It’s official: the Big Beautiful Bill Act  has been signed into law. While the name might make you smile, this legislation brings serious and sweeping changes to the tax landscape—changes that could significantly affect your financial life. As your financial partner, I want to make sure you understand what’s changed, what’s stayed the same, and how to prepare going forward. Here are four major updates  you need to know about today. 1. Tax Brackets Made Permanent One of the biggest wins for taxpayers is the permanent extension of the Tax Cuts and Jobs Act (TCJA) income tax brackets. Before TCJA, tax brackets increased much more steeply—starting at 10% and quickly climbing to 15%, 25%, 28%, all the way up to 39.6%. Since the TCJA, the brackets have been more favorable: 10%, 12%, 22%, 24%, up to a max of 37%. Without action, these brackets were set to expire, potentially increasing taxes for most Americans. Thanks to the new legislation, these lower brackets are now permanent. To put that in perspective: A couple earning $100,000  would have paid $2,428 more  in federal taxes. A couple earning $200,000  would have owed $17,006 more . This change alone represents a meaningful win for working families and retirees alike. 2. Standard Deduction Increases and Senior Bonus The Big Beautiful Bill Act  does two things regarding standard deductions: First, it makes the TCJA standard deduction levels permanent , and Second, it increases them further , starting in 2025. Here’s the breakdown: Filing Status Previous Deduction New Deduction (2025) Single $15,000 $15,750 Married Joint $30,000 $31,500 These amounts will also continue to adjust for inflation in future years. Bonus Deduction for Seniors From 2025 through 2028, seniors aged 65 and over will receive an additional $6,000 per person . That means a married couple over age 65 will be able to deduct $43,500  before owing any federal income tax. This provision echoes a long-standing promise to make Social Security income-tax-free for seniors and provides significant tax relief in retirement. 3. Child Tax Credit Permanently Increased One of the most widely used credits—the Child Tax Credit —gets a permanent boost. Previously: Pre-TCJA: $1,000 per child under 17 TCJA: Increased to $2,000 Big Beautiful Bill Act : $2,200 per child , indexed for inflation starting in 2025 This means families with young children will receive more support, year after year, with automatic cost-of-living increases built in. 4. SALT Deduction Cap Temporarily Lifted The TCJA introduced a controversial cap on State and Local Tax (SALT) deductions, limiting taxpayers to a $10,000 deduction—regardless of what they actually paid. This hit residents in high-tax states the hardest. Under the new law: The SALT cap will be temporarily lifted to $40,000  starting in 2025. However, this deduction will begin to phase out for those earning over $500,000 . What About Pass-Through Businesses? The bill preserves the popular SALT cap workaround for pass-through businesses. This allows business owners to deduct state taxes at the entity level—a crucial planning tool that remains intact. What Comes Next? This is just the beginning. The Big Beautiful Bill Act encompasses a comprehensive list of changes, and I’ll be releasing additional resources to help you understand its implications for your personal finances. In fact, I’m hosting a webinar on Monday, July 21st at 4 pm ET  with Kage Rush , CPA, and our CFO , to dive deeper into these changes. We’ll unpack strategies you can apply right now and answer your questions live. 👉  Register now  at whitakerwealth.com . Just scroll down to find the registration link. Stay Informed, Stay Empowered We recognize that staying ahead of tax law changes is crucial to achieving long-term financial stability. That’s why we’re committed to helping you every step of the way. If you found this information helpful, feel free to share it with friends or family. And as always, if you have a specific financial question, don’t hesitate to reach out . Together, we can navigate these changes and keep your financial journey on track.

Whitaker‑Myers Wealth Managers is proud to announce that David Gearhart , Associate Financial Advisor, has earned the distinguished Enrolled Agent (EA)  designation with the IRS. This credential positions David among a select group of professionals authorized to represent clients before the IRS—reinforcing the firm’s holistic approach to financial planning that fully integrates tax strategy and compliance. David’s attainment of the EA reflects both his dedication to professional excellence and the firm’s unwavering commitment to delivering tax-aware financial guidance. As an EA, David is now federally certified to prepare IRS-related documents, resolve tax disputes, and advise on complex issues ranging from retirement distributions to investment tax implications. “David’s achievement as an Enrolled Agent underscores Whitaker‑Myers Wealth Managers dedication to taking a truly comprehensive approach to financial planning,”  said John‑Mark Young , President of Whitaker-Myers Wealth Managers. “In a world where taxes can have a significant impact on portfolio outcomes, having multiple EA's on our team, like David, allows us to serve our clients with deeper insight and greater confidence.” Echoing this sentiment, Timothy Hilterman, CFP® , Chief Financial Planning Officer at Whitaker‑Myers, remarked: “Earning the EA designation demonstrates David’s passion for equipping clients to make informed decisions by understanding not just investment performance, but tax consequences as well. This elevates our ability to provide integrated, fiduciary-first advice.” A Strategic Advantage for Clients Building tax planning into the fabric of financial advice is a hallmark of Whitaker‑Myers’ “heart of a teacher” philosophy. David’s EA designation ensures clients benefit in several key ways: IRS Representation  — Clients gain a trusted advisor to advocate on their behalf during audits or tax disputes. Optimized Tax Strategies  — Sophisticated guidance on retirement planning, capital gains management, tax-loss harvesting, and more. Informed Financial Decisions  — Integrated planning that aligns investment choices with tax implications, advancing long-term financial goals. What This Means for Financial Planning at Whitaker‑Myers David’s new credential enhances the firm’s team-based planning model, which already includes CFP® professionals, a CPA , and delegated financial planners. It solidifies the firm’s standing as a tax-savvy, fiduciary-first partner for clients —whether navigating retirement, managing wealth, or building generational legacies. About David Gearhart, EA A recent graduate from Ashland University with his MBA, David brings fresh energy and analytical rigor to the team. As an Enrolled Agent, he embodies the firm’s values of clarity, empowerment, and stewardship. His new role further equips clients to make tax-wise choices that positively impact their financial futures. To meet with David or any of our Financial Advisors, please click here .

In the world of investing, risk isn’t a single concept; it’s a spectrum. At its core, risk is divided into two main categories :   Unsystematic Risk These are risks specific to a company or industry, like a CEO scandal, a product recall, or a supply chain disruption. They’re unpredictable, but they can be managed. A good advisor will encourage you to diversify to minimize the impact of unsystematic risk.   Systematic Risk These are the big-picture forces—such as inflation, interest rates, recessions, or geopolitical conflicts —that affect the entire market. They can’t be diversified away. A good advisor will stay up to date on this macro-data, but won’t pretend they can see the future.   Why Clients Hire Advisors Mastering the Controllable People don’t hire advisors because they expect them to predict the future. They hire them because they know advisors are uniquely qualified to manage the risks that can be controlled.   Advisors bring insight, experience, and a strategic lens to unsystematic risk. They know how to build diversified portfolios, spot red flags in business models, and adjust plans when industries shift. More importantly, they keep a close eye on:   Business Risk Are a business’s earnings healthy? Are their management decisions poor, or even irrational?   Regulatory Risk Are there upcoming policy changes that could impact investments or tax strategies?   Liquidity Risk Will the client have access to cash when they need it most? These are the risks that can derail a financial plan—but with the right advisor, they’re often avoidable.   Systematic Risk: The Uncontrollable – and the Edge of Preparedness Then there’s the other side of the coin: systematic risk. No advisor can prevent a war, steer inflation, or set interest rates. These are forces outside of anyone’s control. But here’s the key: while we can’t control these events, we can help clients prepare for how they might impact their financial lives.   As investor Howard Marks wisely said, “You can’t predict. You can prepare.” That’s exactly what financial advisors focus on. We stay informed, vigilant, and ready to make adjustments when the landscape begins to shift. Whether it’s responding to rising interest rates, navigating inflationary trends, or managing risks during global uncertainty, we aim to keep clients positioned with purpose – even in the face of unpredictability.   Final Thought: The Power of Perspective In today’s fast-changing environment, vigilance is more than awareness – it’s about readiness. Financial advisors  analyze macroeconomic data, monitor policy developments, and keep a close eye on world events. Our role is to translate what’s happening into meaningful guidance. It’s not about predicting the next move; it’s about being prepared for a range of outcomes.   If you’re looking to bring more resilience and perspective into your financial plan, consider a complimentary consultation with a financial advisor . Let’s move forward with confidence – together.

You’ve probably seen the headlines: “The Dollar is Dying!” “Collapse is Coming!” It’s the same story every few years, usually when there’s some new global crisis, or the stock market takes a tumble. And while it’s smart to pay attention, it’s also smart to keep these fears in perspective. On February 2nd of this year, I created a video discussing four reasons why tariffs may be beneficial to US stocks and markets . On April 8th, that may have looked a little foolish, but time and patience have proven no inflation concerns have manifested themselves, select manufacturing is coming back to the United States, and we just cashed a check for $80 billion last month in new tariff revenues. Below you can see the CPI (consumer price index), the PPI (producer price index), and the US PCE (personal consumption expenditures), all falling near their 2% target. But too-late Jerome Powell and every other Wall Street economist will tell you it's coming, just wait and see. These are the same people that told us all about 20 of the last 3 recessions we've had in the US. I think their Cheerios' milk is constantly sour. CPI, PPI and PCE in 2025 YTD And their next trip up their bag - the US Dollar is dying or dead. Here's a chart of the US Dollar Index over the last five years. One big round trip. Meaning, nothing gained, nothing lost. US Dollar Index over the last five years That's too short, John-Mark. Be like Joe Biden - Build Back Better or be better - ok my apologies - let's look at 10 years. US Dollar Index over the last ten years Time for a Snickers? Satisfied? Look, I won’t sugarcoat it—America has challenges: rising debt, political dysfunction (as I write this today the Democrats are trying to stop a massive tax incentive for the middle class by reading line-by-line the 943 page document to delay the vote and put in jeporady the July 4th timeline, which is undoubtedly needed for tax advisors and financial planners like us so we can implement and plan around these changes), trade disputes. But the idea that the U.S. dollar is about to vanish from the world stage and trigger some doomsday scenario? That’s more hype than reality. Let’s break this down so you can see why the so-called “death of the dollar” is mostly an overblown narrative designed to scare you into bad decisions. Below are six reasons the dollar isn’t going anywhere anytime soon: 1. No Other Currency Comes Close People love to talk about China’s currency or the euro stepping in to replace the dollar. The truth? There’s no credible replacement. The euro  accounts for about 20% of global reserves. But Europe is politically divided, and their bond markets are fragmented. China’s renminbi  can’t freely move in and out of the country (capital controls), and the government manages it too tightly for the rest of the world to fully trust it. Other currencies like the yen, pound, or Canadian dollar are simply too small in scale. Until there’s a currency with the same deep markets, trust, and liquidity as the U.S. dollar, the dollar’s role as the world’s reserve currency remains secure. 2. The U.S. Economy Is Still the Biggest Show in Town The U.S. economy represents roughly a quarter of all global output . It’s powered by a combination of entrepreneurship, strong laws, and unmatched innovation. When things get rocky around the globe, investors don’t rush into Chinese bonds—they flock to the safety of U.S. Treasuries. The closest safe asset in my mind is the German bond, yet they like the size and scale to be the worlds reserve currency. Yes, America’s debt load is big—more than $36 (see chart below) trillion—but that doesn’t automatically mean collapse. The dollar’s reserve status actually allows the U.S. to borrow more cheaply than any other nation. And compared to Japan’s stagnation, China’s heavy-handed policies, or Europe’s slow growth, the U.S. remains the most stable, dynamic economy in the world (see point six below). The US Public Debt now stands at around $36 trillion 3. It’s Hard to Break Old Habits The dollar dominates because everyone uses it. In fact: About 88%  of all foreign exchange transactions involve dollars. Roughly 60%  of global trade and debt is denominated in dollars. Imagine trying to convince every central bank, multinational company, and investor on earth to switch to another currency overnight. Not going to happen. These network effects and the sheer inertia of global finance mean that even if the dollar’s role shrinks a bit over time, it will still be the backbone of the system for decades. Your grandkids are more justified in worrying about this than you are. It doesn't mean you shouldn't be proactive with your voting to ensure fiscally responsible people are put into positions of authority. 4. De-Dollarization Is Mostly Talk Yes, countries like Russia and China are experimenting with trading in their own currencies. But these efforts remain limited: China still owns about $2 trillion  in U.S. assets. Non-dollar payment systems are tiny compared to the dominant SWIFT network. Sure, the dollar’s share of reserves has declined from about 67% twenty years ago to around 58% now—but that’s gradual diversification, not collapse. 5. Short-Term Swings Aren’t Long-Term Trends Headlines about tariffs, sanctions, and Fed policy often fuel the “dollar death” story. For example, during the 2025 trade tensions, the dollar dipped about 9%. But guess what? It bounced back—like it always does. Long term, the dollar has been remarkably strong, rising about 40% against other major currencies between 2011 and 2022. Central banks still buy U.S. Treasuries because they’re liquid, safe, and backed by the world’s largest economy. US Dollar Index - April 2011 through December 2022 6. America’s Innovation Engine Keeps the Dollar Relevant At the end of the day, money follows productivity, innovation, and opportunity. And no country on earth has a stronger track record of reinventing itself than the United States. The U.S. leads in technology, biotech, artificial intelligence, and energy innovation —industries that are shaping the future of the global economy. The dollar is backed not just by today’s economy, but by the expectation that America will keep creating the next big thing. Venture capital, global talent, and entrepreneurship still flow into the U.S. at levels other nations can’t match. In short, the dollar remains king because it represents a country that keeps moving forward, even when it stumbles. As long as the U.S. stays at the forefront of innovation, the dollar will continue to be the currency the world trusts and uses. Why is the AI innovation happening in the US? Why are humans like robots, that will soon mow your lawn, wash your dishes, and provide companionship to those in nursing homes and other shut-in situations, being developed (chips), designed, and rolled out in the US? In Austin, Phoenix, and San Francisco, how can you safely drive from your work to your favorite restaurant and then back home, with a driverless car? It's because we have been blessed with innovation like the world has never seen, and we are about to get a significant level up, the likes of which we have only seen during the advent of the internet. According to industry expert Dan Ives, we're only in the second inning of the AI revolution—and don't let his creative attire fool you; this guy is the number one expert in U.S. AI and tech research. Watch a short video on that here. Why You Keep Hearing Doom and Gloom Let’s be honest: Fear sells. Negative headlines generate clicks. Pessimistic predictions feel “smart” because they sound cautious. Social media algorithms love to feed you the scariest takes. This is called negativity bias . We humans are wired to pay attention to bad news. In ancient times, it kept us alive—today, it just fuels anxiety. The Bottom Line for Investors Could the dollar’s share of global reserves slowly decline over the next few decades? Sure. But will it vanish overnight and plunge the world into chaos? Highly unlikely. The U.S. still has: The largest, most innovative economy The deepest capital markets The military strength and alliances that underpin trust in the dollar are likely the primary reason I didn't discuss it. We saw this strength manifested last Saturday evening. So if you’ve been tempted to pull your investments out of the market, hoard cash under the mattress, or rush into speculative alternatives because of scary headlines, take a breath . Over the long haul, the investors who stay focused, diversified, and patient are the ones who build wealth. At Whitaker-Myers Wealth Managers, we help clients plan through all the noise—good markets, bad markets, and all the media hype in between. Remember: Fear is not a strategy . Stay steady. Stay informed. And keep moving forward.

We are excited to share that John-Mark Young , President and Co-Chief Investment Officer of Whitaker-Myers Wealth Managers, has once again been recognized on AdvisorHub’s prestigious “ Advisors to Watch”  list for 2025 — marking his third consecutive year receiving this honor. AdvisorHub’s annual rankings, as described by Editor Tony Sirianni here , are based on modern metrics that reflect today’s wealth management profession. Advisors are evaluated across three key areas: Scale and quality of practice Year-over-year growth Overall professionalism To qualify, nominees must have at least seven years of experience, manage a minimum of $150 million in assets, and maintain a clean regulatory record. Notably, there are no fees for participation, and the ranking is open to all advisors and firms. John-Mark was one of only 11 RIA-based advisors recognized in Ohio and one of just 10 in Florida — two key markets where Whitaker-Myers Wealth Managers serves clients and where John-Mark regularly spends time. What Is an RIA, and Why Does It Matter? As a Registered Investment Advisory (RIA) firm, Whitaker-Myers Wealth Managers operates under a fiduciary standard — meaning our team is legally and ethically obligated to act in the best interest of our clients at all times. Unlike the broker-dealer model (often seen with firms like LPL or Raymond James) or bank investment platforms, RIA firms do not accept revenue-sharing payments from product providers, nor do they face corporate sales quotas. This independence allows us to provide fully objective advice that is truly centered on client outcomes — not firm profits. In short, we believe this model is superior because it prioritizes transparency, fiduciary responsibility , and client trust. A Word from Our Leadership Former (Retired) Chairman of Whitaker-Myers Group (Wealth Managers, Tax Advisors & Insurance ), Scott Allen, remarked: “It’s been inspiring to watch John-Mark earn this award three years running. His consistent leadership, deep commitment to clients, and dedication to building an outstanding team are what drive the growth and excellence of our firm year after year.” John-Mark added: “We are humbled by the trust our clients place in us. Every referral of a friend or family member never goes unnoticed or unappreciated. Our entire team sincerely thanks our clients — we pray for them every week and value them so much. This award is truly a reflection of the relationships we are blessed to build.” Looking ahead, the Whitaker-Myers Wealth Managers team remains committed to delivering thoughtful, personalized financial planning and investment management — always grounded in faith, integrity, and a client-first mission.

Buying a home is an exciting prospect for all individuals who work hard and save their money.  Having land, property, and a dwelling that you can call yours is an opportunity many outside this wonderful country cannot afford to have.   But when should you buy?  People are often afraid to buy a home when prices are too high.  Others are nervous that their home prospects are too expensive for what they could get.  There is a lot of anxiety in such a monumental decision.   Let’s ensure you have a pulse on the current housing environment, so you know you’re in a position to make an informed decision.   Interest Rates Effect Rates Rates Rates.  You always hear about them on the news.  Interest rates are set by the Federal Reserve, which helps regulate the supply of money in the economy to combat things like inflation and other rapidly rising prices of goods, such as housing.   High interest rates deter people from buying homes they otherwise couldn’t afford. This raises the supply of homes naturally, which then brings demand back down, and subsequently lowers the prices of homes as people try to sell their properties.  If a house is on the market for too long and the owner needs to sell, then the buyer will likely get a better deal.   This is actually where we are now. Housing has remained flat over the last year, and in some cases, it has even decreased, as shown in the chart. However, interest rates are still currently in the high 6s, which is vastly different from 5 years ago when rates were in the mid 2s. This makes it more difficult for people to buy homes, as it would be difficult to afford the monthly payment with a higher rate.   When an interest rate is assigned to a home, that directly impacts your monthly payment.  The lower the rate, the lower your payment. The lower the rate, the more people can afford a house payment, which means demand for housing increases, and therefore, sellers can raise prices. It is a continuous dance of mediation by the Federal Reserve to help keep the playing field level.   Financial Situation - Baby Steps When saving for a home, ensure you have been following the baby steps properly.  Here is a reminder if you’re asking, “What are Dave Ramsey’s Baby Steps ?”:   Step 1:  Save $1,000 for your starter emergency fund   Step 2:  Pay off all debt (except the mortgage) using the debt snowball method   Step 3:  Save 3–6 months of expenses in a fully funded emergency fund   Step 4: Invest 15% of your household income in retirement   Step 5:  Save for your children’s college fund   Step 6:  Pay off your home early   Step 7: Build wealth and give   Dave Ramsey has a concept called “Baby Step 3b,” where you save for a down payment on a home. This caveat exists so people can pause saving for retirement for a little bit in order to purchase a house. They can then be comfortable making house payments and get their 15% on track toward retirement savings .   Having no debt  allows your cash flow to increase significantly - with this freed-up cash flow, you can now aggressively save. Paying yourself first will enable you to take advantage of current interest rates and utilize savings vehicles, such as high-yield savings accounts , CDs, or money market accounts . These are all vehicles that pay a guaranteed interest rate, while not allowing your principal investment to drop, which is perfect for a housing fund.   Housing Price Environment The chart above shows the median sales prices of homes. I included this attachment for a couple of reasons: The prices of homes typically trend up. Prices of homes can rise and fall. Even during the 2007-2009 financial crisis, home prices dropped by only roughly 20%.   The price of homes fluctuates just like the stock market. When you buy a home, you are committing to a 30-year relationship, typically. (Or – as the Ramsey Solutions Team suggests , a 15-year relationship.)  Like most relationships, it’s all about the right time, right place, and the right situation - the same goes for buying a home.   So, when is the best time to buy? I wanted to write this because, when buying a home, there is never really a perfect time to buy. You can consider the housing price environment of today, as well as your interest rates.  The bottom line is that when buying a home, ensure you are financially and mentally prepared for the long-term commitment it entails.   Ensure you are in a position to ride out life events that could impact your ability to make mortgage payments.  Utilize your emergency fund and consider refinancing when rates drop.  Lastly, consider the financial freedom you’d have when paying off your home.   If you have questions and would like to discuss your financial situation with a financial advisor , please reach out to a member of our team today. They take a holistic approach to reviewing your financial situation to help you reach your financial goals.

Rising tensions between Israel and Iran have dominated headlines and generated market uncertainty worldwide. Following Israeli operations targeting Iranian nuclear infrastructure and military installations that commenced on June 13, swift retaliation followed. Although the situation remains fluid and subject to rapid change, emerging reports suggest Iran may be willing to cease hostilities and return to nuclear negotiations. This development occurs alongside the ongoing Israel-Gaza conflict and various regional disputes elsewhere globally. While humanitarian impacts remain paramount, investors must comprehend how such developments affect financial markets. A primary investor concern centers on whether these events might spiral into comprehensive global warfare. Though always possible, recent history suggests otherwise. Even major conflicts, including Russia's Ukraine invasion and Hamas's Israel attack, stayed localized, producing only temporary stock market turbulence. This observation doesn't minimize these conflicts' gravity but emphasizes that portfolio overreactions can prove counterproductive. During such periods, maintaining perspective and concentrating on historical lessons and long-term market patterns becomes crucial. What should investors prioritize to remain disciplined in these market conditions? Regional tensions have intensified significantly Recent developments represent heightened confrontation between Israel and Iran. Israeli operations struck Iranian nuclear installations and military leadership, with reports confirming damage to uranium processing facilities. Iran responded with missile and drone assaults, some penetrating Israeli airspace. The confrontation has also harmed vital infrastructure across both nations, including natural gas installations and petroleum refineries. At the risk of oversimplification, historians typically regard each event as distinctive, possessing unique narratives, origins, and outcomes. Economists, conversely, seek patterns and commonalities between events to form broader conclusions. As investors, both viewpoints prove valuable for understanding which lessons apply. A familiar adage states that history doesn't repeat itself, but it frequently rhymes. The included chart offers historical context regarding geopolitical events spanning the last 25 years. This encompasses Middle Eastern conflicts affecting oil markets, such as Iran's 2019 drone attacks on Saudi Arabia. These episodes demonstrate that while short-term market fluctuations occur, markets generally recover from geopolitical disruptions, often within weeks or months following initial events. More significant during these periods were fundamental business cycle developments. Energy markets have experienced significant fluctuations In immediate terms, oil markets can serve as conduits through which regional conflicts influence the broader world. Initial market responses to recent conflicts centered on energy sectors, with Brent crude futures climbing above $74 per barrel. Energy prices remain unstable but retreated toward $70 per barrel amid potential de-escalation. Oil markets influence the global economy as energy remains a substantial input across all goods and services. Elevated oil costs translate to higher gasoline and transportation expenses, increasing prices for consumers and businesses alike. This effect amplifies through potential closure of vital shipping corridors, including the Persian Gulf's Strait of Hormuz. This critical passage handles approximately one-third of global oil transit. Nevertheless, maintaining perspective on current energy price levels remains important. While recent fluctuations are noteworthy, prices stay well beneath 2022 peaks during early Russia-Ukraine conflict stages, when oil surpassed $120 per barrel. Present levels around $70 fall within ranges experienced over recent years. This year alone, oil has oscillated between $60 and $82 per barrel. Additionally, the U.S. has achieved greater energy independence over two decades. American oil output now surpasses 13.5 million barrels daily. Some may be surprised that the U.S. leads global production in both oil and natural gas. While America still requires foreign oil and remains sensitive to global pricing, substantial domestic supply helps shield the U.S. economy and financial markets. Portfolio effects of conflicts depend on economic cycles For investors concerned about escalating global conflicts, broader perspective proves helpful. From World War II through the Iraq War, markets may have responded to these conflicts short-term, but long-term performance was driven by investment fundamentals. For instance, World War II stimulated industrial output following the Great Depression and created substantial labor market shifts as women joined the workforce. These elements helped drive economic growth throughout the remaining century. Similarly, the Gulf War influenced oil markets but coincided with the 1990s Information Technology boom. Conversely, the post-Vietnam War decade aligned with elevated oil costs and stagflation, producing weak market returns. Again, this doesn't minimize these wars' humanitarian and social impacts. For current circumstances, much depends on whether conflict expands or begins subsiding. Major power involvement and threats to essential supply routes add complexity, yet history indicates even substantial regional conflicts typically have limited long-term effects on global financial markets. Although Middle Eastern tensions have generated short-term market instability, investors should maintain perspective and resist overreacting to news cycles. A portfolio structured around long-term financial objectives remains the optimal strategy for navigating geopolitical uncertainty periods. If you have any questions or want to talk through how this might apply to your financial situation, don’t hesitate to reach out to your financial advisor . They’re here to help you navigate the details and make informed decisions with confidence. As always, we at Whitaker-Myers Wealth Managers are grateful for the opportunity to walk alongside you on your financial journey.

For many investors, the accumulation phase of retirement planning is relatively straightforward: contribute consistently, diversify wisely, and let compound interest do the heavy lifting. The goal is simple — build enough assets to one day generate income that matches your lifestyle needs. But what often gets overlooked is what happens after  you’ve successfully grown those assets, particularly when large balances are held in pre-tax retirement accounts.   At first glance, a sizable IRA or 401(k) balance may seem like a win — and it is — but once you reach age 73, those funds come with strings attached. Required Minimum Distributions (RMDs) force you to withdraw a certain amount each year, regardless of whether you need the income. And while these distributions may feel like a natural part of retirement, they can have unintended consequences — namely, triggering higher taxes and Medicare premiums due to something called IRMAA (Income-Related Monthly Adjustment Amount).   This article will walk you through the lesser-known pitfalls of RMDs, how IRMAA works, and, most importantly, the strategies available to help reduce or avoid these surcharges altogether.   What Is IRMAA? IRMAA is an additional surcharge added to Medicare Part B and Part D premiums. These surcharges are triggered if your Modified Adjusted Gross Income (MAGI ) exceeds certain thresholds. What makes it particularly painful is that IRMAA brackets are “all-or-nothing” — meaning if your income is just $1 over the limit, you’re bumped into the next premium tier, paying the full increase like someone at the top of that range.   To make things even trickier, there’s a two-year lookback: your 2025 Medicare premiums are based on your 2023 income.   Case Study: Mr. Whitaker  is 72 and retired. He lives modestly, but in 2023, he took an $80,000 RMD from his IRA, which pushed his MAGI up to $125,000. In 2025, he receives a notice from Social Security: His Medicare Part B premium jumps to $349.40/month, and his Part D IRMAA surcharge is $33.30, totaling over $100/month more, or $1,400 per year, in surcharges. He had no idea he’d crossed an income threshold — and he didn’t feel the effects until two years later.   Strategies to Help Avoid IRMAA Surprises Roth Conversions Roth conversions enable investors to transfer pre-tax dollars into a Roth IRA during years when their income is lower — ideally before required minimum distributions (RMDs) begin. This means you: Pay taxes now, at potentially lower rates Reduce your future RMDs Shrink your tax-deferred balance, which helps control future MAGI Think of it as proactively paying taxes on your terms, instead of waiting for the IRS to tell you how much to withdraw, possibly when you’re in a higher tax bracket.   Qualified Charitable Distributions (QCDs) For retirees who don’t need their RMDs to support their lifestyle, QCDs are a powerful tool. Instead of taking a taxable RMD, you can donate up to $100,000 per year directly from your IRA to a qualified 501(c)(3) charity.   This satisfies your RMD without increasing your taxable income, helping you avoid IRMAA surcharges while supporting causes you care about.   Many retirees can live comfortably on: Low lifestyle expenses Other income sources (Social Security, pensions, investment income)   This means their pre-tax accounts continue to grow, eventually leading to larger Required Minimum Distributions (RMDs) and higher tax implications. A QCD lets you break your RMD into smaller gifts across multiple charities. As long as the distribution goes directly from the IRA to the charity, it won’t affect your MAGI or Medicare premiums.   Delaying Social Security Social Security counts as taxable income (up to 85%) and contributes to your Modified Adjusted Gross Income (MAGI), which influences your Medicare Part B and Part D premiums. By delaying social security, you can strategically create a “low-income window,” which is ideal for the following strategies: Roth Conversion Capital gains harvesting Strategic drawdown from taxable investments These strategies can be complex in application, and the best approach is highly individual, often changing year to year based on your income sources, spending needs, and tax situation. If you're unsure how this might apply to your retirement plan or would like to explore ways to minimize IRMAA exposure, schedule a meeting with one of our financial advisors  to discuss strategies tailored to your specific needs, financial situation, and goals. We’re happy to help you plan and keep more of your money working for you, not against you, with Medicare surcharges.

Two weeks ago, Summit Puri and I had the opportunity to spend several days at PIMCO’s headquarters in Newport Beach, California. As the largest fixed-income manager in the United States, PIMCO is a crucial partner to Whitaker-Myers Wealth Managers, especially in our fixed-income analysis and investment strategies. During my time there, Summit and I gained invaluable insights into U.S. economic policies, global trade dynamics, inflation trends, labor markets, fiscal deficits, and their implications for investment strategies. Below is a summary of the key takeaways from my discussions with PIMCO’s esteemed experts. Economic Policies and Global Trade: Insights from Tiffany Wilding Tiffany Wilding , an economist at PIMCO, provided a comprehensive overview of the current economic landscape. She noted that the pandemic’s economic impact is largely behind us, with inflation in developed markets nearing target levels. However, recent U.S. policy shifts are more aggressive than anticipated, particularly in trade, fiscal management, and labor policies. Trade Deficit and Global Competitiveness Wilding highlighted how countries with trade surpluses, such as China, Germany, and Korea, contribute to U.S. trade imbalances. Policies aimed at rebalancing trade should boost domestic consumption but may face resistance from surplus economies that maintain high savings rates. U.S. Labor Market and Policy Solutions A major topic was the decline of the U.S. labor share post-China’s WTO entry. The resulting wealth transfer toward capital holders at the expense of the middle class has led to structural challenges. Potential solutions include reducing fiscal deficits, promoting structural reforms in other countries, and adjusting the U.S. dollar’s valuation. However, each solution faces political and economic constraints. Fiscal Deficits and Social Programs With the U.S. grappling with high fiscal deficits, reforms in Social Security and Medicare remain politically sensitive. Medicaid adjustments also face strong opposition, making deficit reduction a complex issue. As we know, this is roughly half of the US budget, so something must be done. Tariffs, NAFTA, and Economic Disruptions The discussion extended to the impact of tariffs on inflation and economic growth, particularly in relation to supply chain disruptions between the U.S., Mexico, and Canada under NAFTA. Investment Implications from Mark Kiesel Mark Kiesel , PIMCO’s CIO of Global Credit, presented an out-of-consensus perspective on economic growth, predicting a sharper slowdown than commonly expected. His insights, drawn from direct CEO conversations, indicate that many business leaders are privately concerned about economic headwinds. We'll see if this plays out, but it was probably an easier (less out-of-consensus) argument to make as the market hit a 10% correction right around the time of this meeting. Bond Market Opportunities Kiesel emphasized that bonds present one of the best investment opportunities in years. Reflecting on past forecasts, he recalled correctly predicting the 2006 housing market collapse. Today, he sees parallels in underappreciated risks and mispriced opportunities in fixed income. Commodities and Inflation Trends: Insights from Andrew DeWitt Andrew Dewitt, Portfolio Manager at PIMCO, delved into the role of commodities in the inflation landscape. While commodity inflation has softened, especially in energy, potential geopolitical shocks could disrupt this trend. Tariffs, Trade Wars, and Commodity Markets Trade tensions with Canada and Mexico have contributed to inefficiencies in the U.S. energy market, particularly in gasoline production. Potential policy shifts regarding Venezuela may alleviate some of these issues. Investment Strategies in Commodities Dewitt highlighted that commodities act as strong inflation hedges, with a 1% surprise in inflation historically leading to an average 7% gain in commodity prices. He introduced various investment vehicles, including the Commodity Real Return Fund and newly launched ETFs. AI’s Impact on Energy Demand The discussion also covered how AI-driven power consumption will increase demand for natural gas, reinforcing its importance in long-term energy strategies. Fixed Income Strategies: Insights from Dan Ivascyn Dan Ivascyn , CIO of PIMCO and leader of the renowned PIMCO Income Fund, shared his approach to navigating today’s fixed-income markets. The PIMCO Income Fund has outperformed 99% of its peers over 15 years, demonstrating its strategic prowess. Fixed Income Outlook and Interest Rate Strategies Dan emphasized the predictability of fixed-income yields over a five-year horizon, citing a strong correlation between starting yields and subsequent returns. Current bond yields present attractive opportunities, often exceeding the 2% inflation target, with some reaching 6-7%. Corporate Credit and Risk Management While corporate credit markets remain tight, PIMCO’s strategy focuses on high-quality investments to preserve yield and mitigate downside risks. Diversification into global bond markets, particularly in Australia, the UK, Canada, and select emerging markets, was recommended and is being executed by the PIMCO Income Team. Private Credit and Interval Funds Ivanscyn also discussed the growing role of private credit markets and interval funds in today’s investment landscape. While private credit provides additional yield, investors must be aware of associated risks, particularly in distressed sectors. Final Thoughts Summit & I's visit to PIMCO reinforced the importance of data-driven, forward-thinking investment strategies. The insights shared by PIMCO’s top experts provided a nuanced understanding of today’s economic complexities and investment opportunities. As Whitaker-Myers Wealth Managers continues to partner with PIMCO, these perspectives will play a crucial role in shaping our fixed-income strategies and broader investment approach for our clients. As always, we remain committed to helping our clients navigate market uncertainty with well-researched, high-quality investment strategies.

This week, my Co-Chief Investment Officer, Summit Puri , Tim Hilterman, CFP® , and I were able to spend about an hour with Meb Faber , who was in town for the Financial Planning Association All-Ohio Symposium , talking markets, US vs. International valuations, the incompetence of CALPERS, and 351 ETF conversions. Admittedly, Section 351 ETF conversions are not very well known. At the above-mentioned FPA All-Ohio Symposium, only about 5% of Financial Advisors admitted to having knowledge of this unique part of the tax code. Thankfully, I have had brief exposure to the strategy recently, while working through the material for my newest designation, I'm working on, the Tax Planning Certified Professional (TCPC™️) through the American College of Financial Services . Fortunately, some people amass great wealth in a single stock. With concentration can come quick and large gains. However, the same can be said in reverse. With great concentration, great wealth can be lost. Take a look at the chart below. As of the beginning of May, the S&P 500 is down 4.42% this year; however, you can see there are many employees and investors of Kohl's, Abercrombie & Fitch, Neogen Corp, & Nabors Industries that are having a much worse year than you, as it relates to their wealth. For many of those stocks, a nearly 50% loss. Ouch! The reality is that it could be any company, in any given year. Perhaps these names will rebound, but to the extent they don't, the investors and owners of these stocks could really have benefited from the section 351 ETF conversion. At Whitaker-Myers Wealth Managers, we understand the challenges faced by investors holding significant positions in a single stock—often due to stock options, RSUs, ESPPs, or ESOPs. While such holdings can be lucrative, they also expose investors to substantial risk. As Dave Ramsey advises, limiting any single stock to no more than 10% of your net worth is prudent to maintain financial stability. The Dilemma of Concentrated Stock Holdings Holding a large position in one stock can be risky. Market volatility, company-specific issues, or industry downturns can significantly impact your wealth. Diversifying your portfolio is essential to mitigate these risks and ensure long-term financial health. Introducing Section 351 ETF Conversions Section 351 of the Internal Revenue Code offers a solution: it allows investors to transfer appreciated securities into a newly formed corporation (such as an ETF) in exchange for shares, without triggering immediate capital gains taxes . This strategy enables you to diversify your holdings while deferring tax liabilities. For example, let's say you hold $500,000 of Apple Stock. You would like to diversify this holding into a broader investment structure like an ETF can provide. You could make a contribution to the Section 351 ETF being created. You'll get shares back of the ETF, which had many contributions from many different investors, like yourself with different concentrated stock holdings. After seven days, the investments in the ETF are sold and reinvested in a diversified manner, but because this was done in an ETF wrapper, you realize no tax gain. When you decide to sell the investment (which would most likely be in small pieces over time), at that point, you'll realize the tax gain. Therefore, it's important to remember that you are not eliminating your tax liability because of the exchange, but eliminating your single stock risk. To quote Ben Franklin, "Nothing is certain except death and taxes." Benefits of Section 351 ETF Conversions Tax Deferral : By transferring your concentrated stock into an ETF structure, you can defer capital gains taxes, allowing your investments to grow uninterrupted. Diversification : The ETF structure provides exposure to a broad range of assets, reducing the risk associated with holding a single stock. Liquidity and Flexibility : ETFs are traded on major exchanges, offering liquidity and the ability to adjust your investment strategy as needed. Eligibility Considerations To qualify for a Section 351 exchange, your portfolio must meet specific diversification criteria: No single security can constitute more than 25% of the total value. The combined value of the top five securities must not exceed 50% of the total portfolio . If your holdings are too concentrated, alternative strategies like exchange funds might be more appropriate. Aligning with Dave Ramsey's Philosophy Dave Ramsey emphasizes the importance of diversification and cautions against overexposure to single stocks. He recommends investing in a mix of growth, growth and income, aggressive growth, and international mutual funds to achieve a balanced portfolio . Section 351 ETF conversions align with this philosophy by facilitating diversification and promoting long-term financial stability. Taking the Next Step If you're concerned about the risks associated with a concentrated stock position, consider exploring a Section 351 ETF conversion. This strategy can help you diversify your portfolio, defer taxes, and align with sound investment principles. Contact our Chief Financial Planner, Tim Hilterman, CFP® by clicking this link . At Whitaker-Myers Wealth Managers, we're here to guide you through this process and tailor a strategy that fits your financial goals. Contact us today to learn more about how we can help you achieve a more balanced and secure financial future.

When considering our financial plans, we often think about investments, retirement accounts, insurance, college savings, near- and long-term goals, and much more. However, the part that is often left to the wayside is the estate plan. According to this CNBC article , nearly two out of every three Americans have not completed an estate plan. When it comes to estate planning, many individuals are familiar with the idea of a will , but far fewer understand the critical role a revocable living trust  can play in streamlining the transfer of assets and avoiding probate. At Whitaker-Myers Wealth Managers, we often guide our clients through the estate planning process to ensure their legacy is preserved and passed on efficiently. A revocable living trust is a powerful tool and one that more than likely benefits many families—but it’s not a complete solution. Here’s what it does well—and where it falls short. Estate Planning is a part of a well-rounded financial plan What a Revocable Living Trust Does  Offer A revocable living trust  is a legal entity you create to hold title to your assets during your lifetime. You maintain control over the trust and can change or dissolve it at any time while you're alive. Here are the key benefits: Avoids Probate: One of the biggest advantages is that assets held in a revocable trust bypass probate court. This means your heirs can receive their inheritance faster, more privately, and without the added expense and delay of probate proceedings. Continuity in the Event of Incapacity: Should you become incapacitated, your successor trustee (whom you choose) can manage the trust assets without the need for a court-appointed guardian or conservator. This provides peace of mind and continuity in managing your affairs. Organizes Your Estate: A revocable trust can consolidate the ownership of your assets into one plan, which can simplify estate administration and ensure that your wishes are carried out exactly as you intend. Privacy: Unlike a will, which becomes public record through probate, a trust remains private. The details of your estate and how it's distributed are known only to your trustee and beneficiaries. What a Revocable Living Trust Does Not  Do While it offers many advantages, it’s important to understand the limitations  of a revocable living trust. Misunderstanding these can lead to costly mistakes. No Asset Protection: Because the trust is revocable  (you can change it at any time), creditors can still go after the assets inside. If you're sued, the trust provides no protection. It also does not shield assets from claims related to liability or bankruptcy. No Medicaid or Long-Term Care Protection: A revocable trust does not help when planning for Medicaid eligibility. Assets in the trust are still considered "countable" by Medicaid, which means they could disqualify you from receiving benefits for nursing home or assisted living care. No Tax Shelter: Revocable trusts do not provide any estate tax advantages. The IRS treats the assets as still belonging to you, so they remain subject to estate taxes if applicable. How to Protect What a Revocable Trust Can’t Thankfully, there are smart and accessible strategies to protect your wealth in the areas where a revocable trust falls short: For Asset Protection: Buy an Umbrella Liability Policy: An umbrella insurance policy adds an extra layer of liability protection on top of your existing homeowners, auto, or other insurance policies. For a relatively low cost, you can shield your assets from lawsuits and claims that exceed standard coverage limits. For Medicaid Planning: Purchase Long-Term Care Insurance: Long-term care insurance can help cover the cost of nursing home care, in-home care, and other services that Medicaid may eventually pay for—but without having to “spend down” your assets first. Work with an independent insurance agent, such as those at Whitaker-Myers Insurance Agency  , who can shop the marketplace and find a plan tailored to your health, finances, and goals. For Tax Efficiency: Combine with Other Strategies: While revocable trusts offer no tax shelter on their own, they can be used in conjunction with irrevocable trusts, charitable trusts, or gifting strategies to reduce your taxable estate. Conclusion: A Core Piece, Not the Whole Puzzle A revocable living trust is often a foundational piece of a well-crafted estate plan —especially if you want to avoid probate, maintain privacy, and provide continuity in the event of incapacity. But it’s not a magic wand. You’ll need additional tools to fully protect your wealth from lawsuits, long-term care costs, and taxes. At Whitaker-Myers Wealth Managers , we help clients think about and plan to work with their legal counsel to create a holistic estate and retirement plan that considers not just what happens after you're gone, but what could happen while you're still here .  With the right advisors around the table—your financial planner, estate attorney, and insurance professional—you can build a plan that provides security and peace of mind for every stage of life.

Health Savings Accounts (HSAs) are one of the most versatile and tax-advantaged tools available for managing healthcare costs and planning for retirement. Whether you're looking to save on medical expenses, lowering your current year income tax liability, or optimizing your long-term financial goals, understanding how to leverage an HSA is key. Below, we’ll outline the eligible HSA expenses and explore how strategic planning can use these expenses to boost retirement savings while potentially lowering taxable income. What Are Eligible HSA Expenses? The IRS allows HSA funds to be used tax-free for qualified medical expenses. According to the IRS website they define HSA expenses as: "Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. These are explained in Pub. 502, Medical and Dental Expenses . Amounts paid after 2019 for over-the-counter medicine (whether or not prescribed) and menstrual care products are considered medical care and are considered a covered expense. These expenses must primarily alleviate or prevent a physical or mental disability or illness. Here’s a breakdown of some common eligible expenses: Medical Services and Treatments Prescription Medications Dental and Vision Care Therapies and Mental Health Preventative Care Long-Term Care and Supportive Devices Alternative Treatments  (if prescribed) Let's look at some specific examples from Publication 502 of the IRS code. Acne laser treatment Acupuncture Ambulance fees and emergency care Artificial limbs Birth control pills, injections, and devices, such as IUDs Blood pressure monitors Body scans Breast pumps and lactation supplies Breast reconstruction surgery following cancer Canes and walkers Childbirth expenses, such as care from a midwife or obstetrician Childbirth classes for the expectant mother Chiropractic care Contact lenses and saline solution Crutches Dental care, including cleanings, sealants, fluoride treatments, X-rays, fillings, braces, extractions, and dentures Diabetes supplies, such as blood sugar test kits and insulin Diabetes education, including nutrition counseling Eye exams Eye surgery, including laser surgery Eyeglasses, including prescription and reading glasses, and prescription sunglasses Blue-light-blocking glasses First-aid kits Flu shots Guide dogs to assist with disabilities Food, grooming, and veterinary care for guide dogs Hearing aids and batteries Hospital expenses for both inpatient and outpatient services Infertility treatment, including in vitro fertilization; egg, sperm, and embryo storage; fertility monitors; and sperm washing Egg donor expenses related to infertility treatment Inpatient drug and alcohol treatment Insulin Lab fees Long-term-care premiums, up to a qualifying amount based on your age Medical alert bracelets Medical records fees Medicare premiums if you're 65 or older, excluding Medicare supplemental policies Night guards to treat teeth grinding Nursing care, whether provided in your home or a nursing home Occupational therapy Oxygen and oxygen equipment Physical exams Physical therapy Prescription medications Psychiatrist care Psychologist care Smoking-cessation programs and drugs, including nicotine patches and gums Speech therapy Surgery, excluding elective cosmetic surgery Thermometers Tubal ligation (female sterilization) and tubal ligation reversal Ultrasounds Vaccines Vasectomy (male sterilization) and vasectomy reversal Wheelchairs X-rays Additionally, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) changed to allow HSAs to be used for over-the-counter medicine (whether or not prescribed) and menstrual care products, provided they are paid after 2019. Finally, suppose you have a medical diagnosis where a doctor confirms a product or service is necessary to treat that medical condition. In that case, there is a whole list of items that could qualify as an eligible HSA expense. Please talk to your Financial Advisor if you think this situation pertains to you. It’s important to keep detailed records of expenses to ensure compliance and facilitate future strategic use, which we’ll discuss shortly. HSA Strategy: Using Prior-Year Expenses to Boost Retirement Contributions One of the lesser-known benefits of an HSA is the ability to reimburse yourself for qualified medical expenses incurred in prior years, provided those expenses were incurred after the HSA was established and you kept proper records. This feature opens the door for strategic tax planning. The Scenario Let’s say Emily has been diligently contributing to her HSA for several years and paying out of pocket medical expenses, allowing her HSA balance at Fidelity to grow tax-free while being invested in the four Dave Ramsey categories . Over the years, she’s accumulated $10,000 in unreimbursed medical expenses. In 2025, Emily decides to reimburse herself from her HSA for these past expenses. She withdraws $10,000 tax-free from her HSA and uses the funds to make a $7,000 contribution to her IRA (the maximum allowed for her age and income) and the remaining $3,000 for her 401(k) at work. By doing this: She reduces her taxable income in 2025 by $10,000, thanks to her IRA and 401(k) contributions. Her retirement accounts grow tax-deferred (or tax-free, in the case of a Roth IRA). This strategy not only lowers her immediate tax liability but also bolsters her retirement savings using pre-tax dollars. Incorporating Dave Ramsey’s Principles Dave Ramsey emphasizes the importance of intentional financial planning, particularly in avoiding debt and building wealth through consistent savings. HSAs align well with his principles: Budget for Healthcare Costs : Just as Ramsey encourages families to budget for monthly expenses, planning for healthcare costs ensures that HSA funds are used effectively without dipping into debt. Debt-Free Living : By paying for medical expenses out of pocket when possible, you avoid depleting your HSA, allowing it to grow as a debt-free source of financial security. Baby Step 4: Invest 15% for Retirement : Using your HSA strategically, as Emily did, can help you meet Ramsey’s goal of consistently investing for retirement while enjoying immediate tax savings. Final Thoughts An HSA is more than just a tool for covering today’s medical expenses—it’s a powerful vehicle for long-term financial success. By understanding eligible expenses and leveraging the flexibility of reimbursement, you can align your HSA strategy with larger financial goals like retirement planning and tax efficiency. At Whitaker-Myers Wealth Managers , we help clients incorporate HSAs into a holistic financial plan , maximizing their benefits while staying true to principles like those of Dave Ramsey: living intentionally, saving consistently, and building a legacy of financial freedom. Ready to take control of your finances and make the most of your HSA?  Contact us at Whitaker-Myers Wealth Managers to develop a strategy tailored to your unique financial goals.