Wolf Retirement Navigation - October 2019

RET IREMENT NAV IGAT ION

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4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224

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

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October 2019

Facing Your Fears What Are the Most Common Fears in America?

I t’s October, and with Halloween at the end of the month, fear is a common theme. When Chapman University Survey conducted its annual survey on fear a few years ago, they found that the most common fear in the United States was glossophobia, a.k.a. the fear of public speaking. This was followed closely by acrophobia (fear of heights), When I was looking at this list, I realized I’m a pretty fearless guy. I don’t have any major phobias; and while I’m not a fan of heights — that’s more of a safety thing — you won’t find me on a 20-foot ladder. That said, I have my fair share of worries, and those worries have changed throughout my life. The things I worried about as a kid were very different than the worries I have as an adult, and the fears I had before my daughter was born pale in comparison to the things I think about today. Pre-kid worries are all about yourself, but ever since Isabella came along, my worries are about her. Will she be safe? Will she be happy? Am I making some huge mistake that’s going to ruin her childhood? Above all else, I worry about what kind of world she’s growing up in. I don’t just mean the dangers of the world. 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 entomophobia (fear of bugs), and aquaphobia (fear of drowning).

My fear is that my daughter will grow up to be entitled, that she’ll feel like the world owes her everything. You can’t reverse that. I think this fear comes from the fact that my daughter is growing up in a very different environment than I did. When I was a kid, my family had more love than money. The experience taught me to be grateful for what I had. Meanwhile, Isabella has spent her six short years a few blocks from the ocean. I don’t want her to take the good things in life for granted. I can’t control her future, but I can raise her right and instill good values in her. To do this, I try to be proactive and lead by example. Isabella is still really young, but I’m already trying to teach her why she needs to be grateful for what she has. Also, what is Daddy’s is his and not hers. Life doesn’t owe you anything. If you want something, you need to work for it. In addition to tackling my own fears I have as a parent, I’ve also had to learn how, as a retirement planner, to help allay other people’s fears. Much like how your fears change as you go through life, a person’s financial fears shift as he or she approaches retirement. During the working years, our fears circle around “Am I saving enough,” “Can I pay my 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.

bills,” and “Will I be able to retire?” Once you retire, especially without a plan, there are usually two fears keeping you up at night: Am I going to run out of money or have to reduce the lifestyle I am accustomed to? I’m not going to sugarcoat it; retirees do have a lot of worries. Fortunately, much like how I address my parental fears with Isabella, retirees can alleviate their fears by being proactive. Since you can’t control your future, you can proactively look at your financial situation and plan for the future in order to put yourself more in control of where you are today. When you feel confident with your retirement plan, those financial fears aren’t able to keep you up at night anymore. While crippling phobias can be a problem, fear does serve a purpose. It motivates us to take action to create the life we want to live. -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.

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