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You’ve likely heard the oft-cited statistic: 70% of people turning 65 will need long-term care. While this number is technically accurate, it wildly overstates the financial risk. The broad 70% figure counts any functional limitation—such as a daughter driving you to an appointment for a few months—as “care.” A more meaningful statistic comes from Health and Human Services, which uses a stricter definition: needing help with at least two activities of daily living or supervision due to serious cognitive impairment, expected to last longer than 90 days. By this standard, 56% of Americans turning 65 will require long-term care. Nearly half will never face a significant care need, while about one in five will need care for more than five years—a potential financial catastrophe. Women face higher odds and longer durations of care, with 64% of women versus 49% of men developing a significant care need. Reasons include longer life expectancies and, for married couples, the pattern that the husband often receives care from his wife, while in widowhood, she must pay for professional or facility care. The Real Costs: Assisted Living, Nursing Homes, and Home Care The latest CareScout Cost of Care Survey puts hard numbers to what families face in 2025: In-home caregiving: $35/hour. At the typical 44 hours per week, that’s $80,000/year—and not even round-the-clock. Assisted living: Median costs are $6,200/month, or $74,400/year. Nursing home: $315/day for a semi-private room (about $115,000/year), with private rooms running closer to $130,000/year. The financial impact becomes clearer when you factor in duration. Assisted living at $74,000/year over 3.6 years (average for women) can easily surpass $270,000 before inflation. For the unlucky one in five who need care for five+ years, a lifetime’s savings can be wiped away. Who Pays? The Great Medicare Myth A stunning misconception is that Medicare will handle these costs. It won't—Medicare covers only short-term skilled care or rehab after a hospital stay, with strict caps. Custodial care, including help with bathing, dressing, eating, and other typical long-term care needs, is excluded. So who covers the bills? You (out-of-pocket): This is the default for middle- and upper-middle-income families, planned or not. Insurance: While long-term care insurance exists, it’s gotten pricier and harder to qualify for. Evaluation should happen in your 50s or early 60s, not your 70s. Family members: Often, a spouse or adult child becomes the caregiver. 63 million Americans act as caregivers, supplying care valued at over $1 trillion annually. Medicaid: This is a safety net only after assets have been nearly exhausted. The spouse at home (the “community spouse”) may retain some assets and the house, but this is far from an ideal retirement. The Power of Early Action Financial costs are only half the story. The first caregiver is usually a spouse, not a paid professional. Caregiving can rapidly erode the health, finances, and social connections of the caregiver, often leaving the surviving spouse depleted and isolated just as they face their own aging alone. Long-term care risk isn’t a remote possibility; it’s a central, knowable part of retirement planning. Every tool for managing it works better if you start before a crisis hits. Take the first step right now: look up care costs in your area, show them to your spouse, and start the conversation. Early planning isn’t just about saving money—it’s about protecting the person you love most from added hardship when they can least afford it. Outline of This Episode [00:00] Long-term care costs explained[05:15] Women at higher long-term care risk[09:06] Understanding Medicare and long-term care costs[12:33] Discussing caregiver options[15:05] Challenges of caregiving in retirement[17:54] Planning for long-term care costs[18:46] Your five action steps to plan for long-term care[20:34] Discussing future caregiving plans Resources Mentioned U.S. Department of Health and Human Services, ASPE — Long-Term Services and Supports for Older Americans: Risks and Financing, 2022.https://aspe.hhs.gov HHS/ASPE — What Is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?https://aspe.hhs.gov CareScout (formerly Genworth) — 2025 Cost of Care Survey.https://www.carescout.com/cost-of-care AARP and National Alliance for Caregiving — Caregiving in the U.S. 2025.https://www.aarp.org/pri/topics/ltss/family-caregiving/caregiving-in-the-us-2025/ AARP Public Policy Institute — Valuing the Invaluable 2026.https://www.aarp.org/pri/topics/ltss/family-caregiving/valuing-the-invaluable-2026-update/ Medicaid.gov — Spousal Impoverishment standards, 2026.https://www.medicaid.gov/medicaid/eligibility-policy/spousal-impoverishment Medicare.gov — skilled nursing facility coverage limits.https://www.medicare.gov  Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by p...

Retirement planning is often seen as a numbers game—ensuring that you have saved enough, invested wisely, and built a strategy that will comfortably carry you through what should be your golden years. But those numbers only tell part of the story, the test of any retirement plan is not just whether it works on paper for two people, but if it can be carried by the one who is left after loss. This episode is inspired by real-world challenges clients face, so I am sharing my survivor stress test to help you refine your financial strategies before life throws the unthinkable your way. The Hidden Vulnerability in Retirement Planning Almost all plans in America focus on a couple, but the reality is that over half of married people will face widowhood or widowerhood, many while still managing mortgages, careers, and family responsibilities. Even if a plan “works” on paper—if the accounts are titled correctly, the math checks out, and the legal documents are in place—it could still fail the test of usability. The plan needs to be more than mathematically correct; it has to be understandable and executable by the survivor, who, in their time of greatest stress and vulnerability, may face complexities and choices they have never encountered before. Understanding the Survivor Stress Test The survivor stress test is a framework for couples and individuals to ask a critical question: If one of us were to die first, would the other understand the plan and feel able to carry it forward? Passing this test requires looking beyond adequacy to usability. In many households, one person manages the finances, knows the passwords, talks to the accountant, and understands the cash flow. The other often does not, and this can leave the survivor in a precarious position, especially when they are grieving. The Income Cliff: What Changes After Loss One of the most immediate and impactful changes after the death of a spouse is the income cliff. Social Security survivor rules are not always intuitive, and when one spouse dies, the surviving spouse receives the larger of the two checks, but the smaller check disappears permanently. This can mean an instant loss of 30-40% of household Social Security income, even as most expenses, like mortgages and property taxes, remain largely intact. Pension decisions loom even larger. Choosing a single-life payout maximizes current benefits but leaves the survivor with nothing, whereas a joint and survivor annuity, though slightly smaller each month, ensures continuing income. These decisions, made far in advance, cannot be revisited and must be carefully weighed in light of the survivor’s probable needs. The Unseen Tax Penalties Most people are unprepared for the surprising tax “penalties” that come with widowhood. Filing status shifts from married filing jointly to single, which often means higher effective tax rates on lower household income because of compressed tax brackets and a much smaller standard deduction. This can translate to hundreds of thousands of dollars in additional taxes over years of retirement—a burden that few anticipate. Additionally, surviving spouses may be affected by Medicare’s IRMAA surcharges, which, due to a two-year income lookback, can kick in just as income falls. Fortunately, forms like SSA-44 allow survivors to appeal IRMAA surcharges based on current-year income, but many do not know about this relief. The Human Side of Loss Grief can impair memory, concentration, and decision-making, right when the most consequential financial choices arrive. Survivors must re-title accounts, file claims, and sometimes manage pressure from family—all in an emotional fog. Prioritizing urgent actions (maintaining cash flow), deferring important but non-critical choices, and holding off on irreversible decisions (like selling a house) can prevent double grief where hasty choices compound heartache. The best way to pass the survivor stress test is communication, both partners should understand the plan, know where assets are, and feel confident in their ability to carry it forward. Conversations and second-opinion reviews with a qualified advisor can uncover hidden vulnerabilities and help ensure that whoever is left behind is secure.  Outline of This Episode [00:52] The survivor stress test and financial planning for surviving spouse[04:23] Discussing family financial roles[08:59] Claiming Social Security benefits[10:18] Pension options: single life vs. joint and survivor payout [13:29] The widow’s penalty tax surprise [17:54] Importance of tax strategy while both spouses are alive[21:03] A decision-making framework for survivors Resources Mentioned Form SSA-44 Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Most of us equate a satisfying retirement with achieving a specific savings goal. We dream of the day when the work alarm clock is silenced, the 401(k) is plump, and we can finally enjoy life on our terms. But recent research challenges this traditional thinking, revealing that while money matters, it’s far from the only factor—sometimes not even the most important one.  Why Half of Retirees Aren’t Truly Happy Only about half of retirees say their retirement is “very satisfying,” with most others falling into the “moderately satisfied” category and about 10% not satisfied at all. This leaves a pressing question—what separates those beaming with contentment from those just “okay” or unhappy after leaving the workforce? There is a tendency to assume money is the main culprit. Yet new research suggests a much smaller role for finances than is commonly believed, especially compared with other often-overlooked factors. Four Pillars of Retirement Satisfaction Savings:Your total nest egg, everything you’ve saved apart from your home.Lifetime Income:The predictable, recurring payments you’ll receive for life—think Social Security and pensions.Health:How you rate your physical condition.Social Connections:The strength and depth of your relationships, measured by how connected and supported you feel. I talk about how these four pillars interact, and—most importantly—how none alone can compensate for a shortfall in another. For instance, having vast savings won’t make up for a lack of social connections or poor health. The Surprising Power of Lifetime Income and Social Connection While retirees with over $1 million in savings and high lifetime income are the most satisfied (77%), those with far less in savings but significant guaranteed income (like Social Security) closely trail in happiness (73%). The reliability of a regular paycheck in retirement can be more psychologically satisfying than simply having a large pile of assets. But the single strongest predictor of retirement satisfaction, after controlling for all factors, was not money at all—it was social connection. Having a strong circle of friends was associated with higher satisfaction than having a seven-figure bank account. Positive social connections can even offset the effects of deteriorating health. Retirees with fair health but strong friendships are nearly as satisfied as those with excellent health but few friends. The Weakest Link: Why All Four Factors Matter These factors stack rather than substitute. You can’t out-save your way out of loneliness, nor can vibrant health buy your way out of financial insecurity. Satisfaction is governed by your weakest link—so maximizing all four areas is key. So, how can you prepare for a truly satisfying retirement?  Strengthen Social Ties: Identify work-based friendships at risk of fading after retirement, and make efforts to integrate them into your new routine. Join clubs or volunteer—even before you retire—to lay strong social foundations.Prioritize Health: Invest in your well-being through activities that blend exercise and social engagement (think pickleball or group classes).Maximize Lifetime Income: Consider strategies like delaying Social Security to increase your guaranteed monthly income.Develop a Holistic Plan:Don’t just focus on your “magic number.” Plan for your daily life—how you’ll spend your time and with whom—after the paychecks stop. Your “Retirement Number” Isn’t Enough In the end, financial security is essential, but it’s only half the equation. To enjoy the best years of your life, cultivate health and meaningful relationships, and find purpose beyond work. Start addressing your weakest pillar today, and you’ll build not just a wealthy retirement, but a happy one. Outline of This Episode [04:10] Understanding retirement satisfaction[07:41] Different types of retirement money[10:26] Explaining the Income Lab tool[14:45] Importance of health and connections[17:05] Balancing life priorities[20:31] Work as social infrastructure[23:41] Importance of holistic retirement planning Resources Mentioned Health and Retirement StudyIncome LabWHO Commission on Social ConnectionOur Epidemic of Loneliness and Isolation: The U.S. Surgeon General’s Advisory on the Healing Effects of Social Connection and CommunityDavid Blanchett     Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not...

Retirement is the beginning of a new chapter, full of opportunity, challenges, and critical decisions about your financial future. Protecting your retirement means understanding and proactively managing the most significant risks you will face. On the show this week, I explore the five biggest risks to a secure retirement and outline strategies to help you and your family prepare for the road ahead. Outliving Your Money Most people underestimate how long their retirement might last. According to Social Security actuarial data, a 65-year-old man has a 50% chance of reaching age 84; for women, it’s 87. For couples, there is an even chance at least one partner will live past 90, and a one-in-five chance one will reach 95. Planning for “average life expectancy” is not enough—by definition, half of retirees will outlive that average. Structure your retirement plan and savings to last up to 30 years. Market & Sequence of Returns Risk Future investment returns are unknowable, especially as you near retirement. The sequence of those returns—the order in which market ups and downs occur—can determine whether you run out of money. A retiree who encounters a bear market early in retirement is far more vulnerable than someone hit with poor returns later on. I recommend you: De-Risk Your Portfolio Before Retirement: Gradually shift to safer assets in your final working years. Build a Cash Buffer: Maintaining three years of living expenses in cash or similarly stable assets lets you weather bear markets without selling investments at a loss. Stress Test Your Retirement Date: Can you still retire if the market drops 30% the year before retirement? Adopt a Flexible Withdrawal Plan: Use guardrails—predefined spending increases or cuts—to respond to market conditions. Health and Long-Term Care Risk Healthcare costs are one of the largest and least predictable components of retirement expenses. About 70% of people turning 65 will need some form of long-term care, which can cost upwards of $75,000–$130,000 per year, depending on the type of care. Critically, Medicare does not cover most long-term care needs. Evaluate whether you can self-insure or if you need to purchase long-term care insurance. Your decision window closes in your 50s and early 60s. Decision and Fraud Risk The risk of making poor decisions—especially under stress—or falling victim to fraud is rising. Cognitive decline can begin well before it is noticeable, and with the rise of AI, scams are more convincing than ever. Put defensive measures in place, maybe add trusted contacts to your accounts, update power of attorney and beneficiaries, and set a family code word to combat scams involving cloned voices. Inflation Risk Over a 30-year retirement, even a modest inflation rate can erode your purchasing power by half. At 3% inflation, today's $60,000 lifestyle will require $120,000 in just 24 years. We all need to plan for rising costs, so periodically review and adjust your projections and spending patterns as prices change. Outline of This Episode [05:41] Optimizing Social Security Strategy[09:52] Managing Retirement Portfolio Risks[13:08] Planning for long-term care costs[14:47] Assessing long-term care options[19:20] Preparing family financial safeguards[21:50] Preparing for future challenges Resources Mentioned Cost of Care Report | Carescout  Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. *******************************************************************************************************

Are you ready for the next grizzly bear?—not the animal, but a major market downturn. He discusses the history of market corrections, bear markets, and the rare but devastating grizzly bear markets, illustrating why it is crucial to evaluate your portfolio’s risk level during strong market conditions—not during times of crisis. Whether you are approaching retirement or still in your wealth-building years, this episode will prompt you to reconsider your risk tolerance, portfolio diversification, and readiness for inevitable market storms. Outline of This Episode [03:34] Importance of communicating about conflict before it arises [06:27] Discussing market downturns and returns[10:16] Understanding Market Corrections[11:31] S&P 500 correction frequency[16:51] Assessing portfolio risk levels[18:01] Understanding risk and portfolio deviations[24:03] Preparing for market downturns[25:11] Preparing for market downturns The Importance of Talking About Risk—Before the Downturn Much like in relationships, it is best to address potential conflicts before they arise; investors address risk before markets turn volatile. Re-evaluating your comfort with risk and your portfolio's construction when things are calm puts you in the driver’s seat. Waiting until a downturn hits can leave you reactionary and vulnerable to poor decisions—like panic selling when it hurts the most. Understanding Corrections, Bear Markets, and Grizzly Bear Markets I break market volatility into three categories: 1. Corrections – The Baby Bear A correction is a market drop of at least 10% from its recent high. While the news can make a big fuss about corrections, they are common and, historically, have historically recovered relatively quickly. The S&P 500 has seen 28 corrections since 1969—that is about one every two years. The best move during a correction is strategic rebalancing, not panic. 2. Bear Markets – The Bear Bear markets are drops of 20% or more. Since 1969, they have happened eight times—about once every seven years. Bear markets are more serious than corrections and can be emotionally challenging, but they are still a normal part of the investing cycle. If you are lying awake at night during a bear market, it probably means your portfolio risk was not suited to your comfort level before the downturn. 3. Grizzly Bear Markets – The Real Threat A grizzly bear market is a severe drop of 30% or more, and these are rare but devastating. Since 1969, only three have occurred: during the oil and stagflation crisis of the ‘70s, the dot-com bubble in the early 2000s, and the 2008 financial crisis. These markets can take years to recover—some up to 91 months for a portfolio invested solely in the S&P 500. Diversification and Rebalancing What separates those who weather grizzly bear markets from those who do not? Preparation and portfolio construction. A diversified 60% stocks/40% bonds portfolio has historically fared much better during grizzly bear markets—experiencing smaller drawdowns and much faster recovery times than a pure stock portfolio. By owning more than one asset class and maintaining an “airbag” of bonds and cash, retirees can draw on their safer reserves during downturns, giving stocks time to recover. The Questions Every Investor Should Be Asking If you are living off your investments, in or near retirement, now is the time to ask: Is my plan set up for the next grizzly bear?Can I withstand a major downturn?Do I have the right mix of stocks, bonds, and cash?Has my advisor “back-tested” my plan against worst-case scenarios? Grizzly bear markets, though rare, are inevitable over a long investing life. The pain is real—but so are the solutions. Assess your risk now, diversify, prepare your cash and bond airbags, and ensure your plan has been rigorously tested for rough times. Addressing risk in your portfolio now leaves you sleeping soundly—no matter what the market throws your way. Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

While most of us spend our working lives worrying about running out of money in retirement, Many retirees actually die with far more money than they anticipated—often missing out on the experiences, generosity, and freedom that their hard-earned savings could have provided. In this episode, I discuss why so many family stewards struggle to enjoy their wealth, and offer practical steps to find balance, conquer financial fears, and ensure you fully live the retirement you planned for.  Outline of This Episode [04:03] Why retirees struggle to spend[08:02] Encouraging retirees to spend[09:53] Inheriting money later in life[16:48] Enjoying life during retirement[17:54] Avoiding a life half-lived Why Don’t Retirees Spend? There are several reasons behind this: 1. Habitual Saver Syndrome Decades of saving, budgeting, and controlled spending form a deeply ingrained mindset. The wealth behaviors that enabled financial abundance are difficult to turn off suddenly at retirement. The decision to start drawing down your assets can even feel like an identity crisis: Spending then can feel like a failure, after years of associating self-worth with accumulation. 2. Fear of the Unknown Even with a robust nest egg, fear is powerful: fear of running out, fear of the next market crash, fear of inflation or healthcare expenses. This anxiety may cause retirees to under-spend, even when the math says they are safe. 3. Identity and Psychological Attachment For many, growing their savings has become part of their identity. Watching account balances grow is emotionally satisfying; drawing them down is not. Even after retirement, some people feel pressure to preserve and accumulate, rather than to enjoy their wealth—leading to decades with little change in their net worth. The Cost of Waiting Research shows that many retirees retain nearly 80% of their nest egg even 20 years into retirement. At the same time, spending naturally declines as we age due to reduced energy, declining health, and fewer active experiences. The risk is missing out on the vital “go-go years”—the healthiest, most mobile phase of retirement—only to find that it’s too late to use those savings for the adventures and family moments we dreamed about. Regrets and Lessons Learned After years of working with retirees, I consistently hear the most common regrets of wishing they’d retired sooner, traveled more, spent more time with family, or helped children and grandchildren earlier. Rarely does anyone say, “I wish I died with more money in my account.” Make sure you enjoy what you’ve built by defining the purpose of your money and clarifying what your savings are for—security, freedom, experiences, a legacy, or charitable impact. You also need to separate fear from reality, using financial planning tools, like Income Lab, can give you clarity and permission to spend by showing what’s truly sustainable. Consider starting a memory budget, instead of only budgeting for bills, earmark resources for family trips, special experiences, and gifts while you are alive. The real goal isn’t reckless spending—it’s alignment. Let your money serve your life, not the other way around. The greatest retirement tragedy isn’t running out of money, but failing to live the life your savings could have enabled. Plan wisely—then give yourself permission to spend, to give, and to make memories. That’s how you avoid the retirement trap nobody is talking about. Resources Mentioned Income Lab Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Watching the news recently has been an uneasy experience for investors and retirees. War headlines dominate the airwaves, oil prices have surged to new highs, and portfolio balances may not look as reassuring as they did months ago. For family stewards looking to safeguard their financial futures, the temptation to react to these global shocks is powerful. But it’s crucial not to make emotional financial decisions.  Understanding the Crisis In March 2026, military strikes in the Middle East led to severe disruptions in the Strait of Hormuz—a global oil supply chokepoint through which 20% of the world’s daily oil supply flows. Although the U.S. itself is less directly dependent on Middle Eastern oil, oil’s status as a globally priced commodity means any disruption impacts global prices and, by extension, markets everywhere. Brent crude prices quickly soared, spiking 10–15% in a day and peaking at $120 per barrel, amid fears it could rise further. Unsurprisingly, the financial markets responded with a bout of volatility. The VIX index—a gauge of investor fear—jumped from 19 to 25. Though jarring, Speaker A reminds us that these numbers pale compared to the shock during the COVID crisis when the VIX broke 80 (07:02). Recognizing this scale is the first step toward a measured response. Oil Prices and the Stock Market: It’s Complicated Many assume a direct, simple link: oil prices soar, stocks tumble. While sometimes true in the short term, history tells a more nuanced story. The real variable is the duration of the oil shock, not the shock itself. In the 1973 Arab oil embargo, prices quadrupled, sustained for months, and the S&P 500 lost 37% in real terms, and recovery took six years. In the 1990 Gulf War, oil prices rose 75% in two months, but once the conflict was resolved, markets rebounded in just 28 days. In 2003, fears about Iraq pushed prices up, yet the S&P 500 delivered a 25% return the following year as disruptions were short-lived. In general, short, contained shocks resolve quickly with strong recoveries. Prolonged crises cause lasting damage. Building a Rock Solid Portfolio Withstanding economic storms starts with thoughtful preparation, and ideally, we want to create a “fortress portfolio”—not a flimsy wall, but a robust structure capable of weathering attacks. This involves deep diversification: U.S. small-cap and value stocksInternational and emerging marketsReal estate investment trustsShort-term and inflation-protected bonds Diversification means that even when panic causes correlations to rise temporarily, the portfolio is designed for resilience, not prediction. Selling during a crisis, by contrast, locks in losses and exposes investors to the impossible challenge of timing the market's rebound—a decision research shows most people get wrong. Lasting Wealth Is Built Through Hard Times War and oil shocks always ignite fear, but history and evidence are clear that those who stay disciplined, trust a well-built portfolio, and avoid emotional, short-term decisions are the ones who preserve and grow wealth. It isn’t easy to hold the line, but it is the surest path to security and freedom for your family’s future. Outline of This Episode [00:00] Retirement planning during uncertain times[01:09] Don’t make emotional financial decisions[07:02] Understanding the VIX Index[08:57] The nuanced story of oil prices and your portfolio[14:08] Impact of oil on investments[18:13] Why timing the market is hard[23:26] Staying disciplined during volatility Resources Mentioned VIX Volatility Products | Cboe  Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice.

In a world where gut instinct once ruled the day—from football coaches making pivotal fourth-down decisions to investors choosing their next stock pick—a revolution has reshaped the landscape: reliable data and analytics. Drawing inspiration from the principles behind the film Moneyball and a recent article by David Booth on 3 Lessons from Investing’s Moneyball Moment in Fortune magazine, I break down what a century of US stock market history reveals for everyday investors.   Lesson 1. Insiders Aren’t Smarter Than Outsiders   One of the key insights unearthed from this century’s worth of data is simple but profound: experts, or “insiders,” do not consistently outperform the market. Early research using the University of Chicago’s Center for Research on Security Prices (CRSP) data found that, on average, mutual funds and clever stock pickers failed to beat the simple strategy of buying and holding a diversified market portfolio.  This led to the explosion of index funds, notably pioneered by Vanguard and enabled by firms like Dimensional. Now, anyone, not just Wall Street professionals, can own broad, low-cost portfolios and harness the long-term growth of the entire market rather than trying (and in most cases, failing) to outsmart it.   Lesson 2. Bet on Human Ingenuity   Human creativity and progress power the market’s reliable returns over the decades. Companies go public to raise money, which they funnel into improving their products and expanding their reach. Every day, millions of people at thousands of companies are seeking better ways to serve their customers and grow profits. When you invest in the stock market, you are ultimately betting on people’s ability to innovate and adapt to a changing world. This century-long experiment in collective growth has consistently delivered average returns of around 10% per year, a number that has survived wars, recessions, inflation spikes, and bubbles.   Lesson 3. Investor Behavior Is Key   If reams of data tell us anything, it is this: reliable, long-term returns belong to disciplined investors. The journey is never smooth—market downturns feel chaotic and alarming in the moment. Yet, $1,000 invested in 1926 would have grown to over $17 million by 2025, despite wars, crashes, and global crises. Most investors who stuck with the market over any 10- or 20-year span came out ahead. Stay disciplined, trust the data, and know that while the challenges may look different, the power of long-term, patient investing is timeless.   Outline of This Episode   [00:00] 100 years of market insights[03:14] Football transformed by data analytics[07:32] Moneyball, markets, and data[11:06] Insiders vs. outsiders on stocks[16:17] Human ingenuity in investing[17:26] Investing discipline drives long-term success   Resources Mentioned   Moneyball Synopsis 3 lessons from investing’s moneyball moment in Fortune University of Chicago’s Center for Research on Security Prices (CRSP)  Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook     Subscribe to Best In Wealth   Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com     Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Investors have short memories—until the talk of a “bubble” resurfaces. We take investors on a quick trip down memory lane, discussing the infamous dot-com bubble of the late ‘90s and early 2000s, as well as the housing bubbled that appeared a few years later. These bubbles were fueled by sky-high optimism and wild speculation about transformative technologies. In the dot-com era, investors rushed into any company with a “.com” at the end of its name, confident the internet would change the world. But not all of these companies survived. The lesson is that when a game-changing technology, or a new technology appears, you still have to do your due diligence to come out on top. The Age of AI: Bubble or Breakthrough? The “Magnificent Seven” (Google, Meta/Facebook, Apple, Amazon, Nvidia, Tesla, and Microsoft) are pouring billions into AI. Their 2025 returns, as catalogued by Scott Wellens, were impressive, with the group averaging over 20%, outperforming the S&P 500. Yet, such meteoric rises echo the euphoria of past bubbles. But excitement alone does not make a bubble—overvaluation does. Valuation: How Expensive is Too Expensive? A key measure is the price-to-earnings (P/E) ratio, a classic way to judge if a company’s stock price is justified by its profits. Take Tesla, for example: at the end of 2025, it traded at roughly $450 per share but earned only $1.50 per share, putting its P/E near 304. Compared to Toyota’s P/E of about 10, that is nosebleed territory. The S&P 500’s long-term average P/E sits around 20—a point of reference emphasizing just how stretched AI-heavy stocks may be. The Magnificent Seven’s average P/E now hovers around 68, more than triple the broader market’s historic average and well above the S&P’s “other 493” companies. While high valuations do not guarantee a crash, they signal that expectations are sky-high and that disappointment could be costly. Picking Winners, Dodging Losers You cannot invest in AI itself; you invest in companies riding the AI wave. History shows many will not make it. That is why betting everything on a few horses is extremely risky, even if their role in AI seems promising today. Over-concentration lurks as a hidden threat. If you own a standard S&P 500 index fund, 35% of your portfolio sits in the Magnificent Seven. For tech-heavy indices like the Nasdaq, that figure climbs to 54%. A stumble for these stars—already started in early 2025—can spell big trouble for portfolios tied too closely to their fortunes. The Case for Global Diversification So how can investors harness AI’s upside without exposing themselves to catastrophic risk? In a portfolio spanning thousands of companies worldwide across different sectors and asset classes, your exposure to the Magnificent Seven (and thus to AI) drops to about 20%. This cushions your wealth from the fallout if today’s leaders falter and gives you a stake in the next wave of winners, wherever they arise. This approach also positions you to benefit from asset classes that look attractive in the current environment. Small-cap and value stocks, as well as international and emerging markets, which are currently trading at lower valuations and are performing well. History shows that asset classes cycle in and out of favor. Diversification helps you ride out the storms and participate in future growth, whatever sector it comes from. Nobody can say with certainty whether we are flying high in an AI bubble or witnessing the birth of the next economic revolution. Instead of gambling on a forecast, smart investors build durable, globally diversified portfolios. That way, you are not only prepared for the promise of AI but also protected from the possibility of another bubble burst. Outline of This Episode [03:59] How bubbles in investing have formed in the past[05:09] The largest 7 companies in the United States believe that AI is the future[06:59] What price-to-earnings ratios reveal about AI-focused companies[10:18] Toyota vs. Tesla: An example valuation comparison[13:10] Should you invest in companies that use AI?[15:07] An S&P 500-only portfolio is not diversified[20:54] Diversify globally for the best chance of financial success Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook   Subscribe to Best In Wealth   Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

AI is everywhere, from investing apps and portfolio tools to recipe planners and vacation organizers, artificial intelligence touches countless corners of our lives. In finance, AI promises accessibility. For newer investors, it is a way to learn basic concepts, compare traditional and Roth IRAs, or understand the difference between tax brackets, all delivered in plain English. AI is also a huge help with organization and financial efficiency. Need a budgeting framework or quick ways to categorize cash flow? AI can create those. It is a handy pocket assistant that helps you plan and ask sharper questions when evaluating financial advisors or planning your future. The Real Limitations of AI in Financial Planning While AI is a powerful tool, it is not a decision maker. Here are the big dangers and drawbacks you need to keep in mind: 1. Zero Personal Accountability AI does not bear the consequences of its advice. If it suggests an irreversible move, like a Roth IRA conversion, based on incomplete or incorrect information, the cost falls entirely on you. 2. Overconfidence in Precision AI delivers advice with absolute confidence, even when it is wrong! Financial planning is not just numbers, it is trade-offs, nuances, and judgment calls that factor in health, family dynamics, and personal emotional risk tolerance. 3. Struggles with Multi-Year Tax Planning Most AI tools treat tax decisions generically just one year at a time. But real retirement tax planning means looking ahead 10, 15, or 20 years. Missed integration here can cost you tens, or even hundreds, of thousands of dollars over a career or lifetime. 4. One-Dimensional Investment Advice AI assumes perfect discipline and zero life changes, no panic selling, no sudden need for funds. But human emotion, especially during retirement or volatile markets, often drives decisions. 5. False Sense of Security AI’s confident answers may mask underlying complexity. A small financial misstep, repeated or compounded over decades, can grow into a massive problem down the road. 6. Lack of Behavioral Guardrails Emotions play a huge role in retirement and investment decisions. Life throws curveballs—loss, illness, market downturns, and AI cannot reframe your fears or keep you disciplined when things get tough. When Human Wisdom Matters Most Retirement planning is not about finding simple answers, information is cheap, wisdom is not. For complex questions, AI offers basic options, but it cannot weigh the sequence of return risk, or policy changes in real time, like a qualified advisor can. Human advisors coordinate, prioritize, and apply experience to your financial life. They support you through market cycles, health challenges, and family transitions, and recognize when purely rational advice does not capture your real needs. Using AI Wisely My advice is to use AI for learning and organization, not for important, irreversible lifestyle and tax decisions. Always double-check its work, and do not outsource your financial future entirely to algorithms. Technology plus human judgment delivers the best outcomes. AI is a powerful tool, not a complete solution. Outline of This Episode 02:24 Best in Wealth Podcast future plans.03:57 AI in daily life and finance.04:51 Advantages of AI for do-it-yourself (DIY) investors.08:08 Using AI for financial information.12:29 Limitations and dangers of AI in financial planning.16:57 Limits of AI financial planning.19:30 No behavioral guardrails when it comes to your taxes.25:43 If a decision affects your lifestyle for the rest of your life, don't outsource it to AI. Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Tax laws may not be flashy, but understanding them can tilt the balance for your family’s finances and peace of mind. I am digging into the details of the much-talked-about “One Big Beautiful Tax Bill”, a huge piece of tax legislation that is set to impact families, retirees, and investors across the country. I break down the most important highlights from the massive 870-page bill, focusing on what really matters for everyday listeners: permanent income tax brackets, bigger standard deductions, expanded SALT limits, and significant new deductions for seniors.  Tune in for clear, actionable insights on the changes coming to your taxes, and learn how to make these updates work in your favor. Outline of This Episode [04:27] Tax act extension highlights.[07:22] Inflation adjustment for tax brackets.[10:38] Tax deduction and SALT cap changes.[13:23] Maximize your deductions and minimize taxable income.[18:53] Estate tax and deductions update.[22:08] Permanent deductions and brackets.[23:45] Tax benefits for families. Tax Brackets and Standard Deduction: More Certainty, Bigger Benefits One of the most interesting aspects of the One Big Beautiful Bill (OBBB) is the permanent extension of the income tax brackets Americans have become accustomed to since the Tax Cuts and Jobs Act (TCJA) of 2017. Instead of the cliff that was looming at the end of 2024, current rates (10%, 12%, 22%, 24%, 32%, 35% and 37%) are now here to stay. This certainty means families, investors, and business owners can plan with clarity, knowing that the 10% and 12% brackets will not suddenly vanish. But there’s more: in 2026, the 10% and 12% brackets will receive extra inflation adjustments, leading to a few hundred dollars of potential tax savings. While many American households may not climb out of the 12% bracket, those who do will benefit even more. Another major win is the increase in the standard deduction, now $31,500 for married couples filing jointly and $15,750 for single filers, starting in 2025. Add in automatic inflation adjustments, and the vast majority of taxpayers are now better off taking the standard deduction rather than itemizing, unless big deductions, like SALT, tilt the scale. The Expanded SALT Deduction Under OBBB, the State and Local Tax (SALT) deduction cap explodes from $10,000 to $40,000, restoring much of the pre-2017 advantage. For married couples with large property and state income taxes, this unlocks greater ability to itemize rather than default to the standard deduction. But this expanded cap begins phasing out for adjusted gross incomes above $500,000 and is gone by $600,000. Smart, ongoing tax planning, tracking income, maximizing deductions, and timing bonuses or retirement contributions can make the difference between using the full deduction or losing out. Enhanced Deductions for Those 65+ For retirees, the bill introduces a temporary enhanced standard deduction: if you are over 65, you can deduct an additional $6,000 per person (that’s $12,000 for a married couple) in 2025-2028, on top of other standard deductions. It is available whether you itemize or not. This deduction is phased out for higher incomes—starting at $150,000 for married couples. For planners and retirees considering Roth conversions or IRA withdrawals, being strategic about income in these years could mean paying zero tax on a significant chunk of retirement income. Child Tax Credit and Estate Tax Changes Families will be happy to hear that the expanded Child Tax Credit is now permanent. It not only remains at $2,000, but is increased to $2,200 per qualifying child under 18, and (for the first time) will be indexed for inflation from 2026 onward. Income phaseouts apply, but most middle-class families can continue to count on this boost. Lifetime estate and gift tax exemption is set high, $30 million for married couples, $15 million for singles, through 2026, giving ultra-high-net-worth families greater latitude in legacy planning. Resources Mentioned One Big Beautiful Bill Act  Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Most investors have been ignoring international stocks lately because the US market has been performing so well—but that strategy might backfire this year, with international markets significantly outpacing American stocks. In this episode, I dive into why diversifying globally is not just smart investing; it is essential for long-term wealth building. We explore how the US currently dominates 61% of world market capitalization, but history shows this was not always the case—and it will not necessarily continue. I share four key reasons international investing should be part of your portfolio: it reduces geographic risk when any one country hits turbulence, gives you access to high-growth emerging markets that have delivered spectacular returns, protects you through currency diversification, and helps overcome the natural tendency to only invest in familiar companies. The numbers tell a compelling story—while the S&P 500 is up around 12% this year, international developed markets are up nearly 30%, and some individual countries have delivered returns of 50-90% in recent years. Whether you are completely US-focused or wondering how much international exposure makes sense for your situation, this episode provides the data and reasoning you need to build a more resilient, globally diversified portfolio. I also touch on an interesting parallel between portfolio diversification and gut health—turns out both benefit from variety and balance. Outline of This Episode [01:12] The importance of the gut microbiome for health.[03:42] International markets surpass US performance right now.[06:24] International diversification mitigates geographic risk.[10:25] A globally diversified portfolio balances volatility and gives opportunity for growth.[13:49] Invest internationally to protect against domestic currency depreciation.[15:13] Why to overcome a behavioral home country bias.[17:06] Review your health and financial diversification. Building a healthier, more resilient investment portfolio. Broadening your approach—whether it is what you eat or where you invest—can improve your long-term outcomes. Did you know that we all have an ecosystem of microbes living within our intestines? Science increasingly shows that a highly diverse gut microbiome is linked to better health, well-being, and more healthy years well into old age. A thriving gut health requires at least 30 different types of plant-based foods each week. The greater the diversity, the more kinds of helpful bacteria can flourish, supporting everything from digestion to immunity. Just as variety improves gut health, diversity is equally essential in investing. Many Americans have opted to remove international stocks from their portfolios, citing the recent dominance of U.S. markets. I want to push back on this trend, with these important points: The Shifting Sands of Market Dominance: As of early 2024, U.S. markets make up approximately 61% of the world’s capitalization. The next-largest market, Japan, accounts for only 6%. While the U.S. is dominant now, this was not always the case. In the 1990s, Japan claimed over 40% of the world’s market cap, while the U.S. plunged to just 25%. History tells us that leadership rotates—sometimes rapidly. International Outperformance: Many investors overlook periods where international markets outperformed the U.S. For example, in recent years, Hungary, Turkey, and the Czech Republic each posted eye-popping returns, outpacing the U.S. significantly. Four Reasons You Need International Investments If you are still not convinced, here are some really good reasons for including global assets in your portfolio: 1. Broader Diversification: Global investing reduces the impact of a downturn in any single country—you will not suffer as heavily if one economy stumbles. It also balances your exposure through different economic and market cycles, smoothing out volatility and lowering overall risk. 2. Access to Unique Growth Opportunities: Emerging markets and diverse sectors abroad can offer higher growth potential. Limiting yourself to U.S. stocks means missing out on global brands such as Toyota, Nestlé, and Samsung, as well as entire sectors less represented in America. 3. Currency Diversification: International investments provide natural protection against swings in the U.S. dollar. If the dollar weakens, non-dollar holdings often become more valuable, helping to preserve your purchasing power and hedge against domestic inflation. 4. Overcoming Home-Country Bias: Many investors naturally stick to what they know (sound familiar?). But with 40% of global investment opportunities outside the U.S., choosing not to invest abroad means intentionally missing out on nearly half the world’s growth potential. Diversify Diet and Dollars I want to encourage you to review your own portfolio for international exposure. Start by checking what percentage is allocated overseas and ask—does this reflect your long-term interests, or just recent trends? Talk with your financial advisor to find a balance that suits your family’s goals. And remember: whether it is your gut or your investments, variety really is the spice of (a healthy, resilient) life. Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

We all have some worries, those everyday anxieties that creep into our lives—money, kids, jobs, and adding more stress to your life in the form of an investment portfolio can seem like too much at times.  So this week, I am sharing how understanding one key financial theory can transform your approach to investing and seriously lower your stress. This episode takes you through the groundbreaking work of Eugene Fama and the efficient market hypothesis, explaining why trying to outguess the market is usually a losing game. I am also sharing how, by trusting the power of the market and building your strategy around solid, evidence-based principles, you can ditch investing anxiety and set your family up for long-term success. So if market swings keep you up at night or you are looking for a more peaceful way to manage your portfolio, tune in for a fresh perspective and actionable advice on taking the stress out of investing—once and for all. Outline of This Episode [00:00] Your foundation of knowledge to experience stress-free investing. [05:58] Understanding Efficient Market Hypothesis (EMH). [09:40] The power of market consensus. [11:55] How fast does the stock market react? [13:12] Efficient market hypothesis simplified. [17:27] The myth of market-beating funds. [19:22] Reduce investment stress by demystifying the market. Does Investing Have to Be One More Worry? Retirement account fluctuations, big market drops like those in 2008, COVID-19, and trade war-related selloffs are enough to send anyone’s blood pressure soaring. One of the most important concepts in modern finance: the Efficient Market Hypothesis (EMH), developed by Nobel laureate Eugene Fama. In simple terms, the EMH says that all the available information about any publicly traded company is already reflected in its stock price. Let’s use Apple as an example. Every day, millions of shares, worth billions of dollars, change hands, each trade representing someone who thinks Apple is fairly priced, and someone else who disagrees. Crucially, both buyers and sellers have access to the same information. No one has a crystal ball; everyone’s predictions about future sales and profits are just that—educated guesses. Why Beating the Market Is So Hard In a 20-year analysis of actively managed mutual funds, those run by managers trying to beat the market through skillful stock picking. Of the 1,667 funds analyzed on January 1, 2004, just 48% were still around 20 years later (the rest closed or merged after poor performance). Of those survivors, only 16% managed to outperform the market—a sliver of winners, and no guarantee that their outperformance was due to skill rather than luck. Over longer periods, the odds get even worse. The market’s efficiency means that news, good or bad, gets priced in fast. By the time you read about a hot tip or see a magazine headline, it is almost certainly too late to profit. Building a Stress-Free Investment Philosophy Adopting the efficient market approach means basing your investment strategy not on predictions, but on accepting that prices already reflect what is knowable. This data and science-driven approach is the bedrock for stress-free investing. When you stop believing you or a mutual fund manager can consistently outguess millions of other market participants, everything changes: Daily fluctuations stop feeling like emergencies. Your plan is not derailed by shocking news or downturns. Emotional decision-making is replaced by disciplined adherence to your long-term strategy. This knowledge leads to better results, as you avoid the pitfalls and fees of chasing “winners” and trying to time the market. The goal is not just to match the market, but to give you the greatest chance for success. By using low-cost investment tools that are aligned with the efficient market hypothesis (like broadly diversified index funds), you maximize your odds of building lasting family wealth—without sleepless nights. When you understand and embrace the efficient market hypothesis, the mystique and the stress of the market fades away. Investing becomes a rational, controlled process anchored in decades of evidence, not hunches. Resources Mentioned Eugene F. Fama Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Bitcoin and gold are two assets often hailed as safe havens and reliable stores of value. I explore whether bitcoin and gold really deliver the security investors hope for, or if, instead, they are more about speculation than true investment.  I am helping you to look at the hard data and science behind financial decisions. Whether you are curious about market volatility or searching for a dependable way to safeguard your wealth, this episode is packed with practical insights about the pros and cons of investing in Bitcoin or gold. Outline of This Episode [06:05] Bitcoin and gold are speculative, limited by supply and demand. [09:29] Bitcoin is an unreliable store of value. [13:57] Volatility and diversification in investing. [16:58] Is gold really a safe haven for your money? [20:18] Gold commercials push for sales due to high commissions, not safety. [22:30] Investing relies on data and science to build successful portfolios, focusing on controlling taxes, expenses, and risk. Finding Safe Havens for Your Money What makes you feel secure? Fresh from a nine-night family trip to a volleyball tournament in Dallas, I have realized that my real safe haven is not a lockbox or a password, it is my home and the daily routine I return to. More than that, my family represents my ultimate store of value, the core “asset” I am committed to nurturing year after year. For me, investing is just one facet of a broader stewardship, protecting not only wealth but also the relationships and routines that bring lasting fulfillment. Bitcoin is a Volatile Gamble Clients often ask me, “Can Bitcoin act as a reliable store of value?” so I’ve dug into the numbers. Since 2010, the annualized volatility of Bitcoin has been a staggering 76.9%, nearly five times greater than the already-risky Russell 3000 index, which clocks in at 15.8%. Over the same period, Bitcoin has endured 27 separate 10% drops, 10 plunges of 30% or more, and five catastrophic 70% crashes. By contrast, the mainstream US stock market has only seen six 10% drops and a single 30% drawdown. Investing in bitcoin with this type of volatility is not a store of value. Investing in Bitcoin is speculation. The wild swings may excite thrill-seekers, but anyone seeking stability is likely to be disappointed. Gold as a Safe Haven What about gold, the classic safe-haven asset? Gold has enjoyed some positive years, up 60% of the time since 1970, but it is hardly a guarantee. That means in roughly four out of every ten years, gold investors have faced losses. Meanwhile, the S&P 500, ironically, the very market from which gold investors typically flee, has delivered positive returns 80% of those years. Plus, the marketing of gold is driven by high-commission sales tactics, not genuine concern for investor safety. Beware of those “buy gold now” ads; they exist to line the pockets of sellers, not to deliver real security to buyers. The Science of Investment Security Rather than relying on speculative assets, I prefer a scientific, data-driven approach to investing. At Fortress Planning Group, this means diversified exposure to thousands of companies striving to increase their value through hard work and innovation. My framework focuses on dimensions of higher expected return, not chasing the latest shiny object or giving in to fear-based pitches. I prefer to adjust risk through a prudent mix of stocks and bonds, finding a portfolio that matches your personal risk tolerance and the required rate of return. The bedrock of real security lies in controlling what you can: expenses, taxes, and risk. Choose Stewardship Over Speculation True security comes not from betting on volatile assets but from a disciplined, evidence-based investment plan, and from investing in your family and daily life. As you consider your own safe havens and stores of value, follow the data, seek out trustworthy advice, and build systems that support both your financial and personal well-being. Resources Mentioned Bitcoin: A Crumby Way to Save For Later by Kristi Higgins Wes Crill on LinkedIn  Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Let’s unpack six of the top retirement misconceptions, from whether it is okay to splurge in retirement, to the necessity of paying off your mortgage before you retire, and the real risks that retirees face beyond just a stock market crash.  With a focus on helping family stewards make smart decisions for a secure financial future, I share practical advice, real-life scenarios, and encouragement to help you confidently prepare for and enjoy your retirement years. If you want to separate fact from fiction and build a retirement plan that truly fits your life and goals, then this episode is for you.  Outline of This Episode [04:45] Debunking common myths. [09:43] Donate now for tax benefits and immediate impact. [10:54] Spending in retirement is encouraged to enjoy life and create memories, rather than hoarding savings. [17:34] Diversified portfolios mitigate financial risk during market downturns. [20:12] Stay vigilant against fraud by protecting your personal information. How Rethinking Retirement Myths Can Help You Build Wealth, Live Generously, and Enjoy a Fulfilling Retirement Retirement is often framed as the finish line in your financial journey, but the path leading up to and through that milestone is cluttered with well-intentioned advice, social media sound bites, and downright misleading myths. As Scott Wellens, certified financial planner and host of the Best in Wealth podcast, points out in episode 260, it’s time for successful family stewards to challenge conventional wisdom and make decisions grounded in reality, not rumors. Let’s unpack and expand on six of the most common retirement myths, using Scott’s insights to guide your way toward a smarter, more satisfying retirement. Myth #1: “It’s Not Okay To Do a Big Splurge” Many savers believe that a single splurge in retirement, a long-awaited RV, a dream vacation, or a lavish family gathering, could derail their entire retirement plan. If you’ve saved diligently and want to use a portion for a one-time purchase, the impact on your annual withdrawal can be minimal. For those following the “4% rule," buying a $50,000 RV from a $3 million portfolio reduces sustainable annual withdrawals by only about $2,000, a small sacrifice for a lifelong dream. Retirement is about enjoying the fruits of your labor. With proper planning and a clear understanding of your cash flows, strategic splurges are not only possible but can enrich your retirement experience. Myth #2: “It’s Best to Leave Money to Charity After Death” It’s noble to want to support causes after you are gone, but waiting to give can rob you of witnessing the impact your generosity brings. Giving while alive has both tangible and intangible benefits: not only do you receive immediate tax deductions and may reduce potential estate taxes, but you also get a front-row seat to the good your money is doing. A thoughtful plan lets you balance living well and giving generously today, maximizing both legacy and personal fulfillment. Myth #3: “You Should Spend Less in Retirement” Is hoarding your savings really the best way to reward yourself after a lifetime of work? Many retirees spend less than they could, leading to regrets about missed opportunities. The ultimate goal is to utilize your resources to create lasting memories, whether that’s through travel, experiences with loved ones, or acts of generosity. Do not let fear lead to deprivation. With a flexible plan and clear spending guidelines, you can confidently enjoy and share what you’ve built. Myth #4: “You Must Pay Off Your House Before Retiring” Being mortgage-free sounds ideal, but it’s not a strict requirement. Many retirees successfully manage their remaining mortgages as part of their retirement strategy. Don’t rashly withdraw large sums from tax-deferred accounts to pay off a mortgage, which could trigger an unnecessarily high tax bill. Evaluate your circumstances, and consider a phased approach or maintaining a low-interest mortgage alongside a diversified portfolio. Myth #5: “You Should Avoid Reverse Mortgages” Reverse mortgages once carried a shady reputation, but increased regulation has made them a much safer tool. While not for everyone, reverse mortgages can offer a critical safety net, especially for those planning for longevity, unexpected expenses, or wanting to front-load spending in the early, active years of retirement. Work with a fiduciary advisor to determine if a reverse mortgage fits into your personalized retirement plan. Myth #6: “A Stock Market Crash Is Your Biggest Financial Risk” Markets can be volatile, but Scott highlights that portfolio diversification and strategic withdrawal plans shield most retirees from a single crash becoming catastrophic. Instead, the growing threat is fraud and scams, especially as retirees become more vulnerable to sophisticated fraudsters. Stay vigilant against scams, practice good digital hygiene, and educate yourself and your loved ones on how to protect personal information. Rethink, Recalibrate, and Retire Well The myths surrounding retirement can cause unnecessary stress, fear, and missed opportunities. By debunking these misconceptions and working with trustworthy, fee-only fiduciary advisors, you can approach retirement with confidence: ready to spend, give, and enjoy your wealth without regret. Resources Mentioned 6 More Retirement Financial Myths to Avoid by Sheryl Morningstar Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com