The new year can fill you with a sense of hope and expectation.  There are new goals to reach and new challenges to tackle.  Something that may be on your mind is finally taking control of your finances and making meaningful advances.  Perhaps you’ve faced a financial challenge, or maybe you’ve never been able to get to a place where you feel like you’re progressing.    Through my years of working in the financial industry, I have found four basic steps you can take right now to give yourself clarity and confidence in your future.   Take stock: Get a Financial Snapshot Find out where you are today by calculating your net worth.  This may sound more complicated than it is. Start by writing a list of the things that you own: house, car, bank accounts, investment accounts, etc., with price amounts.  Next, list out what you owe: mortgage, car loan, student loan, credit cards, and so forth, along with the amount you still owe on these items.  Add up your assets (what you own), subtract your liabilities (what you owe), and viola: you have your net worth.    *Financial Planner Tip* Write this number down and repeat this exercise every New Year to see your progress from year to year.   Perform general maintenance: Review your contributions and beneficiaries A quick tip to increase your retirement: see if you can take some of your last raise and bump up your 401(k) contributions. Or see if the annual limit for your ROTH IRA has increased since last year , and make sure you’re adding more if you can.    Also, look at each of your accounts to ensure your beneficiaries are updated.  Would you want your retirement account unintentionally going to an ex-spouse?  Or for one of your kids to be forgotten as a life insurance  beneficiary?    Avoid bumps in the road Sometimes, we can get so focused on progressing with our finances that we don’t consider what would happen if we faced an unforeseen difficulty. Two areas that are often uncomfortable to think about but are crucial in financial planning for your family are Long-Term Disability Insurance and Life Insurance.   Long-term disability insurance  can be life-altering to your family if you cannot work for an extended period of time.  And, of course, you need to consider how you would leave your loved ones if you passed away.  When calculating how much life insurance you need, consider what it would take to replace your income, pay off debts, and accomplish goals like saving for college for your current children.   Develop a financial plan Most importantly, update your financial plan on a consistent basis.  Your plan is a comprehensive compilation and projection of your finances.  It can show you potential shortfalls and help you make minor adjustments now to reach your goals.  Your plan can also give you confidence and peace that you’re heading in the right direction.    Financial advisors at Whitaker-Myers Wealth Managers are experienced and skilled at creating comprehensive financial plans while keeping your financial goals in mind.  We’d be honored to help bring financial peace to you in 2025.   To learn more about these types of topics or industry information, subscribe to the Whitaker-Myers Wealth Managers channel on YouTube  and visit our blog page , where our team members write weekly articles to help educate you and feel confident in your financial journey.

For many individuals with investments in the market and other securities, the state of the economy is critically important. But what economic data matters most? Where can I find it? What are the most credible sources? How often is the data released? Don’t worry; one of my goals in today’s article is to help you answer these questions!   The Conference Board’s LEI The Conference Board is a non-profit organization that provides trusted insights and economic data to help businesses and investors make informed decisions. They release the “Conference Board’s Leading Economic Index (LEI)” monthly, typically around the third week of the month.   The Conference Board’s LEI predicts future economic activity by combining ten key indicators. A rising LEI suggests economic growth, while a falling LEI signals potential downturns. The LEI factors average weekly hours (manufacturing), initial unemployment claims, new orders for consumer goods and nondefense capital goods (excluding aircraft), ISM® new orders, building permits, stock prices, the Leading Credit Index™, the interest rate spread, and average consumer expectations for business conditions.   You can find the summary and detailed reports of The Conference Board’s Leading Economic Index (LEI) on their LEI page. This page includes the latest press releases and comprehensive reports that provide insights into the economic outlook. By monitoring the Conference Board’s Leading Economic Index (LEI), investors can anticipate economic trends and adjust their strategies accordingly.   For example, when the LEI is up, it suggests economic growth, and investors might favor cyclical industries like consumer discretionary and technology, which tend to perform well during expansions. Conversely, when the LEI is down, indicating a potential downturn, investors might shift to defensive stocks like utilities and consumer staples , which are more resilient during economic contractions.   Federal Reserve Economic Data (FRED) FRED is an online database from the Federal Reserve Bank of St. Louis that provides access to a vast array of economic data. FRED releases data at various frequencies, including daily, weekly, monthly, quarterly, and annually. You can find the release schedule and detailed information on FRED’s Economic Release Calendar.   FRED provides insights into interest rates, inflation, and employment, helping investors understand economic trends. For example, during periods of high unemployment and recessionary cycles, bonds generally perform better as investors seek safer investments , while stocks often perform worse due to reduced consumer spending and lower corporate earnings.   Bureau of Labor Statistics (BLS) The BLS is a U.S.  government agency that collects and shares data about the economy, including employment, inflation (CPI), and the  Producer Price Index (PPI). The Jobs Report, CPI, and PPI are all released monthly, with the Employment Report typically on the first Friday, the CPI around mid-month, and the PPI usually in the second week.   This data gives a snapshot of the job market, showing how many people are working or unemployed. It also tracks price changes for consumers (CPI) and businesses (PPI), which helps indicate inflation trends. Together, these data points give clues about the overall health of the economy.   By keeping an eye on the BLS data, the average investor can gauge the health of the job market and inflation trends. For example, if inflation is up, historical trends show that  stocks and bonds tend to perform worse , while  commodities and real estate often outperform . This information can help investors make more informed decisions about adjusting their portfolios to mitigate risks or capitalize on growth opportunities.   Putting it all together Staying current on the state of the economy can help us be prepared for whatever lies ahead. At Whitaker-Myers Wealth Managers , we understand not everyone has time to comb through dozens of pages of economic research. That is why our team of financial advisors  uses these tools to help you reach your financial goals. Reach out to one of our advisors today; by doing so, you can gain insight into expectations for the economy, build a financial plan, or make changes to an existing one!

What is Mean Reversion? Mean reversion is a financial concept that describes the tendency of a stock or index price to return to its average or "mean" value after deviating from it. This phenomenon is based on the idea that extreme price movements, whether upwards or downwards, are often temporary and unsustainable in the long run.   Think of your daily commute. Imagine if your average commute took one hour to complete. Depending on traffic, you may experience longer-than-average delays; on other days, when traffic is light, it may take you less than average. Over time, with enough samples, your commute tends to revert to the average of 60 minutes.   Stocks tend to do this as well. We see these deviations in individual securities/stocks as well as asset classes  or categories. Using technical analyses while tracking 30-day, 60-day, or 120-day moving averages, traders who employ mean reversion strategies can try to capitalize on these temporary price deviations. They believe that when a stock moves significantly away from its average, it presents an opportunity to profit from its eventual return to the mean.   Mean Reversion Strategies in Practice Mean reversion strategies are often implemented using technical indicators that help identify overbought or oversold conditions. These indicators include:   RSI (Relative Strength Index) The RSI is an oscillator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. It fluctuates between 0 and 100. A high RSI value (typically above 70) suggests the asset is overbought, while a low RSI (typically below 30) indicates oversold conditions. Traders using mean reversion might buy when the RSI is low, anticipating a price rebound, or sell when the RSI is high, expecting a price correction.   Bollinger Bands Bollinger Bands consist of a moving average and two standard deviations plotted above and below the moving average. These bands widen during periods of high volatility and contract during periods of low volatility. A stock price moving outside of the Bollinger Bands can signal an overextended move, suggesting a potential mean reversion opportunity. Traders might sell when the price touches the upper band, expecting a pullback, or buy when it touches the lower band, anticipating a bounce.   Stochastics   Similar to RSI, the Stochastics oscillator is used to identify overbought and oversold conditions. It compares a stock's closing price to its price range over a given period. Traders might use the Stochastics oscillator in conjunction with other indicators to confirm mean reversion signals.   Consecutive Bars Another simple yet effective indicator is the number of consecutive up or down bars. This indicator helps identify extreme price moves in one direction, which might signal a potential reversal.   Internal Bar Strength (IBS) IBS measures where a stock's closing price falls within the day's price range. A high IBS indicates that the closing price is near the day's high, while a low IBS signifies a close near the day's low. This information can be used to identify potential overbought or oversold conditions.   Challenges and Considerations While mean reversion strategies can be profitable, they also carry certain risks and limitations. Starting from: Identifying the mean Determining the appropriate "mean" for a particular stock or index can be challenging. Different timeframes and calculation methods can yield varying results. Trend Days Mean reversion strategies tend to be less effective on trend days, where the market exhibits a strong directional bias. On such days, the price might continue to move in one direction, defying mean reversion expectations. Stop-Loss Orders Implementing stop-loss orders is crucial to manage risk in mean reversion trading. These orders automatically sell a position if the price moves against the trader's expectations, limiting potential losses. Psychological Factors Mean reversion trading can be psychologically demanding. It often requires buying when the market is falling or selling when the market is rising, which goes against the common instinct to follow the trend.   Conclusion Overall, mean reversion is a valuable concept that can be incorporated into trading strategies. However, it's essential to understand its limitations and use appropriate risk management techniques. Combining mean reversion indicators with other technical analysis tools and a sound understanding of market dynamics can help make more informed decisions. Keep in mind that I do not recommend these strategies to the majority of investors. Most of us are long-term investors intending to play the long game to succeed and meet our financial goals. My intent in sharing these strategies is simply to educate part of the investment world.     If you need any assistance on your financial journey, walking through Dave Ramsey’s Seven Baby Steps , or need a deep dive into your financial/investment plan, reach out to a member of our financial advisor team . They are always ready to help with the heart of a teacher to help educate and create a plan to help you reach your financial goals.

Who remembers their senior year of high school? You’ve completed at least 12 years of school already, perhaps even more with pre-school, and at this point in your life you feel like you’ve learned everything you need to know and you’re just ready to be done. Problem is you have one more year and taking it too easy in that last year, could create hardship in the not-too-distant future. In the same way, many retirees, as they enter their final working years feel those same, “just get me outta here” emotions they felt all those years ago in high school, yet decisions made right before retirement can have some big impacts. Let’s consider that as a general rule, most individuals have a gradual rising income over their working career. Even young high-income earners can expect that high income to continue to grow into the future. What we’re often faced with a few years before retirement is some of the best income you’ll personally ever see, which allows for some great “catch up” strategies like ensuring all your debts are paid off, including your home, making sure your emergency fund is stacked as strong as you’ve ever had it and putting the final touches (including catch up) on your retirement savings. The purpose of this article is to dive into the realties of how to deal with a retirees retirement savings right before retirement. To be clear, every situation is unique and your specific situation should be discussed with your financial advisor . Your financial advisor is part of your team, which includes your tax and estate planning professionals that should guide you through retirement and a good advisor, according to Vanguard’s Advisor Alpha Study , can add as much as 3% to their clients return through asset allocation, rebalancing, behavioral coaching, asset location, spending strategy (withdrawal order) and other factors. So, let’s dig into the question of how someone should allocate their retirement savings right before retirement – Roth or Pre-Tax? Delay Your Roth Contributions We know the team at Ramsey Solutions tells us that the Roth IRA or Roth 401(k) is the right way to go and we whole heartly believe that, however for some pre-retirees the decision to do a delayed Roth IRA may be more beneficial. What we mean by a delayed Roth IRA is making contributions right before retirement into pre-tax retirement accounts, as opposed to your Roth IRA or Roth 401(k). The reason for this is tax savings, relative to your cost to convert the monies right after retirement. Let’s take a look at an example. In 2022, a married couple, filing jointly, can earn up to $83,550 while paying 10% and 12% in federal taxes. With their standard deduction in 2022 of $25,900 that could increase their potential income in the above mentioned brackets, to $109,450. Then your rates jump to 22% and go as high as 37%. All things considered keeping your income in the 10% and 12% brackets is a pretty nice strategy. So, let’s assume our client, SAMPLE CLIENT A , who is age 63 and will retire at age 65, is earning $120,000 between himself and his wife. That means that he should be contributing $18,000 towards retirement ( Baby Step 4 – 15% of income into retirement ). If they would contribute everything to a Roth IRA / Roth 401(k) then they’d have a piece of their income ($10,500) that would fall into the 22% bracket therefore costing them $2,321 in federal taxes on that piece of their wages. However, if they allocated, that $10,550 into their pre-tax accounts and left the balance of their savings in Roth buckets they would have avoided the 22% bracket altogether. Fast forward two years when SAMPLE CLIENT A retires and let’s assume they would like $70,000 worth of income in retirement. Their income is broken down as follows: $30,000 – Social Security – Only 85% of this income is taxable so only $25,500 hits their return $40,000 – Income from Retirement Accounts (assuming non-Roth assets here) Therefore, their taxable income is $65,500. That means, under 2022 tax laws, they would have $43,950 left in the 12% federal income bracket. Let’s go back to the $10,550 they allocated to their pre-tax account at age 63, if grew at an 8% rate it is now worth $12,373. If we did a Roth Conversion of this money, meaning taking it from the pre-tax account and moving it to the Roth IRA, now that they are retired and their income is lower, we would have to pay $1,484 in federal income taxes. Keep in mind, at age 63 we saved $2,321 in taxes by contributing the $10,550 to the pre-tax side, to keep ourselves under the 12% bracket. Thus approx. tax savings for this person was $837. If they had a higher income, presumably you’d contribute more to the pre-tax side, creating an even larger savings. This strategy won’t be right for everyone, however those that are above the 12% federal bracket ($109,450 income in 2022 with the standard deduction) and that will dip below it when entering retirement, should be able to see tax savings by executing this strategy. Of course, we always recommend you consult your financial advisor team and your tax ELP team to get specific advice to your unique circumstances.

Invest in what you know or invest with someone you trust with the heart of a teacher. That's the way I've heard Dave Ramsey describe your investment strategy. We make better decisions when we understand those decisions better. That's why I don't try and repair my plumbing. It would be an awful decision to try and attempt that because I'm not an expert, nor do I want to learn that, considering my busy work, family, and church schedule. Thus, I outsource, and before I buy, I want to learn what will happen, when and how much it will cost. Typically, within your 401(k), it's hard to outsource and hire an expert because the plan is held in a pre-determined place, with a pre-determined investment lineup (which is typically not bad), that I must self-direct myself. Thanks to Fidelity's BrokerageLink® and Whitaker-Myers Wealth Manager's new custodial relationship with Fidelity, certain employees may now be able to get the expertise they desire when utilizing their company's retirement plan. If you’re an employee of The Cleveland Clinic , you likely have access to a robust retirement savings plan through Fidelity Investments. One compelling feature of this plan is the Fidelity BrokerageLink® option, which allows you to take more control over your retirement investments. With guidance from Whitaker-Myers Wealth Managers , you can unlock the full potential of this feature and align it with your long-term financial goals. What is Fidelity's BrokerageLink®? Fidelity's BrokerageLink® is an investment option within certain Fidelity retirement plans that gives participants access to a wider range of investment choices beyond the standard, pre-selected plan options. While traditional plans typically offer a limited menu of mutual funds or target-date funds, BrokerageLink® opens up a world of investment opportunities, including: Individual stocks Exchange-traded funds (ETFs) Thousands of mutual funds Other advanced investment options This flexibility empowers investors to tailor their portfolio to better suit their individual risk tolerance, retirement timeline, and specific financial objectives. How Cleveland Clinic Employees Can Benefit For employees of The Cleveland Clinic, utilizing the BrokerageLink® feature with the expertise of Whitaker-Myers Wealth Managers can offer several key advantages: 1. Enhanced Diversification Standard retirement plans often provide a “one-size-fits-all” selection of funds. Many times, if you're unable or unwilling to select the investments they default you into a Target Date Fund (a fund with the year on the end of it). By leveraging BrokerageLink®, you can diversify your portfolio with asset classes and funds that aren’t included in the standard plan. This broader access can help reduce risk while potentially enhancing returns over the long term. 2. Personalized Investment Strategy Everyone’s financial situation is unique, and your investment strategy should reflect that. Through BrokerageLink®, Whitaker-Myers Wealth Managers can work with you to craft a highly personalized portfolio, balancing growth potential with appropriate levels of risk to meet your specific retirement goals. 3. Professional Guidance While BrokerageLink® provides greater flexibility, it also requires more hands-on management. That’s where we come in. Our Smartvestor Pro financial advisor team can help you navigate the expanded investment universe, selecting options that align with your goals, preferences, and overall financial plan. 4. Cost Efficiency Many mutual funds available through BrokerageLink® may have lower expense ratios than the default options in your plan. Lowering your investment costs over time can significantly impact the growth of your retirement savings. 5. Opportunities for Growth For those who are financially savvy or working with a professional advisor, BrokerageLink® can offer access to investment options with higher growth potential. With our guidance, you can explore these opportunities while maintaining a disciplined and strategic approach. Why Work with Whitaker-Myers Wealth Managers? Whitaker-Myers Wealth Managers has extensive experience in helping clients optimize their retirement savings. For Cleveland Clinic employees, this includes providing tailored advice on how to use features like BrokerageLink® to their advantage. Our advisors can: Help you set up and manage your BrokerageLink® account. Develop a customized investment strategy aligned with your goals. Monitor your portfolio to ensure it remains balanced and on track. Provide ongoing support and adjustments as market conditions and your needs change. Tim Hilterman, CFP®, Chief Financial Planning Officer at Whitaker-Myers Wealth Managers, highlights the importance of a personalized approach: "A more customized investment strategy ensures that every dollar you invest is working toward the financial goals we’ve helped you define. By integrating your BrokerageLink® options with the comprehensive financial plan our team has put together for you, we can maximize the potential for growth while keeping you aligned with your long-term vision." Is BrokerageLink® Right for You? While BrokerageLink® offers tremendous potential, it’s not for everyone. It requires a deeper understanding of investment principles and a willingness to actively manage your portfolio—or the guidance of a trusted advisor. Before making any decisions, it’s important to consult with a professional to determine whether this option fits your financial plan. Start Planning Today If you’re a Cleveland Clinic employee interested in exploring how BrokerageLink® can enhance your retirement savings plan, Whitaker-Myers Wealth Managers is here to help. Contact us today to schedule a consultation and discover how we can empower you to take charge of your financial future. If you’d like to start your financial plan today, you can follow this link .

The State Teachers Retirement System of Ohio (STRS) has announced significant, yet temporary, changes to retirement eligibility that may impact your financial planning. From June 1, 2025, through July 31, 2027, educators can qualify for full retirement benefits with 33 years of service, reduced from the current 34-year requirement. Additionally, eligibility for reduced retirement benefits will be available after 28 years of service, down from 29 years. These adjustments are designed to provide greater flexibility for educators contemplating retirement during this timeframe. However, it’s important to understand that these changes are temporary; after July 31, 2027, the eligibility criteria will revert to the previous standards. The STRS Board plans to review these provisions in spring 2025 to determine if further adjustments are necessary. credit: strsoh.org Given the temporary nature of these changes, planning is key. Tim Hilterman, Chief Financial Planning Officer at Whitaker-Myers Wealth Managers , emphasizes the importance of strategic retirement preparation: "With these temporary changes, Ohio teachers face a unique opportunity—and challenge. It’s critical to sit down with a qualified financial planner and their team to ensure your retirement goals align with these revised criteria. Proper planning can help you maximize your benefits and avoid surprises as these adjustments expire in 2027." As retirement timelines may shift under these new rules, understanding how they fit into your overall financial strategy is essential. We recommend reaching out to your financial advisor to assess the impact on your retirement plan and ensure you stay on track for a comfortable future. You can also read a little about the STRS Defined Contribution Plan, written by President of Whitaker-Myers Wealth Managers, John-Mark Young . In this article, he discusses the plan within STRS, where a teacher would be treated more like a 401(k) employee than a pension or defined contribution plan employee. This must be elected early in your career, so talk to a Whitaker-Myers Financial Advisor to see if you might qualify for this plan if you are interested. You can read that article here . For more detailed information about these changes, refer to the official STRS Ohio announcement, which can be read by clicking here .

Whitaker-Myers Wealth Managers is excited to announce the addition of Tim Hilterman as the firm’s first Chief Financial Planning Officer (CFPO). This newly created role is a key step in our mission to deliver an unparalleled client experience while fostering the continued development of our advisors. Tim brings decades of financial expertise, leadership, and a deep commitment to community service. As CFPO, he will focus on enhancing the firm's planning processes, mentoring advisors to excel as financial planners, and ensuring clients benefit from a robust and comprehensive financial planning experience. A New Chapter for Whitaker-Myers Wealth Managers Tim's hiring reflects our commitment to staying at the forefront of the wealth management industry. By creating the CFPO role, we aim to further empower our advisors with the tools, training, and resources to better serve clients in an increasingly complex financial landscape. Tim’s focus will be on integrating financial planning best practices, improving client engagement, and being involved in the planning process with our advisors and clients, either when they initially sign on with Whitaker-Myers Wealth Managers or as their situation becomes more complex. “Our advisors are the backbone of our success, and Tim’s leadership will help them grow professionally while enabling us to provide an even higher standard of service to our clients,” said John-Mark Young , President of Whitaker-Myers Wealth Managers. “We are thrilled to welcome him to the team.” A Legacy of Service Tim joins us from Whitcomb & Hess, where he served as a Senior Financial Advisor and Planner, gaining a reputation as a strategic thinker and client advocate. His background as a Certified Financial Planner (CFP®) and a Chartered Advisor in Philanthropy (CAP®) along with his passion for helping clients achieve their goals, align perfectly with the mission of Whitaker-Myers Wealth Managers. Tim Hilterman and retired President of The Richland County Foundation Brady Groves Beyond his professional accolades, Tim is well-known for his dedication to community involvement. As highlighted in a 2018 Mansfield News Journal feature , Tim has made giving back a central part of his life: Spherion Mid-Ohio 13er : Tim founded this half marathon that raised significant dollars that were donated to the Richland Foundation , which in turn administered grants to applications with suitable programs addressing drug addiction and treatment. Richland Academy of the Arts : Tim is an active board member at Richland Academy of the Arts. The Greatest Gift - Life : Tim was recognized locally for donating a kidney to a 4-year-old girl from his church who was fighting cancer. She lost both kidneys because of her cancer and was forced to undergo dialysis for 12 hours a day until Tim's incredible gift of life! “Helping others has always been a part of who I am, whether it’s through my work or volunteering in the community,” Tim shared. “Joining Whitaker-Myers Wealth Managers allows me to continue that mission, both professionally and personally.” A Bright Future With Tim at the helm of financial planning, Whitaker-Myers Wealth Managers is poised for continued growth and innovation. His unique combination of financial expertise, leadership, and a service-driven mindset will be instrumental in shaping the firm’s future and ensuring that we continue to deliver exceptional value to our clients. As we look ahead, we are confident that Tim’s impact will be felt across the firm, from our advisors to our clients and throughout the communities we serve. Tim resides in Lexington, Ohio, with his wife Abby, and their seven children. Tim and his family are actively involved in their local church, Westwood Alliance Church , and he loves to run and hopes to one day complete in another full ironman triathlon. Please join us in welcoming Tim Hilterman to Whitaker-Myers Wealth Managers!

What is a Fee-Based Advisor? When looking for the right financial advisor , several questions should be at the top of anyone’s mind . One question we always hear when meeting with potential clients, and rightfully so, is, “How are you compensated?”. It is essential for those looking for a financial advisor to understand that advisors charge clients in a few different ways. In this article, we will look at the various compensation methods and the one you should be looking for when choosing an advisor.   Types of Advisor Compensation Financial advisors usually follow one of two compensation structures: fee-based or commission-based. A fee-based advisor charges a flat fee based on the value of the client’s assets under management (AUM). At the same time, commission-based advisors will also charge a fee and receive additional compensation based on the products they sell to clients. This should immediately be a red flag to anyone considering hiring a financial advisor due to the conflict of interests from a commission-based advisor looking to push recommendations that enhance their own pockets rather than picking the most appropriate fund for the client. It is also important to mention that some advisors are a combination of the two, meaning they charge a fee and receive kickbacks from sponsoring companies when their products are sold. That being said, the most transparent type of advisor is a fee-only type of compensation.   How are fees paid? The fee-based advisor will generally charge an annual percentage fee for the total AUM per client. A simple example would be that you have $1,000 ready to invest, and the advisor charges a 1% annual management fee, this may be broken down monthly or quarterly. That would be $10 broken down into twelve or four installments across the year, typically drawn directly from the client's account. This percentage fee will likely change as the client’s account changes. The fee-based advisor may offer other services outside of financial management that come at a separate charge, such as estate planning. It is important to mention that both types of advisors may offer additional services separate from the advisory fee. Here at Whitaker-Myers Wealth Managers , we can provide you with estate planning, term life insurance, and a financial coach and CPA on staff, all of which would have separate fees.    Fiduciary Responsibility Commission-based advisors may represent a conflict of interest by pushing products that offer themselves commission to their clients. It would be wise for individuals looking to hire a financial advisor to search for an independent advisor not tied to any mutual fund company or other proprietary products and whose compensation is fee-only. They should also look for one who upholds the fiduciary standard , meaning the advisor is legally obligated to always act in the client's best interests rather than serving self-interests.      Conclusion Whitaker-Myers Wealth Managers  is a fee-only advisor because we believe it is the most transparent form of compensation. We want clients to know that we have no ties to mutual fund companies or sell any proprietary products. This allows us to pick from a wide variety of funds and uphold our fiduciary standard of always putting the client's needs first. If you are searching for a financial advisor , we have a team ready to help answer questions and plan for your future.

The IRS recently announced the changes to the retirement contribution limits for 2025  for the various retirement account types.  To simplify, I’ve included a table of the limits below, including what you would have to contribute bi-weekly, bi-monthly, or monthly to hit the maximum limits if that’s a goal you/your advisor want to achieve.   Most clients like to contribute to these accounts periodically.  However, some clients may choose to max out their Roth/Traditional IRAs with one-time contributions.  These contributions can be from bonus money received around the end of 2024 / beginning of 2025, brokerage account  funds, an inheritance, or other cash inflow.    As a reminder, you have until the tax filing deadline (April 15, 2025, for the 2024 tax filing year) to contribute to a Traditional and Roth IRA.  For employer-sponsored retirement plans, most deadlines are at the end of the calendar year.  This means you’re limited to making contributions that go through payroll, and generally, the last pay of the year is based on the date you’re paid, not the dates the work was completed.   401(k) and Employer-Sponsored Retirement Contribution Limits for 2025 The 401(k)-contribution limit for 2025 is $23,500 for employee contributions, an increase of $500 from 2024. $70,000 is the combined employee and employer contributions limits.    Starting in 2025, there’s a new contribution maximum specific to those ages 60 – 63. If you turn one of these ages in 2025, you can contribute up to $11,250 as a catch-up contribution, which is $3,750 more than any other age 50 and older.  The 50 to 59 and 64 and older catch-up contribution remains at $7,500.    Below are the contribution limits and how much someone would need to contribute to max it out based on how often you’re paid. Source: IRS As part of the Secure Act 2.0 that was passed at the end of 2022, there was a provision that was going to force those 50 and older with higher incomes to make catch-up contributions to Roth 401(k), 403(b), etc. accounts.  That was initially scheduled to take effect in 2024, however, the IRS announced on August 25, 2023 , that this rule will have an “administrative transition period” that will delay this from taking place until 2026.   Roth and Traditional IRAs The Traditional and Roth IRA limits have not changed in 2025 from 2024.  There are still income limits based on your Modified Adjusted Gross Income (MAGI) for making contributions to Roth and Traditional IRAs, so you should consult your accountant or schedule a consultation with Kage Rush to discuss whether you are close to or over these ranges.   Deductible Traditional IRA Income Limits   Roth IRA Income Limits   Simple IRAs Simple IRA  2025 contribution maximums have increased by $500 from 2024.   Health Savings Accounts Health Savings Accounts  2025 contribution maximums have increased by $150 for an individual and $250 for a family from 2024. Other Tax-Advantaged Accounts Below is a list of other less common accounts and their contribution limits:   Every client situation is different, so you should discuss your cash flow needs with your Whitaker-Myers Wealth Managers advisor for not just retirement goals but other non-financial/financial goals.  This should also include a conversation about your sinking funds for a car, home improvement, etc. If you do not have an advisor, the team of advisors at Whitaker-Myers Wealth Managers is ready to help answer any questions you may have.

Whitaker-Myers Wealth Managers has been named the 6th Best Place to Work in Money Management   by Financial Planning.com , solidifying its reputation as an industry leader not only in client services but also as an outstanding employer. This prestigious recognition is part of Financial Planning’s  annual list highlighting the top workplaces in the field of money management. The rankings, developed in partnership with the HR research firm Best Companies Group, were determined through an extensive evaluation of workplace policies, practices, and benefit programs, alongside direct feedback from employees. Surveyed employees assessed their firms based on leadership, culture, pay, benefits, training, work environment, and overall engagement. A Three-Pronged Approach to Excellence According to Financial Planning , the best workplaces focus on three key pillars: Employee Satisfaction:  Ensuring the workplace meets the needs of its team members. Team Cohesion:  Creating an environment where teams feel valued and supported. Client Experience:  Building a workplace culture that reflects and enhances the client experience. Whitaker-Myers Wealth Managers embodies these principles. By fostering a culture of collaboration, professional growth, and dedication to client success, the firm has created a workplace where employees thrive and clients receive exceptional service. A Commitment to Excellence The ranking reflects Whitaker-Myers’ ongoing commitment to its employees and clients. With a strong leadership team, robust employee benefits, and an emphasis on professional development, the firm continues to build on its 150-year legacy of excellence. Its employees, many of whom bring decades of experience, are empowered to innovate, grow, and contribute to a supportive and inclusive culture. “We believe that creating an outstanding workplace is not just about meeting business goals but also about empowering our employees to reach their fullest potential,” said Whitaker-Myers President John-Mark Young . A Bright Future for Whitaker-Myers This recognition comes on the heels of other recent achievements, including winning the Wooster Chamber of Commerce Business of the Year Award and ETF.com naming Whitaker-Myers Wealth Managers as one of their Top 50 RIA Firms in the country . As Whitaker-Myers Wealth Managers continues to expand its services and grow its team, this accolade reaffirms its position as a leader in the financial industry. Being named one of the best places to work in money management is a testament to the firm's unwavering commitment to its employees, clients, and community. As the firm continues to innovate and lead, it serves as a shining example of how a focus on people can drive success in the financial world. For more information on this honor and Whitaker-Myers Wealth Managers’ services, visit https://www.whitakerwealth.com/personal-services .

A Life-Changing Event Our daughter and her family experienced a horrible life-changing event this past summer. They were making home improvements, replacing an interior door, and staining the door in the garage. They were using an oil-based stain. They did what we all probably do; they used an old T-shirt to stain the door. But we learned a very valuable lesson from this, so please learn from our loss here. Oil-based stains are combustible and more so in a high-humidity climate. In fact, the oil-stained rag burned a hole clean through the workbench and burned down their home beyond repair. Yes, fortunately, they were able to escape unharmed. Thank you, Jesus!   The firefighters shared that this cause of loss is all too common.  Researching this issue further, we learned that one should seal an oil-based staining shirt in a container of water before disposal.  We wish we had known that before.  We certainly know it now.  Now, you also know it.   Besides this valuable lesson on oil-based stains, we would like you to know something else...the importance of properly insuring your home.   Insuring Your Home to Value Have you ever wondered what it means to "insure your home to value"? It's a crucial concept that can significantly impact your financial security in the event of a loss.   Insuring your home to value, simply put, is insuring it for the full replacement cost. Meaning if your house is insured to value and there is a loss, your house will be replaced in full. Whereas if you do not have it insured to value, you might only be paid out a pro-rated amount.   This does come with a higher premium for the higher coverage, but as we say, having the right insurance for when it is needed is worth the additional cost throughout the year. What is Replacement Cost? The replacement cost of your home is the amount of money needed to rebuild it to its pre-loss condition. This includes the cost of labor, materials, permits, and debris removal. It's important to note that replacement cost is different from market value. Market value reflects what your home is worth on the open market, while replacement cost focuses on the cost of rebuilding.   Why is Replacement Cost Important? As property values and construction costs rise, especially in inflationary environments, it's essential to ensure your homeowner's insurance policy provides adequate coverage. Underinsured homes can leave you financially vulnerable if a major disaster strikes.   Taking Action If you haven't recently reviewed your homeowner's insurance policy with your agent, now is the time to do so. Consider the following: Recent Home Improvements:  Have you added a room, renovated a kitchen, or finished a basement? These improvements can increase the cost of rebuilding your home. Inflationary Impact:  Rising construction costs and material prices can significantly impact the replacement cost of your home. Natural Disasters:  Your region's risk of natural disasters, such as hurricanes, wildfires, or earthquakes, can influence the necessary coverage.   By proactively reviewing your policy and ensuring it's adequately insured to value, you can protect your most valuable asset. Don't let a lack of coverage turn a disaster into a financial catastrophe.   Where to find help Whitaker-Myers Wealth Managers cares about our client’s financial health. And part of a healthy financial situation is having the proper insurance(s) in place. The more you can learn and help protect yourself in an unfortunate situation, whether it be auto, health, or house insurance , we want to help you be the best prepared for any situation that could potentially derail your financial goals. Whitaker-Myers Wealth Managers is fortunate enough to be a part of the Whitaker-Myers Group . This team of professionals is equipped to help answer questions about coverage and provide quotes for you on multiple types of insurance.   If you have questions on types of insurance or would like to be put in contact with a member of the Whitaker-Myers Group  to discuss options, reach out to your financial advisor today to start the conversation.

So many terms in the financial industry  seem mysterious and confusing, and some even sound completely made up.  The Backdoor Roth IRA doesn’t need to remain a mystery.  If you haven’t heard of a Backdoor Roth, financial advisor Kelly Kranstuber  wrote a short article explaining the basics.  The team at Ramsey Solutions suggests saving 15% of your income for retirement (also known as Baby Step 4 ).    One frustration many of our clients share is that reaching that 15% can be difficult because of the income limits imposed on those making Roth IRA contributions. Before 2010, there was an income limitation for those who could do Roth IRA conversions.    Advantages of Roth IRA In 2010, the IRS changed the rules to make a way for high-income earners to make Roth conversions.  One advantage of making contributions to a Roth IRA is that many high-income earners will actually be in a higher tax bracket later in life, and thus, paying the tax now allows them to take the hit when they are in a lower tax bracket, saving money.    A second advantage is that funds inside a Roth IRA  can grow tax-free.  If an individual contributes to a traditional IRA, the investment is tax deductible in the current year, but the growth of the investment is tax deferred.  For younger investors with a longer timeline for investment growth, the difference in taxing contributions now versus taxing the growth later could be tens of thousands of dollars in tax liability—even if they remain in the same tax bracket their entire working career.    A third advantage is that because contributions are taxed going into a Roth IRA, there are no Required Minimum Distributions  (commonly referred to as RMDs) when the account owner reaches the age of 70 ½, as is the case with investments in a traditional IRA.   Misconception #1: Process NOT Product A Backdoor Roth IRA  is not actually a type of account… instead, it is a PROCESS whereby high-income earners can avoid the IRA income limitations for making contributions to a Roth IRA.  This process has become a popular tax-advantaged strategy for making retirement contributions in a way that avoids the income limitations associated with making Roth IRA contributions (in 2023, the limit for couples married filing jointly is $218,000-$228,000 and the limitation for those filing single is $138,000-$153,000).    If you are unfamiliar with the difference between a Roth IRA and a traditional IRA, take a few minutes to read   this description of the differences posted by Fidelity—one of our custodial partners at Whitaker-Myers Wealth Managers .       Misconception #2: I can do this on my own Yes and no.  The process of making backdoor contributions is relatively simple if the investor(s) do not already have IRA accounts (traditional IRAs, SIMPLE IRAs, SEP IRAs).  If an interested investor does have preexisting IRAs, making a backdoor Roth contribution is still possible, but there are complex tax issues involved in calculating the Pro-Rata tax treatment of funds being converted.  We advise seeking direction from a CPA in these cases.    For those looking to increase or begin making retirement contributions, the primary move is to open two accounts: an IRA and a Roth IRA.  The contributions are made to the IRA and held in cash for no more than the time it takes for the transaction to settle. Then, the transaction is moved into the Roth IRA and invested within that account.    However, an important step involves notifying your CPA to ensure you file the appropriate forms.  Most CPAs will assume that contributions to an IRA will not be withdrawn because doing so triggers the taxation and, in some cases, a penalty.  In the case of a Roth conversion, this withdrawal will trigger the issuance of a 1099 unless the CPA files IRS Form 8606  to note the funds that have been converted into the Roth account.  If you have questions about your particular tax situation, consult your CPA or contact Whitaker-Myers Tax Advisor Kage Rush  for more information.   Misconception #3: Money inside a Roth IRA will take care of itself Remember, the Roth IRA is simply an umbrella under which an investor can save for retirement and enjoy tax-free investment growth.  The funds inside the Roth should be invested with careful consideration of the objectives and goals of the individual investor, including the appropriate risk profile and time horizon based on the expected retirement income projections.  Since one of the reasons for converting into a Roth is to avoid taking RMDs, investors using a target date fund may miss out on potential growth opportunities by having an asset allocation  mix that doesn’t fit their specific situation.   Summary If your household income falls within the high-income limitations described above—or your income is approaching those limits, it may make sense for you to talk to a financial advisor  about whether making Backdoor Roth IRA contributions is right for you.  When done correctly, the Backdoor Process involves three basic steps: Open two accounts, an IRA and a Roth IRA Move funds into the IRA for the minimum holding period (usually a few days) before converting into the Roth Work with your CPA or tax professional to file form 8606   At Whitaker-Myers Wealth Managers , our team can assist clients through various aspects of financial management, retirement income planning, and tax advice.  If you are interested in speaking with a financial advisor, schedule a conversation today.