Category: Podcast

Common Investing Mistakes (And How to Fix Them)

Posted on by Brian Colvert

Common Investing Mistakes (And How to Fix Them)

Most people think investing is about picking the right stock or timing the market, but that’s not what actually builds lasting wealth.

In reality, some of the biggest investing mistakes aren’t made by beginners. They’re made by high earners who are doing a lot of things right, but still feel like something is off.

They’re saving, they’re investing. They have a 401(k). On paper, everything looks solid.

And yet, there’s still uncertainty. Still hesitation. Still the question: am I actually doing this the right way?

After years of working with clients on financial planning, retirement strategy, and long-term investing, the patterns become clear. The issue usually isn’t effort. It’s structure. It’s mindset. And it’s a handful of common investing mistakes that quietly compound over time.

If you want to build real wealth and actually feel confident in your financial life, these are the mistakes worth paying attention to.

Keep reading, or if you prefer to listen or watch…check out the Podcast or full YouTube video.

Mistake #1: Thinking Investing Is About Picking Winners

One of the most common investing mistakes is believing that success comes from finding the next big stock.

High earners are often smart, analytical, and used to solving problems. So naturally, they approach investing the same way. They try to outthink it. They look for the edge. The opportunity others are missing.

But investing doesn’t reward that behavior consistently.

Real wealth is not built on a few big wins. It’s built on consistency over time. It’s built on a system that works regardless of headlines, trends, or market noise.

The sooner you shift from trying to pick winners to focusing on a repeatable strategy, the sooner things start to click.

Mistake #2: Relying Too Heavily on a 401(k)

A 401(k) is a great tool, but it’s not a complete strategy.

This is one of the most common investing mistakes high earners make. They do exactly what they were told,  contribute consistently, and they take the match. And over time, they build a meaningful balance.

But then they realize most of their wealth is locked away.

That creates a lack of flexibility. If you want to retire early, invest in something outside the market, or simply have access to capital before traditional retirement age, your options become limited.

The solution isn’t to avoid a 401(k). It’s to avoid relying on it exclusively. Building wealth the right way means having multiple buckets, each serving a different purpose.

Mistake #3: Letting Too Much Cash Sit Idle

Another common investing mistake is holding excessive cash.

This often comes from a good place. It feels safe. It feels responsible. Especially for high earners who have worked hard to build what they have.

But over time, idle cash quietly loses value mostly due to inflation. It doesn’t grow. It doesn’t compound. And it doesn’t contribute to long-term wealth in any meaningful way.

The goal isn’t to eliminate cash completely. It’s to be intentional about how much you keep liquid and how much you put to work.

Mistake #4: Waiting Until Everything Feels “Perfect”

A lot of high earners delay making decisions because they want to get it right.

They want the right strategy, the right timing, the right plan.

The problem is that waiting is its own decision, and it usually costs more than getting started imperfectly.

Compounding only works if you give it time. The longer you wait, the more you give up.

You don’t need a perfect plan to start building wealth. You need a solid foundation and the willingness to move forward.

Mistake #5: Confusing Income With Financial Security

Making more money does not automatically lead to feeling secure.

This is one of the most overlooked investing mistakes. High earners often assume that as income increases, everything else will fall into place.

But without structure, higher income can actually create more complexity.

More accounts, more decisions, and more variables.

Financial confidence doesn’t come from income. It comes from clarity. It comes from knowing how everything fits together and why you’re doing what you’re doing.

Mistake #6: Ignoring the Role of Mindset

Many investing mistakes aren’t technical. They’re behavioral.

If someone grows up with a scarcity mindset, that doesn’t disappear when their income increases. It often carries forward into how they save, spend, and invest.

That can lead to hesitation, second-guessing, or an inability to enjoy what they’ve built.

On the flip side, overconfidence can lead to unnecessary risk and poor decisions.

Building wealth isn’t just about numbers. It’s about how you think about money and how that thinking shows up in your actions.

Mistake #7: Overcomplicating the Strategy

High earners are used to complexity in their professional lives, so they often assume investing needs to be complex as well.

It doesn’t.

In fact, complexity is often one of the biggest barriers to success.

The fundamentals are simple. Have a solid foundation. Invest consistently. Use the right mix of accounts. Stay disciplined over time.

It’s not flashy. But it works.

What Actually Builds Wealth Over Time

If these are the most common investing mistakes, what does the right approach look like?

It starts with a foundation.

An emergency fund that covers three to six months of expenses. No high-interest consumer debt. Stability before growth.

From there, it’s about using the tools available to you.

Taking advantage of employer matches. Building additional investment accounts that provide flexibility. Creating a structure that supports both long-term growth and short-term access.

And then, most importantly, staying consistent.

Investing month after month. Letting compounding do its job. Avoiding the temptation to constantly adjust based on what’s happening in the moment.

Why Consistency Beats Timing

Trying to time the market is one of the most common investing mistakes, even among experienced investors.

The problem is that it requires being right twice. When to get in and when to get out.

Consistency removes that pressure.

When you invest regularly over time, you smooth out the highs and lows. You participate in growth without needing to predict it.

And over the long run, that approach tends to outperform most attempts at timing.

The Difference Between Looking Wealthy and Being Wealthy

There’s a difference between looking successful and actually being financially secure.

Looking wealthy is often tied to visible things. Cars, homes, lifestyle.

Building wealth happens behind the scenes. It’s in the structure. The discipline. The decisions no one sees.

Many people who appear wealthy are financially fragile. And many people who are truly wealthy don’t feel the need to prove it.

Understanding that difference changes how you approach money.

What a Rich Life Actually Means

At some point, the definition of wealth shifts.

It moves away from accumulation and toward freedom.

The ability to make decisions without financial pressure. To spend time how you want. To create experiences with people you care about.

That’s what money is supposed to support.

Not just a number, but a life that you actually enjoy living.

Final Thoughts

Most investing mistakes don’t feel like mistakes in the moment.

They feel reasonable, they feel safe, and they feel like the right thing to do.

But over time, they add up.

The good news is that the solution isn’t complicated.

It’s about focusing on the fundamentals. Building the right structure. And staying consistent long enough for it to work.

If you can avoid the common investing mistakes high earners make and shift your approach toward clarity and simplicity, you put yourself in a completely different position.

Not just to build wealth, but to actually enjoy it.

Next Steps

Reading about investing mistakes is one thing. Fixing them in your own situation is another.

The Bonfire Method is designed to give you a clear plan across every part of your financial life, not just your investments. In 30 days, you’ll know exactly where you stand and what to do next.

If you’re ready to get out of the guesswork and into a real strategy, you can apply here.

How to Invest in 2026 Without Guessing or Taking Unnecessary Risks

Posted on by Brian Colvert

How to Invest in 2026

There are roughly 3.7 billion people on this planet who have never invested a single dollar. Even more surprising, about 70% of them say they would invest if they just knew how.

That gap matters more than people realize.

Because what ends up happening is this: people spend 40+ years working, earning, paying bills, and doing everything they were told to do… and still never actually achieve financial freedom.

Not because they didn’t work hard.

Because no one ever showed them how money actually works. And the truth is, investing today feels more confusing than ever. There’s more noise, more opinions, more headlines, more fear, and more hype than at any point in history.

So instead of guessing, let’s simplify it.

Today we are breaking down how to invest in 2026, step by step, in a way that actually makes sense.

Keep reading, or if you prefer to listen or watch…check out the Podcast or full YouTube video.

Step 1: Build Financial Breathing Room Before You Invest

The biggest mistake people make when starting to invest is trying to invest before they’re financially stable.

Investing only works when your foundation is solid.

That foundation starts with one thing: an emergency fund.

An emergency fund is simply a cash reserve that covers three to six months of your living expenses.

If your household runs on $5,000 a month, that means you should have somewhere between $15,000 and $30,000 set aside in a liquid account.

Not invested. Not locked up. Accessible.

Why this matters

Life doesn’t send warnings.

  • The water heater breaks
  • The car needs repairs
  • A medical bill shows up
  • A job situation changes overnight

Without cash ready, you’re forced into bad decisions:

  • Taking on high-interest debt
  • Selling investments at the wrong time
  • Disrupting long-term progress for short-term problems

An emergency fund doesn’t make you rich.

But it gives you control.

And if you use it, that’s okay. Just rebuild it once things stabilize.

Step 2: Pay Off High-Interest Debt Before Investing

If you’re serious about investing in 2026, you need to deal with any high-interest debt first.

Especially credit cards.

This is where people get tripped up.

They want to invest because it feels productive. But mathematically, it often isn’t.

Credit card interest rates can sit between 12% and 18% or higher.

No investment can guarantee those kinds of returns.

But paying off that debt does.

If you eliminate a 15% interest rate, that’s a guaranteed 15% return on your money.

That’s hard to beat.

Before investing, remove the drag.

Because once it’s gone, your money stops reacting to your life and starts working for it.

Step 3: Start Investing With What You Have

A common myth about how to invest in 2026 is that you need a large amount of money to begin.

You don’t.

Starting small is not a disadvantage; it’s actually the right approach.

Because the real power of investing comes from consistency and time.

Why small amounts matter

Investing works because of compounding.

At first, growth feels slow.

But over time, your money grows, and then that growth starts generating more growth.

That’s when things accelerate.

This is why starting early matters more than starting big.

Even modest returns, compounded over time, can lead to meaningful results.

But only if you start.

Step 4: Where to Invest in 2026 (In the Right Order)

If you’re wondering exactly where to invest in 2026, there’s a clear order that works for most people.

1. Employer Retirement Plan (401k or Similar)

Start with your employer’s retirement plan if they offer a match.

This is one of the easiest wins in investing.

A match is essentially free money.

If your employer matches 3–4%, you should at least contribute enough to capture that.

Otherwise, you’re leaving part of your compensation behind.

2. Roth IRA

Next, consider a Roth IRA.

This is one of the most powerful tools available for long-term investing.

You contribute after-tax money, and it grows tax-free.

When you withdraw it later, you don’t pay taxes on the gains.

For 2026, the contribution limit is $7,500, with additional catch-up contributions for those over 50.

Even small contributions here can make a big difference over time.

3. Brokerage Account (Taxable Account)

After retirement accounts, move into a brokerage account.

This is often overlooked, but it’s extremely important.

A brokerage account gives you flexibility:

  • No age restrictions
  • No penalties for withdrawals
  • Access to your money anytime

This makes it ideal for:

  • Early retirement
  • Large life expenses
  • Bridging income gaps

If retirement accounts are long-term focused, this is your flexible layer.

Step 5: What to Invest In (Not Just Where)

When learning how to invest in 2026, it’s important to understand that accounts are not investments.

They’re just containers.

Think of them like garages.

The actual investments are what you put inside.

Common investment options

Stocks
Ownership in individual companies with higher growth potential.

Bonds
Lower-risk investments where you lend money and earn interest.

ETFs (Exchange-Traded Funds)
An ETF, or Exchange Traded Fund, is also a pooled investment vehicle, but it behaves more like a stock in how it is traded.

Mutual Funds

Mutual funds let you pool your money with other investors to “mutually” buy stocks, bonds, and other investments.

Step 6: Your Behavior Matters More Than Your Strategy

One of the most overlooked parts of how to invest in 2026 is behavior.

Markets are emotional.

And people react to those emotions.

  • When markets go up, people rush in
  • When markets go down, people panic and sell

That cycle leads to poor outcomes. The key is discipline.

A strong financial plan helps you stay consistent, even when markets move.

The rule to follow

Don’t change your investment strategy because of the market.

Change it when your life changes.

  • Marriage
  • Children
  • Career shifts
  • Retirement

Those are the moments that should drive adjustments.

Not headlines or short-term volatility.

Step 7: Understand Inflation (The Silent Risk)

Inflation plays a major role in how to invest in 2026.

It’s the silent force that reduces your purchasing power over time.

Even if your money stays the same, its value doesn’t. Costs rise year after year.

And if your money isn’t growing, it’s effectively falling behind.

That’s why investing is necessary.

Your goal isn’t just to grow your money.

It’s to grow it faster than inflation.

How to Invest in 2026: Putting It All Together

When you follow the right process:

  • Build an emergency fund
  • Eliminate high-interest debt
  • Invest consistently
  • Use the right accounts
  • Stay disciplined
  • Account for taxes and inflation

Everything starts to change. Money becomes less stressful. More predictable. More intentional.

And instead of reacting, you start moving forward with a plan.

That’s what financial confidence looks like.

Final Thoughts on How to Invest in 2026

Investing in 2026 isn’t about being an expert.

It’s not about timing the market.

And it’s not about having a large starting point.

It’s about having a plan and following it consistently.

Most successful investors didn’t start with an advantage.

They just started.

And over time, those small steps turned into something meaningful.

Next Steps

Ready to see how this fits into your full financial picture? The Bonfire Method brings your taxes, investments, insurance, and estate plan together into one coordinated strategy.  Learn more about the Bonfire Method!

Retiring Soon? It’s Time to Revisit Your Portfolio

Posted on by Brian Colvert

What Retiring Soon Means for Your Investment Strategy

If you are retiring soon, you are standing at the threshold of one of life’s biggest transitions. Retirement changes more than just your daily routine. It transforms how you view your investments, how you handle risk, and how you plan for the years ahead.

For decades, your portfolio likely sat quietly in the background. You contributed to it regularly. You watched it grow. And when markets dipped, you trusted time and future income to smooth things out.

But retirement marks a shift. When your portfolio becomes your income, the stakes feel different. Market swings become more personal. Risk feels more real. And decisions that once felt theoretical suddenly feel permanent.

That is why the year you retire, or the year before, is one of the most important times to step back and reassess how your portfolio is structured.

Today, we’ll cover why retiring soon requires a different way of thinking about risk, how portfolios should evolve as income stops, and what to review before you officially retire. Read to the end to understand how a few thoughtful adjustments can help protect both your finances and your peace of mind as you enter this next phase.

Listen Now: iTunes | Spotify | iHeartRadio | Amazon Music

Retirement Is a Financial Shift and a Psychological One

One of the most common misunderstandings about retirement is when it actually begins.

For most people, retirement does not start on their last day of work. It starts on the first day that their paycheck no longer arrives and their portfolio takes over that role.

That transition is both financial and psychological.

When you are working, market volatility tends to feel distant. If the market drops 15 or 20 percent, it may not feel good, but it does not usually change how you live your life. Your income continues. Bills get paid. Time is on your side.

When you are retiring soon, that relationship changes.

Suddenly, the value of your portfolio is no longer just a long-term number. It represents years of future spending, travel, healthcare, and lifestyle. A market decline that once felt like a temporary setback can now feel like a direct threat to your plans.

This psychological shift is often underestimated, and it is one of the biggest reasons portfolios need to be revisited before retirement rather than after.

When Your Portfolio Becomes Your Paycheck

During your working years, your portfolio’s job is relatively simple. It is there to grow.

You add to it regularly. You tolerate volatility because you have time to recover. You may even welcome downturns as buying opportunities.

But when you are retiring soon, your portfolio takes on a new role. It becomes your paycheck.

This is a fundamental change. Instead of adding money, you are now pulling money out. Instead of letting markets ride, you must consider how withdrawals interact with market performance.

This is where many people encounter what is known as sequence of returns risk. Poor market performance early in retirement, combined with withdrawals, can have an outsized impact on how long your money lasts.

The goal is no longer just growth. The goal becomes sustainability.

If you’re retiring soon, one of the most helpful first steps is understanding how much income your portfolio can realistically support. Using a retirement calculator can help.

Why Risk Feels Different Once Income Stops

Risk is not just a mathematical concept. It is emotional.

While you are working, a 20 percent market decline might show up as a percentage on a statement. In retirement, it shows up as a dollar amount tied directly to your lifestyle.

A portfolio that drops from $1 million to $800,000 feels very different when that portfolio is funding your income. People do not think in percentages at that point. They think in years of spending, missed opportunities, and lost security.

This is why we often say that risk tolerance changes whether you realize it or not when you are retiring soon.

Even people who have considered themselves aggressive investors for decades often find that their comfort level shifts once withdrawals begin. That does not mean they made a mistake earlier. It simply means their life stage has changed.

The Accumulation Phase vs the Distribution Phase

Most people spend far more time thinking about how to save than how to spend from their savings.

Accumulation is relatively straightforward. Spend less than you earn. Invest consistently. Stay disciplined.

Distribution is more complex.

When you are retiring soon, you must decide not only how much to withdraw, but where to withdraw it from, when to do so, and how those withdrawals interact with taxes, market conditions, and long-term sustainability.

This complexity is another reason portfolios often need to evolve at retirement. A structure that worked well for accumulation may not be well-suited for distribution.

There Is No One-Size-Fits-All Retirement Portfolio

Rules of thumb like “100 minus your age” or the classic 60/40 portfolio are often repeated because they are simple. But simplicity does not equal suitability. Truth is, there is no perfect “retirement age.”

When you are retiring soon, your portfolio should reflect your specific situation, not a generic formula.

Key factors include:

  • How much you have saved

  • How much income you need from your portfolio

  • Other income sources like pensions, Social Security, or real estate

  • Your spending flexibility

  • Your emotional comfort with volatility

Two people of the same age can require very different portfolios depending on these variables.

Why Many People Are Too Aggressive Heading Into Retirement

One of the most common issues we see is that people approach retirement with portfolios that are still built for growth rather than income stability.

This is understandable. Growth worked for decades. It is familiar. And markets may have performed well leading up to retirement.

But familiarity can create blind spots.

If you are retiring soon, too much exposure to volatile assets can magnify stress and increase the risk of having to sell investments at unfavorable times to fund living expenses.

This does not mean eliminating growth assets altogether. It means balancing growth with stability in a way that supports consistent withdrawals and emotional comfort.

Timing Matters More Than Market Predictions

It is important to be clear about what this conversation is not about.

Revisiting your portfolio because you are retiring soon is not about predicting market tops or bottoms. It is not about guessing what interest rates will do or which sectors will outperform.

It is about aligning your portfolio with a life change.

The best time to make adjustments is when markets are relatively strong, not after a significant decline. Once a downturn has occurred, changing risk levels often locks in losses rather than preventing them.

This is why planning ahead is so important. Waiting until after retirement, or after a market correction, can severely limit your options.

Liquidity Becomes a Bigger Priority

Another often overlooked factor when retiring soon is liquidity.

During your working years, illiquid investments may not pose much of an issue. You are not relying on them for income. Time is on your side.

In retirement, access matters.

If a portion of your portfolio is tied up in assets with limited liquidity or restricted withdrawal windows, it can complicate income planning. You may be forced to sell other assets at inopportune times to cover expenses.

Reviewing liquidity ahead of retirement allows you to plan cash flow more intentionally and avoid unnecessary stress.

Cash Flow Planning Is More Important Than Ever

When you are retiring soon, portfolio planning shifts from abstract returns to practical cash flow.

Questions become more detailed:

  • Which accounts will fund income first?

  • How do withdrawals interact with taxes?

  • How much cash should be available for short-term needs?

  • How do required distributions fit into the picture?

Answering these questions in advance helps create a smoother transition into retirement and reduces the likelihood of reactive decisions.

Managing Down Years Without Panic

No retirement portfolio avoids down years entirely.

Markets will fluctuate. Corrections will happen. The goal is not to eliminate risk, but to manage it in a way that allows you to stay invested through difficult periods.

When your portfolio is aligned with your retirement reality, down years become manageable rather than frightening. You are less likely to panic, make emotional changes, or abandon a long-term plan.

That emotional resilience is just as important as the numbers themselves.

Retirement Is a Process, Not a Single Event

One of the most helpful mindset shifts for people retiring soon is to view retirement as a process rather than a single moment.

Your portfolio does not need to be perfect on day one. It needs to be adaptable.

Your spending patterns may evolve. Your priorities may change. Your comfort with risk may continue to shift. A well-structured portfolio allows for those adjustments without requiring drastic changes.

The Value of Having the Conversation Early

Many people delay this conversation because it feels uncomfortable. While you are still working and accumulating, it can feel premature to think about pulling money out.

But this is precisely why the conversation matters before retirement, not after.

When you are retiring soon, having time on your side gives you flexibility. You can adjust gradually. You can plan thoughtfully. You can avoid rushed decisions driven by fear or urgency.

Bringing It All Together

Retirement is one of the few life events that touches every aspect of your financial life at once. Income, taxes, investments, psychology, and lifestyle all converge.

If you are retiring soon, revisiting your portfolio is not about fear or pessimism. It is about preparation.

It is about ensuring that the assets you worked so hard to build are positioned to support the life you want to live next.

If you would like help reviewing your portfolio, understanding how risk changes in retirement, or planning the transition from accumulation to income, we are always happy to have that conversation. Take a moment today to schedule a call with us to start the conversation.

You have earned this phase of life. The right planning helps you enjoy it with confidence.

RMD Questions Answered – Timing, Taxes, and Inheritance

Posted on by Brian Colvert

RMDs tend to show up quietly on the retirement timeline, and then suddenly they feel very loud. One year you are simply managing your investments. The next, the IRS is telling you that money must come out, whether you need it or not. For many people, that is where the confusion starts.

When exactly do RMDs begin? How much do you have to take? How are they taxed? And what happens if those accounts are still around when your kids inherit them?

Today we break down the most common questions we hear about RMDs and clear up the misconceptions that often lead to costly mistakes.

Listen Now: iTunes | Spotify | iHeartRadio | Amazon Music

What Are RMDs and Why Do They Exist?

RMDs, or Required Minimum Distributions, apply to retirement accounts that received a tax benefit upfront. These include traditional IRAs, 401(k)s, SEP IRAs, and SIMPLE IRAs.

The government allowed you to deduct contributions or defer taxes while the money grew. RMDs are the mechanism that eventually forces a portion of that money back onto your tax return.

A common misconception is that once RMDs begin, the entire account becomes taxable. That is not true. Only a calculated portion of the account must be distributed each year.

When Do RMDs Start?

Under current rules, RMDs generally begin at age 73. If you were born after 1960, that age increases to 75.

The year you reach your RMD age is the year the requirement starts. It does not matter if your birthday is early in the year or late in the year. That year counts.

There is one important planning nuance. Your very first RMD can be delayed until April 15 of the following year. This flexibility can be helpful, but it also creates a potential tax trap.

If you delay the first RMD, you will still need to take your second RMD by December 31 of that same year. That means two taxable distributions in one calendar year. Depending on your income, that could push you into a higher tax bracket or affect Medicare premiums.

This is why RMD timing decisions should be made intentionally, not automatically.

How Are RMDs Calculated?

RMDs are based on:

  • Your account balance on December 31 of the prior year

  • Your age

  • IRS life expectancy tables

The IRS essentially estimates how many years you have remaining and requires that a portion of the account be distributed each year. As you age, the required percentage gradually increases.

This also means that market performance matters. If your account grows, your future RMDs may increase as well, even if you are withdrawing money each year.

How Are RMDs Taxed?

RMDs are taxed as ordinary income, just like wages or business income.

If your income is $100,000 and you take a $25,000 RMD, your gross income becomes $125,000. That additional income can ripple through your entire tax picture, affecting tax brackets, Medicare premiums, and deductions or credits.

One planning strategy that often gets overlooked is the Qualified Charitable Distribution, or QCD.

Once you reach age 70½, you can direct up to $100,000 per year from your IRA directly to a qualified charity. That distribution still counts toward your RMD but is not included in your taxable income.

This can be especially powerful for people who are charitably inclined but no longer itemize deductions.

Recordkeeping is critical here. Most custodians report only the total amount distributed, not how much was taxable. The burden is on you and your CPA to properly document charitable distributions.

Do Roth IRAs Have RMDs?

Roth IRAs do not have RMDs during the original owner’s lifetime.

Because taxes were paid upfront, the IRS does not require withdrawals later. This gives Roth accounts a unique level of flexibility and makes them valuable tools for both retirement income planning and estate planning.

It is also why Roth balances are often preserved for later years or passed on to heirs rather than spent early in retirement.

What Happens to Your IRA When You Pass Away?

This is where RMD planning intersects with estate planning.

If your spouse inherits your IRA, the account typically becomes theirs and is treated as their own. RMDs are then based on your spouse’s age and situation.

If the account passes to children or other non-spouse beneficiaries, the rules change significantly.

Most inherited IRAs are now subject to the 10-year rule. This means the entire account must be distributed within 10 years of the original owner’s death. Withdrawals are taxable to the beneficiary as ordinary income.

RMDs during that 10-year window, if required, are usually not enough to fully empty the account. Beneficiaries must plan additional withdrawals, often during their highest earning years.

This is why inherited IRAs frequently create unexpected tax consequences for families.

Can Roth Conversions Reduce Future RMD Issues?

In some cases, yes.

Roth conversions allow you to pay taxes now in exchange for tax-free growth later. If you expect your heirs to be in higher tax brackets than you, converting some assets to Roth during your lifetime may reduce the overall tax burden on your family.

That said, Roth conversions are not universally beneficial. They require careful analysis of current tax rates, future income, cash flow, and estate goals. Sometimes the numbers work beautifully. Other times they do not.

The key is running the analysis rather than relying on assumptions.

The Bigger Picture With RMDs

RMDs are not just a retirement rule. They are a tax planning issue, a cash flow decision, and an estate planning consideration all at once. Handled well, they can be managed smoothly and strategically. Ignored or misunderstood, they can create unnecessary taxes and stress later on.

If you want to understand how RMDs apply to your situation, how they fit into your broader plan, or whether strategies like charitable giving or Roth conversions make sense, we are happy to help.

You can listen to the full podcast episode for a deeper discussion, or reach out to our team  to talk through your specific circumstances.

Automate Your Wealth: 2026 Contribution Limits Explained

Posted on by Brian Colvert

2026 Contribution Limits

One of the biggest mistakes people make in investing is believing success comes from constant attention. Checking accounts daily. Tweaking allocations weekly. Stressing over timing.

In reality, the most successful long-term investors tend to do the opposite. They build a solid structure, automate their savings, and let consistency do the heavy lifting.

As we enter a new year, 2026 contribution limits bring fresh opportunities to refine that structure. With higher limits across retirement and health savings accounts, now is the ideal time to reset your plan, automate contributions, and move forward without friction.

This guide walks through what changed for 2026, why automation matters, and how to set up your accounts so your wealth grows quietly in the background.

Listen Now: iTunes | Spotify | iHeartRadio | Amazon Music

Why Automation Is the Foundation of Smart Investing

Before diving into numbers, it is worth addressing the philosophy behind them.

The most important part of investing is not picking funds or predicting markets. It is ensuring money goes into the system consistently.

When savings are automated, they function like a tax. The money moves before you have a chance to second-guess it. You adapt your lifestyle around what remains, not around what you hope to save later.

This matters even more during the accumulation phase, which includes anyone who has not yet retired. During this stage, the goal is simple: build wealth steadily without relying on motivation or memory.

Automation removes friction, decision fatigue, and emotional interference. Once set correctly, your plan requires attention only once a year.

Why the Start of the Year Matters

The beginning of the year is the best time to review and update contributions. New limits take effect. Payroll systems reset. Habits are easier to establish.

Instead of adjusting contributions throughout the year, a more effective approach is to:

This annual review can dramatically improve long-term outcomes while reducing ongoing effort.

2026 Contribution Limits for IRAs and Roth IRAs

Let’s start with Individual Retirement Accounts, including Traditional IRA, a Roth IRA if eligible, or use a Backdoor Roth.

Under Age 50

For 2026, the IRA contribution limit has increased to $7,500. This is a $500 increase from the prior year.

Age 50 and Older

Those age 50 and over receive a catch-up contribution of $1,100, bringing the total allowable contribution to $8,600 for 2026.

These limits apply whether you contribute directly to Traditional IRA, a Roth IRA if eligible, or use a Backdoor Roth strategy due to income restrictions.

Important Timing Note

If you have not yet fully funded your 2025 IRA or Roth IRA, you still have time. Contributions for the prior year can be made up until April 15, 2026.

This creates a short window where you can:

  • Catch up on 2025 contributions

  • Adjust your automation for 2026

  • Ensure both years are fully optimized

2026 Contribution Limits for 401(k), 403(b), and Other Qualified Plans

Employer-sponsored retirement plans saw meaningful increases for 2026.

Under Age 50

The maximum salary deferral limit is now $24,500, up $1,000 from the previous year.

This applies whether contributions are made to a Traditional 401(k) or a Roth 401(k), if your plan offers both options.

Age 50 and Older

The standard catch-up contribution for those over age 50 is now $8,000, an increase of $500.

This brings the total allowable contribution to $32,500 for 2026.

High Income Catch-Up Rule

New rules require that certain high earners direct catch-up contributions into the Roth portion of their 401(k). While this does not reduce how much you can save, it does affect tax treatment.

For many high earners, this requirement actually enhances long-term flexibility by increasing tax-free growth in retirement.

The Special “Super Catch-Up” for Ages 60 to 63

One of the more nuanced updates within the 2026 contribution limits involves individuals aged 60 through 63.

During these specific years only, eligible participants can make a $11,250 catch-up contribution, instead of the standard $8,000.

This enhanced catch-up is available for three years only. Age 59 does not qualify. Age 64 does not qualify.

If you fall within this window, it is important to take advantage of it. These years offer a unique opportunity to accelerate retirement savings at a time when income is often at its peak.

SIMPLE IRA Contribution Limits for 2026

For individuals working at smaller companies that offer SIMPLE IRAs, contribution limits also increased.

Under Age 50

The salary deferral limit is now $17,000.

Age 50 and Older

Those age 50 and above can add a $4,000 catch-up, bringing the total to $21,000.

While SIMPLE IRAs have lower limits than 401(k) plans, they remain a valuable tool, especially when paired with employer contributions.

Do Not Leave Employer Match on the Table

Employer matching contributions are one of the most overlooked wealth-building tools.

If your employer offers a match, it is critical to contribute at least enough to receive the full amount. Failing to do so is effectively leaving compensation behind.

In many cases, employer contributions are immediately vested, meaning they belong to you right away. Always review your plan’s summary description to confirm vesting rules.

At a minimum, contributions should be set to capture the full match before allocating savings elsewhere.

2026 Contribution Limits for Health Savings Accounts (HSA)

Health Savings Accounts remain one of the most powerful planning tools available due to their unique tax treatment.

Money contributed to an HSA:

  • Goes in tax-free

  • Grows tax-free

  • Can be withdrawn tax-free for qualified medical expenses

2026 HSA Limits

  • Individual coverage: $4,400

  • Family coverage: $8,750

Age 55 and Older

Those age 55 and above can contribute an additional $1,000 catch-up.

Unlike retirement accounts, HSA funds are not use-it-or-lose-it. Balances roll forward indefinitely and can be invested for long-term growth.

For eligible individuals, an HSA can function as both a healthcare fund and a supplemental retirement account.

How to Set Up Automation the Right Way

Once you know the 2026 contribution limits, the next step is execution.

A simple approach looks like this:

  1. Decide which accounts you are funding

  2. Identify the maximum contribution for each

  3. Divide the total by the number of paychecks or months

  4. Set automatic contributions

  5. Ensure investments are automatically allocated

For example, if you plan to max a $24,500 401(k) over 12 months, contributions should be set to approximately $2,041 per month.

This method uses dollar-cost averaging, which spreads investment timing across the year and reduces emotional decision-making.

Why This Approach Works Long Term

When automation is in place, investing becomes boring. That is a good thing.

You avoid trying to time markets, you avoid emotional reactions, and you avoid procrastination.

Years later, when you look back, the results often feel surprising. Not because of extraordinary decisions, but because of ordinary ones repeated consistently.

The goal is not perfection. It is reliability.

Final Checklist for 2026

As you move into the new year, consider the following:

  • Review updated 2026 contribution limits

  • Catch up on any remaining 2025 IRA or Roth contributions

  • Adjust 401(k), IRA, Roth, SIMPLE IRA, and HSA automation

  • Confirm employer match requirements

  • Ensure investments are allocated according to your plan

  • Schedule a reminder to revisit everything next January

When to Get Professional Guidance

Contribution limits are only one piece of the puzzle. Tax strategy, Roth eligibility, income thresholds, and long-term goals all influence how these tools should be used.

If you have questions about how the 2026 contribution limits apply to your specific situation, working with an advisor can help ensure your plan is aligned and efficient.

At Bonfire Financial, we help clients design systems that work quietly in the background so they can focus on life, not account maintenance.

Next Steps

Wealth is rarely built through constant effort. It is built through thoughtful setup. If you would like help aligning your accounts with the 2026 contribution limits and automating your strategy, we invite you to schedule a call with our team to review your plan.

Jump Start Your Year: New Year Financial Tips for Smarter, More Intentional Planning

Posted on by Brian Colvert

The start of a new year is one of the best opportunities you get to reset, realign, and simplify your financial life. The goal is to spend a short, focused window of time putting the right systems in place so the rest of the year runs smoothly.

These new year financial tips are designed to help you do exactly that.

Whether you are still saving for retirement or already retired and managing distributions, this guide walks through the most important financial moves to make at the beginning of the year.

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Why New Year Financial Tips Matter

Most financial stress does not come from lack of knowledge. It comes from lack of structure.

When savings, investments, spending, and withdrawals are not clearly set up, everything feels harder than it needs to be. You end up reacting instead of planning.

The goal of these new year financial tips is simple:

  • Automate what can be automated

  • Review what actually matters

  • Make small adjustments that create long-term impact

  • Free up mental energy for the rest of your life

If done correctly, you should not feel the need to constantly check accounts, worry about missing deadlines, or scramble at the end of the year.

Tip 1: Reset Your Financial Mindset for the Year

Before touching any accounts, take a step back.

The new year is not about perfection. It is about alignment.

Ask yourself:

  • What do I want my money to do for me this year?

  • Do I want more simplicity, more flexibility, or more growth?

  • What caused financial stress last year?

Clarifying this first helps ensure your financial decisions actually support your real life.

Tip 2: Automate Your Savings First

If there is one principle that matters most, it is automation.

Automation removes emotion, procrastination, and decision fatigue.

If you are still working and saving for retirement:

  • Review your 401k or employer plan contribution percentage

  • Increase contributions if your income has increased

  • Confirm contributions restarted correctly for the new year

If you crossed a new age threshold:

  • Age 50: Confirm catch-up contributions are enabled

  • Ages 60–63: Review enhanced catch-up contribution rules if applicable

Once automated, savings happen without ongoing effort.

Tip 3: Review Contribution Limits and Catch-Ups

Every new year brings updated contribution limits. Missing these adjustments can mean missed opportunities.

At the start of the year:

  • Review current 401k contribution limits

  • Confirm IRA and Roth IRA limits

  • Verify catch-up eligibility

  • Adjust payroll deductions if needed

These are small changes that can significantly impact long-term outcomes.

Tip 4: Automate Savings Outside of Employer Plans

Employer plans are easy because they come directly out of payroll. Other savings require more intention.

Helpful new year financial tips here include:

  • Automating Roth or Traditional IRA contributions

  • Setting up backdoor Roth contributions if applicable

  • Scheduling brokerage account contributions

  • Rebuilding or maintaining an emergency fund

Monthly or quarterly automation keeps savings consistent and removes guesswork.

Tip 5: Optimize Your Health Savings Account

Health Savings Accounts (HSAs) are one of the most powerful and underused planning tools.

At the beginning of the year:

  • Confirm HSA contributions are automated

  • Review contribution limits

  • Ensure funds are invested, not sitting in cash

  • Check investment allocation inside the HSA

When used correctly, an HSA can play a meaningful role in long-term planning.

Tip 6: Review Your Investment Allocations

This is not about frequent trading or market timing.

It is about making sure new money is being invested the way you intend.

Take 15 to 30 minutes to:

  • Review asset allocation

  • Confirm risk level aligns with goals and timeline

  • Ensure new contributions are invested properly

  • Rebalance if allocations have drifted meaningfully

Once complete, step away.

Tip 7: Stop Checking Your Accounts Too Often

One of the most overlooked new year financial tips is knowing when not to look.

Constant monitoring increases stress without improving outcomes.

Consider:

  • Limiting reviews to quarterly or semiannual check-ins

  • Avoiding daily or weekly market tracking

  • Focusing on long-term progress instead of short-term movement

A good plan does not require constant supervision.

Tip 8: Shift Strategy If You Are Retired

If you are retired, your focus shifts from saving to spending.

Start the year by:

  • Reviewing required minimum distributions

  • Deciding how and when withdrawals will occur

  • Automating monthly or quarterly distributions if appropriate

  • Aligning withdrawals with actual spending needs

Consistency helps smooth market volatility and simplifies cash flow.

Tip 9: Plan Required Minimum Distributions Early

RMDs are required regardless of market performance.

Helpful new year financial tips for RMD planning include:

  • Confirming your required distribution amount

  • Deciding whether to take distributions monthly, quarterly, or annually

  • Avoiding last-minute year-end withdrawals

  • Planning for taxes in advance

This removes unnecessary pressure later in the year.

Tip 10: Review Charitable Giving Strategies

If charitable giving is part of your plan, early planning matters.

At the start of the year:

  • Confirm eligibility for qualified charitable distributions

  • Decide on annual giving amounts

  • Automate monthly or quarterly donations if possible

  • Coordinate with charities ahead of time

This simplifies giving and keeps it aligned with your financial strategy.

Tip 11: Review Last Year’s Spending

January is the ideal time to look back.

Not to judge, but to adjust.

Review:

  • Actual spending versus expectations

  • Categories that increased or decreased

  • Whether inflation or lifestyle changes impacted costs

Use this information to make realistic adjustments going forward.

Tip 12: Reevaluate Your Goals

Financial plans should evolve as life evolves.

As part of your new year financial checklist:

  • Review retirement timelines

  • Adjust savings if goals have changed

  • Reassess income needs

  • Confirm risk tolerance still fits your situation

Small adjustments now prevent larger corrections later.

Tip 13: Eliminate the End-of-Year Rush

One of the biggest benefits of early planning is avoiding December stress.

By planning now, you can:

  • Front-load decisions instead of procrastinating

  • Address tax strategies early

  • Build flexibility into your plan

Planning early creates options. Waiting removes them.

Tip 14: Coordinate With Professionals Early

January is one of the best times to talk with advisors.

Consider:

  • Meeting with your financial advisor, also a good time to make sure they are a fiduciary fee-only advisor

  • Checking in with your CPA before tax season peaks

  • Reviewing any new tax rules or planning opportunities

Early conversations are calmer and more productive.

Final Thoughts

Strong financial planning is not built on constant action. It is built on a thoughtful structure.

When your savings, investments, spending, and distributions are set up correctly, your financial life runs quietly in the background. You are not reacting to markets, scrambling at year-end, or constantly second-guessing decisions. The work is done once, and the benefits show up all year long.

These new year financial tips are about building that kind of structure. Automating what can be automated. Reviewing what actually matters. Making thoughtful adjustments now so you are not forced into rushed decisions later.

The most successful financial plans are not built on constant activity. They are built on clarity, discipline, and systems that allow you to focus on the parts of life that matter more than money.

If you spend a short amount of time at the beginning of the year putting this framework in place, you give yourself something valuable in return: confidence, flexibility, and peace of mind for the months ahead.

That is what it means to truly jump start the year.

Next Steps

If the idea of a quieter, more intentional financial plan resonates, a conversation can help turn that framework into something personal and actionable.

Step back, review where things are today, and make sure your plan is built to support the life you want, not distract from it. No rushing. No pressure. Just clarity around what matters and how to structure your finances so they work in the background.

If this is the year you want confidence instead of constant decision-making, we’re here to help you get there.

You can schedule a call with our team today to start the conversation.

Tax-Efficient Investing: How to Lower Your Tax Bill Without Sacrificing Growth

Posted on by Brian Colvert

If there is one thing nearly everyone agrees on, it is this: no one wants to pay more in taxes than they have to. Most people are perfectly willing to pay their fair share, but very few are excited about overpaying due to poor planning or missed opportunities. That is where tax-efficient investing comes in.

Tax-efficient investing is not about gimmicks, loopholes, or aggressive schemes involving flights to the Cayman Islands. It is about making smart, intentional decisions around where you invest, how those investments are structured, and when taxes are paid. When done correctly, tax-efficient investing can help you keep more of what you earn while still growing your wealth over time.

Today we are breaking down tax-efficient investing in a practical, real-world way. We will walk through the core concepts, the most effective strategies, and the accounts and investment types that tend to work best. The goal is not perfection. The goal is progress and clarity.

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What Is Tax-Efficient Investing?

At its core, tax-efficient investing is the process of structuring your investments in a way that minimizes unnecessary taxes over time while still supporting your long-term financial goals.

This is different from tax planning, which often focuses on deductions, credits, or one-time strategies tied to a specific tax year. Tax-efficient investing is ongoing. It is embedded in how your portfolio is built and how it evolves.

Tax-efficient investing answers questions like:

  • Should I focus on lowering my taxes now or later?

  • Which accounts should hold which types of investments?

  • How can I reduce taxes on growth, income, and withdrawals?

  • How do taxes affect my real, after-tax return?

The answers are not the same for everyone. Your age, income, tax bracket, goals, and time horizon all matter. That is why tax-efficient investing is rarely an all-or-nothing decision.

The Two Sides of Tax-Efficient Investing

Most tax-efficient investing strategies fall into one of two categories:

  1. Saving taxes today

  2. Saving taxes in the future

These two goals often compete with each other.

If you aggressively reduce taxes today, you may create a larger tax burden later. If you focus entirely on future tax savings, you may pay more than necessary right now. The key is finding the right balance.

Think of it like a sliding scale. You move it back and forth based on your situation. There is no universal “perfect” setting. The right approach is the one that aligns with your goals, income, and tolerance for risk.

Why Account Selection Matters More Than Most People Realize

One of the most overlooked aspects of tax-efficient investing is account selection. Many investors focus heavily on what they invest in, but not enough on where those investments live.

In reality, the same investment can produce very different after-tax results depending on the account it is held in.

Before getting into specific investment strategies, it is important to understand that tax efficiency often starts with choosing the right accounts in the right order.

Roth Accounts: The Foundation of Tax-Efficient Investing

If there is one place many advisors start when discussing tax-efficient investing, it is the Roth account.

Roth IRAs and Roth 401(k)s are powerful because:

  • Contributions are made with after-tax dollars

  • Growth is tax-free

  • Qualified withdrawals are tax-free

Once money is inside a Roth account, it is essentially removed from future tax calculations.

Why Time Matters So Much With Roth Accounts

The biggest advantage of Roth accounts is time. The longer your money has to grow tax-free, the more powerful the benefit becomes.

For younger investors, Roth accounts can be one of the most effective tax-efficient investing tools available. Even for older investors, Roth accounts can still play a valuable role, especially in estate planning and long-term flexibility.

While Roth accounts may not always reduce your tax bill today, they can dramatically reduce taxes later. That future flexibility is often underestimated.

Health Savings Accounts: The Triple Tax-Free Tool

When it comes to tax-efficient investing, Health Savings Accounts (HSAs) are often one of the most underutilized tools available.

An HSA offers:

  • Tax-deductible contributions

  • Tax-free growth

  • Tax-free withdrawals when used for qualified medical expenses

That combination makes HSAs unique. No other account offers all three benefits at once.

HSAs as Long-Term Investment Vehicles

Many people view HSAs as short-term medical spending accounts. In reality, they can be powerful long-term investment tools.

By contributing to an HSA, investing the funds, and paying current medical expenses out of pocket, you can allow the account to grow over decades. Later in life, when healthcare costs tend to rise, you have a built-in tax-free resource.

From a tax-efficient investing perspective, HSAs are often second only to Roth accounts in terms of overall benefit.

What Comes After Roths and HSAs?

Once Roth accounts and HSAs are fully utilized, many investors still have additional money to invest. This is where taxable brokerage accounts come into play.

Taxable accounts do not offer tax-free growth, but they can still be managed in tax-efficient ways.

Taxable Brokerage Accounts and Capital Gains

In a taxable brokerage account:

  • You pay taxes on dividends and interest as they are earned

  • You pay capital gains tax when investments are sold at a profit

The key distinction is how long the investment is held.

Short-term gains, typically assets held for less than one year, are taxed at ordinary income rates. Long-term gains are taxed at more favorable capital gains rates.

This makes long-term investing an important part of tax-efficient investing in taxable accounts.

Tax Loss Harvesting: Turning Losses Into Opportunities

One of the most effective tax-efficient investing strategies in taxable accounts is tax loss harvesting.

Tax loss harvesting involves:

  • Selling investments that are at a loss

  • Using those losses to offset gains elsewhere in the portfolio

  • Potentially reducing or eliminating taxes owed

This strategy can also help with portfolio rebalancing and risk management. When done correctly, it allows investors to stay invested while improving after-tax outcomes.

Tax loss harvesting is not about market timing. It is about being intentional and opportunistic within a long-term plan.

Rebalancing and Risk Control

Tax-efficient investing is not only about taxes. It is also about maintaining the right level of risk.

Over time, certain investments may grow faster than others. Rebalancing helps keep your portfolio aligned with your target allocation. When combined with tax loss harvesting, rebalancing can be done in a more tax aware manner.

This is another example of how tax efficiency and investment discipline often work together.

Municipal Bonds and Tax-Free Income

For investors who need income or prefer a more conservative approach, municipal bonds can play a role in tax-efficient investing.

Municipal bond interest is generally:

  • Exempt from federal income tax

  • Often exempt from state income tax if issued within your home state

This makes municipal bonds particularly attractive for investors in higher tax brackets who are seeking income without increasing their tax bill.

CDs and Treasury Ladders

For very conservative investors, fixed income options like CDs and Treasury securities may be appropriate.

Treasury interest is:

  • Subject to federal tax

  • Exempt from state tax

In certain states, this state tax exemption can make Treasuries more attractive than CDs. While these investments may not offer high returns, they can still be structured in a tax-efficient way depending on your location and goals.

Real Estate and Depreciation

Real estate is often discussed in the context of tax efficiency due to depreciation benefits.

Depreciation can:

  • Reduce taxable income

  • Offset rental income

  • Improve after-tax cash flow

That said, real estate is not inherently tax-efficient for everyone. It involves leverage, management, and market risk. It should be evaluated as an investment first, with tax benefits as a secondary consideration.

Aggressive Tax Strategies and Why Caution Matters

Some investments are heavily marketed for their tax advantages, such as oil and gas partnerships or certain alternative investments.

While these options can be tax efficient, they are often:

  • High risk

  • Illiquid

  • Highly variable in outcomes

Tax-efficient investing should never start with the tax benefit alone. The investment itself must make sense first. Taxes are important, but they should not drive the entire decision.

Insurance-Based Strategies and Who They Are For

Certain insurance products, such as indexed universal life policies, are sometimes positioned as tax-efficient investing tools.

These strategies can:

  • Offer tax-deferred growth

  • Provide downside protection

  • Create tax-free access under specific conditions

However, they are complex and typically best suited for individuals with:

  • Very high income

  • Long time horizons

  • Stable cash flow

These tools are not necessary for most investors, but they can be effective in niche situations when used appropriately.

Putting It All Together: A Practical Framework

A simplified framework for tax-efficient investing often looks like this:

  1. Maximize Roth accounts when possible

  2. Fund and invest an HSA if eligible

  3. Use taxable accounts strategically with tax loss harvesting

  4. Consider municipal bonds or Treasuries for tax-efficient income

  5. Evaluate alternatives only after core strategies are in place

This approach prioritizes simplicity, flexibility, and long-term results.

Tax-Efficient Investing Is Personal

One of the most important things to remember about tax-efficient investing is that it is highly personal. What works for one investor may not work for another. Age, income, tax bracket, career trajectory, and goals all matter.

There is no universal blueprint. The best tax-efficient investing strategy is the one that fits your situation and evolves as your life changes.

Final Thoughts

Tax-efficient investing is not about perfection. It is about making thoughtful decisions that reduce friction between your investments and your taxes.

By focusing on the right accounts, the right investment placement, and the right balance between today and tomorrow, you can improve your after-tax returns without taking unnecessary risks.

If you are unsure where to start, we can help bring clarity and confidence to the process. Schedule a call with us today.

The goal is simple: keep more of what you earn and let your money work harder for you over time.

Am I Ready to Retire? Risk, Returns, and Real Answers

Posted on by Brian Colvert

Retirement shouldn’t be about spreadsheets. It should be about pickleball at 10am on a Tuesday.

But enjoying that freedom starts with knowing the answer to one question:

Am I ready to retire?

It is one of the most common questions we hear from clients and is also one of the hardest to answer with a simple yes or no.

Closely followed by two others:

  • Will I run out of money?

  • What kind of returns should I realistically expect?

These questions come up whether you are five years from retirement or already there. They also tend to show up together, because retirement planning is not just about hitting a number. It is about understanding risk, income, and how your money needs to function once your paycheck stops.

In this client Q&A, we break down how to think about retirement readiness, how much risk makes sense, and how to set realistic expectations for investment returns without guessing or chasing what someone else is doing.

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Q: Am I On Track for Retirement?

This is a big question, and it is a loaded one. Am I Ready to Retire?

There are a lot of moving parts, which is why blanket rules and online calculators often miss the mark.

That said, there is a simple way to get a back-of-the-napkin answer that gets you most of the way there.

Start With Your Lifestyle, Not a Formula

You will often hear that people spend less in retirement. In reality, that is not always true.

What we typically see is this:

  • Early retirement spending is often the same or higher

  • Travel increases

  • Deferred experiences finally happen

  • Time, not money, becomes the constraint

Because of that, a good starting point is your current spending, not what someone says you should spend in retirement.

Look at what you actually spend on:

  • Housing

  • Food

  • Travel

  • Utilities

  • Transportation

  • Entertainment

  • Insurance

  • Everything that supports the life you want

It is usually best to look at this over a full year, since some months are naturally higher than others. December might look very different than April. Summer might be more expensive than winter. What matters is the average.

Savings contributions are different. If you are actively saving into a 401(k), Roth IRA, or HSA, those contributions can usually be removed from your retirement spending estimate.

What remains is a realistic picture of what it costs to live your life.

Identify Income That Comes In Automatically

Once you know what you spend, the next step is to identify income that comes in without you working.

Start with the basics:

  • Social Security

  • Pension income, if applicable

  • Rental income or other passive income streams

Add up everything that shows up consistently without you having to lift a finger.

At this point, you should have two numbers:

  1. What you spend

  2. What comes in automatically

If income exceeds spending, you are already in a strong position. If there is a gap, that gap needs to be filled by your investment portfolio.

Using the 4 Percent Rule as a Reality Check

This is where retirement accounts come into play.

IRAs, 401(k)s, brokerage accounts, and other invested assets are typically used to fill the gap between spending and guaranteed income.

A commonly used guideline here is the 4 percent rule.

The idea is simple:

  • Take the total value of your investment assets

  • Multiply by 4 percent

  • That is a reasonable annual withdrawal amount that historically has kept pace with inflation

This is not perfect math. It is not a guarantee. But it does get you close enough to answer the question: Am I ready to retire?

For example:

  • $1,000,000 x 4 percent = $40,000 per year

  • Combine that with Social Security and other income

  • Compare it to your annual spending

If the numbers line up, you are likely on track.

If they do not, something has to change:

  • Save more

  • Spend less

  • Work longer

  • Adjust expectations

There is no judgment in that. It is simply math.

Q: Will I Run Out of Money?

This is the biggest fear most people have going into retirement. And it is not one that disappears just because someone explains it to you.

In many cases, the fear only fades once you actually live through retirement and see that the plan works.

Why This Fear Exists

When you are working, income feels unlimited. You may change jobs, get raises, or work longer if needed.

When you retire, that changes.

Your income is no longer tied to your effort, and that psychological shift is significant. You are moving from accumulation to distribution, and that transition can be uncomfortable.

Expenses can still be unpredictable. Medical costs, inflation, and market volatility all add uncertainty.

That is why risk management matters so much in retirement.

The Risk Most Retirees Take Without Realizing It

One of the most common mistakes we see is retirees taking more risk than they actually need to.

Often this happens because:

  • Friends are doing it

  • Headlines are loud

  • Recent returns look impressive

  • The market has been strong

  • FOMO

When you are working, market swings matter less. If the market drops 30 percent and you are still earning a paycheck, you are not forced to sell investments at a bad time.

In retirement, that changes.

If you need to pull income from your portfolio and the market is down, you may be forced to sell at exactly the wrong moment. That can permanently damage a retirement plan.

Sometimes, when the game is already won, you do not need to keep playing aggressively. You may not need to dominate. You may simply need to avoid losing.

That shift in mindset is critical.

Playing to Win vs Playing Not to Lose

This is where retirement planning becomes personal.

If your biggest fear is running out of money, then your portfolio should reflect that. That often means being more conservative than you were during your working years.

If your biggest goal is maximizing growth and you have more flexibility, you may be able to take more risk.

Neither approach is inherently right or wrong. What matters is that your investment strategy matches:

  • Your goals

  • Your income needs

  • Your tolerance for volatility

  • Your actual situation, not someone else’s

Old rules like “your age equals your bond allocation” are outdated. Retirement planning today needs to be far more individualized.

Q: What Returns Should I Expect?

This is another question that we get when someone asks “Am I Ready to Retire?” is “What Returns should I expect” This often gets oversimplified.

Returns depend entirely on what you are invested in.

Stocks

For a diversified stock portfolio, long-term expectations in the range of 8 to 12 percent are reasonable. That comes with volatility, sometimes significant volatility.

Fixed Income

Fixed income investments like bonds, CDs, and Treasuries are designed for stability and income, not growth.

In recent years, expected returns here have been much lower, often in the 3 to 5 percent range.

The trade-off is reduced volatility and more predictable cash flow.

Why Comparisons Matter

One of the biggest mistakes investors make is comparing apples to oranges.

Stocks should be compared to stocks. Bonds should be compared to bonds.

If an equity-heavy portfolio is averaging 5 percent over a long period, that may be a red flag. If a conservative, income-focused portfolio is doing the same, it may be completely appropriate.

Context matters.

Understanding Alternative Investments and Liquidity

Alternatives include investments that are not traditional stocks, bonds, ETFs, or cash. Examples include:

The biggest thing you give up with alternatives is liquidity.

If you own a publicly traded stock, you can sell it and have cash quickly.

With alternatives:

  • Money may be locked up for years

  • Access may be limited to quarterly windows

  • Redemptions may be capped or delayed

Because of that, you should expect higher returns in exchange for giving up liquidity.

As a general guideline:

  • Private equity often targets higher returns than public markets

  • Private credit should pay more than traditional fixed income

  • If an illiquid investment offers the same return as a liquid one, the liquid option usually makes more sense

Liquidity is flexibility, and flexibility matters in retirement.

Why Most Advisors Focus on Diversification, Not Beating the Market

Data consistently shows that most active managers do not outperform the market over long periods.

That does not mean advisors have no value. It means their value lies in:

  • Portfolio construction

  • Risk management

  • Behavioral coaching

  • Planning integration

The goal is not to win every year. The goal is to build a portfolio that supports your life and holds up across different market environments.

Am I Ready To Retire? The Bottom Line

Retirement readiness is not about a single number or a perfect return. When you ask yourself “Am I ready to retire?” remember:

It is about alignment.

  • Does your income support your lifestyle?

  • Does your risk match your goals?

  • Are your expectations realistic?

  • Is your portfolio built for the phase of life you are in?

If you can answer those questions honestly, you are already ahead of most people.

And if you cannot, that is where thoughtful planning comes in.

If you have questions about your own situation, we are always happy to talk through it with you one-on-one. Schedule a call today!

What to do with an Inherited IRA (And the Mistakes to Avoid)

Posted on by Brian Colvert

What to do with an Inherited IRA

Inheriting an IRA is very common financial event that families face, yet it is also one of the most misunderstood.

Almost everyone will deal with an inherited IRA at some point, whether from a spouse, parent, or other loved one. IRAs, 401ks, and Roth accounts are some of the most widely held assets today. And since none of us get out of here alive, these accounts almost always pass to someone else.

Yet despite how common inherited IRAs are, they remain one of the top topics we discuss with clients on a daily basis. The rules have changed. The tax implications can be significant. And the decisions you make, or fail to make, can quietly cost you hundreds of thousands of dollars over time.

The good news is this: Inheriting an IRA is a good problem to have. It means someone cared enough to leave you something meaningful. But like many good problems, it still needs to be solved thoughtfully.

Today will walk through how inherited IRAs work, the differences between Roth and traditional inherited IRAs, the 10-year rule, common mistakes to avoid, and why planning matters more than ever.

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Why Inherited IRAs Deserve Special Attention

For many families, an inherited IRA is not a small account. It can easily be several hundred thousand dollars or more. In some cases, it is the largest asset someone inherits. What makes inherited IRAs tricky is that the rules are very different depending on who you are, what type of account you inherited, and when the original owner passed away.

If you treat an inherited IRA like a regular investment account, you can end up with unexpected tax bills, forced distributions at the worst possible time, or missed planning opportunities.

This is why inherited IRAs are not something you want to handle on autopilot.

The Two Types of Inherited IRAs

At a high level, there are two types of inherited IRAs you can receive:

  1. An inherited Roth IRA

  2. An inherited traditional IRA or inherited 401(k)

While they share a name, they behave very differently. Understanding which one you inherited is the first and most important step.

Inherited Roth IRAs: The Simpler Side

Let’s start with inherited Roth IRAs because they are far easier to understand and manage.

How Roth IRAs Work

A Roth IRA is funded with after-tax dollars. The original account owner already paid taxes on the money that went in. As a result, the money grows tax free.

Roth IRAs are not subject to required minimum distributions during the original owner’s lifetime. That alone makes them one of the most powerful long-term planning tools available.

If You Inherit a Roth IRA as a Spouse

If you inherit a Roth IRA from your spouse, the process is simple. The account rolls into your own Roth IRA.

There are no required minimum distributions. There is no complicated rule set to follow. It becomes your account, and you can continue to let it grow tax free.

This is one of the cleanest transitions in financial planning.

If You Inherit a Roth IRA as a Non-Spouse

If you are not the spouse, which includes children, grandchildren, siblings, or anyone else, you fall under what is known as the 10-year rule. This rule requires that the inherited Roth IRA be fully depleted within 10 years of the original owner’s death.

Here is the key point. There is no required annual distribution. You can take out as much or as little as you want in any given year, as long as the account is fully emptied by the end of year 10.

A Common and Often Optimal Strategy

For most people who do not need the money immediately, the simplest strategy is to let the inherited Roth IRA grow untouched for the full 10 years.

Since the money continues to grow tax free, allowing it to compound for as long as possible often makes sense. At the end of year 10, you withdraw the entire balance and move it into an individual or joint investment account.

There is no tax bill when you do this. That is the beauty of a Roth.

If you need the money earlier, you can access it at any time without penalty or taxes. There are no restrictions forcing you to wait. This flexibility is why Roth IRAs are such a powerful asset to inherit and why we encourage people to fund Roth accounts whenever possible.

Inherited Traditional IRAs: More Moving Parts

Now let’s move to the inherited traditional IRA or inherited 401(k). This is where planning becomes critical.

How Traditional IRAs Work

Traditional IRAs and 401(k)s are funded with pre-tax dollars. The original account owner received a tax deduction when the money went in. The account then grew tax deferred.

Taxes are owed when the money comes out.

When you inherit one of these accounts, the tax bill does not disappear. It simply transfers to you.

If You Inherit a Traditional IRA as a Spouse

Just like with a Roth, if you inherit a traditional IRA from your spouse, the process is relatively simple.

The account rolls into your own IRA. From there, it follows the normal required minimum distribution rules based on your age.

This is usually straightforward and does not require special strategies beyond normal retirement planning.

If You Inherit a Traditional IRA as a Non-Spouse

This is where most mistakes happen.

As a non-spouse beneficiary, you are subject to the 10-year rule. The account must be fully depleted within 10 years.

Unlike an inherited Roth IRA, every dollar you withdraw from a traditional inherited IRA is taxed as ordinary income at your current tax rate.

This is where the real planning challenge begins.

Understanding the Tax Impact

Let’s look at a simple example.

Assume you earn $150,000 per year. You inherit a traditional IRA and decide to take out $50,000 this year.

Your taxable income is now $200,000.

That additional income could push you into a higher tax bracket, increase your state taxes, and potentially trigger other consequences like higher Medicare premiums later in life.

Now imagine inheriting a $1 million IRA.

If you wait too long and are forced to withdraw the entire balance in the final year, that million dollars is added on top of your regular income in a single year.

That is a tax bill almost no one enjoys paying.

The Mistake of Only Taking Required Minimum Distributions

If the original account owner was already subject to required minimum distributions, those RMDs continue in the inherited IRA.

Here is the issue. Taking only the RMDs does not satisfy the 10-year rule.

The math simply does not work.

You could take RMDs every year and still be left with a large balance at the end of year 10. At that point, you are forced to withdraw everything remaining, regardless of tax consequences.

This is one of the most common mistakes we see.

The “One-Tenth Per Year” Strategy and Its Limitations

Some people attempt a simple approach by withdrawing one-tenth of the account each year. While this feels logical, it has a hidden flaw.

The account is still invested. If the portfolio grows at a similar rate to your withdrawals, the balance may not meaningfully decline. You could reach year 10 and still be staring at a large taxable balance that must be distributed all at once.

This is why inherited IRAs require more than a simple formula.

Why Timing Matters More Than Amount

With inherited traditional IRAs, timing is often more important than how much you withdraw.

The goal is not just to empty the account. The goal is to do so in a way that minimizes taxes over the full 10-year period.

That may mean taking larger distributions in lower-income years. It may mean spreading withdrawals unevenly. It may mean coordinating withdrawals with retirement, a business sale, or other life events.

There is no one-size-fits-all solution.

Medicare Premiums and Other Hidden Consequences

For those approaching or already on Medicare, inherited IRA distributions can impact more than just income taxes. Higher income can increase Medicare Part B and Part D premiums through what is known as IRMAA surcharges.

These premium increases are often overlooked, but they can significantly raise healthcare costs for years. This is another reason careful planning matters.

Qualified Charitable Distributions as a Strategy

Inherited traditional IRAs still allow for qualified charitable distributions, or QCDs, once you reach age 70 and a half. A QCD allows you to donate directly from your IRA to a qualified charity. The amount donated is not included in your taxable income. This can be a powerful tool for those who are charitably inclined and in higher tax brackets.

However, eligibility depends entirely on your age when you inherit the IRA. If you inherit it earlier in life, this option may not be available. It is very much a matter of timing and circumstance.

Why You Should Not Wait Until Year 10

One of the biggest mistakes we see is inaction.

People inherit an IRA, feel overwhelmed, and decide to deal with it later. Before they know it, several years have passed. Waiting until the final year almost guarantees a painful tax outcome.

Planning early gives you flexibility. Waiting removes it.

Estate Planning and Beneficiary Designations Matter

Inherited IRAs are also a reminder of how critical beneficiary designations are. These accounts pass by beneficiary designation, not by your will.

If beneficiaries are outdated, incorrect, or incomplete, the money may not go where you intended. And once the original owner passes, there is usually nothing that can be done to change it.

We recommend reviewing beneficiaries at least annually or anytime a major life event occurs. Divorces, remarriages, births, deaths, and family changes all warrant a review. This small administrative step in your estate planning can prevent significant family conflict later.

Making a Difficult Situation Easier

Losing a loved one is already hard. Financial confusion should not add to the burden.

While inherited IRAs can feel complex, the goal of planning is simple. Make a difficult situation as easy and tax-efficient as possible.

With the right strategy, inherited IRAs can be managed thoughtfully and responsibly. Without one, they can quietly create unnecessary stress and taxes.

The Bottom Line

Inherited IRAs are common. Mishandling them is also common. Roth inherited IRAs are generally straightforward and flexible. Traditional inherited IRAs require careful, proactive planning. The 10-year rule changed the landscape, and the old strategies no longer work the way they used to. Doing nothing is rarely the right move.

If you have inherited an IRA, or expect to, this is an area where working with a financial advisor and a tax professional is not just helpful, it is essential.

If you want help evaluating your situation and building a plan that fits your life, your income, and your goals, we are always here to help. At Bonfire Financial, our goal is simple. Help you make smart decisions so you can retire the way you want, without paying more in taxes than necessary.

Give us a call today to get help with your inherited IRA.

Year End Planning – The Two Minute Drill for Your Financial Life

Posted on by Brian Colvert

Year End Planning: Your Guide to Finishing the Year Strong

As the calendar turns toward the final weeks of the year, it becomes clear how quickly time moves. Life fills up, schedules accelerate, and before we know it another December arrives. While the holiday season often brings celebration and reflection, it also presents one of the most important financial opportunities of the year. Thoughtful Year End Planning ensures you take advantage of key tax benefits, avoid costly penalties, and position yourself for a stronger financial foundation heading into teh new year.

 Year End Planning is not about scrambling or stressing. Instead, it is about making smart, timely decisions that help you keep more of what you earn and stay on track toward your long term goals. Whether you are still actively saving for retirement or already enjoying it, the last part of the year is the moment to make sure your accounts, contributions, and required actions are in good order.

This guide walks through the most important Year End Planning steps to consider. We will cover health accounts, retirement plans, Roth strategies, Required Minimum Distributions, charitable giving, and more. Each section is designed to help you understand what needs to happen before December 31, why it matters, and how to maximize the benefits available to you.

Let’s begin.

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Why Year End Planning Matters

Year End Planning gives you the chance to close the year with clarity and control. Many tax advantaged financial opportunities are tied to the calendar year. If they are missed, they cannot be corrected retroactively. The last weeks of the year create a natural deadline that requires decisive action.

Proactive Year End Planning can help you:

• Reduce taxable income
• Maximize tax advantaged savings
• Use funds that will otherwise be forfeited
• Optimize charitable giving strategies
• Avoid penalties
• Confirm that your financial strategy remains aligned with your goals

Most importantly, Year End Planning helps prevent reactive decision-making. When you intentionally prepare, you make the most of your financial landscape instead of leaving opportunities on the table.

Understanding Your Health Accounts: FSA and HSA

Health accounts are one of the most overlooked parts of Year End Planning. They are also among the most impactful, especially from a tax perspective. Two main types of accounts are tied to healthcare costs: the Flexible Spending Account (FSA) and the Health Savings Account (HSA). Both can provide substantial benefits, but each functions differently, especially at year end.

Flexible Spending Accounts: Use It or Lose It

An FSA allows you to set aside pre-tax dollars to pay for qualified medical expenses if you participate in a low deductible health insurance plan. FSAs are incredibly beneficial, but they come with a strict rule: they are use it or lose it accounts.

If you have unused FSA funds by the end of the year, those dollars may be forfeited. Some employers allow a small carryover amount or a brief grace period, but many follow the strict calendar deadline.

As part of your Year End Planning, review your FSA balance as early as possible. If you still have remaining funds, consider eligible expenses such as:

• Prescription medications
• Over the counter drugs
• First aid supplies
• Contact lenses and glasses
• Sunscreen
• Medical devices
• Certain wellness items

Retailers often label items as FSA eligible, making it easier to identify qualifying purchases. The key is awareness. These funds are yours, and Year End Planning ensures they do not go unused.

Health Savings Accounts: Maximize Your Contribution

An HSA operates differently from an FSA. It is available to individuals with high deductible health plans and is widely considered one of the most powerful tax advantaged vehicles available.

HSAs offer a triple tax benefit. Contributions are tax deductible, growth is tax deferred, and withdrawals for qualified medical expenses are tax free. HSAs also roll over from year to year and can accumulate indefinitely. They even function as a supplemental retirement account for medical expenses later in life.

As part of your Year End Planning, confirm that you have fully funded your HSA for 2025:

• Single coverage limit: 4,300
• Family coverage limit: 8,550
• Catch up contribution for age 55 and older: Additional 1,000

>>>> Check here for the most current limits.

You can view your contributions through your employer benefits portal or your health plan administrator. If you are not yet at the maximum, consider increasing your final payroll contributions or making a lump sum deposit before year end.

The more you fund your HSA, the more long term tax advantage you gain.

Maximizing Retirement Savings Before the Deadline

Retirement accounts remain one of the most critical components of Year End Planning. Certain contributions, particularly to employer sponsored plans like 401ks, must be completed by December 31 to count for the current tax year.

401k Employee Contributions

If you participate in a 401k, your employee contribution must be processed by December 31. Employer contributions, such as profit sharing, can often be made later, but your personal salary deferrals are tied to the calendar year.

For 2025, the limits are:

• Standard contribution limit: 23,500
• Catch up contribution (age 50 and older): Additional 7,500
• Special catch up for ages 60 to 63: 11,250 instead of 7,500

This means individuals aged 60 to 63 can contribute up to 34,750 in total.

>>>> Check here for the most current limits.

Whether you choose pre tax or Roth contributions, the action must occur before year end. If you are behind on your savings goals, consider adjusting your final pay periods of the year to boost your contributions.

Traditional vs Roth 401k Contributions

Choosing between pre tax and Roth contributions is a personal decision based on your current income, future tax expectations, and financial priorities.

• Traditional 401k contributions reduce your taxable income today.
• Roth 401k contributions are made with after tax dollars but grow tax free.

If you no longer qualify to contribute to a traditional Roth IRA due to income limits, your workplace Roth 401k may be your only remaining tax free savings option. Year End Planning is the moment to ensure you are taking advantage of it.

Roth Conversions: A Powerful Year End Opportunity

Roth conversions involve moving funds from a traditional IRA or 401k into a Roth account. This shifts the tax burden to the current year but provides the benefit of tax free growth and no required minimum distributions in the future.

Unlike IRA contributions, Roth conversions must be completed before December 31. They cannot be retroactively applied to a prior year.

Why might you consider a Roth conversion during Year End Planning?

• You expect to be in a higher tax bracket later.
• This year is a low income year.
• You want to reduce future RMDs.
• You want to leave tax free assets to heirs.

Before converting, it is wise to consult with your financial advisor or CPA. Roth conversions can affect Social Security taxation, Medicare premiums, and your overall tax bracket. With proper planning, however, they are one of the most valuable tools available.

Required Minimum Distributions: What You Need to Know

If you have a traditional IRA, SEP IRA, SIMPLE IRA, or certain employer retirement plans, the IRS requires you to begin withdrawing funds once you reach age 73. These Required Minimum Distributions, or RMDs, ensure that tax deferred dollars eventually become taxable income.

Your first RMD must be taken by April of the year following the year you turn 73. Every year after that, your RMD must be taken by December 31.

Year End Planning is the time to verify:

• Have you taken your full RMD for the year
• If you turned 73 this year, will you take your first RMD now or wait until early next year
• If you have multiple accounts, are you taking the correct amount from each

Missing an RMD results in a steep penalty. Avoiding that penalty is one of the most important Year End Planning tasks for retirees.

Qualified Charitable Distributions (QCDs)

For individuals who give to charity, a QCD can be a highly effective strategy. A QCD allows you to direct up to 100,000 per year from your IRA to a qualified 501c3 charity. The distribution counts toward your RMD and is not included in your taxable income.

QCDs allow you to:

• Support causes you care about
• Reduce taxable income
• Satisfy your RMD without increasing your tax liability

If you write checks from an IRA checkbook (common with Charles Schwab accounts), make sure the charity cashes the check before year end. Some organizations delay processing donations until January, which can create reporting issues. Sending QCDs early in December and keeping detailed records is essential.

Additional Year End Planning Actions to Consider

While health accounts, retirement savings, and RMDs are the most time sensitive steps, Year End Planning also includes several broader financial reviews.

Charitable Giving and Tax Deductions

If you plan to itemize deductions, year end is a good time to finalize charitable donations. You may consider:

• Cash gifts
• Donor advised fund contributions
• Gifting appreciated securities
• Qualified Charitable Distributions (if applicable)

Gifts must be completed by December 31 to count for the current tax year.

Portfolio Rebalancing and Tax Loss Harvesting

Although not required by year end, many investors use December as a moment to rebalance their portfolios back to their target allocation. Market movements throughout the year can shift your risk exposure.

Tax loss harvesting may also be available. This involves selling investments at a loss to offset taxable gains. It is a specialized strategy and should be discussed with your advisor.

Reviewing Employer Benefits

Open enrollment typically occurs in the fall, but Year End Planning gives you a chance to confirm your benefit choices, especially if you are adjusting contributions to FSAs, HSAs, or retirement plans for the coming year.

Evaluating Cash Flow and Savings Goals

Year end is an ideal time to look forward as well as backward. Consider:

• Are you on track for your emergency fund goals
• Do you need to adjust automatic savings for 2026
• Are there financial milestones you want to prioritize next year

Good planning now makes next year smoother and more predictable.

The Human Side of Year End Planning

We understand that even with the best intentions, financial planning can slip through the cracks. Life gets busy. Work demands increase. Family schedules take center stage. That is precisely why Year End Planning exists. It provides a clear moment to pause, recalibrate, and make sure your financial systems are working for you.

No one enjoys paying more taxes than necessary. Year End Planning gives you the tools to minimize tax burden, maximize savings, and protect your long term security. When done well, it transforms December from a stressful deadline into a meaningful opportunity.

Our team is here to help you navigate these decisions thoughtfully. Whether you need to review contribution levels, analyze Roth conversion strategies, calculate an RMD, or simply understand what steps apply to your unique situation, we are ready to support you.

Finishing the Year with Confidence

As the year comes to a close, take the time to review your accounts, contributions, and required actions. The goal of Year End Planning is not perfection. It is awareness, clarity, and intentional action.

By focusing on the steps that matter most, you can:

• Protect your tax advantages
• Reduce unnecessary financial stress
• Strengthen your retirement outlook
• Support the causes you care about
• Enter 2026 with confidence

Year End Planning is one of the most impactful habits you can build. When you take advantage of each year’s opportunities, you create powerful momentum for your financial life.

If you would like guidance or want to review your personal situation, our advisors are here to help.

Schedule a call today with our team to get started!

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