Not only does March bring green drinks, foul weather, and March Madness, it's also supposed to be the time college acceptances arrive with offers of financial aid. Well this year March madness has extended itself within the college ranks, beyond basketball, because of FASFA changes. So, it's Caitlin Clark and Mrs. Clark, the Director of Financial Aid at Iowa, that might make you jump out of your seat this year. Here is a list of colleges that have already announced delaying the traditional May 1st decision deadline to allow more time to compare offers. Preparing For The Best Due to the disastrous launch of the new FAFSA which will delay admitted student's award letters, parents will have more time to prepare their appeals and negotiating tactics. I'm not an apologist for the Department of Education, but I can make the rationalization that could make parents feel a little better about the delays. The Ivies and elite universities send out their Regular Decision admission and award letters in late March and early April. Now, everyone is in the same boat and there is safety in numbers. Given the difficulties and new complexities of the financial aid process brought on by "simplification", financial aid administrators are being directed to avoid verifying student and parent financial information, unless there is an obvious conflict of information, like showing interest on a tax return without showing an asset on the FAFSA, inconsistent US residency requirements, etc. Otherwise, it is highly unlikely that anything you put down on the FAFSA regarding business, farm, or asset values will be questioned. The same goes for which of the student's parents (separated/divorced) provides the lion's share of financial support. A significant change to the financial aid formula that must be dealt with is the elimination of the discount given to families with multiple students in college at the same time. If a parent has two students in college this year, and the aid packages are significantly different from last years awards, then I would definitely make an appeal. Because colleges are businesses, what would seem to make sense is that everything else being equal, colleges will "grandfather" last year's aid package. But how much good sense will depend on the institution. In my humble opinion changing course in mid-stream isn't good for anyone, especially when new admission applications are down at a majority of colleges. Of course, for current students' parents will have to wait until summer for the packages to arrive. Another change that could substantially reduce the amount of aid a student would have received in 2023-2024 or earlier is the inclusion of a business or a farm. If you have an extraordinary financial situation or circumstance, you will write an appeal letter. Appealing Award Offers I want to caution against a few things. One is to refrain from telling the college how much your student wants to go there. To them it doesn't matter. Don't tell them how great of a scholar your student is, either. They know. It makes no impression. Another is telling them you have better offers from other schools-- at least on the first attempt, as that is better left to negotiate with the admissions department. Provide facts and avoid emotional language. To be frank, your story of woe will not make an impression. There is nothing you can tell them that they haven't heard before. Think of the IRS: do they care about anything other than figures? Financial aid personnel use formulas, follow policies, and answer to the Director of Financial Aid, not to parents. Here are three basic steps in making an effective appeal. The First Step Visiting the college's financial aid website is a great place to start. Here is an example of what you are looking for: Financial Aid: Appeal for Reconsideration. Not all college web sites have specific instructions on how to appeal an award. If that is the case, you'll have to contact the financial aid office and ask what they recommend you do. If instructed to write a letter, you will be asking for what is known in the trade as a Professional Judgement (PJ), which is a review of your circumstances. It's important that you follow their instructions as best you can. The Second Step Keep in mind that because of delays, financial aid staffs will be overwhelmed trying to get award packages out. I suggest acknowledging that reality with a sentence that like: "I understand your problems associated with FAFSA Simplification, and that you could be overwhelmed and short staffed. Whatever I can do to make reconsidering my student's appeal easier please let me know." Then you will want to explain the situation as briefly as possible. You aren't writing War and Peace here. A page and a half is all that anyone will have time for. You are going to write no more than three or four paragraphs that go directly to the heart of the matter: Write exactly WHY you are asking for additional aid. In other words, write exactly what happened. Explain what this MEANS. For example, losing a job means that unemployment insurance and savings will not be enough to cover the cost of college you were prepared to pay. Tell them what you are already doing to IMPROVE your situation. This might be cancelling all your streaming services; eliminating nights out; cancelling planned vacations, etc. until new employment has been secured. Include supporting DOCUMENTS that back up your claim. This could be a termination letter, statement of unemployment benefits, even an income and expense statement. The Third Step Depending on the aid offices process, you will send your appeal letter and documentation. If you have a name to send it to the fastest way is email. Sometimes you will only have "finaid@college.edu" as an address: so, it will be going to whoever opens it up and then that person will forward it to the appropriate person. Be prepared to send a letter via Priority Mail to back it up as well. In either case, if you don't have the name of a specific person, you can find the directory of financial aid personnel and match as best you can the title of the person to the role they are assigned. Sometimes, there is no directory. You can try and call the financial aid office and ask who is the best person to send it to, or just send it to the aid office. However, having a name to follow up with is ideal, so make every effort. When it comes to paying for college and getting the best deal you can, don't be afraid of asking for more aid-- or at least some if none was offered. This mostly only works with private colleges, but you could try using a state school's lower price tag as a bargaining chip with an expensive private school. If you're denied, you've lost nothing. They might just say yes! Negotiating A Better Price The best way I can communicate how to negotiate a better deal on tuition is to compare it to buying a car. Smart shoppers visit multiple dealers to see what makes and models that have the features they want and get a quote. Having several offers in writing from other dealers gives the consumer a position of strength. Not all colleges negotiate. State universities cannot, but many private institutions will do so if pressed. Colleges hate to admit it, but they negotiate all the time. They just don't call it that. They hate to be compared to a "used car". So, parents shouldn't refer to that word either. To increase your chance of negotiating the lowest price, a student should have offers from a few colleges that share similar characteristics, like cost, selectivity, athletic conference, and their histories of awarding aid. Like a car dealership, some colleges just won't offer more without seeing a competitors offer. A successful negotiation includes not showing your cards right away. See what the college will do if you just ask for additional funds to HELP better afford them. Many colleges will increase their award package just by you asking. If they don't respond or turn you down, don't take no for an answer. Now, would be the time to show some cards. One thing to be aware of, is that just like car dealers colleges have quotas to meet. In the months leading up to May 1st, admissions staff are counting the number of enrollment deposits. They are very nervous about not meeting their magic number. So, in many instances are likely to "sweeten the pot" with additional dollars. TRADE SECRET Unlike an appeal which the parent writes, it is the student who contacts the colleges and initiates the negotiation. Even if our staff prepares the communication, it must be written and look like the student wrote it, and it must be sent from the student's email address. Lastly, don't believe the urban legend that if you ask for more money the student will have their offer of admission rescinded. Don't take no for an answer until you've been denied three times! Then that would be the time to consider other options. As you know, the financial aid system is going through a sea change. FAFSA problems are many, and there are millions of students who haven't been able to file yet. For those students who were able to file, the Department of Education hasn't been able to provide colleges with the information they need to create student aid packages. While colleges should have access to FAFSAs by mid-March, it may take more time to get the awards. Colleges normally download FAFSAs periodically so they can work at a sane pace. This year is quite different. Be patient and check each college's web portals for updates. Don't call the colleges. I wouldn't even bother emailing them until after the award is created. Then you can make your appeal or negotiation. Because this is the first time in 45 years anything like this has happened, only common sense can be your guide through the minefield of financial aid.

A Quick Backstory People told me growing up that I needed debt in my life and that debt was good. “I can’t get a mortgage without a credit score,” “I need a good credit score to get a personal loan,” “I can use credit cards for reward points,” and, of course, “I will just pay my card off every month,” are just a few examples that I and many others have used before. I always had a personal credit card to use for gas or small expenses and pay off the entire balance (almost) every month. I also had a rewards card that I would run as many expenses through as I could to rack up airline miles. I had a nice SUV with a monthly payment, but hey, I “owned” it. I felt accomplished as a young professional back then because I had nice stuff…until I met my neighbor. My Neighbor We both moved to the neighborhood around the same time, and it was both of our first homes. We were about the same age and shared many common interests, so we hit it off fast. We would hang out almost every day. Whether helping each other with home projects, playing sports, or hosting barbecues, we spent a lot of time together. We would even joke with our friends that we were going to tunnel through the basements to join the houses together. All the time we spent together was memorable and fun, but there was one day that would set in motion a different path that would change my life. Introduction to Dave Ramsey I was over at my neighbor’s house one afternoon, sitting around watching TV and chatting about random subjects. At one point, we got onto the topic of personal finances. Something I did not give much thought to because I had a steady job, a roof over my head, and a nice SUV…then he said, “Hey, have you ever heard of Dave Ramsey?” At the time, I had not, so he pulled up an hour-long seminar hosted by Dave Ramsey on YouTube. At the time, I was thinking, “Why are we watching this?” But, not too long in, it started to click. After the video was over, my neighbor gave me his extra copy of Dave Ramsey’s book, The Total Money Makeover. The book reiterated much of what Dave talked about in the YouTube video, and I realized, “I’M BROKE!” “We Buy Things We Don’t Need with Money We Don’t Have to Impress People We Don’t Like.” -Dave Ramsey While reading the Total Money Makeover, this quote stuck with me. I started looking around my house at all the crap I had accumulated and started adding up the cost. I would think about everything I could have done with that money if I did not buy all that stuff. I thought, “You could have paid cash for that SUV in the garage,” “You could have something saved for retirement,” “You might not be living paycheck to paycheck,” and so on and so on. There was so much truth in that quote, and it resonated with me so deeply that I felt physically ill thinking about all the financial mistakes I had made. I was sick and tired of being sick and tired, and it was time to make a change. The Baby Steps I started from Baby Step 1 (Save $1,000) and worked through Baby Steps 2 (pay off consumer debt) and 3 (build an emergency fund) fairly efficiently. A 3-month emergency fund for my household makes sense because we have no children, both are employed, and do not have very many expenses, fortunately. Through the first three Baby Steps, there were setbacks. Things around the house break, medical issues arise, and unexpected expenses come up. I learned that doing the Baby Steps in order makes perfect sense. At first, I tried to do multiple steps simultaneously and found myself failing. I kept finding myself stopping one step to try and fix or continue another step. Only when I started doing the steps in order did I begin to see success. Starting at step one, and only baby step one, changed everything. Eventually, I started gaining confidence in the process and never looked back. I am currently working on Baby Step 4 (saving for retirement) and have a long way to go. The first three steps helped me build good money habits that naturally flowed into Baby Step 4. It Can Work for Anybody We all tend to make excuses about why we cannot do something. I am the same way from time to time and certainly was making excuses about money and finances. The fact of the matter is, once you make the conscious decision that you are sick and tired of being sick and tired, you are already winning. It is kind of like losing weight; you must want it to succeed. Getting started is the most challenging part, but the easiest way to do it is starting with Baby Step 1 (save $1,000). There are plenty of motivational success stories out there to get you started outside of mine that you can find with simple Google searches. You can hear them every day just listening to The Ramsey Show. We at Whitaker-Myers Wealth Managers have a team of financial advisors to help you reach your financial goals, but we also have a Dave Ramsey-certified financial coach who can help you on your debt-free journey. I would encourage anyone to follow the Baby Steps journey because experiencing debt freedom is a different feeling that I hope everyone can find in their own lives. Thank you for taking the time to read my short story. If I can help you on your Baby Step journey, please do not hesitate to reach out. I will be your biggest fan. **If you are interested in receiving a copy of Dave Ramsey’s Total Money Makeover book, please email Shelly Sturts and reference this article (and don’t forget your name and mailing address to send it) for your very own copy from Witaker-Myers Wealth Managers!

Purchasing Power With the inflation rate, anything Jerome Powell says, and interest rates at the top of everyone’s news feed lately, deciphering the economic jargon can be monumental. We’ll use this article to dig into inflation so that our readers can have a foundational understanding of these economic indicators. Simply put, financial inflation is the decline of purchasing power in an economy caused by rising prices (Investopedia.com). Economists worldwide look at purchasing by defining the change through several inflationary descriptors. These include inflation, disinflation, deflation, hyperinflation, stagflation, demand-driven inflation, and monetary-driven inflation. These factors can impact the purchasing power of all goods and services. Knowing these terms should help navigate through some of the complex economic discussions. How is inflation calculated/reported? Calculating inflation is quite complex, but a simplified way of understanding the calculation is to compare the price of a good or service today to the price of the same good or service at a previous time. For example, in March of 2023, a bushel of apples cost $20; today, the same bushel is $22. That would be an inflation of 10% ([22-20]/20). As you can imagine, this can get very complex. What you need to know is inflation is reported in many ways, but the values that are important for our readers to track are the consumer price index (CPI), wholesale price index (WPI), and core CPI. The difference between the CPI and core CPI is that core CPI excludes volatile energy and food prices, and CPI includes all components. For extra credit, read about PCE (personal consumption expenditures) the Feds use this as a core metric in rate determinations. We will explore this in full detail in an upcoming post. Inflation as a lever Not inflation levers, but inflation as a lever. While inflation levers are also important to understand, the purpose of this title is to bring some imagery to the article. Think of our economy as a lever completely perpendicular to the wall, sitting at zero. If we move the lever up by 2-3%, we have grown by an inflation rate of 2-3%. If we pull it down slightly to 1%, we are in a state of disinflation compared to our previous state. Lastly, if we move the lever past zero so that the lever is negative, we are in a state of deflation. Simply: Inflation = >0 Disinflation = + value, but decrease from the previous period Deflation = inflation< 0 (also referred to as negative inflation) Hyperinflation and Stagflation These two descriptors are two opposite sides of inflation. Hyperinflation is a disastrous scenario in which inflation exceeds 50% in one month. With the Fed's inflation goal of 2%, when inflation hits 3%, 4%, or even 5%, many news and media outlets bubble up reports of possible hyperinflation. Remember, hyperinflation has happened in the past, though it is very rare. On the other hand, stagflation can also be a destructive economic scenario. Stagflation is defined by slow economic growth, high inflation, and a high unemployment rate. This is incredibly difficult to solve because solutions that arise for one variable tend to impact the other variable negatively. Some debate that in June 2022, the U.S. economy experienced stagflation, though this is not widely accepted. Demand Driven Inflation John Maynard Keynes originally proposed the theory that demand drives inflation (1883-1946). He theorized that aggregate demand, the total amount of demand for all finished products and services (including import/export and government spending), was the primary driver for inflation. As supply changes and demand impact pricing, inflation would rise/fall accordingly. This is defined by the two broad inflationary descriptors known as cost-push inflation and demand-pull inflation. Cost-push inflation starts with the production costs for manufacturers. As production costs increase, companies ‘push’ this cost to the consumer by raising prices. Demand-pull inflation results when demand for a product or service exceeds the supply; thus, the price increases. Money Supply Similar to the supply and demand dynamics of demand-driven inflation, the supply of money can also be a driver of inflation. Those who believe in the supply of money as the driver of inflation believe that the cost of capital and the velocity at which money is exchanged are primary drivers of inflation, even more so than the supply and demand drivers. Key takeaways Inflation can be confusing, and it's no fun when it hurts my pocket. It is important to remember that low/moderate inflation is a good thing. Inflation around 1-3% indicates good economic growth; hyperinflation (>50%) and deflation highlight a troubling economy.  The Feds have various tools in their monetary and fiscal policies to control inflation and track inflation closely based on personal expenditures. Though, as consumers, we have minimal individual direct impact on inflation, there are factors we can control to limit the effects of inflation on our personal finances. Limiting how lifestyle inflation or lifestyle creep influences our decisions requires a solid understanding of our goals and psychological decision-making. Our excellent financial coaches at Whitaker-Myers Wealth Managers can work with you and provide the tools and tips to walk you through budgeting strategies to help you live realistically within your income. To make sure your money value continues to grow ahead of inflation, consider talking to one of our Financial Advisors. They’ll show you how to achieve your financial goals while increasing your money along the way.

Statistics Three statistics metrics that you likely remember from school are mean, median, and mode. Mean is the average value amongst the sample, median is the middle value, and mode shows the most repeating value. These are some of the most basic statical measures we’ve learned about and are still used in financial calculations today. Most frequently, we hear of mean or average values when measuring the returns of a portfolio, but has your advisor discussed the geometric mean with you? In today’s article, we’ll discuss how both measures are used to calculate your investment returns and which is most appropriate when looking at your data. Mean and Geometric Mean I feel the best way to explain these two metrics is to look at an example. Consider the following table, which showcases a hypothetical investor’s portfolio starting with a $100,000 investment. Portfolio value = Dollar value at the end of the year YoY return = Year over Year return This portfolio assumes no cashflows in or out Simply looking at the starting and ending balance, deducing a loss of $1,000 would be easy. However, when you take the arithmetic mean of these values, the number may surprise you. The arithmetic mean of the returns above is calculated by adding the returns and dividing by the number of years (periods or n – which you will see as you read on). The calculation would be as follows: (494+[-36.06]+[-48.95]+[-48.97]) 4 The calculated arithmetic mean shows a return of 90.01% during this 4-year period. It sounds counterintuitive that a portfolio with a 90.01% average return over four years has an ending balance that is less than what was invested. Odd, but this is precisely why we recommend working with your advisor to understand these metrics and when they should be used. Though arithmetic mean is an important statistical measure, let’s look at how geometric mean calculates return and why this metric is important to understand. Geometric Mean The geometric mean reports the returns as an average of the sample. However, this metric also considers the compounding occurring within the portfolio. We all want our investments to compound every year, and the geometric mean provides visibility as to what the net compounding of the returns looks like. To calculate the geometric mean, we use the formula: Source: www.financeformulas.net As shown in the image above from Financeformulas.net, the calculation for geometric mean seems much more complicated. Let’s calculate this together: [((1+4.94)(1-.3603)(1-0.4895)(1-.4897))1/4 ] -1 = -0.25% A quarter of a percent loss in the four years is much more palatable and accurate when looking at the data. Key Takeaways The calculated geometric mean will be lower than the arithmetic mean when the number of periods is more than two and returns from each period differ. In the examples above, we assume an initial investment without further contributions or withdrawals. Most investors will likely add or take funds out of their accounts over time. We use the dollar-weighted return or internal rate of return (IRR) metric to calculate accurate returns while accounting for cash flow. We’ll save that metric for another discussion so we can dive deeper into the associated metrics and calculations. Financial metrics can get complicated, and as mentioned in previous posts, it isn’t best to only focus on one metric when making decisions. As you learn more, keep in mind that our team of expert financial advisors at Whitaker-Myers Wealth Managers is available to discuss any financial planning needs or questions you may have. Schedule a time to meet with them and help answer your questions!

Did I make the right decision? In our day-to-day world, when we’re faced with decisions, there are two primary methods that our minds utilize to process the information to take the next steps. The first is where situational awareness or familiarity yields a decision that is usually quick and may be associated with a habit. In medicine, we refer to these mental shortcuts as heuristics or, simply put, ‘going with your gut’ or intuition. The second process is when faced with unfamiliar or complex situations, where a more analytical approach to try and weigh out the pros and cons tends to guide our decisions. As you can imagine, making quick and sometimes rash decisions can lead to more errors. These quick decisions may also be influenced by unconscious bias that can lead us astray. When we spend the time to make an informed decision, we expose ourselves to new information and processing.  This may delay the decision-making process and outcomes, but it can provide the necessary input to make the right decision. A question one may ask themselves after making a decision is, “Did I make the right decisions? Or what would have been the outcome if I chose the alternative?” Opportunity costs As mentioned above, you consider several factors or resources when making any decision. With a finite number of resources (time and assets specifically), we can only make the decision that we feel best fit given the circumstances and the information we have. Academics across domains observe the rationale around decisions and the opportunity cost of the alternatives. Opportunity cost is the physical, emotional, financial (any asset), and time-associated cost of a specific decision compared to the alternative options. These are calculated utilizing subjective and objective measures and can be quite complicated, but we’ll focus on measuring the objective component in today's discussion. Let’s look at examples that highlight opportunity cost from two different viewpoints. Q3 or Q5 Imagine you walk into a new car dealership, and they have two vehicles on the showroom floor that have caught your eye. Car 1: Picture Credit – www.Caranddriver.com; Car 2: Example credit: Gal Zauberman Both vehicles are brand new and check all the boxes. Great mileage, technologically advanced, can fit one or two car seats (if necessary for your life), comfort, sporty and stylish. Now comes the time when you sit down with the sales manager and discuss the price. On the left, the Audi Q3 is listed for (not actual numbers) $35,000; on the right, the Audi Q5 is listed for $42,000. On the surface, the cost difference may sway the decision, but what if that sales manager had another proposition? The sales manager says that if you buy the Q3, he’ll include three years of gas, complete maintenance, and washes, essentially bringing the car's value to $42,000.  So, which car would you choose? Most would pick the Q3 over the Q5 with this decision and incentives included. This is one way we look at opportunity costs. What else can I do with the money, or what could I gain/lose with this decision? Talking about gains and losses, let’s look at a more analytical view of opportunity costs. Compound interest and compound loss Investor A heard from a close friend that he needs to invest. Let’s say Investor A makes $50,000 coming out of college at 22, and he worked with our financial coaches to come out of university debt-free (woo, who!!!). Now he can save for his emergency fund, then retirement, and his new future home! Let’s dig more into his baby step 4, investing 15% of his income. To simplify the math, let’s assume there is no wage increase, and Investor A sticks to investing 15% of his income for the next eight years in the four categories we recommend (growth, growth and income, aggressive growth, and international). We’ll also apply a conservative 6% annualized growth rate, though realistically, this should be higher. By the time Investor A is 30, he would have $74,231.01, with nearly $15,000 of just growth! www.Investor.gov/financial-tools-calculators Then life happens. Job loss, medical emergency, family emergency, or any combination of factors that can shake the tree. In the hypothetical emergency, Investor A takes $45,000 out of his retirement account to support necessities.  If the remaining $30,000 (rounded up) stays in the account for the next 35 years and grows without any future contributions, this account would equal $230,582.60! Yes, without any additional contribution! What about the $45,000 that was taken out? This is where opportunity cost needs to be discussed. What was the opportunity cost of taking out the $45,000? A whopping $345,873.91! Instead of having $576,402.41 in the account, Investor A only has $230,582.60. This is precisely why our team never recommends taking out of your retirement unless it is absolutely necessary to cover your four walls (shelter utilities, transportation, food). The compound interest impact on the investments and the opportunity cost are too significant. To ice cream or not If I waited in line at my favorite gelato place (Copa Gelato, if you’re from Columbus, OH) for over an hour because they had a sign for free gelato, could I have done something more productive with my time? Though I may justify the time, opportunity, and wait in line for that first bite, was it really ‘free’? Our resources are finite. Time and money are two of our most important resources and directly influence our decisions. Making decisions is an amalgamation of our habitual/intuitive and rational thinking. The question is, “How do we make good decisions?” and, more so, “How do I avoid bad decisions?” I believe having the right experiences, exposure, and teacher/mentor on your side can significantly mitigate the risk of making bad decisions. At Whitaker-Myers Wealth Managers, our team approaches every interaction with the heart of a teacher. This means we enter each conversation with kindness, empathy, and compassion, intending to build a long-term, meaningful relationship. If you’re interested in a partner to join your journey, contact one of our financial advisors and schedule some time to discuss your questions. If you’d like to submit a question for me to answer, please use this link and fill out the quick survey.

How about some good news as it relates to your retirement and investment portfolio? It's 2024, and it's an election year! That might seem counterintuitive because one of the most asked questions I get in 2024, 2020, 2016, 2012, or 2008, the election years that have spanned my career, is, "Doesn't the stock market decline in these years?" The theory behind this question is founded in a rational argument because the market does tend to have a lot of volatility as it relates to candidates saying this or that; however, thanks to research done by LPL Financial, we see that the average return for the S&P 500 in a presidential election year is 7%. This is below the long-term average of 10% and the nearly 17% we see in the year before an election year (last year's S&P 500's return surpassed 25%), but it's positive. When looking at reelection years (when an incumbent is running for election again) the return is actually closer to 12.2%, according to the same study. Dave Ramsey haters, take a breath since I quoted the most hated number in your numerical vocabulary - 12%. With the presidential election season heating up, there will no doubt be a flurry of daily headlines between now and election day on November 5. A rematch between Joe Biden and Donald Trump seems inevitable with Trump currently leading many presidential polls among registered voters while Biden is raising and spending more campaign funds. Although a lot can happen between now and November, it's natural for some investors to be concerned about the impact of politics on the stock market and economy. After all, the political climate has never felt more polarized not just due to elections, but also disagreements in Washington around the budget, immigration, foreign policy, and more. How can investors stay balanced during this year's presidential election? The stock market has performed well under both parties As citizens, taxpayers, and voters, elections are extremely important regardless of which side of the aisle you're on and which candidate you support. Your vote helps to determine the principles that the country will uphold in the years to come. However, when it comes to our investments, it's important to vote at the ballot box and not with our hard-earned savings. When it comes down to it, long-term investors should be wary of claims that one candidate or another will "kill the market" or "ruin the economy." It's likely that this has been said about every president in modern times across 15 presidencies since 1933 (7 republicans and 8 democrats), and was certainly said about Obama, Trump, and Biden. Thus, it's important to separate personal and political feelings from financial plans and investments. The accompanying chart highlights the broad fact that the economy and stock market have performed well across both parties. Focusing too much on who was in the White House would have resulted in poor investment decisions over history, regardless of how strongly one felt. For example, from 2008 through 2020 across the Obama and Trump administrations, the S&P 500 generated a total return of 236%. This occurred despite the vast perceived differences between the parties and the increasing polarization of Washington politics. This also occurred despite many budget battles, fiscal cliffs, debt ceiling crises, U.S. credit rating downgrades, etc., not to mention the global financial crisis, the pandemic, and more. Of course, this is not to say that good policy doesn't matter. Policies on taxes, trade, industrial activity, antitrust, and more can have important impacts on specific industries which can then affect the broader economy. This is why our partnership with our research partners like FS Insights and DataTrek are so important and why Whitaker-Myers Wealth Managers has furthered our commitment to research by hiring our own in-house research analyst, Summit Puri. However, not only do policy changes tend to be incremental, but also history shows that it is very difficult to predict how any particular policy might affect the economy and markets, despite conventional wisdom about each party. Stock prices account for new policies quickly and companies and industries tend to adjust and adapt. The business cycle matters much more than who is in the White House This is why for most long-term investors, it makes more sense to focus on fundamentals such as those related to the business cycle, rather than day-to-day election coverage. On a short-term basis, election headlines have the power to move markets and create stock market volatility. However, these moves are eclipsed by the long-term gains created by market and business cycles. These cycles are influenced by many factors, from technological revolutions to globalization, and not just who is sitting in the Oval Office. The reason the returns since 2008 have been historically strong, with the market now back at all-time highs, is less about Obama, Trump, or Biden, than the underlying economic trends. This is perhaps best illustrated by the 1990s and early 2000s. Bill Clinton's two terms were perfectly timed with the information technology boom while the ensuing dot-com bust coincided with the start of the George W. Bush presidency. Unfortunately, the 2008 financial crisis also occurred at the tail end of George W. Bush's second term, resulting in his presidency encompassing both market crashes. Despite this, it would be a stretch to argue that their presidencies were the reason for these booms and busts. I could argue Bill Clinton's policies had more to do with the mortgage meltdown of 2008, yet he oversaw one of the best market stretches ever. While policies influenced these events, they had much more to do with technological and financial innovations. These and other historical episodes suggest that presidents often receive too much blame and credit for economic conditions. Stock market returns are positive on average across both parties For those who are unconvinced that they should avoid day-to-day political headlines when it comes to investing, the final point is that average stock market returns have historically been positive under both parties. To underscore this point: it is not the case that markets always crash under one political party. The accompanying chart shows that no matter how you slice it, the S&P 500 has averaged double-digit gains whether democrats or republicans are in the White House. Additionally, history tells us that market returns are positive on average during election and non-election years alike. While the past is no guarantee of the future, and returns in any individual year are unpredictable, jumping out of the market due to the outcome of an election, or simply because an election is occurring, is not a decision supported by history. The bottom line? The best course of action for long-term investors is to stay balanced and not make investment decisions based on political preferences. Vote based on your Biblical, Christian worldview, but don't let a loss or win of any political party recalibrate your investment portfolio. Daniel 2:21, "He changes times and seasons; he removes kings and sets up kings; he gives wisdom to the wise and knowledge to those who have understanding."

The start of a new year often brings self-reflection for many people as they create their New Year’s resolutions. Although New Year’s Resolutions aren’t for everyone, it is still beneficial to self-reflect and set goals for the new year, especially financially. Studies show that by Spring, many people have fallen off track from the goals that they set at the start of the year. As we head into Spring, we would like to encourage you to get back on track with your goals, especially the financial goals you set. Surely, you have heard that you don’t have to wait for a new month or even a new year to start a goal, and that is very true. However, there is something special about the start of a month or season to encourage new beginnings. So, let’s use this Spring to spring us towards the goals we want to achieve. Things to Consider If you are married, an important thing to consider is your spouse. Before making goals, getting on the same page as your spouse to attack your new goal together is essential. Not only will this prevent disagreements down the road, but it will also bring you closer together and improve the bond between you and your spouse. Another essential thing to consider is your financial plan. Are you on track with it? What still needs to be done? Is there any slack that needs to be picked up? These are important questions you should consider as you set your goals. If you do not have a financial plan, contact your advisor about making one because we believe financial plans are the answer to “Am I going to be okay in retirement?” They are important in helping you to know if you are on track and/or what you need to do to get on track. Did You Achieve Last Year’s Goals? If so, that’s great! If not, there is no need to let that affect this year. Maybe you have the same goal this year as last year, or perhaps it’s a new one. Either way, there is no reason to let the fact that you didn’t achieve last year’s goals keep you from reaching this year’s. Achieving a goal can be stressful and daunting enough as is, so there’s no need to carry that over from last year. And there may have been outside factors playing into why you couldn’t reach it that may be different now. It is best to leave that in the past and move on to this year. Setting Goals One of the most beneficial things you can do to achieve what you want in the year is to set goals. Goals can relate to virtually any aspect of your life. Whether hitting a specific number in your portfolio, exercising more, learning an instrument, cutting back on sweets, or finally completing a baby step, goals can help you visualize what you want to obtain better. If you are unsure of a good goal for you and your situation, one of our advisors would be happy to help! Although we may not be able to help you exercise more, we can help with any financial goals or questions. Some reasonable financial goals could be setting up your emergency fund, paying off a big chunk or all of your consumer debt, finally getting life insurance and/or your estate plan situated, saving more for retirement, or anything else you would like to work on. Having a Game Plan The hardest part of achieving a goal is to stay consistent with the actions you need to take. A tried-and-true strategy you can use to achieve your goals is creating a game plan. Looking at a specific goal can be daunting, but taking small actions to work toward and eventually reach your goals often eases the stress of that goal. Much like Dave Ramsey’s Baby Steps, a path to financial freedom, you can create baby steps to your own goals. Write It Out People can have difficulty following through with their game plans once laid out. A way to hold yourself accountable is by writing it out and using it as a checklist. Creating this physical checklist is a way to keep accountability, especially if you put the list in a location where you will see it often, such as in your bedroom, fridge door, etc. Doing this will keep the list at the forefront of your mind, making you more likely to achieve it. Hopefully, these things will help you achieve your goals in this new year! If you need any help with any financial goals, one of our advisors would be happy to help. Feel free to contact our team of advisors to talk to them about financial plans, investment strategies, or retirement. If you want to make budgeting, paying off debt, or saving for your emergency fund one of your goals this year, contact our financial coach.

What do you drive? I wish I could answer this question by saying I have that beautiful 67’ Shelby GT500 Mustang in my garage. Unfortunately, that isn’t the case, but hopefully one day maybe? The vehicle in your garage may get you from point A to point B, but the investment vehicle you drive into retirement can make that phase of your journey much smoother and less stressful. In today’s post, I’ll share three common investment accounts most of us utilize to get to retirement. Going in the right direction is only part of the equation, but what car I take down this road may determine if I get to my destination (freedom in retirement) or if my ‘Uncle’ Sam is waiting for me when I get there. Let’s take a further look at the three most used vehicles that get us to retirement: the Toyota Rav 4 Prime Hybrid (Traditional 401(k)), Tesla Model S (Roth IRA), and the 67’ Shelby GT500 (Brokerage account). **Retirement planning can get complicated, so I always recommend working with a financial advisor to reach your destination. Toyota Rav 4 Prime Hybrid: your traditional 401(k) A hybrid? Summit must be losing his mind. My 401(k) is nothing like a hybrid. Well, actually, it is! Your 401(k) is the most common strategy most investors use and has dual benefits. Just like a hybrid using gas and electricity to improve your mileage and range, traditional 401(k) accounts allow your investments to grow rapidly and decrease your current MAGI (modified adjusted gross income), so you pay fewer taxes now. Traditional 401(k) contributions grow as a tax-deferred account. This means that when you take your money out in retirement, you are required to pay taxes based on your taxable income at that time. If you plan to have a lower income in the future, consider using this ‘hybrid’ strategy to support your retirement. Some 401(k) plans also can contribute to a Roth account (post-tax contributions), which we’ll discuss in more detail next. The annual contribution limit is $23,000, with an additional catch-up option for those aged 50 or older of $7,500 (as of 2024). Traditional 401(k) Pros: ·        Less taxes today, contributions reduce MAGI ·        Larger $ contribution to retirement may lead to better returns ·        If your taxable income is much less during retirement, it could yield great tax savings (depending on future tax rates) ·        Contributions can be automatically deducted from your paycheck ·        Employers can ‘match’ contributions (% dependent on your contributions and company), thus providing access to ‘free’ money Traditional 401(k) Cons: ·        Contributions are capped per year ·        Unknown what taxes may be in the future; withdrawals are taxed at ordinary income tax rates ·        Required Minimum Distributions ·        Inherited 401(k) (non-spouse) required full funds withdrawal within ten years, and taxes paid based on current income bracket ·        May have limited investment selections based on employer plan Tesla Model S, your Roth IRA The Tesla Model S is electric, self-driving, minimalistic, and can do 0-60 in less than 3 seconds, so how is this similar to a Roth IRA? Think of it this way. When you buy a Tesla, you have an initial purchase price and fees. Once you’ve paid the upfront costs, the long-term benefits of owning an electric vehicle come into play. Very low maintenance fees, cost of ownership, low cost to charge, environmentally friendly, and technologically advanced are only a few of the many benefits. Similarly, after you pay your Roth IRA taxes, the contributions can grow with compounding interest, have zero tax liabilities in retirement withdrawals (growth and contributions, as long as the account has been open for five years), and can be inherited with no tax liabilities (as long as the account has been open for five years). Some employers may offer this option in the company’s retirement plan, in which you have a contribution limit of $23,000 plus an additional $7,500 if you are over the age of 50 (as of 2024). However, if your company does not offer a Roth option in their retirement solution, you can still contribute to a Roth account for a maximum of $7,000, or if you are older than 50, then the maximum contribution is $8,000 (as of 2024). There are contribution limits based on your income, but don’t be discouraged. Consult your financial advisor if a backdoor Roth is a good option for you. Roth IRA and 401(k) Pros: ·        Taxes paid, growth, and contributions grow tax-free! ·        No tax liability for inheritance beneficiaries ·        Contributions can be automatically deducted from your paycheck ·        Employers can ‘match’ contributions (% dependent on your contributions and company), thus providing access to ‘free’ money – made available in the SECURE 2.0 Act, but dependent on availability within your employer’s plan. ·        Mega-backdoor Roth strategy (we’ll explore in detail in a future post) ·        Contributions can be withdrawn at any time with no penalties, but earnings cannot be withdrawn until 59 ½, and the account has been open for 5 years. ·        Indirect benefit - Backdoor Roth strategy, if your MAGI exceeds contribution limits Roth IRA and 401(k) Cons: ·        Contributions are capped per year ·        No tax deduction or impact on current taxes ·        No RMD, but inherited Roth Accounts require complete withdrawal within ten years of inheritance. This is only for non-spouse beneficiaries; additional rules are based on whether a minor or chronically ill/disabled person is the beneficiary. ·        Depending on your tax bracket, you may end up paying more taxes now ·        Contributions based on income are capped ·        Roth IRA contributions limits are much less than 401(k) contributions ·        May have limited investment selections based on employer plan 67’ Shelby GT500, your Brokerage account Finally, we come to the beautiful 67’ Shelby GT500. Since this is an article with no video features, I’ll ask you to imagine Nicholas Cage’s reaction to meeting ‘Elanore’ in Gone in 60 Seconds. If you recall, he was initially timid, frightened even. This beautiful vehicle had him nervous. There is no reason to fear Elanore; we just need to learn to embrace the power of this vehicle. Similar to the power and strength of Elanore, we cannot overlook the power of a Brokerage account. The flexibility, options, and potential are vast. Credit – www.Musclecarzone.com Let’s review some of the pros and cons of having a brokerage account: Brokerage account Pros: ·        The principal (amount you contributed) is not taxed, and as long as the money is invested in the appropriate funds, the gains are not taxed until you sell. This is a complex topic, so be sure to discuss it with your Financial Advisor. ·        Unlimited deposits ·        Appreciation is taxed at the capital gains rates instead of ordinary income rates for long-term gains (+1 year) ·        Investors can buy and sell anything available in the market, access to all – maximum flexibility for diversification ·        Can be used for retirement or other goals – college tuition, down payment, etc. ·        Money can be withdrawn at anytime ·        Beneficiaries get a step-up in basis when they inherit the funds ·        Very easy to open and maintain ·        No RMDs Brokerage account Cons: ·        Dividends and interest are taxed at ordinary income rates o   1099 Composite is issued to pay taxes on interest and dividends from the year ·        No current-year tax deductions for contributions ·        May have minimum deposit and balance requirements. However, at Whitaker-Myers, we do not maintain this requirement ·        Due to the liquid nature of the funds, investments can be sold at any time. This can greatly impact the long-term growth of the portfolio ·        Incorrect fund selection can lead to unexpected capital gains What do you want to drive? As with all investing, it’s never one size fits all. I’ve previously mentioned that we should never focus on one metric to drive our decision when analyzing investments. Similarly, we should never only look at one vehicle’s pros and cons list to determine what is best for our future. Honestly, there is sometimes a need or desire to have all 3 vehicles. This is because, with all three types, you have the maximum flexibility and options as you approach and are in retirement. To clearly understand the holistic picture, speak to your financial advisor. Simply stating that one vehicle is better than the other is not the right approach toward retirement. Questions such as: How much fixed income will you have in the future? What are your projected expenses? How much do you anticipate living off of each year? Are your expenses going down as you get to retirement? These are just a few questions your financial advisor will ask to determine if one, two, or all three strategies align with your goals. Diversified investing is excellent not only within your portfolio based on the key four categories that the Ramsey team talks about (Growth, Growth and Income, Aggressive growth, and International) but also the vehicles you take to get there. Are you driving a Toyota Rav 4 Prime Hybrid (traditional 401(k)), Tesla Model S (Roth IRA), or a 67’ Shelby GT 500 (Brokerage account)? Whichever one or more you choose, our team of Financial Advisors at Whitaker-Myers Wealth Managers will sit in your passenger seat with the windows open and cruise with you to your favorite tunes (figuratively, of course!).

The new feature of the Secure Act 2.0 legislation allowing 529 plan account beneficiaries to roll over funds into their Roth IRA is now available starting in 2024.  You would avoid the normal 10% withdrawal penalty when funds are not used towards qualified education expenses. Qualifications and limitations As a reminder, here are the qualifications/limitations you must meet to take advantage of this feature. The account must be set up for at least 15 years before you can utilize this feature.  If you’re looking at setting up a 529 account for your kid(s), the sooner, the better with this consideration, in addition to the power of more time for compounding. The Roth IRA account holder must be the same as the 529 beneficiary There’s a lifetime cap of $35,000 per person/account owner.  So, intentionally overfunding a 529 is limited. The 529 beneficiary must have earned income to be able to roll over funds from a 529 to a Roth IRA.  The 2024 Roth IRA limits are $7,000 annually (under 50) / $8,000 (over 50).  You’re limited to the lesser of your earned income or the maximum. For example, if you only earned $4,000, you could only roll over $4,000 from your 529 to your Roth IRA. Rollovers are subject to the annual Traditional and Roth IRA contribution limits (less if you’ve made any contributions directly); I.e., You made a $1,500 contribution to your Traditional IRA in 2024.  The Traditional/Roth IRA maximum is $7,000; you would only be able to roll over $5,500 to your Roth IRA, given you meet the other qualifications There are no maximum income limits on completing the rollover like there are for Roth IRA contributions You cannot transfer contributions and earnings made in the last five years before distributions start. Still to clarify What still needs to be clarified by the IRS regarding the legislation: It has not been determined if you change the beneficiary of the 529 if that resets the 15-year clock. Reminder: If there are still leftover funds for one of your 529 beneficiaries/accounts, you can always transfer the account to another family member to utilize for their education expense needs.  It isn’t known whether you could still utilize the 529 to Roth rollover feature if you do this. If you roll over funds from one 529 plan to another, it is unclear if that resets the 15-year clock to the 529 plan you are transferring them to or if some other method would be used. This new feature can further emphasize school choice while removing some of the worry of having excess 529 funds or funding a 529 if a child decides not to pursue higher education or has more than they need for trade or vocational school.  The child can still benefit from your early 529 contributions by jump-starting their retirement early. Whether this is something you should take advantage of depends on your family's situation. If you are looking for guidance around education planning and saving for yourself or your children, meet today with your Whitaker-Myers Wealth Managers financial advisor to help you achieve your financial goals and objectives.

How long will we live? Some of you may know that I have a clinical and operational background. However, I have always had a passion for finance and have recently made this career change. This week, during an internal call with our team, one of our senior advisors asked me a question that I hadn’t thought about for a while. His question was, “Has there been any new data (in the world of medicine) that talks about longevity or average life expectancy?”. His question was 100% valid and important for him to know. In conversations with his clients (many of you), as he’s building out their financial plans, knowing how long to project them for (realistically or ideally) is quite essential. We, as humans, don’t think about mortality until it becomes ‘real.’ Usually, it is due to some life-changing event or realization, but the reality is we need to talk about it and plan for it even more. Your financial plan and even the plan of what you want to do with your money after you’re gone is essential. That said, this is an excellent reminder to always keep your estate and financial plans at the top of your list. One- Two-Two When my son was learning how to count, he would start with one and then say two twice before moving on to three (and so on.) Ironically, he certainly doesn’t know this, but did you know that the oldest person ever recorded was 122 years and 164 days old?! Jeanne Calment, a Frenchwoman, holds the record for the longest documented human lifespan. Unfortunately, the average lifespan for most is around 73 years, with variability based on country, region, lifestyle, socioeconomic status, and access to healthcare. All of these factors come into play when you’re evaluating health and longevity, but we must also consider the varying factors that also must come into view when reviewing our financial lives. Let’s Get We(a)LL-thy! Eating healthy and exercising has been shown to improve overall physical health, but also improve mental health as well. Exercising is a great way to lose any extra body fat just hanging around, and there is a simple equation: we’re all taught to lose weight. Burn more calories than you consume. The more you exercise, stand, and move around, the more likely you are to be healthy, considering you also maintain healthy eating habits. However, none of this happens automatically or automagically, as I like to call it; it all requires focused intentionality. Being intentional about your health and not picking up that extra Little Debbie snack takes a lot of willpower and focus (most certainly for me!). Similarly, as Dave says, your financial health and ability to ‘live and give like no one else’ is directly related to how intentional you are.  There is a simple financial formula that has been proven to lead to financial success as well. That is, live on less than you make. Like the living healthy formula, this formula sounds easy but can be much more difficult in practice. Put Down the Cookie Mentality Our ability to put down that cookie or walk away from the item that is ‘on sale’ takes intentionality, no question, but to be intentional, we need to have our WHY at the forefront. Your WHY can be anything that is a driving force in your reason to make a change. Mine always highlights my family and our future together. I love this quote from the Ramsey team – “If your Why doesn’t make you Cry, you need to find a different why.” It’s simple: intentionality comes naturally once we’re focused on our WHY and always keep that in plain sight. Focus on your WHY and every part of your wellness to the point where you can retire financially free, and We(a)LL-thy! By now, you may have figured out that losing weight is not my specialty; I would even boast that my superpower is I can beat the cookie monster in a cookie-eating contest.  However, if you’re looking for an incredible team of teachers to walk with you on your financial journey, consider talking to one of our world-class financial advisors or our financial coach at Whitaker-Myers Wealth Managers. If you’d like to submit a topic for me to discuss or write about, contact your advisor or submit a topic request here.

As the calendar turns over, it is an excellent time to review your current tax situation and see if there are tax strategies that you can employ to lower your long-term tax liability. One of the go-to questions I frequently get from clients is, “Should I consider a Roth conversion?”. This question is great and can often lead to follow-up questions to see if a Roth conversion would make sense. What is a Roth Conversion? To elaborate on what a Roth conversion is, A Roth conversion occurs when an individual takes money in a pretax IRA, Traditional or Rollover, and converts that money to Roth dollars by transferring them to a Roth IRA. This incurs a tax liability for the amount you convert, so if you transfer $10,000 from your traditional IRA to a Roth IRA, you would realize $10,000 in taxable income for the year. Unlike Roth contributions, there is no limit to the amount you can convert. So theoretically, if you wanted to and had a million dollars in your IRA, you could convert that entire balance to Roth. When could this work for you There are a couple of scenarios that I generally see as most optimal for Roth conversions and a couple of triggers associated with them. Age: the younger a person is, the more time the money has to compound; the growth is all tax-free in a Roth IRA. So, converting a dollar that has 50 years to grow tax-free can significantly impact your overall tax liability in the long term. Remember, pretax accounts grow tax-deferred, but you will ultimately pay taxes on the growth, which should be substantial given a longer timeframe. If you convert $10k and pay 12% federal income tax, or $1,200 today, and that money grows to $100k and you find yourself in the same tax bracket, you could potentially save yourself over $10k in taxes. Recently retired individuals or couples that have seen a significant drop in taxable income. This drop in income can open a window that allows them to target and fill up a certain tax bracket. The 12% bracket is often a good one to look at. The next bracket up is 22%, so there is a large jump after you get out of the 12% bracket. When not to do this There are also scenarios where doing Roth conversions does not make sense. The first would be a scenario where you do not already have significant pretax assets. If you do not have significant Traditional IRA assets, then there is generally no need to convert what you have to Roth. This is because if you use those pretax monies in retirement, you can usually spread your withdrawals out over several years and have minimal tax liability. If you are close to retirement and are in a high tax bracket, then it also does not generally make sense to do Roth conversions. If retirement is right around the corner and you will see a decrease in taxable income, then it would generally benefit you to delay doing those conversions until you retire. Lifetime span The specifics of the amount and timing should always be thought of through the scope of a complete financial plan. Part of the planning process is determining tax strategies that allow clients to minimize their tax liability over their lifetime, not just in a specific calendar year. This is why it is essential to understand your spending needs in retirement as well as other sources of income such as social security and pensions. If you wonder if Roth conversions would make sense for you, don’t hesitate to contact your financial advisor. At Whitaker-Myers Wealth Managers, we believe a financial plan is the answer to “am I going to be okay in retirement,” and we want to ensure we are looking at all aspects of your financial picture. We would be happy to meet with you and discuss your questions.

Each year, as we turn our calendars to January, we brace for the inevitable change that comes with a new year. The IRS has been on a tear regarding changes, increasing the allowable limits for retirement plan contributions in consecutive years. While you’re likely aware that you’re now able to contribute $7,000 to your IRA as opposed to last year’s $6,500 (investors under age 50), you may not be aware that the beginning of the year offers a unique advantage to you if you were not able to get your IRA funded last year. The recommended 15% The recommended rule of thumb for stashing (and investing) cash for retirement is 15% of your annual gross income. The reality is that sometimes, especially in a high inflation environment like 2023, life happens, and that 15% can get cut down or even eliminated in some cases. While it may feel like you’ve missed out on the ability to contribute to your Roth or Traditional IRA for 2023, it's actually not too late (yet). If you missed out on contributing or at least maxing out your IRA last year, you can take advantage of a unique moment in time. Prior to filing your 2023 taxes, you have the ability to catch up by double-dipping and making both a 2023 and 2024 IRA contribution. Let’s look at an example: You planned to save $541 per month into your Roth IRA last year, but you had a number of bigger expenses pop up and found yourself needing to pause your retirement contributions for a few months, so you only contributed $4,875 to your Roth IRA during the calendar year. Now, it’s 2024, and you’re getting back on track. You would like to fund your Roth IRA with the additional $1,625 to max it out. You’d also like to begin funding your Roth IRA for 2024 at $583 per month. Because you have not yet filed your taxes for 2023, you can take advantage of this unique moment in time by funding both accounts. Let’s examine another scenario together: You’re new to investing and recently decided you want to use some of your extra savings to fund a Roth IRA. You’re bummed that you missed out on the opportunity to open and fund an account in 2023, but you’re ready to get going now with a single max-out contribution for the year. You have $13,500 ready to be invested and want to compensate for lost time. Again, before filing your taxes for 2023, you’re allowed to max out your IRA for 2023 at $6,500 and for 2024 at $7,000. Other Catch-up Options For investors who are over the age of 50, your catch-up contribution can be tacked onto those max contribution amounts (an additional $1,000 per year), allowing you to contribute a total of $15,500. This is not a specific feature of this year, but it is a unique feature of IRAs, as they are not funded through payroll deductions like employer plans. If you’re married and file jointly, you can make an even bigger splash by maxing out IRAs for each of you and your spouse for the two years in question. If you’re 50 or older, that number can be as high as $31,000 that can be saved across your IRAs during this sweet spot for contributions. If you work with a financial institution like a bank or a brokerage like Charles Schwab, you’ll want to be specific about the years for which you’re making contributions. If you’re a client of Whitaker Myers Wealth Managers, you should let your financial advisor know that you would like to take advantage of this moment in time by funding your IRA for last year before it’s too late.