Campbell Wealth December 2018

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

SEASONS Greetings

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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