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Whether it’s because it’s a wonderful way to fulfill a holiday tradition and give back to organizations, causes, and communities you care about or it’s the cherry on top of your tax planning strategy , year-end is the most popular time to donate to charity. The way you give can have as much impact as what you give, and a financial planner can help you hone your giving strategy so you can make the most of every donation. There are many key issues to consider before year end . But today, we are going to look at four simple ways a financial advisor can strengthen your giving strategy . 1. An advisor can help you bring intention to the giving plan. Each part of your financial plan should have an intention . You’re likely intentional with the charities you give to or the causes you support, but what about the way you give? All the elements in your financial plan are optimized for you and your life, and charitable giving should be no exception. You can bring intention to your charitable giving by making the most of tax-smart gifting strategies, and building giving as part of your regular financial plan, not just during the holidays. If you are like most people, you likely write a check or donate cash to charities . While that donation does help your organization of choice, there are additional ways to reduce taxes by improving your giving strategy and tailoring it to you. Let’s take a look at a few key ways to bring more intention to the way you give this year. 2. Give with a Donor-Advised Fund. A donor-advised fund (DAF) allows you to make charitable donations into an investment account that can grow over time. You still get to deduct the contribution, but the donation can be invested within the DAF and you can later decide to distribute all or a portion of the account to a qualified charity. DAFs are a great way to involve your family in charitable efforts and can be a pleasant part of your holiday tradition. Before the family gathering, have each person research and select a charity to discuss. Then, as a group, the family can decide on how to make the annual gift. This process can help establish a family legacy of charitable giving. It’s also a great way to compartmentalize your giving for the year or multiple years. Simply having a DAF account established makes you more likely to carry through with your giving in the first place . If your situation calls for it, donor-advised funds allow you to maintain your annual giving while taking advantage of charitable bunching. Charitable bunching is a strategy of making multiple years’ worth of regular donations at once to surpass the standard deduction ($12,400 single filers and $24,800 married filing jointly in 2020). If those donations are to a donor-advised fund, you can still distribute them in the year you would have otherwise donated directly. 3. Retirees should consider a Qualified Charitable Distribution. If you are subject to take an RMD and make regular charitable donations, then a qualified charitable distribution can be a big tax break for you. A qualified charitable distribution, or QCD, is a distribution made directly from your IRA to a charitable organization. Three major benefits of a QCD include: 100% of the distribution from your IRA avoids income tax. A QCD applies toward your RMDs for the year you donate. A QCD may allow you to better manage your taxable income for the year to help avoid Medicare surcharges or bumping up into a higher federal tax bracket. Notice here that the QCD is not a deduction, but rather the distribution isn’t included in your taxable income. That means you can take advantage of QCDs even if you don’t itemize deductions. There are specific rules to follow to qualify for a QCD. A few of them are: The QCD limit is $100,000 per person or $200,000 for a couple. While a couple can donate $200,000 each individual is still subject to the $100,000 limit. QCDs can be taken from Traditional IRAs, inherited IRAs, Inherited Roth IRAs, SEP, or Simple IRAs. The distribution must be made directly to the charity. You cannot take the distribution first, then subsequently donate. If you are wondering if a QCD is something you should consider, download this flowchart that will show you step by step what you need to consider. 4. Donate appreciated assets. Another tool for tax-efficient giving is through the donation of highly appreciated or low cost-basis stock on which you have a sizable, unrealized gain. Instead of selling appreciated stock and recognizing a taxable gain, you can donate the stock directly to a charity or a donor-advised fund. When you donate the stock instead of selling it first, you can transfer the full value without incurring a tax liability. That means more of your money can go towards supporting the cause you care about. This process works even if you were planning to give cash without necessarily selling the stock. Suppose you bought or inherited a stock years ago that has accumulated a sizable amount of gain. Instead of giving cash, donate the same value of the appreciated stock instead. Improve your giving strategy today. There are several powerful strategies for donating to charity. While all the strategies above can be great for some people, they are not great for everyone. Making sure your donation is made in the most tax-advantageous manner allows you to give even more. But, that requires personalized advice to ensure you are making the best decision for you. It’s all about employing the options that work best for you and the charities you give to. If you want to explore the best way for you to give in consideration of your entire charitable, tax, and financial situation, then set up a call with our team and we’ll help you build your plan from start to finish. Disclosures: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Registration of an investment advisor does not imply a certain level of skill or training.

The renowned ancient Greek philosopher, Aristotle, once said: “the essence of life is to serve others and do good.” What does this quote mean to you? How can you apply its message to your own life? One way you can implement this idea is through volunteering. Volunteer work is a generous and gracious way to spend time and resources on a cause or organization you care about. There are many ways that volunteering works to serve the people and community around you from soup kitchens to blood drives and other charitable efforts. With so many opportunities, you can use your unique skills and passions to contribute to your community. Whether you have recently retired or are a pro at the retiree lifestyle, volunteering is a great activity to add to your weekly schedule. Williamsburg, Virginia offers many different volunteer opportunities so you can find one that will best suit your interests. Let’s take a look at why volunteering in retirement is important and how you can get involved in Williamsburg. Why Volunteer? When you dedicate your time to serving others, you are doing something to improve the world around you. But volunteering isn’t just a noble gesture, it’s how many non-profits and charities stay in business. They rely on people like you who care about the cause to be representatives of the group. Volunteering also allows you the opportunity to become more involved in your local community. Perhaps you are interested in volunteering at a local museum or gardening at a community park. Any service you are willing to offer to your community will only help it grow and prosper. It’s always good to add additional value to the community you live in. By keeping it nice, you are helping to preserve its history for years to come. Volunteer work will expose you to new people as well. The most prominent part of a community is the people that live there. Volunteering will give you a chance to get to know them and form new relationships. A community is so important when you enter into retirement . Meeting people who share your interests is a great way to develop friendships and find a sense of belonging in your golden years. Volunteering is also incredibly accessible with many days, hours, and seasons available. There are also convenient locations, often within a 30-minute drive. Colonial Williamsburg Volunteering Founded in 1632, Colonial Williamsburg was a mecca for political events in Virginia at the cusp of the American Revolution. Its history and charm drive tourism and forms the bedrock for a quaint community, which makes volunteering here even more interesting! There are so many opportunities for residents to get involved in their community. With a wide range of tasks and activities, you can find something that speaks to you and that you will enjoy doing. Below, we divided various volunteer opportunities by interest/skill. Take a look at these and the links provided to give you a comprehensive look at more opportunities to get involved. History and Outdoors Waller Miller Park, Freedom Park, Chickahominy Riverfront Park The park is always looking for volunteers especially in the summer months. Many people are needed to help weed, water, and plant flowers in the garden. If you have a green thumb or are looking to get it a shade or two darker, this activity could be perfect for you! If you love keeping parks and trails clean and neat, consider joining the beautification team. There is also an opportunity to help with a fishing mentorship and inspire a new generation of anglers. For more opportunities, check out their official website . Historic Jamestown This museum is hungry for volunteers to help make the space inviting and ready for guests! If you are a history buff, this could be an incredible opportunity for you. You can find volunteer activities that cover a wide range of historical periods like the Colonial, Revolutionary War, and Civil War eras. Pets and Animals This section is all about animal lovers. The area is wild with opportunities to make some new furry friends from training and education on pet care to pet therapy to assistance in clinics and more, there is certainly something for everyone. A few ideas can be found below. Dream Catchers Therapeutic Riding in Toano This wonderful organization provides numerous equine-assisted activities and therapies. They are in search of volunteers who can give riding lessons (must be certified), maintain the facility, and also office support. Learn more here . Heritage Humane Society Animal lovers of all kinds are welcome here to help care for injured, ill, or stray animals found around the community. You can help these animals find the right home. Pawsitively Precious Adoptions Calling all cat people! You can help feed and take care of cats until someone adopts them. There are also opportunities to assist with livestock in Colonial Williamsburg. With such a diverse area, there are numerous types of animal assistance. You can find something that aligns with your interests and skills. Children and Family The Williamsburg area is lucky to have so many charitable organizations, including faith-based, social services, Habitat for Humanity home construction, educational/tutoring through public and private schools, and health/human care at the numerous senior living and assisted living locations that support the people who live there. A few others to consider are below. Peninsula Foster Grandparent Program If you are over 60, you can volunteer to help mentor a child with special needs. This is a wonderful way to show love to your fellow neighbor. The Salvation Army Sign up to teach a life skills class to underprivileged children or elect to make your famous sweet potato casserole for a Thanksgiving dinner. The Salvation Army has many opportunities for you to help better the lives of people in your community. United Way of Greater Williamsburg Do you have a great idea to help bolster volunteers throughout your area? This could be a wonderful organization for you! United Way seeks to increase the quality and quantity of volunteer opportunities in the area. As you can see, there are so many opportunities for you to get involved. If you are interested in seeing new and upcoming volunteer events, check out this listing . Volunteering your time and talents is something you will always remember. The unique history of Williamsburg and the Historic Triangle including Yorktown and Jamestown attracts many retirees to the area, and volunteering at one of the many amazing organizations in our area only enhances the retirement experience. By making lives better and improving your community, you are dedicating yourself to keeping your hometown beautiful for years to come. Is Williamsburg the best place for you to retire ? Let’s talk about your retirement goals together. Set up a time to talk with a team member today. We can’t wait to help you plan for your dream retirement. Disclosures: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Registration of an investment advisor does not imply a certain level of skill or training.

Fears of election cycles and market volatility are nothing new but have seen a resurgence this year as social tensions as well as the economic and health impacts of the coronavirus loom in the background. Nearly every election, people concern themselves over market trends and future projections. Concerns about whether the election will tank the stock market abound which we address in this video. But, those election fears won’t further your financial vision. The presidential outcome may incite different personal reactions, but it’s important to remember that you are in control of your money and your plan. In times of uncertainty and change, it’s best to lean on your goals, values, and plan to get you where you want to be. Today, we are going to look at four best practices for managing your money post-election. 1. Take the fear out of the equation Most people fear change, especially change that will alter their balance sheet. But before you pull all of your money out of the markets or make any other drastic change, ask yourself the following questions: Will that decision further your financial plan? How is that choice aligned with your goals and values? In what ways will your short-term and long-term goals be impacted by this choice? Think critically about the financial choices you make, especially if they will cost you in taxes and future returns. You know what’s best for your finances, and when you slow down and analyze your options, you’ll likely find that staying the course will yield the best results. The stock market is volatile. In theory, you know that, but as 2020 has illustrated, it’s quite different in practice. The markets will always fluctuate, but you don’t have to. Making a choice out of fear relinquishes your control over the situation. If you let fear be your motivator, you aren’t moving in the direction you want to go. Decisions derived from negative emotions aren’t likely to produce positive results. Your financial choices should be made with your goals and values in mind, and fear shouldn’t have a dominant role in that equation. 2. Lean on your comprehensive financial plan When things get difficult, we search for solutions that are solid and will bring strength. In this case, it could be your financial plan . Take a look at the financial plan you and your advisor created and see if anything should realistically shift due to the outcome of the election. You might find that minimal if any, changes need to be made. Why? Because your goals remain at the center of your plan. Did the election alter your long-term goals? Did it change the way you want to live in retirement? Has it shifted your vision for retiring early? Most likely, the answer to these and more questions is no. The election can’t change your goals, you can. You are in control of your financial future, so don’t be afraid to take back that control. 3. Let your goals and values guide you. Your goals and values are like the sun—the rest of your financial plan orbits around them. When you center yourself on what matters most, you’ll find that they can be your guidepost through any time of change or strife. Ask yourself, What brings you joy and fulfillment? How are your values infused into your financial habits? In what ways are your goals and values baked into your financial plan? Sometimes it’s difficult to see beyond the current moment, but that’s what financial planning does best. It cuts through the noise and helps you align your money with the things that matter most in your life. If you’re feeling overwhelmed, take a step back and remind yourself of the goals and values you hold dear. They can rekindle your trust in your plan and vision for the future. 4. Call your trusted financial advisor. If you’d like to talk through your plan or ask questions about anything that needs to be altered, contact your financial advisor . That’s what we are here for. We seek to guide you through times of joy and uncertainty. Before you make any changes to your plan, be sure to call your trusted advisor. Most fiduciary financial advisors have your best interests at heart and will help lead you in the direction you want to go. Your advisor can be your sounding board, listening to your concerns, and helping you align your money with what’s truly important both now and in the future. Especially in times of stress, it can be difficult to see your plan through an objective lens, and your advisor can help you remember the vision and keep your plan on track. The aftermath of the election might cause confusion and uncertainty, but we will be like the lighthouse, guiding you through the dark, safely to shore. Give our team a call today . We would love to discuss your plan and help bring confidence back to your financial life. Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors , an award winning wealth management firm in Richmond and Williamsburg, VA. Schedule a free intro call with Mark Disclaimer: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. Ferguson is not affiliated with Covenant Wealth Advisors. Ferguson plan features and benefits may change at any time. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Registration of an investment advisor does not imply a certain level of skill or training.

Fall is the time for open enrollment, which allows you to take another look at your employee benefits. While you should be contributing to your retirement account throughout the year, now is a great time to double-check and make intentional adjustments to your plan to maximize your benefits come years end. Today, it’s all about Ferguson’s 401(k) and retirement benefits. At Ferguson, you have access to both a 401(k) and a Supplemental Executive Retirement Plan. In this article, we’ll explain what your Ferguson retirement benefits include, and how you can make the most of your benefit. A deep dive into Ferguson’s 401k Your Ferguson 401(k) plan enables you to contribute up to $19,500, plus an additional $6,500 if you are over 50, for 2020. Your contribution is limited to 50% of your total income, which includes bonuses, added wages, and salary. Matching Contributions Alongside your contributions, Ferguson will provide matching contributions according to the following schedule: 100% of your contribution is matched up to 2% of your pay 50% of your contribution is matched on amounts over the 2% pay limit The matching contributions cap is 3.5% of pay You become fully vested in the company match after 5 years of service In addition to the matching contribution, you also receive a profit-sharing contribution. Specific Ferguson 401(k) Rules Your Ferguson 401(k) does not allow after-tax contributions beyond the annual salary deferral limit of $19,500. The plan does permit you to make in-service distributions starting at age 59 ½, which gives you some flexibility to roll funds into an IRA or even start making partial- Roth conversions into a Roth IRA. Keep in mind that you only have three options to choose from when withdrawing the money in retirement. Roll the balance over into an IRA Take a single lump-sum distribution Take an annual withdrawal based on your life expectancy It will take some planning to decide which option is best for you, but a rollover to an IRA will give you the most flexibility to your withdrawal rate. Paying close attention to which accounts you withdraw from and how much can make a big impact on the taxes you pay. If you take the lump-sum distribution, you will have to include the full amount in your taxable income, which could have significant tax impacts and jeopardize the fund’s time horizon. Breaking down the FERP Plan Key executives at Ferguson are also eligible for the Ferguson Executive Retirement Plan. This is a type of Supplemental Executive Retirement Plan, which provides you a means to defer up to 80% of your base salary and annual bonus. Each January, Ferguson contributes to the plan on your behalf. The amount of this contribution is 3.5% of your compensation, regardless of how much you contribute or even if you contribute at all. In addition to your deferral and Ferguson’s contribution, the FERP plan also provides you with a match of 50% of the amount you defer. This match is limited in total to 2.5% of your qualified compensation. Ferguson’s board of directors may decide on a discretionary basis to contribute an additional amount to your account in recognition of your service to Ferguson. A word of caution for FERP participants. The plan is a non-qualified deferred compensation plan. This means that it has an added layer of risk versus the 401(k) because it is not creditor protected at the entity level! This means that if Ferguson encounters a financial hardship, your hard-earned retirement savings could be put at risk. If you are a participant in the FERP plan, we recommend that you contact us on the best way to structure your payout and benefits. Top strategies to maximize your Ferguson retirement benefits Before 2019, key executives 401(k) contributions were limited to 7% of pay. However, that is no longer the case. This gives you additional opportunities to plan your retirement savings in a way you didn’t have before. One planning strategy is to prioritize your retirement contributions. To maximize your total benefit, consider limiting your FERP contribution to 5% of your pay. Contributing 5% allows you to take full advantage of the 50% match since it is limited to 2.5% of your pay. Then, max out your 401(k). You’ll take full advantage of both plans matching contributions. Lastly, contribute any additional retirement savings to your FERP or consider using a taxable account. If you use a taxable account, you need to manage the investments to avoid unnecessary tax liability, but it can be an incredibly effective tax diversification strategy when considered along with tax-deferred plans, especially when you start taking withdrawals. Another strategy is to take your FERP distributions from the time you retire until you turn 70. Taking your distributions over this timeframe will allow you to bridge the gap between your retirement date and claiming Social Security at age 70. By living off of your FERP distributions before turning 70 and in turn delaying your Social Security, you continue to earn delayed retirement credits for a larger benefit. At age 70, your Social Security benefit will be 8% higher for every year that you delay past your Full Retirement Age. Depending on your birthday, that could be up to 32% higher. Then, once you turn 70, your retirement will consist of your increased Social Security benefit, 401(k) withdrawals, and any amount you have in taxable accounts. Saving for retirement is a crucial component of your benefits package. By knowing what is offered, you can work with your financial advisor to create a game plan to build a retirement plan that works best for you. If you would like to take advantage of your Ferguson retirement benefits, give us a call today . Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors , an award winning wealth management firm in Richmond and Williamsburg, VA. Schedule a free intro call with Mark Disclaimer: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. Ferguson is not affiliated with Covenant Wealth Advisors. Ferguson plan features and benefits may change at any time. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Registration of an investment advisor does not imply a certain level of skill or training.

The 2020 election is coming up fast, and I've had a lot worried folks ask me: Will it tank the stock market? The truth is that it's a difficult question to answer. In this video, I’ll give you three things to keep in mind when it comes to elections and stock markets so you can plan for uncertainty up to and through retirement. Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

It is a complete myth that high-earners don't need to worry as much about budgeting and crafting a savings plan as lower-income earners. In fact, many times they have to think about it more. With more wealth comes more complexity, making it important to build a plan that balances debts, current expenses, and future goals. Because of this added complexity, it’s extremely important to be deliberate about your budget. Today our team wanted to tackle a topic we talk about a lot—how to budget for high-income earners . Physicians have a lot of moving pieces in their financial plan, which makes proper budgeting integral for financial success. What makes a strong physician’s budget? Let’s find out. High-earners still need a budget Deliberate planning allows you to maximize the potential of your earning power. But beyond enhancing your dollars, it also protects you. Without a budget, you run the risk of missing opportunities and creating financial problems that are much more difficult to correct than they are to avoid in the first place, like runaway debt. You spent a lot of money and a lot of time earning your medical credentials. When you enter your career, it's only natural to want to reward yourself for all your hard work. It’s okay to enjoy your money, but do it in small doses. We have met dozens of high-income doctors who didn't have a dime to their name because they became too accustomed to earning (and spending) their higher-income out of the gates. Again, a simple but deliberate budget can help you tremendously here. The difference in a physician's budget To some degree, a budget is a budget. Being a physician doesn’t change the fact that you still need to plan for the same things as most other professionals: housing, food, utilities, emergency funds, retirement, etc. But there are a few other things that doctors need to be especially conscious of. Budget for Student Loans in The Early Years If you are several years outside of medical school, you may have a large student loan balance considering the average debt for medical school graduates is over $250,000 . Debt management and repayment should be a big part of your financial plan. There are several ways to handle this. First, consider your options so you can outline your approach. You may want to pay your loans off as quickly as possible and get them behind you. Again, deliberateness is key if this is your goal. Unmindfully directing any leftover money to pay down the balance probably won’t work. With leftover money, you’ll always find somewhere to spend it, which could leave you empty at the end of the month . Instead, decide how much you can reasonably afford to use for debt payment and make it a line-item in your budget. There are also several favorable repayment options for federal student loans that are based on your income. These income-driven (IDR) plans can significantly lower your monthly payments, but the payments will increase as your income increases. It may make sense to use one of these repayment options to match your payment with your income level. There's also the possibility of having your student loans forgiven if you qualify. Public Service Loan Forgiveness (PSLF) is popular among physicians. The primary qualifications are that you have federal student loans, work for a 501(C)3, and make 10 years of qualifying payments. Any balance remaining at the end of the 10 years is forgiven, tax-free. Note that payments made while on an IDR plan still qualify, so combining IDR and PSLF can be a huge value and presents an excellent planning opportunity. You’ll never know the value of this opportunity if you don’t plan your budget, and you could miss the opportunity if you don’t budget for it. Budget for Insurance You will need different levels of insurance as you go through your training and career development like life insurance, disability insurance, and malpractice insurance. The level and type of insurance you need will change as you embark on different stages of your career. A resident might not need the same malpractice or disability insurance as an attending or someone running their own family practice. Your coverage needs will likely depend on your income, cash flow, dependents/family responsibilities, debts, and more. All of these require a strong plan and a professional to help guide you toward the right policies for you and your family. Budget for Retirement Most doctors remain in their field for a lengthy career. You may plan to do the same. After all, you studied and worked hard for it. But, burnout occurs frequently for doctors, especially now days. That means you may find out that you want to retire earlier than you had anticipated. If so, you’ll want to be ready. This requires creating and sticking to a plan for spending and saving your money—starting now. Make a plan for retirement contributions. Ask yourself the following questions, What does your current retirement savings plan look like? Are you on track or do you have to play catch-up? Are you maxing out your 401k, 457b, and IRAs? What are your investment goals and how are those reflected in your portfolio? What plan do you have to create tax free sources of income in retirement? Time doesn’t stand still. By putting your budget and savings plan on the back burner, you give up the opportunity to benefit from time, compound interest, and sustaining good financial habits longer. Proper planning helps you get a sense of your cash flow needs in retirement so that you can define your target and set up your money in a way to reach it. Align your budget with financial goals It's no secret that people hate budgeting. It can be tough to create and stick with, and often takes a lot of work. That’s partially because most people think of a budget as a set of rules that restrict financial freedom, but your budget doesn't have to be restrictive. Reframe your budget in context with your other financial goals. When spending is tied with goals and larger intentions, it makes it easier to be consistent. It also helps you think of a budget as a tool for achieving your goals, rather than a set of limitations. Understand the difference between needs, wants, and wishes. Your needs are typically your fixed expenses like housing, food, and transportation. You have control over these fixed expenses. For example, by buying a house with a smaller mortgage rather than a house with a larger one. We recommend that you save 30%-50% of your income. I know what you’re thinking! That may seem like a lot, but with a proper budget, your higher income will allow for greater cash flow, especially if you start early. If you burn out of your career, become ill, or some other unforeseen incident, you'll be glad that you stashed away savings. For example, if your goal is to retire in 20 years and you make $300,000, your take-home will be approximately $215,000 for a married couple in Virginia with two kids. This means you'll want to consider saving anywhere from $64,500 per year (30% of your take-home) up to $107,500 (50% of your take-home). That may seem steep, but it is very achievable with an intentional budget. You’ve worked are for your education and credentials and you owe it to yourself to make smart decisions now to ensure a secure financial future. Remember, financial success won’t happen without discipline and a budget. Are you ready to take the next step and revamp your budget and get in track for retirement? Schedule a call with our team today. Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

The second quarter of 2020 was a wild ride for investors. While diversification helped, many investors may have fallen prey to one of the biggest mistakes investors can make. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Watch our 2nd quarter of 2020 stock market webinar. You'll learn some powerful lessons about markets and investing in retirement, including: How to invest for retirement What types of stocks drive expected returns Understanding 2020 stock market performance Powerful history lessons on election years and market returns Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

You’ve spent decades saving and planning for your dream retirement. Now that you’re there, you want to make sure you can really enjoy it. Today, we are going to talk about a vital component of your retirement wellbeing : your health. Health is a subject we see discussed all the time. Every day it seems there is a new diet, workout regime, or supplement plan to transform your health and lead to a better life. While exercise fads and hot diets aren’t sustainable, they do touch on the crucial role that health plays in a well-balanced life. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Your health isn’t just reserved for your younger years, maintaining your health in retirement will help promote a strong and more fulfilling lifestyle. Let’s take a look at the role health plays in retirement. Why Physical Health Matters When you think about health, many people start with physical health. Staying active and eating healthy doesn’t have to be like muscle-bound folks throwing tires around in a loft-like gym. Physical health is about strengthening your body, improving balance, and enhancing your immune system to prevent common diseases. For retirees, a consistent exercise routine is linked to a decreased risk of common health ailments like heart disease, high blood pressure, diabetes, and cancer. These health problems not only make your life more difficult, but also end up costing you a lot more in medical fees, doctor’s visits, medication, physical therapy, and surgeries. According to the U.S Centers for Disease Control and Prevention, falls are the leading cause of fatal injuries and hospitalizations among those 65 and older. In addition to physical pain, these falls are quite costly with total spending projected to reach nearly 68 billion dollars in 2020. Piled with debt and recovery, many seniors recovering from falls see a decline in their mental health as well as further isolation from their community and regular routine. As you can see, maintaining proper physical health in retirement can not only improve your daily life but also save you thousands on medical costs. Another way supporting health boosts your retirement income is through Social Security. For married couples, when both spouses are healthy and live a long life they are able to take advantage of a combined financial benefit of dual social security incomes and lower federal tax rates. Health plays a vital role in your day to day life in retirement. But how can you find and stick with a routine that works for you? Best practices for staying active Creating and maintaining an active lifestyle can be a big shift, especially for people who don’t typically enjoy exercise. There are so many activities that you can do beyond running a few laps on a track or lifting weights in the gym. Below we provided a list of great activities to consider as you build your fitness plan. Keep in mind that this list is just an overview of what you can do. Combine your strengths and passions together and build a plan that works best for you. If you are trying something new, consult with your doctor. Walk Run Swim Weights/resistance training Bike Hike Yoga Dance Specialty classes like Jazzercise, Zumba, Barre If you are new to a consistent exercise plan, try a few different things out. Maybe you want a Peloton bike or elliptical for those cold, rainy days when you can’t get out of the house. Feel too busy to commit? Throw on your ear-buds and walk in your neighborhood when you make calls or reach out to friends. The important thing here is to set small goals first until they become part of your daily routine and build from there. In all likelihood, you will combine a few of the activities above to design a fitness plan tailored to you and your needs. Getting involved in exercise has benefits that far exceed your health. It will get you involved with a community and help you build relationships. You might find that you look forward to yoga on Saturday mornings with your group of friends or love hiking new trails with your spouse. Exercise can bring you adventure, community, and increased health which all lead to a strong retirement. Your mental health counts too Mental health is so often overlooked in our society, but it is such an important component of your overall wellness. Many studies suggest a connection between exercise and mental health. One from Harvard Medical School found that exercise improves mental health in two ways. The first being that exercise prompts reduced inflammation, insulin resistance, growth factors, as well as the preservation of brain cells. This study also linked exercise to an improved mood, better sleep, and reduced stress and anxiety. Sleeping well also improves your mental state. So by exercising regularly you could improve your sleep quality and feel more well-rested/energized for the day. Regular activity reduces stress and calms the mind which a new study reported by Time magazine said could be linked to a longer lifespan. The bottom line? Exercise and mental health are inextricably linked. How can you prioritize your mental health in retirement? Tips to keep your mind sharp Mental agility is an important component of a strong retirement. Below are a few ways to help maintain your mental wellness in retirement. Eat healthy Learn new skills (take classes, courses, independent research, etc.) Engage with others Try something new Play brain games Tap into your creative side One simple way to keep your mind fresh is to mix up your day by doing routine tasks differently. For example, drive a different way to the grocery store, gym, bank, or local park. Another way is to proactively play mind/memory games with your kids and grandkids. One of my best memories growing up is playing the card game Canasta with my grandmother and Scrabble with my parents. These are simple ways to retain mental engagement throughout your day which can improve your overall health and happiness in retirement. Actively planning for your physical and mental health is a key benefit of retirement planning . By giving yourself the time and space to plan your retirement lifestyle you will be able to think about these nuances and craft a plan that leaves you happy and healthy for many years to come. Here at Covenant Wealth Advisors, we love working with people to help them find their reason for retirement and that starts with a strong financial plan. Schedule a call with our team today to learn more about the components of a strong retirement plan. Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

The long, hot days of summer are now upon us. But the summer of 2020 won’t look the same as many that came before it. Kids won’t be off to summer camp cramped in twin bunk beds, learning how to start a fire or smuggle candy in the cabin after hours. People won’t line the streets watching parades, stand in line for carnival games, or marvel at a firework show. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Instead, the limited number of people who are out on the street will be wearing masks and standing six-feet apart. The impact of the coronavirus has left its mark on nearly every activity and social gathering we have. But that doesn’t mean summer is canceled. There are still plenty of ways to have fun in Richmond this summer while staying safe and not breaking the bank. Ready for some summer saving activities? Let’s take a look. Beach days Summer is often synonymous with swimming, and current research from the CDC doesn’t suggest that COVID-19 spreads through water. So beach days and pool parties may still keep their slots on your summer agenda. Keep in mind that while the virus isn’t shown to spread in water, it does spread person to person which makes it important to maintain social distancing at the beach, pool decks, and more. It is best to limit contact with people you don’t live with, so sharing beach toys for the kids or inflatable rafts with neighbors or fellow beachgoers isn’t your best bet. Virginia beach is open for visitors! You can pack up the car and head out for a nice beach day, but try to get there early as parking is at a limited, 50% capacity. The beach also requires you to maintain social distancing and refrain from group sports like volleyball and frisbee. Remember to bring your mask, because face coverings are required in all enclosed public spaces including restrooms and restaurants. Visitor centers are still closed for the time being. The state of Virginia has extended outdoor group activities to 50 people, but the smaller the better. Try to keep gatherings small and when do you travel, follow the state and CDC guidelines. A beach day is a really inexpensive and fun trip. You can lay on the beach, play in the water, and enjoy the scenic nature. The local farmer’s markets are also open if you need a break from the salty waves. Pro tip: pack water and food from home so you don’t have to spend money on costly take-out. You can also make it a day trip, so you don’t have to pay for lodging. If you do want to stay overnight but aren’t comfortable in a hotel, check out VRBO or Airbnb for alternative options. These sites usually offer more reasonable rates than traditional hotels and offer different amenities. Museums and cultural activities Aside from the beach, Virginia offers many unique and fun indoor experiences. Between museums, libraries, and other cultural centers, there are many ways to engage with the local culture. How are these institutions impacted by COVID-19? Let’s take a look. Museums The Virginia Museum of Fine Arts in Richmond, VA is set to re-open on July 4. At this time, all guests will be required to wear face coverings and maintain social distancing while inside. All special exhibits will be timed in order to limit the number of people in one space. In-person classes for the summer are canceled but will be offered online via Zoom. The Science Museum of Virginia is still closed to the public and doesn’t provide a re-opening date. Though all in-person activities are suspended, they are ramping up their online activities like Science on Tap where local historians and other professionals dive into an interesting scientific topic. The museum also has live astronomy shows, a STEM blog, and digital lunch and learn sessions. Check out their website for more information. The Valentine Museum in Richmond, VA will re-open its doors on June 30 and admission is free in the summer, making this a great way to learn about Richmond history on a budget . Libraries While the Virginia Public Library remains closed, it is offering readers curbside pickup for books. Head on over to the website, order your books, and pick them up at your scheduled time. Summer is a great time to catch up on some reading and books allow you to travel anywhere in the world for free. In addition to great reads, the library has expanded its digital art collection as well as online workshops, classes, and story hour. If you want to plan a fun stay-cation this summer, organize a weekend to Colonial Williamsburg . Between history, local charm, good food, and sites, you will have a great weekend just a few miles from your backyard. Outdoor Oasis There are so many wonderful things you can do outside this summer. From creek fishing in the George Washington National Forest to paddling the upper James River or renting a waterfront home in the Northern Neck of Virginia in Lancaster County, the outdoor activities are limitless. If you are a big fan of dining out, many restaurants are opening their doors for outdoor and patio dining options. You and your spouse could revisit a favorite spot for a fun date night. For those who have a green thumb, you will be glad to know that the Lewis Ginter Botanical Garden is set to open and re-bloom on July 16. All guests will be required to wear face coverings and the garden is also enforcing scheduled entrances and exits as well as social distancing. Tips to save more this summer With many institutions at limited capacity, social distancing is going to be an important part of nearly everything you are able to do this summer. In the aftermath of the pandemic, finances might be tight . Look for activities that don’t cost much (if any) money like planning a family picnic to the local park, going on a hike, spending time out by the lake, or tending to your garden. Our team knows that this summer will look different for many people. But by being safe and prioritizing your health you will be able to make it one of the best summers yet. As financial advisors in Richmond and Williamsburg, we love serving the people in our community and helping them thrive. Are you interested in learning more about how we can help you? Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

A lot of people are becoming sick due to the Coronavirus. But, that's not the only problem. Fewer people are going to the doctor and as a result, they are missing out on catching small health issues that can snowball into big health issues. So, what happens if you or your spouse or your loved one becomes so sick, that they can't make decisions on their own? Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Mark Fonville, of Covenant Wealth Advisors walks you through what you can do to make decisions about your finances and health in the event you get sick through advance directives. Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

Retirement comes with many changes. Where you will live is one of those changes. But you are already one step ahead because you have chosen where you want to live, Richmond Virginia. With a population of about 1,263,617 people, the Metro Richmond area has been described by residents as a “big small town,” with the amenities and experiences of a big city with that quintessential small-town charm. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Now that you have found the place you want to spend your golden years, it is time to consider the myriad of other factors that go into living arrangements in retirement like the type of home you want to live in, where that home is, and how to do all that while sticking with your budget. With so many options available, how can you find the best housing opportunity for you? Let’s take a look at some of the most important things to consider when you are looking for a the best housing for retirees in Richmond, VA: Location, location, location You know what they say about real estate “location, location, location.” You already have the first location (the city), now you have to decide which part of the city/surrounding areas you want to live in. When you choose a place to live, its proximity to the other things in your life like family, friends, work, and activities is important and should play a role in your decision. Before you settle into one area, be sure you ask yourself the following questions, How walkable is the area? What public transportation systems are nearby? Are your regular activities (exercise, friends, church, community) easily accessible? If you are working part-time or pursuing an encore career, what will your commute be like? It’s important that your location supports the things that you do on a regular basis. Doing so will keep you active and engaged with the community, two important elements for new and seasoned retirees. You’ll also need to check-in on your proximity to hospitals, doctor’s offices, and other medical facilities. In Richmond, there are a couple of highly-ranked hospitals like VCU Medical Center, Bon Secours St. Mary’s Hospital and Bon Secours Memorial Regional Medical Center. Let’s take a look at a few different areas you should consider in/near Richmond for housing in your retirement years. Midlothian, VA Midlothian is a suburban community about 14 miles west of the city. This charming town founded in the 18th-century boasts many amenities and activities from its art gallery to antique shops to outdoor activities to local restaurants and more. The most recent census puts its population right around 60,000 so much smaller than the heart of downtown which works best for some retirees. West End of Richmond Another top spot to consider is the West End of Richmond. This suburb is west of the city and has a much smaller population than Midlothian coming in at about 34,000 people. In this area, there is the Country Club of Virginia, the University of Richmond, and many areas to shop including the Libbie/Grove area, River Road Shopping Center, and many great restaurants such as Kuba Kuba, Buckheads steakhouse, and more. Historical Fan District For those retirees who are city lovers, the historical Fan District in the City of Richmond just might be the place for you. While the cost of living will be higher in the city than in the surrounding areas, if you want to be close to the action you can’t get better. From fine art to the state capital to botanical gardens to top restaurants Richmond is a great place for retirees. How will you know the right place for you? Maybe it is important to you to be right by the Virginia Museum of Fine Arts because you volunteer there a few days per week or perhaps you want to live near a golf course because you have a membership and are teaching junior golf lessons or perhaps you want to rekindle Thomas Jefferson’s passion to make Virginia a top wine destination. Whichever place you decide, it should allow you to be able to do the things you love. There are so many options in Richmond from new developments boasting enviable amenities to classic historical homes in the heart of downtown to Rowhomes, to townhomes or condos popping up all around the area. When you are looking for a specific place to live, you have to assess your lifestyle needs and how your housing situation can enhance and support those needs. Respect Your Retirement Budget The next thing you will need to consider when looking at housing is the cost. With a rise in tourism, attractions, tax-benefits, and lifestyle considerations, Richmond has risen in popularity for new retirees. This surge in people drives prices higher, so it is important to know what your budget is and to stick to it. Just last year, Zillow found that the average home in Richmond costs about $258,000 and just under $1,400 for rent. This will be important to plan for, especially if these numbers are different than what you anticipated. Remember, your housing in retirement should not put you in serious debt, therefore it is important to find a place with a monthly payment you can easily afford. You might not want to purchase a single-family detached home and that is okay—there are many other options for you to consider. There are also new housing developments popping up in Richmond that offer condos and townhomes with many amenities for residents. A development with amenities could be a great option for you in retirement because of the comfort and ease it provides. When you are in a community, you often have more events that allow you to socialize and meet other people. You also will not be responsible for maintenance like a leaking roof or plumbing issue like you would be if you had a single-family home. But developments often have a high homeowners association (HOA) monthly fee which can add a lot to your payments each month. Be sure you know exactly what fees you would be paying before you sign on the dotted line. Housing is just one key area of your retirement budget . You will also have to account for food, utilities, transportation, entertainment, and travel. Many retirees forget to properly budget for travel expenses, whether that be a dream vacation or regular visits to family and friends. We’ve advised retirees who plan for $10,000 to $25,000 in travel expenses per year depending on your desires. Let Your Priorities Be The Guide When looking for a place to live, your priorities matter most. There are so many factors that go into buying or leasing property and it is important that you are honest with yourself and your spouse about the things that are essential for you. What amenities are most important to you? (pool, restaurants, movies, etc.)? How “age-friendly” is the house/apartment? (limited stairs, easy access in and out, etc.) In what ways will your living situation help you reach your other goals? Maybe it is most important to be by the water or your proximity to your children and grandchildren comes first. No matter what your priorities are, it is important to have these conversations so that you are both on the same page when looking for a place to live. Richmond, Virginia is a wonderful place to call home in retirement. By evaluating the location, your budget, and your priorities, you will be able to find a living situation that suits your needs both now and in the future. Ready to start building your dream retirement? Give us a call today . Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.

Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark Disclosure: Covenant Wealth Advisors is a registered investment advisor with offices in Richmond and Williamsburg, VA. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. The views and opinions expressed in this content are as of the date of the posting, are subject to change based on market and other conditions. This content contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Please note that nothing in this content should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax, or legal advice. If you would like accounting, tax, or legal advice, you should consult with your own accountants or attorneys regarding your individual circumstances and needs. No advice may be rendered by Covenant Wealth Advisors unless a client service agreement is in place. Hypothetical examples are fictitious and are only used to illustrate a specific point of view. Diversification does not guarantee against risk of loss. While this guide attempts to be as comprehensive as possible but no article can cover all aspects of retirement planning. Be sure to consult an advisor for comprehensive advice. Registration of an investment advisor does not imply a certain level of skill or training.