CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 600, Alexandria, Virginia 22314
Several weeks back, I met with a good friend who’s a two-star general and a pilot. He graciously offered to take me and my kids out flying in his plane. I took him up on the offer, and we got together on a cold, windy Saturday for the flight. We showed up bright and early at the Leesburg Airport, ready to go. But before any of us hopped onto the plane, we gathered around and watched as the pilot prepped his plane for the flight. In this moment, what really stood out to me was how he went, line by line, through a preflight checklist. What was even more interesting was the checklist itself. It was a well-used, dilapidated piece of paper. It had been through many preflights. Despite being a pilot for decades, he never once failed to go through his checklist. He made no exceptions and explained that everyone who flies takes the time to go down their checklist. It’s all about ensuring a safe flight. After the flight, it occurred to me that we do something similar at Campbell Wealth Management. We have pre- and post-retirement checklists that we go over with our clients on a yearly basis. We sit down with every client and go through them line by line. These checklists are one part of a systematic process designed to help our clients get from point A to point B —with point A being where they are today, and point B being their retirement “destination.” To help our clients arrive at their destination safely, these retirement checklists cover a wide range of circumstances, including the good, the bad, or the unexpected. Getting to Your Retirement Destination Safe and Sound
Ideally, everyone should have a retirement checklist. Every retirement is different, which means every retirement destination is different. It comes down to individual goals and desires. Having a checklist keeps you on track and serves as a reminder of all the things you need to do to achieve your retirement goals while avoiding hazards along the way. If you do hit a hazard, the checklist can help you and your family determine how to handle it. As this year comes to an end, make sure you’ve covered everything on your retirement checklist by giving us a call. We can sit down with you, go over your checklist, and see what we can do to finish the year strong. We can also address any concerns you may have. If your checklist is looking good for this year and you want to get a jump on next year, we can help you with that as well. We can also help any friends or family you have who may be concerned about their retirements. We’re more than happy to send them a retirement checklist so they, too, can have this resource as they get ready for the new year. And with that, from all of us at Campbell Wealth, and from my family to yours, we wish you the happiest of holidays! Kelly Campbell
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Stop Donating to Scammers Scammed for the Holidays
there’s a deadline for giving. As the Better Business Bureau says, “Responsible organizations will
During the season of giving, charities receive a much-needed rush of donations as people open their hearts to others. Unfortunately, criminals are all too willing to abuse this goodwill. According to a report from the Justice Department, Americans over the age of 60 lose over $3 billion a year to scams and fraudsters. As charity scams reach their peak, here’s what you need to do to ensure your donations aren’t lining the pockets of criminals. Never Give by Phone or Email. Charities regularly reach out to past and potential donors through traditional mail, email, phone calls, or text messages. This means fraudsters will mimic their approach with less noble intentions. Because it’s impossible to determine who is on the other end of a call or email, you should never give out your credit card information over the phone. If you really are speaking to a representative from a legitimate charity, they will direct you to a more secured process, where you can give without worry. Feeling Pressured? Walk Away. A lot of charities set goals they want to reach before the new year, but even groups that are hoping to raise a certain amount of money know better than to pressure donors into giving. Donations should always come from the heart, and it’s a bad sign if someone insists
welcome your gift tomorrow as much as they do today.” Only Give to Reputable Charities.
Do some research before donating to charities. Look up any prospective charity on Charity Navigator at CharityNavigator. org . This service flags “high concern” organizations suspected of fraud and ranks how reliable established charities are. Even legitimate organizations can be misleading about how they spend their donations. A good rule of thumb is to avoid organizations that spend more than 25 percent of donations on salaries or administrative costs. There are many amazing charities and organizations that do good work. Stay vigilant to make sure you are bringing joy to the world and not falling for a criminal looking to make a quick buck.
NEW 401(K) AND IRA CONTRIBUTION LIMITS FOR 2019
Single taxpayers who have an employer-sponsored retirement plan will see the range bumped to $64,000–$74,000: (up from $63,000- $73,000). For joint filers with at least one spouse making IRA contributions, the phase-out range is $103,000–$123,000 (up from $101,000–$121,000). For a joint filer who is not covered by an employer-sponsored plan but is making contributions to an IRA, the shared phase-out range is $193,000–$203,000 (up from $189,000–$199,000). The phase-out ranges for Roth IRAs updated as well. For single filers, phase-out is between $122,000–$137,000 (up from $120,000– $135,000). For joint filers, the range is $193,000–$203,000 (up from $189,000–$199,000). For a comprehensive look at the changes coming to retirement accounts, you can see a full breakdown on the IRS website at IRS.gov/ Newsroom/401k-contribution-limit-increases-to-19000-for-2019- ira-limit-increases-to-6000 .
Changes are coming to how much you can contribute to your retirement accounts in 2019. Here’s a quick breakdown of what employed taxpayers can expect in the coming year.
For those with a 401(k), 403(b), or certain 457 plans, contributions have been increased from $18,500 to $19,000. Catch-up limits for those ages 50 and above are still set at $6,000 for these types of accounts. This brings the total limit to $25,000 per year for 50-plus workers. For IRAs, the contribution limit has been increased from $5,500 to $6,000. For those over 50, the catch-up contribution limit remains an additional $1,000 per year, for a maximum contribution limit of $7,000. Another change comes to the phase-out range. The phase-out is related to deductions taxpayers can make to contributions toward their traditional IRA plan. Here’s what the updated ranges look like.
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5 Common Financial Struggles for Seniors WHETHER YOU’RE RETIRED OR NOT
Scams and IdentityTheft Sadly, many identity thieves and cybercriminals target the elderly. While your credit report can be corrected after such an event, many seniors are unequipped to deal with the process. The best defense is to check your statements often to ensure that any foul behavior is caught as early as possible. Confusion Regarding Fees Many seniors reported charges they didn’t understand to the CFPB. Often, they were signed up for subscriptions they didn’t use or weren’t sure how interest was being calculated. As with identity theft, monitoring your statements for unusual charges is the best way to avoid this source of stress. Loss of a Spouse The loss of a spouse presents challenges much greater than the financial burden, but that is often a major part of navigating the death of your partner. Accessing bank accounts and other assets can prove difficult, especially if it was the deceased who primarily managed the finances. Working with a financial planner or elder law attorney can help make this process less daunting. The easiest way to avoid stepping into these financial traps and stresses is to seek the help of a retirement and financial planning specialistTheir expertise can provide you with the knowledge and peace of mind to make your retirement truly golden.
Planning for and navigating retirement is the most pressing financial concern for older adults. While understanding how to budget and spend as you approach and enter retirement is crucial, it’s far from the only issue
that seniors face. Last year, a report from the Consumer Financial Protection Bureau (CFPB) investigated the most commonly reported complaints the organization had received from adults age 62 and older. Aside from retirement savings, here are the five major issues reported by seniors. Debt The number of seniors and retirees with debt is at an all-time high. Many seniors carry excessive debt in order to ease the burden on their children and grandchildren. Some still have student debt from their college years or other outstanding loans. Others turn to credit cards to defray a surprise cost like a medical emergency. If you’re in danger of falling behind on payments, contact your lenders before opening a new credit account. ReverseMortgages Many seniors have reverse mortgages, which allow them to buy into home equity provided they repay it when the property is sold. In this mortgage structure, however, people still need to pay property taxes and homeowner’s insurance. These mortgages can end up being a trap for seniors, which is why Jean Setzfand, a senior vice president at AARP, refers to them as a last resort.
Holiday Star Cookies
Recipe inspired by ElanasPantry.com/star-cookie s
Ingredients • 2 1/2 cups blanched almond flour (not almond meal) • 1/2 teaspoon Celtic sea salt • 1/4 teaspoon baking soda Directions 1. In a large bowl, combine almond flour, salt, baking soda, and cinnamon. 2. In a small bowl, mix coconut oil, agave, and vanilla. 3. Mix wet ingredients into dry. 4. Roll out dough between 2 pieces of parchment paper until 1/4 inch thick. 5. Refrigerate for 1 hour. 6. Remove top piece of parchment paper and dust dough with almond flour. 7. Cut out cookies with a small star cutter. 8. Using a metal spatula, place stars on a parchment-lined baking sheet. 9. Bake at 350 F until edges are lightly browned, 5–8 minutes. • 1 teaspoon ground cinnamon • 1/4 cup coconut oil, melted • 5 tablespoons agave nectar or honey • 1 tablespoon vanilla extract
As we close out 2018, we reflect on the changes and victories of the last twelve months. It has been a fantastic year and we are so delighted to have shared it with you. Thank you for all your support. From all of us here at Campbell Wealth Management, we wish you and yours a ver y happy holiday!
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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
Making a List, Checking It Twice Scammed for the Holidays What Changes Did the IRS Make
to Retirement Accounts? Financial Struggles Older Adults Face Seasons Greetings Holiday Decoration Tours
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Advisory services offered only by duly registered individuals through Campbell Wealth Management, LLC (CWM), a Registered Investment Advisor. MAS and CWM are not affiliated entities.
Get Away and Be Festive This Holiday Season CHRISTMAS TOURS
There’s nothing quite like the magical lights of the holiday season, and some destinations in the U.S. have perfected the
Yearly Yuletide in Santa Claus, Indiana This one’s for the Christmas lover. If you can’t make it out to Santa Claus, Indiana, this holiday season, you can still celebrate Christmas in this tinyMidwestern town in January, June, or evenOctober. Embracing its unique name, the town boasts a museum, holiday shopping center, and a Christmas theme park. In a moving tribute, the town’s residents also write responses to children’s letters to Kris Kringle himself. It’s impossible What better place to celebrate the most magical time of the year than in the most magical place on Earth?Walt DisneyWorld’s halls are decked to the max with a parade, gingerbread homes, strings of lights, and festive parties. Plus, costs to visit DisneyWorld can be cheaper during the Christmas season, so keep an eye out for a vacation steal. From coast the coast, there’s no end of festive locations to celebrate the holiday season. Of course, the best place to spend the holidays is with the people you love, sharing in the spirit of Christmas. Where ever you end up this holiday season, may you have a veryMerry Christmas. to avoid holiday cheer in this town. DisneyWorld’s ChristmasMagic
craft of holiday decoration. If you’re looking to get away this December and still engage in seasonal festivities, add one of these
places to your must-visit list.
Ranch Christmas in Jackson, Wyoming Jackson, Wyoming, takes its frontier culture to the next level during the Christmas season. All year, the city proudly displays four elk antler arches, but around the holidays, they are lit up with white string lights and flanked by snow. The Christmas decorations and lights surrounding the archway make for a Western-themed holiday pulled right out of a John Wayne classic. For holiday admirers looking for a unique spin, Jackson has you covered.
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