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Understanding how much risk you are taking with your investment is important. The problem is that many investors may perceive risk differently depending upon how the risk is positioned. That's why is so important to have a financial advisor who knows how to communicate investment risk in a way you understand. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Katherine Fonville talks about how she frames the risk conversation with clients in this article from Financial Advisor IQ: When Framing Risk, Talk Dollars, Not Percentages . Read more by clicking here. 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 average stock market return for US stocks has been around 10% since 1926. That's historical fact. So, should you expect 10% returns in your portfolio if you are invested in 100% US stocks? Unfortunately, the answer is a big, no! Get your Retirement Checklist of over 30 things that you need to think about for your retirement. While average stock market returns over the long-term reveal a rosy picture, short-term results may vary. In any given period stock returns can be positive, negative, or flat. In fact, even long periods of time can produce disappointing results. When setting expectations for yourself, it’s helpful to see the range of outcomes experienced by investors historically. For example, how often have the stock market’s annual returns actually aligned with its long-term average? Let's find out. Average Stock Market Returns Through 2018 In Exhibit 1 below, you'll notice calendar year returns for the S&P 500 Index since 1926. The shaded band marks the historical average of 10%, plus or minus 2 percentage points. Shockingly, the S&P 500 Index had a return within this range in only six of the past 93 calendar years ! In most years, the index’s return was outside of the range—often above or below by a wide margin—with no obvious pattern. For investors, the data highlight the importance of looking beyond average returns and being aware of the range of potential outcomes. How Often Do We See Positive Returns with the S&P 500? Despite the year-to-year volatility, investors can potentially increase their chances of having a positive outcome by maintaining a long-term focus. Exhibit 2 documents the historical frequency of positive returns over rolling periods of one, five, and 10 years in the US market. The data show that, while positive performance is never assured, investors’ odds improve over longer time horizons. Even so, you'll notice that over 5% of the time, the S&P 500 produced negative returns over 10 year periods. This is very important to understand and accept as an investor. The potential for low or negative returns in the S&P 500 (or any market) is a major reason we recommend diversifying your portfolio beyond US stocks. If you don't accept this as an investor, you simply shouldn't invest in stocks in the first place. CONCLUSION While some investors might find it easy to stay the course in years with above average stock market returns, periods of disappointing results may test an investor’s faith in equity markets. Being aware of the range of potential outcomes can help investors remain disciplined, which in the long term can increase the odds of a successful investment experience. What can help you endure the ups and downs? While there is no silver bullet, understanding how markets work and trusting market prices are good starting points. An asset allocation that aligns with personal risk tolerances and investment goals is also valuable. By thoughtfully considering these and other issues, investors may be better prepared to stay focused on their long-term goals during different market environments. 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 [1]. As measured by the S&P 500 Index from 1926–2018. Source: Dimensional Fund Advisors LP. There is no guarantee investment strategies will be successful. Investing involves risks, including possible loss of principal. Diversification does not eliminate the risk of market loss. All expressions of opinion are subject to change. This article is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. 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.

When I was 10 years old, my father gave me a book that would forever change the direction of my life. The book was Reminiscences of a Stock Operator by Edwin LeFevre. In the novel, LeFevre brilliantly describes the life and times of the book’s protagonist, Larry Livingston, a pseudonym for Jesse Livermore, one of history’s most famous and successful traders on Wall Street. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. The story was my first introduction to the stock market and was the initial seed that fed my interest in investing. After reading it, my father and I quickly developed a unique relationship based on our shared interest in markets. Encouraged by my enthusiasm and insatiable hunger to learn, Dad graciously gave me a few thousand dollars to “invest”.  For me, my initial interest in investing was the start to a decade of success, a growing ego and, ultimately, unfulfilled expectations. For the better part of the 1990s, I made hundreds of trades in and out of stocks. I vividly recount the hours spent with my father, reading valuation sheets from the equity research company, Value Line, and scouring through the early morning delivery of The Wall Street Journal. Some of my best memories as a child were spending time with my dad, researching the next hot stock, and chatting about our next “trade.” Back then, and now, I saw my father as a hero, not so much because he was knowledgeable about investing, but because he took the time to have an interest in me.  Passion Turns to Addiction By working together, our research gave us an inside edge on identifying winning investments, or so I thought. By the late 1990s, the tech boom had started and I transitioned my investment research from Value Line to the internet. In 1996 I enrolled at Virginia Tech and received early acceptance into the business school where I began studying toward a degree in finance. My studies didn’t slow down my interest in investing, however. In fact, it only accelerated it. By 1999, I had amassed a small fortune of nearly $100,000 in my brokerage account. Unlike many of my college friends who were happy to have a few extra dollars in their pocket, I had money. With increased success, my interest in trading stocks became a passion. It didn’t take long for my passion to become an obsession, and my obsession to become an addiction. As my account grew daily by the thousands, it became more and more difficult to maintain the dopamine rush to which I had become so accustomed. Trading, and the subsequent returns that came with it, became a drug. And like all highs, the crash was soon to come. The Crash History tells the rest of the story. The tech bubble burst, and with it, so did my fortune. In a matter of months, I managed to turn nearly $100,000 into less than a few thousand dollars. Nearly every stock I owned either went bankrupt or declined so much in value that my holdings were nearly worthless. I remember sitting in my apartment wondering:  How could I make such a catastrophic mistake? After all, I'd been studying investing for most of my life! Never Let a Crisis Go to Waste I once heard that only fools let a crisis go to waste. The truth is that I felt like a fool at the time. But, I was smart enough to know that I had to learn from my experience. So, with a shattered ego and enormous regret, I decided that I would never let that experience happen to me again. My goal going forward would be to learn everything I could about creating financial security for me, my family, and those who were willing to listen. History Often Hides the Best Lessons Often we find that the most memorable side of history fails to shed light on the total story. As it turns out, the famous trader, Jesse Livermore, made millions playing the stock and commodity markets seeking great returns. He became famous and remembered for his ability to identify winners and amassed over $100 million during the crash of 1929. In life, I've found that people like to talk about the great investment decisions they made. Yet, they seldom mention the investments that didn't work out. After all, strong egos don't like to reveal weakness. As it turns out, the book  Reminisces of Stock Operator  followed the same story line. The truth is that in 1940, just six years after Livermore amassed his enormous fortune, he was found dead in the bathroom of the Sherry Netherland Hotel in Manhattan. That small fact fact never made the book. They say Livermore had taken his own life after falling into depression. Some speculate it was because he had lost his entire fortune earned just a few years earlier. Others say he died of a broken heart. In the end, Livermore died penniless because he was a speculator, not an investor. And a speculator who dies rich is a speculator who dies before his time. Speculation may provide for a great story line just as it did in the book I read as a boy, but it rarely ends up making people wealthier. ​ What I didn't realize as a young man that I do realize now, is that there is a big difference between speculating and investing. Unfortunately, most people speculate when they think they are investing. As as a result, they often end up with failed expectations at best. At worst, they destroy their own financial security and are never able to recoup. Why I Do What I Do My personal experience is why I do what I do. I've spent the last 20 years helping families avoid the mistakes I made early in life. I know that educating others on how to prudently invest can have a meaningful and lasting impact. Today, I feel good knowing that the investment principles we teach and implement for our clients at Covenant are verifiable, prudent, and defendable. We don't base decisions on speculation and we don't implement investment strategy that isn't backed by verifiable academic evidence. Some investors are turned off by our approach to investing because it's not glitzy or full of "water cooler" hyperbole. But, I'm okay with that. The truth is that prudent investing should be more like watching paint dry than playing the slots in Las Vegas. Ultimately, this is my passion. When my career is over, I hope the clients we serve will feel we've made a difference. 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.

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.

The benefits of retirement planning aren’t always obvious. But, if you’re worried about retirement, it’s imperative that you know how retirement planning can help you. Half of Americans believe it’s impossible to accurately plan for expenses in retirement. Even worse, did you know that 63% of Americans fear running out of money in retirement even more than they fear death? Get your Retirement Checklist of over 30 things that you need to think about for your retirement. With this in mind, it’s only natural to be thinking about the benefits of retirement planning in the first place. 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 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. The good news is that a handful of retirees are doing a good job living on their retirement savings. A study from Blackrock looked at retirees two decades into retirement. Across all wealth levels, more than half of all retirees still had most of their pre-retirement savings. That’s certainly good news for people currently retired. The Benefits of Retirement Planning Are More Important Now, Than Ever Before Unfortunately, the economic landscape has changed significantly since the Silent Generation retired. Of the current generation of retirees, roughly half stepped into retirement with a defined benefit retirement plan. This type of pension is a guaranteed monthly income payment for life provided by an employer. Those nearing retirement? Not so much. Employers have switched almost unanimously to savings-based retirement plans; just 15% of those born after 1945 will retire with any type of pension at all! Health care costs further complicate the picture. A couple retiring this year will spend nearly $300,000 on health care in retirement according to a study by Fidelity. That’s up 70% from their 2002 figure of just over $200,000. Medicare and prescription drug plan premiums account for about 35% of that figure. The remainder comes from deductibles, copayments, coinsurance, and uncovered expenses. Four in 10 retirees said their health care expenses were much higher than they expected. The landscape has changed. So, it’s not surprising that the fear of running out of money in retirement is a top concern. If you are in your 50s or 60s, you have a right to be worried. The good news is it’s never too late to reap the benefits of retirement planning to achieve financial security. 1. Know how much you need to retire A recent financial survey showed that 61% of adults have “no idea” how much they’ll need to retire. Estimates range from $500,000 to 25 times one’s annual salary in the year of retirement. Despite the lack of certainty, however, only one in four survey respondents sought advice from a professional financial advisor. One of the main benefits of retirement planning is knowing how much savings you need the day you leave work. You’ll also want to know how much you need to save and invest each year to get you there. 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 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. But, retirement calculations can be complex and are highly personal. If you need help, a certified financial planner can assist. He will look at your current assets and savings, income streams after retirement, and projected living expense. Together, you can develop the best approach to retirement based on your goals and risk tolerance. 2. Peace of Mind Between one-third and one-half of working-age Americans report anxiety as a result of financial stress. Of that group, nearly 60% are most concerned about their financial future as opposed to current money troubles. Financial stress robs people of sleep, productivity, and even good health. A retirement plan helps remove one of the major contributors to financial stress. This can be a big benefit! When you have a plan for retirement, you’ll have more emotional energy to focus on things that matter most to you. 3. Make smarter decisions Most financial decisions have long-term impact. But, the more complex your life becomes, the more decisions you have to make. Often those decisions don’t have a black and white answer. For example, you may want an answer to questions like: Does it make financial sense to change jobs? How can I maximize my employer benefits? When should I take social security? How can I reduce taxes? Should I purchase that vacation home? But the fact is, every pebble causes ripples in your financial pond. The more decisions you have, the more anxiety you may have about your future. When you know where you are in relation to achieving your goals, you’ll have the information you need to make wise choices. That’s a big benefit to retirement planning today. 4. Reduce your tax burden Most people don’t mind paying the taxes they actually owe—but no one wants to pay more than she has to . Tax planning for retirement is a complicated issue: What will your tax bracket be after you retire? Should you invest in a Roth or traditional IRA, or a combination of both? How will future tax law changes affect your retirement spending? Planning for tax efficiency is one of the benefits of retirement planning, especially for those approaching retirement age. The best fee-only financial planners are paid to stay abreast of changes in tax policy. You’ll also receive advice for tax-efficient spending. As a result, you’ll have more money to fund the retirement you envision. 5. Have a unified vision for retirement There’s a good possibility you and your spouse have very different ideas about what retirement will look like. You may envision a grandchildren-friendly house with a big yard strategically located between your kids’ homes. On the other hand, your spouse may envision a maintenance-free condo on a golf course in Florida. Differing opinions between spouses happens more often than you think. Planning for retirement forces those uncomfortable conversations about where you’ll live and the lifestyle you’d like to have in retirement. Even better, you’ll benefit from an objective outsider who isn’t tied to the emotion of your relationship! 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 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. Once you’re in agreement, it’s so much easier to work together to achieve your goals . 6. Prepare for healthcare expenses It’s a sobering fact that 58% of women and 47% of men will need long-term care. The average end-of-life stay is about two years and 15% will need five or more years of long-term care. This is according to a study by the AARP . It’s no surprise that the sale of long-term care insurance is growing exponentially. Just as with life insurance, long-term care premiums are lower the earlier you buy coverage. Historically, they’ve increased at a smaller amount each year, when you purchase early. For example, if you buy a policy in your 50s, premiums go up an average of 2% to 4% per year. If you’re in your 60s, the average increase is between 6% and 8% per year. If a new home is part of your unified vision for retirement, buying at today’s prices will set you up with built-in equity when you’re ready to retire. We’ve found that home equity can be a great resource for the tail end of retirement. As it turns out, you may end up living in a continuing care retirement community and that can be expensive. The equity in your home can help pay for your future healthcare needs. When you have a retirement plan in place, you’re positioned to save now on the things you know you’ll want or need in the future. Preparing for healthcare costs can big an important benefit to planning for retirement. 7. Retire on your own terms Eight in 10 workers want to retire before age 65. The reality is that fewer than half of them will be financially prepared when they’re ready to quit working. Here are a number of reasons that retirement could be delayed: Delayed Social Security eligibility Increased health care costs Stock market declines and corrections Lower levels of savings All of these obstacles will keep many people in their jobs much longer than they’d like. Retiring on your own terms is one of the major benefits of retirement planning. When you know you’re financially prepared, you can leave your job when you’re ready. But, don’t think you have to leave altogether. Many retirees choose to pursue charitable part-time or unpaid work instead. 8. Leave a meaningful legacy The fact is, everyone leaves a legacy; the question is what kind of legacy you leave behind? For many people, a life well lived, filled with family, friends, and the financial security to enjoy them is more than enough. Others want to provide education for their grandchildren or give to a charity such as their church. The benefits of retirement planning aren’t limited to just your money today. A good plan will also include estate planning. Proper estate planning can help you leave a legacy that has meaning for you and your loved ones. Conclusion Retirement planning isn’t just for workers just starting out; it’s especially helpful when you’re ready to re-evaluate your plans as you prepare to retire. The truth is that great advice can be priceless. You’ve spent most of your life working hard and raising a family. You owe it to yourself to realize the many benefits of retirement planning. At Covenant Wealth Advisors , we specialize in retirement, tax, and estate planning for those looking to retire within the next 10 years. We’re happy to review your financial situation and retirement goals to help you develop a retirement plan that ensures you achieve them. Talk to one of our experienced CERTIFIED FINANCIAL PLANNER professionals 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 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.

You may be familiar with the phrase “what’s yours is mine and what’s mine is yours.” A motto many married people live by, it is the understanding that two people come together to share one life. They give themselves to each other and vow to work together until death do they part. Sweet, huh? Now is a great time to look at Social Security spousal benefits: how they work and when they make the most sense for you and your sweetheart. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Like a Rose Robert Burns, a Romantic-era poet, gives us the image of love as a red, red rose. One that is sweetly sprung in June. The opening of the flower represents the opening of the two hearts and the invitation into the other’s lives. That invitation to share one’s life with another includes many things that aren’t inherently thought of as romantic. One of those things is your finances. Spousal Social Security benefits are designed to help you and your spouse with your financial management in retirement. Let’s take a look at the ins and outs of this benefit to see when it will work for you. Spousal Benefits Explained Social Security Spousal Benefits can be claimed under three different circumstances: Current spouse Widowed spouses Ex-spouse - If married for over 10 years and not remarried prior to age 60 A rose by any other name. No matter the name, the benefit still smells as sweet. This might not be quite what Shakespeare had in mind when he thought up this phrase, but it certainly works with social security spousal benefits. Current Spouse Social Security Benefits Spousal benefits are maximized when your spouse has contributed a maximum of 40 credits (10 years of earnings years) into the social security system. The amount of your benefit is dependent upon the earnings of your spouse. The more your spouse paid into social security, the higher your benefits will be. Even if you never worked or contributed to social security on your own, you can still qualify for benefits. Spousal Benefit Eligibility Requirements: You must be at least 62 years old Your spouse must be receiving social security retirement or disability benefits Spousal benefits grant the spouse 50% of their spouse’s benefit once they reach full retirement age. If your own benefit is higher than 50% of your spouses, you will continue receiving your own benefit. Example 1: One earner in family John and Mary are a married couple and John is the primary earner in their family. John’s Social Security check is $1300 per month at full retirement age. Mary’s spousal benefit at her full retirement age is ½ of John’s benefit, even though she did not work. The most Mary can receive is $650. This benefit is often the most helpful for couples who had one person as the primary earner. But what if both people have a work record? Your Social Security benefits are calculated first, and any spousal benefits will be added to your earned benefit. If your benefit is less than half of your partner’s benefit, your spousal benefit will kick in to make up the difference. Example 2: Two earners in the family John and Mary are a married couple and both John and married work. John receives a benefit of $1300 per month at full retirement age. Mary, who worked for the first 10 years of their marriage, is eligible for $500 per month based on her own work record. Since Mary’s benefit of $500 is less than half of John’s benefit ($650), Mary will receive a spousal benefit of $150 to make up the difference. Remember, this only works if the lower-earner benefit is less than 50% of the higher-earner. For example, if the higher earner benefit remained at $1300 and the lower earners were $850, no spousal benefit would be granted since the $850 is more than half of $1300. The key here is that you both begin claiming the benefit at full retirement age. If you and your spouse wait to claim Social Security until your full retirement age, you will be eligible to receive the full benefit. If one spouse claims early, the overall benefit will be permanently reduced, which could negatively impact your retirement funds. Coordinating with your partner when each of you will begin claiming benefits will dramatically increase your retirement income. Spousal Benefits Strategy: Were you born before January 2, 1954? If so, you may choose to file for restricted application. This occurs when you file to receive your spouse’s benefit upon reaching your full retirement age. Doing so allows your own benefit to grow until you reach age 70. Upon reaching age 70, you can file for your own benefit which can be substantially higher than the spousal benefit. This advanced strategy has the potential to increase your lifetime benefits by tens to sometimes hundreds of thousands of dollars. But, it doesn’t work for everyone so be sure to get expert advice. Survivor Benefits for Widows Death can be a difficult conversation for many of us. But, when it comes to losing your spouse, it may be a bit more comforting to know that social security provides survivor benefits. To maximize your survivor benefit, delay filing for benefits until your full retirement age. If you were born between 1945-1956, then age 66 is your full retirement age. Thereafter, full retirement age increases to age 67. However, you are able to receive reduced benefits as early as age 60. The amount of income you receive from social security will depend on the lifetime earnings of you and your spouse. In general, if you are a surviving spouse and you are at full retirement age or older, you will receive 100% of your spouse’s benefit amount or your own benefit, whichever is higher. If you are a surviving spouse and you are between 60 to full retirement age, then your benefit will be 71 ½% to 99% of your spouse's benefit. If you are disabled and aged 50 to 59, then you will receive 71 ½% of your spouse’s benefit. If you have dependent children, you may receive additional survivor benefits based upon your age and situation. A Thorn in the Rose - Ex Spouse Benefits Sometimes, marriage ends in divorce. As time goes on, you may find yourself in love with a new life partner. When this happens, the decision to remarry can raise discussions around personal finances. I’d like to bring in a quote from Mr. James Joyce, a famous Irish author, to give us a different take on combining finances. He is quoted as saying “what’s yours is mine and what’s mine is mine.” Not the romantic type, I guess. But he does bring up an interesting point: how much do you have to give up in order to remarry after divorce? If you’ve finalized a divorce and if your marriage lasted 10 years or more, you may be entitled to surviving divorced spouse benefits. To qualify for benefits, you must be age 60 or older. Even better news, your former spouse won’t lose benefits just because you receive benefits based on his or her work record. This can help avoid the potential for awkward conversations with your former spouse. How much are benefits? Your benefits will be calculated based on your former spouse’s earnings record and your own. It’s possible that getting remarried can have a positive or negative impact on your social security benefits. While we’d never condone avoiding marriage based on finances alone, be sure to talk to the social security administration before you tie the knot. Grow Your Own Garden Spousal Social Security benefits are often misunderstood by many Americans. They are put in place in order to help married couples with their retirement income. But as you can see from above, the concept of maximizing social security spousal benefits is much more complicated than meets the eye. It is important to have open, honest, and transparent conversations with your spouse or partner about what arrangement makes you most comfortable and how you will make your finances bloom for years to come. Need help with starting these conversations, or want a mediator there to help facilitate them? Contact us today ! We’d love to help you start an open conversation with your spouse or partner about social security benefits and estate planning. 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.

What is your retirement savings goal? Have you established a dollar target that you have confidence in? It can be tough to do when there are so many mixed messages and competing demands for cash. If you’re looking for a straightforward answer, or simple way to set the bar, you may be coming up empty - and that’s actually a good thing. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. Retirement savings goals should be unique for you and your household and a general “rule of thumb” for retirement savings won’t necessarily get you where you need to be. Develop a Retirement Savings Goal That’s Unique to You It’s impossible to use a generic savings goal because your expenses are going to be different than everyone else’s. You need to get a good read on your fixed expenses like electricity, food, health and medical needs during retirement, living situation, lifestyle decisions, and more. Instead of trying to reach an arbitrary savings goal - like $1 million or $2 million - by the time you retire, take the time to develop a goal that’s tailored to your specific situation throughout your retirement. No one can predict the future, so we need to start with today’s best idea of the retirement picture that you envision and that will take care of your “needs” while also reaching your strong “wants” and even a few “wishes”. When you tailor a retirement savings goal that fits your specific needs, you’re able to: Account for hobbies you want to pursue in retirement such as travel Prepare for any family-related or hereditary medical problems that could result in hefty expenses Prioritize your spending in a way that lines up with your values Decide how you want to leave a legacy through charitable giving, or providing for your family - and incorporate that into your retirement savings goal Are you ready to get started developing your unique retirement savings goal? Let’s dive in. Start By Listing Your Expenses According to a recent NerdWallet study , retirees spend an average of $3,507 after-tax each month on living expenses. This figure can be divided up into several expense categories: Information on Expense Estimates from NerdWallet When listing your retirement expenses, be as comprehensive as possible. These percentages are a good baseline to help get you started on brainstorming expense categories and knowing roughly what to expect. But, you’re bound to have some that are completely unique to you. For example, some clients we serve anticipate spending $35-40,000 on a new car every 7-8 years in retirement, while others may only spend $25,000 every 10 years. While not reflective of the “average” family, we often find that our clients want to travel more in retirement. The cost of travel can increase annual retirement expenses by $10,000 to $15,000 per year! A sound retirement plan should incorporate these quality of life goals as well. Your location can also be a major factor when it comes to ‘cost of living’. For example, individuals living in Richmond, Va can expect to pay nearly 41% less in living expenses than those in Washington DC. Some folks choose to relocate in retirement to be near kids or take advantage of lower state taxes. It’s also wise to leave yourself a little bit of wiggle room when gauging your expenses. Don’t “round down” when trying to figure out how much you might spend in one category or another. Be as realistic as possible, then you can budget for the unexpected on top of your realistic expense projections. There’s no reason to hold yourself to an impossible standard of sticking to your current projections down to the penny. Sometimes, life happens. That could mean you’re blindsided by a hefty medical expense after you retire. Or maybe you find a new hobby you’re really passionate about as a retiree. Bottom line, you need to give yourself some space to live your best retirement, no matter what that looks like as the years go on. Reaching Your “Number” Once you know what expenses you anticipate, and have allowed some flexibility for life’s uncertainties, you can work backward to reach your retirement savings goal. This part of the process is relatively straightforward. Calculate the total annual expenses you’ve estimated. Then, reduce this number by guaranteed sources of annual income like pensions and social security. Now, multiply the balance by 25. Again, it’s wise to give yourself some wiggle room here. You want to plan with longevity in mind, meaning you want to plan for a long, healthy, and happy life when it comes to your retirement savings. Retirement Savings Goal Example: Joe and Susan estimate their annual after-tax fixed living expenses to be $55,000 per year. They plan on spending an additional $15,000 per year on travel and $12,000 per year on healthcare related expenses. Their combined spending comes to $82,000 per year in after tax dollars. Additionally, they will receive $35,000 per year in guaranteed income from social security. This means they have an additional income need per year of $82,000-$35,000 = $46,000. To determine their retirement savings goal, multiply $46,000 x 25 = $1,150,000. This is a rough estimate of how much Joe and Susan will need in retirement savings. Does that number look daunting? Don’t worry. Chances are, it’s not as bad as you may think. This is the number you’re aiming to save (in addition to what you already have put away), but in most cases, it doesn’t all need to come directly from you. Some part of your retirement savings will grow over time, as your funds continue to grow in their diversified investment accounts. If you’re working on coming up with your unique retirement savings goal, it can help to speak with a financial advisor about where you currently stand, and what you need to do to put yourself on the path toward success. Getting expert guidance to create a personalized retirement cash flow analysis can help. At Covenant Wealth Advisors, we work with clients who are nearing retirement, or currently going through the retiring process, to develop a comprehensive financial plan that addresses everything from their expenses during retirement to the mitigation of taxes on their retirement income. 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.

As we enter 2019, you may be questioning the benefits of diversification. With US stocks outperforming non-US stocks in recent years, some investors have again turned their attention towards the role that global diversification plays in their portfolios. After all, for the five-year period ending October 31, 2018, the S&P 500 Index had an annualized return of 11.34% while the MSCI World ex USA International Index returned 1.86%, and the MSCI Emerging Markets Index returned 0.78%. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. As US stocks have outperformed international and emerging markets stocks over the last several years, some investors might be reconsidering the benefits of investing outside the US. While there are many reasons why a US-based investor may prefer a degree of home bias in their equity allocation, using return differences over a relatively short period as the sole input into this decision may result in missing opportunities that the global markets offer. While international and emerging markets stocks have delivered disappointing returns relative to the US over the last few years, it is important to remember that: 1. Non-US stocks help provide valuable diversification benefits. 2. Recent performance is not a reliable indicator of future returns. Let's take a look at three little known benefits to diversification. THERE’S A WORLD OF OPPORTUNITY IN EQUITIES The global equity market is large and represents a world of investment opportunities. As shown in Exhibit 1, nearly half of the investment opportunities in global equity markets lie outside the US. Non-US stocks, including developed and emerging markets, account for 48% of world market capitalization and represent thousands of companies in countries all over the world. A portfolio investing solely within the US would not be exposed to the performance of those markets. As of December 31, 2017. Data provided by Bloomberg. Market cap data is free-float adjusted and meets minimum liquidity and listing requirements. China market capitalization excludes A-shares, which are generally only available to mainland China investors. For educational purposes; should not be used as investment advice. The Lost Decade We can examine the potential opportunity cost associated with failing to diversify globally by reflecting on the period in global markets from 2000–2009. During this period, often called the “lost decade” by US investors, the S&P 500 Index recorded its worst ever 10-year performance with a total cumulative return of –9.1%. However, looking beyond US large cap equities, conditions were more favorable for global equity investors as most equity asset classes outside the US generated positive returns over the course of the decade. (See Exhibit 2.) Expanding beyond this period and looking at performance for each of the 11 decades starting in 1900 and ending in 2010, the US market outperformed the world market in five decades and underperformed in the other six. This further reinforces why an investor pursuing the equity premium should consider a global allocation. By holding a globally diversified portfolio, investors are positioned to capture returns wherever they occur. S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. MSCI data © MSCI 2018, all rights reserved. Indices are not available for direct investment. Index performance does not reflect expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. Pick a Country Are there systematic ways to identify which countries will outperform others in advance? Exhibit 3 illustrates the randomness in country equity market rankings (from highest to lowest) for 22 different developed market countries over the past 20 years. This graphic conveys how difficult it would be to execute a strategy that relies on picking the best country and the resulting importance of diversification. Source: MSCI country indices (net dividends) for each country listed. Does not include Israel, which MSCI classified as an emerging market prior to May 2010. MSCI data © MSCI 2018, all rights reserved. Past performance is no guarantee of future results. Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. In addition, concentrating a portfolio in any one country can expose investors to large variations in returns. The difference between the best- and worst performing countries can be significant. For example, since 1998, the average return of the best performing developed market country was approximately 44%, while the average return of the worst-performing country was approximately –16%. Diversification means an investor’s portfolio is unlikely to be the best or worst performing relative to any individual country, but diversification also provides a means to achieve a more consistent outcome and more importantly helps reduce and manage catastrophic losses that can be associated with investing in just a small number of stocks or a single country. A DIVERSIFIED APPROACH Over long periods of time, investors may benefit from consistent exposure in their portfolios to both US and non US equities. While both asset classes offer the potential to earn positive expected returns in the long run, they may perform quite differently over short periods. While the performance of different countries and asset classes will vary over time, there is no reliable evidence that this performance can be predicted in advance. An investment management approach to equity investing that uses the global opportunity set available to investors can provide diversification benefits as well as potentially higher expected returns. Get in Touch With Us Mark Fonville, CFP® Mark has over 18 years of experience helping individuals and families invest and plan for retirement. He is a CERTIFIED FINANCIAL PLANNER™ and President of Covenant Wealth Advisors . Schedule a free intro call with Mark 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. Source: Dimensional Fund Advisors LP. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results. Diversification does not eliminate the risk of market loss. There is no guarantee investment strategies will be successful. Investing involves risks, including possible loss of principal. Investors should talk to their financial advisor prior to making any investment decision. All expressions of opinion are subject to change. This article is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Investors should talk to their financial advisor prior to making any investment decision. [1]. The total market value of a company’s outstanding shares, computed as price times shares outstanding. [2]. Source: Annual country index return data from the Dimson-Marsh-Staunton (DMS) Global Returns Data, provided by Morningstar, Inc.

Happy New Year! At the start of each year, we often dream up new visions for what we want our lives to look like, and those dreams take the form of resolutions. These resolutions allow us to reflect on the things in our lives that we would like to change. Have you made any resolutions this year? If not, you should put savings at the top of the list. You may be thinking, why should I make a resolution that won’t last? Get your Retirement Checklist of over 30 things that you need to think about for your retirement. But the reason that about 80% of resolutions fail is because they aren’t rooted in intention. Without intention, or a distinct “end goal” that makes your resolution relevant, it’s tough to find the motivation to follow through. So, don’t simply say you want to save more this year. Instead, put an intention or motive behind it and think about why you’d like to save. There are so many different ways to save, and each has its own “why” behind it. Building an Emergency Fund Picture this: A frost covered night in the thick of January. The brisk wind forces the snow to harden into ice, even the door seems to shake each time you open it. The pipe inside your crawl space bears the brunt of the wind’s rage and begins to freeze. Unable to withstand the pressure caused by the ice’s expansion, the pipe bursts. Water damage holds the largest expense when a pipe bursts, leaving you responsible for a $5,000 or more clean-up fee. What do you do now? This is where an emergency fund comes in. Designed to live in a separate, high interest account, an emergency fund is there to help pay for unexpected costs. Emergency funds are a safeguard against numerous curve balls life can throw your way such as: House repairs Car repairs Long-term injury Surgery Unexpected travel for ailing family members Loss of employment An emergency fund is the physical manifestation of the phrase “just in case.” Building one is imperative so that when an emergency does occur, you aren’t forced to take out loans, max out your credit line, or go into debt. How Much Cash Should You Have on Hand? Since emergency funds help ward off debt in unfavorable circumstances, we often advise clients who are still working to keep anywhere from 6-12 months of living expenses in the account. If you have a family to support, have only one earner in the family, or have a career that may take a long time to find a job replacement, you may need even more than that. If you are retired, we often advise clients to keep closer to 18 to 24 months of living expenses, if possible. This can help mitigate the risk of running out of money when taking portfolio income withdrawals during stock market declines. Think through your fixed living expenses including: Rent/mortgage Food Utilities Healthcare and insurance premiums How much do you spend on these expenses per month? Use that number to calculate your projected expenses and work toward that goal. If you unexpectedly lose a job, for example, you will want to have a contingency plan with savings to cover your house payment until you are able to secure additional work. Emergencies are not easy, often wrapped in stress and anger. With an emergency fund, you at least give yourself some breathing room to deal with the situation without having to immediately panic about your finances. What an Emergency Fund is NOT For We have talked a little bit about what an emergency fund is for, but it is also important to talk about what it isn’t for. Planned large purchases House Car Education Vacation Recreational spending Avoid the temptation to dip into your emergency fund for personal spending. You have spent a lot of time building the fund, discipline yourself to save it for when you actually need it. It's also important to remember that your emergency fund isn't intended to cover business expenses. If you own your own business, keeping your finances separate is a huge challenge. Do not use your emergency savings for business costs. Emergency situations can devastate your finances if you are not prepared for them. Once you have established an emergency account, keep it separate from your other financial obligations. By separating it, you will be less tempted to draw money from that account for non-emergency purposes. Where Should You House Your Account? Emergencies happen unexpectedly and often at the most inopportune times. That being said, you want to have your emergency savings as liquid as possible. Liquidity simply means the rate at which your money can be turned into cash. There are many prevailing theories as to where you should store your emergency cash, but the truth is it shouldn’t ever be housed anywhere except a traditional or high-yield savings account. Investing your emergency fund puts it at risk based on stock market volatility, or even normal portfolio fluctuations over time. We want you to be able to access your funds in case of an emergency - and that means keeping them secure in a low-risk savings account. One of the simplest ways is to open up a separate savings account through whichever bank you like the best. Opt for one that gives you the best interest rate. While many savings accounts are earning less than 0.50%, there are a handful of options that pay considerably more interest. High interest savings and money market accounts you may consider include: American Express High Yield Savings Max My Interest Capital One 360 Money Market Savings and money market accounts are low risk, your money is fully accessible and liquid, and yields are making a comeback, creating a great option for your emergency savings account. There are many ways for you to save money. An emergency fund is there to protect you and your family when the unexpected occurs. No one knows what 2019 will bring, so try and be prepared for whatever tricks it has up its sleeve. Beyond Emergency Savings Unfortunately, many Americans don’t have an emergency fund in place, even as they get closer to retiring. In fact, many of the high net worth families we serve often overlook the benefit of keeping reserves on hand. However, you may also find yourself on the opposite end of the spectrum: worrying about having too much cash sitting around in a savings account. If this is you, you have a unique advantage. You’re able to start building a financial strategy that helps you to earn more interest on your savings, and potentially boost your retirement income for the next several years. Need help allocating your savings? Reach out ! We’d love to help you build a strategy that’s unique to your financial goals and needs. 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.

You have a beautiful home that you've enjoyed for years. Right? But since your adult children have moved out, it’s empty more often than not. As you struggle to keep up with the housework, home maintenance, and landscaping, you might wonder if it’s time to move to a retirement community in Williamsburg, Va . Moving to a senior living community before you need assisted living, nursing, or memory care carries many advantages, especially for active adults. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. With nearly a dozen communities catering to the unique needs of 55+ retirees, your likely to find a perfect location in Williamsburg, Va. But, not all senior living communities are the same. While Williamsburg has some great communities, there are three primary types of services you need to understand: Independent care Assisted living Memory care Nearly all retirement communities provide independent care, but only a handful provide what is now called a Life Plan Community (formerly known as a Continuing Care Retirement Communities are CCRC for short). In short, a life plan community in Williamsburg, VA should: Offer more than one level of care on a single campus Have a focus on an active lifestyle Be integrated into the community with an emphasis on giving back and being socially responsible. In addition, you'll want to evaluate many different factors including accreditation and awards, independent living options, activities, dining, health and fitness facilities, and of course, health care services. Is healthcare a concern? Don't worry. Williamsburg has two major hospitals supporting a population of 15,000 people. While many retirement communities have healthcare services, you can rest easy knowing knowing there are great hospitals nearby. Do you like to travel and enjoy day trips? Retirement communities in Williamsburg have that covered. Travel is easy with an Amtrak station and three airports located within just an hour from Williamsburg. But, you don't have to go far for fun. When your grandchildren visit, you'll have a blast taking them to Water Country USA, Busch Gardens, and Colonial Williamsburg . These three major tourist destinations are located just miles from most retirement communities. Moreover, many retirement communities in the area are conveniently located near medical centers, shopping centers and pharmacies. Equally as important, they provide free transportation for seniors. Finally, retirement communities in Williamsburg make it easy for you to enjoy life. Meet new friends your own age, engage in activities arranged by the community, and enjoy your golden years in vibrant and safe neighborhoods. Here is a run down of the major retirement communities in or around Williamsburg, VA. Brookdale Senior Living Brookdale Senior Living in Williamsburg provides exclusive Independent Living, Assisted Living and Memory Care services for seniors suffering from Alzheimer’s and Dementia. With a continuum of care, Brookdale is designed to support seniors who have independent lifestyles and those needing assistance with daily activities. Residents have the security of knowing they can life at the community for life. You won't have to relocate and separate from your familiar surroundings, should your needs change over time. If you want to get the most out of life, you'll appreciate that Brookdale participates in the Optimum Life® initiative. This program helps seniors start their journey towards maintaining overall health and well-being. As a resident, you will learn how to balance the emotional, physical, spiritual, intellectual and social aspects of your life for lifelong fulfillment. Independent Living Options at Brookdale Brookdale has multiple floor plans available for both independent living and assisted living needs. Plans are pet friendly and include one or two bedroom apartments with furnished units available. Some units may include a balcony as well. Brookdale management also assures incoming residents they have services available to address the changing needs of seniors who can continue living as they please. Activities at Brookdale Brookdale offers a handful of activities for active seniors. While not the most robust menu of activities on the list, you enjoy: Excursions into Williamsburg, Jamestown, the Williamsburg Winery and the DeWitt Wallace Decorative Arts Museum. Swimming in the outdoor pool Game room w/billiards Piano Arts & crafts studio Putting green Gardening/greenhouse Ammenities at Brookdale Community amenities include an onsite cafe, chapel, computer rooms, educational services, fitness center and library. The community also has a full-service dining room. Transportation services are available to independent and assisted living residents. Staff professionals offer speech and physical therapy as well as help with residents dealing with incontinence. Learn more about Chambrel at Williamsburg by calling (757) 220-183. Williamsburg Landing If you're looking for a premier, fully accredited retirement community, look no further than Williamsburg Landing. Nestled in the gorgeous countryside of Tidewater, Williamsburg Landing is a 137-acre senior retirement community consisting of apartments and cluster homes in a luxurious resort setting. "The Landing", as the locals call it, offers independent living, assisted living, and memory care. As a result, Williamsburg Landing is a Life Plan Community . It is the first and only CARF-CCAC accredited Life Plan Community in the Hampton Roads area of Virginia. Only 15% of accredited Life Plan Communities in the country are awarded this distinction! Living Options at Williamsburg Landing The Landing offers independent living at its best. As a resident, you'll enjoy residing in maintenance-free, independent living accommodations. Chose from single-family homes to luxurious apartment settings. Architectural styles of Williamsburg Landing homes include executive-style ranch, charming cottages, and lovely Colonials. Various floor plans and square footage options are available to accommodate senior singles and couples. Pets are also allowed at Williamsburg Landing. Residents are within walking distance of convenience stores, shopping centers and fine dining restaurants. Activities at Williamsburg Landing If engaging with others, building relationships, and living your passions is important, you may just find it at Williamsburg Landing. You'll find new hobbies, enjoy existing hobbies, and even dive into the arts, music, and theater. The Landing offers may activities for active seniors including: Art exhibits by residents and staff Art and pottery classes Museum trips Author presentations Music and opera Theatre Trips to in-state and out-of-state places of interest Learning class Charitable functions and giving back Bible studies Honestly, the list is so long, you won't run out of things to do! Dining Options at Williamsburg Landing The Landing has many dining options. Whether you are seeking a healthy meal or a once a week binge on great cooking, you definitely won't go hungry. You'll enjoy a main dining room at The Landing Building which includes many dishes and alternating menus. Residents will also enjoy a more casual atmosphere located at the Cove Cafe. Health Care Services at Williamsburg Landing Pricing for Williamsburg Landing Fees can vary greatly at Williamsburg Landing depending upon the With a 4 1/2 star rating on Google reviews as of this writing, Williamsburg Landing is loved by its residents. Learn more about Williamsburg Landing by calling 800-554-5517. WindsorMeade Retirement Community Developed within the Historic Triangle near historic Williamsburg, WindsorMeade is a gated community boasting a five-star Medicare certification rating. If good healthcare is a major financial concern for you, WindsorMeade may a great option. Spacious, single family villas and apartments complemented with many amenities are available to 55+ adults. You’ll enjoy the comfort and convenience of a 2400 sq. ft. clubhouse for private use as well as catering services for family gatherings. This community also provides meal deliveries for residents who have become temporarily home bound. Transportation is available for scheduled trips, church services, medical appointments and other planned events. Members of WindsorMeade in Williamsburg can access preventative health services such as blood pressure checks and lab work, attend recreational activities and classes on crafts and computer literacy. For residents recovering from illness or surgery, WindsorMeade offers rehabilitation therapy and massage therapy services provided by licensed professionals. Active seniors will enjoy swimming, tennis, walking paths and even strength training equipment. If staying in good physical shape and maintaining mental health is important to you, WindsorMeade has the amenities you need. An onsite convenience store, pharmacy and gift shop make it easy for seniors to accomplish essential daily tasks independently. For more information about WindsorMeade, call 866-403-5503. The Patriots Colony in Williamsburg Patriots Colony is a 55+ retirement community exclusively for men and women who served our country, civil servants, and officers in the armed forces. Patriots Colony in Williamsburg is built on over 90 acres of protected woodland. In addition to providing independent living residences, this Williamsburg retirement community offers a continuum of care services open to seniors with a non-military background who need skilled nursing car and/or assisted living services. Independent living residents at The Patriots Colony are guaranteed priority access to the community's Springhouse Memory Care and the Berkeley Assisted Living program. The Patriots Colony also has an onsite medical clinic staffed with healthcare professionals associated with Riverside Health System in Williamsburg. The Canon Community Center offers daily fine dining, educational, wellness and social opportunities. Learn more about The Patriots Colony in Williamsburg by calling 800-716-9000 or 757-220-9000. Dominion Village at Williamsburg Living options at Dominion Village include one or two bedroom apartments for independent living or assisted living seniors. Transportation is provided to nearby medical clinics and hospitals and single or multiple pets are welcome. Amenities and services include: Restaurant dining Wellness/exercise programs Recreational/educational/social activities Free Wi-Fi Game rooms Hair salons Laundry/housekeeping services. Residents of Dominion Village need only travel a short distance to visit the Botanical Gardens, Busch Gardens, Colonial Williamsburg and public parks. Do you like wine? A spectacular winery offering bi-monthly tasting events is a favorite place for residents to visit and explore the historic farm and 300 acres of land on which the winery is built. Dominion Village community members have access to a spacious private dining room for family events, secured outdoor areas and immediate snow removal. There is also a variety of exciting volunteer opportunities for independent living residents who want to give back to their community. To learn more about Dominion Village senior living Williamsburg VA residents can call (757) 258-3444. The Settlement at Powhatan Creek Located adjacent to the sparkling Powhatan Creek waters, the Settlement at Powhatan Creek offers seniors quality lifestyle living in low-maintenance townhomes or single family homes. One of the most popular amenities at this retirement community is The Resident's Club, a 15,000 sq. ft. clubhouse featuring indoor/outdoor swimming pool, locker rooms/showers, game room, ballroom, tennis court and fitness rooms. In addition, all residents can reserve The Resident's Club for special occasions. Homes available at The Settlement at Powhatan Creek feature first floor master suites and a main level living area. Townhouses and single family homes all have at least two bathrooms, two bedrooms and attached garage. Three bedroom and two attached garage homes are available. Residents pay an affordable monthly homeowners association fee to enjoy free outdoor maintenance services such as mowing, snow removal, and landscaping. Golf enthusiasts living at the Settlement will love the fact that the Williamsburg National Golf Club is just a five-minute drive away. Do you like to shop? Shopping aficionados can spend all day at the Williamsburg Premium Outlets shopping complex less than 15 minutes from their home. Talk to a staff member at The Settlement at Powhatan Creek to learn how you can book a tour by calling (757) 903-4690. The Villas at Five Forks Villas at Five Forks is a senior retirement community in Williamsburg offering park-like surroundings, tree-lines avenues, walking trails and scenic ponds. Each maintenance-free home was professionally designed to accommodate 55+ active adults with open floor plans, first floor master suites and minimal maintenance exteriors. With New Town and James River just outside the doors of residents' homes, fine dining, shopping and a spectacular variety of recreational venues. While most retirement communities in Williamsburg VA provide members only clubhouse amenities, the Villas at Five Forks offers that and more. The community clubhouse has a spacious layout featuring chairs, tables and a large kitchen to accommodate large parties. Residents can also take advantage of the clubhouse billiards room, fitness center and outdoor and indoor heated pool whenever you wish. Watch sports on large, flat-screen televisions, have barbeque get-togethers in the summer or relax by the fireplace during winter with a good book. If you like newer construction, you’ll appreciate that construction of the Villas at Five Forks homes began in 2008 and was completed in 2013. Villa-style homes are located in quad-structure style and range in size from nearly 1,800 sq. ft. to 2,200 sq. ft. Incoming residents can choose among four floor plans offering two or two and a half bathrooms, two or three bedrooms, and one attached two-car garage. The Windsor and Chateau homes have a guest suite on the second floor and first floor master suites. The Canterbury and Abbey homes are single family, single level homes. All homes have optional patios, glass-enclosed verandas and open kitchens. As a resident of the Villas at Five Forks, you don’t need to worry about mowing your lawn, maintaining your driveway or building maintenance. A reasonable homeowners association fee takes care of all these expenses. This retirement community is conveniently located near Colonial Williamsburg, the Golden Horseshoe Golf Club, art museums, restaurants, spas and boating opportunities in the Chesapeake Bay area. Call The Villas at Five Forks today at (757) 645-2506 to get information about living at one of the leading retirement communities in Williamsburg VA. Verena at the Reserve in Williamsburg With upscale apartment living for seniors complemented by active lifestyle amenities, the Verena at the Reserve in Williamsburg offers homes featuring colonial-style architecture and beautifully landscaped lawns. Verena at the Reserve has one-bedroom and two-bedroom apartment options, with balcony, patio and den options. Floor plans range between 665 sq. ft to a comfortably roomy 1300 sq ft and include nine-foot ceilings, full kitchens sparkling with attractive granite countertops, full-sized appliances, hardwood cabinets and elegant crown molding. Amenities and services provided by the Verena at the Reserve include: Meals prepared by chefs and served restaurant style Exercise/wellness programs and classes Bi-monthly housekeeping Scheduled transportation Education and social programs Landscaped walking trails Cable TV and utilities included in monthly home payment Concierge services for assistance with salon appointments, dry cleaning and fresh flower delivery Professional maintenance and repair technicians Refreshments offered throughout the day Guest suites for family and friends Library Film theater Outdoor patio with benches, tables, firepits and gazebos The Verena at the Reserve is also a pet-friendly, senior living community. Call 757-345-2995 to schedule a visit or to learn more about this Williamsburg retirement community. Morningside of Williamsburg Located in McLaws Circle near the Covenant Wealth Advisors office and within a few miles of Busch Gardens and Kingsmill, Morningside of Williamsburg provides independent living and assisted living services for people with dementia or Alzheimer's disease. With over 85 private, one and two bedroom apartments situated on landscaped grounds, Morningside residents enjoy healthy dining amenities, 24-hour staff, daily recreational and educational activities and wellness programs. Additional amenities include an onsite barber shop, beauty salon, free wi-fi, housekeeping services and on-demand transportation. Morningside of Williamsburg accommodates couples, single individuals, retired military and seniors requiring assistance with transportation to medical facilities nearby. This retirement community is also pet-friendly, permitting both multiple pets and large breed dogs. Outdoor recreation opportunities, golf, concerts, art festivals, shopping and hospitals are just minutes away from Morningside, including the historic attractions of Colonial Williamsburg. Memory care services offered at this assisted living facilities (ALFS). Services include help with personal care, making sure residents are taking medication on time, and engaging residents in daily activities meant to improve emotional and physical health. Assisted living facilities like Morningside of Williamsburg further improve the ability of residents to remain as independent as possible. They do this by incorporating housing color and structural designs proven to reduce stress and anxiety in residents needing assistance. Many people with memory issues do not require extensive medical care but rely on others to help them perform daily tasks than can be provided by home health aides. An assisted living retirement community such as Morningside offers the ability for residents to live independently in their own separate apartment if they have minor to moderate memory issues. Along with meals, transportation and housekeeping services, Morningside makes sure residents get to all scheduled medical appointments, attend field trips with other members of the community and remain involved in hobbies they enjoy. Learn more about Morningside of Williamsburg by calling (757) 221-001. Four Seasons at New Kent Vineyards Offering privacy and tranquility to seniors over 55 in a cosmopolitan ambiance, the Four Seasons at New Kent Vineyards gives seniors the option of choosing from a dozen different home designs. Located just 30 minutes from Williamsburg in New Kent County, the Four Seasons is within short driving proximity to airports, fine dining, shopping/boutiques and medical centers. First-class amenities at the Four Seasons include the Rees Jones golf course and the 18-hole golf course at New Kent Vineyards . Residents also have 24/7 access to the Four Seasons' community clubhouse. The clubhouse comes complete with meeting rooms, state-of-the-art exercise center and catering kitchen. Home designs include large, four-bedroom and three or four bathroom floor plans as well as two or three bedroom homes. Single family residences have suites and open kitchens with options for two car-garages, lofts or dens. Spacious rooms have nine-foot ceilings and windows allowing plenty of sunlight to stream in during the day. Popular destinations for Four Seasons residents are the New Kent County Historical Society , Martha Washington's birthplace, Colonial Downs Strawberry Races and St. Peter's Church. Having the Richmond International Airport less than 30 minutes from the Four Seasons makes it easy for family and friends to visit you any time of the year. Learn more about this wonderful Williamsburg retirement community by calling 703-885-7265. The Cost of Living in a Retirement Community According to SeniorHomes.com, a continuing care retirement community (CCRC) is the most expensive type of community available simply because they offer residents ongoing healthcare services for the remainder of their lives. CCRC entrance fees can range between $40,000 to as high as $365,000. Monthly rates for living in a CCRC average from $700 to $4200 in 2018. However, these rates almost always include transportation, meals, housekeeping services, utilities and maintenance. Telephone, Internet and cable expenses are the responsibility of residents. The cost of nursing home care or living in CCRCs or assisted living retirement communities is available annually through AARP or other senior retirement websites. Unfortunately, the cost of living in independent retirement communities is not readily available. SeniorHomes.com lists high and low average monthly rates for independent living communities of each state. In Virginia, the average monthly cost is $2200 while the monthly maximum is $3800. Conclusion If you are seeking a wonderful place to live in retirement, Williamsburg, Va has many great retirement communities. Ultimately, the community you choose may depend on your financial strength, your quality of life desires, and the life amenities for which you are accustomed. As a trusted wealth management firm for individuals and families age 50 plus, we serve dozens of families who enjoy independent living in Williamsburg. As your trusted financial advisor in Williamsburg, Va , we can help design a financial plan that helps you live comfortably in retirement. If you need objective advice on whether or not you can afford one of these great communities, just give us call at 757-259-0111. We’re happy to help. 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.

Money is the No.1 cause of stress on Americans according to Northwestern Mutual’s 2018 Planning and Progress study . At 44%, money was said to be more stressful than relationships (25%) and work (18%). How did finances reach the top of the list? Money infiltrates every aspect of our lives. It supports our lifestyle, fuels our social engagements, and sustains our livelihood. We find it present in our marriages, partnerships, jobs, and recreations. In fact, money is the benchmark for our society. Get your Retirement Checklist of over 30 things that you need to think about for your retirement. The world puts a lot of pressure on money and on our ability to manage it. As pressure builds and capital dwindles, desolation is right around the corner. This cycle often leads us to develop an unhealthy relationship with money. How can we change the narrative and start a new chapter in our financial journey? Back To The Beginning The introduction to a story is the most crucial part. It sets the scenes, establishes characters, and situates the reader in the narrative. Though important, introductions are one of the most skipped or skimmed sections of a book. Why? They often do not have any action and are expositional in nature, but if you skip it you may miss crucial details that inform the plot later on. Don’t skip the introduction to your relationship with money. How does it start? Perhaps your parents were not avid savers and did not teach you the value of saving. Maybe you grew up in an environment where money was never an issue so you always assumed there would be enough. You may have been exposed to financial troubles, leaving you acutely aware of your finances. Think through the beginning of your story. The introduction to your relationship with money has laid the groundwork for your current relationship with it. Be honest with yourself here. Knowing your background with money will be able to better inform your future with it. The way we view wealth is a testament to our ability to live a fulfilling life. Assess Spending Habits Now that memory lane isn’t so far in the past, it is time to critically examine your current financial situation. Are you where you want to be? What areas of your finances need some TLC? The first thing to do is look at your spending habits. Think through the questions below to figure out where problems might be emerging. -What do you spend your money on? -Are you living within your means? -Does your spending have a value or intention behind it? -How does your spending make you feel? Spending is one crucial area that everyone can improve upon. Our society depends on the exchanging of money, but it is important to know how and why we spend. The questions above are difficult and will force you to be honest with yourself about your finances. But if answered genuinely, these questions will show you areas where you can improve and will provide a clear path forward. Spending Before and During Retirement It is also important to note that spending habits change depending on the state of life you are in. Pre-retirement spending should look different than post-retirement spending due to the many changes that occur. Your cash flow will significantly change once you retire, and you need to be prepared for that shift. Developing healthy spending habits before you retire is a great way to ensure that you do not spend too much of your savings early on in retirement. This is why making a retirement budget is so important. But your retirement budget will not be realistic if you don’t have a solid foundation in your relationship with your finances. Conclusion: Set New Goals After assessing your current relationship with your finances and the areas you wish to improve, set new financial goals. Make these goals attainable and positive in order to give you momentum to keep going. It may be necessary to talk with a financial advisor to help you set those goals and give you a new path to embark on. Don’t be afraid to reach out to an expert . We are here to help you in your financial journey. Relationships take time to build and time to fix. Give yourself the resources to rebuild your relationship with money. With honesty, time, attention, and care you will be able to see a huge change in the health of your finances, building a relationship that lasts a lifetime. 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.