We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
2025 1st Quarter Economic Update
Radon and Murs discuss the “2025 1st Quarter Economic Update” with special guest Tom Siomades, Chief Market Economist. Together, they break down the real story behind the numbers and headlines from the first quarter of 2025, offering valuable insights into the 2025 market outlook, economic trends 2025, and the complexities around tariffs and the economy…..
In our latest 2025 1st Quarter Economic Update, we dive into how tariffs, inflation, and market volatility are shaping the economic landscape — and what it means for your retirement planning. Get insights from Chief Market Economist Tom Siomades and learn strategies to stay on track through an uncertain year…..
As we close the books on the first quarter of 2025, it’s clear this year has already brought its fair share of economic twists and turns. Between new political leadership, trade policy shifts, and inflation pressures, there’s a lot to unpack. In this 2025 1st Quarter Economic Update, we reflect on how the year began, assess current economic trends, and look ahead to what may be coming next.
We had the pleasure of welcoming Tom Siomades, Chief Market Economist at a major financial firm, back to the Secure Your Retirement podcast. Tom helped us break down the 2025 market outlook and provided a candid assessment of the challenges and opportunities investors face. This blog brings you the highlights of that discussion and what it means for retirement planning and your financial future.
A Strong Start to 2025 – But for How Long?
The year began on a high note. January 2025 was strong for the stock market. Typically, a solid January has historically signaled strength for the remainder of the year—a positive indicator for investors and retirees alike.
However, as Tom pointed out, this early enthusiasm quickly gave way to more familiar and persistent challenges: inflation, potential recession indicators, and especially tariffs and the economy.
Tariffs Take Center Stage
Tariffs dominated headlines as the quarter ended. A new wave of U.S. trade policy measures—especially with China—sparked anxiety in markets. On April 2nd, the administration officially announced sweeping tariff measures targeting nations viewed as engaging in unfair trade practices.
This marked a return to a trade war climate reminiscent of 2018-2019. The US-China trade war of that period demonstrated how quickly tariffs can disrupt supply chains, boost costs, and rattle financial markets.
The current administration justified these measures by pointing to trade deficits and the need for fairness. However, as Tom explained, the implementation felt more abrupt and jarring than strategic. The sudden introduction of the policy spiked global trade uncertainty, with parallels drawn to the economic disruptions seen during the COVID-era supply chain issues.
Tariffs and Inflation: A Growing Concern
The natural outcome of tariffs is higher prices for imported goods, which in turn contributes to inflation. Tom highlighted that the public, already weary from the recent inflation cycle, has reacted negatively to the idea that prices could rise again.
This sense of economic pessimism, even when not reflected in hard data like GDP or unemployment, can impact consumer spending. With 70% of the U.S. economy driven by consumers, a pessimistic mindset can lead to slowed spending and potentially contribute to an economic downturn.
Is a 2025 Recession on the Horizon?
While some analysts are still hesitant to call a 2025 recession, Tom suggested that from a consumer sentiment standpoint, we may already feel like we’re in one. Higher costs, volatility in the markets, and global trade uncertainty have created an environment of fear and hesitation.
Although official recession metrics—like two consecutive quarters of negative GDP—haven’t been confirmed, Tom expects at least one negative quarter based on current signals.
The Federal Reserve’s Balancing Act
The Federal Reserve entered 2025 with the expectation that it would begin a series of rate cuts to ease pressure on borrowing and investment. But as the tariff wars escalated, the Fed has taken a more cautious stance.
They’re now in a holding pattern, waiting to see the impact of tariffs before taking action. Encouragingly, the inflation outlook for 2025 has improved slightly in recent months. Tom noted two consecutive months of declining inflation, including one with a negative CPI print—the first since 2021.
If this trend continues, the Fed could regain confidence and cut rates by mid-2025. However, the bond market isn’t convinced. With $36 trillion in national debt, institutional investors are demanding higher returns, which makes rate reductions less impactful than they once were.
Government Spending and Economic Trends 2025
Another major concern Tom raised is unchecked government spending. Since 2019, federal expenditures have increased from $4.5 trillion to over $7 trillion. Yet, many Americans feel their quality of life hasn’t improved proportionately.
With no major reforms to programs like Social Security or Medicare, the financial pressure builds, adding complexity to financial planning for 2025 and beyond.
Economic Forecast 2025: What Comes Next?
Tom sees the next 90 days as pivotal. If tariff negotiations conclude successfully and global partners like Japan, South Korea, and India commit to new trade deals, it could restore confidence and stabilize the markets.
In this best-case scenario:
Inflation could continue to cool
Consumer sentiment may recover
The Fed might cut rates in June
The market could rally, potentially adding 10-15% in the second half of 2025
However, if tariffs persist, and political infighting blocks fiscal policy progress, markets may remain directionless—or worse, turn bearish.
The outlook hinges on global diplomacy, fiscal discipline, and policy execution. For now, investors must stay agile and informed.
What This Means for Retirement and the Economy
For retirees, or those wondering “is it time to retire?” the current climate underscores the importance of a well-structured financial plan. Retirement and the economy are deeply interconnected.
Volatility, inflation, and policy shifts can all impact:
At Peace of Mind Wealth Management, we help clients protect and grow their wealth through our Peace of Mind Pathway, a holistic planning framework designed to insulate against uncertainty like we’re seeing in 2025 stock market trends.
Step 1: Peace of Mind Roadmap
We build a detailed retirement plan that addresses income, investments, healthcare, taxes, and estate goals. It includes scenario modeling—like tariff-induced inflation—to stress-test your plan.
Step 2: Strategic Implementation
Your roadmap translates into an action plan for investment diversification, tax efficiency, and retirement withdrawals that align with your lifestyle.
Step 3: Ongoing Nurture
Economic shifts don’t stop. Neither does our planning. We continue to assess economic trends 2025 and adjust your plan as needed.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
Portfolio Update: Murs and I have recorded our portfolio update for April 21, 2025
Life in Focus – Preserving Memories in the Modern Age
Radon and Murs discuss the art and importance of Preserving Memories with Angela Andrew, Product Evangelist for the Mylio App. In an age where digital images accumulate rapidly but often remain disorganized, Mylio offers a transformative solution for families looking to protect and share their memories. This episode dives into how the app simplifies Digital photo organization, helps Backup family photos, and creates a seamless structure for Family photo storage that enhances your Legacy planning....
Life in Focus – Preserving Memories in the Modern Age
In this blog, we’ll explore the importance of collecting meaningful life moments in retirement and discuss a modern solution: the Mylio app, an innovative tool designed to help families organize digital photos, scan old photos, and share family history photos safely and efficiently….
In today’s hyper-digital world, we’re better than ever at capturing memories — photos, videos, stories — yet ironically, we’re at greater risk of losing them. With thousands of photos buried in smartphones, scattered across cloud services, and hidden in shoeboxes under the bed, preserving memories for future generations has become both a personal challenge and a critical piece of legacy planning.
In this blog, we’ll explore the importance of collecting meaningful life moments in retirement and discuss a modern solution: the Mylio app, an innovative tool designed to help families organize digital photos, scan old photos, and share family history photos safely and efficiently.
Too Many Memories, Not Enough Organization
We live in a time where taking a photo is second nature. Every milestone, meal, and moment can be captured in high definition with the click of a button. Yet, many people aren’t organizing their photos in a way that preserves their meaning and makes them easily accessible.
Scattered or unorganized photos can look like:
Hundreds (or thousands) of pictures are stored on your phone
Older pictures live on outdated hard drives or DVDs
Some are buried in cloud accounts like iCloud or Google Photos
And let’s not forget the boxes of printed photos stored in closets or attics
This scattered photo legacy makes it difficult to pass along meaningful memories to your loved ones. In retirement, preserving your cherished moments becomes a priority. Organizing your photos from all their locations in their many formats can be overwhelming to start, using a program like Mylio can turn a big project into a joyful activity.
Mylio: A Digital Solution for Collecting Memories
The Mylio app is a solution that transforms disorganized photos into a secure, structured archive. Mylio’s mission is to make memory preservation simple, secure, and shareable — no matter your age or tech experience.
Mylio helps users:
Organize digital photos from phones, tablets, and computers
Scan old photos and integrate them into a unified library
Tag faces, places, and events to make search effortless
Synchronize libraries across devices
Grant access to family members with customizable permissions
Backup family photos using industry-standard encryption and off-site storage options
These features make Mylio a powerful option for family photo storage, helping retirees and families ensure their memories are never lost.
Preserve Your Legacy Without Losing Simplicity
As we age, retirement planning isn’t just about finances. It’s also about ensuring our stories, milestones, and values are passed along. A carefully curated collection of photos does more than display memories — it connects generations.
Preserving memories should be part of every retirement checklist. If you understand the importance of planning your finances, healthcare, and living arrangements, you should also prioritize how your personal history is archived and shared.
Mylio provides tailored tools for this very purpose:
The Life Calendar view allows you to browse photos by decade, year, and month
A Map View organizes images by location, letting you relive past travels and family gatherings
The People View uses advanced facial recognition to tag individuals and group all photos associated with them
Making Memories Accessible and Shareable
Beyond organizing, Mylio excels at sharing photos with family in ways that are intuitive and secure. Through shared albums and private family libraries, users can:
Selectively share certain albums or photos with specific family members
Create private links for older relatives who may not use smartphones
Segment photo access so different branches of the family see only what’s relevant to them
This functionality is essential for those focused on legacy planning and remembering loved ones with intention and privacy.
How Mylio Outperforms Traditional Photo Storage
You might already use iCloud or Google Photos, but these platforms aren’t built with legacy planning in mind. Only one in four people pay for additional cloud storage, meaning most devices aren’t backed up completely. Even if you do pay, these services can:
Compress or store only low-resolution versions
Become vulnerable to accidental deletion or data breaches
Limit your access or control over organization
Mylio solves these issues by supporting the 3-2-1 backup model: three copies of your photos, two different types of media, and one off-site location. That means greater secure photo backup and peace of mind.
The Emotional Value of Memory Preservation
Imagine sitting down with your family, opening your tablet, and showing them perfectly organized photos of your childhood, your travels, your first home, and their parents growing up. Each image is accompanied by a caption, a story, and a date. You’re not just remembering loved ones — you’re introducing them to a new generation.
This is the emotional payoff of family history photos beautifully organized and preserved. It’s not about hoarding pictures; it’s about creating intentional legacy planning that spans generations.
Sleep soundly knowing your memories are safe and accessible
Mylio offers plans starting at $20/month for individuals, with expanded family photo storage options for larger households. With access to onboarding experts and easy-to-use tools, even tech-novices can succeed with Mylio.
How It Aligns with Retirement Planning
At Peace of Mind Wealth Management, we believe retirement planning encompasses more than money. It’s about creating a life that’s meaningful, secure, and connected. That’s why we include memory preservation in our broader planning discussions.
Our Peace of Mind Pathway helps clients secure not only their finances but also the intangible things that matter — like memories, legacy, and stories.
A strong photo archive is one of the most heartfelt elements of a secure retirement. It tells your life story, keeps families connected, and ensures that when the time comes, your grandchildren know where they came from.
To be clear, photo organization is not the only way to collect and preserve the stories of your life and history. Do you love storytelling, or want to pass down some secret family recipes? You may want to look for a program to help you write a book. There are options out there to help you build your life stories into a legacy that is true to your style.
Investment Advisory Services offered through POM Investment Strategies, LLC dba Peace of Mind Wealth Management (“POM”), a Registered Investment Advisor. Mylio.com is not affiliated with POM. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. Investors should carefully consider the investment objectives, risks, charges and expenses associated with any investment. Always consult an investment advisor, attorney or tax professional regarding your specific situation.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
Required Minimum Distributions – RMDs
Radon and Murs discuss a crucial yet often confusing topic for retirees: Required Minimum Distributions (RMDs). Joined by their colleague Taylor Wolverton, a Certified Financial Planner and Enrolled Agent, they break down the rules surrounding what are RMDs, how they’re calculated, and the updates brought by the Secure Act RMD changes...
Folks approaching retirement or already enjoying their golden years may have heard of Required Minimum Distributions, or RMDs. Understanding RMDs and how they can impact your financial and tax planning is a key part of long-term investing and successful retirement plannin,…
Folks approaching retirement or already enjoying their golden years may have heard of Required Minimum Distributions, or RMDs. Understanding RMDs and how they can impact your financial and tax planning is a key part of long-term investing and successful retirement planning
In this blog, we’re breaking down everything you need to know: What are RMDs, how do RMDs work, the new RMD rules, tax considerations, and planning strategies that can help you retire comfortably and securely.
What Are RMDs?
RMDs, or Required Minimum Distributions are the mandatory withdrawals you take each year from most tax-deferred retirement accounts, including:
Traditional IRAs
SEP IRAs
SIMPLE IRAs
Employer-sponsored retirement plans such as 401(k), 403(b), and 457 plans
These accounts have allowed you to defer taxes while accumulating retirement savings. Eventually, the IRS wants to start collecting its share—hence the requirement to withdraw and pay income taxes on those distributions once you reach a certain age.
Keeping You Updated: New RMD Rules in 2025
Over the years, the Secure Act and Secure Act 2.0 have significantly altered the landscape for RMDs. These changes impact when you must start taking RMDs and how much you must withdraw.
RMD Age by Birth Year:
Born before July 1, 1949: RMDs began at age 70½
Born 1951–1959: RMDs begin at age 73
Born 1960 or later: RMDs begin at age 75
So, if you turn 73 in 2025, your first RMD year is 2025. You don’t have to wait until your actual birthday month to take your RMD—you can start as early as January 1st of the year you turn 73.
Did you know? A Special RMD Rule
RMDs must be taken by December 31 of each year, starting the year you reach your required age. However, there’s a special rule for your first RMD only:
You can delay your first RMD until April 1 of the following year.
⚠️ Caution: If you delay your first RMD until April 1 of the following year, you will need to take two RMDs in that year—your first and your second—which could have serious tax implications.
To avoid potential tax spikes, most advisors recommend not delaying your first RMD unless there’s a compelling reason.
How Do RMDs Work?
RMD amounts are based on your account balance and your age. Each year, the IRS publishes the Uniform Lifetime Table, which provides a life expectancy factor used to calculate your RMD.
Here’s a simplified example:
You are 73 years old in 2025.
Your IRA balance on December 31, 2024, is $1,000,000.
According to the table, the distribution factor is 5.
Your RMD = $1,000,000 / 26.5 = $37,736
Each year, the divisor gets smaller, which means the percentage of your account that must be withdrawn increases.
Your IRA custodian (e.g., Schwab, Fidelity, etc.) typically calculates your RMD for you, so you don’t need to worry about doing the math manually. But it’s good practice to verify that it’s done correctly.
RMD Tax Rules and Penalties
RMDs are taxed as ordinary income at both the federal and state level. Since these distributions are from tax-deferred accounts, every dollar withdrawn is fully taxable in the year it’s received.
You have two main options to handle taxes:
Withhold taxes directly from the RMD
Make estimated tax payments quarterly
Failing to plan ahead can lead to large tax bills and unnecessary stress. That’s why retirement tax planning is so important.
What if You Miss Your RMD?
Missing your RMD triggers a penalty:
25% of the amount you failed to withdraw
Reduced to 10% if corrected within two years and reasonable cause is provided
The penalty used to be 50%, so recent changes have made it less severe—but it’s still best to avoid the risk entirely by staying on top of your RMD schedule.
RMD and Charitable Giving: The Power of QCDs
If you’re charitably inclined and don’t need the RMD funds for personal spending, consider a Qualified Charitable Distribution (QCD).
A QCD allows you to directly transfer up to $100,000 per year from your IRA to a qualified charity.
The amount counts toward your RMD but is not included in your taxable income.
This strategy can lower your Adjusted Gross Income (AGI), which may reduce Medicare premiums and other tax-related thresholds. It’s an excellent tool for those who want to give back and minimize their tax liability.
What to Do with RMDs You Don’t Need
A common frustration we hear from clients is: “Ok, I satisfied my RMDs, but I don’t need this money. What do I do with it?”
Here’s three common options:
Spend it: Use it for travel, family gifts, or hobbies
Donate it: As mentioned above, use a QCD to reduce your taxable income
⚠️ Important: You cannot reinvest RMDs back into your IRA or convert them to a Roth IRA. Once the funds are withdrawn, they cannot be re-contributed.
Roth IRAs and RMDs
Unlike traditional IRAs, Roth IRAs are not subject to RMDs for the original account owner.
This is one of the reasons Roth conversions have become a powerful tax-planning tool. By moving funds from a traditional IRA to a Roth, you pay taxes now, but avoid RMDs in the future.
Work with a financial planner: Ensure your withdrawal strategy aligns with your retirement goals
For folks that work with Peace of Mind Wealth Management, RMDs and tax strategy are included in your Peace of Mind Pathway, a structured retirement planning process that simplifies investment, income, and tax decisions.
Tax strategy is a huge component of achieving peace of mind in retirement. RMDs are an important part of the retirement tax strategy conversation. Schedule your complimentary 15 minute call with us to get started on your RMD questions.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
Estate Planning Explained: Executor Duties
Radon and Murs discuss what it truly means to be an executor of an estate. Joined by special guest Dave Hutton, an estate attorney with Wealth.com, they break down the essential estate executor duties and estate executor responsibilities in a way that is easy to understand. Whether you’ve been named an executor or are considering who to appoint, this episode provides the foundational knowledge you need to make informed decisions...
In estate planning, one of the most critical roles is the executor. Whether you’re naming someone as your executor, or you’ve just been appointed to serve as one, understanding the executor responsibilities is an important step to make sure a person’s final wishes are carried out properly.,…
In estate planning, one of the most critical roles is the executor. Whether you’re naming someone as your executor, or you’ve just been appointed to serve as one, understanding the executor responsibilities is an important step to make sure a person’s final wishes are carried out properly.,
In this blog, we’ll walk you through what an executor is, the probate process explained, the executor’s duties, common misconceptions, and how the executor vs trustee roles compare—especially as it relates to estate planning for retirement.
What Is an Executor?
An executor (also called a personal representative in some states) is the person named in a last will and testament to manage the estate of the deceased. This individual is tasked with carrying out the terms of the will, handling the probate process, settling debts, and distributing assets to beneficiaries.
This is not just a ceremonial title—it is a position with real legal responsibilities, oversight, and sometimes, significant time and effort. If no executor is named, a court appoints someone, and it may not be the person the decedent would have chosen.
Choosing the right executor is a key part of estate planning, and if you’re wondering, what are estate executor duties?—let’s get into it.
The Role of an Executor
Being an executor means more than simply overseeing the reading of a will. Here are the primary responsibilities:
Locating and securing assets of the deceased
Notifying beneficiaries and potential creditors
Filing paperwork with the probate court
Paying outstanding debts and expenses
Filing the decedent’s final income tax return
Distributing assets according to the will
The executor’s legal authority begins only after the court officially approves the appointment, granting what’s known as letters of testamentary. These documents allow the executor to legally access financial accounts, sell property, and settle debts on behalf of the estate.
What Makes a Good Executor?
While many people default to naming a spouse or oldest child, the right choice isn’t always the most obvious one. When choosing an executor, consider:
Financial awareness
Organizational skills
Emotional readiness (especially during a time of grief)
Integrity and trustworthiness
Availability and geographic location
At Wealth.com—a trusted partner of Peace of Mind Wealth Management—estate planning attorney Dave Hutton emphasizes that being an executor is a weighty responsibility. And remember, your executor can always be updated later as your life circumstances or relationships evolve.
Executors and the Probate Process
One of the executor’s primary duties is to oversee the probate process, the court-supervised procedure of validating a will, settling debts, and distributing the estate.
How Probate Works
File the Will – The executor must file the will with the local probate court.
Get Appointed – The court officially appoints the executor and issues letters of testamentary.
Notify Creditors – A public notice is placed, allowing creditors to file claims against the estate.
Inventory Assets – The executor identifies, appraises, and secures all assets.
Pay Debts and Taxes – The estate pays funeral costs, outstanding bills, and any taxes due.
Distribute Assets – Once debts are settled, the executor distributes remaining assets according to the will.
Close the Estate – Final court filings are submitted to close the estate.
The probate process can take nine to twelve months, sometimes longer if there are disputes, contested wills, or complex assets. This is one reason many people seek to minimize probate by using tools like trusts and beneficiary designations.
Executor Compensation
Yes, executors can be compensated for their time and effort. Executor compensation is typically considered “reasonable” and can be:
A fixed fee outlined in the will
A percentage of the estate’s value (varies by state)
An hourly rate, with a log of time submitted to the court
This is especially relevant for retirement-age individuals being asked to serve as an executor for a parent or spouse. Compensation acknowledges the seriousness of the task and the significant time commitment involved.
Common Misconceptions About Executors
There are several common misunderstandings about executor duties:
You cannot act until the court appoints you. Even if you’re named in the will, you have no legal power until the court gives formal approval.
Executor authority is limited to probate assets. Life insurance policies, retirement accounts with named beneficiaries, and assets in trust typically do not fall under the executor’s control.
Being an executor does not mean you control everything. Beneficiaries have rights, and courts provide oversight. Disputes can lead to litigation, especially if there is suspicion of mishandling.
Executor powers do not apply while the person is alive. That role is fulfilled by a power of attorney. The executor’s role begins only after death.
Executor vs Trustee
People often confuse the terms executor and trustee. Here’s a breakdown:
Feature
Executor
Trustee
Appointed by
A will
A trust document
When role begins
After death, with court approval
At trust creation or upon death
Oversees
Probate estate
Trust assets
Public record?
Yes (probate court filings)
No (trusts are private)
Court involvement?
Yes
Typically no
If privacy, simplicity, and avoiding probate are priorities, setting up a trust and appointing a trustee is an option to consider. But even with a trust, a will with an executor is still necessary to catch any unassigned assets.
How Wealth.com Simplifies Estate Planning
Through our partnership with Wealth.com, clients of Peace of Mind Wealth Management can:
Create comprehensive estate plans
Name executors and trustees
Establish and manage living trusts
Store and share digital estate documents
Their platform helps ensure that retirement planning includes a solid estate plan. Whether you’re asking, how do tariffs affect my retirement or what’s the role of an executor, having your legal affairs coordinated with your financial plan is essential for retiring comfortably.
Estate Planning for Retirement: Why It Matters
When you’re approaching or in retirement, estate planning is more than just checking off an item on your to do list—it’s contributing to your peace of mind. Having an estate plan that honors your wishes, protects your family from delays, and ensures your assets are handled smoothly is a key part of retiring with confidence.
Estate planning can be a daunting item to get started on. To get started on answering your questions about Estate Planning Explained: Executor Duties, schedule your complimentary 15 minute call with us.
Investment Advisory Services offered through POM Investment Strategies, LLC dba Peace of Mind Wealth Management (“POM”), a Registered Investment Advisor. Wealth.com is not affiliated with POM. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. Investors should carefully consider the investment objectives, risks, charges and expenses associated with any investment. Always consult an investment advisor, attorney or tax professional regarding your specific situation.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
Portfolio Update: Murs and I have recorded our portfolio update for March 31, 2025
Tariffs – What They Are – How They Work – How They Impact You
Radon Stancil and Murs Tariq discuss a timely and often misunderstood topic: tariffs. With tariffs frequently making headlines, especially in relation to trade disputes like the US China trade war, it’s critical to understand what tariffs are and how do they work—particularly for those in or nearing retirement. Radon and Murs break down how tariffs work, how they’re implemented, and most importantly, what the Impact of tariffs could mean for your personal financial plan....
Tariffs – What They Are – How They Work – How They Impact You
Tariffs have once again taken center stage in the economic headlines, with governments around the world, especially in the U.S., revisiting this long-standing trade tool. But for many nearing retirement or currently retired, the topic raises questions: What are tariffs and how do they work?What’s the impact of tariffs on my retirement portfolio or the cost of living? And most importantly, how can I prepare for the financial ripple effects?…
Tariffs have once again taken center stage in the economic headlines, with governments around the world, especially in the U.S., revisiting this long-standing trade tool. But for many nearing retirement or currently retired, the topic raises questions: What are tariffs and how do they work?What’s the impact of tariffs on my retirement portfolio or the cost of living? And most importantly, how can I prepare for the financial ripple effects?
In this blog, we’ll walk through what tariffs are, how tariffs work, and how they impact you — particularly if you’re planning retirement or already enjoying your post-career life.
What Are Tariffs?
Simply put, a tariff is a tax imposed by a government on imported goods. It’s one of the oldest tools in international trade, and it serves several purposes:
Protect domestic industries by making imported goods more expensive than those made locally
Generate government revenue
Influence international trade negotiations
Whether you’ve asked “what are tariffs” or wondered how they fit into current economic strategies, tariffs essentially shift the pricing dynamic. When goods from overseas become more expensive due to tariffs, the idea is that consumers and businesses will turn to domestic alternatives.
How Do Tariffs Work?
Who Sets the Tariffs?
In the United States, Congress and the President can both impose tariffs, depending on the situation. Other countries operate similarly, using tariffs as a policy lever to influence trade or support local businesses.
How Are They Applied?
When imported goods arrive at a border, a tariff is assessed — a tax paid by the importer. This additional cost often gets passed down to consumers through higher prices.
For example, if a U.S. company imports electronics from Asia and a tariff is imposed, that added cost might increase the final sale price in American stores.
This basic concept is central to understanding how tariffs work, and why they matter even to those who don’t directly trade in global markets.
The Impact of Tariffs on Consumers and Retirees
Once you have a basic understanding of what tariffs are and how they work, the natural question becomes: How does this affect me?
The impact of tariffs is widespread:
Higher consumer prices – Tariffs lead to more expensive imports. Again, the cost is typically passed to consumers in the form of higher prices on everyday goods.
Tariffs and inflation – Sustained or widespread tariffs can add to inflation, something retirees feel acutely on a fixed income.
Stock market volatility – Tariff announcements and trade negotiations can rattle the stock market. This creates uncertainty, which is a risk for anyone relying on investment income.
Trade war effects – In trade disputes, such as the US-China trade war, tit-for-tat tariffs disrupt supply chains, impact corporate earnings, and cause market swings.
In short, while tariffs may be designed to protect or strengthen certain industries, they often create economic turbulence. For retirees or those nearing retirement, this turbulence can influence financial planning in retirement and strain retirement income strategies.
A Brief Look at the US-China Trade War
The most well-known recent example of a major tariff-related trade event was the US-China trade war of 2018-2019. Both nations imposed escalating tariffs on hundreds of billions of dollars’ worth of goods. Key impacts included:
Higher costs for goods like electronics, furniture, and clothing
Disruptions in supply chains
Retaliatory tariffs from China on U.S. goods like soybeans and automobiles
Increased market volatility
We’re seeing echoes of this scenario in 2025, with new tariff proposals and trade negotiations taking shape. Retirees and pre-retirees are right to pay attention.
Tariffs and Inflation – A Dangerous Mix for Retirees
Retirees often live on a combination of fixed income sources such as Social Security, pensions, and investment withdrawals. When tariffs contribute to higher inflation, the purchasing power of that income erodes.
The good news? There are ways to plan around it.
Financial Planning in Retirement: Preparing for Tariff-Driven Uncertainty
Tariffs may be out of your control, but your retirement planning doesn’t have to be. We utilize a strategy called the Peace of Mind Pathway, which is designed to insulate retirees from economic stressors like trade wars and inflation.
Step 1: The Peace of Mind Roadmap
This comprehensive retirement-focused financial plan stress-tests your income strategy. What happens if inflation spikes? What happens if your cost of living rises? This roadmap covers:
Retirement budgeting
Income projections
Tax planning
Healthcare costs
Estate planning
Step 2: Implement the Plan
Once the plan is built, we implement investment strategies that align with your goals and risk tolerance.
Step 3: Nurture and Adjust
Economic conditions change. Tariffs rise and fall. Markets move. Goals shift. That’s why ongoing monitoring and adjustments are essential.
The Investment Strategy: Bucket Planning for Volatility
One of the best defenses against volatility (including volatility caused by tariffs) is a bucket strategy for retirement investments. Here’s how it works:
Bucket 1: Cash
This is your short-term money — an emergency fund or 6–12 months of spending needs. It’s readily available and not exposed to the market.
Bucket 2: Income and Safety
This bucket includes assets meant to generate predictable income. Think of this as your paycheck in retirement. These funds are invested in non-correlated assets or more stable investments not tied directly to the stock market, protecting against downturns.
Bucket 3: Growth
This is the longer-term bucket, where you take more market risk in pursuit of higher returns. Diversification is key, often including stocks, bonds, and alternative investments.
For those impacted by tariffs and stock market volatility, this three-bucket approach considers and plans for a downturn scenario, so you don’t feel forced to sell growth assets just to meet living expenses.
Tariffs Explained Simply – The Bottom Line for Retirees
Tariffs are taxes on imported goods and can raise prices for consumers.
Governments use tariffs to protect industries, generate revenue, or negotiate trade deals.
Tariffs can spark trade wars, which increase uncertainty and market volatility.
For retirees, higher prices and market swings caused by tariffs can disrupt even the most careful plans.
By understanding how tariffs work and building a proactive financial plan that includes risk management strategies, you can stay confident through economic shifts — whether caused by tariffs or any other uncertainty.
You may have learned about tariffs before, but have new questions from the retirement perspective. Schedule your complimentary 15 minute call with us and learn more about Tariffs and Your Retirement: What They Are –How They Impact You.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
The Retirement Checklist Challenge
Radon Stancil and Murs Tariq discuss the Retirement Checklist Challenge, a structured approach to evaluating how prepared you are for retirement. The goal of the challenge is to help you assess your readiness by scoring yourself on 34 key factors that contribute to a Secure Retirement Plan....
Radon Stancil and Murs Tariq introduce a Retirement Checklist covering Retirement Income Planning, Tax-Efficient Retirement Strategies, Medicare and Retirement, Long-Term Care Planning, Risk Management, and Estate Planning for Retirees. The goal of the challenge is to help you assess your readiness by scoring yourself on 34 key factors that contribute to a Secure Retirement Plan….
Today we’re going to walk you through the Retirement Checklist Challenge. This checklist covers five crucial areas: income planning, medical and healthcare, advanced financial planning, risk management, and tax-efficient strategies. Whether you’re preparing for retirement or already retired, this checklist helps you assess your preparedness and identify areas that need attention.
The goal? Score as high as possible—ideally, a perfect 34 out of 34! If your score is lower, it might be time to consult a financial professional to bridge any gaps. At the end of this blog, we’ll tell you how to get your complimentary copy of the Retirement Checklist so you can find your score. Let’s get started!
The Five Key Categories of the Retirement Checklist Challenge
1. Income Planning: Will Your Money Last?
One of the biggest fears retirees face is running out of money. Even if you’ve saved diligently, market downturns, unexpected expenses, and inflation can impact your financial security. The Retirement Checklist Challenge ensures you have a solid plan in place by addressing the following questions:
Do you have a clear budget or spending plan for retirement?
Have you identified your essential and discretionary expenses?
Do you know where your income will come from? (Social Security, pensions, investments, rental income, etc.)
Have you considered tax implications on different income sources?
Have you optimized your Social Security strategy to maximize benefits?
2. Medical and Healthcare Planning: Are You Covered?
Healthcare costs can be one of the biggest expenses in retirement. Planning ahead ensures you’re not caught off guard by unexpected medical bills or long-term care needs. Here are key considerations:
Do you understand your Medicare options and have a plan in place?
If retiring before age 65, have you considered health insurance options?
Have you factored in potential long-term care needs?
Do you have a Health Savings Account (HSA) or other healthcare funding strategies?
Medicare and long-term care planning are critical components of a secure retirement plan, ensuring you have adequate coverage for the future.
3. Advanced Financial Planning: Are Your Finances in Order?
Beyond basic budgeting and income planning, financial planning for retirement involves evaluating fees, estate planning, and overall financial structure:
Do you understand the fees associated with your investment accounts and financial advisor?
Have you reviewed your estate plan (wills, trusts, power of attorney)?
Have you updated beneficiary designations on retirement accounts and insurance policies?
Many retirees overlook estate planning, but having these documents in place protects your loved ones and ensures your wishes are carried out.
4. Risk Management: Are You Prepared for Market Volatility?
Market fluctuations are inevitable, so having a risk management strategy is key to preserving your wealth:
Have you assessed your risk tolerance as you approach retirement?
Does your retirement investment strategy include non-correlated assets?
Do you have a plan in place to protect against market downturns?
Having a balanced mix of assets, including alternative investments, can help minimize risks while still providing growth opportunities. If your risk exposure feels too high, adjusting your portfolio to align with your retirement goals may be necessary.
5. Tax-Efficient Strategies: Are You Minimizing Your Tax Burden?
Taxes don’t stop when you retire—strategic tax planning can help maximize your savings and reduce unnecessary tax burdens:
Have you considered Roth conversions to minimize taxable income later?
Are you taking advantage of charitable giving strategies for tax efficiency?
Have you planned for Required Minimum Distributions (RMDs) from retirement accounts?
Do you have a strategy to minimize Social Security taxation?
Tax planning isn’t just about filing returns—it’s about implementing proactive strategies to reduce what you owe over time.
How to Get Your Retirement Checklist Score
This challenge isn’t just about completing a checklist—it’s about ensuring you have a secure retirement plan in place. If you’re working with Peace of Mind Wealth Management, our goal is that you easily score 34 out of 34!
What If Your Score Is Low?
If your score is below 30, don’t panic! It just means there are areas where you may need professional guidance. Whether it’s retirement income planning, Social Security strategies, estate planning, or risk management, we can help tailor a strategy that fits your needs.
To get your copy of the Retirement Checklist Challenge, simply email us at info@pomwealth.net or call our office at 919-787-8866 and request the Retirement Challenge checklist. It’s a fillable document that allows you to assess your readiness and identify areas for improvement.
Secure Your Retirement with a Plan
Retirement isn’t something you should leave to chance. Taking control now means enjoying financial stability later. The Retirement Checklist Challenge helps ensure you’re on the right track, giving you peace of mind as you approach retirement.
If you’d like more information on this topic, check out the article “Retirement Planning: The Key Steps to Retiring Comfortably”.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.
Here are this week’s items:
Portfolio Update: Murs and I have recorded our portfolio update for March 17, 2025
Why Private Equity and Alternative Investments Matter
Radon Stancil and Murs Tariq discuss the world of Private Equity Investing and Alternative Investments with Christopher Zook, the founder and Chief Investment Officer of CAZ Investments. Listen in to learn about Non-Correlated Assets and their role in Risk Management in Investing, helping to stabilize portfolios against market fluctuations...
Why Private Equity and Alternative Investments Matter
Traditional investment strategies for retirement often focus on public markets like stocks and bonds. Alternative investments, including private equity and private credit, are gaining traction among investors seeking diversified and non-correlated assets. Christopher Zook, founder and Chief Investment Officer of CAZ Investments, recently joined the Secure Your Retirement podcast to discuss the importance of alternative investments…
Traditional investment strategies for retirement often focus on public markets like stocks and bonds. Alternative investments, including private equity and private credit, are gaining traction among investors seeking diversified and non-correlated assets. Investing in private markets can help reduce portfolio volatility, provide competitive returns, and offer access unique opportunities like professional sports team ownership and infrastructure investments.
Christopher Zook, founder and Chief Investment Officer of CAZ Investments, recently joined the Secure Your Retirement podcast to discuss the importance of alternative investments. CAZ Investments specializes in private equity investing and alternative investment strategies that help investors achieve a well-balanced portfolio. Let’s explore what these opportunities are, why they matter, and how they can play a vital role in a secure retirement plan.
What are Alternative Investments and Private Equity?
Alternative investments encompass a broad range of asset classes outside of traditional stocks and bonds. These include private equity, private credit, real estate, venture capital, hedge funds, and even sports franchises. Unlike publicly traded investments, private equity investments are not listed on stock exchanges, making them less susceptible to daily market fluctuations.
One of the biggest advantages of investing in private markets is access to non-correlated assets. This means that these investments do not move in the same direction as public market assets, reducing overall portfolio risk.
The Role of Private Equity in Diversification
Diversification is a key principle of sound investment strategy, but many investors mistakenly believe that simply holding multiple stocks constitutes diversification. True diversification involves holding assets that perform differently under various market conditions.
Christopher Zook explains this using a simple analogy: Imagine owning a golf shop that only sells umbrellas. On rainy days, business booms, but on sunny days, sales decline. If you also sell sunscreen, your revenue remains more consistent. Similarly, a well-diversified portfolio should include both public and private market investments to mitigate volatility and enhance returns.
According to modern portfolio theory, adding non-correlated assets can actually improve returns while lowering risk. By incorporating private equity and other alternative investments, investors can achieve a more stable financial future.
The Power of the Network in Private Equity Investing
CAZ Investments has grown significantly, with over 6,000 investors across 50 states and 36 countries. The firm was ranked as the 117th largest private equity investor globally and even made the largest private equity investment in 2024, writing a $1 billion check into a single opportunity.
The size and scale of CAZ Investments allow them to negotiate better deals, gain access to exclusive opportunities, and ultimately deliver better returns to their investors. Through strategic partnerships, accredited investors can now access investment opportunities that were previously reserved for ultra-high-net-worth individuals and institutional investors.
How to Invest in Private Equity
Historically, private equity investments were limited to qualified purchasers (individuals with a net worth exceeding $5 million). However, recent regulatory changes have made it easier for accredited investors—those with an annual income of at least $200,000 ($300,000 for joint filers) or a net worth of at least $1 million (excluding their primary residence)—to participate in these investment opportunities.
Investing in private equity is a long-term commitment, as these assets are less liquid than publicly traded stocks. However, many firms now offer quarterly liquidity windows, allowing investors to access their funds more easily than in the past.
Private Equity in Action: Investing in Sports Teams
One of the most exciting aspects of private equity investing is the ability to invest in professional sports teams. CAZ Investments has provided investors with opportunities to own stakes in major franchises like the Charlotte Hornets, the Golden State Warriors, and European football clubs.
While sports team ownership might seem like a passion project, the financials behind it are compelling. The rise of streaming services and the shift away from traditional cable (cord-cutting) have increased the value of sports media rights, making professional teams highly lucrative assets.
Risk Management in Investing: Protecting Your Wealth
One of the core principles at CAZ Investments is risk management. Before making any investment, their team asks a critical question: “What is the worst-case scenario?”
By focusing on downside protection, CAZ Investments has maintained a 95% success rate on their private market investments over the past 24 years. This approach aligns with the investment philosophy of the Secure Your Retirement podcast, where managing risk is a top priority for retirement planning.
Alternative investments can provide a buffer against market volatility, offering stable returns even during economic downturns. This makes them a compelling option for a secure retirement strategy.
Secure Your Retirement with Alternative Investments
As investors plan for retirement, it is important to explore beyond traditional stocks and bonds. Private equity investing, alternative investment strategies, and non-correlated assets can enhance portfolio stability and provide greater long-term wealth accumulation.
We do love it when someone refers a family member or friend to us. Sometimes the question is, “How can we introduce them to you?” Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage. Here are this week’s items:
The High Net Worth Guide to Secure Your Retirement
Murs discuss the essential steps to creating a comprehensive financial plan designed for high-net-worth retirement. Joined by Nick Hymanson, CFP®, they walk through the emotional and financial transition from accumulating wealth during your working years to distributing that wealth to fund your retirement. …..
The High Net Worth Guide to Secure Your Retirement
When you’ve spent your life building wealth, transitioning from work to retirement can feel overwhelming. At Peace of Mind Wealth Management, we specialize in financial planning for retirement, and through our years of experience, we’ve seen what works—and what doesn’t—when preparing for this major life milestone. In this retirement planning guide, we’ll explore the key strategies high net worth individuals should consider……
