Introduction

Madison: Hello, everyone, and welcome to Not Just Numbers Honest Conversations with a Financial Advisor and Lawyer. I am Madison Demora, and I am here with Mike Garry. Mike is a financial advisor and CFP and the founder and the CEO of Yardley Wealth Management. He is also an estate planning lawyer and his law firm is Yardley Estate Planning. Hey, Mike.

Mike: Hey, Maddie. How are you?

Madison: I’m good. I’m good. How are you?

Mike: I’m great. Thanks for asking.

Madison: Of course. So today we are going to discuss tax planning strategies in your sixties.

Mike: Sounds like a good topic.

Tax Planning Strategies Discussion

Madison: Yeah, absolutely. All right, so, Mike, what are the key differences in tax planning considerations for individuals in their sixties compared to other age groups?

Mike: All right, so this is where we financial advisors get to like nerd out and geek out, because in your sixties you have some opportunities. And the main thing is it’s a time when a lot of people retire, right? So they might start to need to take from their portfolio or their savings. They’re over 59 and a half, so they could take an IRA distribution and not be penalized for it. And they’re not yet 70, so they don’t have to take Social Security yet. So for people who have accumulated enough assets to live on, and they have different tax buckets, like savings or, and a brokerage account and an IRA and a Roth IRA, if they have no other income coming in, we get to do a lot of planning, decide how much does the person need and how are we going to meet that requirement and how are we going to do that to lower the clients lifetime taxes that they’re going to pay. It’s a fun puzzle that we love to geek out on. And so it’s different in your sixties, I guess 59 and a half to 69 and 364 days. But yeah, your sixties is the time where you could really do a lot of planning and make a giant difference in your overall financial well being.

Madison: Okay, so. What are the benefits of maximizing contributions to retirement accounts such as IRAs and 401ks during your sixties? And how does this fit into overall tax planning?

Mike: Sure. So if you get into your sixties and you have choices of IRAs and Roth IRAs and 401ks and Roth 401ks, and you know you’re going to be retiring soon, you can figure out planning ahead. So say you’re 63 and you’re going to retire at 65 and you could still save a lot. You could figure out what makes sense to which bucket to fill way better and with a lot more precision than you can at other stages of your life. So if you really know that you’re going to need tax free and it’s okay that you pay a little tax now, then you use the Roth 401k. Or if you’re still in a high tax bucket, maybe you still use the 401k. But whatever you do, you could plan out a couple of years in advance and really know what makes sense. Otherwise at earlier stages in your life, it’s a lot harder. When you started your 401k here a couple of years ago, we suggested that the Roth was probably made the most sense. Cause you’re young, you have a long time for it to accrue and you didn’t pay a whole lot in federal income taxes anyway. Right. And then at the other end of the spectrum, me, right, I’m older, make more money, and pre tax is really the way to go for me, looking at our situation. But we’re really at the extremes there. A lot of people, it’s a harder call. You know, if someone’s in between our ages and in between our pay and they’re 42 and they’re still gonna not retiree for 20 or 25 years, you don’t really know what’s gonna make the most sense. We could make our best guess and we generally would say pre tax for certain things and Roth for other things, but we don’t know. But if you’re 63 and going to retire 65, well, we can make projections like right then to figure out what’s gonna be best. And it can make a big difference.

Madison: Absolutely. So how can individuals in their sixties optimize their tax planning strategically, withdrawing funds from various retirement accounts such as traditional IRAs, Roth IRAs and taxable accounts?

Mike: Sure. So, you know, with our tax system, it’s marginal, right. And so the first dollar you make, there’s no tax on it because everybody has a standard deduction. And if you itemize, maybe, you know, it’s an even higher amount where there’s no tax on it. And then you have different tax rates for income and for capital gains. And for capital gains, for a married couple, the first, almost $90,000 is taxed at the 0% capital gains tax rate. So if you have all those different choices, we could figure out what makes the most sense tax wise. And so maybe you do some Roth conversions, and maybe you’ll take some from a taxable account. Maybe you’ll take from an IRA or a 401k. Maybe you’ll start Social Security. But anyway, when you have all those different things, you could kind of put them into the, into the formulas and figure out what makes the most sense for now and for the future. Right. Because there’s estate planning ramifications to this. I think we’ll get to those later. I snuck a peek at your questions.

Madison: That’s no problem. All right, so. How can individuals in their sixties leverage tax-efficient investment strategies, such as tax-loss harvesting and asset location optimization, to minimize tax liabilities?

Mike: Sure. So asset location means, if you’re going to assume that people are going to have stocks and bonds or funds or ETF’s that have stocks and bonds. And if you have different types of accounts, like a brokerage account, which is a regular taxable account, an IRA, and maybe, maybe a Roth IRA, you would use different buckets. You would put different investments in those different things based on what you expect. Your Roth would have more aggressive part of your portfolio, because most people don’t use their Roth too much unless they really need to. Or it really makes sense, but a lot of times people leave that alone to let that be tax free for the kids or grandkids. And then also from your IRA, regular IRA, you’re going to have to take requirement of distributions. So if you’re going to have bonds in your portfolio, it makes sense to have some there because you’re going to have to take some amount out once you hit 73 to 75, depending on how old you are now. And so you don’t want to have an all stock portfolio, maybe, if you’re going to have to take distribution. So if you’re going to have bonds somewhere, that would be the place to have it. And then in your, and also because you get a lot of dividends from it, if you have real estate, then in your IRA is probably the place for that too, because there’s current taxation. And so then that would leave your brokerage account with like the bulk of your other, like your regular run of the mill stock funds and ETF’s. So that’s the asset location. Tax loss harvesting, though, is an idea where if you have a loss in a position which everything goes up and down. So it’s not unusual to have a loss in any position at some time, especially when the market’s down. You can take those losses and then you know, which is harvesting, so you take those losses intentionally so that you could use those against any gains that you have. And then if you use it against all of your gains, then it can go against up to $3,000 of your income. And then whatever you don’t use there can go forward. Right. So oftentimes it makes sense to take a loss on something so that you could use it for other tax purposes in the future. Now, you often will reinvest that money, take a tax loss in. You can’t buy the same thing back right away because then that’s called a wash sale and then your loss will be disallowed. So you need to buy something different, but you could buy something pretty similar, but it can’t be the same. And so that will be the short and skinny on what tax laws harvesting and asset location are.

Madison: Okay, so what are the tax implications of investment income, including capital gains and dividends, for individuals in their sixties? And how can they manage these taxes through investment strategies?

Mike: Yeah, so we look to have relatively tax efficient investments, right. So we buy ETF’s and mutual funds that are, that are low cost and tax efficient. So that they don’t ordinarily distribute a lot of their money and capital gains. And so in addition to that, it’s the strategic location from the last question. So you have stuff that doesn’t pay as much in taxes and dividends in taxable accounts because that stuff like the bonds and real estate that pays more in dividends, it goes in your IRA. So between the location, the tax efficient funds, and then it could also get down to in your tax return, capital gains are not taxed as heavily as income is. And so taking capital gains, especially if you have no other income, can be great because you could have a 0% tax rate. So yeah, it all gets put together in all these questions.

Madison: All right, so what are the implications of required minimum distributions (RMD’s) from retirement accounts for tax planning in your sixties, and what strategies can be used to manage RMD’s effectively?

Mike: Sure. So if you are in a good position, where you can kind of choose which buckets you’re going to use to live on, sometimes it makes sense to either take money from your IRA before you’re required to, or it might make sense to convert that money to a Roth IRA, pay tax on it if you live off something else. Right. Again, everybody’s situation is different, but with requirement on distributions, once you get to 75, you’re going to have to take out roughly 4% of your account and increase that over time. The percentage goes up every year. Whether the amount goes up depends on whether the portfolio is going up or down or the IRA has gone up or down. So you need to keep in mind in your sixties that once you get to the age for requirement of distributions, you’re going to have a lot of income that you can do nothing about. And it’s going to be taxable income, like tax, just like a paycheck would be. And then you’ll also be collecting Social Security at that time because you’ll be above 70. And so one of the things is in your sixties, you’re going to know that you have this big amount of income coming in. And so if you do the planning in the sixties, you can maybe pay a little tax in your sixties to greatly reduce the tax you’d pay in your seventies. Right. So sometimes from a compliance perspective, people just think, I’m going to compile my taxes, I want to pay the least amount I can in 2024. That might be right, but it could be totally wrong. Like, you’re worried, we’re worried anyway, about taxes for the rest of your life. And we don’t know what they’ll be, but there are strategies we can use to make sure we decrease your overall lifetime tax burden.

Madison: Okay. Sounds like there’s a lot that goes into it. This is information that not an average 60-year-old I feel like would be familiar with.

Mike: Right, right. So it’s funny when I say we’re going to geek out on this. When we talk to people come in, sometimes they probably don’t know or understand. And, you know, it can make a big difference, a giant difference.

Madison: So how does tax planning intersect with estate planning considerations for individuals in their sixties, particularly concerning estate taxes, gifting strategies, and beneficiary designations?

Mike: Sure. So, you know, when we talked about, there’s a lot that we could go and we’ll try to keep this brief. There are, what we were just talking about, the required minimum distributions. If you in your sixties, convert some of your IRAs to Roth IRAs, that will decrease the amount you’re going to have to take from your required minimum distributions. Say you have a million dollar IRA and you’re 65, and you convert over the next five years, you convert $50,000 each year. So then your IRA then is worth 750, plus whatever stuff, whatever appreciation, and then you have $250,000 in a Roth. Your requirement minimum distribution is going to be lower because you took that money out. Right. And then your Roth, when your beneficiaries receive the money, it’s going to be tax free. They’re still going to take their distributions like they would from a regular IRA, but there’ll be no taxes on it. So, so it gives them a lot more flexibility than trying to figure out what ten years they’re going to take out like the rest of the IRA that they’re going to inherit. So it really impacts tax, estate planning, gifting. The gifting part, you wouldn’t gift from an IRA, but if you have a brokerage account, maybe it makes sense to gift. But if you have highly appreciated securities, it probably doesn’t make sense to gift because when you pass, the cost basis of those securities steps up to the day, the fair market value at the date of death.

Madison: All right. What are some common pitfalls or overlooked opportunities in tax planning for individuals in their sixties and how can they proactively address them to maximize tax savings?

Mike: Yeah, I think the biggest thing is that they don’t think about it and then just think like, what can I do each year? Like, well, I don’t take from my IRA. I have cash savings. I don’t need to take from my IRA or my brokerage account or my, I don’t have to start Social Security, so I’m just going to use my savings. And that probably makes a lot of sense because there’ll be no tax, but they’re going to then not use the 0% tax bracket, which you should always fill up the 0% tax bucket. It might not make sense if you’re not aware of the way things work, but it might make sense to take a $50,000 capital gain because it’s not going to get taxed. Right. If you literally have no other income, which is not all that common. But it does happen sometimes. I think the whole idea is that people just worry about what their taxes are going to be this year. They look at their various buckets and say, I’ll take this from this one it doesn’t cost anything. Instead of looking at the overall plan and figuring out what they should do over that time in their sixties so that, you know, they can really, really help themselves financially. It can make a giant difference for people. Just giant.

Madison: Yeah. Absolutely. Could totally see that after this whole interview or conversation.

Mike: Glad it’s eye opening for you. You have a couple years till your sixties, but, you know.

Madison: Yeah. Start planning to, planning to plan. Yeah.

Mike: Well, yes, if you start, that’s a giant thing, Madison. If you start planning now, then you’re going to have these opportunities to do more planning then. You have a lifetime of making good financial decisions and really maximize whatever you’re able to earn during those years.

Employee Spotlight: Maureen Donahue

Madison: We are joined here today with Maureen Donahue. Maureen has been with the YWM firm since early fall of 2023. Maureen is a financial advisor and a CFP. So, Maureen, can you share a bit about your journey at Yardley Wealth Management from when you first joined to your current role?

Maureen: Yes. So I started, as Maddie had mentioned, in the Fall, and since then, you know, just really spent a lot of time in the office learning all the different policies and procedures. While I’ve been a financial advisor in a few different firms, everyone does things slightly different. So just spending a lot of time learning how we trade, how is our onboarding process, how do we work with clients? And that was kind of the first few months here, just really learning that. And now I’m taking on more work and hopefully taking off some of the work from, you know, Mike and Karen and Sandra to help you guys out and get plan recommendations done, trading implemented. It so really transitioned from a few months of training to now I feel like at least I’m able to do a lot of that stuff on my own, and then Mike and I can review it all together.

Mike: And I have to say, I really like the process you’ve implemented for trading. Makes it really easy for me to see what you think should be going on and that we make sure we make the right decisions. It has really been a good thing. I really appreciate it.

Maureen: Great. Thanks.

Madison: What aspects of your role at Yardley Wealth Management do you find most fulfilling or rewarding?

Maureen: Well, I think it all comes down to the reason I got into financial planning is I studied finance in school and college and didn’t know what I wanted to do with it, but I knew I wanted to help people. And I find finance sometimes can have a bad name, as you see, like Wolf on Wall Street and all those fun movies. And I was like, well, I want to tell that all traders aren’t bad people. I want to do something to actually help people. And I found this was the best way to work with clients and really make an impact on them. So whether, you know, they’re doubting whether they can retire or they’re just starting, and you can see them through that process of, hey, I just start working and they start building wealth, they buy that first house, they switch jobs. It’s really like a rewarding part of the job. And it’s really nice I’ve been able to continue that work at Yardley Wealth.

Mike: It’s great for me to take the technical aspects of some of the accounting and finance things and help explain to people what their choices are. What the possible outcomes are and how doing different things can really help. It’s a lot better than doing a future value calculation like we might have done in school.

Maureen: Yeah, much better. Much better than stat and everything. Definitely like it more working with people and explaining it to them after you do all the work.

Mike: Right.

Madison: Could you highlight some of the key contributions you’ve made to Yardley Wealth Management during your time with the company?

Maureen: Yeah, I think one of the bigger things that I was helping work is Mike has built up this business and has so much knowledge in his head of the clients and their histories and their past and their likes. And a lot of times I’m working from scratch because that information’s all in his head. So what’s been really nice is to implement what’s called a mapping software that helps keep track of that information. So if someone comes in, you go, oh, they have two kids, one’s at college, oh, they went to Drexel, I went to Drexel. You can really start to organize that so that Mike’s not the only one that we can go and tap on and be, hey, Mike, they’re coming in, what’s going on? It’s really nice to take some of that data, which I know will take forever, to get all of it, but take some of it and put it in a place that people can access it.

Mike: Yes. Better than my head.

Madison: Beyond your professional responsibilities, what are some hobbies or interests you enjoy doing outside of work?

Maureen: Yeah. So one of my biggest hobbies has been cycling. I started in college and I just continued through, and I was racing for so many years, so that’s always been something I enjoyed. And as the weather gets warmer, I hope to continue to get outside. Yardley has a nice gravel path, so that’ll be fun. And then I always enjoy, I’m big into baking, so I started out with, like, French macaroons, and then I went into breads. Now my next adventure is donuts. So I know here we’re all on diets, so I’m always helping out and contributing to our healthy nature here.

Mike: Well, I’m upping my cardio work now in this part of the season, go away from lifting as much. So maybe I’ll need some of those extra calories. If you want to bring some donuts in, I will certainly be a taste tester.

Maureen: Perfect. Good. Well, there will be a lot of failures. It hasn’t been super successful yet.

Madison: Hey, I’m saying, whether if it’s for myself or everyone, I am totally open to whatever you make. You’ve brought in some sweets, and they are so good. I love them.

Maureen: Thank you, Maddie. That’s really sweet.

Madison: Of course. All right. Is there a particular accomplishment or project you have worked on at your Yardley Wealth Management that you’re especially proud of?

Maureen: So, project is one thing that we’ve been working on. It feels like forever now, Mike, but actually, this week, we should be done. Is we’ve been really trying to, as always, minimize the cost of clients through how we trade and transact. And so, trading out of mutual funds, we found really good securities that are ETF’s. So we’ve been trying to trade out of those mutual funds, which have a cost to trade and movement ETF’s. And this week, we should be done, which is exciting. It’s been the start of December in three months. But, you know, it is nice to see that it’s much easier to trade the clients accounts when they need cash. You’re not worried about, hey, this is gonna cost $35 is, you know, worth it? We keep them close into tolerance. So, you know, definitely, Mike could put me on that project, and it definitely feels good to help in another way and bring more value to the clients.

Madison: Yeah. Wow. Three months. That’s a. That’s a big project.

Maureen: It has been a big project.

Madison: Yeah. Good. Well, congratulations, guys. You’re almost. Almost completed. Very good. Very, very good. So, Maureen, how do you maintain a healthy work life balance while working for Yardley Wealth Management?

Maureen: Yeah, that’s a great question. I think everyone always is seeking out, like, how do I do really good at my job, do really well at home, stay fit, and then have some time to just enjoy. I think it always comes down to colleagues you work with and the workplace environment that’s created. And here at Yardley, well, everyone’s really helping out, making sure that, hey, I have this doctor’s appointment or a furniture delivery, that we’re working around it and not stressing it out and be like, well, like, I’m gonna schedule something right after it. And then on top of it, just helping out with just work in general account opening. We have a great support staff, so having those people in place and great people that do great work just makes the work life balance a lot easier. So that if you are away for an hour or you come in a little bit later, you know that everything’s being looked over and handled, and you’re not stressed out coming in.

Madison: Wonderful.

Mike: It’s good to hear.

Madison: That is very good to hear. What do you appreciate most about being a part of the Yardley Wealth Management team?

Maureen: The most I appreciated is just, you know, how friendly everybody is. You spend, you know, 40 hours a week at work, and you can easily, you know, go to work, you work, go home, and then your family and relationships are outside of there. But some people just don’t realize it’s great to have great colleagues to work with that are friendly. So we’ve had some team lunches, which have been really enjoyable to get to know everybody and meet and learn, you know, what people are interested in and, you know, everyone checks in. It’s just a really great work environment, which makes it, you know, I already mentioned I love my work. It’s great to have great people to work with that care and that you connect with.

Mike: Yeah. Once you get past Maddie’s grisly exterior, you’ll see that she’s really nice. So it’s good.

Maureen: Yeah. Yeah, exactly. I mean, you know, there’s not everyone, Mike. You can’t get along with everyone.

Mike: All right. Thank you so much for taking the time to hop on the podcast and introduce yourself. So, Maureen, I have a couple questions for you. So, in terms of what’s it like working with a financial advisor or financial planner, what kind of things do you do for people? You just, like, manage their money and take a fee?

Maureen: Yeah. I sometimes like to change the job title to financial therapist because it’s a bit more than just managing money. Your job, really is to help guide them through some important stages of their life. A biggest one that we get is people that are looking towards retirement. So they are in that 60 age range, 50 to 60 age range, and they’re looking at, hey, I might finally never get a paycheck again. And how am I going to do that? And part of it, I find the easy part is to say, hey, you can do it. Look, you said this is your spending. We analyzed it. We looked at your income sources in retirement and your assets, and you’re going to be great. But that’s not enough. Not enough for them. It’s really the journey to help them feel good and feel comfortable about it, which is the therapy part, helping them know that this money’s there and they’ll be fine, because guess what? At 90, you’re not going back to work. So we got to make sure that the one time decision is right. We have to make sure you’re also comfortable with it. So, you know, it is part of that journey.

Mike: Yeah. I feel like we get a lot of people come in who are like, late fifties, early sixties, and they’ve done a great job of saving. They’ve had good careers. They’ve avoided, like, giant catastrophes or maladies that have stopped them from saving, and they’ve been working hard for 40 or more years, and they get the idea of saving. But it’s really hard to come up with the idea of, like, okay, now I have to take this money that I’ve accumulated and actually spend it and not save anymore. I think for a lot of our clients, the financial part is not the hardest part, as you said. It’s like getting people used to the idea. Like, that’s what you did it for, you know? There was a reason that you didn’t splurge all the time and you save stuff and so that you could stop working sometime. And I was talking. Well, we’ve been talking a lot recently about the opportunities people have in their sixties for planning their retirement if they’ve done a lot of saving. If you have money in different tax buckets, like a brokerage account, an IRA, a Roth, and savings, it opens up all sorts of opportunities. You could figure out what taxes you’re going to pay, um, over the remainder of your life. Like, in the other part of this podcast, I talked to Maddie about how, like, a geek out on this. It’s a fun thing for an advisor, right? Can you explain a little bit about what I’m talking about?

Maureen: I think it’s also, is the challenge of what people sometimes bucket money. It’s all throughout their life, people bucket money. Like, I’m gonna, you know, you’ll see different checking accounts, car savings, home savings. And they do that also in retirement then, too, and say, well, the Social Security, that’ll fund this, and I have this giant taxable, which is IRA, which is taxable at ordinary income, and that I’ll fund this and I’ll take out this much from here. And that’s what you’re referring to, like, is that we take a backup step and say, hey, let’s think about how we want to organize this different bucket, because really, for us, you only need to worry about that you need, like, 5000 or $10,000 a month. It’s our job to worry about where it comes from in a tax efficient and smart way. So it could be the fact that you do have that IRA, and we convert some of that and lower tax years earlier in retirement to Roth funds. And why is that important? Because then you have funds that are taxed at ordinary income and funds that come out tax free. So we want to fill both those buckets. And then that third bucket of assets is, you know, the brokerage account, which when we buy and sell or when we sell, are realized at long term capital gain rates of 15%. So you can see that you have ordinary income, long term capital gains and tax free money. And our job is to figure out what combination is going to work for you, for the funds that you need. Generally, when you get into a flow and expenses are regular, it’s going to look pretty similar every year. But that’s for us to figure out. Hey, is there a different strategy? Do we need to take more from Roth this year? How are we going to do that and building those buckets up, especially when you’re in, you said closer to retirement and in those early years of retirement are important because you hit more income as you go into retirement. There’s Social Security, which most people take between 65 and 70. That’s ordinary income for most people. And then there’s required minimal distributions from that IRA, where the IRS is like, you have to take distributions. Those increase every year after 72, 73, 75, whatever we’re at these days and age, along with the government. But that, again, is another source of income. So, you know, you have all those different buckets and we try to help you fill it because I think it’s most common to say, hey, put money in your 401k, but no one explains that, hey, when you take that out, it’s going to be all in ordinary income. So we need to fill all those different buckets.

Mike: Yeah. When I was talking to Maddie about this earlier, we talked about like one big potential pitfall is people always want to minimize their taxes that year. So if you’re not planning for your future, you could say, okay, well, I have this money in savings. I’m not going to take anything out. I’m going to have no income. And just like whatever the dividends are on my money market fund or interest from the bank, not realizing that by not taking some income or doing a conversion earlier, they’re going to wind up with much, much higher taxes once they have to take their requirement minimum distributions and they have Social Security turned on. So we really try to explain to people that we’re not looking at minimizing your taxes in 2024. We’re trying to minimize taxes, like for the rest of your life and possibly for the lives of your children. So it really, and for us, it’s a lot of fun because it’s one of the things where you can make a real difference and you know that you’ve made a real difference, whereas a lot of the other choices, lot of other things that we do seem right or are right, but it’s hard to show. But if we do these tax moves, we could say, okay, well, this is going to save you x amount of money, and that’s real. And nobody likes paying extra taxes than they have to. Right. So it’s wins all around.

Maureen: Yeah, you bring up another point, too. I just want to talk about, because you mentioned it about, hey, there’s those funds in that money market account. A lot of people in retirement, too always think about, like, income funds. I hear that a lot, like, I want to have, like, enough bonds that generate enough income. And I always feel like that’s a huge pitfall, as you said, like minimizing taxes and trying to match your investment with the exact amount of income that you need. Mostly because, you know, right now maybe it’s possible that, you know, you’re able to get something that yields 5% in a safe bond fund. But, you know, over a long term, like not too long ago, we need to remember interest rates were low and so having that balanced strategy, whereas you still need equities in retirement because your time horizion still, we hope in that 20 to 30 years. So always thinking about that. A lot of people do also shift into that income phase and think about what funds can I get that can generate enough income so, like, dividends or interests that I just live off of it. And it’s really a mindset that I think both of us try to work on with clients of, hey, let’s think about that. We want to think of how much do we need in dry powder and safer funds and how much can we let grow over the longer time horizon.

Mike: Yeah. So that’s a big topic. Right? So this time last year, everybody was rushing into money funds because they’re paying four or 5%. Like, oh, this is so great. I’m like, yes, it’s better than the zero or 1% had been for 15 years. But stocks tripled the returns from that last year. Right. And people never see it coming. If the market is down one year, they just think it’s going to be down forever. Or if up one year they think it’ll be up forever. And you need different investments in different buckets and you need different tax buckets, and you need to have equities. You just do. Yeah, sometimes the stock market makes no sense. It doesn’t have to make sense. It works. And that’s the important thing. Daily you’ll see some headline that something happened and the inverse of what you’d think happens in the stock market. Thats okay. It doesn’t matter. Its just noise. Don’t pay any attention to it. You have that percentage of equities that’s right for your situation and were all different. Although the three of us might all be in equities. I am all in stocks. And then have the allocation that’s right for you and then stick with it. It couldn’t be easier. Yes, it’s hard to stick with it sometimes, but that’s the mantra that you follow. Maureen, thank you.

Maureen: So, yes, that’s the therapist part that we talk about. It might be hard and that’s why we’re more therapists than advisors sometimes.

Mike: Yep. Hey, thanks for answering these extra questions that weren’t in the initial employee spotlight, but I thought it was important for our listeners to hear. Right. I’m not the only advisor here anymore, and it’s great. I’m really happy that you’re here. It’s been great so far.

Maureen: Happy to answer them.

Madison: Yes. Thank you so much, Mo. This was great. For more information on Yardley Wealth Management or Yardley Estate Planning, you could visit our website at yardleywealth.net, and yardleyestate.net. You can also follow us on socials at Yardley Wealth Management. This podcast has been produced by Madison Demora and Mike Garry with technical and artistic help from Poe Productions.