Check out our December newsletter!
December 2024
CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 400, Alexandria, VA 22314
Taxes, Targets, and Talents MAXIMIZE YOUR 2024 AND 2025 OPPORTUNITIES
Wow! It’s the end of 2024, and to say it’s been eventful is an understatement. But now that we are in December, there are a few main ideas you should keep in mind. Taxes (Tax Planning) With a limited time to take advantage of the 2024 tax rates, if you haven’t already, it’s time to take action on your tax strategy. To help you get started, here are three key questions to consider: 1. Have you set up a donor-advised fund to maximize the tax benefits of your charitable contributions? 2. Have you completed a qualified charitable distribution (QCD)? This allows you to donate your required minimum distribution (RMD) directly to a charity of your choice, and the best part is you don’t need to itemize to receive the tax benefit. 3. Have you completed your 2024 Roth conversion while tax rates remain low? Keep in mind, the Tax Cuts and Jobs Act (TCJA) is set to sunset on 12/31/25, so taking action in 2024 and 2025 can help you benefit from these lower rates. If you need assistance, reach out to your wealth manager for guidance! Targets (2024 and 2025 Goals) Now, let’s talk about your targets. I know you set goals for 2024, but have you achieved them? If so, take a moment to celebrate! If not, it’s time to roll up your sleeves because there’s still time to make progress. As we approach the new year, it’s also time to start thinking about your goals for 2025. Make a list of everything you want to accomplish next year. You might even want to create a vision board — a poster with images representing your goals. Seeing them visually each day can help keep
you focused and motivated. A vision board not only inspires but can also be a powerful tool in helping you achieve your goals. Talents (New Skills for 2025) Finally, let’s talk about talents and skills. For decades, I’ve always pushed myself to improve, and one of the best ways to do that is by learning something new. So, my question for you is: What do you want to learn in 2025? Whether it’s playing the piano, picking up a new language, learning to speed read, or diving into AI, commit to making it a focus for the year. Once you decide, create a plan to achieve that goal and make 2025 a year of growth! So as we end the year and the holiday season, I want to thank you for trusting Campbell Wealth Management to help you with your retirement. You work 90,000 or more hours to reach retirement, and we want you to be assured we’ve got your back. We are working behind the scenes to help you stay safe and achieve your retirement goals. Merry Christmas, Happy Hanukkah, and happy holiday season! Let’s all look forward to a great 2025!
Kelly Campbell
Donor Advised Funds represent an irrevocable gift of assets from the donor to the fund. Contributions made to the fund are irrevocable and cannot be returned or used for any other individual or used for any purpose other than grant making to charities. The gift is not an investment or a security. When evaluating a contribution to the fund, carefully consider the terms and conditions, limitations, charges, and expenses. Depending on the tax filing status, DAF contributions may or may not be tax deductible.
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SWEETEN THE SEASON WITH A COOKIE SWAP! Leave Your Guests Smiling and Satisfied
For many Americans, the holiday season is all about family and tradition. We decorate our homes with garlands and lights that bring us holiday cheer, prepare for family visits, go ice skating, and maybe even send a letter to Santa. However, another special tradition spans generations and
how many cookies everyone should bring to the event. This ensures that nobody outshines anyone else through sheer volume or expensive ingredients alone. It’s a time for bonding, not competition. Once you have the ground rules and guestlist set, you need to get the decorations for the event. Treat it like a party. At your local party store, pick out decorations that fit the season’s theme. You can get unique napkins, mugs, stirring spoons for hot drinks, and anything else you think captures the holiday spirit. This is also a good time to procure all your baking essentials, such as chocolate chips or unique cookie cutters. All that’s left is hosting the party and ensuring everyone has a good time. If you want, you can even hold little contests to increase the excitement — each guest can vote on the prettiest or tastiest cookies and offer small prizes to the winner. As long as those attending enjoy themselves, your event will be a success. Plus, everyone who attends will have plenty of delicious cookies to get them through the rest of the holiday season!
excites every family member — baking holiday cookies! Many will bake cookies just for their immediate family to enjoy along with their favorite holiday movie, while others will bake up a huge batch to bring to the big family get-together of the season. If you want to try something fun and unique this year, consider hosting a holiday cookie swap with your loved ones. This tradition will allow you to try all sorts of new and delicious cookies — there are so many different kinds of holiday cookies, and every baker has their own specialty. Start by determining whom you want to invite, setting a budget, and determining
Communicate, Budget, and Plan A Guide to Financial Alignment for Couples in Retirement
Aligning your financial goals as a couple is essential to make the most of your retirement savings and maintain a lifestyle that suits both partners’ needs. Let’s take a look at a few key steps to help couples achieve financial harmony as they transition into retirement. Embrace open communication. The foundation of successful financial planning for couples is open communication. Before making any decisions, it’s important to have honest discussions about your financial
goals, spending habits, and expectations for retirement. While one partner may be focused on security and savings, the other may want to travel or take up new hobbies. It’s important to get on the same page to avoid potential misunderstandings. Set time aside to talk about what retirement looks like for both of you. How much do you need to cover your basic expenses? What lifestyle do you picture, and how much will it cost? This initial conversation helps
also consolidate accounts to simplify managing your finances during retirement. Align spending and budgeting. If one partner tends to spend more while the other is more conservative, compromises will need to be made. Establishing a retirement budget that accounts for both partners’ spending preferences is essential. Create a budget together that outlines your daily living expenses, medical costs, and any discretionary spending such as travel or hobbies. This will ensure both partners feel secure in knowing their needs are accounted for. Financial planning for couples in retirement is all about communication, compromise, and careful planning. By aligning your financial goals, you’ll be better prepared to enjoy a secure and fulfilling retirement together.
create a shared vision for your future. Evaluate your retirement savings.
Once you’ve had a conversation about your goals, take a look at your retirement savings. Review all income streams, such as pensions, 401(k)s, IRAs, Social Security benefits, and any other investments. This will help you predict how much income you will have in retirement and identify any gaps in your savings. You can
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A PURR-FECT MATCH How a Kitten Helped Samson Unleash His Inner Pup
Golden retriever Samson takes his job as a medical service response dog very seriously, maybe even too seriously. For owner Lea Hendy, it became apparent quickly that the loveable giant didn’t know how to dog. On their days off at the dog park, Samson was the odd man out, sitting alone in the corner while the other pups played. It seemed like he couldn’t turn off work mode or form bonds with other dogs. Samson joined Lea’s family to train as a service dog. When she noticed his seeming lack of social skills with other dogs, she was determined to find a way to bring him out of his shell. Little did she know that a chance encounter with a cat would change everything.
and immediately wanted to play. It was an “aha!” moment that Samson could indeed make deep bonds; it just had to be with the right animal. A couple of months later, they brought home a tiny kitten named Cleo, and the instant friendship surprised everyone. They gently placed the backpack with the little kitten inside in the middle of the room, and Samson immediately sprung into excited barks and tail wags. Lea said they were never expecting him to be so excited about his new friend, and the two have been inseparable since. “It was so heartwarming to see him come out of his shell and immediately form a connection with Cleo,” Lea said.
other’s company. Cleo has become an avid adventurer since the family started taking her on hikes. When the kitty tires out, she takes a ride on her older brother Samson, who looks so proud to be transporting his sister. Cleo, a tiny kitten with a big heart, allowed Samson, a workaholic looking for a friend, to break out of his shell and explore his world in ways his family never thought possible. Now, thousands of people worldwide watch their friendship and adventures on the animal-odd couple’s Instagram page @calvin.andco.
While they were out traveling, Samson spotted a kitten in the window of a building
Now, the pair spend every moment they can together, playing, napping, and enjoying each
“It shows that friendship has no bounds,” Lea said. “Anyone can be friends.”
How a Rescue Dog Changed a Veteran’s Life THANK YOU FOR JOINING US AT THE KENNEDY CENTER!
Thank you to those who attended our Ambassador Program Event on Sunday, Nov. 3, at the Kennedy Center. We had a lovely afternoon filled with hors d’oeuvres, cocktails, mingling, and music from the National Symphony Orchestra. We look forward to next year’s event. We will see you there!
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CampbellWealth.com | (703) 535-5300 330 John Carlyle St., Suite 400 Alexandria, Virginia 22314
INSIDE Your 2024 Goals and Planning for a Successful 2025 ’Tis the Season to Swap Cookies Aligning Financial Goals for a Secure Retirement Samson and Cleo’s Tail-Wagging Tale Thank You for Joining Us at the Kennedy Center! Italy’s Most Photogenic Seaside Destination
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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.
Discover Cinque Terre Walk the Italian Riviera’s ‘Pathway of Love’
Imagine a cluster of ancient seaside villages along the Italian Riviera so picturesque that it inspired a Disney film. Cinque Terre, or “five lands,” encompasses five breathtakingly photogenic fishing villages along the northwest coast of Italy. Recognized as a UNESCO World Heritage area, this national park offers all the attractions visitors love about Italy, from extraordinary food and wine to exciting seaside views. Childhood memories of Cinque Terre inspired Disney director Enrico Casarosa to re-create the setting for his Oscar-nominated coming-of-age film “Luca.” Cinque Terre’s narrow streets are often filled with day-trippers during the summer, nearly overwhelming the area’s 4,000 residents. The flood of tourists eases in the winter,
however, making this the best season to savor Cinque Terre’s beauty and culture. While farmers developed the area in the 11th century, Cinque Terre was inaccessible by road until the 1960s. One has to admire the ingenuity of residents who carved terraces into the steep cliffs, stacked houses down the ravines, and cultivated olives and wines so superb that kings favored them during the Renaissance. Hiking is a favorite pastime here, and visitors this winter are in luck. One of the most beautiful walkways in the world, the half-mile Via dell’Amore (or Pathway of Love), reopened in August 2024 after repairs following a 2012 rockfall. Reservations are required, and visitors are only allowed to walk one way on the path from the village
of Riomaggiore to Manarola. Unlike the steep, rugged hiking paths elsewhere in Cinque Terre, however, part of the Via dell’Amore is wheelchair accessible, and the breathtaking views are worth the effort. Planning to drive in and around Cinque Terre isn’t wise. The clifftop roads are narrow and frightening, even for seasoned drivers, and nonresidents aren’t allowed to park in the villages. A better strategy is to take the train from the Genoa or Pisa airports (about 1–2 hours). Check the national park website at Parconazionale5terre.it before you arrive to learn about any winter storm closures and trail conditions.
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