Blog
Baby Step 4 Savings Explained
May 19, 2025
Baby Step 4 of the Ramsey Plan recommends saving 15% of your gross income for retirement. This guide explains how to structure those savings using a 401(k), Roth IRA, or taxable brokerage depending on your income, filing status, and employer plan access. Key rule: “Match beats Roth, Roth beats Pre-Tax.” Whether you're single or married, with or without a plan, there’s a strategy to fit your situation. Consult a financial advisor to create a plan that works for you.
The U.S. National Debt - Can it be fixed?
May 19, 2025
The U.S. faces a $36 trillion national debt and a $1.8 trillion deficit. With most revenue tied up in mandatory spending, there’s little left for other needs. Cutting discretionary spending alone won’t balance the budget—economic growth, increased tax revenue, or reduced defense spending are needed. Efforts like DOGE help reduce waste, but long-term discipline and smart policy are essential. Like personal finance, fixing national debt requires focus and tough choices.
Special Update: What U.S.-China Trade Progress Means for Investors
May 12, 2025
Markets rallied after news broke that the U.S. and China reached a 90-day trade agreement, reversing many of the April tariffs. Tariffs on Chinese goods dropped to 30%, and China’s on U.S. goods fell to 10%. President Trump’s tweet about 80% tariffs sparked concern, but Sunday night futures surged, erasing losses. This shift reduces uncertainty and mirrors 2018–2019 patterns. Long-term investors should stay focused, as history shows markets rebound once clarity returns.
The Benefits—and Limits—of a Revocable Living Trust in Estate Planning
May 7, 2025
A revocable living trust helps avoid probate, ensures privacy, and provides continuity if you’re incapacitated. But it doesn’t protect assets from lawsuits or help with Medicaid eligibility. It also doesn’t reduce taxes. To fill those gaps, consider an umbrella liability policy for asset protection and long-term care insurance for nursing home costs. A trust is a great start—but a complete plan requires more.
Navigating Tariffs with Dave Ramsey’s Four Investment Categories
May 5, 2025
Tariffs can greatly impact investments, and Dave Ramsey’s four categories—Growth, Growth & Income, Aggressive Growth, and International—respond differently. Growth stocks may be hit hardest, while Aggressive Growth and International companies may benefit. Diversifying across all four can help reduce risk. Understanding these effects with the help of a financial advisor can guide smarter investing in uncertain times.
What is a CERTIFIED FINANCIAL PLANNER® (CFP®) Professional?
April 28, 2025
Not all financial advisors are created equal. A CERTIFIED FINANCIAL PLANNER® (CFP®) stands out for their fiduciary duty, rigorous training, and ethical standards. CFP® professionals offer holistic planning, objective advice, and a commitment to your best interests. With trusted credentials and dedication, they provide peace of mind in your financial journey. Choose wisely—your financial future depends on it.
How to Avoid Impulse Spending & Lifestyle Creep
April 21, 2025
Lifestyle creep happens when spending increases with income, limiting savings and wealth building. Signs include impulse purchases and financial stress despite raises. To combat it, set clear goals, automate savings, budget wisely, and track spending. Avoid comparisons and celebrate wins without overspending. Whitaker-Myers Wealth Managers can help create a financial plan that supports your goals while enjoying life today.
STRS Early Retirement Option Announced
April 8, 2025
STRS is offering an early retirement incentive for defined benefit plan members with 33 years of service or age 60 with 5 years of service between June 2025 and July 2027. Deciding whether to accept depends on your full financial picture. Run benefit estimates for different retirement points and factor in any salary increases. Then, meet with an STRS counselor and your Whitaker-Myers advisor to determine the best option for your goals.
What is a Trust?
March 31, 2025
Estate planning is key to a holistic financial plan. Trusts differ from wills by avoiding probate, offering privacy, and allowing ongoing asset management. Types include revocable living trusts, irrevocable trusts, testamentary trusts, special needs trusts, charitable trusts, and spendthrift trusts—each serving different purposes. Choose based on your goals. Whitaker-Myers partners with EncorEstate Planning to help clients navigate these options.
Common Forms for Taxes
March 31, 2025
Taxes can be confusing, but working with a CPA early helps avoid last-minute stress. Key tax forms to bring include W-2s, 1099s (NEC, R, SSA), and investment forms like 5498 and 1099-Composite. Understanding these forms ensures accurate filing. For guidance or help with your 2025 taxes, Whitaker-Myers Tax Advisors is ready to assist you through the process.
How can I benefit from tax loss harvesting? - PART II
March 24, 2025
Tax loss harvesting helps offset gains by selling investments at a loss, reducing taxes in taxable accounts. Retirement accounts like IRAs and 401(k)s are tax-favored and don’t require this strategy. For maxed-out retirement savings, consider taxable accounts. Consult financial advisors to navigate tax loss harvesting effectively and avoid costly mistakes. Need guidance? Contact our Whitaker-Myers team to optimize your investment strategy.
Financial Aid Chaos: What Is Going On?
March 17, 2025
College financial aid season is here, but cuts to programs like Pell Grants and Work-Study could shrink student aid. Proposed changes to student loans, including eliminating Parent PLUS Loans, may increase costs for families. Parents should understand aid offers, know what to negotiate, and avoid debt that risks their retirement. Exploring state schools, community colleges, and scholarships can help manage costs. Speak with a financial advisor to plan smart for college.