Wolf Retirement Navigation - November 2020

Wolf Retirement Navigation - November 2020

RET IREMENT NAV IGAT ION

MONTHLY

4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224

4711 US Highway 17 Suite C-5 Fleming Island, FL 32003

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November 2020

LIVING LIFE WITH THE GLASS HALF FULL

We Can All Find Gratitude This Thanksgiving

We’ve reached the season when people reflect back on the year and take time to think about the things they’re grateful for in life. But this year took people on a ride we haven’t quite gotten off just yet, and it wasn’t a ride any of us necessarily wanted to go on. So, some might try to skip over the “gratitude” part of things and just get down to eating turkey. But I don’t think that’s any way to live. I’ve always been a “glass half full” kind of guy; and no matter what my day, week, month, or year has looked like, I try to live every day with a sense of gratitude for my life, and this holiday season will be no exception. I’m grateful for the team I work with. I know I’m fortunate that our workspace allows us to safely see each other in the office every day, and I’m even more fortunate that my team is comfortable being there. Remote setups can get work done, but there’s nothing like interacting with your colleagues on a day-to-day basis, which makes for great work and even better relationships. For that, I will always be so incredibly grateful. I also didn’t realize just how much I enjoy seeing you, my clients, in person until there was an extended period of time when I couldn’t see everyone. Getting back to meeting with clients face to face has helped me realize that I really live for these working relationships and partnerships we develop with one another. I’m so grateful to Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Wolf Retirement Navigation LLC 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.

each and every one of you for finding value in what we have to offer here. It means the world to all of us to be able to bring this service to you. The only thing I began to struggle with was the possibility that the annual Tony’s Turkey Trot might not happen. But it just goes to show that when you try to put optimism out into the world, good things come back around — Tony’s Turkey Trot will still be taking place on Thanksgiving morning! After careful consideration and a few changes to their race format and setup, the committee behind this remarkable annual 5K has opened up the event to both in-person and virtual participation. If you’ve followed along with this newsletter for the past few years, you probably already know how near and dear Tony’s Turkey Trot is to all of us. Wolf Retirement Navigation is the lead sponsor of the event, in addition to Adam “wobbling” in the event every year, to help support awareness and care for those who have suffered traumatic brain injuries in our community. Having this incredible opportunity to give back means the world to us. We’ll be out in Atlantic Beach bright and early on Thanksgiving Day, limbering up and getting ready to run for a worthy cause. You can find out more about the event inside this newsletter! And, finally, as is the case on every single day of every single year, I’m so grateful Consult your financial professional before making any investment decision. This information is designed to provide general information on the subjects covered; it is 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 Wolf Retirement Navigation LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

for my family. While I’m out there running my turkey trot, which inevitably eats up half of Thanksgiving Day, my mom and other family members are at home, preparing all the traditional dishes that make Thanksgiving the special memorable holiday that it is. This year might look a little different for many of us with social distancing and masks, but we all still know the importance of making these holidays as meaningful as possible, and I’m looking forward to our families spending time together, however that may be, celebrating the essence of the holiday. I hope you and your loved ones have a wonderful Thanksgiving and discover a few things in your own lives for which to find gratitude this year. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer in any way to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors. -Adam Wolf, CPA, CFP ®

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GET YOUR BACKYARD GLOWING With the Perfect Outdoor Fireplace

As more and more homeowners are seeking to bring the indoors to the outdoors, fireplaces and firepits are a “hot” commodity for making that happen. There are several details to consider if you want to create maximum ambiance while providing your family or guests with a little light and warmth. Placement The possibilities are nearly endless, but consider the unique features of your backyard when deciding where to put your fireplace or firepit. Placing it by a pool or hot tub provides a perfect area to dry off and warm up. If your home has a garden, build your fireplace near its edge to integrate it into the foliage. If you go for a big and bold design, place it somewhere so that you can still visibly appreciate it from inside your home. And always take climate into consideration when deciding where to locate your fireplace. Protect it from too much sun or rain exposure. Design Fireplaces and pits these days range from circular bowls to a traditional in-wall or double-sided setup. Your design should help you achieve what you want most out of a fireplace. If you want more of a camping or outdoorsy feel, opt for a round bowl. If you’re creating a communal place to gather, a double-sided fireplace allows for more seating flexibility. How you fuel your fire — gas, propane, or natural wood — will play into its aesthetic

appeal as well. You can even add a brick oven for baking pizza or other barbecue options for a more unique look.

Size The size of your fireplace will determine how many people can gather around and enjoy it. If you like to entertain large crowds, you’ll need a bigger size, perhaps one with an extended hearth. If you plan for small gatherings, you can find pits or places as small as 3 feet in diameter. Take the size of your yard into consideration as well — bigger yards can house larger pits, while a large pit may look oversized in a smaller yard. Firepits and fireplaces make for great outdoor gathering spots. The heat and light they provide also allow you to use your backyard for more of the year. Make yours a thoughtful addition to your outdoor space, and you’ll create a fun and unique focal point for your backyard.

A Tradition We’re Excited to Uphold TONY’S TURKEY TROT

Every November, Wolf Retirement Navigation sponsors Tony’s Turkey Trot. We’re thrilled to be able to say that this year, after some careful considerations and provisions, the organization has decided to go through with hosting a live turkey trot for those runners who want to come out to participate on Thanksgiving morning. Our team will be there with our Gatorade and coffee booth and tent, and Adam will be “wobbling” the 5K to beat his time last year. He’s a lot lighter, so he better improve his time! Keep in mind that this is the first year they will have staggered start times in order to practice safe social distancing. This will be the sixth annual Tony’s Turkey Trot and also our sixth year sponsoring this amazing 5K run to raise awareness and support those who have suffered traumatic brain injuries (TBIs). This year, the Tony Meduri TBI Fund, Inc. is partnering with UF Health

Jacksonville, which has a long history of treating and caring for patients who have suffered TBIs. As always, this year’s event is on Thanksgiving morning, Thursday, Nov. 26, in beautiful Atlantic Beach. Your participation, whether you sign up to run, sponsor the event, or do both, advances lifesaving care

and we’ll see you in Atlantic Beach bright and early on Thanksgiving Day!

during the early critical stages of TBIs and supports the holistic care of TBI survivors in our community. To learn more, sign up, or volunteer, visit TBIFundInc. com. No matter if you’re running (or walking) or hitting the pavement, participating in this event means you’re supporting so many people in need in our very own community, and we want to thank you for that. So get revved up,

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Understanding the CARES Act Taking Money Out Still Means Putting Money In

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted to help Americans cope with the financial fallout that has occurred during the COVID-19 outbreak. It makes it easier to withdraw funds saved in tax-advantaged accounts like IRAs and 401(k)s, and hundreds of thousands of qualified individuals have already taken advantage of it. As the economy continues to seesaw and you find yourself not already having taken advantage of the CARES Act, now could be a great time to consider doing so. Savers under age 59 1/2 can withdraw up to $100,000 from their 401(k), 403(b), and individual retirement accounts without the usual 10% early withdrawal penalty. But it’s a double-edged sword. People are being given access to their assets during a time when they need the extra support for everyday expenditures, but there are

consequences to taking that money out during a volatile market. It takes a long time to build up a nest egg of $100,000. Every dollar taken out is one more dollar you have to figure out how to put back in. And contrary to popular belief, there are still taxes to consider. Normally, these retirement plan withdrawals would be subject to income taxes plus the 10% penalty for withdrawing before age 59 1/2 — the CARES Act gives grace on the penalty, but you still have to pay income taxes this year or over a three-year period. If you repay the funds you withdrew within that three-year period, however, you won’t be subject to these taxes. The bottom line is that there are both advantages and disadvantages to utilizing the capabilities the CARES Act aims to provide, so long as you play it smart.

Consider your budget first and take out only what you need. If you don’t need the maximum, don’t take it out. If you qualify, Wolf Retirement Navigation can assist you in the process of moving money out of your 401(k) and into an IRA to use now or not use, as long as the funds removed from the 401(k) are moved back into a tax-deferred qualified plan. If you have questions about what your best options are, give us a call at 904-232-8760 today.

SUDOKU

Skip the can-shaped cranberry sauce this year and bring a jar of homemade sauce to Thanksgiving instead. This easy recipe can be made ahead of the big event and keeps for 10 days in the fridge.

INGREDIENTS

• 1/2 cup orange juice, freshly squeezed

• 12 oz fresh cranberries

• 2 tsp orange zest

• 1/2 cup water

• Salt to taste

• 3/4 cup plus 2 tbsp sugar

DIRECTIONS

1. In a medium saucepan, heat the orange juice, water, and sugar to a boil. Add other ingredients, then bring mixture back to boiling. 2. Reduce the heat to medium and cook gently for 10–12 minutes, until the cranberries burst.

3. Transfer the sauce to a bowl or jar, cover, and refrigerate until serving.

Solution on Page 4

Inspired by OnceUponAChef.com

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INSIDE

Solution to puzzle on Page 3

• It’s Another Season of Gratitude PAGE 1

• The ‘Hottest’ Trend in Backyard Ambiance PAGE 2 • Tony’s Turkey Trot Is Ready to Run! PAGE 2

• Breaking Down the CARES Act PAGE 3

• Zesty Orange Cranberry Sauce PAGE 3

• The Battle of the Smartphone Cameras PAGE 4

THE BATTLE OF THE SMARTPHONE CAMERAS

The Best Mobile Cameras of 2020

Year after year, smartphone technology improves. Devices get faster, screens get sharper, and cameras get better — for the most part. It can be a challenge to find your ideal smartphone that’s also paired with a great set of lenses. Many smartphone manufacturers are inconsistent when it comes to cameras because they pair great phones with not-so-great cameras to cut costs. So, if you want to take exceptional pictures, which current smartphone has the features you’re looking for? Google Pixel 5 (Android) Google’s Pixel line has long been associated with exceptional photos, but not because of the camera hardware. It is average at best, but that doesn’t matter because Google knows how to make exceptional image processing software. When you take one picture with the Pixel, the camera actually takes several. The processing software then “stitches” the images together to create one superior image. Other phones do this, too,

particularly the Apple iPhone, but the Pixel 5 does it best.

Apple iPhone 12 (iOS) Much like the Pixel line, Apple’s iPhones are known for taking great pictures. But there’s a big difference! Apple incorporates great camera hardware into their higher-end products. The end result produces great photos and videos. (The Pixel 5 struggles in the video category.) Many photography enthusiasts choose the iPhone over the competition simply because it’s so reliable. But is it really better than the Pixel 5 at taking pictures? At a glance, you’d be hard-pressed to tell the difference. It all comes down to personal preference. Bonus: Google Pixel 4a (Android) Both the Pixel 5 and iPhone 12 are higher-end products with prices to match (both over $700). If you’re interested in taking great pictures but don’t want to drop a lot of dough on a high-end device, the Pixel 4a

can’t be beat. At about $350, it produces top-notch photos and is an all-around great device. Plus, it has a headphone jack, something both the Pixel 5 and iPhone 12 are lacking!

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2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island