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Building Smarter Plans and Lifelong Partnerships
4230 Pablo Professional Court Suite 101 Jacksonville, FL 32224
4711 US Highway 17 Suite C-5 Fleming Island, FL 32003
904-232-8760
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October 2023
Don’t Allow Fear to Haunt Your Retirement Discover the Power of a RETIRE SMART Plan
Fear, just like the fear we feel around Halloween with all the spooky decorations and scary movies, is a necessary component of our thinking and behavior — it helps keep us alive when there is imminent danger and, very often, is what keeps us focused on our goals. However, fear overwhelms many people and prevents them from moving forward. It is my all-encompassing goal to help clients reduce the financial anxiety that they have or will have in the future. Any time I meet with potential clients, I look forward to the questions they have for me. I, too, have important questions to ask so I can determine past experiences with their investments (especially during the 2008 financial crisis), their comfort level with potential loss, their reaction to the seesaw of balances, and the individual assessment of their risk tolerance, whether conservative, moderate, or aggressive. My job is to reduce or remove unnecessary risk and to protect and grow the money set aside for retirement, and that’s why we put together a RETIRE SMART plan. Short-term, medium-term, and long-term goals are also an important part of the discussion. With a RETIRE SMART plan, we focus on five essential areas or goals: • Income planning • Tax efficiency • Investment strategies • Health care • Legacy planning When we look at the third bullet point, investment strategies, we aren’t only talking about where you choose to invest your money and how you choose to have it managed. We also mean your portfolio risk, or the uncertain events in life and their “ripple” effect on the value(s) of your portfolio. As human beings, we cannot ascertain uncertainty, especially unknowns, such as the recent hurricane that barreled up the coast. We hoped for the best and prepared for the worst.
When it comes to risk exposures, it is our responsibility to prepare for such impending events and to implement solutions to different risks regarding your retirement in order to meet your retirement goals. The best way to handle risk management is to build it into your RETIRE SMART plan, where we will “right-size” your risk, versus a “set it and forget it” type scenario, especially the closer you get to retirement. Through ascertaining risk analysis, we can reduce the emotional rollercoaster, which can often lead to fear — fear of the unknown, fear of the market declining, or fear of running out of money. The core strategies we put in place can ease these apprehensions, and utilizing this approach assists in removing emotional roadblocks when making decisions during periods of elevated volatility. It’s important to realize that your risk strategy may shift during the years before and in retirement; and with changing economic influences, such as inflation, portfolio reviews are essential to help us adjust and adapt. Remember, our end goal is for you to feel comfortable with the RETIRE SMART plan we have customized for you so that you can concentrate on a happy and fulfilling retirement, maintain your desired lifestyle, and reach your goals! You had questions when we first met, and you will have questions throughout the years leading up to and throughout retirement. Together, we will address your questions and allay any uncertainty of the unknowns you may have. WRN is dedicated to relieving apprehension regarding your retirement so you can feel confident and comfortable with the solutions we provide to “weather” potential storms. So, when it comes to October 31, leave the word “fear” to spooky — but not too spooky — Halloween events!
-Adam Wolf, CPA, CFP ®
Investment Advisory Services offered through Coyle Capital, LLC, a Registered Investment Advisor. Wolf Retirement Navigation LLC and Coyle Capital, LLC 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 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.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection of benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way, to securities or investment advisory products or services. Fixed insurance and annuity product guarantees are subject to the claims‐paying ability of the issuing company and not offered by Coyle Capital, LLC.
2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
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RETIREMENT REGRETS: BIG PURCHASES THAT CAN HAUNT YOUR GOLDEN YEARS
There’s a reason they call the first few years of retirement the “go-go years.” The initial days of your retirement will likely be the most active and eventful. Once freed from the constraints of your career, you begin checking items and experiences off your bucket list and spending is at an all-time high. However, watch out for a few big purchases that most retirees almost always regret. Let’s take a look! A Large House Throughout your life, you likely grew accustomed to upsizing your home along the way. Now, at the peak of your net worth, you may have your eyes and goals set on your dream home. Retirees may be attracted to spacious properties or even vacation homes, only to find the upkeep and expenses are more than they can handle down the road. When the benefits don’t outweigh the cost, a large house often becomes a regret. Lavish Travel Retirement should be all about travel and bucket list items, right? Right! But, if you spend
a large chunk of your savings on an amazing around-the-world vacation right out of the gate, you may cripple your financial health later into your golden years. Many retirees often regret paying for expensive airfare, accommodations, meals, and other expenses. Opt for local wonders of the world to explore instead. Expensive Gifts It’s only natural to want to spoil your loved ones — especially as grandchildren come into the picture. However, many retirees often regret the extravagant gifts they generously gave early in their retirement because of the financial strain it created later. Your golden years should be a time of fulfillment and happiness, unburdened by financial stress and regrettable decisions. So, before you make any large purchases, whether it’s a luxury car, home, or vacation, be prudent with your spending and remember that your nest egg must last you for decades. Before you swipe the card or hand over the cash, make sure you have a long-term view in mind: no regrets.
RUN, WALK, OR TROT Join Us for the 9th Annual Tony’s Turkey Trot!
It’s that time of year again! The 9th Annual Tony’s Turkey Trot is just around the corner. Every year since the very first Tony’s Turkey Trot in 2015, Wolf Retirement Navigation has sponsored the race and participated in a morning filled with excitement, camaraderie, and a great cause! Not to mention, it’s great to get in some exercise before a huge Thanksgiving feast! Last year, we helped to raise $124,536, and these funds have assisted in supporting some great foundations, including: • The Brooks Brain Injury Clubhouse — Sponsors patients to attend a full-time day program that provides long-term recovery needs of individuals who have experienced an acquired neurological/brain injury • UF Health Jacksonville Leon L. Haley Jr., MD, Brain Wellness Program — Supports military veterans’ housing needs during a 3-week treatment
• UF Health Trauma Injury Prevention Program/Stop the Bleed — Teaches community members the vital skills needed to save someone’s life in the event of life-threatening bleeding, which can possibly cause brain damage. By participating in this fun 5K race on Thanksgiving morning, you will help to advance lifesaving care during the early critical stages of traumatic brain injury (TBI). We would love to have anyone join our Team “Wolfpack,” and we are always looking for volunteers to assist before and on race day! For more information, visit the Tony’s Turkey Trot website and give us a call to get signed up! 1stPlaceSports.com/races/tonys-turkey-trot-5k
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2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
JUST GO! Jo Ann’s Inspiring Attitude Led Her to Alaska!
For such a big world, it’s funny how small it can be sometimes! Back in August, Robin, our marketing and events coordinator, ran into one of our longtime clients, Jo Ann, in the ladies’ room at the Jacksonville International Airport. Jo Ann was off to Alaska with one of her good friends and was about to board her flight! What made this trip extra special was that Alaska was a destination that Jo Ann had hoped to check off her bucket list for many years; and, in that moment, she made her dream come true. “Several years ago, I was looking at a magazine, and it showed Anchorage nestled at the bottom of many beautiful snowcapped mountains,” Jo Ann recollects. “I thought to myself, ‘I’d really like to go there someday,’ and then this past August, I decided to just go! ” Jo Ann had a fabulous time! AAA helped her map out her trip. She and her friend decided on a cruise tour. They spent four days traveling by historic railroads, small boats, buses, and trams and then boarded a seven-day cruise ship. It was the best of both worlds
— they had the opportunity to get up close and personal with wildlife and sights on land and sea. “Cruising up close to massive glaciers was my favorite part,” she tells us. “I had always thought that glaciers were white, but, in person, they are a beautiful light blue. I also enjoyed seeing the sled dogs in operation and having the opportunity to see how they are trained and how excited they are to get in the harness and run!” Jo Ann’s decision to “just go” is advice we all can take and live by! “Alaska was one of the last things lingering on my bucket list, and I’m so thrilled I did it. I hope that everyone can experience the rawness and beauty of it,” Jo Ann exclaims. “This trip fueled my appetite for more adventure. Now my sights are set on Cairo, Egypt!” Jo Ann, we are so happy to hear you had a fantastic trip! Thank you for inspiring us all to embrace adventure and, when the time is right, to just go!
Take a
Break!
Beet Salad
Inspired by EatingWell.com
INGREDIENTS
• • •
5–6 medium beets
• • • • •
1/2 tsp honey
1/4 cup extra-virgin olive oil 2 tbsp sherry or white-wine vinegar
1/2 tsp salt
Freshly ground pepper, to taste 1 large shallot, finely chopped 1 stalk celery, finely chopped
•
1/2 tsp Dijon mustard
DIRECTIONS
1. Preheat oven to 400 F. Separate beets between 2 pieces of foil; bring edges together and crimp to make packets. Roast until beets are just tender when pierced with a knife, about 1 1/4 hours. Unwrap beets and let cool. 2. Meanwhile, in a small bowl, whisk oil, vinegar, mustard, honey, salt, and pepper to make dressing. 3. When beets are cool enough to handle, peel off skins. Cut into 1/2-inch cubes and place in a large bowl. Add celery, shallot, and dressing, then toss to coat well. Serve at room temperature or chilled.
Solution on Page 4
2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
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904-232-8760 www.wolfretirement.com 4230 Pablo Professional Court Suite 101 Jacksonville, FL 32224
Solution to puzzle from Page 3
OPEN ENROLLMENT FOR MEDICARE (Starts October 15 and continues through December 7 each year.) HAVE QUESTIONS? WE CAN HELP!
INSIDE Fear Has No Place in Your Financial Future PAGE 1 Golden Years Gone Wrong: Retirees’ Biggest Regrets PAGE 2 Race for a Cause: The 9th Annual Tony’s Turkey Trot PAGE 2 Jo Ann Checked Alaska Off Her Bucket List! PAGE 3 Beet Salad PAGE 3 Personalized Vacations With AI PAGE 4
AI-ENHANCED TRAVEL: YOUR SECRET TO THE PERFECT ITINERARY
The feeling of excitement for an upcoming vacation can quickly turn into one of stress. After you purchase your ticket or plan your travel, you may feel so burnt out that scheduling day-to-day activities for said vacation feels impossible. Thankfully, helping you create an itinerary is where AI thrives. So, how do you use AI to help you plan a trip? The first step is to craft a prompt that will get the best response possible. To do that, ask your preferred AI platform questions in your native language. AI understands many languages, and your grammar and syntax when asking questions matter when looking for perfect results. The more grammatically accurate your sentence is, the more artificial intelligence can help you. Next, you need to be as specific as possible. Include all relevant information
about your travel party when asking it to make plans for you, including if there are any kids, elderly travelers, pets, dietary restrictions, interests, or priorities because those factors will impact the results it gives you. You should also tell the AI software when it misunderstands you or gives you results that don’t match what you want. AI, like ChatGPT, uses large language models (LLMs) to learn from the person interacting with it, so the back-and-forth of providing feedback helps it pinpoint your specific interests to give you better information. For example, you can provide this prompt: “Make me a travel itinerary for seven days in Rome with activities in less crowded areas that are accessible to elderly travelers.” Finally, double-check any of the information AI gives you. Most platforms can only
access information available before 2021, so certain attractions, restaurants, parks, or other itinerary items may not exist anymore. Want to give AI travel a go? ChatGPT isn’t the only site you can use to plan your itinerary! You can try any one of the following AI software specifically created for travel: • Tripnotes.ai • RoamAround.ai • Curiosio.com
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2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
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