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RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK CAN YOU AFFORD TO GIVE MONEY TO YOUR KIDS IN RETIREMENT? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode Can you afford to give money to your kids in retirement without putting your own financial security at risk? Helping children or other loved ones can be meaningful, but retirement gifts should be considered alongside your spending needs, taxes, and long-term financial plan. In Episode 5 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about how retirees can evaluate financial gifts to their children. They discuss why generosity should be incorporated into a retirement budget, how a financial plan can help determine what you can realistically afford to give, and why timing can matter. Sandy also explains how withdrawals from retirement accounts may create tax consequences and why giving money now is not always the most financially efficient way to help your family Discover how BWFA can help you evaluate family gifting as part of your broader Financial Planning strategy. Frequently Asked Questions About Giving Money to Your Kids in Retirement How do you know how much you can afford to give your kids in retirement? A financial plan can help determine how much you may be able to give without jeopardizing your own retirement security. Sandy explains that gifting should be evaluated just like travel, housing, or any other retirement expense. Your available assets, income needs, expected spending, and long-term goals should all be considered together. The goal is not simply to decide how generous you want to be. It is to determine whether that generosity remains sustainable throughout your retirement. Can giving money to your kids hurt your retirement plan? Yes, if the gifts stretch your finances too far. Sandy cautions that retirees should not give away assets today if doing so could leave them financially dependent on their children later in life. Before you give money to your kids in retirement, consider how the gift affects your future income needs, healthcare expenses, longevity, and overall retirement budget. Should gifting to your children be part of your retirement budget? Yes. If helping children or other family members is important to you, the gifts should be incorporated into the financial plan alongside other retirement goals. Sandy compares gifting with expenses such as travel or a vacation home. The question is not whether you are allowed to spend the money, but whether your available resources can support the gift while still funding the retirement you want. Can taxes affect whether you should give money now or later? They can. The source of the gift may matter, especially when money is withdrawn from tax-deferred retirement accounts. In Sandy’s example, a retiree wanted to give money to financially secure adult children but would have needed to take additional withdrawals from a traditional IRA. Those withdrawals could increase taxable income and potentially affect Medicare costs. The family ultimately considered whether preserving the assets for a later inheritance better aligned with the retiree’s priorities. Is it better to give your children money now or leave an inheritance later? There is no universal answer. Some families may value helping children today, particularly if the money supports an immediate need. Others may find that preserving assets for later is more efficient or better aligned with the parents’ retirement plan. Sandy’s broader point is to evaluate the family’s priorities, the children’s needs, the parents’ financial security, and the cost of each option before deciding.   More from the Retirement Decisions That Are Harder Than They Look Series Episode 1: How Do You Know When You Have Enough to Retire? Episode 2: How Much Should You Plan to Spend in Retirement? Episode 3: How Should You Withdraw Money in Retirement? Episode 4: Should You Pay Off Your Mortgage Before Retirement? Episode 5: Can You Afford to Give Money to Your Kids in Retirement?

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK SHOULD YOU PAY OFF YOUR MORTGAGE BEFORE RETIREMENT? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode Should you pay off your mortgage before retirement? Eliminating a major monthly payment can provide peace of mind, but paying off your mortgage is not automatically the best financial decision. In Episode 4 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about what retirees should consider before using savings or investments to eliminate mortgage debt. They discuss why the decision to pay off your mortgage before retirement should be considered more than the emotional appeal of being debt-free. Your mortgage interest rate, available assets, potential tax considerations, and the opportunity cost of using money to pay down debt can all affect the calculation. Sandy also explains why the right answer can vary from person to person and why running the numbers can help you understand what that peace of mind may actually cost. Discover how BWFA can help you evaluate retirement decisions as part of your broader Financial Planning strategy. Frequently Asked Questions About Paying Off Your Mortgage Before Retirement Should you pay off your mortgage before retirement? Not necessarily. Paying off your mortgage before retirement may make sense in some situations, but Sandy cautions against assuming it is something every retiree is supposed to do. The decision should consider your mortgage rate, available assets, other financial goals and how paying off the loan would affect the rest of your retirement plan. For some people, eliminating the payment provides meaningful peace of mind. Others may find that keeping the mortgage leaves them in a stronger overall financial position. The important step is understanding the tradeoff before making the decision. Can paying off your mortgage before retirement cost you money? It can. Paying off a mortgage often requires using cash or selling investments that could otherwise remain available for other goals. Sandy explains that retirees should compare the cost of the mortgage with what they may be giving up by using those assets to eliminate the debt. That does not mean investment returns are guaranteed or that keeping a mortgage is always preferable. Rather, the mortgage should be evaluated alongside your investments, taxes, liquidity needs, and overall retirement strategy. Does your mortgage interest rate matter when deciding whether to pay it off? Yes. The interest rate can be an important part of determining whether paying off a mortgage makes financial sense. A relatively low-rate mortgage may lead to a different decision than a loan carrying a substantially higher interest rate. Sandy notes that changing the mortgage-rate environment can affect the calculation. The goal is to compare the economics of maintaining the debt with the alternatives available for the money you would use to pay it off. Is peace of mind a good reason to pay off your mortgage? Peace of mind can absolutely be part of the decision, but it should be an informed choice. Some retirees simply do not want a mortgage payment after their employment income ends. Sandy acknowledges that preference while encouraging people to understand the financial consequences before acting. If becoming mortgage-free makes retirement more comfortable for you, that benefit has value. A financial plan can help show whether achieving that peace of mind creates tradeoffs elsewhere in your plan. What should you consider before paying off your mortgage in retirement? Before you pay off your mortgage before retirement, consider the decision as part of your entire financial picture rather than treating the mortgage as an isolated debt. Consider the interest rate, where the payoff funds would come from, potential tax consequences, your need for liquidity, and what other goals those assets might support. Start by viewing the mortgage as part of your overall financial picture rather than an isolated debt. Sandy’s central recommendation is simple: run the numbers first. Paying off the mortgage should be an intentional financial decision rather than something you do simply because retirement traditionally feels like the time to become debt-free.   More from the Retirement Decisions That Are Harder Than They Look Series Episode 1: How Do You Know When You Have Enough to Retire? Episode 2: How Much Should You Plan to Spend in Retirement? Episode 3: How Should You Withdraw Money in Retirement? Episode 4: Should You Pay Off Your Mortgage Before Retirement? Episode 5: Can You Afford to Give Money to Your Kids in Retirement?

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK HOW MUCH SHOULD YOU PLAN TO SPEND IN RETIREMENT? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode Will you really spend less after you retire? While some expenses may disappear, retirement can introduce new costs and more opportunities to spend on travel, hobbies, and other experiences. In Episode 2 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about creating a realistic retirement budget. They discuss why spending may remain similar to pre-retirement levels or even increase, particularly during the early years of retirement. Sandy also explains how expenses can change throughout retirement and why healthcare, taxes, home modifications, and lifestyle choices should be considered when determining how much income your retirement plan may need to provide. Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page. Frequently Asked Questions About Spending in Retirement Do people spend less in retirement? Not necessarily. Sandy explains that many retirees spend roughly as much as they did while working, and some spend more, particularly during the active early years of retirement. Travel, hobbies, and having more free time can all create additional opportunities to spend. What expenses may decrease when you retire? Some major expenses may decrease or disappear by retirement. Depending on the retiree’s circumstances, these can include college tuition, mortgage payments, and certain work-related expenses. However, lower spending in one category does not necessarily mean total retirement spending will decline. What expenses can increase during retirement? Travel, healthcare, taxes, and home modifications can increase retirement expenses. Sandy discusses costs such as healthcare premiums, taxes associated with required minimum distributions, and renovations that may make a home more suitable for aging in place. How should you budget for retirement expenses? A retirement budget should start with realistic spending assumptions rather than automatically assuming expenses will decrease. Sandy recommends considering how spending needs compare with income available from Social Security, pensions, investments, rental property, and other retirement income sources. Does spending stay the same throughout retirement? No. Retirement spending can change as your lifestyle and needs evolve. Sandy describes retirement in three general stages: “go-go,” “slow-go,” and “no-go.” Early retirement may involve more spending on travel and activities, while later years may involve less discretionary spending but potentially greater healthcare needs.   More from the Retirement Decisions That Are Harder Than They Look Series Episode 1: How Do You Know When You Have Enough to Retire? Episode 2: How Much Should You Plan to Spend in Retirement Episode 3: How Should You Withdraw Money in Retirement?

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK HOW DO YOU KNOW WHEN YOU HAVE ENOUGH TO RETIRE? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode How do you know when you truly have enough to retire? An account balance is important, but retirement readiness involves more than reaching a specific number. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director, Wealth Management & Executive Manager, about the financial and personal decisions that can help determine when you are ready to retire. They discuss why there is no universal retirement number, what Sandy looks for when someone is considering retirement, and why purpose and intentionality matter when preparing for life after work. They also explore how experienced retirement planning can help people prepare for decisions they may not anticipate before entering retirement. Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page. Frequently Asked Questions About Having Enough to Retire How do you know when you have enough money to retire? There is no single amount that determines whether everyone has enough to retire. Sandy explains that retirement readiness can be measured differently for each individual, based on factors such as account balance, desired annual income, age, or personal milestones. The financial plan ultimately needs to determine whether your available resources can support the retirement you are planning. Is reaching your retirement number enough to know you are ready? Not necessarily. The financial numbers matter because you need to be able to afford retirement, but Sandy emphasizes that a fulfilling retirement also involves purpose, intentionality, and preparation for how you will use your time. The transition can be significant after decades in which work provided structure and professional identity. What should you think about before deciding to retire? Consider both when you want to retire and what you want your retirement to look like. Sandy looks for intentional planning, such as having a timeframe in mind and thinking about travel, volunteering, or other ways you want to spend your time. Simply reaching a traditional retirement age does not necessarily mean someone has developed a retirement plan. Can you have a large portfolio and still not be ready to retire? Yes. A large portfolio can address the financial side of retirement without answering how someone will navigate the transition itself. Sandy explains that retirement planning can eventually involve decisions extending beyond investments and taxes, including housing, support needs, and other circumstances that arise as people age. How can a financial advisor help you decide when to retire? A financial advisor can help evaluate whether your resources support your retirement plans and prepare you for decisions you may not have encountered before. Sandy compares retirement to traveling an unfamiliar road: someone with experience can help identify potential challenges before you encounter them yourself.   More from the Retirement Decisions That Are Harder Than They Look Series Episode 1: How Do You Know When You Have Enough to Retire? Episode 2: How Much Should You Plan to Spend in Retirement Episode 3: How Should You Withdraw Money in Retirement?

HOW TO AVOID LIFESTYLE CREEP WHEN YOUR INCOME INCREASES WATCH ON YOUTUBE TYLER KLUGE CFP®, ChFEB℠, CPWA®, CDFA®, CEPS Senior Financial Planner TESSA HALL Media and Communications Specialist About This Episode Earning more money can create more opportunities to save and invest, but it can also make it easier to spend more of your income. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Senior Financial Planner Tyler Kluge about how lifestyle creep can affect long-term financial goals. They discuss why visible signs of success do not necessarily reflect wealth, how promotions and higher incomes can establish new spending habits, and why financial decisions should be considered within the context of your broader goals. Tyler also explains how recognizing tradeoffs, evaluating recurring expenses, and becoming more intentional about purchases can help keep lifestyle choices from quietly competing with long-term savings. Learn how BWFA can help you build a financial plan that keeps you on track without constant attention. Explore our Financial Planning services or schedule a complimentary consultation to discuss your goals. Frequently Asked Questions About How to Avoid Lifestyle Creep What is lifestyle creep? Lifestyle creep occurs when spending gradually increases as income rises, making a higher standard of living feel normal over time. Tyler explains that someone receiving a major promotion may be saving more dollars than ever before, yet increasing spending so dramatically that the additional income does not translate into a proportional increase in wealth. Does earning more money automatically help you build more wealth? No. A higher income creates greater financial capacity, but the outcome depends on how that income is used. Tyler notes that savings percentages should be considered within the context of income, spending, existing assets, time until retirement, and other individual circumstances rather than relying solely on a generic rule of thumb. How can lifestyle choices affect your financial goals? Lifestyle choices create tradeoffs because financial resources are finite. Spending more on a home, cars, private school, travel, or other priorities is not inherently wrong, but those decisions can leave less available for goals such as retirement. Tyler recommends evaluating what matters most and determining whether current spending supports those priorities. When can a luxury purchase become part of your normal spending? Some purchases can establish a new baseline for future spending. Tyler uses upgrading a vehicle as an example: once someone becomes accustomed to a more expensive vehicle, a less expensive option may seem less appealing. Recurring subscriptions can create a similar effect by turning individually small expenses into ongoing commitments that add up over time. How can you make more intentional spending decisions? Start by asking why you want the purchase and whether it provides meaningful value for you or your family. Tyler suggests distinguishing between genuine needs and wants, while Tessa discusses creating a waiting period before buying something. Taking time before purchasing can help determine whether something supports your priorities or is simply an impulse.

HOW CAN AUTOMATING YOUR FINANCES HELP BUILD WEALTH? WATCH ON YOUTUBE TYLER KLUGE CFP®, ChFEB℠, CPWA®, CDFA®, CEPS Senior Financial Planner TESSA HALL Media and Communications Specialist About This Episode Building wealth does not always require making more financial decisions. In fact, constantly checking your investments, reacting to market movements, or deciding what to do with extra cash can create more opportunities for emotional mistakes. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Senior Financial Planner Tyler Kluge about the financial habits that can make staying on track easier. They discuss what to automate, how often to review your investments, where to keep emergency savings, and why a well-designed financial strategy should not require constant adjustments. Tyler also explains how regular planning conversations can help account for changing goals without abandoning a long-term investment strategy. Learn how BWFA can help you build a financial plan that keeps you on track without constant attention. Explore our Financial Planning services or schedule a complimentary consultation to discuss your goals. Frequently Asked Questions About Building Wealth Through Financial Habits How can automating your savings help you build wealth? Automating savings can help make consistent progress toward financial goals without requiring a new decision every month. Tyler recommends first establishing appropriate cash reserves and then considering automatic contributions to retirement plans, IRAs, brokerage accounts, or other investment accounts based on your goals. Automation can also reduce the chance that money intended for long-term savings is unintentionally spent. How often should you check your investments? How often you check your investments should depend partly on how you respond to market movements, but Tyler suggests that most investors do not need to check them daily. Constantly monitoring markets can create stress and tempt investors to react to short-term changes. He suggests that monthly may be sufficient for many people, while broader financial planning reviews can occur every six months or at least annually. Does reviewing your portfolio mean you need to make changes? No. A portfolio review does not automatically mean your investment strategy needs to change. Tyler explains that major shifts are relatively infrequent, while regular check-ins provide an opportunity to discuss changes in income and expenses, upcoming purchases, retirement withdrawals, or other financial goals. Those changes can then be evaluated within the existing long-term strategy. How much money should you keep in your checking account? The appropriate amount depends on your spending and financial situation. Still, Tyler suggests roughly one to one-and-a-half months of expenses as a general guideline for a checking account used to pay bills. Additional emergency savings may be better suited to an account that earns a competitive rate, such as a high-yield savings or money market account, while remaining accessible when needed. Why can paying less attention sometimes make you a better investor? Paying less attention can reduce opportunities to make emotional decisions based on short-term market movements. Tyler points to periods of rapid market declines followed by sharp rebounds as a reminder that reacting to a single difficult day can interfere with a long-term strategy. The goal is not to ignore your finances, but to combine intentional reviews with a strategy designed to withstand normal market fluctuations.

HOW DOES MARYLAND’S NEW TRANSFER-ON-DEATH DEED WORK? WATCH ON YOUTUBE TESSA HALL Media and Communications Specialist NICOLE LIVINGSTON Partner at McKenna Russo About This Episode Beginning October 1, 2026, Maryland homeowners will have a new estate-planning option for transferring real estate after death: the transfer-on-death deed. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with estate planning attorney Nicole Livingston about how Maryland’s new transfer-on-death deed works, how it may help homeowners avoid probate, and some of the complications homeowners should understand before using one. Nicole discusses multiple beneficiaries, conflicts between a deed and a will, Medicaid liens, and how transfer-on-death deeds compare with life estate deeds and revocable trusts. The new option may appear straightforward, but decisions involving real estate and estate planning can have consequences that extend well beyond completing a form. Explore how BWFA can help you plan for your financial future by visiting our Financial Planning page. Frequently Asked Questions About Maryland Transfer-on-Death Deeds What is a transfer-on-death deed in Maryland? A transfer-on-death deed allows a Maryland homeowner to designate a beneficiary who will receive the property after the homeowner’s death without the property passing through probate. The new Maryland law takes effect on October 1, 2026. Nicole explains that estate planning attorneys have previously used tools such as life estate deeds and revocable trusts to accomplish similar probate-avoidance goals. What happens if you name multiple beneficiaries? Naming multiple beneficiaries may create complications for ownership and estate planning. Nicole explains that under the new Maryland statute, beneficiaries named without additional ownership language default to joint ownership with rights of survivorship. That distinction can affect what happens if one beneficiary dies before the homeowner and may produce a different result than the homeowner intended. Does the deed override a will in Maryland? Yes. According to Nicole, the deed controls the transfer of the property even when a will provides different instructions. For example, a will might divide an estate equally between two children while the deed names only one child as beneficiary of the home. In that situation, Nicole explains that the beneficiary named on the deed receives the property. How could this new option affect Medicaid planning? The new deed can interact with Medicaid and estate recovery rules, so homeowners should consider those consequences before using one. Nicole explains that the arrangement does not prevent Maryland from enforcing an applicable Medicaid estate recovery lien against the property. The appropriate strategy may depend on the homeowner’s circumstances, marital status, and long-term care planning. Should you prepare the deed without an attorney? Although Maryland’s new law is intended to make the process accessible to people without an attorney, mistakes can have significant consequences. Nicole identifies incorrectly describing the property and misunderstanding the effects of naming multiple beneficiaries as two potential problems. Because a home is often a substantial asset, she recommends seeking legal assistance before preparing the deed.

DO YOU HAVE THE RIGHT FINANCIAL ADVISOR FOR RETIREMENT? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode The financial advisor who was right for you 10 or 20 years ago may not be the right fit for your financial life today. As wealth grows and retirement approaches, financial decisions often become more complex. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director of Wealth Management at BWFA, about how to evaluate your current financial advisor. They discuss trust, communication, comprehensive financial planning, tax strategy, fees, and whether your advisor has grown alongside your needs. Sandy also shares one revealing question to consider: if you were starting over today, would you hire the same advisor again? Explore how BWFA can help you plan for your financial future by visiting our Financial Planning page. Frequently Asked Questions About Changing Financial Advisors How do you know when it’s time to change financial advisors? It may be time to consider changing financial advisors when your current relationship no longer meets the complexity of your financial life. As retirement approaches, your needs may expand beyond investment management to include retirement income, Social Security, taxes, health care, and estate planning. An advisor who was appropriate earlier in life may not provide the comprehensive guidance you need today. What should you expect from a financial advisor as you approach retirement? A financial advisor should help you understand how your investments fit within a broader retirement plan. That may include determining how much you can sustainably spend, planning for Social Security and health care, evaluating taxes, and updating your financial plan as circumstances change. The advisor should also communicate proactively rather than relying solely on scheduled meetings. Should your financial advisor coordinate your investments, taxes and estate planning? Financial decisions should be evaluated across investments, financial planning, taxes, and estate planning because a decision in one area may affect the others. For example, an investment decision can create tax consequences, while estate planning decisions can affect how assets are managed or transferred. BWFA uses a coordinated approach that brings these areas together and, at the client’s request, works with the client’s estate planning attorney. What questions should you ask when evaluating your current financial advisor? Consider whether you trust your advisor, receive proactive communication, understand your fees, and have an updated written financial plan. You should also consider whether your advisor has grown with your financial needs and whether your family knows who to contact if something happens to you. One final question may be particularly revealing: If you were choosing a financial advisor today, would you hire the same person again?

HOW CONSERVATIVE SHOULD YOUR RETIREMENT PORTFOLIO BE? WATCH ON YOUTUBE Tyler Cunningham, CFP®, CEPS, CDFA® Financial Planner Tessa Hall Media and Communications Specialist About This Episode Can being too conservative with your investments create risks of its own? In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Financial Planner Tyler Cunningham about balancing stability and growth throughout retirement. Tyler explains why moving too heavily into cash and bonds may reduce market volatility but can also limit long-term growth and purchasing power. They also discuss how cash, fixed income, and growth-oriented investments can serve different purposes within a retirement portfolio. Ultimately, the right balance depends on your income needs, financial situation, risk tolerance, and long-term goals. Explore how BWFA can help you build a financial plan designed around your retirement goals by visiting our Financial Planning page. What You’ll Learn How conservative should your retirement portfolio be? A retirement portfolio should balance stability with enough growth to support the investor’s long-term needs. Holding too much in cash and bonds may reduce market volatility, but it can also limit growth and expose retirees to purchasing power risk. Because retirement may last decades, the appropriate balance should reflect longevity, income needs, risk tolerance and the investor’s broader financial plan. Should retirees still invest in stocks during retirement? Stocks may continue to play an important role in a retirement portfolio, depending on the investor’s circumstances. BWFA Financial Planner Tyler Cunningham notes that even a 75-year-old retiree could have another 20 years to plan for. Maintaining some growth-oriented investments may help a portfolio keep pace with inflation and support financial needs later in retirement. How can retirees manage market volatility without becoming too conservative? Retirees may be able to manage volatility by maintaining cash and fixed income investments for near-term expenses while allowing growth-oriented investments time to recover. Tyler discusses keeping different levels of risk within a retirement portfolio. Having more conservative assets available for withdrawals may reduce the need to sell stocks during a market downturn. Should your investment strategy change as you get older? Age alone should not determine a retiree’s investment strategy. Income, expenses, pensions, risk tolerance, future needs and the intended purpose of the assets should also be considered. For example, assets intended for future generations may be invested differently from money needed for current living expenses. Ultimately, portfolio decisions should be evaluated within the retiree’s broader retirement plan.   More from the Investing In Your Retirement Series Episode 1: Could Your Withdrawal Strategy Hurt Your Retirement?. Episode 2: How Much Cash Should You Keep in Retirement? Episode 3: How Conservative Should Your Retirement Portfolio Be?

HOW MUCH CASH SHOULD YOU KEEP IN RETIREMENT? WATCH ON YOUTUBE Tyler Cunningham, CFP®, CEPS, CDFA® Financial Planner Tessa Hall Media and Communications Specialist About This Episode Many retirees believe holding more cash is the safest way to protect their savings. However, keeping too much money on the sidelines can create a different kind of risk. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Financial Planner Tyler Cunningham about how much cash retirees should keep on hand and why purchasing power matters. Tyler explains how inflation can quietly reduce the value of cash over time, even when account balances appear unchanged. He also discusses how a properly structured portfolio can provide liquidity while allowing long-term investments to continue growing. To learn more about BWFA’s Financial Planning services, visit our Financial Planning page. Read Full Description Holding cash can provide peace of mind. However, keeping too much cash in retirement may limit your portfolio’s ability to grow. Over time, inflation can reduce purchasing power, even when your account balance appears unchanged. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Financial Planner Tyler Cunningham about finding the right balance between accessibility and long-term growth. Tyler explains why retirees often need less cash in the bank than they expect. Instead, a well-structured portfolio can provide income while helping investments continue working toward future goals. The conversation also explores retirement income “buckets,” including cash reserves and fixed income investments. Tyler explains how these strategies may help retirees cover unexpected expenses without selling stocks during periods of market volatility. In addition, he discusses why purchasing power risk deserves as much attention as market risk when planning for retirement. Topics include: How much cash retirees should keep Purchasing power risk Inflation and retirement Cash reserves versus emergency funds Retirement income buckets Managing market volatility Whether you’re preparing for retirement or already retired, understanding the role cash plays within your financial plan can help you make more informed decisions about your long-term financial future. More from the Investing In Your Retirement Series Episode 1: Could Your Withdrawal Strategy Hurt Your Retirement?. Episode 2: How Much Cash Should You Keep in Retirement?

MORE THAN A RIDE: HOW NEIGHBOR RIDE HELPS SENIORS STAY CONNECTED WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Bruce Fulton Executive Director Neighbor Ride Tessa Hall Media and Communications Specialist About This Episode Transportation is about more than getting from one place to another. For many older adults, it helps maintain independence, build social connections, and support a higher quality of life. In this episode of Healthy, Wealthy & Wise, Tessa Hall and Sandy Hornor are joined by Bruce Fulton, Executive Director of Neighbor Ride. They discuss how the Howard County nonprofit connects adults aged 60 and older with volunteer drivers. Together, they explore how the organization helps riders reach medical appointments, grocery stores, social activities, and other important destinations. The conversation also highlights the value of volunteerism and the importance of staying connected during retirement. In addition, Bruce explains how community partnerships strengthen Neighbor Ride’s mission. BWFA is proud to sponsor Neighbor Ride’s volunteer driver program and support its commitment to neighbors helping neighbors. Learn more about Neighbor Ride by visiting https://neighborride.org/. Read Full Description Retirement is about more than financial security. It also means maintaining your independence, staying socially connected, and continuing to enjoy the activities that make life meaningful. In this episode of Healthy, Wealthy & Wise, Tessa Hall and Sandy Hornor welcome Bruce Fulton, Executive Director of Neighbor Ride. The Howard County nonprofit connects adults age 60 and older with volunteer drivers who provide transportation to medical appointments, grocery stores, social events, and other important destinations. As a result, older adults can remain active and engaged in their communities. Bruce explains how Neighbor Ride grew from a small community initiative into one of the region’s leading volunteer transportation programs. Today, hundreds of volunteer drivers provide thousands of rides each year while building meaningful relationships with the people they serve. The conversations that happen during each ride often become just as valuable as the transportation itself. The discussion also highlights the importance of community, volunteerism, and planning for life beyond finances. Sandy shares why BWFA is proud to sponsor Neighbor Ride’s volunteer driver program and support an organization that helps older adults remain connected, independent, and engaged throughout retirement. To learn more about Neighbor Ride, request transportation services, or become a volunteer driver, visit https://neighborride.org/.

COULD YOUR WITHDRAWAL STRATEGY HURT YOUR RETIREMENT? WATCH ON YOUTUBE Tyler Cunningham, CFP®, CEPS, CDFA® Financial Planner Tessa Hall Media and Communications Specialist About This Episode Could your retirement withdrawal strategy have a greater impact than your investment returns? In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Financial Planner Tyler Cunningham about sequence of returns risk and why the timing of withdrawals can significantly influence retirement outcomes. Although two retirees may earn the same average rate of return, the order in which those returns occur can produce very different long-term results. Tyler explains why creating cash reserves, strategically structuring retirement income, and understanding distribution options can help reduce unnecessary risk. He also discusses when rolling assets from an employer-sponsored retirement plan to an IRA may provide greater flexibility for managing retirement income. To learn more about BWFA’s Financial Planning services, visit our Financial Planning page. Read Full Description Two retirees can have nearly identical portfolios and earn the same average rate of return. Yet one may reach a very different financial outcome than the other. One reason is sequence of returns risk, which refers to the order in which investment gains and losses occur after retirement. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Financial Planner Tyler Cunningham about why withdrawal timing matters. Tyler explains how taking retirement distributions during a market decline can permanently reduce a portfolio’s value. He also discusses why preparing before retirement is just as important as selecting the right investments. The conversation explores practical strategies that may help reduce sequence of returns risk. Tyler explains why maintaining cash reserves or fixed income investments can help retirees avoid selling investments during market downturns. He also discusses how creating separate income “buckets” may improve long-term retirement outcomes. The episode also examines the differences between employer-sponsored retirement plans and IRAs. Tyler explains why IRAs often provide greater flexibility when selecting which investments to sell for retirement income. In addition, he discusses common withdrawal mistakes and why distribution planning should consider both investment performance and taxes.

ARE YOU MISSING TAX BENEFITS WHEN YOU GIVE TO CHARITY? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode Giving to charity is about more than choosing the organizations you want to support. The way you give can also affect your taxes and your overall financial plan. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor about charitable giving tax strategies, including donor-advised funds, qualified charitable distributions (QCDs), and bunching charitable contributions. They explain how these strategies may help eligible individuals maximize tax benefits while supporting the causes that matter most. To learn more about tax-efficient financial planning services, visit our Tax Planning page. Read Full Description Americans donate hundreds of billions of dollars to charity each year. However, many people overlook opportunities to make those gifts more tax-efficient. Understanding how you give can be just as important as deciding where you give. In this episode of Healthy, Wealthy & Wise, Tessa Hall sits down with Sandy Hornor to discuss charitable giving tax strategies. Together, they explore ways individuals and families may maximize the impact of their donations while potentially reducing their tax burden. The conversation examines donor-advised funds and how they work. Sandy explains the flexibility they offer and why they can be an effective tool for long-term charitable giving. He also discusses qualified charitable distributions (QCDs), how they interact with required minimum distributions (RMDs), and why they may be an important strategy for charitably inclined IRA owners. Next, the episode introduces the concept of bunching charitable contributions. This strategy allows some donors to combine several years of planned giving into a single tax year. As a result, they may increase available tax deductions. Throughout the discussion, Sandy emphasizes the value of thoughtful planning. He also explains how customized investment strategies and professional guidance can help align charitable goals with a broader financial plan. Topics include: What a donor-advised fund is DIY versus advisor-managed donor-advised funds Giving appreciated securities Qualified charitable distributions (QCDs) Required minimum distributions (RMDs) Bunching charitable contributions Tax-efficient charitable giving Building a charitable legacy Whether you’re already giving to charity or looking for more tax-efficient ways to support the causes you care about, this episode provides practical insights into charitable giving strategies that may fit within your overall financial plan.

STIFF AND SORE NO MORE NATURAL REMEDIES FOR CHRONIC ACHES AND PAINS WATCH ON YOUTUBE Tessa Hall Media and Communications Specialist Emily Telfair, ND Naturopathic Doctor About This Episode Tessa Hall speaks with naturopathic doctor Dr. Emily Telfair about natural approaches to managing chronic aches and pains. They discuss inflammation, nutrition, herbal therapies, topical remedies, movement, and mindfulness techniques that may help improve mobility and quality of life. The conversation also explores how chronic pain affects both physical and emotional well-being while highlighting practical, low-risk strategies that may complement traditional medical care. Read Full Description Chronic aches and pains can affect much more than physical comfort. They can limit mobility, interrupt daily activities, reduce quality of life, and even impact emotional well-being. While medications may provide relief for some people, many individuals are interested in exploring additional ways to manage pain through nutrition, lifestyle changes, and natural therapies. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with naturopathic doctor Dr. Emily Telfair about a holistic approach to managing chronic pain. Dr. Telfair explains the role inflammation plays in the body and why understanding the underlying cause of pain is often just as important as treating the symptoms themselves. She also discusses the differences between acute and chronic pain, how inflammation develops, and why pain can affect both physical and emotional health. The conversation discusses various natural methods that may help manage pain, including anti-inflammatory nutrition, herbal therapies, hydrotherapy, topical treatments, and movement. Dr. Telfair shares research on ingredients like turmeric, boswellia, ginger, and bromelain, explaining how these approaches can help reduce inflammation. She also talks about practical remedies such as arnica, castor oil, Epsom salt baths, contrast hydrotherapy, and even the unexpected use of cabbage leaves as a traditional remedy for certain joint discomforts. In addition to physical treatments, Dr. Telfair explains why stress management, mindfulness, and maintaining regular movement can be important components of long-term wellness. She discusses yoga, tai chi, massage therapy, craniosacral therapy, walking, and other techniques that may help improve flexibility, mobility, and overall quality of life. Throughout the conversation, she emphasizes working alongside healthcare professionals before making changes to medications or treatment plans and encourages listeners to view natural therapies as complementary tools that may support overall health and well-being.

TOP RETIREMENT MISTAKES WILL YOU SPEND TOO MUCH IN RETIREMENT? WATCH ON YOUTUBE Thad Ismart, CFP®, ChFEBC, CEPS Senior Financial Planner Tessa Hall Media and Communications Specialist About This Episode Tessa Hall speaks with BWFA Senior Financial Planner Thad Ismart about retirement spending and why many people underestimate the income they will need in retirement. They discuss spending habits, budgeting assumptions, and practical planning strategies that can help support long-term financial goals. This episode is part three of BWFA’s Top Retirement Mistakes series, which explores common retirement planning mistakes and strategies to help avoid them. To learn more about retirement planning, visit our Financial Planning page. Read Full Description Many retirees assume their expenses will decline once they stop working. In reality, spending often increases during the early years of retirement. In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Senior Financial Planner Thad Ismart about retirement spending and why accurately estimating expenses is essential to a successful financial plan. They discuss the “go-go, slow-go, no-go” years of retirement, common budgeting mistakes, and BWFA’s approach to estimating retirement expenses. Thad also explains why reviewing spending assumptions regularly can help retirees stay on track as goals and lifestyles evolve. This episode is part three of BWFA’s Top Retirement Mistakes series. Top Retirement Mistakes Series Episode 1: Why You Need an Estate Plan Episode 2: Why Beneficiary Designations Matter Episode 3: Will You Spend Too Much in Retirement? Episode 4: The Retirement Risk Most People Miss Episode 5: RMD Mistakes That Can Cost You Episode 6: Why Retirement Planning Matters