Losing a spouse is overwhelming, and financial decisions often feel like a maze during such a difficult time. A common question we hear is: “If my spouse had retirement accounts, should I keep them as inherited, or treat them as my own?” This choice matters because it affects taxes, withdrawal flexibility, and long-term planning. Let’s break it down. Why This Decision Matters Treat the account as inherited Keep it titled as an inherited IRA/Roth IRA under your spouse’s name. Different withdrawal and required minimum distribution (RMD)  rules apply Treat the account as your own Roll it into your existing IRA/Roth IRA. Standard owner rules apply. Both paths have pros and cons. Here are the key factors that influence the decision. Factors to Consider Your Age Inherited IRA:  Choosing to keep the account as an inherited IRA eliminates the 10% early withdrawal penalty, regardless of your age. Withdrawals from an inherited Roth IRA are generally tax-free, with one exception: if the original Roth IRA was opened less than five years ago, any earnings withdrawn may be taxable. Treat as your own : If you elect to treat the account as your own, it becomes subject to the rules that apply to you as the owner. This means your age and circumstances determine the requirements—such as the 59½ 10% early withdrawal penalty. Spouse’s Age at Passing Inherited IRA:  If your spouse died before their Required Beginning Date (RBD)  for RMDs (currently age 73), the spouse inheriting the account may delay RMDs until the year the deceased spouse would have reached RBD. If your spouse died after their RBD, then you would continue taking RMDs based their schedule or your life expectancy. Treat as your own:  If you roll the account into your own, your RMD schedule is based on your age. Roth IRA 5-Year Rule Inherited IRA:  Earnings are tax-free only if your spouse’s Roth was open for at least 5 years. Treat as your own:  The account adopts your Roth’s age. If your Roth is already +5 years old, earnings are immediately tax-free. Estate Planning Inherited IRA:  You cannot designate new primary beneficiaries, but you may name successor beneficiaries. Successor beneficiaries inherit the account only after your passing. Treat as your own:  You have full authority to name and update both primary and contingent beneficiaries at any time. Quick Decision Guide In general, here’s a simple way to think about it: Need money now and under 59½?  → Likely keep as inherited (to access funds without penalty). Older than 59½ and want simplicity?  → Likely treat it as your own (fewer tracking and reporting requirements). Inherited Roth is less than 5 years old, but your Roth is older than 5 years?  → Likely treat it as your own for immediate tax-free earnings (to remain compliant with the 5-year rule). Inherited Roth is less than 5 years old and you don’t have a Roth?  → Likely keep as inherited and wait until the 5-year mark for earnings to be tax-free (to remain compliant with the 5-year rule). Bottom Line There’s no one-size-fits-all answer. Your age, your spouse’s age, the type of account, and your financial needs all play a role. Making the right choice can save you taxes, avoid penalties, and simplify your future planning. If you’re facing this decision, don’t go it alone . A financial advisor can help you weigh the options and choose the path that fits your goals. Need Help? If you have questions about inherited IRAs or Roth IRAs, reach out to our team . We’ll guide you through the rules and help you make confident decisions during a difficult time.

The 401(k) is one of the most common types of retirement plans, with over half of every employed individual having access to one. However, as an employer, it can be daunting to determine which type of plan is best for you – SEP IRAs, SIMPLE IRAs, pensions, 401(k)s, etc. One of the most important factors to consider when choosing a plan is the cost of establishing and maintaining it. It is no secret that 401(k)s are the most expensive plan to start, but what is much less commonly known is the numerous tax credits associated with the implementation of a 401(k) that can greatly reduce the burden associated with providing your employees this benefit.   Expected Costs of Establishment Before we get into the available tax credits, it is important to understand the common costs of starting a 401(k). Although fees vary depending on where you choose to start your 401(k), most will have the same fee types associated with them.   These fee types can include: -        Annual Base Fees -        Recordkeeping/Reporting Fees -        Asset-based Fees -        Plan Conversion Fees   These fees can deter many business owners from choosing 401(k)s, as they can be very costly. Before deciding to implement a 401(k) for your business, you should understand what it will cost you to do so. Consulting with your financial professional to determine whether a 401(k) plan is right for your needs is essential. If you would like to schedule a meeting with one of our team members to discuss establishing a 401(k) to determine its suitability, click here .    Now that you understand some of the costs you can expect when starting a 401(k), we are ready to move on to the more exciting part – how to save money in doing so! The SECURE Act 2.0  has introduced several credits to help offset the costs of starting a 401(k). Understanding these credits will allow you to make a more educated decision in determining if the 401(k) is the best fit for your business’s retirement plan.   Startup Tax Credit The Startup Tax Credit is designed to offset all ordinary and necessary costs for establishing and administering a new plan. This credit is based on the number of employees (defined as anyone receiving over $5,000 in compensation, including part-time employees) and is capped at $5,000. It is important to understand where this amount comes from. This credit is limited to $250 per non-highly compensated employee, up to $5,000. A non-highly compensated employee is any employee who earned less than $160,000 and owns less than 5% of the company.   Employer Contribution Tax Credit The Employer Contribution Tax Credit is designed to encourage employer contributions to the plan by offering a tax credit for making them. Employer contributions are deductible by the employer, and this tax credit offers even more savings for making these contributions. These credits are also based on the number of employees.     Employees earning less than $5,000 do not count for this credit either. This credit also only applies to employees earning less than $100,000, but those earning more still count as employees. For example, if you, as the employer, make contributions to an employee's 401(k) who earns $110,000, these contributions are not deductible, but the employee is still counted for the credit determination. This credit is limited to $1,000 per employee making $100,000 or less.   Automatic Enrollment Tax Credit The Automatic Enrollment Tax Credit is a credit awarded for three years if you automatically enroll all eligible employees into the 401(k) plan as they become eligible. This is designed to promote participation in the plan. It is also limited based on the number of employees.   This is the least complex of all the credits, as it requires automatic enrollment of all eligible employees for an easy $500 tax credit per year for the first three years of the plan.   Navigating the costs and tax advantages of starting a 401(k) can feel overwhelming, but with the right guidance, the benefits often outweigh the challenges. At Whitaker-Myers Wealth Managers,   we help business owners understand the nuances of 401(k) plans, including how to leverage startup, employer contribution, and automatic enrollment tax credits to maximize savings while providing meaningful retirement benefits to employees. Partnering with a knowledgeable team ensures you make informed decisions that support both your business goals and your employees’ financial futures.

Tammi (my wife) and I have been avid fans of Dave Ramsey and Ramsey Solutions  for more than 30 years. We were married at age 20 and found ourselves in a challenging financial situation. Fortunately, we discovered Dave Ramsey, in fact, on a clearance rack cassette tape in an Indianapolis bookstore! We listened to his advice and were captivated; it changed our lives forever. This journey transformed our finances and our marriage and directed my professional career.   Today, I work as a Financial Advisor  at Whitaker-Myers Wealth Managers  and hold the additional designation of Certified Ramsey Solutions Master Financial Coach. Over the past 15+ years, I have had the privilege of helping hundreds of clients with money management and financial planning.   A Life-Changing Ah-ha Moment Today, I want to share an “ah-ha moment” that I learned from Dave Ramsey about 15 years ago during Financial Peace University.     If you have attended Financial Peace University (FPU), you likely remember the Insurance lesson.  It is taught that we should purchase 10 times our income in term life insurance .  For example, if we earn $50,000 annually, we need $500,000 in term life insurance.  Why?  Because we can wisely invest $500,000 and generate a $50,000 annual income.  BAM!  This was a powerful message for me.  But why?   Think more about this for a moment.  Dave is speaking in the context of term life insurance; however, this equally applies to wealth management and building your retirement portfolio.  If we save and invest $500,000 with 10% returns, we can generate $50,000 in annual income without touching the principal amount – a powerful, life-changing realization.    And, of course, Dave talks about leaving a legacy and changing your family tree.  We live on the 10% returns that the portfolio generates and do not have to touch the principal.  What might this mean for your estate planning and for your family tree?   Of course, the “10% returns” are historical results, and there is no guarantee; however, the concept remains the same whether your returns average 7% or 8%, etc.    So, I started thinking deeper about the principles of successful money management.   Principles of Successful Money Management Let’s review these money management principles.   We start with the baby steps and add the “ah-ha” retirement portfolio moment.    ·       Live on a monthly zero-based budget ; now and in retirement.  ·       Save your 6-month emergency fund. ·       Invest 15% of your income in your retirement accounts.  ·       Pay off your home mortgage.   ·       Create financial peace by “living and giving like no one else.”    ·       Create the income to “live and give like no one else” from your portfolio returns.   If you do not draw down the core portfolio, you can change your family tree.      Would You Like to Learn More about Financial Planning? My primary objective as a Financial Advisor is to help clients plan and manage their finances to create financial peace. If you’d like to explore more, please use my calendar link  to schedule an introductory planning session.

What is an HSA? An HSA is a tax-exempt trust or custodial account that is used to pay or reimburse certain medical expenses.   In 2024, about 39.3 million HSAs were covering 59.3 million people. About 57% of employees who had the option to participate in an HSA in 2024 did so. One caveat is that to be an eligible individual, you must be enrolled in a high-deductible health plan (HDHP). For 2026, the parameters to qualify for a high-deductible health care plan include: Minimum annual deductible: ·        Self-only coverage: $1,700 ·        Family coverage: $3,400 Maximum annual out-of-pocket (excluding premiums): ·        Self-only coverage: $8,500 ·        Family coverage: $17,000 To be eligible for an HSA, you must meet both the deductible and threshold requirements listed above.   The annual contribution limit for 2026 is $4,400 for an individual with self-only coverage and $8,750 for an individual with family coverage.   The Benefits of an HSA and How They Work HSAs are a great way to reduce taxable income for those who are eligible and offer the benefit of tax-free distributions for qualified medical expenses that were incurred after the HSA was established.   The mechanism of contributing to an HSA can vary depending on whether it is done through payroll or by making a direct (after-tax) contribution.   If your employer offers an HSA, you can elect to have contributions made via pre-tax salary reduction. These contributions are excluded from wages, so they never enter taxable income for federal income tax or Social Security/Medicare. Because this is done via payroll, you will not need an additional form at tax time to show these contributions, as they will be reflected on your W-2.   For those who make direct contributions to a custodian outside of payroll, you will claim those on Form 8889 as an above-the-line adjustment on Form 1040. Form 5498-SA will be provided by the custodian for any direct HSA contributions; however, custodians must give you a copy by May 31, so many people use their year-end HSA statement to show proof of contributions made in that tax year.   For those who want to save on taxes but are not strapped for cash flow (meaning they do not depend on the HSA to pay their medical expenses), they can pay medical expenses out of pocket and let the HSA keep growing.   Once compound interest kicks in and the account grows, they can then take tax-free HSA distributions down the road, as long as they are linked to qualified medical expenses. Keeping an Excel sheet is important for HSA usage so that you can prove your distribution had a corresponding medical expense. Some HSA custodians provide features to link receipts to expenses.   This strategy allows the investor to never touch the principal of the HSA and instead take distributions from the growth. Over time, they can build a substantial HSA balance. After age 65, you can take distributions for non-medical purposes without incurring the 20% penalty; however, the distribution will be subject to ordinary income tax.   What is an FSA? For those who are not eligible for an HSA because they do not participate in a high-deductible health care plan, they may use a flexible spending account (FSA).   The first difference with an FSA is that, by definition, it is an employer-sponsored cafeteria plan arrangement under Section 125. Unlike an HSA, where you can contribute as long as you are eligible, even if your employer does not provide one, an FSA’s eligibility requirement is that your employer provides one (as well as you being an eligible employee under that plan, e.g., working full-time).   FSAs can be broken down into three main types: Health FSA ·       Used for qualified medical, dental, and vision expenses for you, your spouse, and dependents ·       Funded by salary and sometimes employer contributions, which are excluded from federal income tax and usually Social Security/Medicare taxes   Limited-Purpose FSA ·       These are typically paired with an HSA, as they have limitations such as only being able to be used for dental and vision expenses ·       Pre-tax advantages are the same as Health FSAs, with the added narrower eligible expenses   Dependent Care FSA ·       Used for eligible child or dependent care ·       Has its own annual limit and separate qualifying rules ·       Does not reimburse medical expenses Keep in mind that having a general-purpose FSA usually disqualifies you from participating in an HSA. For those who want to take advantage of an HSA without draining the account on dental and vision expenses, a limited-purpose FSA is a great option.   Spending Difference The biggest difference between an HSA and an FSA is that FSAs do not carry balances over year to year. Meaning, if you don’t spend it, you lose it. Unused amounts are returned to the plan at the end of the plan year.   In 2023, an estimated 47% of FSA users forfeited funds, averaging about $422 per forfeiture, totaling roughly $4.5 billion in unspent FSA funds.   Many plans have a grace period of about 2.5 months after the end of the plan year to give participants a slight cushion to incur expenses.   If you want guidance on how best to utilize these accounts, don’t hesitate to reach out to our team, which is comprised of tax professionals  and financial advisors .   For more details on qualified medical expenses from an HSA, read Co–Chief Investment Officer and CEO John-Mark Young’s article, Health Savings Accounts: Maximizing Eligible Expenses and Strategic Tax Planning .  John-Mark outlined many useful qualified expenses that may have flown under your radar. For myself and my near-sighted friends reading this, contact solution and contact lenses are on that list!

Markets move in cycles. Sometimes, almost everything seems to be rising. Other times, declines feel widespread and persistent. A thoughtful investment strategy recognizes both environments and prepares accordingly. Secular Bull Markets In a long-term (“secular”) bull market, most asset classes trend upward. While certain sectors may experience temporary pullbacks, broad market momentum is generally positive. During these periods: A diversified, strategic asset allocation often participates in overall market growth. It may be more difficult to distinguish between skill and broad market momentum. Investors can become overconfident when returns feel easy. As the saying goes, when everyone feels like an investment genius, it may simply reflect a strong market environment—not necessarily a superior strategy. Secular Bear Markets In extended downturns, the environment changes. Returns become more uneven, volatility increases, and risk management becomes more important. Financial planning expert Michael Kitces  has written about how different strategies may behave differently in more challenging markets. These can include: Individual stock selection Sector rotation Alternative investments  (asset classes beyond traditional stocks and bonds) Tactical asset allocation Each approach carries its own risks and tradeoffs. No strategy guarantees positive results, especially during periods of market stress. Strategic vs. Tactical Asset Allocation Strategic Asset Allocation Strategic allocation is built around: Long-term financial goals Risk tolerance Time horizon (often 20–40+ years) Historical market data Changes are typically made only when a client’s goals, circumstances, or risk capacity change. This approach is grounded in principles such as Modern Portfolio Theory (MPT), which considers: Expected returns Volatility (risk) Correlation between asset classes Strategic allocation forms the long-term foundation of a portfolio. Tactical Asset Allocation Tactical allocation involves making measured adjustments within a strategic framework in response to evolving market conditions. These adjustments may consider: Valuations Economic trends Sector cycles Policy changes “Short term” in this context may range from several months to multiple years. Tactical shifts are designed to manage risk and respond to changing conditions — not to predict daily market movements. Importantly: Tactical allocation is not market timing. Market timing attempts to move entirely in and out of markets based on short-term predictions — something that has historically proven extremely difficult to execute consistently. Tactical allocation, by contrast, typically involves incremental adjustments within a diversified portfolio, with risk management as a central focus. It does not eliminate risk and does not guarantee improved returns. As Michael Kitces has noted, generating additional return in strong bull markets often requires taking on additional risk — which also increases potential downside when conditions reverse. Retirement Withdrawals: Opportunity and Efficiency In retirement, portfolio management serves two purposes: Generating sustainable income Managing risk A tactical framework can help inform how withdrawals are sourced. For example: In one year, income may primarily come from dividends and interest. In another year, gains from appreciated sectors may be harvested to fund withdrawals. In a different environment, bonds or other assets may be used if they have appreciated relative to equities. The goal is not to predict markets perfectly, but to: Be intentional about where withdrawals come from Avoid selling depressed assets when possible Rebalance systematically This approach focuses on efficiency and discipline rather than prediction. At Whitaker-Myers Wealth Managers, portfolio monitoring and rebalancing are ongoing processes designed to align portfolios with client objectives and risk parameters. Tactical adjustments are implemented within that broader framework. How Tactical Decisions Are Evaluated Tactical positioning may consider multiple inputs. These are tools — not guarantees. Valuation Analysis Looking at how assets are priced relative to fundamentals: Price-to-Earnings (P/E) Price-to-Book (P/B) Price-to-Sales (P/S) Relative valuations (e.g., comparing large-cap vs. small-cap valuations) Valuations can provide context, but they do not predict short-term outcomes. Macro-Economic Analysis Evaluating broader economic trends, such as: Expansion vs. contraction Inflation trends Interest rate cycles Sector sensitivity to economic shifts For example, defensive sectors have historically shown relative resilience during recessions, while cyclical sectors may respond earlier in economic recoveries. However, past performance does not guarantee future results. Technical Analysis Technical tools may include: Moving averages Momentum indicators (oscillators) Trend identification These tools can help identify trends, momentum shifts, and potential areas of support or resistance. They are used as part of a broader decision-making framework and are not predictive on their own. Managing Expectations Different portfolio approaches tend to behave differently in different environments: Risk-managed portfolios may help reduce downside exposure during market stress. Broad market portfolios may participate more fully during strong bull markets. No single strategy consistently outperforms in all environments. All investing involves risk, including the potential loss of principal. Our philosophy is to combine long-term strategic discipline with thoughtful tactical flexibility — always aligned with a client’s goals, time horizon, and risk tolerance. Conclusion Tactical asset allocation is designed to complement — not replace — a long-term investment strategy. By integrating valuation awareness, economic context, and disciplined portfolio management, investors may be better positioned to navigate changing market environments. The objective is not to promise outperformance. It is to: Manage risk prudently Respond thoughtfully to changing conditions Align portfolio decisions with long-term financial goals A disciplined blend of strategy and flexibility can help investors stay focused — through both bull and bear markets.

I recently had the opportunity, along with several of my colleagues, to attend the Kingdom Advisor’s “Redeeming Money” conference in Orlando, Florida. Filled with like-minded industry peers, this conference is designed to equip those who seek to care for their clients with a kingdom mindset . Experts from across the industry shared practical insights, helping advisors engage clients in more impactful ways.   I was particularly struck by a concept introduced by author Mitch Anthony, co-author of Storyselling for Financial Advisors and other books. Anthony highlighted what he called The Leasure Lie  and its impact on the retirement mindset that has swept our culture. While retirement is often viewed as a proverbial finish line, he made a case that it is more of a beginning than an end. We are made for a purpose, and when retirement commences, the deep desire to never work again should be replaced with a refocusing on what is next. Anthony argued that leisure is a catharsis for our work, and when leisure becomes the work, it is stripped of its glory. He highlighted three key statistics among retirees that drive home this point; We’ll explore those below.   Gray Divorce Since 1990, statistics show that the rate of divorce is three times higher for those 65 years or older. This is striking to me for a few reasons. First, this is not an age group that I associate with divorce, just based on personal observation. Second, these are the years for which many spend decades planning and preparing. It strikes me as odd that a couple would do all of that planning only to throw those plans out the window and pursue a divorce. I understand that a sweeping generalization does a disservice to the complexities of a painful and difficult event like divorce, but I’m surprised at the statistic nonetheless. Something deeper is going on if the golden years are increasingly sowing such discord among married couples, making those years anything but golden. Unfortunately, this was not the most shocking statistic shared by Anthony.   Suicide While 65-year-olds make up 16.8% of the population, they make up 22% of all suicides. This is alarming, and it speaks to a deep dissatisfaction with the post-working years. The adage, “life wouldn’t be so hard if we didn’t expect it to be so easy,” comes to mind here. Our society has become increasingly hedonistic, accustomed to ease and instant gratification. Think for a moment about the pioneer mentality that early American settlers had. Of course, due to limited medical knowledge, the average life expectancy in 1620 was 30-40 years old. Regardless, there was no proverbial finish line for those settlers, even if they outlived their life expectancy. People worked and contributed to society for as long as their physical bodies allowed them to do so. “Retirement” was more a function of necessity than of preference, as illness struck or one's body began to break down from years of manual labor.   Now, we have a different problem. Virology, good hygiene, and medicine have advanced such that life expectancy is now 79 years old. Longevity is not our problem. In my estimation, it’s empty living that leads to the statistics we’ve discussed. Without purpose and belonging, the later years of life can underdeliver like never before. This is true with regard to friendships as much as purposeful work.   Friendship Recession Anthony highlighted that 34% of 50–80-year-olds say that they feel isolated from time to time. It is not necessarily an issue of proximity, but one of purpose. People are more connected today than at any point in human history, yet the problem is the depth of that connection. Good relationships are a key determinant of a successful retirement, according to the book What the Happiest Retirees Know   by Wes Moss. He goes on to prescribe other factors he believes contribute to a retirement worth living. Quality relationships are important at any stage of life, so why should we assume a change in our mental health needs later in life? Living life closer to quality relationships (i.e., friends and family) is critical to avoiding the feeling of isolation. Nearly 40% of older adults move closer to children around retirement. There can even be a financial benefit from moving in with children, as about 10% of retirees end up living with their children. That may not be for everyone, but the bottom line is that we are relational beings and we need to live in some sort of community to thrive.   Conclusion Ephesians 2:10 says, “We are His workmanship, created in Christ Jesus for good works, which God prepared beforehand, that we should walk in them (ESV).” This is not how our culture thinks of retirement. If written by a modern hedonist, this would sound something like “We all have work to do, but it gets in the way of the real fun. Get your work done, so that you can unplug and enjoy your permanent vacation at 65.” Not quite is eloquent, right? The reality, even for well-meaning Christians, is that if approached without a plan, retirement runs the risk of being a self-serving disappointment rather than a fruitful next chapter.   As you approach your retirement planning, talk with your financial advisor about your dreams for a successful retirement . Yes, plan your distribution and tax strategies, but strive to have purpose and cultivate deep, meaningful relationships with friends and family. After all, we are his workmanship, and retirees aren’t exempt!   This session with Mitch Anthony was perhaps as much a challenge to me as to any retiree who may have been in the room. Our job as financial advisors is not merely to help people preserve their wealth so they can “golf ‘til they drop”. We are advocates, encouraging folks into what could be their greatest chapter.   I’ll close with an apocryphal quote, referenced by Anthony, stating, “Leisure is a beautiful garment for a day, but a horrible choice for permanent attire.”   How can you make the most of your retirement years?

When the Federal Reserve adjusts interest rates, markets pay attention. Whether during periods of economic expansion, recession, or emergency intervention, financial markets respond—sometimes quickly and dramatically. Interest rates serve as a barometer of economic health, and even small movements can ripple across the broader financial landscape. Think of interest rates like a household thermostat: even a slight change can make a noticeable difference. Similarly, modest rate increases or cuts can influence borrowing, spending, investing, and long-term financial decisions. Understanding how these shifts work can help investors stay focused and avoid emotional reactions. How Interest Rates Work The Federal Reserve aims to balance two primary objectives: controlling inflation and supporting employment. One of its most important tools is the federal funds rate, which influences borrowing costs across the economy. When this rate changes, banks adjust their own lending rates—most notably the prime rate. The prime rate is typically offered to the most creditworthy borrowers and serves as a benchmark for many other rates, including: Credit cards Small business loans Home equity lines of credit Some adjustable-rate mortgages Historically, the prime rate runs about three percentage points higher than the federal funds rate. When the Fed moves, banks generally follow quickly, and the effects spread to consumers, businesses, and investors. Interest Rates and Investing Bonds Bond prices and interest rates have an inverse relationship: when rates rise, existing bond prices tend to fall; when rates fall, bond prices generally rise. This happens because newly issued bonds reflect current market rates, making older bonds with lower yields less attractive. Example Face value: $1,000 Coupon rate: 5% ($50 annually) Maturity: 10 years If market rates remain at 5%: Price ≈ $1,000 Yield ≈ 5% If market rates rise to 6%: New bonds pay $60 annually Existing bond becomes less competitive Price may fall (e.g., to about $925) Effective yield increases to better align with market rates This illustrates why rising rates typically push bond prices down—and why falling rates tend to lift them. Equities Interest rates also influence stock performance, particularly the balance between growth and value investing. Growth stocks  often rely on future earnings. Higher rates reduce the present value of those earnings, which can pressure valuations. Value stocks  and dividend-paying companies may hold up better, as they generate more immediate cash flow. Higher borrowing costs can also weigh on corporate profits. Companies with significant debt may face tighter margins or delay expansion plans, which can slow broader economic growth. Certain sectors respond differently: Real estate and utilities  may struggle when borrowing costs rise. Financial institutions  may benefit, as lending becomes more profitable. Market headlines about rate changes can trigger sharp short-term reactions, though these moves are not always lasting. Focus on What You Can Control Interest rate movements will influence portfolios, but they are outside any investor’s control. What matters most is preparation and perspective. If you rely on interest-bearing investments for income, remember that rate changes bring both opportunities and challenges. For example: Lower rates can help businesses expand and make mortgages more affordable. Higher rates can improve yields on savings and fixed-income investments. There is no one-size-fits-all outcome. The most important steps are: Align your portfolio with your risk tolerance Maintain a long-term perspective Avoid reacting emotionally to short-term market shifts Interest rate cycles will continue to rise and fall over time. A disciplined, well-diversified strategy can help steady your financial plan—even when markets become unpredictable. If you’re unsure how today’s rate environment affects your retirement strategy, consider reviewing your allocation and long-term goals with a trusted financial professional .

Financial fraud has grown more sophisticated alongside advances in artificial intelligence and digital technology. Criminals are increasingly using tools like voice cloning, realistic phishing messages, and social engineering tactics to pressure families into transferring money quickly. Sound financial planning isn’t only about growing your investments—it’s also about protecting what you’ve already earned. The steps below can help reduce risk and strengthen your family’s financial safeguards. Monitor account activity regularly Reviewing your financial accounts frequently is one of the simplest and most effective ways to detect suspicious activity. Set up alerts for: Deposits and withdrawals Large transactions Password or profile changes These real-time notifications allow you to respond quickly if something looks unusual. Use two-factor authentication Two-factor authentication (2FA) adds a critical second layer of protection beyond your password. With 2FA enabled: A login requires both your password and a one-time code or verification Even if a password is compromised, unauthorized access is far less likely Apply this protection to banking, investment, and email accounts whenever possible. Add a trusted contact to financial accounts Many financial institutions allow you to designate a trusted contact person. This individual cannot make transactions but can be contacted if unusual activity occurs or if there are concerns about potential fraud or cognitive decline. This added safeguard can help prevent unauthorized transfers and ensure someone you trust is informed if issues arise. Establish a Financial Power of Attorney A financial power of attorney (POA) authorizes someone you trust to make financial decisions on your behalf if you become unable to do so. This is especially important for: Individuals approaching or in retirement Families supporting aging parents Situations involving illness or cognitive decline A properly structured POA can help stop fraudulent transactions and provide oversight when it’s needed most. Review beneficiaries and key documents annually Legacy planning plays a major role in protecting your family. Each year, review: Beneficiary designations Wills and estate documents Property records and account information Dave Ramsey and the Ramsey Solutions Team often emphasize having an annual “death talk” with family—an open conversation about accounts, documents, and where important information is stored. These discussions can reduce confusion, prevent lost assets, and ensure your wishes are carried out. As a SmartVestor Pro firm, Whitaker-Myers Wealth Managers regularly sees how proactive planning helps families avoid costly mistakes and financial harm. Final Thoughts Protecting your finances requires the same intentionality as growing them. Fraud threats will continue evolving, but consistent monitoring, clear documentation, and trusted relationships can dramatically reduce your vulnerability. If you haven’t reviewed your protections recently, consider scheduling a financial checkup to ensure your accounts, estate plans, and risk safeguards are aligned with your goals and your family’s needs.

Valentine’s Day may be top of mind this time of year, but while hearts, cards, and chocolates get all the attention, college planning rarely does. Still, early-year planning can be one of the smartest ways families show a little love to their future finances. Starting the college conversation now gives parents and students time to explore options, understand true costs, and make thoughtful, strategic decisions, long before deadlines, pressure, and tuition bills arrive.   College Planning Starts Earlier Than You Think College planning is often thought of as a senior-year task, but in reality, it’s the very first step, especially for families with younger students. Starting early opens the door to more options and greater flexibility, allowing families to explore a wider range of schools, understand how costs add up, and take advantage of opportunities that can improve affordability over time. With fewer time constraints, decisions are more thoughtful and less reactive, helping families avoid last-minute choices driven by deadlines rather than long-term value.   Early planning also allows families to think strategically about college selection. The best college fit isn’t just about academics; it’s about finding the right balance between academic, financial, and social fit. Equally important is having the “Money Talk” sooner rather than later. When parents clearly communicate what they can afford before applications are submitted, students can focus on colleges that align with those realities. Skipping that conversation often leads to unnecessary stress when acceptance letters arrive, and costs don’t match expectations. Starting early helps set clear expectations and creates a smoother, more confident path forward.   The Love Language of Financial Aid Understanding financial aid is a critical part of the college planning process, and timing plays a much bigger role than many families realize. Admissions decisions and merit scholarship notifications often arrive weeks (or even months) before full financial aid packages, which are typically released in March. This gap can create a false sense of affordability or excitement around an offer that hasn’t yet been fully explained. In some cases, private colleges may send preliminary or partial aid information earlier as they work to secure enrollment, adding another layer of complexity. Without understanding how these timelines work, families may feel pressured to make decisions before they have all the facts. Being prepared to interpret early offers, and knowing what information is still pending helps families stay grounded and avoid costly assumptions.   Adding to the challenge, financial aid letters are far from standardized. Each college presents its offer differently, which makes side-by-side comparisons difficult. Some schools provide a detailed breakdown of tuition, fees, housing, and indirect costs such as books, travel, and personal expenses. Others highlight scholarships and grants while downplaying the total cost or including loans and work-study as “aid,” which can make an offer appear more generous than it actually is. This is why families must focus on the full cost of attendance, not just the amount of free money offered. Understanding what must be paid out of pocket or borrowed, each year, is essential to making an informed decision.   It’s also important for families to recognize that merit aid is not awarded based solely on financial need. Colleges often allocate their most generous scholarships to students they are most eager to enroll, using academic metrics as a guide. A student’s GPA, the rigor of their coursework, and their class rank can significantly influence both merit and need-based aid offers. Two students with similar financial profiles may receive very different packages depending on how they compare academically within a school’s applicant pool. When evaluating offers, families should take an “apples to apples” approach, comparing total costs across schools rather than focusing on scholarship size alone. A smaller award from a lower-cost institution may ultimately be the better financial decision than a larger scholarship attached to a much higher price tag.   The Best Valentine’s Gift Is a Plan Valentine’s Day is often about thoughtful gestures, but some of the most meaningful acts of care happen behind the scenes. Starting the college planning process early, having honest conversations, understanding financial aid, and making strategic choices can be one of the most impactful ways families show love and support. While chocolates and cards may fade, a well-considered college plan lasts far longer, helping students step confidently into their future without unnecessary financial stress.

Inflation has had a noticeable impact on many households in recent years, raising an important question: How can I better prepare myself financially? For much of modern history, inflation was not a major concern for most Americans. After peaking in the early 1980s, inflation remained largely below 3% from 1990 onward. Even when it briefly exceeded that level, it typically declined quickly and had minimal impact on household budgets. The 2020s, however, have told a different story. Inflation reached 4.7% in 2021, surged to 8.0% in 2022, remained elevated at 4.1% in 2023, and has stayed above 3% so far in 2024. While the rate of inflation has moderated, prices have not declined. As a result, the overall cost of living has increased by approximately 20% since 2021. This new reality naturally raises concerns about budgeting and investing. While both are important, this article focuses primarily on investment strategies, beginning with a brief overview of immediate budget adjustments that may help offset inflation’s impact. Immediate Budget Adjustments to Offset Inflation The most effective budget changes begin with engagement, honesty, and discipline—particularly when evaluating fixed and discretionary expenses. Review Fixed Expenses Fixed expenses are mandatory costs that typically cannot be eliminated, but they can sometimes be reduced. For example, reviewing insurance policies and increasing deductibles—if your emergency fund can absorb the additional risk—may lower premiums and free up monthly cash flow. Mortgage costs are another key area to review. While many homeowners are locked into existing rates, the prospect of declining interest rates may make refinancing attractive for some, potentially reducing monthly payments. Energy and utilities also warrant attention. Switching providers, renegotiating contracts, or locking in favorable rates may yield savings. Promotional cell phone plans, bundled services, or gas card incentives can also provide immediate relief. Reevaluate “Semi-Fixed” Expenses Some expenses that appear fixed—such as food and gasoline—often include discretionary elements. Food, in particular, presents opportunities for cost savings without sacrificing quality. Using coupons, purchasing generic brands, adjusting meal planning, reducing meat consumption, or limiting alcohol purchases can meaningfully improve monthly cash flow. It is important, however, not to reduce food costs at the expense of long-term health. Payroll deductions such as HSAs, FSAs, supplemental insurance, and charitable contributions should also be reviewed periodically. Because these are withheld automatically, they are often overlooked. Temporarily adjusting or pausing certain deductions may provide short-term budget relief when appropriate. Trim Discretionary Spending Discretionary expenses—entertainment, dining out, streaming services, travel, non-essential clothing, and hobbies—often offer the most flexibility. While these reductions can be uncomfortable, honest evaluation of non-essential spending can significantly reduce financial pressure during inflationary periods. Investment Strategies to Combat Inflation Emphasize Long-Term Growth Assets For intermediate- and long-term goals with a time horizon of five years or more, allocating approximately 80%–100% of investment portfolios (brokerage accounts, IRAs, and 401(k)s) to stocks, stock mutual funds, or stock ETFs is often appropriate. Historically, stocks have been the most effective asset class for preserving and increasing purchasing power. Over the past 30 years, stocks have averaged annual returns of approximately 10.15%, compared to 4.41% for bonds and 2.29% for cash. In real terms, cash has lost purchasing power, bonds have largely preserved it, and stocks have meaningfully increased it. For short-term goals—particularly those under one year—reducing risk remains prudent. However, even conservative assets should be optimized by seeking higher-yielding money market funds, Treasury securities, efficient bond funds, structured notes, or preferred stocks. Maximizing yields on cash reserves and emergency funds can meaningfully offset inflation’s impact without taking undue risk. Incorporating Real Estate as an Inflation Hedge Real estate has long been used to reduce portfolio volatility and hedge against inflation. While direct ownership is not appealing to everyone, there are multiple ways to gain exposure without becoming a landlord or real estate expert. Private real estate investments—on both the ownership and credit side—can provide diversification and inflation protection without the operational burden of property management. These options are often accessible through vetted investment vehicles with professional oversight. For those interested in direct ownership without traditional rental challenges, alternatives include raw land, farmland, or vacation properties. These investments may offer personal enjoyment alongside long-term appreciation. A vacation property, for example, may generate rental income, provide personal use, and ultimately become a retirement residence. Many real estate investments also offer tax advantages, further enhancing their appeal as an inflation hedge. Summary Inflation presents real challenges, but it also creates opportunities for thoughtful financial planning. Reducing debt, improving efficiency, optimizing cash yields, and ensuring proper diversification are foundational strategies during inflationary periods. By taking deliberate steps across budgeting and investing, households can reduce financial vulnerability and make inflation’s impact far more manageable. If you would like to talk about financial planning or monthly budgeting, reach out to our team of financial advisors and financial coaches today to start your financial journey.

How We View Social Security: Most people understand the basics of social security and why/how it is used, and we also understand that it has been a critical systematic financial instrument for millions of Americans for decades. The positive side of social security is that, if it was completely wiped out today, millions of Americans would have no where to go for income in retirement. It has also been a long-term way to almost “force” people to save for retirement, which should be thought of beneficially in the sense that many receiving SS today would not have planned accordingly themselves. The more negative side is that the average modern-day American should not be hoping or forecasting to eclipse his/her lifetime of contributions with the benefits that will be received, and that social security can generally and simply be thought of as a “bad deal.” Also, especially with younger adults, no aspect of social security today should be thought of as “guaranteed” for the future, especially with a recent history of pushing back what is thought of as retirement age, the impact of baby boomers, and continually increasing life expectancies. The objective here is not to host a roast towards social security or to argue whether it should exist or be treated the same in the future, but rather be dually educational and hopefully persuasive. While most understand the basics of SS, we believe that most do not have the right attitude towards it or even relationship with it, and growing in this area will be critical when thinking about social security’s tax implications. Social Security can be Taxable: What Does this Mean for You? Whether you as the reader are an existing client, a potential client, or just someone who has any sort of retirement goal/plan, we are stressing that a healthy attitude towards social security is an attitude of non-dependence that coincides with proper retirement planning. The average monthly SS benefit in 2020 is just above $1,500 a month, which equates to $18,000 in annual income. With relying on SS alone, it is very possible to put in 40 years of hard work and make an honest living, just to live paycheck to paycheck and lack financial freedom in retirement. The great thing about us and other fiduciary-based investment advisors is that we are in the business of helping YOU create and control your income and assets in retirement with your best interest always coming first. So many aspects of the investment world and finance industry are situational, and that is especially true when thinking about clients in general. It should go without saying that no two clients are exactly alike, and that all situations, goals, constraints, etc. are never going to be the same across the board. However, the nature and execution of our business is directed at producing a result opposite to relying on social security in retirement. For all of our clients, we want SS to be nothing more than a small “cherry on top” when comparing to other income-producing instruments and retirement assets. When considering this, and the fact that social security CAN be taxable on the federal level, it’s easier to understand why we actually hope and believe that all of our clients will have to pay federal taxes on social security. Next, you will see the guidelines/income brackets for the federal taxation of SS and why ‘tax’ can be thought of as an unusual positive in this sense. Tax and Income Guidelines: A portion of social security benefits may be taxable, and here are the current guidelines to follow: *For all of these situations, consider one half or 50% of annual social security for each individual and add it to other income which can include wages, pension, interest, dividends, and capital gains. Up to 50% of SS benefits may be taxable if: Annual income is $25,000-$34,000 for filing as single, head of household, or qualifying widow/widower Annual income is $25,000-$34,000 for married filing separately (have to live separately for entire preceding year) Annual income is $32,000-$44,000 for married filing jointly (consider one half of annual social security income from each spouse) Up to 85% of SS benefits may be taxable if: Annual income is more than $34,000 for filing as single, head of household, or qualifying widow/widower Annual income is more than $34,000 for married filing separately (have to live separately) Anyone for married filing separately that lived with their spouse for any amount of time in the preceding year Annual income is more than $44,000 for married filing jointly Key Points: With proper retirement planning, you can expect to pay some portion of tax on social security benefits when considering the combined income of SS and portfolio distributions (interest, capital gains, dividends) and/or pension income Again, this is a rare case when you actually want to pay taxes, because if you weren’t, it would obviously be due to your retirement income being lower than the limits A typical client is forecasted to live on a comfortable and satisfying retirement income that considers the client’s desires and wishes and the reasonability, suitability, and tradeoffs behind them that will easily surpass these limits while still allowing average portfolio growth to exceed distributions

Having read the title of this article, it will inform you that my goal is to explain the main benefits of using a dollar-cost averaging investing strategy. However, first, it is important to understand what a dollar-cost averaging strategy entails, and there is a great chance that you as the reader may already be committing to this strategy without even realizing it! To put it briefly, let’s say you are putting 5% of your income into mutual funds in your 401(k), then you would be using a dollar-cost averaging strategy regardless of the specific frequency of those retirement contributions as long as they are consistent (weekly, biweekly, monthly, etc.) This strategy simply involves investing the same amount of money at these set intervals into stock mutual funds and/or other applicable investments, regardless of price-per-share of those mutual funds. Therefore, by investing with a consistent dollar basis, instead of on a per-share basis, you will buy more shares when the mutual fund(s) is “cheaper”. (Think when the market is “down”.) You will buy less shares when the mutual fund(s) is “more expensive.” (Think when the market is “up”.) Initially, many advisors and investment firms turn their heads to potential clients that don’t have large sums of money to invest. They try to discourage dollar-cost-averaging knowing that it is a beneficial and proven investing strategy for a vast array of people that significantly reduces market timing risk. This can mean less assets up front to take an initial investment management fee or a commission check. (P.S. As a friendly reminder, watch out for commission-based compensation structures.) I say this because we, at Whitaker-Myers, do not operate that way. There are two main things, among many more, that our advisors and company take pride in: working with and providing great advice, service, and strategies to our clients with THEIR best interest in mind and having the heart of a teacher. If you, the reader, are not an existing client and/or don’t know much or anything about our company, I hope the latter point shows through with this information. What Are the Benefits? I would like to dive into the benefits of implementing and using this strategy. I have also included a picture, with credit to Franklin Templeton, that shows a hypothetical illustration or case scenario of using this strategy with results in better investment returns then investing the same amount of dollars, on day one, with a lump-sum. However, the argument for dollar-cost averaging is not completely or even mostly mathematical or return-based in nature. In fact, when you think about the history of the stock market and the fact that it has provided substantial returns with ups and downs along the way, you will generally have a better chance of more substantial returns with an initial lump sum vs. spreading out that same lump into twelve monthly contributions in a one-year period. Although this is not an exact or concrete statistic, we are on par with Dave Ramsey when he says that finances, investing and underlying decisions are about 80% emotional or psychological and about 20% head knowledge. We would also argue that a perfect world or place to be for an investor would be the use of 100% head knowledge, but this is unrealistic with money, and we understand that. While most of us inherently know that buying low and selling high is a general benefit, many end up committing to the opposite. For the majority of people, the immediate thought when they see their investments decline, in the short-term, is to sell because of the uncontrollable fear of “How much more can I lose?”. Also, for the majority of people, the immediate thought when they see their investments appreciate in the short-term is “How much more can I make before selling?”. Dollar-cost-averaging is especially made to be a long-term buying strategy and a behavioral or psychological benefit: Dollar-cost-averaging lets you take on the position of timing the market by purchasing more shares of said investment when cheap and less shares are more expensive. This is in the most modest and least-risk inducing way. The majority of people are not in the position to invest in large lump sums in the first place. It’s beneficial for the overwhelming majority of investors to commit to a simple and disciplined investing habit or plan. Pinpoint market timing is nearly impossible, even for professional investors. • Regret and negative results WILL occur with poorly timed lump-sum investing. If committed to the strategy, you are committing to using bear markets, automatically, as a buying opportunity. Those who try to time the market completely have a historically better chance of failing than succeeding. Overall, this strategy allows those who use it to aim for great returns over a long period of time. This allows them to take on a much lesser risk that essentially equates to a more positive, emotional and psychological result.