Patriot Wealth - August 2022

Patriot Wealth - August 2022

AUGUST 2022

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PATRIOT WEALTH

Retirement of the Future

TRANSPORTATION WILL GET SMARTER. Most retirees in 2050 will drive electric vehicles with vertical take-off capabilities, and you’ll see far more charging stations than gas stations in the future. There will also be smart traffic control systems, advanced self-driving cars, and perhaps underground freight tunnels. It’s reasonable to expect mass transit to come back, too, with high-speed hyperloop systems connecting big cities across the nation. VACATIONS WILL GO OUT OF THIS WORLD. Forget about Viking cruises, RV-ing cross-country, or even marinating on a Mediterranean beach. A few decades from now, space and lunar tourism could be all the rage among retirees. Imagine weeklong vacation packages to space, complete with moonwalks, spacewalks, and Mars visits. There could even be an Earth-Moon infrastructure system that makes it easier to build colonies and resorts in space. RETIREMENT WILL EVOLVE, BUT THESE ARE THE BASICS. No matter what you say — and no matter when you retire — there may be some really exciting things to look forward to.

Retirement today isn’t the same as it was 20 or 30 years ago, and it won’t be the same a few decades from now. Why? Because attitudes, opportunities, and technology evolve with time. That means 30 years from now, your children and grandchildren could face a much different retirement than what today’s retirees experience. So, how exactly will retirement change in the future? Let’s take a look at some of the top trends predicted for retirement in 2050. RETIREMENT MAY BE A MULTI-DECADE EXPERIENCE. If you were 65 in 2020, you could expect to live for about 18 more years, based on the average life expectancy. Fast forward to 2050, and life expectancies jump at least 4–8 years. That could mean nearly three decades (or more) of retirement for the average American. THE AVERAGE RETIREMENT AGE WILL GO UP. Many folks will retire later in life 20–30 years from now. That will mostly be due to longer life expectancies, ongoing increases in health expenses, and the need to fund longer retirements and Social Security (in some form) raising the “full retirement age” to 70-plus. It’s not unreasonable to assume retirement will be pushed back at least five years, with more people waiting until age 70-plus to call it quits. HEALTH CARE: MEDICINE WILL BE PERSONALIZED AND ‘INTERNALIZED.’ Getting older in the future could be a lot easier with mind- bending tech changing health care in some big ways by 2050. Internal nanosensors, nanoparticles, nanorobots, and AI will monitor health, deliver medicine, and predict illness. Robotics and neural implants will cure injuries, including many that were once incurable.

There may also be some wild curveballs you never saw coming.

And whether or not any of these predictions come true, there are some things about retirement and life that (probably) won’t change in the future. Simply thinking about the future, any future point in your life, is good for you. While the unknowns of the future can make us feel anxious at times, evaluating potential outcomes alongside smart planning can help us stay on track to live out the retirement we desire.

–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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Tax Deduction or Tax Credit: Which Is Better?

Something’s Phishy 4 COMMON FINANCIAL SCAMS TO AVOID

checkout, instead of being directed to a trusted third-party payment process, these merchants may ask for wire transfers or gift cards. Some of these online stores might not even provide contact information! FAKE DEBT COLLECTORS Criminals will claim to be government representatives and urge you to settle a debt putting you at risk of being arrested, losing your home, or forfeiting your Social Security benefits. These scammers will ask you to pay the fake balance upfront to avoid any serious repercussions. Remember, government entities do not cold call, so you know to hang up or hit “delete.” WORK-FROM-HOME SCAMS As working from home has recently become the norm for many, this hoax has become even easier for criminals to pull off. Cybercriminals will contact you, stating you can make hundreds of dollars a week doing nothing more than shopping online as a mystery shopper or another enticing task. They will then tell you that to get started, you’ll need to pay upfront for training materials — but once you do, you’ll never hear from them again. As a general rule of thumb, stay clear of any offers that seem too good to be true. Likewise, avoid transactions that don’t use a trusted third-party merchant, and always do your research! If something seems off, trust your instincts! In today’s world, you never know what hoaxes exist!

From dating swindles to Bitcoin and cryptocurrency hoaxes, it’s hard to tell the difference between honest offers and scams. Even worse, scams are becoming more creative every day. Here’s a list of some of the most common financial scams to be aware of. CRYPTOCURRENCY SCAMS Bitcoin and other cryptocurrencies have taken the world by storm. Because many don’t understand how they operate, it’s easy for cybercriminals to pull a fast one — or attempt to, anyway. To trick unsuspecting victims, scammers set up fake websites that mimic legitimate cryptocurrency platforms. These sites then either urge you to make investments or they will steal your information outright. FRAUDULENT RETAILERS On social media websites, you may have noticed suspicious online stores featuring deals that are too good to be true. At

WHAT THE RECENT FED HIKE MEANS FOR YOU A MATTER OF INTEREST

In June 2022, the Federal Reserve (Fed) increased interest rates by .75%. It’s the largest hike since 1994 and the third increase this year. Many experts predict that further interest rate hikes are in store this year, and it has a lot of ordinary people wondering what the Fed’s action means for them. When the Fed raises interest rates, they’re adjusting the federal funds rate, or the rate banks charge each other to borrow money for short periods. When that rate changes, it tends to trickle down to consumer rates on savings and loans. The Fed is responding to inflation and hoping the increase will cause lower spending and decreased inflation. Whether the Fed will achieve the results they’re hoping for remains to be seen. What this means for your daily life will depend largely on your financial situation and goals. A higher federal funds rate typically means higher rates on savings accounts. That’s good news for your emergency fund. But since most people invest the bulk of their wealth in other financial instruments, and savings interest rates are still very low, few people will see a notable impact.

You are more likely to notice higher interest rates when taking out a mortgage or other loan. Average mortgage rates are roughly 2% higher than they were a year ago and might continue rising. Over the 15 or 30 years of a mortgage, that can add up to tens of thousands of dollars. Similarly, financing a car purchase or taking out a home equity line of credit or other consumer loans will likely become more expensive. Any borrowing that uses a variable interest rate will also be affected. While adjustable-rate mortgages have generally fallen out of favor, your current credit card balance or student loan is more likely to see an impact. It’s best practice not to buy items on credit cards unless you can afford to pay them off immediately. But now is the best time to pick up the habit if you haven’t already. While we can make some educated guesses, nothing about the economy is set in stone. How much rates will rise and whether they will cool spending and inflation is still unknown. In the meantime, we’ll help you make the best decisions for your family and future.

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It’s just not summer without a meal or two outdoors. You’ve likely already indulged in barbecue this year, but have you taken the time to go somewhere new and roll out a picnic blanket? Raleigh has countless outdoor parks and other spaces perfect for your family’s next casual meal, and we’ve compiled some of our favorites below. DOROTHEA DIX PARK Located in the heart of Raleigh, Dorothea Dix Park offers views of the skyline, shady trees, and plenty of wide-open spaces. Several picnic tables are available for guests, but you can also spread out on the grass at Harvey Hill, the grove, or Flowers Field. Take in the thousands of sunflowers, enjoy the dog park, and explore the Greg Pool Jr. All Faiths Chapel, all located on-site. Plan your trip and learn more at DixPark.org . JC RAULSTON ARBORETUM If sunflowers aren’t your style, countless other plants are on view at the JC Raulston Arboretum. This garden at NC State University has received national acclaim and boasts an astonishing array of landscapes. Check out the rooftop terrace, butterfly garden, a valley full of trees native to Asia, and areas dedicated to evergreens, desert plants, and plants that thrive best in the shade. There is plenty to see and smell, so plan your visit at JCRA.NCSU.edu . WILLIAM B. UMSTEAD STATE PARK If you love the water’s edge, William B. Umstead State Park might be the perfect location for your picnic. In addition to the campsites and many walking and biking trails, the park also features three lakes perfect for boating, fishing, or taking a dip. Picnic tables are available, but you can also find plenty of grassy and sandy areas to spread a blanket. Find out everything you need to know in advance by visiting NCParks. gov/william-b-umstead-state-park/home . Wherever you end up, remember to respect your neighbors and avoid leaving any messes behind. Together, we can keep Raleigh beautiful! Life Is a Picnic ENJOY IT WITH THESE LOCAL SPOTS

TAKE A BREAK

Restaurant-Style Chicken Marsala Inspired by TasteOfHome.com

DIRECTIONS

1. In a bowl, mix flour, salt, and pepper until evenly distributed. 2. Add chicken to flour mixture and coat all sides. Shake off any excess. 3. In a large skillet over medium- high heat, add olive oil. Once hot, add chicken to the skillet. Work in batches if pieces don’t all fit in the pan. Cook each side for 5 minutes until golden brown. 4. Remove chicken to a platter. 5. Lower heat to medium. Add prosciutto to pan and sauté for 1 minute. Add mushrooms and sauté until browned, about 5 minutes. 6. Add Marsala to skillet. Let it come to a boil, then add the chicken stock and simmer for 1 minute. 7. Stir in the butter and add chicken back into the skillet. Let simmer gently for an additional minute, then serve.

INGREDIENTS • 1 cup flour, for dredging • Salt and pepper, to taste • 4 boneless,

skinless chicken breasts, pounded to 1/4-inch thick

• 1/4 cup extra- virgin olive oil • 4 oz prosciutto, thinly sliced • 8 oz mushrooms • 1/2 cup Marsala wine • 1/2 cup chicken stock • 2 tbsp butter

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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #330 Raleigh, NC 27609 INSIDE THIS ISSUE 5 Ways Retirement May Differ for Gen X and Millennials PAGE 1 Avoid 4 Common Financial Scams PAGE 2 What Do Higher Interest Rates Mean for You? PAGE 2 Take a Break PAGE 3 Restaurant-Style Chicken Marsala PAGE 3 Our Favorite Local Picnic Locations! PAGE 3 4 Reasons to Start Golfing This Summer PAGE 4

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Tee Off This Summer 4 GREAT BENEFITS OF GOLF

IT DRAWS YOU OUTSIDE Most of us can use some additional time outdoors, and golf provides the perfect opportunity. Between rolling hills, picturesque ponds, and lush trees, the golf course is a beautiful setting. Even if you’re playing poorly, you can still enjoy being outside for a few hours out of your day.

Golf is an enjoyable sport anyone can participate in regardless of experience, ability, and age. There’s nothing quite like teeing off on the first hole after a difficult week of work. Though it can certainly be frustrating at times, golf is a fun sport with many amazing perks. Reading the following benefits will make you want to head to your local course, even if you’re not a regular golfer. IT’S GREAT EXERCISE Playing a full 18 holes of golf can be exhausting and for good reason. Swinging a golf club works your forearms, core, shoulders, and back muscles. If you choose to walk the course, you’ll be getting in a great workout as the average course length is about 4 miles. You can also carry your golf bag for an even better workout. IT BUILDS CHARACTER It doesn’t matter if you’re a seasoned golfer or on the course for the first time, you are not going to have a perfect round. You may miss a putt or end up in the sand trap, but you decide how you react to the situation. You can get mad and potentially play worse or understand that everything is not always going to work out in golf. That lesson can even be applied to your everyday life.

IT’S FUN FOR THE ENTIRE FAMILY Golf isn’t just for businessmen. Anyone can find enjoyment in the game. It can be a great weekend activity for the entire family or the perfect bonding

experience between relatives. There are par 3 courses across the country that offer an easier experience for new golfers, and you can always play nine holes instead of 18 to cut down on time and conserve energy.

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