Campbell Wealth Management - April 2021

Campbell Wealth Management - April 2021

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How Gail Changed Her Future — and How You Can, Too It Started With a Referral

Sometimes, you don’t realize the advice you’re currently getting isn’t in your best interest until you get a second opinion. We recently started working with a new client who I’ll call Gail. She was referred to us by an attorney I’m acquainted with. Gail was one of his clients, and he felt she could use our service. Gail had been working with one of the big banks, as well as with a small broker, for a number of years. Or rather, her husband had been working with them. He handled the couple’s finances until he passed away a few years ago. Then, Gail took over. She had some taxable accounts and an IRA through the bank and small broker, but neither was really doing much outside of some investing. There was no real planning or strategy. After Gail was referred to us, we started our relationship with a phone call. We walked her through what we do, she asked a lot of great questions, and we answered every single one in the detail she was comfortable with. What we do can get complicated and some people are put off by that, so we skipped the jargon and laid it out in straightforward terms. It’s our approach to most new clients and referrals. Gail asked to go through our planning process, so we put together a written plan. As part of putting the plan together, we asked her

several questions — some related to her finances, some about risk, and others were about what she wanted to accomplish. When I say “accomplish,” I mean what fun things does she want to participate in? What are her bucket list items? Once Gail answered these questions, we were able to put together a plan tailored to her. When we create a plan, we start with zero preconceived notions. Each plan is 100% about the person or couple we’re working with. Gail’s plan focused on four major areas: income, taxes, investments, and legacy. We brought all this together with what she wants to accomplish, so she knows what steps to take to get where she wants to go.

As we worked with Gail, we learned how she was withdrawing money from her accounts. When she needed money, she called up one of her brokers and they wrote her a check. She was 65, so the money was being withdrawn from her IRA. If it’d been coming from her taxable accounts instead, her tax burden would have been much smaller. We guided Gail through her accounts so she could see how to minimize taxes and maximize her future. We took this a step further and recommended she halt her Social Security payments. She had started taking payments on her record in the months before Continued on Page 2 ...

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The last thing we had Gail do was a few Roth IRA conversions. She was worried about her son’s inheritance and wanted to maximize it, so we recommended one conversion per year over the next four years, with the conversions totaling $100,000. If we made some basic assumptions with a return of 7.2% — and with the Rule of 72 — that money will double every 10 years. If she starts with $100,000 at age 70, we could expect that money to grow to $200,000 by age 80, then $400,000 by age 90. If her son inherited the $400,000 then and held it for another 10 years (the maximum time allowed under the SECURE Act rules), he could take it to about $800,000 and withdraw funds tax-free because Gail already paid the tax when she converted it. All of this started with a referral and the creation of a financial plan. If Gail had never come to us, she would still be withdrawing money out of her IRA and paying the maximum in taxes. And she wouldn’t be

growing her money for the future. We’re here to help people just like Gail. If you know someone in a situation like Gail’s or someone who may need a little more help planning for their future, send them our way. We can put them on the path to achieving their financial dreams in retirement. How can you refer? Simply introduce us through email or have them sign up for one of our educational webinars at CampbellWealth.com. We’ll take it from there! Plus, once you refer someone and they participate in that first meeting with our team, you're automatically enrolled in our Ambassador Program and unlock a number of great benefits. It’s a win-win!

she initially met with us. Our solution: Utilize the Social Security spousal survivor benefit and begin taking payments on her deceased husband’s record. We also recommended she pay back the benefit she had already taken on her record. This is called a do-over. If you do this within your first year of taking benefits, the Social Security Administration will treat it as if you never took any benefit at all. This allowed Gail to continue to grow her benefits while she took advantage of her husband’s benefits, which ended up being the same amount she was getting initially. The big difference is that her benefits will now continue to grow at a rate of 8% a year until she reaches age 70. That means her benefit will be 32% higher than it otherwise would have been. Then at age 70, she’ll get $7,000 more per year. If she lives to 80, that’s $70,000 more in payments. If she lives to 90, that’s a boost of $140,000 — all because of one simple change.

When it comes to your friends, if they’re important to you, they’re important to us.

Kelly Campbell

Meet Whitney Burches

W hitney joined Campbell Wealth in August as a Client Service Associate. She was born and raised in rural Utah but later moved to northern Virginia in 2020 with her husband and son. She recently made a career change from the technology industry to the financial services industry. This shift is closely tied to her passion for connecting with and helping people through life transitions. Whitney graduated from Utah State University with her bachelor’s degree in family life education. She enjoys learning about self-development, personality types, and what motivates people. She believes financial freedom is a stepping stone on the path to personal happiness and is excited to help you reach your financial and retirement goals! She is a fitness enthusiast; her two favorite ways to break a sweat are through a great CrossFit or high fitness workout. She also enjoys exploring her new neck of the woods in Bristow with her husband and 2-year-old son.

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The Origins of a Truly American Language: Pennsylvania Dutch

People often assume American culture isn’t as rich as other cultures, but that simply isn’t true. Americans have developed unique values, mannerisms, art, music, and even languages across their diverse nation. One great example of this is Pennsylvania Dutch. The language didn’t evolve from Dutch, interestingly enough. It started when early German immigrants needed to escape from the Holy Roman Empire regions of Europe to avoid religious persecution. Many of them escaped to Pennsylvania, which is still 29.9% German today. These immigrants generally didn't bring many belongings; however, they did bring a rich dialect. So, why is it called Pennsylvania Dutch? Rather than a mistranslation, it’s a corruption of the Pennsylvania German endonym Deitsch , which means “Pennsylvania Dutch/German” or “German.” The terms Deitsch , Dutch , Diets , and Deutsch are all cognates of the proto- Germanic word piudiskaz , meaning “popular” or “of the people.”

Pennsylvania Dutch settlers were Amish and Old Order Mennonites, today over 250,000 people speak the Germanic language, mainly in Pennsylvania and Ohio. You might be wondering how this language is different from German, considering its roots. It’s entirely different, as it turns out. Pennsylvania Dutch shares the most similarities with the Palatine German dialect, a small southwestern region of Germany where most Pennsylvanian settlers came from. If you can speak Pennsylvania Dutch, you can likely converse with Palatine Germans to a limited extent. Can you write in Pennsylvania Dutch? Yes! However, not many speakers read and write in it, so it doesn’t have standardized spelling rules. If you’re curious to see it in print, however, look at the only Pennsylvania Dutch newspaper in the U.S.: Hiwwe wie Driwwe. Scholarly efforts have also been made to advance the language, such as the Pennsylvania German Studies minor program at Kutztown University.

We hope you enjoyed learning a new fact or two about American history! Enjoy your April!

The language flourished safely within German immigrant communities and religious sects; however, while 10% of the original

Exciting News! Campbell Wealth Management & myself have ranked 12th in Virginia on the Barron's Top 1,200 Financial Advisors list! Every year Barron's puts out a list of the Top Financial Advisors in the US. They name 1200 of the Best Advisors and further break it down by each state. I am proud of our team for everything they have done to deliver the best service for our clients, which ultimately allowed us to achieve this new height. While being recognized by Barron's has always been a goal of mine, my main objective is making sure we at Campbell Wealth help you work toward achieving your goals so that you can live a wonderful retirement. Without clients like you, this type of recognition would not be possible.

Required Minimum Distribution —Understanding the Difference Between 2020, 20201 & 2022 Tuesday, April 13th at 3PM Wellness & Wisdom Series

Fitness Class with SaaraFit Tuesday, May 11th at 9AM

Kelly Campbell

To register, visit our website or email us at [email protected]

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CampbellWealth.com (703) 535-5300 330 John Carlyle St., Suite 400 Alexandria, Virginia 22314

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How a Referral Changed Gail’s Future

Meet Whitney Burches

The Origins of Pennsylvania Dutch

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Upcoming Events

For the First Time, a Vegan Restaurant Gets a Michelin Star

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For the First Time, a Vegan Restaurant Gets a Michelin Star

It’s difficult to take animal products out of French cuisine and replace them with lemongrass, seaweed, and fir (yes, the tree). French meals are generally meat-centric, featuring vegetables solely as a side dish. And, even with no meat, how do you cut out cheese and cream? Claire Vallee, owner of the vegan restaurant ONA, found a way. The name is an acronym, standing for “origine non-animale.” And her restaurant, located near Bordeaux, France, was among the 54 restaurants to earn their first Michelin star in 2021. Although a few restaurants in the U.S. and Germany featuring vegan dishes have earned Michelin stars in the past, no restaurant that was 100% vegan has been honored with a star. ONA had a bumpy start despite this amazing honor. After crowdfunding and securing a loan from La Nef, which specializes in loans for ethical and eco-friendly businesses,

Vallee still ran out of money to complete construction. Undaunted, she used social media to rally 80 volunteers to help finish the job over the course of two months. She finally opened ONA in 2016. "This is a good thing for the vegan community, as this star is evidence that French gastronomy is becoming more inclusive, that plant-based dishes belong there, too," Vallee told CNN. During the initial phases of the COVID-19 pandemic, ONA went to takeout only. With the rise in popularity of plant-based diets, demand for vegan restaurants has been growing, but ONA still struggled. Last fall, its seven- course menu featured dishes with intriguing combinations of fir, boletus and sake shiitake mushrooms, dulse seaweed, lemongrass, and galangal (also known as Thai ginger).

huge for French cuisine. Gwendal Poullenec, the international head of the Michelin Guides, told The New York Times, “The general public might not associate pure veganism with a gastronomical experience.” But a Michelin star could liberate chefs who are still reluctant to explore plant-based cooking. For most of us, international travel won’t be on the menu anytime soon — but we hope ONA opens its doors again soon. The world deserves to enjoy ONA’s award-winning menu!

Today, the restaurant is currently closed because of the pandemic, but the victory is

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