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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.

If you watch the news, it seems like the biggest issue facing retirees and those soon to be retired is inadequate savings. But that’s not actually the case. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. According to research by the Blackrock Retirement Institute , most current retirees still have 80% of their retirement nest egg available two decades into retirement. That figure is constant across all income levels and is expected to continue until 2030. The challenge for Baby Boomers isn’t accumulating savings for retirement , it’s decumulating in the most efficient way. In other words, for most people in their 50s, the most pressing concern is when to withdraw 401(k) and IRA savings in retiremen t. On the surface of it, that seems like a good problem to have, but mistakes can be costly. If you don’t withdraw your 401(k) and IRA savings at the right time, you could owe penalties and unnecessary taxes. Even worse, poorly timed withdrawals could shorten the life of your nest egg or reduce the income generated by your investments, impacting your lifestyle later in retirement. Here’s what you need to know about when to withdraw 401(k) and IRA savings for retirement and develop an effective decumulation strategy. 401(k) and IRA withdrawal basics Most people intuitively understand that retirement savings should be left alone until you actually retire. For those who are tempted to tap those funds before retirement, the government established rules and a 10% penalty for early withdrawals. Avoiding early withdrawal penalties You can avoid the 10% early withdrawal penalty by waiting until age 59-½ to take IRA and 401(k) withdrawals. If you want to retire early—before 59-1/2—the “rule of 55” applies. If you retire, quit, or are fired from your job any time during the year you turn 55, you may be able to access your retirement account without a withdrawal penalty. However, there are two points to keep in mind: The penalty exception only applies to money in the 401(k) you have with your current employer. If you have money in an account with a past employer, you can’t access those funds before age 59-½. You can avoid this rule by rolling over any funds in other accounts to your current 401(k) before you retire. The exception doesn’t apply to IRAs, only 401(k) accounts. If you rolled your 401(k) funds into an IRA and retire at 55, you will still owe the 10% early withdrawal penalty on IRA distributions until age 59-½. The SEPP escape hatch Rule 72(t) provides exceptions to the 401(k) or IRA early withdrawal penalty if you take at least five substantially equal periodic payments (SEPPs). Under rule 72(t), SEPP amounts are based on life expectancy and calculated according to IRS guidelines . The payments must take place for five years or until the account owner reaches age 59-½, whichever is longer. SEPPs are usually considered the option of last resort since they offer the lowest overall retirement payout. Generally, if you need to take an emergency early withdrawal, it’s best to explore other IRS exceptions before pursuing SEPPs because they can have a significant impact on the lifespan of your retirement account. 401(k) and IRA withdrawals by age An efficient decumulation strategy begins with understanding the IRS rules that apply at each stage of retirement. Under age 55 The 10% early withdrawal penalty usually applies to any withdrawals prior to age 55. In addition, withdrawals can only be taken from 401(k) accounts with past employers. You generally aren’t allowed to take withdrawals from your current employer’s 401(k), although your employer may allow loans or hardship withdrawals. Ages 55 to 59-½ The 10% early withdrawal penalty applies unless you meet the “rule of 55” exceptions related to early retirement or job loss listed above. Ages 59-½ to 72 If you’re still employed, you may not be able to take withdrawals from your current employer’s 401(k), although you can take withdrawals from your IRA and any previous employer’s 401(k) you haven’t rolled over to your current plan. Some employer plans do allow “in service” withdrawals, however, so you need to check with your HR department. Traditional IRA and 401(k) withdrawals are taxed as ordinary income, but you don’t pay income tax on Roth IRA distributions. Ages 72 and over Once you reach age 72, required minimum distributions (RMDs) kick in. The SECURE Act, signed into law in December 2019, changed the age for RMDs from 70-½ to 72 for those who turn 70-½ after January 1, 2020. Once you turn 72, you need to take annual RMDs based on your account balance and life expectancy or pay a penalty equal to 50% of the distribution. You may be able to delay RMDs from your 401(k) past age 72 if you are still employed, but only if you aren’t an owner of the company. Those employed at 72 can typically delay their first RMD from their current employer plan until April 1st the year after they retire. Money in Roth IRAs is not subject to RMDs. Developing your 401(k) and IRA drawdown strategy An efficient decumulation strategy starts with your income needs. This figure is different for everyone and depends on the age you retire and your expected lifestyle in retirement. The first step is calculating your fixed and variable expenses. Next, add up your income from guaranteed sources—Social Security, annuities, pension payments, bonds, and dividend stocks. If this figure is higher than your expenses, your decumulation strategy should be focused on wealth preservation and estate planning. If your expenses exceed your guaranteed income, you’ll need to calibrate your distributions and drawdown strategy to ensure you don’t outlast your savings. Plan for healthcare If you retire prior to reaching age 65, you’ll want to make sure you plan for substantially higher healthcare costs until you’re on Medicare. Private healthcare costs are outrageously high; premiums can be more than $1,000 per month per individual. This is when you’ll want to pay special attention to 401(k) and IRA withdrawals. If you are able to keep your modified adjusted gross income below certain thresholds, you may be able to qualify for healthcare subsidies through the Affordable Care Act thereby reducing the cost of health insurance until you go on Medicare. The potential result could be tens of thousands of dollars in savings on healthcare premiums. To reduce your income, consider avoiding 401(k) or IRA distributions until after you go on Medicare. Instead, consider taking your income from alternative sources such as taxable brokerage accounts or your Roth IRA. Qualifying for Affordable Care Act credits takes serious attention to detail when it comes to portfolio withdrawals. One mistake and you could end up paying thousands of dollars out of pocket. Be sure to talk with a financial advisor who specializes in retirement income strategies. Tax-efficient giving Are you charitably minded? If so, you’ll also want to rethink your giving strategy. Many people give to their local church or favorite charity by writing a check or giving cash. While this is a wonderful act of kindness, it can be a serious financial mistake. Instead, consider implementing a Qualified Charitable Distribution or QCD to help reduce your tax burden or increase how much you give. A QCD is an IRS-allowable strategy that lets you make charitable gifts directly from your IRA to your favorite charity. If executed correctly, IRA withdrawals for charitable purposes will be tax-free upon reaching age 70 or older. When you turn 72, the QCD can count toward your required minimum distribution for the year! Here is a helpful Qualified Charitable Distributions checklist to help guide you through the process. Professional guidance for your IRA and 401(k) withdrawals For today’s current and near-future retirees, the retirement planning life cycle is about more than just accumulating the right mix of assets to ensure income in retirement. It’s about developing a smart, tax-efficient drawdown strategy that supports your retirement lifestyle and preserves your wealth for your heirs and the charities you care about. A financial advisor for retirement can evaluate and fine-tune your retirement plan and create a drawdown strategy that serves your goals and objectives. Even better, a professional advisor monitors the economy and market conditions to keep you on track when circumstances change. Covenant Wealth Advisors is an independent, fee-only retirement planning firm. Working together, we help you prioritize your goals and develop a decumulation strategy to help you achieve them. If you’re not sure when you should take your 401(k) and IRA withdrawals, schedule a free consultation 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.

The stock markets and economy are chaotic right now. You know that. But, what does history tell us about previous stock market declines and what should you do about it? Get your Retirement Checklist of over 30 things that you need to think about for your retirement. In this new video, you'll learn inspiring perspectives on the 2020 stock market decline. Learn powerful insights and get questions to common questions such as: Why invest in the first place? How bad is the 2020 stock market decline relative to history? What can I do now? If you are nervous about markets, your retirement, and preserving wealth, this video is for 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.

What should you do when your spouse dies? It’s an unfortunate fact of life for a third of all Americans 65 and over. Women are more than twice as likely as men to spend several years in widowhood after the death of a spouse. Although nothing can ease the burden of grief when a loved one dies, knowing what financial steps you and your family members should take can ease anxiety and fear about the future. One thing is certain. The death of your spouse will be one of the most difficult times in your life. If you feel overwhelmed, here’s a list of powerful resources to help you stay focused following one of the most devastating events in your life. Don't make hasty financial decisions and take your time. Life does go on and often times tending to your financial affairs can be a much needed distraction. Here's a checklist of what you should do if your spouse dies. 1. Collect the paperwork The surviving spouse will need to gather records and documents to support claims for benefits. In addition to the will and several certified copies of the death certificate (we recommend at least 10), you’ll need: Insurance policy paperwork for any life, property, accident, and employer plans Birth and marriage certificates Social Security cards Titles to any property. If your deceased spouse was a veteran, military discharge papers may also be necessary. You’ll also need a list of assets and account numbers for any checking, savings, brokerage, loan, and credit card accounts. ⇒Action item you can do right now: Gather all your essential paperwork in a safe location and make sure both spouses know how to access it. Even if one spouse typically handles the finances, it’s important that both are aware of all assets and liabilities and where to find account statements and tax returns. My husband passed away. What do I do? Access our free financial planning for widows resource library. You'll get access to key issues to consider after your spouse passes, key documents you should keep on file, and issues to consider before closing the estate. 2. Notify advisors and officials You’ll need to make a lot of calls in the immediate aftermath of a spouse’s death. Start by contacting your family attorney who drafted the will and make an appointment to begin the process of settling the estate. You should also call your financial advisor so assets can be assigned to named beneficiaries. Resist the urge to cash out any investments before you meet with your advisor. You should also contact your spouse’s current and previous employers. Speak to someone in the Human Resources department who can send you any paperwork you need to complete to collect owed wages, sick leave, vacation pay, pension payments, and death benefits. If you or your children are covered under the employer’s insurance plan, request information about continuing your coverage under COBRA. If the death was accidental, you may be able to collect additional benefits from financial institutions, professional associations, and your spouse’s employer or union. Life insurance benefits may be higher in the case of accidental death and you may be eligible for worker’s compensation and/or death benefits. Get in touch with all banks, life insurance companies, health insurance providers, credit unions, and credit card companies to let them know of the death and to change account holder information. You'll also want to check your spouse's safe deposit box at the bank. You should also start the paperwork to collect on any life insurance policies your spouse maintained. It can take several weeks to settle claims, so it’s important to get an early start. You may also want to re-evaluate your coverage needs going forward with your insurance agent. 3. Notify Medicare and Social Security You will have to notify Social Security by phone or in person at your local office when your spouse dies; applications for death benefits cannot be completed online. The Social Security Administration may ask you to supply birth, death, and marriage certificates, military discharge papers, and W-2 forms or self-employed tax returns when you apply for the lump-sum death benefit and spousal benefits. If you aren’t currently receiving Social Security benefits, you should apply right away, because in some cases, survivor benefits aren’t retroactive. If you are currently getting benefits, Social Security may be able to pay the death benefit right away. They’ll also automatically adjust your benefit amount to reflect survivor benefits. It’s important to let Medicare know about the death right away so they stop collecting Part B premiums from your Social Security check. ⇒Action item you can do right now: Compile a list of contact information for important advisors and officials. Make sure to update it regularly so the information is current. 4. Assess your cash flow Begin by evaluating your sources of income. These may include pension payments, Social Security benefits, dividends, interest, IRA and/or 401(k) distributions, and rental income. Note that Social Security benefits will decrease when you transition to survivor benefits. Pension payments may also be reduced or discontinued altogether after your spouse’s death. Talk to your financial advisor if your spouse was taking—or due to take—required minimum distributions so you don’t get penalized for missing a distribution. Next, list out your fixed expenses such as mortgage, utilities, insurance premiums, and any personal loan or credit card payments. These likely won’t change much and will need to be paid every month while you wait for benefit claims to settle. 5. Avoid a cash crunch In the weeks and months following the death of a spouse, the surviving spouse has immediate needs for money but may have limited access to cash and bank accounts. Once you contact the funeral home, funeral directors are required to notify Social Security of the death, and Social Security sends out a Death Notification Entry (DNE) to the Federal Reserve. This DNE effectively locks down any accounts owned solely by the deceased. Even if the surviving spouse is an authorized signer on an account, all access is denied once the DNE is received. To make matters worse, any durable power of attorney the spouse may have had to manage finances expires when the person who authorized it dies. It can take weeks or even months for life insurance benefits and retirement asset transfers to take place, leaving the surviving spouse without the necessary funds to cover funeral costs and living expenses. ⇒Action item you can do right now: Make sure you have at least one bank account jointly owned by both spouses with enough cash to cover three to six months of living expenses. Jointly owned accounts aren’t affected by DNEs, so funds will be available even when everything else is locked down. 6. Collect life insurance and other named benefits There are generally no income taxes due on life insurance benefits and funds transferred to named beneficiaries from an IRA, 401(k) or other retirement plans. However, it’s still a good idea to consult a financial advisor at this stage, because you need to make important decisions about whether to use or rollover inherited funds. Retirement account funds are treated differently than other inherited assets. For example, the surviving spouse can choose to distribute all the IRA assets on any schedule over a ten-year period following death, designate the account as an inherited IRA, or elect a spousal rollover or “fresh start” IRA. Each of these options has different tax consequences, so it’s important to consider your decision in the context of your complete financial picture. ⇒Action item you can do right now: The surviving spouse has the greatest number of options if he or she is named the primary beneficiary of your IRA and 401(k) plan. You may want to discuss your choices with your advisor and make any necessary changes to your beneficiary designations to better protect your spouse. 7. Settle the estate You will need to provide the name, date of birth, Social Security number, mailing address, and contact information for everyone named in the will, including beneficiaries and fiduciaries. If someone named in the will is now deceased, you’ll need an original death certificate for that person, as well. Plan to have everyone named in the will attend the first meeting with the estate attorney, either in person or by phone. Once the attorney has the necessary financial information, including a list of assets and liabilities, he will prepare court documents to open probate. You’ll need to provide certified copies of the probate order to all financial institutions so the attorney can settle the estate. Final settlement can take up to a year depending on the complexity of the estate, and significantly longer in some cases. ⇒Action item you can do right now: Review and update your will if any beneficiaries have died. Collect Social Security numbers for all inheritors and make sure contact information is up to date. Also, review the named beneficiaries listed on investment accounts and life insurance policies regularly to ensure these are accurate since these are settled outside of will. 8. Plan for taxes Most estates will not be subject to federal or state estate taxes, and most states do not collect inheritance taxes. Only Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania have inheritance tax laws on the books. However, all estates are subject to income taxes. Before the estate is officially settled, the executor must file both a final individual tax return for the deceased and an estate income tax return. Any taxes owed from previous years also need to be paid during the settlement process. Some assets have built-in tax consequences when the owner dies, such as non-Roth IRAs and annuities. These tax consequences are referred to as IRDs, or income in respect of a decedent. Other assets are eligible for a step-up in basis following the death of a spouse, but if they are sold, they may still trigger capital gains taxes even accounting for the step-up in basis. ⇒Action item you can do right now: Consult with an estate planning professional or tax attorney to evaluate your tax liability and discuss ways to structure your finances to limit the tax impact for your surviving spouse. 9. Other steps to take if your spouse dies Identity theft is a major problem. The death of a spouse opens up new risks for identity fraud, but you can take steps to eliminate them. Notify the three major credit bureaus of your spouse’s death so that no one can use his or her information to open new credit accounts. Make sure you cancel your spouse’s driver’s license for the same reason. Digital accounts are another issue you’ll need to settle. Most social media accounts will not hand over login credentials to the surviving spouse, but you may be able to request deactivation of the account. You may need to provide proof that you have the authority to make the request, such as a copy of your driver’s license and a copy of the death certificate. Other online accounts may have monetary value, such as Paypal or Google. You’ll need to provide a copy of the will, the death certificate, and contact information for the executor in order to collect funds in these accounts. Google has a feature called Inactive Account Manager that lets users make provisions for their “digital afterlife.” If the feature is activated, the surviving spouse has a much easier time accessing any information and money associated with the account. ⇒Action item you can do right now: Think about how you want to dispose of your digital assets and social media profiles. You may want to provide each other with login credentials to your online accounts and enable the Inactive Account Manager on your Google profile. Conclusion Thinking about what to do when a spouse dies isn’t pleasant; no one wants to contemplate that devastating event. But you can familiarize yourself with what needs to be done and put plans in place to make the process easier for the surviving spouse. You can also visit our financial planning for widows resource library and get free access to easy to follow checklists and guides. At Covenant Wealth Advisors, our Certified Financial Planners can help you create and manage an estate plan that covers all the contingencies for your surviving spouse and family. Together, we can organize your financial details, minimize your tax liability, and put plans in place to ensure your family keeps more of the assets you’ve worked hard to accumulate. Get in touch today to learn how we can help you get your finances in order. We're happy to help. Get in Touch With Us Katherine Fonville Katherine is a financial planner who has over 18 years of experience helping individuals and families invest and plan for retirement. She is also the founder of Covenant Wealth Advisors . Disclosures: Covenant Wealth Advisors is a registered investment advisor. 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 bull market's over and we are now in bear country as of March of 2020. The last time markets fell like this was during the 2008 financial crisis. If you had money invested during that time, you may remember the emotional toll of the experience. I certainly do. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. At the time, I worked for an investment management firm in San Jose, CA where I consulted some of the nation's top financial advisors on investment strategy and the academic science of investing. When the 2008 crash happened, I was shocked when even the most tenured financial advisors started calling me, fearful about what to do next. In droves, they began to question the wisdom of staying invested for the long-term. Behind the scenes, statements like: "If we get out now, we can avoid more losses" and "This time it's different. I just know it" became repetitious from the "experts" clients trusted. Eventually, the stress took its toll. A handful of financial advisors I had advised to stay invested sold out of stocks, exactly at the worst time when fear was plentiful. As a result, they damaged their client's wealth beyond repair. Years later, these advisors expressed deep regret for their mistake. Although my training and education provided the answers, I still wish I could have been more convincing that markets work and that discipline and time are the most prudent cures for a market pullback. I learned many lessons from that experience in the battles of a bear market. Two of those lessons are as follows: Don't time the stock market. Stick with your investment plan. 1. Don't Time the Market Of the thousands of financial advisors I've met, I've never met a single one who could accurately time when to get in and out of the market at the right time. But, I've met many who told their clients they could. History tells us that the best days in the market most often occur AFTER the worst days. Unfortunately, investors who get out of the market often end up missing the best days because they are too fearful to get back in until it's too late. In the chart below, an investor would have reduced their gains by 35% over a 25 year period if they had missed the 5 best days in the market vs. simply staying invested (green bar) and not trying to time the market in the first place. Source and Disclosure: Clearnomics 2. Stick With Your Investment Plan When it comes to choosing what to do with your money, sometimes the best thing is nothing. Of course, that's not easy. Doing nothing is hard when it comes to many things in life from NASCAR racing (driving through the smoke of a crash) to raising children (by letting them figure things out on their own rather than intervening). One famous study published in the New York Times in 2008 looked at the behavioral aspects of doing nothing when it comes to sports. In the study, professional soccer goalies were researched to see if the odds of blocking a penalty kick from the opposing team by positioning left, right, or in middle part of the goal. As it turns out, goalies have a much higher statistical success rate (33.3%) of blocking the ball if they just stand in the middle and don’t position left or right. Goalies know this. Yet, they only remain in the center 6.3% of the time. When asked why they dive even when they know the statistics, a common answer is: “I just had to do something”. Successful investing is no different. Stock market history tells us that remaining invested during times of crisis is the best option for investors with well-diversified portfolios. Yet, you may still have the urge to "do something" like pull the plug. Don't - Assuming you have the right portfolio in the first place. The graphic below illustrates $1,000,000 invested in 60% stocks and 40% bonds over 25 years from 1995 to 2020. To simulate an individual in retirement, we also included annual distributions of 4% of the portfolio value starting in the first year, increasing by inflation thereafter. Notice that the value of the portfolio actually increased long-term even with three bear markets (market crashes). Source and Disclosure: P ortfolio Analytics The World Health Organization officially declared COVID-19 a pandemic, and the “fear contagion” is spreading faster than the virus itself. Between the fear, containment efforts, and knock-on effects on consumer demand and business spending, the economic impact of the coronavirus may be far-reaching. Could the outbreak trigger a recession? It's very possible. We don't know what the next weeks and months will bring. But we do know that the fundamentals don’t change. Reaping the rewards of long-term investing means taking the good days along with the bad. Market bottoms don’t come with a signpost. There’s no one waving a flag saying, “the worst is over, come on back!" The end of a bear market looks an awful lot like the middle, and investors who miss out on the ride back up tend to lose significantly. That’s because the best days and worst market days tend to cluster. Sit the bear market out, and you’re likely to miss out on the whole play. We don’t know how long this bear market will last, and there is no guarantee of the future. But, we do know that panicking and blowing up a carefully crafted strategy is the worst thing to do right now. My team and I are monitoring portfolios, updating financial plans, and remain available for advice as conditions dictate. In the meantime, I’d like you to remember just three things: Bear markets are part of the stock investing landscape and we have to live through them to see the next bull market. You can’t enjoy the upside of the roller coaster if you get off at the bottom. Make sure you have a plan that's based on historical evidence and your retirement goals, not emotion. If you need a pep talk or to discuss your investment strategy and financial plan, please reach out by phone to (888) 320-7400 or just reply to this email. We're here for you and are happy to talk. 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 *Sources and disclosures: Clearnomics , P ortfolio Analytics 1. https://www.cnn.com/2020/03/11/investing/bear-market-stocks-dow-sandp/index.html 2. https://www.cnbc.com/2020/03/11/who-declares-the-coronavirus-outbreak-a-global-pandemic.html Disclosures: Covenant Wealth Advisors is a registered investment advisor. 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.

There are many ways to enjoy retirement in Williamsburg, VA. But, it can be difficult to know where to start. As a financial advisor , I have a unique perspective because so many of our clients are nearing retirement or are currently retired in the Williamsburg area. They often share stories about their activities and their quality of life. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Many people don't know that seniors are flocking to Virginia to retire—and Williamsburg is one of their top choices for a retirement community. The city’s low cost of living, friendly tax climate, and high quality of life are top reasons to make it your new home. Once you’re settled in, check out these great ways to enjoy retirement in Williamsburg, VA.  You'll find plenty of activities for active adults. Go museum hopping There’s a place for every museum-lover in the Williamsburg area. The Muscarelle Museum of Art at the College of William and Mary holds an impressive permanent collection. The artwork dates back to over 300 years and exhibits fascinating collections of American artists. The DeWitt Wallace Decorative Arts Museum has historic artifacts and folk art collections; it also holds an ongoing lecture series. Want more folk art? The Abby Aldrich Rockefeller Folk Art Museum has colonial and contemporary art and crafts exhibits. For something completely different, visit the Watermen’s Museum on the Yorktown riverfront and learn about the lives of these iconic tradesmen. Work on your golf game Golf is a popular way to enjoy retirement in Williamsburg, VA; there are more than a dozen championship golf courses in the region. Try the Pete Dye-designed River Course at Kingsmill Resort, which has hosted multiple PGA events over the years. Combine a bit of history with your golf on the Jamestown Course at Williamsburg National Golf Club. You can check out the historic Jamestown Settlement after your game. Connect with nature Williamsburg is a haven for nature-lovers—there are endless opportunities to hike, bike, kayak, and camp. Paddle a canoe on the York River , camp along the James River at Powhatan State Park , or ride your bike along the Historic Jamestown Bike Trail . Take a drive along the Colonial Parkway to New Quarter Park and hike the trails. If you fish, it’s a great place to drop a line. Invite the family and have a campfire cookout. Indulge your inner history buff Williamsburg is part of the Historic Triangle ; there’s no better place to dive deep into four centuries of American history. Visit the Jamestown Settlement, Colonial Williamsburg, Historic Jamestowne, and the Yorktown Battlefield and Victory Center where you can relive the birth of the nation. Watch artisans practice the timeless art of glassblowing at the Jamestown Glass House or pay your respects at the Tomb of the Unknown Soldier. Grab lunch and a cup of joe at Mobjack Bay Coffee House, a renovated Colonial-era cafe. Spend the day on the water Whether you prefer sailing, kayaking, or just digging your toes in the sand at the beach, a day on the water is one of the best ways to enjoy retirement in Williamsburg, VA. Waller Mill Park has a 360-acre lake for fishing and boating, and plenty of outdoor recreation facilities for a family gathering. Take a kayaking eco-tour along the Chesapeake Bay or cruise the Tidewater in a historic schooner. If sun and sand are more your thing, hit the Yorktown Beach and enjoy a waterfront picnic. You can also swim, fish, and kayak the York River. Visit the wineries and breweries Tour the gorgeous grounds of the Williamsburg Winery and try a flight of their robust reds or aromatic whites. Or jump in the car for a self-driving trip along the Colonial Wine Trail . Beer drinkers will find plenty to love about retirement in Williamsburg—the microbrew craze is definitely here. Try the award-winning ales at Alewerks or sit down for a five-course meal with beer pairings at the Amber Ox Public House . The Whistle Belly Beer Festival takes place every August featuring dozens of local Virginia breweries. Pamper yourself at a spa When you need a quiet day to yourself, head to one of the great spas around Williamsburg . Try the chocolate wrap at the spa at Kingsmill Resort or relax in the salt cave at Williamsburg Salt Spa. Bring your granddaughter for the princess treatment at Elements Spa at Great Wolf Lodge . While you’re enjoying your massage, she’ll get a manicure, chocolate facial, and her very own tiara. Pursue your passions with free classes at the College of William and Mary You never stop learning, even in retirement, so why not explore an interest you neglected during your working years? The College of William and Mary lets seniors audit classes for free, and they offer exciting educational opportunities at the Osher Lifelong Learning Institute . Have expertise you want to share? Talk to the staff about teaching a class. This college town has a lot offer retirees who want to continue learning. Shop ‘til you drop If retail therapy is essential for you to enjoy your retirement in Williamsburg, VA, you won’t be disappointed. Merchant’s Square in Colonial Williamsburg is a charming place to shop the day away or hit the Williamsburg Antique Mall to search for collectibles. The J. Fenton Gallery has gorgeous handmade jewelry and the Shirley Pewter Shop is the place to go for one-of-a-kind tableware. If outlet shopping is more your style, you’ll love Williamsburg Premium Outlets. Hit the theme parks with your grandkids Once your grandkids find out you’re retiring in Williamsburg , they’ll be begging for a trip to Busch Gardens . And while Busch is the most popular park in the area, you can also splash in the wave pool at Water Country USA (there’s an indoor waterpark at Great Wolf Lodge if they visit in the winter) or drive the race cars at Go-Karts Plus. Work on your putt-putt game at Pirates Cove Adventure Golf or Ripley’s Believe It or Not. Eat your heart out at local restaurants Virginia is for lovers—and also for foodies. There are plenty of restaurants catering to American and Colonial fare, but the culinary landscape is rich and varied. Try Le Yaca for classic French cuisine or Oishii for ramen or your favorite rolls. Do yourself a favor and try the York River oysters and crab cakes at Waypoint Seafood and the charcuterie board and flatbreads at Gabriel Archer Tavern. If breakfast is your favorite meal of the day, a warm pain au chocolat and a cappuccino at Blue Talon Bistro is a terrific way to start your day. Rekindle your romance Retirement is the perfect time to focus on your relationship, and there are romantic B&Bs, quiet carriage rides, and gorgeous gardens for an intimate picnic in Williamsburg. Soak in the jetted tub in your room at Magnolia Manor or enjoy the Champagne breakfast at the Williamsburg White House. Explore colonial Williamsburg from your seat in a horse-drawn carriage for two or pack a picnic and head to the gardens at William and Mary. The Crim Dell bridge is one of the most romantic places in Williamsburg. Get Objective Retirement Advice Enjoy your retirement in Williamsburg Virginia When your retirement plans are in order, you can enjoy everything Williamsburg has to offer. At Covenant Wealth Advisors, we help you clarify—and achieve—your retirement goals so you can step into your post-career phase with confidence. As experts in retirement planning and investment management , we can help you enjoy life without the stress of money. As one of Williamsburg’s only independent, fee-only financial advisory firms, we offer expert insight and unbiased recommendations to maximize your retirement investments. Get in Touch With Us Mark Fonville, CFP® Mark has over 20 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 Disclosures: Covenant Wealth Advisors is a registered investment advisor. 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.

A generation ago, you didn’t have to know how to choose a financial advisor for retirement. Why? Because most Americans had a company pension to provide sustainable income for life. Today, that’s no longer the case except for a fortunate few. Everyone else has to self-fund retirement primarily with savings in employer-sponsored 401(k)s, IRAs, and brokerage accounts. Relying on your own financial decisions is a huge responsibility, and unfortunately, a lot of Americans are unprepared. A 2019 study showed that 56% of Americans have no idea how much money they’ll need to retire, and 1 in 5 seniors enters retirement with less than $5,000 in savings. Even with a powerful retirement checklist to serve as a guide, people still struggle with retirement decisions. Retirement planning isn’t really a luxury anymore; it’s an essential part of your financial blueprint—and even your health. Dave Ramsey discovered that 74% of Americans who are worried about their retirement savings have high levels of anxiety and report frequently losing sleep compared to just 17% of those who feel confident about their savings. When it comes to retirement, working with a Certified Financial Planner™ professional may deliver concrete results when it comes to getting the financial advice you need. The same Dave Ramsey research showed that 44% of people who partnered with a financial advisor had $100,000 or more in retirement savings; only 9% of those flying solo achieved that particular milestone. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Before you learn how to choose a financial advisor for retirement, there are a couple of questions you may want to answer first. Do you need a financial advisor for retirement planning? Everyone’s financial situation is different, and there are certain scenarios where a long-term relationship with a financial planner may not be necessary. If you’re a young adult, for example, and just starting your career, you may only need an initial plan to get you started in the right direction. People in their 20s and early 30s are probably fine with an annual financial planning checkup unless they make a lot of money or have unusually complex finances. A yearly meeting with a fee-only financial planner is usually enough to establish short- and long-term goals and fine-tune your savings strategy. However, by the time you hit your 50s, the DIY option exposes you to potential pitfalls. As your income increases and your career plateaus, you have less time and your finances become more complex. Increased complexity can provide financial opportunities, but it can also snowball minor problems into big ones. From developing a sound investment plan, to reducing income taxes, to creating sustainable income in retirement, your 50s and 60s are a pivotal moment for retirement preparation. Ultimately, hiring a financial advisor for retirement can help you retire on your own terms with the peace of mind you need. What does a financial advisor for retirement do? The short answer is that a financial advisor helps you clarify your goals for retirement, develops a plan to help you achieve them, and monitors your progress so you stay on track. That might sound like something you should be able to do on your own, but the fact is, most people seriously underestimate their income needs in retirement. Others use outdated savings models that leave them underprepared. The 4% rule , for example, is still a fairly popular rule of thumb for estimating savings goals, but it may not work with today’s longer lifespans, higher health care costs, and low bond interest rates. A Certified Financial Planner® helps you clarify and prioritize your goals expenses . Together, you’ll develop a spending plan for housing and home maintenance, health insurance and medical costs, charitable giving, new vehicles, travel, and gifts. You’ll also look at different scenarios for assisted living, private duty nursing, and long-term care so you’re prepared for those possibilities. Once you have a realistic budget, your advisor analyzes your cash flow in retirement by looking at your income sources and evaluating them against your fixed and discretionary expenses and tax scenarios. At this stage, you’ll begin to have a clearer view of your retirement savings goal . The next step is to develop a retirement income plan . Your advisor will weigh strategies to maximize your Social Security benefits , analyze any pension and annuity payout options, and create an investment plan to generate income from your portfolio to fill the gaps. These steps are the foundation of retirement planning , but the process doesn’t end there. A retirement advisor also manages your investments , ensuring your asset allocation - the right mix of stocks and bonds - strategy is sound. He’ll also discuss diversification strategies and periodically rebalance your portfolio. Be sure to ask your financial advisor the right questions about your portfolio for maximum benefit. As your income and assets grow, the best financial advisors will review your tax return and recommend strategies to minimize your tax liability now and in retirement. Although a financial advisor can’t draft your will, he or she is an essential part of your estate planning team. A financial planner helps you understand how life changes affect your estate plan and explains how any changes you make—or don’t make—could impact your finances. Perhaps most importantly, your financial advisor regularly evaluates your retirement plan against economic conditions, market performance, and life events and tracks your progress . If you’re not on track to retire with the money you need, your advisor develops strategies to help you hit your target. How to choose a financial advisor for retirement The term “financial advisor” actually covers a lot of different services, so it’s important to understand the different types of financial professionals who offer these services and how each might suit your needs. Professional Designation Professional designations are important. But when it comes to financial planning for retirement, one designation stands out among the rest - the Certified Financial Planner ™ or CFP ®. A Certified Financial Planner™ has completed a rigorous four-part certification process that includes education, experience, examination, and ethics . CFP®s are bound by strict standards set by the Certified Financial Planner Board of Standards. As the name suggests, a Certified Financial Planner™ helps you manage your money today and plan for your future needs. The CFP® designation is widely accepted as the premier credential for astute financial advisors. Other designations which can be helpful as part of your team may include a Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) designation. For example, we have advisors who have the CFP and CPA designations here at Covenant Wealth Advisors. Fiduciary duty Fiduciary financial advisors hold a fiduciary duty to their clients. This means they are ethically and legally required to put their clients’ best interests above their own. The fiduciary standard requires that your advisor acts in good faith, provides all relevant facts, and discloses potential conflicts of interest. Working with a fiduciary financial advisor gives you peace of mind because you know the person managing your money is legally obligated to make decisions in your best interest, not his own. If your financial advisor is not a fiduciary, you have fewer legal protections if you feel that person isn’t putting your interests first. A lesser standard of care may put your financial future at risk. How do you know if your financial advisor is a fiduciary? Ask him to sign a fiduciary oath. If he doesn’t sign it, don’t hire him. Download a fiduciary oath here . Fee structures There are three ways a financial advisor is paid: Fee-only : Fee-only advisors charge a flat fee for their services and they don’t represent a particular financial services company or sell financial products. Fee-only advisors typically charge a percentage of assets under management, an hourly fee, or a fixed fee for a particular service. Some fee-only advisors may ask you to sign a retainer agreement based on net-worth or the complexity of your situation. Commission only : Old school stockbrokers and life insurance salesmen typically receive commissions only. This means they are paid directly from the mutual funds they sell or from third parties. Advisors who receive commissions may have elevated conflicts of interest since they have incentive to offer products with higher commissions rather than products with lower fees. Fee-based: Not to be confused with fee-only, a fee-based advisor charges you a combination of fees and commissions. For example, you may be charged $1,000 for an investment plan and pay a 3% commission on any funds the advisor manages on your behalf. Fee-only advisors may be more transparent and cost-effective. You know in advance exactly what your costs will be for advice and management services and there are no hidden charges. Age matters Will your financial advisor still be guiding you when you need him most? In an ideal situation, you’ll have a relationship that lasts 20 years or more—your advisor will be with you as you build your retirement nest egg, and when you’re ready to retire and reap the rewards of your plan. For that reason, it’s a good idea to choose a financial advisor who is at least ten to fifteen years younger than you if you’re close to retirement. Trust but verify Ronald Reagan made this Russian proverb famous, and it’s applicable for choosing a financial advisor. Before you hire someone to manage your retirement funds, check credentials and make sure there are no complaints or disciplinary actions. The Financial Industry Regulatory Authority (FINRA) regulates the securities industry and plays an important role in protecting investors. You can verify that an advisor is legally registered and licensed to sell investments and provide advice and view any complaints or disciplinary actions using FINRA’s BrokerCheck too l. If your advisor is a Certified Financial Planner, you can verify his or her certification and background at the CFP Board . Interview before you hire Most financial advisors are happy to do a phone interview or a free in-person consultation before you sign on the dotted line. Take advantage of this opportunity to make sure the advisor is someone who shares your values and is committed to helping you achieve your goals. Here are some questions to ask a financial advisor about retirement and his approach to retirement planning: What are your qualifications? Are you a fiduciary? How long have you been practicing and have you ever been disciplined? How would you describe your ideal client? Do you have many clients like me? What retirement planning services do you provide? What is your retirement investment philosophy? How do you develop your retirement cash-flow projections? How often do you meet with your retirement planning clients? What happens to my money if something happens to you? How will you help me achieve my retirement goals? How are you paid? (Note: If you're like a lot of people nearing retirement, you may not know what questions to ask a financial advisor for retirement. Here's a comprehensive list of questions that we give prospective clients. It does a great job helping people find the right financial advisor) Finally, it’s a good idea to ask the advisor to explain a concept to you , such as sequence of return risk or active versus passive investing. You’ll get a feel for whether this is someone who will take the time to help you understand the reasons behind different recommendations, and why those reasons make sense for your situation. If the advisor talks over your head or shows impatience, move on. You need to feel confident in—and comfortable with—your retirement plan. Conclusion Knowing how to choose a financial advisor for retirement is critical to getting the clarity and confidence you need to enjoy retirement without the stress of money. Don't be afraid to ask tough questions. Every good advisor that I've ever met is comfortable answering questions around fees, fiduciary duty, their services, and how they can or can't help. Just like hiring a good doctor, the advisor you choose should have the experience, credentials, and communications skills necessary to deliver great advice. At Covenant Wealth Advisors, we specialize in helping individuals plan to and through retirement. Our process is specifically focused on all aspects of retirement planning. Before the first meeting, we’ll ask you to complete a brief pre-meeting questionnaire to help us understand your financial picture. Then, we hold a free, no-obligation introductory conversation to learn more about your financial needs, concerns, and your vision for retirement. If you feel that we’re a good fit based on our conversation, we’ll develop a detailed financial plan that covers retirement income planning, tax planning, social security maximization strategies, investment advice, charitable giving, and any other elements you need to be addressed to get on track. We’ll work together to implement your plan, and schedule regular checkups to track your progress and make adjustments. Covenant Wealth Advisors is one of only a handful of independent and fee-only retirement planning firms in the Richmond and Williamsburg areas. As Certified Financial Planners, we have a fiduciary duty to look after your best interests now and in retirement. We believe retirement planning should be proactive and anticipate your changing needs and circumstances, not simply respond to them. We want you to be confident in your ability to meet retirement on your own terms. If you’d like to see how we can help you achieve your retirement goals, get in touch today to start the conversation. We help clients all over the country. 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 Disclosures: Covenant Wealth Advisors is a registered investment advisor. 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.

If you’re looking to retire in Williamsburg, VA, you’ll be hard pressed to find a better location in 2020 and beyond. Most people in the United States know that Virginia is for Lovers . But, according to new research by the University of Virginia , it seems Virginia is also a great place for retirees, too. Specifically, Williamsurg is one of the best cities in the state for retirees . Free Download: 15 Free Retirement Planning Checklists [New for 2023] Williamsburg and James City County, among others, have seen a large increase in the number of residents age 60 and over. The research shows a 113% increase in Virginia’s “retirement counties!” These are locations where the number of residents over the age of 60 have grown by 15 percent or more between 2000 and 2010 censuses. One of the great things about retirement is that it opens up a world of new choices—where to travel, how to spend your time, and especially where to live. You’re not tied to an employer’s location, so you’re free to follow your dreams. Virginia’s got a lot to offer active seniors, so if you’re looking at possible retirement destinations, there are many great reasons why you should retire in Williamsburg, VA. SPECIAL NOTE FOR INDIVIDUALS AGED 50+ WITH OVER $1 MILLION: Tying your $1 million+ portfolio to your retirement and tax plan can be hard. If you are interested in meeting one of our financial advisors in Wiliiamsburg, VA to learn how we can help fully integrate taxes, investments, and retirement income planning, click here for a free retirement assessment . Get more ideas than you thought were possible. What to look for in a place to retire A generation or so ago, climate was the major driver behind the decision to move in retirement. Most people had guaranteed income for life from their employer pension; that, plus Social Security, meant seniors could retire comfortably anywhere even if they didn’t have a lot of retirement savings. That’s no longer the case for a generation self-funding their own retirement . Now, financial considerations such as tax rates and cost of living are primary considerations. Health care, too, assumes more importance; today’s seniors live longer and are more health-conscious than ever before. Quality of life is definitely important. Low crime, great recreational opportunities, convenient travel options, and outstanding retirement communities are all things to look for in the place you retire. Most experts recommend cities with at least 10,000 people because they tend to offer more of the services seniors desire. So, should you retire in Williamsburg, VA? Keep reading to find out. Getting to know Williamsburg, VA Williamsburg was the original capital of the Commonwealth of Virginia. If you’re a history buff, Williamsburg, along with nearby Jamestown and Yorktown, form the Historic Triangle; it’s one of the oldest cities in the country. The College of William and Mary is the second-oldest institute of higher learning in the country and boasts three U.S. presidents as alumni. The city itself has a population of around 15,000, while the greater Historic Triangle region is home to about 500,000 people. Cost of living in Williamsburg The overall cost of living in Williamsburg is about average for the country as a whole, however, utilities and transportation expenses are significantly below the national average. Home prices are about a third higher than the U.S. average, but rental prices are at or just slightly above average. You can buy a large three-bedroom townhouse with garage and landscaped patio within walking distance of Colonial Williamsburg. A two-bedroom apartment in a luxury community starts at about $1,500 a month. Williamsburg has a diversified economy and an educated workforce. The median income is about $52,000, and a large percentage of residents derive the bulk of their income from investments as opposed to employment. Free Download: 15 Free Retirement Planning Checklists [New for 2023] Quality of life in Williamsburg Williamsburg is perfect for active seniors who love vibrant towns. There are plenty of museums, galleries, antique shops, restaurants, coffee shops, farmers’ markets and organized community events. You can take in an exhibit at the Muscarelle Museum of Art or catch a live performance by the college’s theatre or dance department. Seniors can audit classes at William and Mary for free—a great way to meet new friends and pursue new passions. Williamsburg is a college town, so there’s no shortage of cultural events. The student population gives the city a youthful vibe. According to Area Vibes , Williamsburg has a livability score of 75, which puts it in the top 20% of all U.S. cities. The crime rate is 49% below the national average and Williamsburg is safer than 70% of American cities. SPECIAL NOTE FOR INDIVIDUALS AGED 50+ WITH OVER $1 MILLION: Tying your $1 million+ portfolio to your retirement and tax plan can be hard. If you are interested in meeting one of our local financial advisors to learn how we can help fully integrate taxes, investments, and retirement income planning, click here for a free retirement assessment . Get more ideas than you thought were possible. Health care in Williamsburg Maintaining great health may be at the top of your retirement goals. If so, you won’t be disappointed to learn that Williamsburg offers all the necessary medical facilities you need. The Sentara Williamsburg Regional Medical Center has a five-star rating from Medicare. It is also ranked among the top 150 hospitals in the world , cited for excellence in cardiology, neurology, neurosurgery, and spine and orthopedic surgery, among other disciplines. It is a Certified Primary Stroke Center and has state-of-the-art facilities. Williamsburg is also well known for its retirement communities , which are well integrated into the local community and offer multiple levels of care within a single campus. Health care costs are in line with the national average for comparable services. Taxes in Williamsburg Virginia’s tax climate is very senior-friendly. All Social Security income is tax-exempt, as is the first $12,000 of earned income each year. The average property tax rate in Virginia is less than 1%. But the real estate tax for the City of Williamsburg is only $0.60 per $100 or 0.60% for 2020. All prescription drugs and most over-the-counter drugs are also tax-exempt in Virginia, although there is a 2.5% tax on groceries. The maximum sales tax is 6%. Free Download: 15 Free Retirement Planning Checklists [New for 2023] Travel and recreation in Williamsburg Williamsburg is about 150 miles south of Washington, D.C., and about an hour drive from Richmond and Virginia Beach. There are three regional airports within 45 minutes, including the Newport News/Williamsburg International Airport just 15 minutes from downtown. Do you enjoy boating, fishing, and waterside views? If so, you'll love visiting Virginia's Northern Neck. Just an hour's drive north of Williamsburg, the Northern Neck is home to Irvington, Va, The Tides Inn Resort, and miles of beautiful coastline where you can enjoy crabbing, fishing, and relaxing with a good book. There are amenity-filled golf communities and golf courses near Williamsburg—Kingsmill Resort and Ford’s Colony to name just two—and the beautiful Colonial Parkway connects the city with Yorktown and Jamestown. Walkers and cyclists get their daily exercise on the Capital Trail, which connects Richmond and Jamestown. SPECIAL NOTE FOR INDIVIDUALS AGED 50+ WITH OVER $1 MILLION: Tying your $1 million+ portfolio to your retirement and tax plan can be hard. If you are interested in learning how our team of local financial advisors in Williamsburg, VA we can help fully integrate taxes, investments, and retirement income planning, click here for a free retirement assessment . Get more ideas than you thought were possible. Williamsburg is a year-round tourist destination, which means you’ll have no trouble convincing friends, family, and even the grandkids to come for a visit—Busch Gardens, Water Country USA and Freedom Park adventure center are all close by. As you can see, if you want to retire in Williamsburg, VA there are many nearby destinations for easy road trips and site seeing. Is Williamsburg, VA right for you in retirement? Williamsburg gets plenty of accolades as a top place to retire; Kiplinger’s recently ranked it among the 10 best small to medium-sized cities for seniors. CNN Money ranked it 25th overall for best places to retire. National ratings are great, but they can’t tell you if you’ll actually love it and be comfortable in Williamsburg. The only way to know is to plan a trial run. Find a short-term rental or Airbnb and spend four to six weeks actually living in the city. Attend a few churches to see if there’s a good fit, check out the local restaurants and shops, compare grocery prices, and get to know the pace of the city. Explore different neighborhoods and communities to get firsthand information about the local real estate market. Visit a couple times during different seasons so you can see if the climate appeals to you. Williamsburg is sunnier than the average U.S. city and it gets very little snow. This is the Tidewater area, so summers can be humid. Ultimately, if you want to retire in Williamsburg, VA, you'll find that it's a great place to live and enjoy life. Free Download: 15 Free Retirement Planning Checklists [New for 2023] Retire in Williamsburg, VA with a Personalized Plan Most people enter retirement with a good idea of how much income their retirement savings will generate each year. Because it’s a fairly constant amount, except for slight increases for inflation, it’s important to choose a place to retire that helps your money go farther. Tax-free Social Security, low property taxes, and $12,000 of tax-exempt earned income in retirement extends the life of your nest egg. A low cost of living lets you do more with less money - and Williamsburg, VA definitely provides that. If you’d like to know more about how retiring in Williamsburg fits with your retirement goals, get in touch today. At Covenant Wealth Advisors, we understand all the nuances you need to think about to help you achieve the lifestyle you want in retirement. As one of the only fully independent, fee-only financial advisory firms in the area, we offer expert insight and unbiased recommendations to help you make the most of your retirement. Schedule a free retirement assessment 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 . Schedule a free retirement assessment with Mark Dislcosures: Covenant Wealth Advisors is a registered investment advisor. 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.