Patriot Wealth - August 2020

Patriot Wealth - August 2020

AUGUST 2020

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PATRIOT WEALTH

A BOY AND HIS DOG

CHERISHED MEMORIES OF MY CHILDHOOD BEST FRIEND, GUNTHER

My childhood memories always had one constant figure: our family’s yellow Labrador Gunther. Whether I was just getting off the bus or swimming in the pool, Gunther was right there. Often, you don’t realize how special those memories will be or how important your childhood dog is to you until that friendly bark is missing. So, in honor of the dog days of summer this August, and in memory of my best childhood pal, I want to tell you about Gunther. My family has always had dogs. Coming home from school meant being greeted by a tail wag and an excited pup for as long as I can remember. Our pets brought so much joy to our household and I can’t imagine growing up without them. Thankfully, my girlfriend Bridgette grew up the same way. She had a towering Burmese mountain dog as a kid! We don’t have any pets yet, but we’re looking to adopt a big pup into our little family. After growing up in a home with dogs, it’s difficult to picture life without one. When I was 6 years old, my family adopted Gunther from a local breeder. (Previously, we had a black Lab, but I don’t remember much about this dog.) Gunther and I instantly became buds. I grew up on an acre and a half of land in Pennsylvania, so we were always playing together outside, rain or shine, even in the snow. We would splash around in the pool together or run around in the yard. It was just in Gunther’s nature to be active. In addition to our outdoor adventures, I have some pretty distinct memories of Gunther. He actually helped me become a better ball player! I played baseball for 12 years, and while I was still learning, my dad would hit ground balls to me in the yard. The goal was for me to learn how to field the ball better regardless of the bounces or

distractions placed in front of me. Gunther added his own tactic to this. My dad trained Gunther to sit by his side, and as soon as he hit the ball, Gunther would take off toward me. It was quite fun, and I can honestly say it taught me to become a better ball player. For his part, I think Gunther was just happy to chase the ball! When Gunther was older, we added another pup to our pack. Lexi, our beagle, still lives with my parents, but she joined our family during some of my last years living at home. I can still remember waking up to her barking, as she wanted to warn us of the “dangerous” squirrels and birds outside. (I know every beagle owner can hear that booming howl.) Lexi also kept Gunther young at the end of his life, and it was refreshing to see their dynamic. Gunther was like a puppy again. Unfortunately, the most difficult part of owning a pet is having to say goodbye. When I was 17 years old, Gunther passed away. It was strange to come home and not see his familiar tail wag or a friendly face, but I will always cherish the memories I have of his playful nature, love of baseball, and our special friendship.

–Austin Kobilka

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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RETIRING DURING A RECESSION 3 GUIDELINES FOR A MORE STABLE FUTURE

DON’T WORRY ABOUT WHAT YOU CAN’T CONTROL. Even for financial experts, the markets are notoriously hard to predict. Rather than expend energy wishing you could sway the market, focus on making changes where you have control. You can control how much risk you take, when you claim Social Security and how you spend your money, among other things. Think about how you can change these factors in your favor and don’t worry about the rest. STRESS-TEST YOUR FINANCES. While conducting a stress test might sound a little abstract, it’s something that we can do for you here at Patriot Wealth. Stress-testing your finances can help you determine if now is the right time to retire or if it’s better to wait just a little bit longer. Even if things look bad right now, that could change in a year or two. As the market recovers, so do your chances of a peaceful retirement.

A few months ago, several news sources confirmed what savvy American businesspeople already suspected: The United States is currently in a recession and has been since February 2020. While a recession isn’t good for anyone, it’s especially concerning for those nearing retirement age. Those who were planning on retiring this year might be having second thoughts — for good reason. Rest assured, however, that if you’ve had fears about retiring this year, you can still go ahead with your plans as long as you keep a few things in mind. DON’T LET EMOTIONAL ATTACHMENT GUIDE YOUR DECISIONS. Saving for retirement is almost inherently tied with joyful thoughts of financial stability in your golden years. So, when something like a recession threatens that security, it’s easy to react irrationally. Before deciding what to do with your retirement funds, make sure your decisions are rooted in logic, not fear or anxiety. If you don’t know where to start, be sure to contact us today for guidance!

SHOULD I WITHDRAW MONEY FROM MY 401(K)? T he CARES A ct O ption

This pandemic hasn’t been easy on anyone. As workers face unemployment, couples cancel weddings, and countless patients struggle with this deadly virus, now more than ever it’s important that we have the resources we need to survive. In an effort to make this possible, the IRS is offering a break. As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the IRS is allowing citizens to pull money out of tax-deferred accounts without being subject to the standard consequences. In a recent move, the IRS expanded the eligibility for this withdrawal, allowing anyone to pull up to $100,000 from their 401(k)s. Users will avoid penalties if the full amount is replaced within the next three years. However, much like any standard savings account, it’s important to evaluate if such a withdrawal is needed. Experts recommend this move for those who have been fired, laid off, or furloughed and have no safety net or job lined up. Emergency savings, budget cuts, and payment freezes may not be enough to get these workers over the hump of COVID-19. The CARES Act gives citizens this other option to manage their debt, savings, and income during this crisis. Yet, for others, this move may not be the wisest choice. Withdrawing funds from your 401(k) under the CARES Act is not advised for those who have lost their job but may have

another job lined up or can manage on emergency savings. There are many reasons for this. You could face a penalty if you cannot replace the funds in three years, and it may be very difficult to recover from this. Instead, consider the ways you can save or budget your money more effectively. Are there subscription services you can pause until you’re back on your feet? Are there items in your home you could sell? Is there a way to cut down on the number of times you order take-out? (We know. This one stings for us, too!) The bottom line is you have options. If you would like guidance on withdrawing from your retirement account during this tumultuous time, our team can guide you to the solution that will best fit your needs. Give our office a call today to set up an appointment.

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We all have big plans for retirement. Whether you’re anticipating a trip around the world or more time with your grandchildren, retirement can be exciting. But if joint pain is holding you back from your dreams, it’s time to do something. Try these joint-friendly exercises. They just might become your new favorite hobby and can improve your joint health to help you achieve your retirement dreams. GOLF Consider this permission to hit the links more often. Golf is great for those who want to improve their balance, cardiovascular health, and strength. When your body is stronger, balanced, and limber, your joints reap those benefits. Plus, the walking, full-body swings, and low- impact movements of golf can cause less damage to the joints than other activities. Protect your joints by stretching properly before and after you play and take breaks as needed. If you experience pain, adapt your swing to a healthier position to limit the strain. WATER SPORTS Water relieves the pressure that gravity puts on your joints, so forceful exercises like squats, arm rotations, and even walking become less strenuous when done underwater, but they’re just as beneficial. You can start by water walking, which involves walking in waist-high to chest-high water. Slowly adapt to add squats, arm rotations, and even swimming or water aerobics. Your body will get stronger, your joints will move in a healthy way, and you’ll feel more capable of doing the activities you love. Plus, what could feel better on a hot North Carolina day than a dip in the pool? BIRD-WATCHING If you are a nature lover, use retirement to observe some of our greatest creatures in the wild. Bird-watching is not only a fun hobby, but it can also be extremely beneficial for conservation. The Audubon Society relies on bird counts and observations for research and ecosystem maintenance. And because of the walking involved in catching a glimpse of feathered beauties, bird-watching can be great for your joints, too. Like walking during golf or in water, your joints move in a healthy, low-impact way, which can strengthen them and ease the pain. So, whatever you do while walking, the best decision you can make for your joints is to move! WITH THESE JOINT-FRIENDLY ACTIVITIES FOR RETIREMENT GET MOVING

WEEKNIGHT CURRIED APPLE PORK CHOPS

INGREDIENTS

Inspired by The Primal Desire

• 2 tbsp coconut oil or ghee • 1 cup onion, diced • 1 tbsp garlic, crushed • 1 tsp ginger, finely chopped • 1 tsp salt • 1/2 cup water or apple juice

• 2 tbsp hot curry powder • 3 cups diced apples (peeled or not, your choice!) • 6 pork chops • Cilantro, roughly chopped

DIRECTIONS

1. Preheat oven to 375 F. 2. In a large pan over medium heat, melt coconut oil or ghee. 3. Add onions, garlic, ginger, and salt. Sauté for 10 minutes or until onions are soft and mixture is fragrant. 4. Mix in water or apple juice and curry powder. Then add apples, ensuring they get coated in sauce. 5. In an oven-safe dish, arrange pork chops, cover with sauce and apple mixture, and cook for 20 minutes (if using bone-in chops, cook for an additional 10 minutes) or until the meat reaches an internal temperature of 145 F. 6. Garnish with cilantro. Enjoy!

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PATRIOT WEALTH 4350 Lassiter at North Hills Ave. #330 Raleigh, NC 27609 INSIDE THIS ISSUE Austin Remembers His Childhood Dog, Gunther PAGE 1

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

PATRIOTWEALTHNC.COM PHONE | 919.322.4113

Retiring in 2020? Follow These 3 Steps! PAGE 2

Your 401(k) and the CARES Act: Another Option PAGE 2

Weeknight Curried Apple Pork Chops PAGE 3

Protect Your Joints and Have Fun in Retirement With These 3 Activities PAGE 3

Celebrate National Chefs Appreciation Week PAGE 4

NATIONAL CHEFS APPRECIATION WEEK

CELEBRATES THOSE WHO BRING COMMUNITIES TOGETHER

WHAT IS IT? Since the holiday’s inception in 2013, it has most commonly occurred during the third week of August; this year, it’s August 16–22. Restaurants, patrons, and home cooks alike can show appreciation for the art and dedication chefs bring to their craft every day. Several restaurants across the country celebrate with special events and menus, and patrons flock to their favorite places for great food and company and to support the chefs who bring their communities together. HOW CAN I CELEBRATE? Now that many restaurants are opening back up for service at a limited capacity, it’s possible to dine in and further support the chefs who make the food you love. But, if you’re still not comfortable eating at a restaurant, there

are plenty of other ways to celebrate. Continue having food delivered or picking up curbside from your favorite places. Whether dining in or carrying out, remember to tip well! You can also post about your favorite dishes on social media or leave a glowing review for your favorite eatery on Google or Yelp. The beauty of this holiday is that celebrating includes doing activities you probably already do, so it’s easy to participate.

Restaurants

have had an especially tough time staying afloat during the pandemic. Most eateries had to discontinue dine-in service, and those that couldn’t adapt to offering takeout or delivery may still be questioning whether they’ll ever be able to open their doors again. During the pandemic, it became clear to many of us just how important a role our favorite restaurants play in providing not just tasty chow, but also a sense of comfort and community. Celebrating National Chefs Appreciation Week is a great way to let the chefs who run those eateries know just how much they mean to us.

Chefs play a significant role in the evolution of culture, protection of tradition, and construction of community. Their food brings us together, fills our stomachs, and

brightens our moods. We may not have fully recognized all they do for us until recently, but now that we have, we can truly celebrate Chefs Appreciation Week to the fullest.

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