Campbell Wealth - September 2019

Campbell Wealth - September 2019

Follow us on:

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

FINDING NEW SUCCESS IN RETIREMENT

We have people referred to us by our clients on a regular basis. Many times, the folks who get referred to us are getting close to retirement. They may be a few years away, but many think they are in pretty good shape to make that retirement happen on their terms. Based on our experience and planning, their income plans typically tell a very different story. We use a success probability program as part of our planning software, and many times the results show lower chances of success in retirement. The numbers just don’t line up. When we break the news, many are not happy, and understandably so. Their expectations are shattered. But I tell them not to worry because we feel we can definitely help them. Typically, in our next meeting together, with their updated income plan ready to go, we are able to show they could potentially increase their success probability from “not great” to “fantastic.” We do it by suggesting these four simple steps that usually help many of the people we see. 1. Adjust the allocation of their portfolio. 2. Consider a downside protection strategy to the portfolio. 3. Implement an income strategy that allows them to take money from the right place, at the right time in retirement. 4. Do some planning to potentially maximize Social Security incomes. These steps aim to help themmake their planning more efficient but also boost their confidence in trying to avoid running out of money in retirement. That confidence, as the old Visa commercials used to say, is “priceless.” The real issue, though, is that many couples may not achieve their idea of a successful retirement based on their original plans. We aim

to turn that around, and many times our clients are so happy with the results and truly appreciate their friends referring them to us. It is basically a win-win-win because their friends are also happy they could help. If these couples had never learned about us, we would not have been able to adjust their planning to get them back on track toward a successful retirement

We are glad to have the chance to make a difference in our clients' lives. They feel more confident knowing their plans will be working toward their retirement goals. And another thing: Our clients who refer couples are now Ambassadors with Campbell Wealth, which means they will be invited to attend some pretty cool events we’ve set up exclusively for our Ambassadors! (See more Ambassador Program highlights on Page 3.) You can be a part of the Ambassador Program too! If you know someone who’s asking questions about retirement, someone who's interested in a second opinion regarding their investments, or if you have friends who have gone through a major life-changing event such as the death of a spouse, retirement, or a significant job change, let us know! You are more than welcome to introduce your friends to us. We’re happy to meet with them and answer any questions or concerns they have. When they come in for their first meeting, you will get your 2019 Ambassador card, and you’ll receive an invitation to our fall Ambassador event (more details coming soon). In the meantime, we hope you’re getting the most out of the last few days of summer. We’ll see you in the fall! Kelly Campbell

Call Us Today (703) 535-5300 • 1

Life Beyond Numbers Expo Mark Your Calendars for Oct. 4!

Over the years, while working exclusively with people in or near retirement, we have constantly looked for ways to help our clients enrich their lives beyond just the quantitative. This year, we have

35 years, they place a zero in any “missing” years until all 35 years are covered (decreasing your 35-year average). Then the SSA enters your average through a formula to arrive at your “primary insurance amount” or PIA. The SSA uses the PIA to help determine your benefits, which also includes spousal support and survivor benefits. They also use this number to reduce benefits if you are drawing from a government pension (or you fall under the Windfall Elimination Provision or Government Pension Offset, which indicates you did not contribute to the Social Security Trust Fund while employed). The SSA evaluates worker records on a yearly basis. Should you work an additional year or more and those earnings are high enough to replace another year in the 35-year span, the SSA will recalculate your PIA. In the event you are already receiving Social Security and your PIA changes because you worked more and earned more, you should see a higher benefit amount the next year. So, it can pay to work longer and defer your benefits until a later year. Of course, everyone’s financial situation is different, and you should make decisions based on your specific needs. decided to host an expo to provide resources to our clients and prospective clients so we can do just that. Our Life Beyond Numbers Expo is designed to serve as a resource fair to all in attendance. We have gathered professional services and organizations from a variety of different industries to be in one location at one time! You will have an opportunity to meet with accounting firms, attorneys, continuing education organizations, health and fitness groups, real estate agents, retirement communities, travel agencies, volunteer organizations, and so many more. The goal of this expo is to introduce our guests to professionals and organizations that can help enrich all aspects of retirement living. We hope you will join us in seeing beyond the numbers and working toward your ultimate retirement! All friends, neighbors, and coworkers who are interested are welcome to join us at the Life Beyond Numbers Expo. Learn more and register at CampbellWealth.com/LifeBeyondNumbersExpo . Please help us make this a huge success!

SHOULD YOUDELAY YOUR SOCIAL SECURITY BENEFITS? How Waiting Can Earn You More Money

Many younger Americans will likely have to work longer than today’s retirees did, but many

people are choosing to work longer because they want to get more out of their Social Security benefits. When you work beyond retirement age, your continued income means you do not need to draw from Social Security, savings, investments, or retirement accounts. This money, ideally, stays put and grows. Between the ages 62 and 70, if you opt to not take Social Security, you will ultimately be able to draw a larger monthly benefit when you do start taking benefits. In that time, every year you wait to collect, you add another 8% to your benefit. However, if you continue working on top of this, you can increase your benefit further. The Social Security Administration calculates your benefit by averaging your top 35 years of earnings in which you contributed to Social Security. They look at all the years you worked, starting from your very first job. They also adjust earnings to inflation through age 60. If you worked for more than 35 years, the lowest-earning years are not factored in (increasing your 35-year average). If you worked less than

2 • CampbellWealth.com

FINDING FULFILLMENT IN YOUR GOLDEN YEARS Why More Adults Over 55 Continue to Work

According to the Bureau of Labor Statistics, upward of 40% of people aged 55 and older are continuing to work

• Tax preparers • Construction/building inspectors • Crossing guards • Clergy

past the standard retirement age. There are a number of reasons why people

are choosing to stay employed, with one of the biggest being a lack of retirement funds, but some are also using work to keep their minds and skills sharp. In fact, most of the jobs that the 55-plus crowd goes after keep them engaged with the community and help them lead more active lives. The BLS categorized the jobs many older workers are currently pursuing: • Real estate appraisers/assessors • Property/real estate/community association managers • Technical writers Would you like to be a Campbell Wealth Management Ambassador?

These seven jobs are projected to grow between 8–14% over the next six years according to BLS >Page 1 Page 2 Page 3 Page 4

campbellwealth.com

Made with FlippingBook Learn more on our blog