Todd Rosen, CRPC, AWMA - May, Bonee & Clark Financial Services

10/14/2026

Can I retire with $1 million?
It's a common question. So I built a simple model to show what it looks like.

The setup: Married couple, both 65, with $1M in IRAs Social Security at full retirement age (67), about $76K a year combined, 4% withdrawal rate, with monthly take-home held level (rising only with inflation) until age 80.

What that gives them after federal taxes and Medicare premiums, in today’s dollars: About $8,900 a month from 65 to 79 About $7,100 a month from 80 Scenario 1 (image 1): at a steady 6% return, the money lasts to 95 with about $620K left in today’s dollars.

Scenario 2 (image 2): same plan, but the market drops 15% and 10% in the first two years of retirement, then earns 6% after that. The money runs out at 92. Same couple. Same spending. Same long-term return. The only difference is when the bad years showed up. That’s sequence of returns risk, and it’s why the first few years of retirement matter so much.

Image 3 shows how long the money lasts across different returns and withdrawal rates. A few things stand out: Going from a 4% to a 5% withdrawal adds only about $650 a month of take-home. At 6% withdrawals, the money runs out in most scenarios, sometimes in the early 80s. Small changes in spending and returns make a big difference over 30 years.

This is simplistic. It assumes all of the money is in an IRA, so every withdrawal is taxable. If part of your nest egg is in a Roth or an after-tax brokerage account, your scenario improves, because you can potentially access the money with minimal or no taxes.

Additional considerations:
▶Level returns are unrealistic. We illustrated with an average return, but some years are far higher and some far lower. The order those years show up in is what makes sequence of returns a real risk.
▶A mortgage still being paid off
▶Downsizing or moving
▶Helping kids or parents
▶Healthcare and long-term care
▶State taxes
▶What happens to income when one spouse passes.

💡The important part is: the right number isn’t $1 million or any other round number. It really comes down to your spending needs. Once you know what you actually spend, and how that changes over time, a financial advisor can help you figure out how big your nest egg needs to be.

A good plan also looks at the risks that can derail it, not just the averages:
⭐Sequence of returns: keeping a cash or bond reserve for the early years, so you aren’t forced to sell stocks after a drop
⭐Long-term care: planning for how a care need would be paid, whether through insurance, a hybrid policy or a set-aside part of the portfolio
⭐Early death of a spouse: the survivor loses one Social Security check and moves to single tax brackets, so income drops while expenses often don’t. The right Social Security claiming strategy and life insurance can help close that gap. None of these risks go away completely. But planning for them ahead of time makes a big difference in how well the plan holds up.

10/13/2026

Investing After-Tax Money: Keep More of What You Earn

Investing outside retirement accounts requires attention to taxes. Interest, dividends, and capital-gain distributions can create annual tax bills, even when reinvested.

For investors in higher tax brackets, several strategies may help:

• Buffered UITs
Certain unit investment trusts use options to seek market gains up to a cap while buffering some losses. Many run approximately 15 months and intend to make no interim distributions. Gains on units held over one year may qualify as long-term capital gains, but that treatment is not guaranteed for every payment.

Buying new series every three months can stagger termination dates for periodic access to proceeds once the ladder is established. The intended cap and buffer generally require buying at inception and holding through termination. Fees reduce returns, losses can exceed the buffer, and early redemptions can produce different results.

• Direct indexing
Owning individual stocks to track an index allows managed programs to systematically harvest losses that may offset capital gains. Proceeds can be temporarily invested in suitable replacement stocks or an index ETF to maintain market exposure.

Replacements must not be substantially identical. Wash-sale rules cover purchases 30 days before and after a loss sale, so repurchasing the original investment generally requires waiting until day 31. Coordinate across household accounts. Fees apply, results may differ from the index, and dividends remain taxable.

• Municipal bond funds
Tax-exempt muni funds generally provide federally tax-free interest. State taxes and alternative minimum tax may apply, and capital gains can be taxable.

Tax-equivalent yield = tax-exempt yield ÷ (1 − marginal tax rate).

Example: A hypothetical 3.5% yield at a 32% federal rate equals 5.15% taxable-equivalent yield, excluding other taxes. Compare credit quality, duration, and costs too.

Bond prices generally fall when rates rise and rise when rates fall. Individual bonds repay par at maturity, assuming no default. Traditional bond funds have no single maturity or guaranteed return to your purchase value.

• Deferred annuities
After-tax contributions can grow tax-deferred until earnings are withdrawn or paid out. Earnings generally face ordinary income tax. Consider fees, surrender charges, and a potential additional 10% federal tax before age 59½.

• Other approaches
Low-turnover stock ETFs, tax-managed portfolios, and placing income-heavy investments in retirement accounts may help reduce annual tax drag.

For 2026, married couples filing jointly may qualify for a 0% federal rate on eligible long-term gains and qualified dividends within $98,900 of taxable income. Gains count toward that threshold; state taxes may apply.

Educational only. Investments can lose value. Tax benefits are not guaranteed. Consult your financial advisor and tax professional.

10/08/2026

**Think you automatically owe a 10% penalty if you touch a retirement account before age 59½? Not always.**

There are actually a number of exceptions to the 10% early-withdrawal penalty, and SECURE 2.0 added several more.

Depending on the type of retirement account and your circumstances, exceptions may be available for things such as:

• Certain unreimbursed medical expenses
• Disability or terminal illness
• Birth or adoption expenses
• Qualified higher-education expenses from an IRA
• A first-time home purchase from an IRA, up to a $10,000 lifetime limit
• Certain federally declared disasters
• Certain emergency personal expenses
• Domestic abuse victims
• Qualified reservists called to active duty
• Substantially equal periodic payments under Section 72(t)
• Leaving an employer in or after the year you turn 55
• Certain public-safety employees who separate earlier
• Distributions under a QDRO following divorce
• Certain long-term-care insurance premiums under a new SECURE 2.0 provision

And there is another important distinction: **governmental 457(b) plans generally don't have the same 10% early-withdrawal penalty after separation from service**, although special rules apply to money rolled into the plan from other retirement accounts.

Two important caveats:

**Avoiding the 10% penalty doesn't necessarily mean avoiding income taxes.** A taxable distribution is generally still included in income.

And an IRS exception doesn't necessarily mean your employer's retirement plan has to offer that particular withdrawal option.

This is one reason retirement-income planning shouldn't automatically start with, "I can't touch that money until 59½."

There may be considerably more flexibility in a 401(k), 403(b), 457(b) or IRA than people realize, particularly for someone retiring before 59½.

IRS reference:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions

**If you're considering retiring before 59½, the order and source of your withdrawals can make a meaningful difference. Before automatically tapping a taxable account or assuming your retirement accounts are off limits, it can be worth mapping out the options.**

10/06/2026

A reminder for teachers and other public-sector employees who may have never applied for Social Security benefits.

The Social Security Fairness Act eliminated the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

For years, these rules reduced or eliminated Social Security benefits for many people who received a pension from employment that was not covered by Social Security.

That includes many teachers and government employees who also spent part of their careers working in the private sector and paying into Social Security.

If you never applied for Social Security because you believed your pension made you ineligible, or that WEP or GPO would substantially reduce your benefit, it may be worth revisiting that decision.

The repeal applies to benefits payable beginning in January 2024, but people who never filed may still need to submit an application to claim benefits they are now entitled to receive.

More information from the Social Security Administration:
https://www.ssa.gov/prepare/government-and-foreign-pensions

If you are a teacher, public employee, or retiree who worked in the private sector before or after your public-sector career, this is worth reviewing as part of your overall retirement income plan.

09/14/2026

https://www.linkedin.com/posts/toddarosen_this-is-a-sobering-chart-from-first-trust-activity-7439335939086266368-S4N4?utm_source=share&utm_medium=member_desktop&rcm=ACoAAALfsZ8BNvd2nw-ZSP5Y7ShptKH1zwCyup8

This is a sobering chart from First Trust. It shows the purchasing power of the U.S. dollar since 1980. A dollar in 1980 has the buying power of about $0.22 today. Inflation doesn’t always feel dramatic year to year, but it compounds over time, quietly eroding purchasing power. It’s also a good ...

09/04/2026

👉RSUs can be a powerful wealth-building benefit.
But they can also create a problem: too much of your income, net worth and future financial security tied to the same company.

💡A few strategies worth considering:
• Plan before vesting. RSUs are generally taxed as ordinary income when they vest and settle. The value taxed as compensation generally becomes your cost basis.
• Review withholding. Employers often withhold taxes automatically, but the amount withheld may not cover your actual tax liability, especially for higher-income employees.
• Set a concentration limit. Your salary, bonus, benefits and future equity compensation may already depend on the same company. Avoid letting the stock position grow by default.
• Sell systematically. Selling a portion as shares vest can gradually reduce concentration risk. The vesting period itself generally does not count toward the long-term capital-gains holding period. That clock generally starts when the shares are received.
• Manage tax lots. Appreciation after vesting may qualify for long-term capital-gains treatment once the shares have been held more than one year. Specific lot selection can help manage realized gains.
• Consider tax-managed diversification. Direct indexing may create tax-loss harvesting opportunities that can help offset gains as concentrated stock is sold.
• For larger positions, consider exchange funds. These may allow an investor to contribute appreciated stock to a diversified pooled portfolio without immediately selling the shares and realizing the embedded gain. Liquidity and eligibility restrictions apply.
• Use options carefully. Covered calls may generate additional income while holding the stock. A collar can combine a protective put with a covered call to help manage downside, while also limiting some upside.
• Consider charitable gifting. Highly appreciated shares may be attractive assets to donate directly to a charity or donor-advised fund rather than selling first.

The goal isn’t necessarily to sell everything. It’s to have a deliberate strategy for turning concentrated company wealth into diversified personal wealth.

***RSU taxation and investment strategies vary based on individual circumstances, company plan rules and applicable tax laws. Options involve risk and are not appropriate for all investors.***

09/02/2026

When the supply of money grows faster than the supply of homes, land, energy, metals and infrastructure, each dollar is competing for a limited amount of real-world assets.

That is the practical effect of monetary debasement: cash may retain its face value while gradually buying less.

This is why I believe real assets deserve a place both in an investment portfolio and in real life. Real estate, infrastructure, energy, commodities, precious metals and ownership in productive businesses provide exposure to scarce, useful assets that cannot simply be created with a keystroke.

It does not mean abandoning stocks, bonds or liquidity. It means building a diversified balance sheet designed to preserve purchasing power as the supply of money continues to expand.

BREAKING: Global broad money supply surged +$10.7 trillion YoY in June, or +7.7%, to a record $150 trillion.

This marks the 9th consecutive YoY increase above +7.0%, the longest such streak since 2021.

The biggest increase over this period was recorded in February 2026, at +11.9%.

Since 2000, global money supply has risen +$124 trillion, a +6.9% compounded annual growth rate over this period.

Since 2020 alone, money supply has surged +$50 trillion, or +50%, equivalent to an average increase of ~$7.5 trillion per year.

Global money creation is expanding at a historic pace.

08/27/2026

A few weeks ago I reposted a basic ChatGPT retirement prompt. It was fine, but this is a far more powerful one worth trying.

💡Paste it into Claude (claude.ai). Instead of one static number, it interviews you one question at a time, estimates the gaps for you (even your Social Security), then writes a working web page with slide bars. Move your retirement age, income goal, and rate of return and watch the plan respond live. Green when you are funded, red when the money runs short. In a minute you know if you are on track, over-saving, or short, and what runs out when.
Answer the questions, let it build the visual, then bring the results to a professional to interpret and implement.

👉Here's the prompt:
▶You are an experienced CERTIFIED FINANCIAL PLANNER running a retirement fact-finder. Ask me ONE question at a time and wait for each answer. Offer multiple-choice or fill-in-the-blank options, and if I do not know a number, estimate it from what I have told you and state your assumption (for example, estimate Social Security from my salary and age).
Ask, one at a time, about: my age and marital status (and spouse age); target retirement age; desired monthly income in today's dollars; savings by type (pretax 401k/IRA, Roth, taxable, HSA, cash); monthly savings and employer match; expected Social Security and pension; expected return; inflation; the age to plan through; and any amount to leave heirs.
Then: (1) summarize my answers by category; (2) give a plain verdict, on track, over-funded, or short, with my ending balance or the age the money runs out; (3) build a single self-contained HTML page with slide bars for at least retirement age, income goal, and rate of return, plus my other inputs, that recalculates and redraws a balance-by-age chart in real time as I move any slider, green when funded and red when short, marking retirement age, legacy goal, and any run-out age; (4) keep language plain, define terms, and note this is a simplified educational projection that ignores taxes and fees and is not personal advice.
Start with the first question.◀

*Educational only. Ignores taxes, RMDs, sequence risk, and fees. Not investment, tax, or legal advice. Talk with a qualified professional before acting.*

08/21/2026

It now takes only about 130 ounces of gold to buy the typical U.S. home.

That caught my attention.

In the early 2000s, it took more than 700 ounces of gold to buy a typical home. As recently as 2022, the ratio was roughly 300+ ounces.

So what changed?

Home prices certainly went up. But gold went up much more.

This chart compares the Case-Shiller U.S. National Home Price Index with the price of gold. Because both assets are being measured against each other, the dollar effectively drops out of the calculation.

And the message is interesting:

U.S. housing currently looks relatively inexpensive when measured in gold.

And it isn't just gold. You can get a similar broader perspective by pricing housing in units of the S&P 500, silver, or other major asset indexes. The exact cycles differ, but the exercise highlights an important point: an asset can become much more expensive in dollars without necessarily becoming more expensive relative to other assets.

That does not mean houses are inexpensive relative to incomes, mortgage payments, or affordability. They clearly aren't in many parts of the country.

It means something different.

Over long periods of time, the purchasing power of the dollar changes. An asset can rise substantially in dollar terms while becoming cheaper relative to another scarce or appreciating asset.

That's one reason I think investors should pay attention to real assets as part of a diversified portfolio. Real estate, commodities, precious metals, infrastructure and other tangible assets can help provide protection during periods of persistent inflation or declining purchasing power.

Cash and money-market funds certainly have a role, especially with attractive yields today. But over longer periods, if your after-tax return doesn't keep pace with inflation, purchasing power can quietly erode.

The goal isn't simply to have more dollars. It's to preserve and grow what those dollars can actually buy.

How much of your portfolio is positioned to preserve purchasing power over the next 10–20 years?

Source: LongtermTrends, Real Estate to Gold Ratio
https://www.longtermtrends.com/real-estate-gold-ratio/

07/30/2026

A helpful reminder during volatile markets: weakness alone does not mean a bear market has begun.

Grant Hawkridge’s checklist currently shows 0 of 6 bearish signals, with the primary trend, momentum, breadth, cyclicals, correlations, and credit markets all remaining constructive.

There can still be pullbacks, but the broader evidence continues to point to a healthy bull-market regime rather than a developing bear market.

Credit to for the clear framework.