Wolf Retirement Navigation - May 2020



4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224

4711 US Highway 17 Suite C-5 Fleming Island, FL 32003

As seen on:

May 2020

LOOKING AHEAD What to Do After You’re Knocked Down

T his month, I’d like to start by giving you a peek behind the curtain. I work on my monthly newsletters pretty far in advance, so there’s plenty of time to perfect each edition before it hits your mailbox. Usually, this process works just fine. But then you have a month like we just had, where everything changes.

to adapt to this kind of medically based emergency. A lot of businesses and organizations, including Wolf Retirement Navigation, were able to work remotely, and staff members were able to continue operating from the safety of their homes. As the market suddenly gave its best impersonation of a crazed yo-yo, we acted to protect significant retirement savings by implementing a business-as-usual strategy for our team and partners to work from their homes. In this way, WRN has been fortunate. These last few weeks have also highlighted how, in other ways, we, as a nation, were painfully unprepared to handle the shock of this pandemic. I want to thank wholeheartedly our health care providers for putting their lives on the line to help others. Many of our health care workers are forced to work without personal protective equipment, like masks, because there’s a shortage. Despite this, folks in the medical field are still going to work to help the sick and injured. There would be no chance at recovery from this highly contagious, oftentimes fatal, virus were it not for these brave, selfless individuals. At this point in time, the question I and many others keep coming back to is, “What happens next?” I won’t sugarcoat it, because things are scary and unsettling right now. As I write this, Florida governor professional before making any investment decision. This information is designed to provide general information on the subjects covered; it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Wolf Retirement Navigation LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

Ron DeSantis has issued a statewide safer-at-home order. But I believe without a doubt that we will get through this together. As Vince Lombardi once said, “It’s not whether you get knocked down; it’s whether you get up.” We’ve been knocked down pretty hard, but we can get back up again. It’s still too early to tell how and when this will all end, but we will get through this. My team and I will continue to watch all federal legislation very closely, as well as the Federal Reserve; the IRS; and the Coronavirus Aid, Relief, and Economic Security (CARES) Act to make sure we’re prepared to help our clients through this crisis to the best of our ability. Whatever happens, we’ll be ready to act. In the meantime, I hope you are all healthy and safe. Wash your hands, practice social distancing, and can’t wait to see you all in person very soon. -Adam Wolf, CPA, CFP ® Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.

We’ve been knocked

down pretty hard, but we can get back up again.

This is the second letter I’ve written for May. The first letter, written a few weeks ago, focused on National Teacher Day, May 5, 2020, and celebrated the teachers and coaches who made an impact in my life. I hope you’ll be able to read that letter in the future. But in these last few weeks, the whole world turned upside down, creating a lot of uncertainty. I’m writing a new letter now, with an important message to my readers. This coronavirus, COVID-19, pandemic was a wake-up call for the whole country. In some ways, the country was prepared Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Wolf Retirement Navigation LLC and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial

www.wolfretirement.com | 1

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

Thank You for What You Do To All the Teachers and Nurses

When you think of the people who have changed the world for the better, who comes to mind? What did they do? Were they explorers, inventors, activists, or scientists? Certainly, many famous figures throughout history have fallen into one or more of these categories, and many of them deserve the praise they receive. However, there are also millions of people across the United States whose professions change people’s lives for the better in small, seemingly insignificant ways. This month, we get to honor two of those professions. May 5, 2020, is National Teacher Day, and May 6, 2020, is National Nurses Day. Rarely do the people who hold these professions garner widespread acclaim for just doing their jobs. And yet, the impact they’ve had on the students they teach or the people they care for is incalculable. Many of you can probably think back to your days as a student and identify a mentor whose encouragement

holidays they get each year. The work of nurses gets overshadowed by that of doctors, even though nurses make up the biggest health care occupation in the country, and they have their own extensive education and training to complete to become certified. Teachers are typically underpaid while taking on the incredibly unparalleled and necessary task of training the next generation of workers, thinkers, voters, and citizens. That being said, it’s no use dwelling on shortcomings. Instead, this month, I hope we can look back on our lives and truly appreciate the work that teachers and nurses do for our society. If you know a teacher or a nurse, then please take some time to share what he or she means to you. If you are a teacher or nurse, or were at one point in time, I hope you know just how big an impact you’ve had on all of us. Gratefully, The Wolf Retirement Navigation Team

sticks with you to this day. At the same time, if you’ve ever endured an extended stay at a hospital, there was probably a nurse that made the stay more bearable. Sadly, the work of teachers and nurses often goes unappreciated. There’s little widespread appreciation for either of these professions outside of the few


Con: You’ll have to pay a monthly fee. Unfortunately, all the great stuff doesn’t come free. Usually, you’ll have to pay an extra monthly bill, similar to a homeowners association fee, to live in a 55-plus community. Some communities include all maintenance and amenities in the monthly rent or mortgage (some even cover utility bills), but make sure you understand what is and isn’t covered before you sign a contract! Pro: Amenities are included. Most 55-plus communities include amenities like exercise classes

membership or a course at the local community college.

Con: It’s a limited buyer’s and renter’s market. Most people who buy in a 55-plus community plan to retire there. If this is your original intention but your plans change down the road, you might have a harder time selling your home here than you would in a community that is open to people of all ages. Make sure to budget for those potential holding costs and plan accordingly. Regardless of where you decide to buy, be sure to consult an experienced real estate agent and a financial planner. Here’s to living out your golden years in comfort and convenience!

Depending on your wants and needs, buying a home in a 55-plus community might be a financially savvy way to set yourself up for retirement. But is it the right decision for you? Here are a few financial pros and cons associated with moving into one of these neighborhoods. Pro: The homes are in excellent condition. Oftentimes, 55-plus communities provide maintenance services, including housekeeping and landscaping. Also, it’s likely that only a handful of people have occupied the home since it was built, so buying in a 55-plus community means you’ll get a property in excellent condition with less wear and tear.

Wolf Retirement and educational programs for their residents. They also invite community organizations and leaders to speak about local issues or upcoming elections. Some even have a clubhouse or dining hall for social gatherings. Save

money by taking advantage of these programs instead of paying for a gym

2 | 904-232-8760

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

Expectation vs. Reality What Do You Think About Retirement?

You know what they say about best-laid plans, don’t you? Well, retirement is no different. The landscape of retirement is continually shifting as lawmakers and societal expectations create changes for current and future retirees. The best way to prepare is to adapt your plans with the shifts. Knowing law changes and understanding how these affect you, your plan, and your family is vital to ensuring that you are prepared for whatever happens come retirement time. And while the tax and legal changes are typically beyond your control, there are components of your retirement plan over which you have complete control: when you retire and what you do in retirement. According to a survey conducted by RBC Wealth Management, the retirement expectations of retirees and pre-retirees have vastly changed over time. A majority of respondents indicated they

did retire or will be retiring at a different age than they expected to retire when they began planning for retirement. This wasn’t unexpected, as many surveys have found the same answer to be true. However, only a minority retired later than expected. Furthermore, approximately one third of the currently retired respondents indicated they were doing different activities than they initially thought upon retirement. The answers from pre-retirees and current retirees show this pattern too. Many pre-retirees identified travel as their No. 1 priority in retirement, while those currently retired valued time spent with family over travel. In fact, travel fell to the third most common way to spend their time. This survey could be an indication of shifting priorities as people age. For example, in another portion of the

survey, more pre-retirees expressed that their greatest concern in retirement is running out of money, yet more retirees report worrying over maintaining their lifestyle while avoiding physical ailments as they age. The clear takeaway from the survey can be found in what isn’t said. The discrepancies between retirees and pre- retirees show that while many workers have a general idea of their financial outlook heading into retirement, the scope of what to do once they retire shifts because of their expectations. If anything, the survey points to the value of adjusting your plan as your life changes.

The Benefits of Minimalism

A Perfect Lifestyle for Retirees

Minimalist Living To embark on a minimalist lifestyle, focus more on the present and consider the value your personal belongings have in your life now. Sorting through hundreds of items with thousands of memories is a daunting task, so it is best to start by removing things that might not require emotional or physical strain, like old magazines, broken items, or clutter in the junk drawer. Once you’ve taken this first step, move on to something bigger. Soon, you’ll find yourself making steady and rewarding progress throughout the rest of your home. In the process, pay attention to what you want to keep. Carefully select which objects mean the most to you and which ones are still useful. These are the belongings you should surround yourself with.

The Benefit of Minimalism Minimalism will help you feel more

As we get older, we tend to hang on to mementos that brought some type of meaning to our lives, even after time has diminished their value. Though we may be emotionally attached, this clutter can eventually overwhelm us, especially as retirees. If you find yourself drowning in items you no longer need or want, consider a minimalist lifestyle to free up your space — and your mind. Minimalism Before taking on a minimalist lifestyle, it’s important to understand what it entails. When someone hears the word “minimalism,” they might think it means getting rid of their possessions one by one, but that’s not entirely true. Instead, minimalist living focuses on having less clutter in our lives but still keeping the things we truly value and enjoy. The idea is to get rid of things we no longer use or need.

comfortable in your home and open up other possibilities. You will have more room to invite guests and family over, and you’ll have a sense of space and freedom. Additionally, this lifestyle can also help with your finances. You’ll be less tempted to buy what you don’t need, and you may even rearrange spending priorities or downsize your living space (less rent!). If you surround yourself with meaningful and useful items, you will feel more at peace. Ultimately, minimalism encourages us to free ourselves from the many things that own us as much as we own them. Don’t allow accumulated objects to clutter up your home and life. Take the leap and start living a carefree, minimalist lifestyle.

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

www.wolfretirement.com | 3


904-232-8760 www.wolfretirement.com 4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224


• What a Difference a Month Makes PAGE 1

• Thank a Teacher or Nurse This Month PAGE 2

• Is a 55-Plus Community Right for You? PAGE 2 • How Do Your Plans for Retirement Shift Once You Retire? PAGE 3

• Minimalist Living for Seniors PAGE 3

• Bird-Watching for Beginners PAGE 4

Bird-Watching for Beginners

Why May Is the Best Month to Start

Educate Yourself Thousands of species of birds span all corners of the globe. That’s why finding them is an exciting prospect — there’s no end to the hunt! Start by researching birds that are native to your location. Purchase a field guide with pictures of each bird and maps of their range and use it to figure out where different birds live. From there, it’s easy to pick your first spotting goal. You can even get yourself extra excited by watching a few bird documentaries. Gear Up One of the best things about birding is that you don’t need a lot of equipment to do it. As long as you’ve got your field guide and comfortable walking shoes, the only other thing you’ll need is a pair of binoculars. And they don’t have to be fancy. As long as they can zoom in on faraway trees and perches, they’ll work for now. You can always upgrade later.

Go Exploring Your very first birding excursion is

important because you don’t want to be overwhelmed or underwhelmed. So use your field guide to home in on a single bird and go find it. It may be local, or you can plan a trip to a specific bird’s natural habitat. Stay focused and don’t get distracted by other species. The thrill that comes with spotting your first bird will keep you coming back to find the rest. Bird-watching is a wonderful hobby because it’s easy to get started and can last a lifetime. As long as you can walk, drive, or look out a window, you can be a birder. So what are you waiting for? Get out there and find some birds!

Bird-watching is like a lifelong scavenger hunt that you can play anywhere on Earth. The activity provides a mixture of science, travel, and beauty, and it’s a chance to get outside for feathered adventures and quiet reflection. The month of May is a great time of year to go birding because rising temperatures prompt spring migration. So if you’re eager to begin bird-watching, there’s no better time than now. Here are some tips to get started.

4 | 904-232-8760

2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island

Page 1 Page 2 Page 3 Page 4


Made with FlippingBook Ebook Creator