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October 2022
CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 400, Alexandria, Virginia 22314
But Do You Have a Written Financial Plan? YOU HAVE GOALS AFTER RETIREMENT …
Roth conversion but we warn them that this strategy won’t minimize taxes in the short run — in fact, it will temporarily increase them, only for them to be lower later. However, each portfolio and plan is different, requiring an individualized approach. Investments In each plan review, we take a look at investments and evaluate your portfolio risk. How does your investment portfolio align with your financial plan? Sometimes, clients will be overly aggressive when they don’t need to be, putting them at greater risk than they are comfortable with during a market downturn. We manage your portfolio to achieve the best return with the proper amount of risk for you. Estate The goal of an estate plan is to ensure that your loved ones are taken care of and that you leave behind a legacy to your spouse, children, and loved ones. For this, we have a series of documents, including wills, trusts, power of attorney, medical directives, and ownerships, neatly compiled to ensure the transition is seamless for your loved ones. Insurance Within a financial plan, we outline the insurance that will be most beneficial to your individual situation. When we look at different types of insurance — whether it be
This month, we honor National Financial Planning Month, a great time to get your finances and budgets in order and to ensure that you’re updating your financial plan as changes take place. But what’s all the buzz about and why is it so important to stay on top of your plan? Financial planning is beneficial in three separate ways. First, it streamlines the goals you set out for yourself. Having accurate insight into what you are striving to accomplish opens the door to many opportunities. Next, a financial plan helps to identify issues and stay the course in the event of a market downturn. It’s a great comfort to know where you are, rather than being caught in the dark. A client recently asked why I made a financial plan for him each year, and I responded, “If you’re going to run out of money, would you rather know now or when you run out?” Of course, it’s better to know now so adjustments can be made to ensure that never happens! Lastly, having a financial plan in place can help you visualize exactly how much you’ll need to live comfortably in retirement in comparison to your current spending patterns. Actual numbers take the guesswork out of planning — and that’s reassuring. A financial plan with Campbell Wealth Management includes seven different sections. Let’s take a look:
Goals Most people have an idea of what they’d like to do in their golden years and how they’d like to live. For many, the overarching goal is to make it through retirement without running out of money, but next in line may be traveling, paying for their grandchildren’s education, and enjoying a fruitful life. It’s important to keep in mind that goals can be broken down into needs, wants, and wishes, and therefore, prioritized as such. Goals are a foundational part of financial planning. Through this process, we can create “what if” scenarios and help you determine what is feasible. Goal setting allows us to take a deep dive and see if we can help turn dreams into reality. Income At some point, if you haven’t already, the last day of your working career will come — and you’ll need to replace that income. But where will it come from? You will have Social Security, a pension (if you’re eligible), and withdrawals from your accounts. The goal is to add more income to your portfolio in the long run and that’s where we come in with a financial plan to outline each piece of the income equation so you know exactly how much to expect and when. Taxes In retirement the overarching goal is to minimize long-term taxes. In some instances, we may advise a client to do a
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Build the Community Through Giving Doing Good Does You Good
walking around the neighborhood, planting a community garden, or even cleaning litter from the roads, this moderate physical activity can help strengthen muscles, reduce blood pressure, and even alleviate symptoms of chronic pain.
Volunteering not only strengthens the community but also benefits the person who serves. For those who enjoy spending their time giving back, check out how volunteering opportunities can benefit you! Improves Mental and Physical Health When you do good, you feel good. Those positive emotions lead to emotional resilience, which helps you in the face of crisis or stress. They also decrease stress while increasing positive, relaxed feelings. Volunteering gives you a sense of meaning and appreciation, which can reduce the symptoms of depression and anxiety.
Prevents Isolation and Promotes Socialization
Many older adults face social isolation, and it can have negative impacts on their overall health. Volunteering is a great way to network with members of the community and meet new people. Likewise, after moving to a new neighborhood or leaving a career, it is difficult to find a new social group. But when you work with people toward the same goal, you may find you have common interests with other volunteers. You can even invite your family or friends to help, and then catch up while doing something good for the community.
Gives a Feeling of Purpose Sometimes as life changes and you grow older, your sense of purpose may begin to fade. Volunteering can help recharge a zest for life and may even motivate you to set and accomplish new goals. You should volunteer for many reasons, whether it’s to give back to the community, help the environment, or satisfy your own personal needs. No matter why, it’s a great way to get out there and do some good. some individuals who would’ve run out of money or, on the flip side, have more money than they’d ever use in their lifetime. For each polar opposite situation, their goals were different and we helped them devise a plan that was right for them. If you’re wondering whether you need a financial plan, know someone in the same boat, or if you’re a client with a plan already in place and you have some questions, don’t hesitate to let us know. We are here to help ensure you are well- prepared for your future!
Volunteer activities also keep people moving. Whether it is carrying donation boxes,
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home insurance, life insurance, or auto insurance — risk protection is top of mind.
the plan annually to help keep them on the right path.
The financial planning process works so well that I truly believe everyone should have one. If you’re young, you may be able to do so with a financial calculator. But, the older you get — and the closer you are to retirement — the more important it is to have a written financial plan completed by a Certified Financial PlannerTM professional. The beauty about working with a certified financial planner is that they are charging you a fee for asset management or planning, and that designation makes them a fiduciary. This means they work in your best interest.
Health Care How do you pay for health care in conjunction with government programs such as Medicare and supplemental policies? What about if you lose the ability to perform life’s daily activities and require the assistance of a home health professional? Do you have funds to support this? Healthcare is a major cost in retirement and needs to be planned for appropriately, especially within your financial plan. As you can see, financial planning answers many of life’s what-ifs. When we first meet with a client, we go through a financial plan to get a bellwether of where they are and to see if they are on track to hit their goals. Then, we revisit
Kelly Campbell
We have helped so many people through this planning process and have seen
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Technology Improvements to Help the Environment
Creating a More Sustainable Future
Would you like to be a Campbell Wealth Management Ambassador? Would you like access to exclusive events? Over the past year or two, many publications have challenged the idea that new technological advancements are helping us create a more sustainable future. Some of the most common examples cited are the disposal of electric vehicle batteries and the production of smartphones. How green are these technologies if they create new hazardous waste streams or increase fossil fuel use to generate electricity? Most of today’s electric vehicles use lithium-ion batteries, which are only recycled 5% of the time, even as automakers are trying to find second lives for their batteries. In a similar vein, smartphones are rarely recycled, and their production can be incredibly harmful to the environment. Some manufacturers, including Apple, have been introducing more environmentally friendly methods to create their devices. Companies across various industries have become more environmentally conscious. While there are some outliers that reflect negatively on sustainable technological advancements, most organizations are working hard to make a positive difference.
Smart technology has allowed us to improve the efficiency of certain products, such as lightbulbs and HVAC systems. We can use this technology on our devices to control lights within our homes, set a thermostat temperature, and more. We can even set timers to control when things are turned on or off. This helps us control our carbon footprint. Through reporting functions, these companies can make adjustments and improvements to devices without ever setting foot in our homes. When used correctly, technology can play a huge role in procuring a sustainable future for everyone — by increasing productivity and efficiency while also reducing product waste and the use of harmful chemicals. Now that companies are putting a greater focus on sustainable technology, you will begin to see improvements throughout society. It might not be immediate and there may be hiccups along the way, but with continued efforts, we can have a more sustainable future.
4th Annual Life Beyond Numbers Expo Oct. 21 from 10:00 a.m.–2:00 p.m. George Washington Masonic Memorial To register, email us at Seminars@campbellwealth.com! Bring a friend to this informative and fun event!
All you have to do is refer a friend. Do you know someone who: • Wants to be better prepared for retirement?
• Is looking for a second opinion regarding their portfolio? • Has gone through a major life event (death of a spouse, retirement, etc.)? Call us at ( 703) 535-5300 and let’s set up an introduction! If they are important to you, they are important to us.
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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 400 Alexandria, Virginia 22314
Inside
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National Financial Planning Month
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Benefits of Volunteering for Older Adults
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Creating a More Sustainable Future
Events
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3 Picture-Perfect Destinations
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. Our firm does not offer tax or legal advice. Consult your tax or legal advisor regarding your situation.
Fall in Love With the Scenery! 3 Places to Travel This Season
Fall is the perfect time to plan a scenic vacation. You can find lower prices and fewer crowds at many popular destinations right now. Best of all, the views are incredible. From the changing colors of leaves to sunsets and mountains — a picture-perfect getaway awaits you! Here are three popular destinations to fall in love with this season. 1. Asheville, North Carolina Everyone can find something to enjoy in the mountains of the Carolinas. You can drive the Blue Ridge Parkway or hike the Appalachian Trail for breathtaking views of mountains and sunsets. For history fans, get lost at the Biltmore Estate and learn more about the Vanderbilts. If you’re a fan of the nightlife, Asheville is known as Beer City USA, with more than 30 breweries and over 100 local brews.
2. Yellowstone National Park, Wyoming The wildlife in Yellowstone is active in the fall, so you’ll get a chance to see bison, elk, and eagles during your stay. You may even observe bears preparing for hibernation. If you love to be outdoors during the cooler months, then you will love biking, fishing, and hiking here during the fall. However, be aware that some roads will close for the winter in mid-October, so review park information ahead of time for accessibility. 3. Sedona, Arizona It may be too hot to visit Arizona during the summer, but the fall months are perfect because the temperatures drop somewhat. If you love to see trees bursting with colorful leaves, hike the Baldwin Trail and Cookstove Trail. Sycamore, oak, and maple trees will shade you with their colorful canopies. Also,
each year, the city holds a Day of the Dead celebration you can attend at the Tlaquepaque Arts & Crafts Village in late October. These are only three of the many breathtaking destinations you can visit this season. For more locations, go to TravelAndLeisure.com/ trip-ideas/fall-vacations/best-fall-vacations. So, what are you waiting for? Book your trip now, and don’t forget to pack a camera to capture the picture-perfect views!
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