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May was a month of differing perspectives. Markets turned positive on a belief that a solution on tariffs would be eventually forthcoming, and the continued whipsawing headlines began to have a muted impact.

April began with the shock of tariff announcements that were much more punitive than anticipated by businesses, markets, investors, and economists. Equity markets promptly pulled back, even entering bear territory, although not closing there.



The month started out on a positive note as CPI came in lower than expected, creating a brief respite from worries about the impact of tariffs. It was short-lived, as the result of the Federal Open Market Committee meeting at mid-month was policy stasis with no changes to rates. Even more unsettling to the markets was the Fed’s signal of fewer rate cuts in 2025.

You’ve worked hard and built up a healthy retirement plan balance, and the time to start spending it is finally here. But how can you be sure that your plan will provide the income you need for the potentially 20+ years of your retirement?
Well, your own situation of course depends on your total financial picture—your assets, your debts, your health and family history, the level of income you need and the goals you have for making the most of your freedom from work.

The new administration’s priority of “reindustrializing the U.S.” is coming into focus as tariff announcements—even if softened or rescinded—indicated that this is a policy, not just a campaign plank. Throughout the month, the Department of Government Efficiency (“DOGE”) continued its mandate of shrinking government with a raft of layoffs. Headlines on these two topics led to growing fears that an increasingly pessimistic consumer would stop spending, and that inflation would begin to spike once more. While the market response throughout February was to react with higher volatility, equities largely closed out February with only moderate losses.

A new presidential administration will be working towards a very different agenda, and it will play out against the backdrop of a changed inflation and interest rate environment. Everything has changed from where it was at this time last year, which may mean that the short-term positioning of your portfolio should be shifted to be in line with potential opportunities and challenges. In addition, an extremely strong equity market last year may have resulted in position sizes growing beyond your acceptable risk parameters.

A New Administration Gets Down to Business
January Recap and February Outlook

Last year ended with a strong economy and positive stock and bond market returns. With inflation under 3% and GDP over 3%, the soft landing remained in place. While volatility was not a constant theme, 2024 saw some very dramatic single-day stock movements.

December Recap and January Outlook

A New Regime Comes Into Focus
November Recap and December Outlook
The transition to a new administration is underway with announcements of cabinet position nominees. The pro-business lean of the incoming government is not a surprise, and the emphasis is likely to be on deregulation and tax cuts. Several of the provisions of the Tax Cuts and Jobs Act of 2017 were set to expire in 2025, and those may get a reprieve.
In the near term, the focus is on the path of interest rates, and whether the Federal Reserve will move more quickly, or continue to stick to its data-dependent, cautious positioning. One hurdle seems to be cleared, however: Chairman Powell looks likely to remain in his post, at least for this point in the cycle.


Saving for retirement should be part of every stage of your work life, from your first job to your last years before retirement. A 401(k) or other similar employer-sponsored, tax-advantaged retirement savings vehicle is, for many people, the core piece of their retirement nest egg. The sooner you start, the better; however, as you move through your financial journey, at each stage your goals, the amount of income you are able to contribute, your tax situation, and your risk profile may be different. This will require your 401(k) to evolve along with you.

A Historic Election Removes Some Uncertainty
An election season with several twists and turns came to a not-unexpected end with the reelection of President Donald Trump. The received wisdom is that the financial markets hate uncertainty, and we certainly saw some evidence of that in the rally that followed the decisive election results.
How will a new White House regime impact the economy and the markets going forward? President Trump is on record with his preference for lower rates, but the early market reaction seems to be more focused on potential policy implications of higher tariffs and a stronger approach to immigration portending a return to higher inflation.



A Volatile Start to the End of the Year?
September Recap and October Outlook
September equity markets ended the month in positive territory, but with volatility increased. The VIX, the markets “fear index” closed higher than last month, at 16.73, up from 15.00. Intramonth, the values ranged from a high of 23.76 and a low of 14.90.
September’s somewhat surprisingly 50-basis point reduction in interest rates kicked of the regime change in monetary policy with a big move downwards. Subsequent data releases, including a particularly strong September non-farm payrolls number, may put a damper on expectations going forward, but the long-awaited loosening cycle is finally here. However, with an election looming and heightened tension in the middle east volatility will continue to affect markets and investor behavior alike.

But what about the asset you live in? Factoring your home into your retirement planning has an impact on your lifestyle choices, your available income, your late-stage retirement, and even your estate plan.
Given the increase in home prices we’ve seen over the last decade, the question of whether you should stay in your home, downsize, or even upsize is a little more complicated now. And higher interest rates are increasing the complexity.

After a steep rate hike cycle in which the Fed raised rates eleven times between March of 2022 and July of 2023, for a total increase of 5.00%, rates have been on hold for the last six FOMC meetings as the Fed has assessed the success of the fight against inflation. With that battle likely one, rates are likely to come back down.

August Recap and September Outlook
As summer ends and September begins, attention is focused on the long-anticipated change in the Fed’s monetary policy, from holding rates steady to returning rates to lower levels.
July and August non-farm payrolls indicate a slowing labor market, but other economic indicators are holding steady and show an economy that is still solid. While there is some conjecture that the Fed may kick off a new dovish regime with a 50-basis point rate cut, the general prudence and data-dependent stance of the Fed to date, along with the absence of any clear signs of trouble, would seem to indicate that a more modest 25-basis point cut may be more likely.

Your goal is to create a risk-adjusted return that you can live on, but that is also a balance of selecting investments that allow to you sleep at night, but also keep you from missing out on potential upside.

As you pay down your mortgage, your home is essentially acting as forced savings. But how can you tap those “savings” to build your overall wealth or even diversify your assets? Tapping into your home equity can provide access to funds at very low interest rates, which can reduce your debt costs overall or be used to finance an outright wealth-building strategy, like a new business opportunity. However, this strategy comes with unique risks.
Home equity loans let you borrow against the equity in your home. We break down how home equity can be used as a wealth-building tool in the right situations.

Did Powell wait too long to begin cutting rates? Is a recession inevitable? What is the Sahm rule? There are a lot of points of view on the topic.

Several changes resulting from the SECURE Act and SECURE 2.0 Act in recent years have made inheriting an IRA more complicated. The estate planning and tax advantages conferred by the stretch IRA have been largely discontinued. New strategies and different tax planning are now required.
The stretch IRA was named because the tax code before the SECURE Act allowed account holders to name younger relatives, including even great-grandchildren, as the beneficiary of an IRA. The longer lifespans of these young beneficiaries meant that required minimum distributions (RMDs) could be very small. Taxes would also be minimal, and the bulk of the IRA could continue to grow on a tax-deferred basis.
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