great start. We’ve heard from a lot of clients and friends how much they’ve enjoyed the show. I’ve been having a lot of fun with it, and it’s great to sit down and discuss the topics that are affecting many of our clients and listeners. If you haven’t heard the show yet, you can catch it on Sundays at 1 p.m. on WMAL (105.9FM or AM630). One quick caveat — if there is a Washington Redskins game on a Sunday, the show will air the Saturday before at 5 p.m. Alternatively, you can listen to segments of “Right On Retirement” at CampbellWealth.com/radio. The Many Benefits of CHANGE
On the technology side of things, we’ve employed the services of a company called Black Diamond, which I’ve mentioned briefly in past newsletters. Black Diamond gives all of our clients the capability to link up all of their accounts so you can securely see them in one place. It gives you access to everything 24/7 from virtually anywhere, whether you’re on your home computer or a smartphone. Another new piece of software we’re implementing comes from RightCapital. This is a new financial planning software that will allow us to go more in-depth with clients. This, as well as Black Diamond, also offers greater transparency when it comes to your portfolio and overall plan. When you need to see something, it’s just a click away. Again, with all changes, there will always be a bump or two in the road. As we finish getting everything in place and available to you, please bear with us. We know you’ll love all the new upgrades just as much as we do, but if you have any questions or concerns, don’t hesitate to give us a call. Kelly Campbell
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The Real Cost of Retirement Care Hidden Fees and Added Services
services, they are easy to add to your payment package. However, it’s important that you read the terms and conditions detailing any services you decide to include. Otherwise, you may end up paying for a service your loved one doesn’t need.
According to the U.S. Census Bureau, the population of seniors is growing. Projections indicate there will be 56 million seniors in the U.S. by 2020 and 74 million by 2030. As the number of seniors increases, so does the need for senior living facilities. While you can still find plenty of traditional nursing homes, assisted living facilities have soared in popularity over the years, as have continuing care retirement communities. While these types of communities have many benefits for seniors and their families, it can be difficult to parse exactly what you’ll be paying for. Pricing structures and contract details require careful consideration before you decide on an appropriate facility for your loved one. Prices for assisted living facilities vary significantly. Because they offer a slew of services, you need to be fully aware of what you’re paying for. The base price you are quoted will usually include rent, meals, and activities offered on the premises. Some companies may offer a few additional basic services included in this cost, but as a rule, you can expect that any extra services will increase the price. Add-ons for assisted living services can range from basic hygiene needs to medical costs. If your loved one needs help dressing, expect an additional fee. The same goes for medication reminders, escorts to meals, incontinence care, and many other services. On-site activities are usually folded into the base rate, but be sure of that before signing. Access to a gym, pool, or pharmacy, for example, may incur extra charges. One advantage of the pricing model of assisted living facilities is that you can add services at any time. Many care facilities house seniors of varying health and ability levels. In the event that your loved one needs more
For some folks, an assisted living facility may not offer the complete care they need. This is where a nursing home may be necessary. They offer more medical services and around-the-clock care. A nursing home may be an option for a loved one with a progressive illness, such as dementia or Parkinson’s. Alternatively, a continuing care retirement community (CCRC) may be a possibility. CCRCs come with an impressive array of options that also fall under the assisted living or nursing care umbrellas. The difference is that these communities place great emphasis on independence, and residents typically live in a home all their own. Additionally, residents move in when they are still active and healthy and can continue to live in the community long-term, since the community adapts to their needs as they age in place. Aging in place at a CCRC doesn’t necessarily cost more than a traditional assisted living facility, but in every case, read your contract thoroughly, regardless of where you may choose to live as you or a loved one ages. You can also consult an estate planning or elder law attorney to ensure that you’re fully aware of all charges and possible future costs. the elderly are known acquaintances, such as family, friends, neighbors, and caretakers. What can you do to protect yourself, your family, and your estate?When you are still of sound mind, that is the best time to plan for power of attorney, as well as how to handle health care matters in the future. You want to make everything as clear as possible. Never sign anything that you don’t have a clear understanding of, such as financial documents. Always ask for clarification or have someone you trust go over the details with you to make sure it is truly in your best interest or the best interest of your heirs. For folks with aging parents, be sure to keep in regular contact with them through visits or phone calls. Ask them about their friends and the people they associate with, including caregivers and neighbors. This isn’t about being suspicious; it’s about knowing who is a part of your parents’ lives.
THE PROBLEM: FINANCIAL ELDERABUSE What You Can Do About It
Financial elder abuse is a major issue that’s not often discussed. Recently,
however, the subject made headlines due to high-profile legal battles. One of those battles centers on Stan Lee, one of the biggest faces behindMarvel Comics. He’s 95 and sits on an
estate worth tens of millions of dollars. Lee alleges that an acquaintance and memorabilia collector has made attempts to take over his estate. So far, Lee has obtained a restraining order against the collector, but a legal battle continues. While Lee is willing to fight a legal battle to save his estate, all too often the victims of financial abuse avoid taking legal steps to protect themselves and their assets. This is particularly true when family is involved. Often, victims don’t want to cause rifts in the family. According to the National Center on Elder Abuse, upward of 90 percent of those who take financial advantage of
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Preparing for the Future IS RETIREMENT PLANNINGMORE CHALLENGING FORWOMEN?
T oday, about half of U.S. mothers carry their household financial load, according to the U.S. Census Bureau. However, a 2015 Prudential Research study revealed that only roughly 14 percent of women would be able to make it to retirement with their current lifestyle intact. Why is this? It may come down to a lack of “financial confidence.” A study looking at investing habits and financial planning showed that 63 percent of women weren’t fully confident that they could independently plan for retirement. The study also noted that 83 percent of women “want to get more involved in their finances within the next year.” Why is it so important for women to be more involved in their retirement planning? One big reason is this: longevity. Women have a higher life expectancy than men, and they often outlive their spouses. That said, regardless of confidence or ability, retirement planning can be more challenging for women than men.
benefits. And of the women who are employed full time, only 44 percent have a retirement plan in place.
One of the biggest discrepancies between women and men is the
number of years they spend in the workforce. Women are significantly more likely to
leave the workforce (temporarily or permanently) in order to care for family. When that happens, their ability to save for retirement becomes that much more challenging. What can you do to make retirement planning less of a challenge? Speak with a retirement planning specialist. With the help of someone who knows retirement, you can put together a road map that will help guide you toward retirement success.
According to the Department of Labor, women are more likely to be employed on a part-time basis, meaning they wouldn’t qualify for retirement
New Office Announcement
Upcoming Events
CRITICAL CONSIDERATIONS IN YOUR 60s, 70s, & 80s Ashby Ponds Retirement Community, Ashburn, VA Thursday, Oct. 11 at 1:00 p.m. TAXES IN RETIREMENT: AFTER THE TAX CUTS AND JOBS ACT OF 2017 Reston Chamber of Commerce, Reston, VA Thursday, Oct. 11 at 6:30 p.m. or Wednesday, Oct. 17 at 1:00 p.m. FINANCIAL PLANNING IN A NEWTAX REALITY Palisades Library, Washington, DC Wednesday, Oct. 17 at 6:30 p.m. or Tuesday, Oct. 23 at 6:30 p.m. To register for any of the upcoming events, please email us at seminars@campbellwealth.com or call Carol at (571) 800-6373. Make sure to check out our website to learn about upcoming events: CampbellWealth.com/educational-resources/upcoming-events
330 John Carlyle Street, Suite 600, Alexandria, VA 22314
We look forward to seeing you soon!
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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 600 Alexandria, Virginia 22314
Inside
The Many Benefits of Change Hidden Costs of Retirement Care Financial Elder Abuse Is a Problem —Here’s What You Can Do Is Retirement Planning More Challenging for Women? The Birthplace of Halloween
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County Meath, Ireland, Where Halloween Began THE REAL HALLOWEEN TOWN
Fans of Halloween don’t need to look far to find somewhere to celebrate their favorite holiday. There are festive parties all over the world, fromNewOrleans to London, but if you really want to embrace the spirit of Halloween, there’s no better destination than the birthplace of the holiday: CountyMeath, Ireland. Every year in Boyne Valley, the residents of CountyMeath throw a month-long Halloween celebration. While this festival itself has only been celebrated since 2009, many of the traditions observed here date back to ancient times. Over 3,000 years ago, this Celtic festival of Samhain was born inMeath and marked the end of the harvest. Samhain was celebrated with bonfires, offerings to fairies, and other rituals meant to keep evil spirits away. Many of these customs carried through the centuries and inspiredHalloween traditions still practiced today. Today, Meath celebrates Oct. 31 withmodern spooky thrills and traditional Samhain practices. The Spirits of MeathHalloween Festival
starts with the lighting of the first torch fire of Samhain in Athboy, which kicks off a month of fun activities, including a scream park, Farmaphobia, or if you’re not a fan of screaming, there’s Halloween-themed Spookling Afternoon Tea with fresh-baked treats and spirited conversation. The motto of this all-ages festival is “Fun by Day; Frights by Night,” meaning all the scary ghouls wait until after sunset to come out. There are plenty of ways to celebrate Halloween, from carving jack-o’- lanterns and eating chocolate to running for your life through a haunted cornmaze. And in CountyMeath, you can celebrate Halloween in every possible way. For more info, visit www.Discoverboynevalley.ie/whats-on/ spirits-meath-halloween-festival-2018. For something much closer to home, there are several events happening around the D.C. area. For instance, you can take the family Trick-or- Treating at Mount Vernon on Oct. 27 ( mountvernon.org/plan-your- visit/calendar/events/trick-or-treating-at-mount-vernon ). Or Boo at the Zoo on Oct. 19-21 at the Smithsonian National Zoo. There’s also Night of the Living Zoo for the 21-and-over crowd on Oct. 26 featuring food trucks and craft brews ( nationalzoo.si.edu/events/ night-living-zoo ).
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