Woodward Financial Advisors: Quarterly Newsletter

Greetings Ashley,

This spring brought big changes for our team—most notably, our move into a beautiful new office space! After months of planning and packing, we’re officially settled into The Gwendolyn and loving the fresh start. If you haven’t had a chance to visit yet, and you are based in North Carolina, we hope you’ll drop by soon and see it for yourself!

We’ve also welcomed some new faces to the team this quarter, our summer interns, and have enjoyed the extra energy and perspective they bring to the office. Inside this issue, you’ll find a few updates about our team and a look at what we’ve been working on!

Thanks for being part of the Woodward family—we’re excited to continue growing together, and we're glad you're here!

Below you will find a list of our features in this newsletter:

We kick our Quarter 2 newsletter off with some exciting updates at Woodward Financial Advisors!

Laura Neal, CFP®, shares a little history on Social Security and ways we help our clients think strategically about how to approach impactful decisions in "The State of Social Security"

In our "Getting To Know WFA" section, we introduce and highlight our two Summer 2025 interns: Liam Johnson and Bella Moshier.

Lastly, our Business Operations Manager, Ashley Abdalla, FPQP®, wraps up our newsletter with ways to stay connected to WFA. Including:

Quarter 2 blog posts
Quarter 2 "Your Money in 20" podcast episodes
WFA Social Media and Updates

Jim Miller was recently elected to serve on the Board of Directors at the SECU Family House in Chapel Hill, NC!

"I'm honored to have recently been selected to serve on the board of directors for the SECU Family House in Chapel Hill, NC. The mission of the Family House is to provide a safe, nurturing and affordable home for patients and their loved ones who travel great distances to UNC Hospitals for life-saving procedures and serious illnesses. We provide guests lodging, meals, supportive programs, transportation and a caring network, serving families from all 100 North Carolina counties." -Jim Miller

To read more about the SECU Family House and their mission, click here!

Vic Colella successfully obtained his CDFA® (Certified Divorce Financial Analyst®) certification!

"I am pleased to share that I have attained the Certified Divorce Financial Analyst (CDFA®) designation, allowing me to offer more specialized support during one of life's most challenging transitions. This certification equips me with deeper expertise to help Woodward Financial Advisors' clients navigate the financial complexities of divorce with clarity and confidence." - Vic Colella

To read more about how the Certified Divorce Financial Analyst (CDFA®) can help in the role of financial planning,

click here!

Photo Credit: Lotus Selene

Closing with a very special congratulations to Alex Richani, CFP®, on his marriage this past May! We are thankful to witness this new chapter for you and wish you many, many years of happiness ahead!

Most of us know that our current Social Security system was part of the New Deal, created by President Franklin Roosevelt after the Great Depression. But here are a few facts about Social Security that you might not know:

Initially, Social Security excluded certain professions like farm workers, domestic workers, and government employees.

The first Social Security Number, 001-01-0001, was issued to Ida May Fuller, a retired legal secretary from Vermont. She received the first Social Security check on January 31, 1940, in the amount of $22.54 and continued to collect until 1975!

In 1935, there were 35 workers paying into the Social Security system for every 1 person receiving a benefit. That ratio is now 2:1

The last significant changes to Social Security were signed into law in 1983 by President Reagan. Those changes included accelerated payroll tax increases, gradually raising the normal retirement age, and making a portion of Social Security benefits taxable for higher-income recipients.

Recently, Social Security has been in the news with headlines surrounding how much longer the “fund” will last until benefits have to be adjusted. The latest estimates suggest that Congress must act in the next 10 years in order to avoid a reduction in benefits. While no one can predict the future, here are some simple fixes that could go a long way to solving the issue:

Raising the payroll tax cap: In 2025, only the first $176,100 of earnings are subject to Social Security taxes. Raising or even eliminating this cap could generate around $3.2 trillion over 10 years.

Continue to increase the Full Retirement Age (FRA): From 1935 to 1983, the FRA was 65. It’s now 67 for those born in 1960 or later. Further increases could reduce strain on the system.

Reducing benefits for future retirees (possibly only for high-income earners): A modest 5% reduction would reduce outlays by $134 billion over 10 years.

At Woodward Financial Advisors, we help our clients think strategically about when to claim Social Security, not only to maximize your benefits, but also to coordinate with other planning opportunities like Roth conversions and inherited IRA withdrawals.

As always, if this article sparked questions about your own Social Security strategy, please feel free to reach out!

Introducing Liam Johnson!

Liam Johnson is one of our two college interns joining us this summer at Woodward Financial Advisors. A rising junior at the University of Pittsburgh, Liam is pursuing a double major in Finance and Business Analytics, with a minor in Economics, and plans to graduate a semester early in Fall 2026. This summer, he has been contributing to a variety of projects and office initiatives while gaining hands-on experience by shadowing our team of professionals.

Although his time here is temporary, Liam is looking forward to meeting as many of our amazing clients as possible and is willing to assist in any way! 

"I wasn’t sure what to expect when walking into my first ever formal internship, but the people at Woodward have been some of the kindest and most supporting I have ever met. I have already soaked up so much information and I cannot wait to continue learning and giving back in the ways that I am able. Playing ice hockey growing up, I have been a part of a lot of special teams, but the one Woodward has here might top them all. I am excited to see the ways that I grow over the summer, and I couldn’t be happier to be working here!" – Liam Johnson

Getting to know Liam:

Tell us about your family? My parents are from the great state of Maine! They moved to Charlestown, Massachusetts before I was born so I was raised there for 5 years. When they had my younger brother Hazen, we moved to North Carolina and have lived here ever since. I love my time in North Carolina, and my brother is going to UNC this coming school year, so I am excited I will get to spend more time in the area visiting him!

Do you have pets? My family has a 2-year-old white cat named Marlowe! She is full of energy and is a big talker (lots of meows)! She has the prettiest big blue eyes, and she loves chasing lasers all around the house.

What are your favorite books? My favorite book has to be Shoe Dog by Phil Knight, but I also love 11 Seconds by Travis Roy and E.M. Smith. I am also a huge fan of Project Hail Mary by Andy Weir.

What is your favorite recipe to make? I love making pancakes. They are easy and quick, and I grew up eating my Grandpa’s blueberry pancakes so I always have fun trying to replicate those!

Favorite vacation destination? I have to go with Switzerland! I was lucky enough to go with my Dad after senior year of high school, and it was a life-changing experience. I suspected that it couldn’t be the same level of pretty that it was in pictures and videos, but it was so much more beautiful in person. So much to do, and you are in awe of the landscape everywhere you go! It's been my favorite place I have ever been by far.

Favorite board game? I would have to say Catan. Great classic board game that I love to play with my family. I am also a Monopoly fan, but that does take a while, so you have to be committed.

Best concert you’ve been to? Last summer I saw Cake in concert with my brother and it was amazing! They were great live in concert, lots of energy! Fun fact: They play a game where they have a tree on stage, and if you guess what kind it is you get to adopt it and send updates to them as it grows!

Favorite movie? My favorite movie would have to be Se7en with Brad Pitt and Morgan Freeman, but the first Iron Man movie is a close second.

What are your pet peeves? When people chew with their mouth open.

Goals for 2024 or beyond? My major goal right now at Woodward is to just learn as much as I possibly can from all these accomplished people. In college, I am also hoping to graduate early, so that is something I am working towards. I am not 100% sure what I want to do after college, but I know that I want to work with people and do something that makes a difference in any meaningful way. Wherever I go one of my main goals will always be to spread kindness!

Favorite quote? “Ever tried? Ever failed? No matter. Try again. Fail again. Fail better.”

― Samuel Beckett

Introducing Bella Moshier!

Bella Moshier is our second college intern this summer here at Woodward Financial Advisors. Bella is a rising junior at UNC Chapel Hill and is majoring in Business Administration at the Kenan-Flagler Business School, with an area of emphasis in finance and a minor in Sustainability Studies. She has been helping tackle a variety of tasks and projects around the office while also gaining experience and knowledge by shadowing the professionals at Woodward!  

While her time with us is short, Bella is eager to connect with as many of our wonderful clients as possible and is always ready to lend a helping hand wherever needed.

"As a student who is still trying to navigate her way through the business world to figure out what career I would like to pursue, I could not ask for more from Woodward! They have already taught me so much about not just financial planning, but more overarching principles in business, as well. I could not ask for a better and more caring group of people to work with this summer, and I’m sure clients are happy to know they take just as much care of them as well." - Bella Moshier

Getting to know Bella:

Tell us about your family?  My mom is from Chapel Hill and went to UNC, too – Tar Heel blood runs in the family! My dad is a real estate developer here in Chapel Hill and is from New York but now loves the south. It has been wonderful growing up in Chapel Hill with both sides of grandparents nearby.

Do you have pets? My family has a 5-year-old poodle named Cobi, short for Cobia like the fish. We got him in 2020 as a “Covid puppy,” and he is still a puppy at heart. He loves to chase birds and lean on people, which I think is his version of giving a hug!

What are your favorite books? My favorite book is Remarkably Bright Creatures by Shelby Van Pelt.

What is your favorite recipe to make?  As of now, I am not the best cook, but I will be working on my skills this summer! I love to cook penne alla vodka as an easy comfort meal.

Favorite vacation destination? My favorite place in the world to be in Sunset Beach, North Carolina. I have been going to that beach since I was born, and it is my home away from home. As a small island, the serenity and familiarity never get old.

Favorite board game? I love to play the board game Sorry. Some people say that it is purely a luck game, but true Sorry players know that there is a strategy to it!

Best concert you’ve been to? As I am sure any other attendee would say, the best concert I have been to and probably I will ever go to would be the Taylor Swift Eras Tour. It was an unforgettable experience to hear my favorite songs for three hours straight and she was an amazing performer.

Favorite movie? My favorite is definitely Ratatouille, but Mamma Mia is a very close second. The sequel to Mamma Mia though could use some work.

What are your pet peeves? Heavy breathing. I cannot stand it.

Goals for 2025 or beyond? The main goal I have for 2025 is to figure out what career I am interested in within finance. Personally, I would love to be able to do a full pilates push up and take on a more artistic hobby to be my creative outlet. Something like journalling or drawing could be fun if I can find the time for it.

Favorite quote?  "To plant a garden is to believe in tomorrow." – Audrey Hepburn

At Woodward Financial Advisors, our team members are always brainstorming interesting blogs and podcasts to share with our clients. If you missed any this quarter, use the links below to catch up!

If you have an idea for a future blog or podcast, please email us!