Wolf Retirement Navigation - October 2019

RET IREMENT NAV IGAT ION

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4230 Pablo Professional Court Ste. 101 Jacksonville, FL 32224

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

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October 2019

Facing Your Fears What Are the Most Common Fears in America?

I t’s October, and with Halloween at the end of the month, fear is a common theme. When Chapman University Survey conducted its annual survey on fear a few years ago, they found that the most common fear in the United States was glossophobia, a.k.a. the fear of public speaking. This was followed closely by acrophobia (fear of heights), When I was looking at this list, I realized I’m a pretty fearless guy. I don’t have any major phobias; and while I’m not a fan of heights — that’s more of a safety thing — you won’t find me on a 20-foot ladder. That said, I have my fair share of worries, and those worries have changed throughout my life. The things I worried about as a kid were very different than the worries I have as an adult, and the fears I had before my daughter was born pale in comparison to the things I think about today. Pre-kid worries are all about yourself, but ever since Isabella came along, my worries are about her. Will she be safe? Will she be happy? Am I making some huge mistake that’s going to ruin her childhood? Above all else, I worry about what kind of world she’s growing up in. I don’t just mean the dangers of the world. 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. Consult your financial entomophobia (fear of bugs), and aquaphobia (fear of drowning).

My fear is that my daughter will grow up to be entitled, that she’ll feel like the world owes her everything. You can’t reverse that. I think this fear comes from the fact that my daughter is growing up in a very different environment than I did. When I was a kid, my family had more love than money. The experience taught me to be grateful for what I had. Meanwhile, Isabella has spent her six short years a few blocks from the ocean. I don’t want her to take the good things in life for granted. I can’t control her future, but I can raise her right and instill good values in her. To do this, I try to be proactive and lead by example. Isabella is still really young, but I’m already trying to teach her why she needs to be grateful for what she has. Also, what is Daddy’s is his and not hers. Life doesn’t owe you anything. If you want something, you need to work for it. In addition to tackling my own fears I have as a parent, I’ve also had to learn how, as a retirement planner, to help allay other people’s fears. Much like how your fears change as you go through life, a person’s financial fears shift as he or she approaches retirement. During the working years, our fears circle around “Am I saving enough,” “Can I pay my 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.

bills,” and “Will I be able to retire?” Once you retire, especially without a plan, there are usually two fears keeping you up at night: Am I going to run out of money or have to reduce the lifestyle I am accustomed to? I’m not going to sugarcoat it; retirees do have a lot of worries. Fortunately, much like how I address my parental fears with Isabella, retirees can alleviate their fears by being proactive. Since you can’t control your future, you can proactively look at your financial situation and plan for the future in order to put yourself more in control of where you are today. When you feel confident with your retirement plan, those financial fears aren’t able to keep you up at night anymore. While crippling phobias can be a problem, fear does serve a purpose. It motivates us to take action to create the life we want to live. -Adam Wolf, CPA, CFP ® 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.

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OF YOUR GRANDCHILD’S EDUCATION DON’T LET MONEY GET IN THE WAY

C ollege expenses aren’t what they used to be. What used to be affordable to any student with a part-time summer job now can take years to pay off. If your grandkids want to go to college, the cost of education should not be a barrier to their future. Luckily there are ways that you can help ease that financial burden. Invest in a 529 Savings Plan. There are no limits on age, income, or monetary contributions attached to this college savings account, and contributions are tax-deductible in some states. Just like a Roth IRA, the earnings grow over time and can be used tax-free for qualifying expenses, like tuition and room and board. There are a few downsides, however. Funds from a grandparent’s 529 savings plan are considered student income and could hurt

your student’s eligibility for financial aid. If you choose to fund through a parent’s 529 plan, which doesn’t count as student income, you lose control over the funds you contribute. Pay their tuition. Not everybody has $20,000 just lying around, but if you do, using it to pay for your grandchild’s tuition isn’t a bad way to spend it. Normally, annual financial gifts that are exempt from the federal gift tax can’t exceed $15,000, but payments toward someone’s tuition, for any amount, are not taxed. Keep in mind, however, that the money can only go toward tuition, not toward other college expenses like room and board or textbooks. Help them find opportunities to save. Even if you don’t have thousands of dollars to give, you can still help your

grandkids look for other opportunities to save. There are thousands of available scholarships, grants, and programs to help students pay for college, and helping them look online and in your community can go a long way. College could be your grandchild’s first stop on the path to achieving their dreams. You can be a part of that journey by making sure money doesn’t get in the way of that.

Big Events You Don’t Want to Miss MARK YOUR CALENDARS

New Reality in Our Retirement Educational Workshop When: Thursdays, Nov. 7 and 14, 2019 Where: University of North Florida The No. 1 concern we hear from baby boomers in retirement is “I don’t want to run out of money!” New Reality in Our Retirement is an adult education class that covers potential financial threats, now and in the future, and provides attendees with the knowledge they need to build a

successful retirement. This is a two-day course with morning and evening times to suit your schedule. Register today and learn the secrets to a stress-free retirement! All clients, friends, and prospective clients are encouraged to attend. State of the Retirement Guest Speaker Brandon Bascelli of Brightway Insurance When: Monday, Nov. 18, 2019 Where: University of North Florida How will the current state of retirement

impact your future plans? We will recap current economic, market, annuity, and tax trends and news. Guest speaker Brandon Bascelli of Brightway Insurance will be joining us to discuss home and auto insurance updates and to answer your questions at this special event. Lunch will be served. This is a client-only event, and clients may bring one guest or family member.

Tony’s Turkey Trot When: Thanksgiving Day 2019 Where: Atlantic Beach

Join us for the best 5K fun run in Florida! This amazing fundraising event supports survivors of traumatic brain injuries. Wolf Retirement Navigation is proud to be sponsoring Tony’s Turkey Trot for the fourth year in a row. Register for the race or sign up to volunteer at RunSignUp.com/Race/ FL/AtlanticBeach/TonysTurkeyTrot.

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Are You Ready for National Retirement Security Week?

4 Tips to Save More for Retirement

4. Diversify Never put all your eggs in one basket. It’s important to diversify your retirement vehicles. There are plenty of options for doing this, so sit down with your financial planner and determine which strategies are right for you. Retirement planning is not a competition. One of the most extraordinary things about National Retirement Security Week is that it was the result of a bipartisan effort. Don’t be afraid to discuss retirement planning with your coworkers, talk about retirement strategies with your friends, or refer family members to your retirement planner. Everyone can enjoy a successful retirement. Do you have a friend or family member who could use some help with his or her retirement planning this National Retirement Security Week? We’d be happy to meet them! Have them call 904-232- 8760 to schedule an appointment with Adam to talk about their future retirement dreams today.

In August of 2006, something unusual happened: U.S. Senators Gordon Smith (R-OR) and Kent Conrad (D-ND) introduced a bipartisan resolution to create National Retirement Security Week. Their goal was to raise awareness about retirement planning and to help Americans take concrete steps towards a secure retirement. A month later, another unusual thing happened: The U.S. Senate voted unanimously to designate the third week in October as National Retirement Security Week. This year, National Retirement Security Week is Oct. 20–26, 2019. A study from Ubiquity Retirement + Savings, a leading fin-tech company, found that while 80% of Americans know saving for retirement is critically important, only 56% of

Here are a few tips to help you save more during National Retirement Security Week. 1. Automate A percentage of every paycheck should go to your retirement savings. To make sure this happens, call your bank and ask about setting up automatic savings to have your contributions automatically deducted from your paycheck. 2. Meet Your Company Match If your company offers to match your contributions up to a certain percentage, take advantage of that. It’s basically free money! Only around 28% of Americans take full advantage of their company’s savings options.

3. Boost Your Contributions

Americans are actually saving. National Retirement Security Week exists to help people learn more about how to save and how to plan for a successful retirement.

Are you over the age of 50? You can save an extra $6,000 per year, tax deferred.

SUDOKU

Those who eat paleo may struggle to find a Halloween treat suitable to their diet. But no matter what your dietary restrictions are, everyone can enjoy some raw veggies with a healthy dip. Here are some tips for constructing your very own veggie skeleton — a spooky twist on a time-tested treat.

For the Head

For the Arms and Legs

Your favorite paleo-friendly dip makes a great canvas for a face. Pour it into a bowl and build features on top using different veggies.

Any long and straight vegetable will do the trick here. If you want to be anatomically accurate, consider using some spherical vegetables for joints. Don’t be afraid to get creative and wacky with your veggie skeleton. The whole point, after all, is to have some fun and give people a reason to smile.

For the Ribcage

Sliced cucumbers make for great vertebrae, and bell pepper slivers can be used to simulate ribs. Alternate between the two to give your skeleton some backbone.

Answer on Page 4

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INSIDE

Solution to puzzle on Page 3

• Are You Afraid of the Dark? PAGE 1

• 3 Strategies for Helping Grandkids Pay for College PAGE 2

• Don’t Miss These Great Events PAGE 2

• Easy Tips for Better Savings PAGE 3

• How to Assemble a Veggie Skeleton PAGE 3

• Be All You Can Bee PAGE 4

Be All You Can Bee And Give Honey a Second Thought

The health benefits of raw organic honey, which include soothing sore throats, lowering cholesterol, and treating skin wounds, have been embraced by many members of the holistic health community for decades. But with the rapid decline of the bee population in recent years, humans’ use of honey has become more controversial. According to the New York Bee Sanctuary, bees (not just honey-makers) are disappearing for several reasons, but one of the most unfortunate contributors is the honey industry. In order to mass- produce commercial honey products, many factories have resorted to industrialized beekeeping practices, which have been deemed unethical by animal activist groups because they strip hives of their honey storage, starving the bees through the winter months. This practice, along with soil contamination

and a viral infection spread by mites, led to the devastating loss of 40% of all bee colonies last year. Because most bees are pollinators, they play a crucial role in helping plants reproduce. Without the bees playing their part in this natural process, approximately 30% of the world’s crops won’t flourish. Fortunately, you can help strengthen the bee population in a few ways from your own home. First, try to avoid purchasing any commercialized honey products of questionable quality and provenance. Instead, look for raw local honey at a farmer’s market. That way, you can meet the beekeeper to determine if their honey- rendering practices are sustainable. Then, by purchasing their product, you are helping fund their hive and enrich the local bee population.

Tips forYourTripBack inTime

You can also plant a garden full of bee-friendly plants, like honeysuckle, strawberries, sunflowers, and cosmos, to give the bees in your community more pollen sources. Additionally, if you notice dandelions growing in your garden, leave them. They are a great food source for bees, especially in early spring before other plants have started blooming. While honey has many excellent health properties, bees are far more vital to the world’s sustainability. Do your part to help their population by researching, spreading awareness, and thinking before you shop for honey.

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