Financial Planning Explained

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for a practical Cash Management Q&A covering several important questions investors and homeowners may face when deciding how to manage their cash, debt, and investments. Cash management is an important part of a comprehensive financial plan. Decisions about where to keep cash, how much liquidity to maintain, whether to use a home equity line of credit (HELOC), and whether to pay down debt or invest can all have an impact on a person's broader financial strategy. In this episode, Mike and Nick answer real-world questions about HELOCs, Treasury Bills, money market funds, debt payoff, and investing. They discuss how these different financial tools work, what factors investors should consider, and why the right approach can depend on an individual's overall financial situation. The conversation focuses on how to evaluate cash management decisions within the context of a broader financial plan rather than looking at any one account, investment, or debt in isolation. In this episode, you'll learn about: What cash management is and why it matters How a HELOC (Home Equity Line of Credit) works Important considerations when using a HELOC How Treasury Bills (T-Bills) work How Treasury Bills compare with money market funds Key differences between T-Bills and money market funds Factors to consider when deciding where to hold cash How liquidity and accessibility can influence cash management decisions Whether paying off debt or investing may make sense in different circumstances How interest rates can affect the debt payoff vs. investing decision The importance of understanding your borrowing costs How risk, liquidity, and expected returns factor into financial decisions Why there isn't a single cash management strategy that works for everyone How cash management fits into a comprehensive financial plan Questions to ask before making decisions about cash, debt, and investments One of the most important considerations when evaluating cash management strategies is that there isn't a single solution that applies to everyone. The appropriate approach can depend on factors such as interest rates, debt balances, available cash, liquidity needs, investment objectives, risk tolerance, tax considerations, and an individual's broader financial circumstances. Mike and Nick use these questions to demonstrate how financial planners can evaluate different options and determine how they fit within an overall financial strategy. Rather than looking at cash, debt, or investments independently, the discussion highlights the importance of understanding how these decisions interact with one another. The episode also explores the broader relationship between cash management, investing, debt management, financial planning, and wealth management. For someone trying to determine where to keep cash, considering a HELOC, evaluating Treasury Bills or money market funds, or deciding whether to pay down debt versus invest, understanding the tradeoffs can be an important part of building a comprehensive financial plan. Whether you're interested in cash management, personal finance, investing, HELOCs, Treasury Bills, money market funds, debt payoff, or financial planning, this episode provides a practical Q&A designed to help you better understand these important financial decisions. If you've ever wondered “Should I pay off debt or invest?”, “Should I use a HELOC?”, “Are Treasury Bills better than money market funds?”, “Where should I keep my cash?”, or “How should I think about cash management?”, this episode provides real-world perspectives and financial planning considerations to help you understand the questions that should be evaluated Financial Planning: Explained is designed to make financial planning concepts easier to understand and provide real-world insight into investing, retirement planning, tax planning, cash management, debt management, wealth management, financial planning, and other important financial decisions. For more information on Menninger & Associates Financial Planning, visit: maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for a real-world retirement planning case study focused on Net Unrealized Appreciation (NUA) and the important tax considerations that can come with employer stock and retirement. NUA can be an important retirement planning strategy for individuals who hold highly appreciated employer stock inside a qualified retirement plan. But understanding how NUA works, when it may apply, and how it fits into a broader retirement and tax strategy is essential before making any decisions. In this episode, Mike and Nick walk through a real-world NUA case study and explain how NUA can potentially affect taxes, retirement income, employer stock, and long-term financial planning. They discuss the key factors that should be considered when evaluating whether an NUA strategy makes sense as part of an overall retirement plan. The conversation focuses on how Net Unrealized Appreciation works, why the tax treatment of employer stock can be different from other retirement assets, and why NUA should be evaluated within the context of someone's complete financial picture. Listeners will gain valuable insight into: What Net Unrealized Appreciation (NUA) is How the NUA tax strategy works How NUA can apply to employer stock held in a retirement plan Why the cost basis of employer stock matters How NUA may affect the taxation of employer stock The potential tax benefits and considerations of an NUA strategy Why NUA should be evaluated as part of a broader retirement plan How employer stock can fit into retirement income planning Important tax considerations when transitioning into retirement How retirement income needs can influence tax planning decisions Why diversification matters when holding significant employer stock How an NUA strategy can interact with other retirement assets Questions to consider before implementing an NUA strategy The importance of coordinating retirement and tax planning One of the most important considerations when evaluating NUA and retirement planning is understanding that there isn't a single strategy that applies to everyone. The value of an NUA strategy can depend on factors such as the amount of employer stock, its current value, the cost basis, tax circumstances, retirement timeline, income needs, and other assets available to the investor. Mike and Nick use this case study to demonstrate how financial planners can evaluate these different variables and incorporate them into a comprehensive retirement strategy. Rather than looking at employer stock or taxes in isolation, the discussion highlights the importance of understanding how different financial decisions can work together. The episode also explores the broader relationship between retirement planning, tax planning, investment management, and wealth management. For someone approaching retirement with employer stock in a 401(k) or other qualified retirement plan, understanding the available options can be an important part of preparing for retirement. Whether you're approaching retirement, have significant employer stock in a retirement account, are researching NUA, working with a financial advisor, or simply want to better understand retirement tax strategies, this episode provides a practical look at how NUA can be evaluated within a comprehensive financial plan. If you've ever wondered “What is NUA?”, “How does Net Unrealized Appreciation work?”, “Can NUA reduce taxes on employer stock?”, or “How does NUA fit into retirement planning?”, this episode provides a real-world case study to help you better understand these important retirement planning concepts. Financial Planning: Explained is designed to make financial planning concepts easier to understand and provide real-world insight into investing, retirement planning, tax planning, wealth management, financial planning, and other important financial decisions. For more information on Menninger & Associates Financial Planning, visit: maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for another Q&A focused on an essential part of successful financial planning: understanding your financial plan and making sure it continues to work for you. A financial plan is more than an investment portfolio or a collection of accounts. It should provide a clear roadmap for your financial goals, help you make informed decisions, and adapt as your life and circumstances change. But how do you know what services you should look for in a financial plan? How often should you review your plan? And what are some of the biggest financial mistakes people make along the way? In this episode, Mike and Nick tackle some of the most common questions people have about financial planning, financial advisors, investment management, and building a long-term financial strategy. They discuss what services to look for when evaluating financial planning professionals, how frequently you should revisit your financial plan, and the common mistakes that can derail otherwise solid financial strategies. The conversation focuses on the importance of having a financial plan that reflects your individual goals, needs, and circumstances. Mike and Nick explain why financial planning shouldn't be viewed as a one-time exercise and why regularly reviewing your plan can help ensure your strategy remains aligned with changes in your income, investments, taxes, retirement goals, family, and overall financial situation. Listeners will gain valuable insight into: What services to look for when choosing a financial planning professional What a comprehensive financial plan should include The difference between financial planning and investment management How financial advisors can help with more than just investments Why your financial plan should be tailored to your individual goals How often you should review your financial plan Why financial plans need to evolve as your circumstances change What life events should trigger a review of your financial plan How changes in income can affect your financial strategy Why retirement planning should be regularly reviewed How investment performance fits into a broader financial plan The importance of reviewing your tax strategy Why estate planning should be part of the financial planning process One of the biggest misconceptions about financial planning is that you create a plan once and simply follow it forever. In reality, your financial plan should change as your life changes. Career changes, marriage, children, retirement, major purchases, changes in the tax environment, market conditions, and other life events can all affect the decisions you need to make. Mike and Nick also discuss some of the biggest financial mistakes people make, from failing to plan ahead to making emotional investment decisions. Understanding these common mistakes can help investors recognize potential problems before they have a significant impact on their long-term financial goals. Whether you're just beginning to build a financial plan, already working with a financial advisor, managing your own investments, approaching retirement, or simply wondering whether your current strategy is still on track, this episode provides practical considerations for understanding and improving your financial plan. If you've ever wondered “What services should I look for in a financial plan?”, “How often should I review my financial plan?”, or “What are the biggest financial mistakes people make?”, this episode offers a practical Q&A to help you think through those questions. Financial planning isn't about predicting the future. It's about creating a strategy, understanding your options, and making informed decisions as your financial life evolves. The right plan should help you understand where you are today, where you want to go, and what steps can help you get there. Financial Planning: Explained is designed to make financial planning concepts easier to understand and provide real-world insight into investing, retirement planning, wealth management, taxes, and other important financial decisions. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for another Q&A focused on one of the most important decisions investors can make: how to choose a financial advisor. Whether you're just beginning to build your financial plan, approaching retirement, managing investments on your own, or considering working with a professional, choosing the right financial advisor can be a difficult decision. What should you look for? What questions should you ask? And perhaps most importantly, do you really need a financial advisor in the first place? In this episode, Mike and Nick tackle some of the most common questions people have when considering financial advice and evaluating potential advisors. They discuss the role a financial advisor can play, what it means to be a fiduciary, and the important questions you should ask before deciding who to trust with your financial future. The conversation focuses on the idea that finding a financial advisor isn't simply about credentials or investment performance. It's about understanding how an advisor works, how they're compensated, what responsibilities they have to their clients, and whether their approach fits your goals and financial situation. Listeners will gain valuable insight into: Whether you really need a financial advisor Situations where working with a financial advisor may be beneficial What a financial advisor actually does The difference between a financial advisor and a financial planner What it means for an advisor to be a fiduciary Why fiduciary status matters when choosing an advisor Questions you should ask a potential financial advisor How to evaluate a financial advisor before becoming a client What to understand about an advisor's compensation and fees Why it's important to understand potential conflicts of interest How an advisor's investment philosophy can affect your financial plan The importance of understanding the services an advisor provides How to determine whether an advisor's approach fits your needs What credentials and experience to look for in a financial professional Why communication and trust are important in the advisor-client relationship Common questions to ask during an initial meeting with an advisor Red flags to watch for when evaluating a financial advisor Why choosing an advisor shouldn't be based solely on investment performance How financial planning can go beyond investment management The importance of finding an advisor who understands your financial goals How to determine whether professional financial advice is right for you Choosing a financial advisor is a major financial decision. For many people, the challenge isn't simply finding someone who can manage investments—it's finding a professional who understands their goals, provides appropriate guidance, communicates clearly, and puts their interests first. Mike and Nick discuss why there isn't one financial advisor who is right for everyone. The right choice depends on your circumstances, financial goals, complexity, investment needs, and the type of relationship you're looking for. If you've ever wondered “Do I really need a financial advisor?”, “Is my advisor a fiduciary?”, or “What questions should I ask before hiring a financial advisor?”, this episode provides a practical framework for thinking through those questions. Whether you're searching for your first financial advisor, considering changing advisors, managing your own investments, or simply trying to better understand what financial advisors do, this episode offers real-world considerations to help you make a more informed decision. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com Meet Michael Menninger, CFP®, host of Financial Planning: Explained: https://maaplanning.com/who-we-are/

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for Part II of a Q&A series on life events, investments and general financial planning. In Part II, Mike and Nick turn their attention to investment planning, tackling some of the most common questions investors face: When is a good time to invest? Should you invest in stocks or bonds? And how much risk should you actually take in your portfolio? The guys discuss why successful investing is about more than simply trying to predict what the market will do next. They explore how an investor's goals, time horizon, risk tolerance and overall financial plan should influence investment decisions—and why there isn't necessarily one right answer for everyone. From deciding when to put money into the market to determining the appropriate balance between stocks and bonds, this conversation highlights the importance of having an investment strategy that fits within your broader financial plan. Listeners will gain valuable insight into: When it may be a good time to invest Why trying to perfectly time the market can be challenging How to think about investing during periods of market uncertainty The differences between stocks and bonds How stocks and bonds can play different roles in a portfolio How to determine an appropriate level of investment risk Why risk tolerance matters when building an investment portfolio How your time horizon can influence your investment strategy The relationship between investment risk and potential returns Why your investment strategy should reflect your financial goals How diversification can help manage portfolio risk Why investment decisions should be coordinated with your overall financial plan Common questions investors should consider before making changes to their portfolio The importance of avoiding emotional investment decisions How working through different scenarios can lead to better financial decisions Investing can raise some difficult questions, especially when markets are volatile or financial goals change. Knowing when to invest, how much to invest, what investments to choose, and how much risk to take can have a significant impact on your long-term financial strategy. Rather than offering one-size-fits-all investment advice, Mike and Nick use a real-world financial planning perspective to explore the questions that should be considered before making major investment decisions. The goal isn't to predict the next market move—it's to understand how an investment strategy fits into the bigger financial picture. Whether you're just getting started with investing, deciding between stocks and bonds, reviewing your retirement portfolio, or wondering whether your current level of risk is appropriate, this episode offers practical insights and real-world considerations to help you make more informed investment decisions. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for a practical life events financial planning case study focused on three major financial decisions many families face: buying a house, paying for a child's college, and deciding what to do with an inheritance. In Part I of this case study, Mike and Nick walk through how major life events can affect a family's overall financial plan—and why making one decision in isolation can have unintended consequences for other areas of your finances. From purchasing a home and determining how much you can comfortably afford, to preparing for future college expenses and making thoughtful decisions when an inheritance enters the picture, this conversation highlights the importance of looking at the big financial picture before making major moves. Rather than focusing on one-size-fits-all financial advice, Mike and Nick use a real-world planning scenario to explore the questions financial planners consider when helping clients navigate significant life transitions. Listeners will gain valuable insight into: How buying a house can impact your overall financial plan What to consider before taking on a mortgage How to balance homeownership goals with other financial priorities Strategies for planning and paying for a child's college education How college funding can affect retirement and long-term financial goals What to consider when receiving an inheritance How to think through the decision of what to do with inherited assets Why an inheritance shouldn't automatically be invested or spent without a plan How major life events can change your financial priorities The importance of coordinating short-term decisions with long-term goals Why comprehensive financial planning matters during major transitions How working through different scenarios can lead to better financial decisions Major life events often come with major financial decisions. Buying a home, funding a child's education, and receiving an inheritance can each have a significant impact on your cash flow, investments, taxes, retirement strategy, and long-term financial goals. This case study demonstrates why financial planning is about more than simply answering individual financial questions. The goal is to understand how each decision fits into the larger picture—and how thoughtful planning can help families make confident decisions while avoiding unnecessary financial stress. Whether you're buying your first home, preparing to pay for your child's college, expecting an inheritance, or simply trying to build a more comprehensive financial plan, this episode offers practical insights and real-world considerations to help you think through the next major financial decision. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com Meet Michael Menninger, CFP®, host of Financial Planning: Explained: https://maaplanning.com/who-we-are/

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, to break down one of the most important and often misunderstood topics for beneficiaries of retirement accounts: Inherited IRAs and the IRS rules that apply to them. When you inherit an IRA, the rules for taking distributions can be very different from the rules that applied to the original account owner. Depending on when the account owner died, your relationship to the deceased, and other factors, you may face specific distribution requirements, deadlines, and potential tax consequences. Mike and Nick walk through the key rules surrounding inherited IRAs and explain what beneficiaries need to understand when they inherit a traditional IRA or other retirement account. They discuss the 10-year rule, required minimum distributions (RMDs), beneficiary requirements, and some of the common mistakes that can create unexpected tax problems. The episode also includes a real-world client situation involving a large, well-known financial institution. Mike and Nick discuss how the institution provided the client with incorrect guidance about handling an inherited IRA, highlighting just how confusing these rules can be—even when someone is working with a major financial company. The case study demonstrates why beneficiaries should carefully evaluate inherited IRA advice and understand the rules before making potentially costly decisions. The conversation also highlights why inherited IRAs should not simply be treated like your own retirement account. Understanding the applicable IRS rules and creating a distribution strategy can be critical to avoiding unnecessary taxes and penalties while making the most of an inherited retirement account. Viewers will gain valuable insight into: What happens when you inherit an IRA How the IRS inherited IRA rules work The inherited IRA 10-year rule explained When inherited IRA beneficiaries may be required to take distributions How RMD rules apply to inherited IRAs Important differences between inherited IRAs and your own IRA How beneficiary status can affect inherited IRA distribution rules Potential tax consequences of inherited IRA distributions A real-world example of incorrect inherited IRA guidance from a large financial institution Why even major financial institutions can get inherited IRA rules wrong Common inherited IRA mistakes beneficiaries should avoid What the SECURE Act changed for inherited retirement accounts Why timing matters when taking distributions from an inherited IRA How inherited IRA rules can affect your overall tax strategy What beneficiaries should know before taking money out of an inherited IRA Why professional retirement and tax planning can be important after inheriting an IRA Inherited IRAs can come with complicated rules, and making the wrong move can potentially result in unnecessary taxes or penalties. As this episode's real-world case study demonstrates, the size or reputation of a financial institution doesn't necessarily mean that the advice you receive is correct or appropriate for your specific situation. Whether you've recently inherited an IRA, expect to inherit one in the future, or are helping a family member plan for an inherited retirement account, understanding the rules can help you make more informed financial decisions. This episode provides a practical overview of inherited IRA rules and the IRS requirements beneficiaries should understand as they navigate retirement account inheritance and wealth transfer. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, to walk through a practical estate planning and inheritance case study involving a daughter who is trying to piece together her late father's financial affairs. In this real-world scenario, the daughter is struggling to track down important assets, including her father's pension, 401(k), and life insurance policy. Even more concerning, she doesn't know whether she was named as a beneficiary—or who may have been designated to receive these assets. Mike and Nick explore the challenges families can face after the death of a loved one when financial accounts, beneficiary designations, and important documents aren't clearly organized or communicated. The discussion highlights why proactive estate planning and proper beneficiary designations are so important, and how a lack of planning can create unnecessary stress and uncertainty for surviving family members. The conversation provides practical insight into how families can better prepare for the transfer of wealth, locate financial assets, review beneficiary designations, and ensure their estate plan reflects their wishes. Listeners will gain valuable insight into: How to track down a deceased family member's pension, 401(k), and life insurance What happens when you don't know who the beneficiary is Why beneficiary designations are so important in estate planning Common problems families encounter after the death of a loved one How retirement accounts and insurance policies are transferred after death The importance of keeping financial records and account information organized Why beneficiary designations should be reviewed regularly How proactive estate planning can help prevent confusion and family stress What families should know about inheritance and wealth transfer How a comprehensive estate plan can help protect your family and assets Estate planning isn't just about deciding what happens to your assets—it's also about making sure your loved ones can find those assets and understand what to do with them when the time comes. This case study illustrates how missing information and outdated beneficiary designations can create significant challenges, and why having a clear plan in place can make the inheritance process much smoother. Whether you're creating your own estate plan, helping aging parents organize their finances, or preparing to pass wealth on to the next generation, this episode offers practical insights and real-world considerations to help you plan ahead. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Cheryl Lagunilla, Health Insurance Advisor at Focused Health Access, to continue their Medicare discussion with a practical, real-world case study and an in-depth look at IRMAA (Income-Related Monthly Adjustment Amount). Building on the Medicare fundamentals covered in Part I, Mike and Cheryl walk through a realistic Medicare planning scenario to demonstrate how coverage decisions, enrollment timing, and income can affect healthcare costs in retirement. They also explain how IRMAA works, who is affected, and why higher-income retirees may pay increased premiums for Medicare Part B and Part D. The conversation highlights common situations retirees face when enrolling in Medicare, strategies for minimizing unexpected costs, and the importance of incorporating healthcare planning into an overall retirement strategy. Whether you're nearing Medicare eligibility, already enrolled, or helping a loved one navigate the process, this episode offers practical insights to help you make more informed decisions. Listeners will gain valuable insight into: What IRMAA (Income-Related Monthly Adjustment Amount) is and how it works How income affects Medicare Part B and Part D premiums A real-life Medicare case study and planning example Common Medicare enrollment and planning mistakes Strategies to help reduce unexpected Medicare costs How healthcare decisions fit into a comprehensive retirement plan Tips for evaluating Medicare coverage based on your personal situation Why proactive Medicare planning can help you avoid costly surprises Understanding how Medicare premiums are calculated—and how your financial decisions can impact your healthcare costs—is an essential part of retirement planning. This episode provides practical guidance and real-world examples to help simplify Medicare planning and prepare you for the road ahead. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP®, is joined by Cheryl Lagunilla, Health Insurance Advisor at Focused Health Access, for a comprehensive discussion on Medicare and Medicaid—two of the most important healthcare programs for retirees and those approaching retirement. In this episode, Mike and Cheryl break down the fundamentals of Medicare, including Part A (hospital insurance) and Part B (medical insurance), before exploring the different coverage options available, such as Medicare Advantage (Part C), Medigap (Medicare Supplement Insurance), and Part D prescription drug coverage. They also discuss how Medicaid works alongside Medicare, who may qualify for additional financial assistance, and the programs that can help reduce healthcare costs. The conversation also covers critical Medicare enrollment deadlines, common enrollment mistakes, and how to avoid costly late enrollment penalties that can impact your healthcare expenses for years to come. Whether you're approaching age 65, helping a family member navigate Medicare, or simply planning ahead for retirement, this episode provides practical guidance to help you make informed healthcare decisions. Listeners will gain valuable insight into: Medicare Part A and Part B explained Medicare Advantage (Part C) vs. Medigap coverage Understanding Medicare Part D prescription drug plans Medicaid eligibility and additional financial assistance programs Medicare Savings Programs and Extra Help Initial Enrollment Period and Special Enrollment Period rules How to avoid Medicare late enrollment penalties Common Medicare mistakes and how to avoid them Healthcare planning as part of a comprehensive retirement strategy Tips for choosing the right Medicare coverage for your needs Understanding your healthcare options is a critical part of successful retirement planning. This episode helps simplify the often-confusing Medicare and Medicaid landscape so you can make confident decisions about your coverage and future healthcare costs. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research, for an in-depth discussion on the latest stock market outlook and the key events shaping the global economy. In this episode, Mike and Brad examine whether today's stock market valuations remain justified as corporate earnings continue to surprise to the upside. With second-quarter earnings showing strong growth across several sectors, investors are asking an important question: Can the market continue climbing, or are risks beginning to outweigh the opportunities? The conversation explores the current investment landscape, including the impact of the ongoing crisis in the Middle East, geopolitical uncertainty, inflation trends, interest rate expectations, and how global events may influence markets in the months ahead. Mike and Brad also discuss investor sentiment, economic growth prospects, and what recent earnings data may signal for the future direction of stocks. Whether you're an investor, retiree, financial advisor, or simply interested in understanding today's markets, this episode provides practical perspectives on navigating uncertainty while maintaining a disciplined, long-term investment approach. For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP® welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research. In this episode, Mike and Brad discuss the current state of the stock market, examining the latest economic data, market trends, and the key forces shaping today's investment landscape. They break down what's driving recent market performance, how stocks and bonds are reacting to changing economic conditions, and what investors should expect in the months ahead. The conversation covers inflation, interest rates, Federal Reserve policy, corporate earnings, economic growth, and investor sentiment, while offering practical insights into navigating market volatility with confidence. Brad also shares his perspective on maintaining a disciplined, long-term investment strategy and avoiding common emotional investing mistakes during uncertain times. Whether you're an investor, retiree, financial advisor, or simply looking to better understand today's markets, this episode provides valuable insight into the current market environment, what it means for your portfolio, and the opportunities and risks investors should be watching moving forward. For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP® welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research. In this episode, Mike and Brad break down the performance of the financial markets during the second quarter of 2026, discussing the key economic events that influenced stocks, bonds, and investor sentiment throughout the quarter. They examine the latest developments in inflation, interest rates, economic growth, corporate earnings, and Federal Reserve policy, while providing perspective on what these trends could mean for investors heading into the second half of the year. Brad also shares his insights on navigating ongoing market uncertainty, maintaining a disciplined long-term investment strategy, and avoiding emotional decision-making during periods of volatility. Whether you're an investor, retiree, financial advisor, or simply interested in understanding today's financial markets, this episode offers valuable insight into the Q2 2026 market recap, current economic conditions, and what investors should be watching next. For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP®, and Nick DeVito, CFP®, continue their Social Security Survivor Benefits case study series with Part 3, focusing on three critical retirement planning strategies: IRMAA, the Rule of 72, and Roth IRA conversions. Building on the previous episodes, Mike and Nick explore how income planning, taxes, and investment decisions all work together when creating a successful retirement strategy. They break down how the Income-Related Monthly Adjustment Amount (IRMAA) can impact Medicare premiums, why proactive tax planning matters, and how retirees can potentially avoid unexpected increases in healthcare costs. The conversation also dives into the Rule of 72, a simple but powerful financial concept that helps investors understand how long it may take their money to double over time. Mike and Nick explain how this rule can provide perspective when evaluating growth, inflation, and long-term retirement planning decisions. A major focus of this episode is Roth IRA conversions and how they can be used as a tax-planning tool. They discuss when conversions may make sense, how tax brackets impact conversion decisions, and why strategically managing taxable income throughout retirement can help preserve more wealth for the future. Through this real-world financial planning case study, viewers will learn why Social Security, Medicare, investment management, and tax strategy should all be coordinated as part of a comprehensive retirement plan — especially during major life transitions like becoming a surviving spouse. Whether you're approaching retirement, managing inherited assets, navigating Medicare decisions, or looking for ways to reduce future taxes, this episode provides practical retirement planning insights to help you make more informed financial decisions. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, and Nick DeVito, CFP®, continue their in-depth Social Security Survivor Benefits case study by exploring one of the most overlooked planning opportunities: unrealized capital gains. Building on Part 1, Mike and Nick examine how appreciated investments and unrealized capital gains can influence a surviving spouse's long-term financial strategy. Through a real-world financial planning scenario, they explain how inherited assets receive a step-up in cost basis, how capital gains are taxed after the death of a spouse, and why understanding these rules can help families minimize taxes while maximizing retirement income. Throughout the episode, they demonstrate how Social Security survivor benefits should never be viewed in isolation. Instead, they show how coordinating survivor benefits with investment portfolios, capital gains planning, tax-efficient withdrawals, and estate planning can create a more comprehensive and effective retirement strategy. Whether you're planning for retirement, helping aging parents, managing inherited investments, or simply looking to make smarter financial decisions, this episode provides practical insights that can help you preserve more of your wealth and avoid costly mistakes. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP® sits down with Nick DeVito, CFP® walk through a real-world Social Security Survivor Benefits case study, demonstrating how claiming decisions can significantly impact retirement income, financial security, and long-term planning outcomes. Using a practical financial planning scenario, Mike and Nick explain how survivor benefits work, who qualifies, and the strategies available to surviving spouses when navigating Social Security claiming decisions. They break down key rules surrounding survivor benefits, including eligibility requirements, timing considerations, benefit calculations, and common mistakes that can reduce lifetime benefits. Throughout the episode, they highlight how Social Security survivor benefits fit into a comprehensive retirement income plan and why coordinating these benefits with other assets, pensions, investments, and tax strategies is essential for maximizing financial security. Whether you're approaching retirement, currently receiving Social Security benefits, planning for a spouse's future financial well-being, or simply looking to better understand your options, this episode provides valuable insights and actionable strategies to help you make informed decisions. For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP® walks through a comprehensive estate planning case study, illustrating how thoughtful planning can help families protect assets, minimize taxes, and ensure their wishes are carried out efficiently. Using a real-world financial planning scenario, Michael breaks down the key components of an effective estate plan, including wills, trusts, beneficiary designations, powers of attorney, healthcare directives, and strategies for transferring wealth to future generations. He also highlights common estate planning mistakes that can create unnecessary costs, delays, and family conflicts. Throughout the episode, Michael explains how estate planning integrates with a broader financial plan and why regularly reviewing your estate documents is essential as your family, assets, and goals evolve over time. Whether you're building your first estate plan, updating existing documents, planning for retirement, or looking to preserve your legacy for your loved ones, this episode provides practical insights and actionable strategies to help you make informed decisions. For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on "Financial Planning: Explained", host Michael Menninger, CFP sits down with Michael Mandio. Michael is the Vice President of Production, Community Mortgage Team for AnnieMac Home Mortgage. AnnieMac is a nationwide residential mortgage lender. They help homebuyers and homeowners secure financing for purchasing properties, refinancing current loans, and accessing home equity. In this episode, Michael and Mike discuss AnnieMac and how they help home buyers through the buying process. The guys also discuss the Cash2Keys program, which lets buyers leverage cash offers to skip the stress or bidding wars and put themselves in the best position to win housing bids. This is a great episode for anyone purchasing a new home or refinancing a current home. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Mackensie Ellis. Mackensie is a student loan professional at Juno. Juno student loans uses collective bargaining power to negotiate better rates on undergraduate, graduate, and refinance student loans. In this episode, Mackensie and Mike talk about loan repayment after graduation. The two get into refinance options, loan deferment, and public service loan forgiveness. This is a great episode for students of any age or students who have recently graduated looking for repayment options. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on "Financial Planning: Explained", host Michael Menninger, CFP welcomes Mackensie Ellis. Mackensie is a student loan professional at Juno. Juno student loans uses collective bargaining power to negotiate better rates on undergraduate, graduate, and refinance student loans. In this episode, Mackensie and Mike discuss what Juno is an how the service works. They also talk about federal vs private student loans, along with the pros and cons of each. Other topics include: Parent PLUS loans and Stafford loans. This is a great episode for students of any age that are looking to negotiate a better student loan rate, or refinance their current loan. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Shellee Howard. Shellee is the Founder & CEO of College Ready. College Ready helps students stand out through strategic college planning proven to strengthen applications, increase scholarship offers, and simplify every step of the admissions journey. This is part two of a four-part series on college planning. In this episode, Shellee and Mike discuss the process of Shellee's company and how they guide students to make educated choices when college planning. They also discuss considerations and opportunities post-grad that students should consider when choosing a school. This is a great episode for any student or parent of a student that is gearing up for college. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on "Financial Planning: Explained", host Michael Menninger, CFP welcomes Shellee Howard. Shellee is the Founder & CEO, College Ready. College Ready helps students stand out through strategic college planning proven to strengthen applications, increase scholarship offers, and simplify every step of the admissions journey. This is part one of a four-part series on college planning. In this episode, Shellee and Mike discuss how students can differentiate themselves beyond grades, how to give students clarity on what they may want to do, and the admissions process. This is a great episode for any student or parent of a student that is gearing up for college. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP sits down with Rob Delany. Rob is the CEO of BLOCS - Business Leadership Organized for Catholic Schools. BLOCS is committed to providing eligible families access to high-quality, values based private or faith-based education, providing students with a positive and successful pathway forward. In this episode, Rob and Mike discuss the Pennsylvania Educational Improvement Tax Credit Program (EITC). The guys talk about tax credits and deductions, how to go about making charitable donations, and BLOCS role in the process. This is a great episode that provides valuable insights for anyone seeking potential charitable donations to a great program. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on "Financial Planning: Explained", host Michael Menninger, CFP welcomes back regular guest, Brad Sorensen, CFA. Brad is a portfolio manager and outsourced Chief Investment Officer at Cornerstone Portfolio Research. In this episode, the guys recap the performance of the stock market in the first quarter of this year. They detail the markets performance with respect to the labor market, inflation, and touch on the significant market volatility in the first quarter of 2026. This is a great episode for anyone keeping a close eye on the market and what to expect in the foreseeable future. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes Lily Vittayarukskul. Lily is the Co-Founder and CEO at Waterlily. Waterlily uses AI to project your future long-term care needs, helping you build a personalized plan. In this episode, Lily and Mike discuss her time as a NASA data scientist and what brought her into the world of long-term care. They then discuss the software that Lily developed and how it uses AI to accurately project long-term care needs. This is a great episode that provides valuable insights for anyone seeking more information on long-term care and how to track it. For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP sits down with Michael Rowe. Michael is an insurance brokerage director at Helmick & Co. This is the second episode in a two-part series on long-term care. In this episode, Michael and Mike discuss funding long-term care. Whether it is self funded, traditional long-term, or hybrid policies, the guys detail each option. They also talk about when the right time is to consider long-term care as well as underwriting. This is a great episode that provides valuable insights for anyone seeking more information on long-term care and the process of coverage. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP sits down with Michael Rowe. Michael is an insurance brokerage director at Helmick & Co. This is the first episode in a two-part series on long-term care. In this episode, Michael and Mike discuss home care. The guys discuss Medicare, Medicaid, and the importance of caregivers. This is a great episode that provides valuable insights for anyone seeking more information on long-term care and the process of coverage. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on "Financial Planning: Explained", host Michael Menninger, CFP welcomes back Michelle Piscopo. Michelle is an attorney at Blank Rome. This is the second episode in a two-part series on matrimonial & family law. In this episode, Michelle and Mike discuss what you should do to prepare for a divorce. They discuss prenuptial and postnuptial agreements, forensic accountants, and alimony. This is a great episode that provides valuable insights for anyone seeking council in matrimonial and family law. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes Michelle Piscopo. Michelle is an attorney at Blank Rome. This is the first episode in a two-part series on matrimonial & family law. In this episode, Michelle and Mike discuss multiple facets when it comes to divorce. They touch on distribution of assets, custody, and child support. This is a great episode that provides valuable insights for anyone seeking council in matrimonial and family law. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on "Financial Planning: Explained", host Michael Menninger, CFP concludes a two-part series on the impact of financial planning on different age groups. He then addresses common Q&A questions regarding the groups. In this episode, Mike discusses the later three age groups focused on when it comes to financial planning, these are building a family, pre-retirement, and retirement. Topics include: term life vs whole life insurance, paying off your home, RMDs, and withdrawing money during retirement. This is a great episode for parents with children, folks nearing retirement, and retirees. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP begins a two-part series on the impact of financial planning on different age groups. He then addresses common Q&A questions regarding the groups. In this episode, Mike discusses the two youngest core age groups focused on when it comes to financial planning, these are teens & college students as well as young professionals. Topics include: saving for college, credit cards, and building credit. This is a great episode for teens, college students, and young professionals. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP sits down with Anylise Crouthamel, Esq. and Doug Kaune, Esq. Anylise and Doug are estate planning attorneys at Unruh, Turner, Burke, & Frees PC. Unruh Turner Burke & Frees helps clients navigate the increasingly complicated legal and regulatory world. In this episode, Anylise, Doug, and Mike talk discuss the many facets of elder care law. They discuss irrevocable trusts, wills, and taking assets. They then discuss a case study where they explore trust planning options for a mother with four children (trustees). This is a great episode for anyone who wants a more concrete insight into elder care, wills, and trusts. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Andrew Mirolli, CEPA. Andrew is the Co-founder and Head of Client Services at BuyAUM. This is the third episode of a three-part series discussing business succession planning through the lens of a financial planner. In this episode, Andrew and Mike discuss the purchasing of another book of business and the planning, terms, and nuances associated with it. They also talk about things advisors should consider once they sell the business and fears related to selling their practice. This is a great episode for any advisor considering the purchase of another book of business or selling their own firm. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes back Andrew Mirolli, CEPA. Andrew is the Co-founder and Head of Client Services at BuyAUM. This is the second episode of a three-part series discussing business succession planning through the lens of a financial planner. In this episode, Andrew and Mike talk about what steps to take if your financial planner either retires, or something unexpected happens to them. The two discuss key things to look for and questions individuals should be asking a new advisor, as well as from the advisor perspective, what to do in order to protect clients in the event something happens to them. This is a great episode for anyone who is working with an advisor who may be on the doorstep of retirement. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes Andrew Mirolli, CEPA. Andrew is the Co-founder and Head of Client Services at BuyAUM. This is the first episode of a three-part series discussing business succession planning through the lens of a financial planner. In this episode, Andrew and Mike talk about what steps to take if your financial planner either retires, or something unexpected happens to them. The two discuss key things to look for and questions individuals should be asking a new advisor, as well as from the advisor perspective, what to do in order to protect clients in the event something happens to them. This is a great episode for anyone who is working with an advisor who may be on the doorstep of retirement. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes back Brad Sorensen, CFA. Brad is a portfolio manager and outsourced Chief Investment Officer at Cornerstone Portfolio Research. This is the final episode of a three-part series discussing this past years market performance and the outlook for 2026. In this episode, Mike and Brad discuss the stock market outlook for 2026. The guys talk about uncertainty moving forward when it comes to interest rate cuts, the labor market, effects from holiday spending, the government shutdown, and tax refunds. This is a great episode for anyone seeking insight on how 2026 could potentially shape up and what to look out for in the markets. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Brad Sorensen, CFA. Brad is a portfolio manager and outsourced Chief Investment Officer at Cornerstone Portfolio Research. This is the second episode of a three-part series discussing this past years market performance and the outlook for 2026. In this episode, Brad and Mike talk about the current state of the economy. The guys discuss the current political situation in Venezuela, tariffs, unemployment, and inflation. This is a great episode for anyone seeking a better understanding of how things currently stand in the stock market, and why. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes Brad Sorensen, CFA. Brad is a portfolio manager and outsourced Chief Investment Officer at Cornerstone Portfolio Research. This is the first episode of a three-part series discussing this past years market performance and the outlook for 2026. In this episode, Mike and Brad discuss market performance in 2025 vs. prior years, PE Ratio (price-earnings), valuations, and unemployment. This is a great episode for anyone looking for a better understanding of how the markets performed in 2025 and why. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP sits down with Nick DeVito. Nick is a partner and financial planner at Menninger & Associates Financial Planning. In this episode, Mike and Nick discuss the best practices when it comes to cash management. Cash management one of the six core areas of financial planning. The guys discuss debt consolidation, HELOCs, and basic organizational practices on ways to track your spending. This is a great episode for almost anyone that could use tips on how to better manage your cash and/or debt. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes Nick DeVito, CFP. Nick is a partner and financial planner at Menninger & Associates Financial Planning. This is part two of a two-part series on employer stock plans. In this episode, Mike and Nick discuss the the various forms of employer stock and how to incorporate it in your financial plan. The guys talk about ESOP (Employee Stock Ownership Plan) as well as 401(k) / NUA (Net Unrealized Appreciation). This is a great episode for anyone who has a stock program with their employer. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP sits down with Nick DeVito. Nick is a partner and financial planner at Menninger & Associates Financial Planning. This is part one of a two-part series on employer stock plans. In this episode, Mike and Nick discuss the the various forms of employer stock and how to incorporate it in your financial plan. The guys discuss RSUs (Restricted Stock Units), ESPP (Employee Stock Purchase Program), and stock options (both non qualified & incentive). This is a great episode for anyone who has a stock program with their employer. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes Nick DeVito, CFP. Nick is a partner and financial planner at Menninger & Associates Financial Planning. In this episode, Mike and Nick discuss retirement plan contributions, employer match, traditional 401(k) vs. Roth, and beginning of the year tax planning. This is a great episode for anyone as beginning of the year planning ties directly in to year-end planning. For more information on Menninger & Associates Financial Planning visit https://maaplanning.com

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP sits down with Nick DeVito. Nick is a partner and financial planner at Menninger & Associates Financial Planning. In this episode, Mike and Nick discuss the concept of tax-loss harvesting. The guys discuss what exactly the concept means, strategies used, and the interesting concept of tax-gain harvesting. This is a great episode for anyone who wants a little more clarity on the concept of tax-loss harvesting. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP sits down with Kyle Ryan, CFP, ChFC. Kyle is a partner and financial planner at Menninger & Associates Financial Planning. In this episode, Mike and Kyle discuss the One Big Beautiful Bill Act that was recently passed by Congress. The guys talk about exactly what the bill changed, the tax ramifications of the bill, and then discuss SALT (state and local tax). This is a great episode for anyone seeking a comprehensive overview of the new bill. For more information on Menninger & Associates Financial Planning visit https://maaplanning.com

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Harris Gubin. Harris is the president and franchise coach at Corner Booth Franchise Consulting. This is the second episode of a two-part series on business franchising. In this episode, Harris and Mike talk about the benefits of using a business franchise consultant, how to recognize your strengths and weaknesses as a franchisee, and what a franchisor should provide you with in support. This is a great episode for anyone looking to franchise a business. ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP sits down Harris Gubin. Harris is the president and franchise coach at Corner Booth Franchise Consulting. This is the first episode of a two-part series on business franchising. In this episode, Harris and Mike discuss what business franchising is, categories of businesses that franchise, and funding the initial investment for the business. This is a great episode for anyone looking to franchise a business. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Nick DeVito, CFP. Nick is a partner and financial planner at Menninger & Associates Financial Planning. This is the second episode of a two-part series on pension plans. In this episode, Mike and Nick talk about pension election options & survivor benefits as well as factors to weigh such as lump sum vs. annuities. This is a great episode for anyone with a pension plan. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP sits down with Nick DeVito, CFP. Nick is a partner and financial planner at Menninger & Associates Financial Planning. This is the first episode of a two-part series on pension plans. In this episode, Mike and Nick discuss what a pension is, the formula to calculate a pension, and lump sum vs. monthly payment options. This is a great episode for anyone who has a pension plan. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

On this week's episode of "Financial Planning: Explained”, host Michael Menninger, CFP welcomes back Brad Sorensen, CFA. Brad is a portfolio manager and outsourced Chief Investment Officer at Cornerstone Portfolio Research. This episode discusses the market outlook for the fourth quarter and beyond. In this episode, Brad and Mike talk about tariffs, the current job market, earning projections, and future rate cuts by the Fed. This is a great episode to get some insight on what the stock market could do next quarter. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes Brad Sorensen, CFA. Brad is a portfolio manager and outsourced Chief Investment Officer at Cornerstone Portfolio Research. This episode discusses the third quarter performance in the markets. In this episode, Brad and Mike discuss how the markets performed in the third quarter, growth stocks in 1999 vs. 2025, and PE ratio vs. PEG ratio. This is a great episode to catch up on the current status of the stock market. ​ For more information on Menninger & Associates Financial Planning visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP welcomes back Steve Gannon and Kyle Ryan, CFP, ChFC. Steve is the president and founder of Gannon Insurance Agency. This is the second episode of a two-part series on property & casualty insurance. In this episode, the guys talk about umbrella liability insurance from a business vs personal standpoint. They also discuss vehicle insurance and how coverage is determined when driving someone else's car, along with insurance pertaining to Uber and Lyft services. This is a great episode for anyone who has questions about any form of property or casualty insurance. For more information on Menninger & Associates Financial Planning visit https://maaplanning.com