Take a look at our June newsletter!
JUNE 2022
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PATRIOT WEALTH
The 3 B’s of Summer BEER, BOURBON, AND BARBECUE MAKE THE PERFECT DAY
You’ll be hard-pressed to find better barbecue than in our region. Texas might be our only real competition. So, it should be no surprise that all of us at Patriot Wealth love to grill and barbecue all spring and summer long. Rachel and I have been so busy with the kids lately that I haven’t had the opportunity to do as many all-day smokes as I prefer. Thankfully, my father-in-law keeps coming to the rescue. He’s always trying out new recipes and techniques he reads about online, and lately, he’s been grilling up sausage fatties and “armadillo eggs,” which are among my absolute favorites. So much regional variety exists in barbecue, and I appreciate all the different methods and sauces used across the country. But we’ll be celebrating our homegrown North Carolina style of barbecue this August 5–6 at the Beer, Bourbon & BBQ Festival. It’s a massive event hosted at the Koka Booth Amphitheater in Cary, and it looks like a lot of fun for the entire family.
Tickets are reasonably priced, and they allow you to sample all of the more than 60 beers and 40 bourbons available on site. Vendors and restaurants from across the state will also be in attendance. No matter what meat you’re looking for, they probably have it. Thanks to the Shrine of Swine, there will even be whole hogs. One of the most exciting options for fellow barbecue fanatics is the Tasting Theater, which will feature seminars to help everyday folks improve their skills. Distillers, brewers, and pitmasters from the deep South will be present to share tricks of their trades, and just about everyone should be able to learn a thing or two. Of course, there will also be plenty of the standard festival fun. You can buy sauces and barbecue accessories, pick up gadgets and trinkets, play outdoor games with friends or strangers, and dance the afternoon away. The event will feature live music, including rock, blues, and bluegrass. It will be a true celebration of Southern culture!
Austin will be there, and if we can manage to work around my youngest son’s birthday weekend, my family will be, too. I encourage you to visit the website at Cary.BeerAndBourbon.com to learn about everything going on. Though it may seem like a long way off, tickets always sell out in advance — so if you’re planning to go, book your spot soon! One of the best things about food — other than taste — is how it manages to bring people together. Whether you’re attending a big festival or using your backyard grill, it keeps you outdoors and socializing with other people. These activities help you stay active, which is particularly important with this kind of food. Whether or not we bump into each other at the Beer, Bourbon & BBQ Festival, I hope you have the opportunity this season to enjoy some of our region’s famous smoked meats and other culinary delights. Here’s to a long, safe, and delicious summer!
–Wes White
These articles are designed to provide general information on the subjects covered. They are 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 Patriot Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Investment Advisory Services is offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Patriot Wealth 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 professional before making any investment decision.
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When creating an estate plan, there are many assets to consider. Most people think about their homes, retirement accounts, and heirlooms, but they often overlook one vital thing: their digital lives. Today, we manage so much of our personal lives through digital accounts, and a username and password combination safeguards our activities and keeps our data secure. Two-factor PROTECT YOUR DIGITAL LEGACY LEAVE BEHIND A PATH FOR YOUR LOVED ONES
But what happens to this data after you pass? Will your family know how to access it and therefore log in to your most valuable accounts? How can you make sure the right people have access to your passwords and digital data without making yourself vulnerable? And is this necessary? Find out here! CREATE A DIGITAL LOG. You must keep a record of all your digital profiles and login information for your loved ones before you pass. You’ll help your family avoid having to jump through hoops with various companies just to retrieve your data after you’re gone. Anything from the cable company to your bank login needs to be recorded. Then, be sure to tell your family this information exists and how to find it. USE A PASSWORD MANAGER. Because passwords are necessary, companies have created password managers to keep all of your login information secure. But not all managers are alike. The most secure options are
cloud-based managers, which allow access from any location, and those that require two-factor authentication, which may use a fingerprint or a code sent to the phone number on file. There are many password managers to choose from, so start by doing your own research. Wired recommends 1Password for those just starting out! TALK TO YOUR ATTORNEY. If you opt out of using a password manager, an estate planning attorney can incorporate your digital logins into an estate plan. This will keep your data secure and accessible by those who need it after you pass. And even if you do utilize a password manager, it’s wise to notify your estate planning attorney. They will become your family’s go-to resource for guidance after you pass. As with any action you take regarding your estate plan, consult with a professional you trust before making a decision.
authentication — a second step to logging in — keeps our data even more secure.
Safe Travels PLANNING FOR YOUR
urge all of our clients to prepare for the future, we usually recommend a second method. Those who still have years left to prepare would do well to consider their travel goals in advance. RETIREMENT ADVENTURES
The jet-setting retiree has become a cliche, but it’s for a good reason. The 2020 Annual Transamerica Retirement Survey found that 67% of Americans intend to travel after retirement, and a study by Fifth Third Bank pegged the number even higher at 81%. But that same Fifth Third study revealed that 21% of respondents had no plan for how to fund their trips. We never want our clients to fall into this trap. If you have already discussed your dreams of travel with your financial advisor, you’re in good hands and already set on a path to meet your goals. But those who haven’t disclosed their travel plans should do so as soon as possible. Travel in retirement doesn’t just happen — it takes careful planning and a sound investment strategy. There are two primary methods retirees use to cover travel costs. The first is to budget for your projected expenses in retirement and then subtract them from your total annual income from all sources. The leftover amount can be set aside as an annual travel fund.
If you are pre-retirement and already travel, your existing budget is a great place to start. First, determine how much you spend now on trips, and then ask whether you intend to travel more or less once you retire. If you’re not already traveling, it’s time to research the cost of the trips you want to take. Consider whether you want your retirement travel to be lavish or budget- friendly, domestic or international, and regular or infrequent. Include the cost of all expenses,
including food, transportation, lodging, and — since Medicare usually does not cover foreign health care — travel insurance.
Once you know your ideal budget, Patriot Wealth is prepared to help you live out your dreams. Schedule an appointment to discuss your modified goals, and we’ll be happy to review your options. Our goal is to design your plan to fit your lifestyle, whatever your changing needs are.
This strategy is often the most prudent option for those who have retired without an alternate travel plan. But since we
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We all hope to spend our golden years healthy, able-bodied, and financially comfortable. We might dream of traveling the world, spending long afternoons with the grandkids, or whiling away the hours on the golf course. Unfortunately, life doesn’t always work out as we hope. We recently saw a high- profile example when legendary actor Bruce Willis was forced into retirement at age 67 due to aphasia. All signs indicate that Willis would have preferred to keep working, but aphasia affects the brain’s language centers, making it difficult to communicate with others. His long and highly successful career means he will likely receive the best medical care possible and not face significant financial concerns. Most people, however, don’t have his estimated $250 million net worth. So, what happens to them when their health forces an early retirement? When younger people can’t work due to disability, they become eligible for Social Security Disability Insurance (SSDI) benefits. While a person usually cannot receive Social Security retirement benefits and SSDI simultaneously, SSDI helps fill the gap years. But SSDI can be difficult to secure, and the benefits rarely match a retiree’s previous salary. Some people choose to retire before their condition becomes fully disabling. The goal is to enjoy themselves while still possessing most of their physical and cognitive function. Though they will not be eligible for SSDI, if they have a healthy retirement savings plan, the years of enjoyment may be worth the lost wages. Other pre-retirees take the opposite approach. Many people who become disabled at 62 or older still want to hold out until they hit age 67, at which point they can receive their full retirement benefits. It can be either a wise or counterproductive move depending on your condition. A private investing company, The Motley Fool, points out that someone who only lives until 75 will see higher cumulative retirement benefits from taking Social Security at 62 rather than waiting until 67. Even for Bruce Willis, the decision to retire did not come easy. There is much to consider, including how Social Security factors into your retirement plan, the overall outlook of your portfolio, your doctor’s assessment, and the enjoyment you get from work. We can’t answer all of these questions, but we can help you make the wisest decision possible by helping you understand your financial situation. Don’t hesitate to call us with any questions about how your health might affect your retirement. BRUCE WILLIS RETIRED FOR HEALTH REASONS What if the Same Thing Happens to You?
TAKE A BREAK
GRILLED CORN AND RICOTTA DIP Inspired by Saveur.com
INGREDIENTS • 6 ears of corn • 1 1/2 cups heavy cream
DIRECTIONS
1. Preheat the oven to 325 F. 2. In a large grill pan on high heat, cook the corn until charred on all sides. Let cool, then cut the kernels from the cob. 3. In a food processor or blender, purée two-thirds of the kernels with the cream, ricotta, flour, and thyme. Season with salt and pepper, and stir in remaining whole kernels. 4. Pour into an 8-inch baking dish. Sprinkle Parmesan cheese on top, and dot with butter. Bake for approximately 1 1/2 hours, until bubbly.
• 1 1/2 cups ricotta • 2 tbsp all-purpose flour • 2 tbsp thyme, finely chopped • Kosher salt and freshly ground black pepper, to taste • 1/2 cup Parmesan cheese, finely grated • 2 tbsp unsalted butter, diced • Chives and scallions, finely chopped
5. Garnish with chives and scallions before serving.
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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #330 Raleigh, NC 27609 INSIDE THIS ISSUE Pigging Out at the Beer, Bourbon & BBQ Festival PAGE 1 Help Your Loved Ones ‘Log In’ After You Pass PAGE 2 Does Your Retirement Plan Have a Travel Budget? PAGE 2 Take a Break PAGE 3 Grilled Corn and Ricotta Dip PAGE 3 When Health Forces Early Retirement PAGE 3 Is an International Retirement Right for You? PAGE 4
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Things to Know Before Spending Your Golden Years Abroad Say ‘Ciao!’ to Traditional Retirement
REVIEW YOUR WANTS VERSUS YOUR NEEDS. Who doesn’t love a tropical vacation, but do you really want to live there permanently? Tropical spots also include hurricanes, bugs, humidity, and lots of sand and water. Rather than packing up and moving to a new country outright, spend a few months in the place you want to call your new home. If you can live with the good and the bad, it’s the spot for you! If not, try somewhere else until it feels right. MONITOR YOUR COMFORT LEVEL. It’s difficult to ask your neighbor for flour when you don’t speak the same language. While it’s true that many countries have numerous English speakers, you may run into situations where communication or customs are difficult. You should learn the basics of your new country’s language and be prepared to be more independent. Until you find a community in your locale, you may not have the same support you have back in the states.
Retirement is what you make it, and the possibilities are endless. For many Americans, that has meant selling their possessions, packing up what they have left, and moving abroad. In some cases, an international retirement can be more affordable and provide better health care options. Plus, the opportunity to explore a new region is enticing. Others worry about being away from family, navigating foreign rules, and dealing with language and cultural barriers. If these obstacles don’t scare you away, an international retirement may work. Here’s how to prepare for it.
CONSIDER THE MONETARY CHALLENGES. In many cases, retiring abroad can be preferable due to lower
costs of living and affordable health care. Plus, you can receive and deposit Social Security overseas. However, there are a few hurdles. For instance, you could end up paying taxes to the U.S. and
your new country, which means a double tax. You will also have to transition to a completely digital banking system and understand how your new residence may impact your American-based assets.
As with all your plans for retirement, consult with a professional to determine if an international retirement is right for you. And if it is, then bon voyage!
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