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October 2023
CampbellWealth.com • (703) 535-5300 • 330 John Carlyle St., Suite 400, Alexandria, Virginia 22314
Find Out How Much You’ll Need for a Secure Future FACE YOUR FINANCIAL GOBLINS WITH CONFIDENCE
The month of October largely encompasses Halloween. For many people, this means that ghosts, goblins, and wicked witches come out to play. For others, it’s time to head to the pumpkin patch and pick out the perfect pumpkin for carving. It’s a holiday that revolves around things intended to be spooky and frightening — for some, it’s a lot of fun, but for others, it’s just a bit too scary. However, one thing you may not realize is that October is also National Financial Planning Month, and this provides a great opportunity to put the two together. You see, for many, retirement can be very scary. People are scared to stop working and give up their paycheck. Some are worried they will become bored in retirement, and others fear they will have the wrong portfolio or run out of money. But, that’s where financial planning comes in! I’ve been a financial advisor/planner for over 32 years, and although some people do get scared when they think about retirement, the best remedy is to have a financial plan in
place, which is why every client at Campbell Wealth Management has a plan that we follow every year. Think of it this way: If you don’t think that you have enough money to retire, your financial plan may be able to mathematically prove that you do, or it may verify that you don’t. I’ve always said that if you’re going to run out of money in retirement, wouldn’t you rather know now so you can prepare and make changes instead of being shocked when it happens? Likewise, if you think that you have the wrong investments or are too aggressive or conservative, your plan will show you what rate of return you need to secure your retirement. You can even incorporate your bucket list or goals into your plan to not only ensure that you can afford those items, but to also schedule when they happen. For example, two clients of ours are RV enthusiasts — each year they take their RV across the country to visit national parks.
While this may seem to be fairly inexpensive because you essentially bring your hotel with you, there is actually a lot of cost involved with campgrounds, maintenance, repairs, and fuel. We built a plan for this couple, mapping out where they would like to go each year, what time of year they will go, and which parks they will visit. We built all of these destinations into their financial plan, and the beauty is that now they comfortably know that they can check every park in the U.S. off their bucket list over the next few years. So, just as retirement may be a bit intimidating and scary like the goblins and ghouls of Halloween, with an updated and thorough financial plan in place, you will have the confidence to achieve your goals!
Have a great fall, and please don’t hesitate to reach out if you need anything at all!
Kelly Campbell
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Big Purchases That Can Haunt Your Golden Years RETIREMENT REGRETS
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
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.
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
CRAFT A SOLID RETIREMENT BLUEPRINT Understanding Your Streams of Income in Retirement
Employer-Sponsored Retirement Plans
Retirement marks a significant life transition. It’s when you finally bid farewell to the traditional 9–5 routine you’ve followed for many years and step into a new phase of life. But as you plan for this new stage, a critical question arises: Where will your retirement funds come from? To ensure a financially secure retirement, it’s paramount that you understand where your sources of income come from in your golden years. Social Security For many retirees, Social Security serves as a foundational source of income in retirement as it provides a regular payment based on your work history, retirement age, earnings history (benefits are based on your 35 highest earning years), and changes in government laws and policies. After paying Social Security taxes for 10 years, employees become eligible to collect Social Security. In 2022, the average monthly Social Security benefit was roughly $1,625.
in retirement. These investments often include a monthly guaranteed income over potential returns. Rental Income Many retirees own real estate and rent out properties as a form of passive income after they retire. However, it’s important to note that managing properties and tenants requires careful planning and dedication, so it’s a decision that must be well thought out. Depending on your individual circumstances, your sources of income in retirement will vary and likely be a combination of the mentioned sources, along with potential inheritance, part-time work, health savings accounts, defined contribution plans, and more! To discuss your planned sources of income during retirement and incorporate them into your plan, call us today. We are ready to help!
If you’ve been contributing to a 401(k), 403(b), or a similar employer-sponsored retirement plan during your working years, this can be a substantial source of income in retirement. These plans allow you to accumulate savings on a tax-deferred basis, and some employers even offer matching contributions — an added benefit! Pension Plans While pensions are not as common as they used to be, some employers (especially state and federal government) still offer pension plans that provide a guaranteed income stream during retirement. Pension plans are also based on years of service and earnings history with the company. Personal Savings and Investments Many individuals have personal savings and investments outside of retirement plans that provide an additional income stream
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The Incredible Story of Lucca The Explosive-Detecting Dog Who Saved Lives
Sometimes, dogs are more than just a man’s best friend — they are heroes. When the Israel Defense Forces brought Chris Willingham, a Marine specializing in training military dogs, a small German shepherd and Belgian Malinois mix puppy in 2006, he knew she was special. Willingham named her Lucca, and in 2008, the pair deployed for their first tour in Iraq, where they spent countless hours together searching for improvised explosive devices or IEDs. When Lucca smelled a bomb, she’d lie down and wait for Willingham, an action they repeated so many times that the pair seemed to read each other’s minds. In fact, the duo became so successful that when platoons suspected they were heading into especially dangerous territory, they requested the team by name. After returning from their second tour in Iraq, Willingham received orders that the Marines were restationing him at the Marine
Security Guard School. But before he had to leave, he was allowed to choose a new handler for Lucca. Willingham chose Corporal Juan Rodriguez, whom he sensed was the perfect match for Lucca. And he was right. Lucca and Rodriguez picked up where she and Willingham left off until one day in 2012. The pair were four hours into their patrol in southern Afghanistan when Lucca located her second IED of the day. However, when she moved closer to the device to lie down — it exploded. Rodriguez quickly ran to Lucca, where he discovered she had lost one of her front paws in the explosion. He applied first aid, a tourniquet, and called for a medevac, never leaving her side. She had suffered burns to her neck and torso, and doctors had to amputate her front left leg.
as before her injury but was now retired from her day job. She was reunited with Willingham and lived the rest of her days with him and his family peacefully until her passing in 2018. Lucca led more than 400 patrols during three combat tours in her career. She found 40 confirmed insurgents and countless explosives, and she never had a single human casualty during her six years of service.
However, in less than a month, Lucca was back to running around with the same spirit
Life Beyond Numbers When: Oct. 6, 8:00 AM–3:30 PM Where: Springfield Country Club Presentation at Cloverleaf Financial planning for Families with a Child with Special Needs ( presented by Kelly Campbell) When: Oct. 17 at 7:00 PM Where: Springfield Country Club Toys for Tots Pie Pickup: Alexandria Office When: Nov. 21, 1:00–4:00 PM Toys for Tots Pie Pickup: Reston Lake Fairfax When: Nov. 22, 1:00–4:00 PM Keep an eye out for more information! To register, email us at Seminars@campbellwealth.com! UPCOMING EVENTS
Would you like to be a Campbell Wealth
Management Ambassador? Would you like access to exclusive events?
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 to set up an introduction! If they are important to you, they are important to us.
Call Us Today (703) 535-5300 • 3
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CampbellWealth.com (703) 535-5300 330 John Carlyle St., Suite 400 Alexandria, Virginia 22314
Inside
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Secure Your Future With Your Financial Plan
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Golden Years Gone Wrong: Retirees’ Biggest Regrets Unpacking Your Streams of Income in Retirement
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Lucca, the Explosive-Sniffing Dog
Upcoming Events
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Personalized Vacations With AI
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.
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.”
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
Finally, double-check any of the information AI gives you. Most platforms can only access
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