Podcasts about Tiaa

In this episode of Private Markets 360°, we welcome Bob Belke, Managing Partner at Lovell Minnick, whose 26-year career began at TIAA and led him to help grow Lovell Minnick in its early days in 2000. Bob discusses what makes lower middle market buyouts different - especially the value of specialization, early outside institutional involvement, and a disciplined approach to investing - and how private equity has evolved over the past two decades. He also shares insights on today's market dynamics, the liquidity needs investors face, and why consistent value creation remains essential in a highly competitive environment. More S&P Global Content:  S&P Global, Cambridge Associates, Mercer Private Markets Performance Analytics    Credits:  Host/Author: Chris Sparenberg and Jocelyn Lewis Guests: Robert Belke, Lovell Minnick Producer: Georgina Lee Published With Assistance From: Feranmi Adeoshun, Kimberly Olvany   www.spglobal.com www.spglobal.com/market-intelligence

Don and Tom question whether the investment industry—and increasingly Vanguard—keeps creating new products simply to stay relevant rather than solve real investor problems. They critique Vanguard's new Target Retirement Lifetime Income Fund, which combines a target-date fund with an annuity, arguing that it sacrifices liquidity, introduces inflation risk, and obscures costs. They also take aim at Vanguard's new Active/Passive Model Portfolio Series, suggesting it adds unnecessary complexity and market-timing assumptions to what should be a straightforward indexing approach. Listener questions cover the risks of holding 72% of retirement assets in an ESOP and whether a military family should replace a simple Schwab index-fund portfolio for their two-year-old daughter with AVGE. The episode closes with a plug for The Line Uncrossed and a discussion of the real-life Civil War experiences that inspired the novel.0:12 Do investors really need new products and new ideas?2:11 Vanguard's Target Retirement Lifetime Income Fund and annuities in target-date funds4:29 Liquidity, inflation risk, and the tradeoffs of guaranteed retirement income7:44 Why immediate annuities often take years just to return your own principal9:16 Morningstar's skepticism of guaranteed-income retirement products10:46 Vanguard's new Dynamic Active Passive Model Portfolio Series12:42 Are active/passive hybrid portfolios solving a real problem?13:38 Has Vanguard lost its indexing compass?15:30 New Talking Real Money website features and submitting listener questions16:12 ESOP question: 72% of retirement assets tied to employer stock17:59 The dangers of concentrated company-stock positions21:29 Understanding ESOP returns versus traditional investments24:09 Why diversification matters more than past ESOP performance26:49 Using GI Bill benefits, a 529 plan, and a UTMA to fund a child's future28:27 AVGE versus a simple total-market index portfolio for a young child29:42 Why simplicity may be good enough for long-term investing success30:35 Discussion of The Line Uncrossed and its Civil War inspiration31:41 John B. Anderson, Andersonville Prison, and the history behind the bookQuestions? Comments? Click!

Top leaders from NVIDIA, Walmart International, TIAA, Goldman Sachs and NYU share career advice, leadership lessons and practical ways to stay resilient through uncertainty in an AI age. This an inspiring collection of advice and personal anecdotes shared at this spring's commencement addresses can help anyone from new grads to veteran professionals navigate coming AI shifts and other big career pivots. In this episode:  NVIDIA CEO Jensen Huang on AI and maximizing your potential TIAA CEO Thasunda Brown Duckett on the advice she gives her team Social Psychologist Jonathan Haidt's 3 tips on how to have an amazing life Former Walmart CEO Kathryn McLay's advice on the early career moment that helped her keep perspective Goldman Sachs Chairman & CEO David Solomon on why he still DJs - and the importance of cultivating passions outside of work About this episode: Nvidia CEO Jensen Huang, Carnegie Mellon Commencement address: https://www.youtube.com/watch?v=FZh_0uRgrg4 Social Psychologist Jonathan Haidt, NYU Commencement address: https://www.youtube.com/watch?v=XvoyGjK8vTA TIAA CEO Thasunda Brown Duckett, Florida A&M Commencement address: https://www.youtube.com/watch?v=taN6-b7bqAk Former Walmart CEO Kathryn McLay, High Point University Commencement address: https://www.youtube.com/watch?v=bxpja7ih1VI Goldman Sachs Chairman & CEO David Solomon, Wharton MBA Commencement address:  https://www.youtube.com/watch?v=PSop6XzzY9w Related Episodes: The Attention Crisis: How leaders can fix focus and happiness in an AI Era - psychologist Jonathan Haidt  Read here - transcript: https://tinyurl.com/yc45ccc3 Listen here - Spotify: https://tinyurl.com/3zyur7s5 Watch here - Youtube: https://www.youtube.com/watch?v=-bXp43TMMAI Adam Grant: Future leaders won't succeed without this key trait  Read here - Transcript: https://tinyurl.com/fbym95jy Listen here - Spotify: https://tinyurl.com/ys2dtftj Watch here - YouTube: https://www.youtube.com/watch?v=buVVIpttzUA Nick Thompson, The Atlantic: Why one CEO sets 'non -goals' - and what ultramarathons taught him about focus and mental toughness Watch here - YouTube: https://youtu.be/Xh9PLsyptgA Listen here - Spotify: https://tinyurl.com/bdbrspj7 Read here - Listen: https://tinyurl.com/mtdhe37w

AI is not just another tool for advisors to buy. It may be the next coworker helping firms grow, serve clients, and reclaim capacity. In this episode of The Registered Investment Advisor Podcast, host Seth Greene interviews Sam Sova, Co-Founder and CEO of Subatomic, who explains how advisory firms can use AI, data orchestration, and workflow-native agents to connect disconnected systems, improve operational efficiency, and create more personalized client engagement. He also discusses why AI adoption requires a different mindset than traditional software, how mid-sized firms can move quickly, and why the future advisor role will remain deeply human while becoming more scalable through AI.   Key Takeaways: → The future of AI adoption is less about buying individual tools and more about creating AI teammates that can learn preferences, complete tasks, and operate autonomously. → Most advisory firms operate with fragmented systems that do not communicate effectively. AI becomes dramatically more powerful when client data is orchestrated into a single unified view.    → Smaller and mid-sized firms can implement AI solutions quickly and adapt faster than larger institutions burdened by bureaucracy and legacy systems.   → Tasks like meeting preparation, workflow automation, and data aggregation that once consumed thousands of hours annually can now be completed in minutes.   → AI can help advisors create more meaningful client interactions by connecting personal interests, market events, and client data to generate relevant outreach opportunities.     Sam Sova is the Co-Founder and CEO of Subatomic, where he helps wealth management firms break through the growth ceiling by hiring AI Co-Workers instead of adding headcount.  Instead of layering automation on top of fragmented systems, Subatomic unifies data across the tools firms already use so AI can operate natively inside real workflows. Sam brings more than two decades of experience across marketing, strategy, and technology, with prior leadership roles at Fiserv, TIAA, AT&T, Johnson Controls, Con Edison, and Soluna.   Connect With Sam: Instagram: https://www.instagram.com/subatomicai/ LinkedIn (Company): https://www.linkedin.com/company/subatomicai/ LinkedIn (Personal): https://www.linkedin.com/in/samsova/ X (Company): https://x.com/subatomicai X (Personal): https://x.com/samsova   Learn more about your ad choices. Visit megaphone.fm/adchoices

Have you heard of Treatment-Induced Accelerated Aging (TIAA)? It's been called the Achilles' heel for cancer survivors. But what is it and more importantly, how can it be prevented or addressed? On this show, Karolyn talks with integrative oncologist Dr. Nathan Handley, Director of the Integrative Cancer Recovery Program at the Marcus Institute of Integrative Health at Jefferson Health in Pennsylvania. Because Dr. Handley specializes in cancer recovery, he is well-versed in addressing TIAA.Five To Thrive Live is broadcast live Tuesdays at 7PM ET and Music on W4CS Radio – The Cancer Support Network (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com).Five To Thrive Live Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

The Ultimate Guide for Americans Moving to Spain: Visas, Taxes, and Cross-Border Financial Planning By AIO Financial — Fee-Only Fiduciary Financial Planners Spain has quietly become one of the most popular destinations for Americans relocating abroad. The lifestyle is compelling — long lunches, walkable cities, world-class healthcare, sunshine, and a cost of living that, in many regions, runs 20–30% below comparable U.S. cities. But behind that lifestyle is a tax and regulatory system that can blindside Americans who move without proper planning. We work with U.S. expats every week at AIO Financial, and the same patterns keep showing up. People sell investments at exactly the wrong moment. They convert Roth IRAs and trigger Spanish tax bills they didn’t know existed. They open European brokerage accounts and accidentally buy PFICs. They miss the six-month window for the Beckham Law and lose six figures of potential tax savings. None of this is necessary. Almost every cross-border financial mistake we see is preventable with planning that starts twelve to eighteen months before the move — not after the boxes are unpacked in Valencia. This guide walks through what we believe every American family should understand before moving to Spain: the visa landscape after the Golden Visa was eliminated, how Spain actually taxes Americans (including the surprising treatment of Roth IRAs), what to do with your investments before you become a Spanish tax resident, and how to think about banking, currency, and cash transfers across borders. None of this is legal or tax advice for your specific situation, but it should give you a real working framework before you sit down with a cross-border specialist. Why Americans Are Moving to Spain Right Now The reasons people give us are remarkably consistent. They want better work-life balance. They want their kids to grow up bilingual. They’ve watched U.S. healthcare costs spiral and want a system that just works. They’re approaching retirement and the math on living in coastal Spain versus coastal Florida is hard to argue with. A few are motivated by political concerns; many simply want to live somewhere that feels less hurried. What makes Spain particularly attractive compared to other European destinations is the combination of a well-functioning Digital Nomad Visa, a meaningful (if imperfect) tax treaty with the United States, and a cost-of-living advantage that still holds up despite recent inflation. A single person can live comfortably in mid-sized Spanish cities like Valencia, Granada, or Málaga on roughly €1,600–€1,900 per month. Madrid and Barcelona cost more, but still less than San Francisco, Boston, or Seattle. The catch — and this is the part most relocation guides skip — is that Spain has a wealth tax, taxes worldwide income for residents, does not respect the U.S. tax-free status of Roth IRAs, and uses a fiscal-year structure that can leave new arrivals exposed to a full calendar year of Spanish taxation if they cross the 183-day threshold without realizing it. Done well, moving to Spain can be one of the best financial and lifestyle decisions a family makes. Done poorly, it can be a multi-year tax mess. Visa Pathways: What’s Available in 2026 Before any tax planning matters, you need legal residency. Spain offers several pathways for non-EU citizens, and the right one depends on whether you’re working, retired, or have substantial passive income. The Digital Nomad Visa (DNV) The Digital Nomad Visa, introduced under Spain’s 2023 Startup Act, has become the most popular route for working-age Americans. It allows non-EU remote workers — both employees of foreign companies and self-employed freelancers — to live legally in Spain while working for non-Spanish employers or clients. As of 2026, the income threshold is set at 200% of Spain’s Minimum Interprofessional Salary, which works out to approximately €2,850 per month, or roughly €34,200 per year. Most Spanish consulates recommend showing at least €3,000 monthly to account for currency fluctuations. If you’re applying with family, the income requirement increases. You’ll need to demonstrate an additional 75% of the SMI (about €1,035 per month) for your first dependent — typically a spouse — and 25% for each additional family member. A family of four moving together generally needs to show somewhere around €4,400 per month in qualifying income. The DNV initially issues a residence authorization valid for up to three years if applied for from within Spain, or a one-year visa if applied for through a Spanish consulate abroad. It can be renewed for additional periods, allowing total stays of up to five years, after which permanent residency becomes available. Citizenship is generally available after ten years of legal residency for U.S. nationals (two years for citizens of Latin American countries, the Philippines, Andorra, and a handful of others). Other key requirements include having worked with your current employer or clients for at least three months before applying, holding either a relevant university degree or three years of professional experience in your field, working for a company that has been in operation for at least one year, and earning no more than 20% of your income from Spanish sources. The application process typically takes four to five months. One important wrinkle for Americans: the U.S.–Spain Totalization Agreement does not currently cover remote work in the way that some other bilateral agreements do, so the U.S. Social Security Administration rarely issues Certificates of Coverage for DNV applicants. Most U.S. W-2 employees need to either get their employer to set up a Spanish “shadow payroll” arrangement, switch to 1099 contractor status and register as an autónomo (self-employed) in Spain, or accept that they’ll be paying into the Spanish social security system. This is a frequent friction point and is best resolved before the move, not after. The Non-Lucrative Visa (NLV) The Non-Lucrative Visa is the traditional retiree route — and increasingly used by Americans of any age with sufficient passive income. It explicitly does not permit working in Spain or remotely for any employer, which is its main limitation. As of 2026, applicants need to show approximately €2,400 per month (around €28,800 per year) in passive income or savings, with additional financial requirements for dependents. For genuinely retired Americans drawing Social Security, pension income, or living off investment portfolios, this is often the cleanest path. It comes with one substantial caveat that we’ll return to in the tax section: NLV holders are not eligible for the Beckham Law, so they pay full progressive Spanish tax rates on worldwide income from day one. The Golden Visa Is Gone If you’ve been planning around Spain’s Golden Visa — the residency-by-investment program that previously offered residency in exchange for a €500,000 real estate investment — that program ended in April 2025 as part of housing market reforms. New applications are no longer accepted. Existing Golden Visa holders retain their residency, but anyone considering this route now needs to look at alternative visas, or alternative countries (Portugal and Greece still operate similar programs, though Portugal’s no longer accepts real estate). The Highly Qualified Professional Visa For Americans being recruited by Spanish companies for skilled positions, the Highly Qualified Professional (HQP) Visa provides a path tied to a specific job offer. It’s typically valid for two years and renewable, and it qualifies the holder for the Beckham Law tax regime. This is less common for traditional relocation but matters for executives and engineers being hired into Spanish operations. Choosing Among Them In practice, most Americans we work with end up on either the DNV (if working remotely) or the NLV (if retired or financially independent). The choice has significant tax implications down the line, particularly around eligibility for the Beckham Law, which we’ll cover next. The Spanish Tax System: What Americans Actually Pay This is where most pre-move planning gets serious. Spain taxes its tax residents on worldwide income — meaning your U.S. dividends, your rental income from a property in Texas, your capital gains from selling Apple stock, all of it can be subject to Spanish tax. The U.S.–Spain tax treaty and the Foreign Tax Credit prevent most cases of literal double taxation, but the interaction between the two systems creates real planning challenges. When You Become a Tax Resident Spain considers you a tax resident if any one of three things is true: you spend more than 183 days in Spain during a calendar year, your “center of economic interests” is in Spain (meaning your primary income or main assets are there), or your spouse and minor children habitually live in Spain (a rebuttable presumption). The 183-day rule is the most common trigger, and importantly, sporadic absences count toward the total unless you can prove tax residency in another country. This matters because Spanish tax residency is binary and applies to the full calendar year. If you arrive in Spain on July 1 and stay through year-end, you’ve spent 184 days there and you’re a tax resident for the entire year — including January through June, when you were still living in the U.S. Smart timing of the move can save substantial tax. We often recommend arriving after July 2 in a given year, which keeps you under the 183-day threshold for that year and pushes Spanish tax residency to year two. Income Tax Brackets Spanish income tax (IRPF) is progressive and combines a national portion with a regional portion that varies by autonomous community. For 2026, the combined general rates run roughly: Up to €12,450: about 19% €12,451 to €20,200: about 24% €20,201 to €35,200: about 30% €35,201 to €60,000: about 37% €60,001 to €300,000: about 45% Over €300,000: about 47% Investment income — dividends, interest, capital gains, and rental income from investments — is taxed on a separate “savings” schedule: Up to €6,000: 19% €6,001 to €50,000: 21% €50,001 to €200,000: 23% €200,001 to €300,000: 27% Over €300,000: 30% For most American expats earning between €40,000 and €80,000 per year, the effective Spanish tax rate is about 25–33%, which is comparable to or slightly lower than combined U.S. federal and state taxes for the same income. The pain points aren’t usually the standard rates — they’re the wealth tax, the lack of Roth recognition, and Modelo 720 reporting. The Beckham Law: A Major Opportunity Spain’s “Beckham Law” — named for the soccer player who was its early high-profile beneficiary — allows qualifying newcomers to be taxed as non-residents for up to six years, despite physically living in Spain. Under this regime, you pay a flat 24% on Spanish-source employment income up to €600,000 per year (47% on amounts above that), and your foreign income is generally exempt from Spanish taxation. For an American earning €100,000 per year on a Digital Nomad Visa with an employment contract, the Beckham Law saves roughly €10,000 annually compared to standard progressive rates — and the savings grow rapidly at higher income levels. For someone earning €250,000, the savings can exceed €40,000 per year. The Beckham Law has strict requirements. You generally must not have been a Spanish tax resident in the previous five years, you must move to Spain because of an employment contract or to take on a directorship, and — critically — you must elect into the regime within six months of registering with Spanish Social Security. Miss that six-month window and you cannot opt in later. We’ve seen this mistake destroy tens of thousands of euros of potential tax savings. The regime is available to W-2 employees and DNV holders with employment contracts. It is not available to self-employed autónomos in most circumstances, nor to Non-Lucrative Visa holders. This is why your visa choice has such significant tax implications. The Wealth Tax This is the tax that most surprises Americans. Spain’s wealth tax (Impuesto sobre el Patrimonio) is an annual levy on net worth as of December 31 each year. Spanish tax residents pay on their worldwide assets; non-residents only pay on Spanish-located assets. The structure includes a national tax-free allowance of €700,000 per person (which means €1.4 million for a married couple holding assets jointly), plus an additional €300,000 exemption for your primary residence in Spain. Above those thresholds, rates run progressively from 0.2% to 3.5%, depending on total assets and the autonomous community where you reside. Regional variation matters enormously here. Madrid and Andalucía effectively eliminate the wealth tax through 100% regional bonifications, though the national-level Solidarity Tax on Large Fortunes still applies above €3 million in those regions. Catalonia, by contrast, applies the tax in full. If wealth tax exposure is a serious concern for your situation, the autonomous community you choose to live in becomes a meaningful planning variable. There’s also a Solidarity Tax on Large Fortunes, introduced in 2023, that applies to net wealth above €3 million and adds an additional 1.7% to 3.5% on assets above that threshold. It coordinates with regional wealth tax relief to provide a national floor, so even residents of Madrid pay it on assets above €3 million. Roth IRAs in Spain: A Critical Issue Here is one of the most important things for Americans to understand before moving: Spain does not respect the tax-free status of Roth IRAs. Under U.S. law, qualified Roth IRA distributions are entirely tax-free, since contributions were made with after-tax dollars. Spain doesn’t see it that way. The Spanish tax authority (Hacienda) classifies Roth IRA distributions as investment income — specifically, as income from movable capital — and taxes them at savings rates. The taxable portion is generally the gain (the increase in value over your contributions), not the entire distribution, but this still represents a substantial loss of the Roth’s core benefit. A 2022 binding consultation (V1291-22) clarified this treatment, and the same ruling generally requires Roth IRAs to be reported on Modelo 720 and included in wealth tax calculations. The strategic implications are significant. If you have a large Roth IRA and you’re moving to Spain, you may want to consider taking distributions before establishing Spanish tax residency, while distributions are still tax-free in both countries. After becoming a tax resident, every Roth IRA distribution will likely face Spanish tax on the embedded gains. The same applies to any Roth conversions you might be considering — generally you want these completed before the move, not after. Traditional 401(k) and IRA distributions are treated more conventionally as pension or general income in Spain, and they’re taxable in both countries with foreign tax credits relieving most of the double taxation. The U.S.–Spain treaty was updated by a protocol that entered into force in November 2019, and it improves the treatment of cross-border pensions in several ways, though it does not solve the Roth issue. Capital Gains and Investment Income For Spanish tax residents, capital gains on the sale of most U.S. securities (like stocks held in a brokerage account) are taxable in Spain at savings rates of 19% to 30%. Under the U.S.–Spain treaty, gains on the sale of shares are generally taxed only in the country of residence, with limited exceptions for real estate and substantial shareholdings, so the planning here is relatively clean: if you sell while a U.S. resident, you owe U.S. tax; if you sell while a Spanish resident, you owe Spanish tax. This creates a major pre-move planning opportunity. If you have substantial unrealized gains in your taxable investment accounts, the year before your move is a powerful window. You can harvest gains at U.S. long-term capital gains rates — which top out at 23.8% including the Net Investment Income Tax — rather than at Spanish savings tax rates that run as high as 30% above €300,000 in gains. For a portfolio with $500,000 in unrealized long-term gains, the difference can be tens of thousands of dollars. This is one of the most common planning moves we recommend for clients moving to Spain with appreciated portfolios. The strategy isn’t always to harvest. If you’re moving to a non-Beckham regime and your overall income will push you into Spain’s higher capital gains brackets later, harvesting now may be valuable. If you have low income in Spain and modest gains, the Spanish tax may actually be lower than your U.S. rate. The right answer depends on your specific numbers — which is exactly the kind of cross-border modeling a fee-only planner is well-positioned to do without bias. The Foreign Earned Income Exclusion and Foreign Tax Credit U.S. citizens are taxed on worldwide income regardless of where they live, so you’ll continue filing U.S. returns from Spain. Two main mechanisms prevent literal double taxation. The Foreign Earned Income Exclusion (FEIE), claimed on Form 2555, allows you to exclude up to $130,000 of foreign earned income from U.S. taxation for the 2025 tax year (the limit adjusts for inflation each year). Qualifying requires either the bona fide residence test or the physical presence test (330 full days outside the U.S. in any 12-month period). Importantly, the FEIE only covers earned income — wages and self-employment income — not investment income. The Foreign Tax Credit (FTC), claimed on Form 1116, gives you a dollar-for-dollar credit against U.S. taxes for income taxes paid to Spain. Because Spanish rates often exceed U.S. rates at higher income levels, most expats earning above the FEIE threshold find the FTC works better. Excess credits can be carried back one year and forward ten years. The choice between FEIE and FTC has secondary effects worth understanding. The FEIE can disqualify you from making Roth IRA contributions if it pushes your taxable U.S. income low enough. The FTC preserves earned income for IRA contribution purposes. For families with college-age children, the FEIE can also affect the calculation of education credits. Reporting Obligations: Modelo 720 and FBAR Spanish tax residents must file Modelo 720 each year, declaring foreign accounts, securities, and real estate that exceed €50,000 in any of three categories. The form is informational, not a tax return, but penalties for non-filing have historically been severe (though the European Court of Justice forced Spain to substantially soften them in 2022). The filing window is January 1 through March 31 each year for the prior year’s data. On the U.S. side, you’ll continue to file: FBAR (FinCEN Form 114): required when total foreign accounts exceed $10,000 at any point during the year. Form 8938 (FATCA): required when foreign financial assets exceed $200,000 at year-end or $300,000 at any point during the year for single filers living abroad ($400,000/$600,000 for married filing jointly). Form 8621: required for any PFIC holdings — more on this below. Form 8833: to disclose treaty positions. The reporting load is real but manageable with the right preparer. What gets people in trouble isn’t usually the difficulty of any single form — it’s not knowing the forms exist. Investments: What to Do Before You Become a Spanish Tax Resident This is the single most consequential financial planning area for Americans moving to Spain, and the area where pre-move action matters most. Once you’re a Spanish tax resident, your options narrow considerably. The window before that happens is when most of the high-leverage decisions get made. The Brokerage Account Problem A wave of U.S. brokerage firms — including Vanguard, Fidelity, Morgan Stanley, Merrill Lynch, Edward Jones, Ameriprise, TIAA, USAA, and others — have been restricting or closing accounts of U.S. citizens who update their address to a foreign country. The pace accelerated sharply in 2024 and 2025 as firms tightened compliance with anti-money-laundering and FATCA-related requirements. Some firms close accounts outright; others restrict trading to liquidating positions only; some allow continued holdings but block new purchases. The practical implications for someone planning to move to Spain are: Don’t update your address until you have a plan. Once your firm sees a Spanish address, you may have 30 to 60 days to make decisions under significant time pressure. Identify expat-friendly custodians in advance. Charles Schwab International and Interactive Brokers continue to serve U.S. expats in Spain with relatively few restrictions, and a handful of independent advisory firms maintain relationships with custodians who will hold accounts for U.S. citizens abroad — typically when those accounts are managed by the advisory firm rather than self-directed. Transfer assets in-kind, don’t liquidate. If you’re forced to move accounts, transferring securities directly between custodians avoids creating a tax event. Liquidating into cash can trigger massive unintended capital gains. We spend considerable time at AIO Financial helping clients structure their accounts to remain compliant and accessible from abroad. The best time to do this work is before the move. Why Local European Brokerages Are a Trap for Americans The natural instinct, once you’ve moved to Spain, is to open a Spanish or European brokerage account and invest locally. For non-Americans, this is fine. For U.S. citizens, it’s a tax catastrophe — because of the Passive Foreign Investment Company (PFIC) rules. Under U.S. tax law, virtually any non-U.S. pooled investment vehicle — every European mutual fund, every UCITS ETF, every European-domiciled index fund — is classified as a PFIC. The IRS designed PFIC rules to discourage Americans from investing in foreign funds that the IRS cannot easily audit, and the punishment is severe: PFICs are taxed at the highest ordinary income rates (currently up to 37%) on gains, with interest charges layered on top, and require an annual Form 8621 filing that can take a tax preparer several hours per fund to complete. There’s a Qualified Electing Fund (QEF) election that can avoid the worst of these rules, but it requires the foreign fund to provide an annual PFIC statement with very specific information. Almost no European fund managers produce these for retail investors, so QEF elections are theoretically available but practically impossible. The bottom line is straightforward: as a U.S. citizen living in Spain, you generally need to invest through a U.S. brokerage in U.S.-domiciled funds and ETFs. Buying European funds — even excellent, low-cost European index funds — turns a clean financial picture into a tax disaster. There’s a complicating wrinkle: EU MiFID II regulations restrict EU-resident investors from buying many U.S.-domiciled ETFs, because U.S. fund providers haven’t produced the EU-required Key Information Documents. Most U.S. expats in Europe end up holding individual stocks, ETFs purchased through expat-friendly U.S. brokerages, and pre-existing fund positions. Some use options strategies or structured workarounds. Working with a cross-border advisor who understands which products remain accessible matters here. Pre-Move Investment Moves to Consider Twelve to eighteen months before your move, the following are typically worth analyzing: Harvesting long-term capital gains. As discussed above, U.S. long-term gains rates often beat Spanish savings rates, and once you’re a Spanish resident, every sale potentially triggers Spanish tax. Strategically selling and rebuying appreciated positions in your final U.S. year can lock in U.S. tax treatment. Roth conversions. If you have meaningful traditional IRA balances and you’re not in a high U.S. tax bracket, completing Roth conversions before the move means the conversion is taxed at U.S. rates only. After the move, conversions get more complicated (and the resulting Roth doesn’t get U.S.-style tax-free treatment in Spain anyway). Roth distributions. For older clients with substantial Roth balances who plan to draw on them in retirement, taking distributions before becoming a Spanish tax resident captures the full Roth benefit. Once in Spain, the gain portion of every distribution is taxable. HSA decisions. Health Savings Accounts are not recognized by Spain. The income inside them is potentially taxable annually for Spanish tax residents. Some clients draw down HSAs before the move; others maintain them with the understanding that ongoing reporting and tax will apply. 529 plans. Similar issues. 529 plans aren’t recognized as tax-advantaged in Spain, and depending on the structure, may create ongoing Spanish tax liability. Drawing down 529s for U.S. educational use before the move, or restructuring them, is often part of the plan. Real estate decisions. Selling a U.S. primary residence before the move keeps the Section 121 exclusion ($250,000 single / $500,000 married) cleanly available under U.S. rules. Selling after the move adds Spanish tax considerations and can complicate the exclusion. Renting out the U.S. home while abroad creates ongoing reporting in both countries but can be the right answer for those who plan to return. Trust and estate review. U.S. revocable living trusts are not recognized as transparent in Spain — Spanish tax authorities may treat them as opaque foreign entities, which can create unexpected tax consequences. Estate plans drafted under U.S. assumptions often need substantial revision before a move. Should You Keep Investments in the U.S. or Move Them Abroad? For almost every American citizen moving to Spain, the answer is: keep your investments in the U.S. The combination of PFIC rules, EU MiFID II restrictions on U.S. ETFs, and the comparatively higher costs and lower transparency of European retail investing means that a U.S.-domiciled portfolio held at an expat-friendly U.S. brokerage is almost always the right structure. The exception is if you renounce U.S. citizenship — but that’s a separate, much larger conversation. What changes is what you hold and how you manage it. U.S.-domiciled ETFs and individual stocks remain the foundation. You may need to adjust around currency exposure (more on this below), tax-efficiency rules that differ between the two countries, and the loss of access to certain U.S. mutual funds that don’t allow non-resident purchases. Asset location — what you hold in Roth versus traditional versus taxable accounts — also looks different through a cross-border lens. Currency Considerations One question we get often: should you convert to euros once you move? The honest answer is “it depends on your time horizon and liabilities.” Most retirees and long-term residents in Spain end up with euro-denominated living expenses but dollar-denominated investments. Over time, this creates currency exposure: a 10% drop in the dollar means your investment portfolio buys 10% less in Spain. There are a few approaches we use with clients: Hold a euro cash reserve sufficient to cover 1–2 years of living expenses. This protects against short-term currency movements forcing investment sales at bad prices. Don’t try to time currency markets. Strategic currency hedging at the portfolio level is rarely worth the cost for individual investors. For larger portfolios, consider modest direct euro exposure through ETFs that hold European equities or international developed-market funds. Don’t overdo it — global diversification is good; concentrated currency bets are not. Moving Cash: How to Actually Get Money to Spain Getting funds across the Atlantic has gotten easier in recent years but still has friction points worth understanding. Wire Transfers vs. Money Service Providers Traditional bank wires from a U.S. bank to a Spanish bank work but are typically expensive — fees commonly run $25–$50 per outbound wire from the U.S. side, plus a poor exchange rate that often costs another 1–3% of the amount transferred. For a $100,000 transfer, that’s potentially $3,000+ in spread costs. Specialized providers like Wise (formerly TransferWise), OFX, and Revolut typically offer mid-market exchange rates with much lower fees, often under 0.5% all-in. For larger transfers, a foreign exchange broker can negotiate even better rates, sometimes with a forward contract that locks in the exchange rate for a specific future date — useful when you’re closing on a Spanish property and want to know exactly how many dollars the euro purchase price will cost. For most cross-Atlantic transfers under $250,000, Wise is the simplest and lowest-cost option. Above that, dedicated FX brokers start to make sense. Spanish Bank Accounts You’ll need a Spanish bank account for daily living. The traditional banks (CaixaBank, BBVA, Santander) all offer non-resident accounts you can open before establishing residency, though increasingly they want to see your NIE (Spanish foreigner identification number) or your visa. Newer digital banks like N26 and Revolut are popular with expats for their lower fees and English-language interfaces, though some Spanish landlords and employers still prefer traditional banks. A common approach: open a basic non-resident account at a major Spanish bank for housing transactions and government payments, plus a Wise multicurrency account for receiving USD income and converting to EUR efficiently. Reporting Large Transfers Both U.S. and Spanish authorities track large cross-border transfers. On the U.S. side, transfers over $10,000 are reported automatically by your bank to FinCEN. On the Spanish side, banks report incoming international transfers to the Banco de España and tax authorities. None of this is illegal or problematic — but if you’re moving $400,000 to buy a house in Valencia, expect both sides to know, and don’t structure transfers in ways that look like you’re trying to avoid reporting (which is itself a U.S. federal crime). Cash Buffer for the First Year We typically recommend clients have at least six months — preferably twelve months — of Spanish living expenses available in liquid form before the move, in addition to their long-term investment portfolio. The first year in Spain comes with surprise costs: temporary housing, deposits, immigration fees, legal and tax advisor fees, furniture, car purchases, healthcare deposits. Having a cash buffer means none of this requires selling investments at a bad time or running up debt at unfavorable rates. Healthcare, Insurance, and Social Security Spain has one of the better healthcare systems in the developed world, but accessing it as a new arrival requires planning. Most visa categories require private health insurance during the application process and typically through the first year of residency. Standard policies from companies like Adeslas, Sanitas, and Asisa run €60–€150 per month per person depending on age and coverage level. After establishing residency and (for those working in Spain) contributing to Spanish Social Security, you become eligible for the public system, which is generally excellent. For Americans on Medicare, Medicare does not cover care received in Spain. Some retirees maintain Medicare and pay the Part B premiums in case they return to the U.S.; others let it lapse. Reactivation comes with late-enrollment penalties, so this decision deserves careful thought before it’s made. U.S. Social Security retirement benefits continue to be paid to U.S. citizens living in Spain, and the U.S.–Spain Totalization Agreement helps prevent dual social security taxation for many work situations. Working in Spain also generates Spanish social security credits that may eventually qualify you for Spanish retirement benefits, though qualification typically requires fifteen or more years of contributions. Estate Planning Across Borders This is the area most often deferred — and most often regretted. U.S. estate plans drafted assuming U.S. residence rarely work cleanly in Spain. Spain has its own inheritance and gift tax (Impuesto sobre Sucesiones y Donaciones) that applies to Spanish residents and to inheritances of Spanish-located assets. National rates run from 7.65% to 34%, with multipliers based on the relationship between the deceased and the beneficiary. Autonomous communities have wide latitude to set their own rates and bonifications, so effective rates vary enormously: in Madrid, Andalucía, and several other regions, close family members pay almost nothing; in others, rates approach the national maximum. Spanish forced heirship rules also differ from U.S. rules. Spain reserves a legitimate portion of an estate for certain heirs (typically children), which can override testamentary wishes expressed in a U.S. will. EU Regulation 650/2012 allows you to elect U.S. (or your nationality’s) law to govern your succession, but this election generally must be made explicitly in your will and is not automatic. Revocable living trusts, the workhorse of U.S. estate planning, are not transparent in Spain. The Spanish tax authority may treat the trust as a separate opaque entity, which can create unexpected income tax during life and complicate inheritance treatment at death. Many cross-border families need to revise or replace their trust structure before the move. Practical recommendations: consult a Spanish abogado experienced in cross-border estate planning before the move. Have a Spanish will (separate from your U.S. will) covering Spanish-located assets. Make explicit choice-of-law elections under EU Regulation 650/2012. Review beneficiary designations on all U.S. accounts to ensure they still make sense. Lifestyle Costs: What Spain Actually Costs in 2026 A rough framework for Spanish living costs in 2026, by region: Mid-sized cities (Valencia, Granada, Málaga, Seville, Zaragoza): A comfortable lifestyle for a single person runs €1,800–€2,500 per month including rent for a one-bedroom in a desirable neighborhood. A couple typically lives well on €3,000–€4,500 per month. Madrid and Barcelona: Add 30–50% to the above. A nice one-bedroom in central Madrid runs €1,400–€2,000 per month; in Barcelona, €1,500–€2,200. Total monthly costs for a single person comfortably range €2,800–€4,000. Coastal premium areas (Marbella, Ibiza, parts of Mallorca): Closer to U.S. coastal city costs, especially in summer months. Expect €4,000+ monthly for comfortable single living, often €6,000+ for couples. Rural and smaller towns: Substantially lower. Many Americans report living comfortably in Spanish villages or small cities for €1,500–€2,000 monthly per person, including rent. These figures cover housing, food, utilities, transport, basic entertainment, and private health insurance. They don’t include big-ticket items like a car purchase, international travel, or major medical events. A Practical Pre-Move Timeline For a hypothetical move twelve to eighteen months in the future, here’s the timeline we generally recommend: T-18 to T-12 months: Strategic planning. Engage a U.S.-side cross-border financial planner and a Spanish abogado/tax specialist. Decide on visa pathway. Begin tax-projection modeling. Identify which U.S. accounts will move and which custodians can serve you abroad. Begin Spanish language study if you haven’t already. T-12 to T-9 months: Big financial moves. If indicated, complete Roth conversions. Begin strategic gain harvesting in taxable accounts. Review 529 and HSA balances for pre-move decisions. Decide on U.S. real estate (sell, rent, or hold). Update estate documents. T-9 to T-6 months: Visa application. Gather documents, get FBI background check apostilled, prepare income documentation, file the visa application. (Application processing typically takes 4–5 months.) T-6 to T-3 months: Logistics. Arrange international moving company. Begin planning what to ship versus sell versus store. Open expat-friendly U.S. brokerage account if needed. Open Spanish non-resident bank account if possible. Identify Spanish housing for the first 3–6 months. T-3 months to move date: Execution. Final tax planning moves. Cancel U.S. utilities, services, insurance. Notify employer if working remotely. Confirm all Spanish appointments (NIE, padrón, visa pickup). Time the actual move date for tax efficiency — generally after July 2 in any given calendar year if circumstances permit. T-0 to T+6 months in Spain: Settling in. Register with local padrón. Apply for Tarjeta de Identidad de Extranjero (TIE). Set up Spanish utilities, internet, healthcare. Critically: file Beckham Law election within 6 months of Social Security registration if eligible. Begin Spanish tax registration with AEAT. T+12 months: First Spanish tax return. File first IRPF return for the partial year (if applicable). Review and adjust ongoing tax strategy based on actual income realized. How AIO Financial Works With Cross-Border Clients At AIO Financial, our work with Americans moving to Spain is fundamentally about reducing the cost of bad surprises. We are a fee-only fiduciary firm — meaning we receive no commissions, no kickbacks, no revenue from any product we recommend. Our clients pay us directly, and we work only for them. That structure matters especially for international moves, where the financial services industry’s commission-based incentives often push expats into expensive insurance products and PFIC-laden offshore structures that primarily benefit the salesperson. Our typical engagement with a Spain-bound client involves an initial deep planning phase eight to twelve months before the move, then transition support during the move itself, then ongoing investment management and annual planning review once settled. We coordinate with Spanish tax counsel and U.S. expat tax preparers — we don’t replace them, but we make sure all the pieces fit together. We help clients maintain compliant U.S. brokerage relationships from abroad through our institutional arrangements. We don’t claim to be everything. We’re not Spanish lawyers or accountants. We don’t handle Spanish tax filings ourselves. Spain’s gestores and Spanish tax advisors handle that side of the picture. Our role is the U.S.-side planning and the cross-border coordination — making sure the two systems work together rather than against each other for our clients. The Bottom Line Moving to Spain can be one of the best financial and lifestyle decisions an American family makes. It can also be one of the most expensive, depending on how the planning goes. The difference is rarely about how much money you have — it’s about how much advance planning you do. The tax rates aren’t usually the killer. Spain isn’t dramatically more expensive than the U.S. on income tax for most middle-income families. What costs people money is the avoidable mistakes: missing the Beckham Law deadline, holding the wrong type of investments, triggering U.S. capital gains in Spain when they could have been harvested at home, getting blindsided by Modelo 720 reporting, ending up in a high-wealth-tax region without realizing it. Almost all of these are preventable. The work to prevent them mostly happens twelve to eighteen months before the plane takes off, not after. If you’re seriously considering Spain, the time to start the financial planning conversation is now. AIO Financial is a fee-only fiduciary financial planning firm registered with the SEC, headquartered in Tucson, Arizona, and serving clients virtually across the United States and abroad. We specialize in expat financial planning, sustainable and impact investing, retirement planning, and tax-aware investment management. We earn no commissions, sell no products, and are compensated only by our clients. To discuss your situation, visit aiofinancial.com or contact us at 520-325-0769. This guide is for educational purposes only and is not legal, tax, or investment advice. Tax laws and visa rules change frequently. The figures, thresholds, and rates cited reflect our understanding as of early 2026 and are subject to change. Please consult qualified U.S. and Spanish professionals about your specific situation before making cross-border financial or relocation decisions.

Most leaders fund initiatives. Shannon Lucas builds the operating system that makes them land.Co-founder & CEO of Catalyst Constellations, Shannon has 20+ years driving corporate innovation at Ericsson, Cisco, TMobile, and Vodafone. At Vodafone, she launched the groundbreaking Innovation Champion program, turning a small group of passionate employees into a global, CEO-backed movement that generated millions in new value. Today she helps enterprises identify and activate Catalysts, the internal change agents who turn strategy into shipped outcomes. Her clients include GE, Citi, and Intel, and TIAA. She's the co-author of Move Fast, Break Shit, Burn Out: The Catalyst's Guide to Working Well (the research behind the Catalyst profile and playbook). More Info: Catalyst ConstellationsLinkedin: Shannon LucasPodcast: The Catalyst Constellation PodcastBook: Move Fast, Break Shit, Burn OutSponsors: Become a Guest on Master Leadership Podcast: Book HereAgency Sponsorships: Book GuestsFree Coaching Session: Master Leadership 360 CoachingSupport this show http://supporter.acast.com/masterleadership. Hosted on Acast. See acast.com/privacy for more information.

This special two-part session opens with Paul Merriman solo — paying tribute to Tim Ranzetta of Next Generation Personal Finance, sharing the latest numbers on state-mandated financial literacy, and walking through Daryl Bahls' quilt charts to show annual earnings invested in the S&P 500, large-cap value, small-cap blend, and small-cap value since 1928.Then Paul sits down with Christine Benz — Morningstar's Director of Personal Finance and Retirement Planning, and author of How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement — for a wide-ranging conversation on how to actually make a retirement portfolio last.Christine lays out her five-step plan for anyone retiring in 2030 or 2035: turbocharge savings, rethink household spending, build seven to ten years of "safer assets" for portfolio withdrawals, diversify globally, and use TIPS to protect purchasing power. She and Paul dig into how to structure fixed income (short, intermediate, TIPS), why she's cooler on REITs than she used to be, when a simple income annuity makes sense, and why alternatives rarely earn their keep.They also cover performance-chasing the S&P 500, balanced funds vs. building your own portfolio (including Paul's Wellesley/Wellington pairing for hands-off investors), how AI is starting to change the financial advice landscape, and the honest answer to "have you planned out to the day you die?" — even from a Morningstar executive.The audience Q&A covers bonds vs. T-bills, down-payment savings, the four-fund portfolio, Vanguard asset allocation for retirees, tax-efficient withdrawal sequencing, TIAA annuities, managed futures, and gold.Part of the Spring Financial Education Series hosted by the Bainbridge Community Foundation in partnership with the Merriman Financial Education Foundation.Coming up in this series: Mike Piper (April 21) and Bill Bernstein (April 28).

Tom Hinkle, senior leader in data and analytics at TIAA, has  built his career at the intersection of finance, technology, and strategy. He also has a budding YouTube channel (Tom's Data World, which includes instructional videos on Excel, SQL, and AI). He's worked extensively with Excel (is a Microsoft MVP) and SQL, as well as Tableau and Power BI, and has worked with major financial institutions, including Bank of America, Wells Fargo, and TIAA.  "Nobody really gets excited about spending money on data governance. They get excited about machine learning, about AI, about data storytelling — everybody wants seminars on that. But data governance? At the end of the day, you're coming up with something you thought was right anyway, and then you're asking someone to spend more money just to make sure it's right." Why data governance is the foundation of AI  Trust but verify challenges The two sides of data governance: master data management vs. data quality and controls How FP&A teams should think about their role as downstream consumers of data Why domain expertise is still non-negotiable in the age of vibe coding Tom's Minesweeper-in-Excel story, and what it taught him about prompting

In this episode of The Caring Economy, Toby Usnik sits down with Laura Turner, Vice President and Head of Community Impact at TIAA, for a conversation about financial security, first-generation student support, and what community impact looks like inside a large institution. Laura reflects on her path from an entry-level HR role to leading community impact at TIAA, and discusses the company's work on financial literacy, retirement education, scholarships, emergency funds, and partnerships that help students stay on track to graduate. The episode also touches on parenting, special needs advocacy, mentorship, and how TIAA is thinking about AI as a tool for upskilling and reducing repetitive work.

In this special episode of the Becker's Healthcare Podcast, leaders from the TIAA Institute and BayCare Health System explore the connection between health and wealth and its impact on the future of healthcare. Surya Kolluri discusses the Institute's research and the launch of a new leadership award, while Stephanie Connors shares insights on purpose-driven leadership and workforce empowerment. Together, they highlight how investing in people and innovation is essential to building stronger health systems and communities.This episode is sponsored by TIAA.

Everyone in wealth management says they're using AI right now. But if we're being honest, most of it still looks like faster note taking, cleaner CRM updates or slightly better workflows. Helpful? Yes. Transformational? Not even close. In this episode of The WealthStack Podcast, Shannon Rosic sits down with Subatomic CEO Sam Sova to unpack the much bigger shift happening beneath the surface: AI that doesn't just assist advisors, but actually works alongside them. He explains why the industry is still stuck in a “1995 internet moment,” what it really means to move from AI tools to AI coworkers, and how leading RIAs are already using agentic AI to orchestrate workflows, unlock growth and fundamentally rethink how their firms operate. Key takeaways: Why most AI in wealth management today is just incremental improvement, not transformation The difference between AI tools and true agentic AI coworkers How AI orchestration creates a single, intelligent view of the client What “hiring AI” looks like inside a modern RIA Why operational efficiency is just the starting point and growth is the real unlock Resources: Listen to WealthStack on Wealth Management Subscribe and listen to WealthStack on Apple Podcasts Subscribe and listen to WealthStack on Spotify Connect with Shannon Rosic: Shannon Rosic WealthStack website Wealth Management Connect with Sam Sova: LinkedIn: Sam Sova LinkedIn: Subatomic Website: Subatomic About Our Guest: Sam Sova is the Co-Founder and CEO of Subatomic, where he focuses on helping wealth management firms rethink how they operate through AI-driven systems. With over two decades of experience inside large organizations such as Fiserv, TIAA, AT&T, and Johnson Controls, he has led transformation efforts centered on solving complex operational challenges. Today, he brings that background into the evolving AI space, working with firms to move beyond traditional tools and adopt AI coworkers that can streamline workflows, unify data, and support more meaningful client engagement.

Today's guest wears two very different hats that actually fit together perfectly. Chuck Kistler is the co-owner of Vaulted Oak Brewing, the popular neighborhood brewery on Monroe Road, known for its community vibe, big patio, and eclectic tap list. When he's not pouring into the local beer scene, Chuck is a General Account Manager at TIAA, bringing a financial professional's discipline to a small business built on fun, hospitality, and community.  Chuck and his partners have turned Vaulted Oak into a true “third place” with food trucks, trivia, music bingo, live music, and family‑ and dog‑friendly events that connect the surrounding neighborhoods of Oakhurst, Echo Hills, Elizabeth, and Cotswold. Now he's using that platform for something deeply personal: hosting Pancakes Over Parkinson's, a fundraiser brunch at the brewery benefiting The Michael J. Fox Foundation's work to cure Parkinson's disease. Chuck, welcome to The BrandBuilders Podcast.

 In this hard-hitting episode, Joe rips into the rot at the core of our Republic. Stolen elections, self-serving traitors in power, and a judiciary captured by special interests. From Rick Green's urgent call for term limits on the “jurassics” in Congress to Governor Ron DeSantis' bold move to impeach a radical leftist judge who freed a predator that later murdered a 5-year-old girl, the conversation exposes how judicial activism is costing American lives. Joe ties it all together with the latest Supreme Court battle over birthright citizenship, the flood of companies fleeing Colorado (Palantir, TIAA, TTEC, and more — nearly 12,000 jobs lost), and his own 90-day plan to rebuild the Colorado GOP before the state becomes the next California.Former CIA Special Operations Officer and “Patron Saint of Missing Children” Bazzel Baz joins the show for a no-holds-barred conversation. Drawing from his elite intelligence background and 100% success rate rescuing trafficked kids through the Association for the Recovery of Children (ARC), Baz breaks down his explosive “They're K1LL1NG You” series on chemtrails, toxins, and government corruption. He also reveals stunning new insights from the Epstein files, details real-time child rescues, and shares practical training citizens can use to fight trafficking in their own communities. This is raw, frontline truth from a man who has spent his life protecting America's most vulnerable.The show closes with breaking news: President Trump's new Executive Order cracking down on mail-in ballot fraud, the forced removal of the Pride flag from Boise City Hall, Ilhan Omar's shocking comments in Somali, a student suspended for wearing an American flag T-shirt, and the bizarre sight of Democrat men in red lipstick protesting Trump at the “No Kings” rally. Joe makes it crystal clear without election integrity and a restructured GOP, the leftist march continues unchecked.

Ken is the President and CEO of Churchill Asset Management, an affiliate of Nuveen, the asset manager of TIAA, a Fortune 500 financial services company. He also serves as Chairman of the Board, President and CEO of Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) and Nuveen Churchill Private Capital Income Fund (PCAP), Churchill's publicly registered business development companies.

In this week's episode, both storytellers share stories that illustrate why empathy, kindness, and humanity are essential to healthcare.Part 1: After feeling betrayed by the very systems meant to protect her, Karen McCaffrey chooses to become the advocate for survivors she once needed herself.This story does include mentions of sexual assault and rape. In case you'd find them helpful, now or at any point in the future, we have some resources available on our website.Part 2: In her twenties, Mary Cyn endures a string of gynecological problems, and the lack of compassion she encounters in medical settings motivates her into changing how medical students learn patient care.A native New Yorker, Karen McCaffrey has a BA in Economics from SUNY Oneonta and an MBA in Finance from St. John's University. She spent her early career managing billion-dollar institutional portfolios for TIAA and later directed global treasury operations at Columbia University. She then left the world of finance to help survivors of domestic violence and sexual assault. This last mission is the investment she treasures most.Mary Cyn is a burlesque performer, storyteller, writer, and visual artist who lives in New York City. She would like to thank her vagina for financing these things.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

If you're a TIAA participant, there's a good chance you own TIAA Traditional—and it may be one of the most misunderstood “investments” in retirement plans.In this episode, I'm breaking down TIAA Traditional, TIAA Real Estate and answering the biggest questions I hear from TIAA participants:✅ Should I own TIAA Traditional?✅ If so, how much should I keep there?✅ Should I use the TIAA Real Estate Account?✅ What should I do with TIAA Traditional after I retire?✅ Bonus: How do I compare to other retirement savers?We'll talk about the real issue most people miss—liquidity and contract type—and how TIAA Traditional can be used as a bond alternative or even as a retirement income floor depending on your plan.Resources mentioned:TIAA Real Estate AccountVideo, How to get money OUT of TIAA (contract breakdown)Video, Retirement Savings Relative to Peers⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Questionnaire⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Or,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠visit my website⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⛳ PFR Nation (Who This Is For)If you're over 50, have saved seven figures (or multiple seven figures), love golf and travel, and you want to make work optional while minimizing taxes… welcome to the right place.

Henry Drummond once wrote, “To become like Christ is the only thing in the world worth caring for…before which every ambition of man is folly and all lower achievement vain.” Those words cut straight to the heart of how Scripture defines success. In a culture that measures achievement by accumulation and applause, Jesus offers a very different scoreboard—one centered not on what we gain, but on who we become. The Success Story We've Been Taught It's easy to believe that if we could just reach a little higher, earn a little more, or move a little faster, we'd finally arrive. We see this impulse at the very beginning of Scripture. In the Garden of Eden, Adam and Eve weren't lacking anything, yet they believed something better was being held back (Genesis 3). At the Tower of Babel, humanity declared, “Let us make a name for ourselves” (Genesis 11:4). Success, in their minds, meant defining greatness on their own terms. That same instinct shapes us today. We measure success by paychecks and promotions, by titles, trophies, and the size of our homes or portfolios. And in a world that equates success with accumulation, it's hard not to wonder: Am I successful yet? Will more finally be enough? Jesus' Warning About the Illusion of More Jesus speaks directly into that tension in Luke 12:15: “Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions.” He then tells the parable of the rich fool (Luke 12:16–21). A man experiences an abundant harvest and decides to tear down his barns to build bigger ones. He reassures himself: “Soul, you have ample goods laid up for many years; relax, eat, drink, be merry.” On the surface, it sounds like success. He planned ahead. He saved. He prepared. But Jesus calls him a fool. Listen to the language: my barns, my grain, my goods, my soul. There's no gratitude, no dependence on God, no concern for others. His definition of success was accumulation, and his confidence rested entirely in what he had stored up. God's response is sobering: “This night your soul is required of you, and the things you have prepared, whose will they be?” (Luke 12:20) Jesus concludes, “So is the one who lays up treasure for himself and is not rich toward God” (Luke 12:21). The story is meant to shake us awake. It exposes how easily we confuse preparation with control and wisdom with self-reliance. God isn't measuring success by what we store—He's measuring it by what we surrender. A New Definition of Success The apostle Paul understood this well. By every cultural standard of his day, Paul had succeeded. Yet he wrote: “I count everything as loss because of the surpassing worth of knowing Christ Jesus my Lord” (Philippians 3:8). Paul didn't lower the bar for success—he replaced it. Scripture tells us God's goal for our lives plainly: “For those whom he foreknew he also predestined to be conformed to the image of his Son” (Romans 8:29). That's the metric. Not income. Not influence. Not recognition. Christlikeness. So it's worth asking: What scoreboard are you watching right now? Whose applause are you chasing? If your goals are rooted in impressing others or securing more for yourself, satisfaction will always feel just out of reach. But if your goals are rooted in becoming more like Christ, you'll discover a kind of success that cannot be taken away. Jesus invites us to measure progress differently. Instead of asking, “Did I win today?” we can ask, “Did I look a little more like Jesus today?” In God's economy: Success is measured by obedience, not accumulation. By faithfulness, not fame. By surrender, not status. And God delights in what is done faithfully—even when no one else sees. Jesus puts it plainly: “For what will it profit a man if he gains the whole world and forfeits his soul?” (Matthew 16:26) Real success isn't what you gain. It's who you become in Christ. Aligning Our Hearts With What Lasts This is one of the reasons I wrote Our Ultimate Treasure: A 21-Day Devotional to Faithful Stewardship. Each day is designed to help realign your heart—and your financial decisions—with God's purposes, so that success is defined not by accumulation, but by transformation. You can order a copy or place a bulk order for your church or small group at FaithFi.com/Shop. On Today's Program, Rob Answers Listener Questions: Should we tithe on our business's gross revenue, or just on the salary we actually pay ourselves? I have a 19-year-old niece and would like to contribute the first $1,000 to an IRA to help her start learning about budgeting and financial responsibility. Should I connect with a Certified Kingdom Advisor, or simply open an account through a company like Fidelity or Nationwide? My husband had a TIAA account from his time as an adjunct professor. Since I'm 76, I'm required to take distributions each year. I'd prefer to give that money to my son so it can remain invested and continue growing. Is that possible? My wife and I are both in our 70s and trying to determine how to divide our estate among our three children, our new church, and a few ministries we support. I know every situation is unique, but are there guidelines or resources to help us think through percentage allocations wisely? I'd like to lower my mortgage payment. I owe $89,000 at 3.5%, and my monthly payment is $1,254. I have cash available to apply toward the principal. If I make a lump-sum principal payment, will that reduce my monthly payment? Resources Mentioned: Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner) Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives by Ron Blue with Jeremy White Sound Mind Investing Fidelity | Schwab | Schwab Intelligent Portfolios Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety Rich Toward God: A Study on the Parable of the Rich Fool Find a Certified Kingdom Advisor (CKA) FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. 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In the first new 401(k) Specialist Pod(k)ast episode of 2026, Editor-in-Chief Brian Anderson sits down with Kelby Meyers, founder and CEO of Nestimate, to explore the evolving landscape of in-plan retirement income and the Nestimate Retirement Income Summit.Meyers discusses the upcoming second annual Nestimate Retirement Income Summit, shares insights on new initiatives at Nestimate—including its recently launched TDF-IQ analytics tool—and weighs in on what the Vanguard-TIAA target-date CIT with a built-in annuity could signal for the future of default investments. The conversation also examines how advisors and plan sponsors can better evaluate lifetime income options, manage fiduciary risk, and prepare for key developments shaping the retirement income market in 2026 and beyond.Key Insights1. Retirement Income Summit Offers Critical Education for AdvisorsThe second annual Estimate Retirement Income Summit aims to help plan advisors, sponsors, and home office professionals better understand and evaluate in-plan lifetime income solutions. With speakers like Matthew Eichman, Brendan McCarthy, and Spencer Look, the event emphasizes fiduciary clarity and objective analysis of evolving income strategies.2. Vanguard-TIAA Collaboration Marks a Market ShiftThe launch of a target date collective investment trust (CIT) by Vanguard and TIAA is seen as a turning point in the retirement income landscape. Vanguard's rare move after 22 years signals growing industry momentum toward embedding annuities in target date funds to ensure retirement income security.3. Technology and Recordkeeper Integration Drive AdoptionTools like Estimate's TDF-IQ offer fiduciaries an outcome-based framework for evaluating annuity-infused target date funds. Meanwhile, broader recordkeeper availability and support for annuity options could help solve portability challenges, accelerating adoption of lifetime income solutions in 2026.SEE ALSO:• Nestimate Introduces TDF Analyzer

Introduction December 27th brings sudden urgency—just four days remain to implement critical year-end financial strategies that could save thousands in taxes, reduce portfolio risk, and position retirement accounts for 2025 success. Most people spend more time planning vacations than reviewing their largest asset: their retirement portfolio. But the market’s strong multi-year run has created hidden dangers in 401(k) accounts, particularly for those approaching retirement who haven’t rebalanced in years. In this episode of The Tom Dupree Show, Tom Dupree and Mike Johnson provide an essential year-end checklist covering portfolio drift, account consolidation, tax-smart charitable giving, target date fund dangers, and fraud protection as scam season intensifies. Portfolio Drift: The Silent Risk Multiplier What Five Years Did to Your 401(k) If you established a 60/40 portfolio (60% stocks, 40% bonds) five years ago and never rebalanced, you’re sitting on dramatically more risk than intended. “If you had a 60-40 split in 2020, today you’re at about 76% stocks if you’ve made no changes,” Mike Johnson explained. “And your account’s worth 20 or 30% more, so there’s more dollars at stake, at risk.” The drift problem: Stocks outperformed bonds over five years Your stock allocation grew from market gains Total account value increased substantially Risk exposure multiplied Example: $500,000 in 2020 (60% stocks = $300,000) is now $650,000 with 76% stocks = $494,000 in equities. Your stock exposure grew 65%. S&P 500 Concentration Risk “About 40% of the S&P 500 is allocated to tech and high multiple stocks,” Mike noted. “If it’s been on autopilot, now is as good a time as any to look at it critically.” Market Corrections Are Inevitable “On average, every year you have a 10% drop in the market. That’s just the cost of admission,” Mike explained. “We had one back in April—it was closer to 20%. You were looking at 40, 50% drops in some things.” “A lot of people have forgotten how—and even that they should—play defense, especially when you’re getting close to retirement,” Mike cautioned. Year-end action: Check your actual allocation today. If stocks exceed your risk tolerance, rebalance before December 31st. Account Consolidation: Simplify Now The Multiple Account Problem “People’s thinking is, if I have this account over here and this account over here, I’ve got more money,” Tom observed. “When they consolidate those accounts, every one of those five pieces put together as one is gonna get managed better.” Hidden Costs of Scattered Accounts “It’s really hard to track performance if you have multiple accounts,” Mike explained. “It’s much simpler, much more accountable when it’s all consolidated together.” Problems with scattered accounts: Impossible to track overall performance Multiple RMD calculations Complex tax reporting Higher fees (missing breakpoint discounts) Poor overall portfolio coordination Mike’s consolidation benefits: “Proper investment to reach your goals, performance tracking, tax reporting, tax planning, and possible discounts on fees.” Year-end action: List all retirement accounts—schedule consolidation to simplify 2025 RMDs and reduce fees. Tax-Smart Year-End Strategies Strategy 1: Gift Appreciated Stock “Let’s say you give $10,000 a year to charity. You can gift those appreciated shares of stock to the organization,” Mike explained. “You can put that money right back into your brokerage account and reinvest it. You could even repurchase the same stock.” The double benefit: Charitable deduction for full market value Avoid capital gains tax on appreciation Example: Stock purchased for $4,000, now worth $10,000. Gift it, avoid $6,000 capital gain, use the $10,000 cash to buy it back. Strategy 2: Qualified Charitable Distribution “If you’re of the age where you have required minimum distributions, you can do a qualified charitable distribution,” Mike explained. “If you gift the RMD straight to the charity, it never flows through as taxable income to you.” QCD advantages: Counts toward RMD requirement Reduces adjusted gross income Lowers Medicare premiums Reduces taxes on Social Security Works even if you don’t itemize Year-end deadline: Execute stock gifts or QCDs before December 31st to count for 2024 taxes. The In-Service Rollover: Plan Three Years Ahead Act at Age 59½—Even While Working “At 59 and a half, you can do what’s called an in-service rollover,” Mike explained. “Even if you’re still employed and working, you can move over the balance of your 401(k) to an IRA and invest it more specifically for your situation.” The Three-Year Retirement Transition “Let’s say you’re 59 and a half and planning on retiring at 62. You can do that rollover, get the funds invested into an income-producing portfolio,” Mike detailed. “While you’re working, that income just reinvests back in. But when you hit 62, that portfolio’s already in place, it’s already working, and literally it’s linked to your checking account.” Tom emphasized the benefit: “It makes the retirement process more comfortable because you’re not leaving work and at the same time coming in brand new, getting comfortable with our investment approach. You’ve planned for it.” The seamless transition: Portfolio established 2-3 years before retirement Dividends reinvest while still working At retirement, switch to income payout mode No adjustment period or uncertainty Year-end action: If age 59½+, investigate in-service rollover options. Target Date Funds: Hidden Dangers The Collective Investment Trust Problem “52% of the assets in target date funds—over $2 trillion—are now in collective investment trusts,” Mike reported. What makes CITs dangerous: “A collective investment trust—they’re not required to register with the SEC,” Mike explained. “They don’t have to report, as transparently, all the internal fees. And they’re allowed to hold more illiquid investments inside of them.” The Blue Rock Disaster “There was a private real estate fund—the Blue Rock Total Income Fund,” Mike detailed. “The net asset value when it was private was about $24 a share. They decided to go public. The fund closed the day it went public at $14.70.” Investor loss: 39% immediately when real market pricing was revealed. “The NAV was bogus. It was totally bogus,” Mike concluded. The Vanguard-TIAA Annuity Trap “Vanguard announced they’re partnering with TIAA, and the target date fund automatically enrolls the investor in an annuity,” Mike reported. “What they’re hoping is that these people that have been on autopilot for 40 years—they’re not gonna change from being on autopilot at year 41,” Mike explained. “It’s just gonna automatically roll into these annuities. This is a money grab to keep the assets locked in.” Why Dupree Financial Group Avoids Them “We don’t use target date funds. We don’t like what the target date fund does to the client’s return,” Tom stated. “It’s about having all your money in one spot the day you retire. That money doesn’t need to be in one spot. It needs to be growing and throwing off dividends.” Mike: “The target date’s all based on historical averages. It doesn’t take into account what’s going on in the market or your situation.” Year-end action: If in a target date fund, research what’s actually inside it before the “glide path” continues. Year-End Fraud Alert: Peak Scam Season The January-February Surge “This time last year, at the first of the year, was one of the biggest fraud pushes that we’ve seen,” Mike warned. “As we get close to the end of the year, be diligent and protect yourself.” Sophisticated Team Operations “These fraudsters are very convincing. They sound like us. They sound like an advisor,” Mike explained. “They’ll bring somebody onto the line. They’ll keep people on the line for three hours. They’ve gotten used to handling objections.” Real Client Losses “We heard two in a row from our clients—older women, same amount: $10,000 each,” Tom recounted. “One woman could afford it. The other one really couldn’t.” The Defense Strategy “The first line of defense is you, the client,” Mike stated. “If you have something that pops up on your screen—don’t click there. If somebody calls—call somebody. Call a trusted person. If you’re a client of ours, call us. But do not take action on any of these things.” Critical warning: “Do not verify within their ecosystem. They say, ‘We’ll let you verify,’ and then they transfer you. They’re all working together.” Tom’s advice: “Get off the phone or don’t click on things and get somebody that you trust to find out exactly what’s going on.” Year-end vigilance: Never click pop-ups, never transfer money based on calls, always verify independently. Your Year-End Action Plan Critical Tasks Before December 31st ✓ Check portfolio drift – Verify stock/bond allocation matches risk tolerance ✓ Rebalance if needed – Reduce risk before 2025 ✓ Execute charitable strategies – Gift stock or make QCD before deadline ✓ Consolidate accounts – Simplify RMDs and reduce fees ✓ Research in-service rollovers – If 59½+, investigate options ✓ Review target date funds – Understand holdings before glide path continues ✓ Increase fraud vigilance – Peak scam season protection Questions Before Year-End What’s my actual current allocation? How many retirement accounts do I have scattered? Am I missing tax-saving charitable strategies? Do I understand what’s in my target date fund? Am I 59½+ with rollover options available? The Bottom Line With days remaining in 2024, retirement investors face critical decisions affecting taxes, risk exposure, and 2025 positioning. Portfolio drift has likely pushed your stock allocation far beyond original intentions. Target date funds may contain illiquid investments, opaque fees, and automatic annuitization. But opportunities exist: tax-smart giving, consolidation, in-service rollovers, and rebalancing. “All of these things fit into more of a holistic long-term retirement financial plan,” Mike concluded. “You want everything moving in the right direction to accomplish your goals.” Schedule Your Portfolio Review Is your portfolio drifted into dangerous territory? Missing tax-saving strategies? Approaching retirement without a transition plan? Call (859) 233-0400 or schedule your complimentary portfolio review. Dupree Financial Group – Where we make your money work for you. Important Disclosures Dupree Financial Group is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). This content is for informational purposes only and does not constitute investment advice, tax advice, or a solicitation. Past performance does not indicate future results. All investments involve risk, including potential loss of principal. Tax strategies should be reviewed with a qualified tax professional. Before making investment or tax decisions, consult qualified professionals. For more information, review our Form ADV Part 2A at www.adviserinfo.sec.gov or call (859) 233-0400. The post Year-End Financial Planning Checklist: Critical Actions Before December 31st appeared first on Dupree Financial.

About Priya Abani:Priya Abani is the CEO, president, and a board member at AliveCor, where she leads the company's mission to advance patient-centric remote cardiac care using cutting-edge AI and machine learning. With over 20 years of experience driving innovation across global technology organizations, she has built and scaled high-performing teams, launched industry-shaping products, and forged strategic partnerships that accelerate growth. Her leadership has earned recognition across the health tech landscape, including being named one of The Healthcare Technology Report's Top 50 Healthcare Technology CEOs of 2022. Priya also serves on the Board of Directors for Jacobs and the Board of Trustees for TIAA, extending her influence across various sectors and shaping the future of technology, healthcare, and infrastructure.Things You'll Learn:AI-powered cardiac monitoring is enabling earlier detection of subtle abnormalities that patients and clinicians often miss, improving the likelihood of timely intervention. These tools empower patients to monitor their own health without waiting for episodic visits.Affordability is crucial for expanding access, enabling individuals in underserved regions to utilize medical-grade ECG technology at home. This reduces unnecessary hospital visits and helps bridge geographical care gaps.Portable devices and continuous monitoring shift cardiac care from reactive to proactive. Real-time data sharing creates a tighter feedback loop between patients and clinicians.New clinician-facing tools offer advanced diagnostics in a pocket-sized form, enabling high-quality cardiac assessments to be performed anywhere. This supports healthcare workers who lack access to full clinical equipment.AI models trained on massive ECG datasets are evolving from simple detection tools into comprehensive health companions for the whole person. They synthesize patterns, prompt actions, and help guide personalized preventive care.Resources:Connect with and follow Priya Abani on LinkedIn.Follow AliveCor on LinkedIn and visit their website. Learn more about Kardia 12L here.

Don and Tom take a sharp look at Vanguard's surprising new direction, especially the decision to fold annuities into 401(k) target-date funds through lightly regulated collective trusts. They contrast Vanguard's historical simplicity with today's trend toward complexity, comparing costs, structure, and risk across major providers. Listeners call in with questions about Roth conversions, Schwab target-date funds, entering the market after a forced delay, and whether TIPS or buffered ETFs are worth owning. Throughout, Don and Tom hammer home the fundamentals: low costs matter, complexity harms investors, active management rarely pays, and your stock/bond mix—not gimmicks—drives long-term success. 0:04 Opening and setup: Vanguard's recent drift toward complex products 1:03 Vanguard's dominance in target-date funds and why simplicity used to be the point 1:58 Vanguard adding annuities into 401(k) target-date funds — is this helping anyone? 3:11 What does an annuity inside a target-date fund even mean? 4:03 The 25% annuity allocation example and the misleading “8% payout” illusion 5:03 TIAA's role and why annuity costs remain unclear 6:28 Are annuities inside retirement plans a solution in search of a problem? 7:38 The fine print: Vanguard's new collective trusts and weak disclosure requirements 8:20 Why collective investment trusts are lightly regulated and potentially concerning 9:07 Caller: Roth conversions when you're withdrawing to live on — should you stop? 11:32 When Roth conversions lose their benefit and why you need cash for taxes 12:21 Caller: Are Schwab target-date funds worth it in a Roth? (Short answer: No.) 13:31 Why Schwab's higher fees and low international allocation are a problem 14:52 Active management inside target-date funds — unnecessary and risky 16:12 Risk vs. return: Schwab's higher volatility and lower historical performance 16:41 Caller: Missed market gains while transferring funds — how to get back in 18:49 When market discomfort signals a stock/bond misalignment 20:16 Comparing Schwab vs. Vanguard target-date funds over 15 years 21:37 Why lower cost + lower volatility + better return makes Vanguard the clear win 22:02 Should you fear future gimmicks like private credit inside target-date funds? 23:29 Caller PSA: Realizing capital gains in a low-income year 24:06 ETF explosion — 908 new ETFs this year, most using leverage or derivatives 25:29 Why “ETF” doesn't mean good; junk ETFs equal junk mutual funds 26:05 Structural benefits of ETFs and why the market prefers them 27:29 Soccer vs. NFL detour, then back to phone calls 29:07 Listener question from Colorado: Should you buy a TIPS fund? 31:01 Why TIPS rarely add value in diversified portfolios 33:22 TIPS behave more like inflation bets than true inflation protection 34:34 Why simple, short/intermediate, high-quality bonds—and CDs—often do the job 36:17 Caller: What is a buffered ETF, and why does it sound like an annuity? 37:29 Buffered ETFs explained: expensive, complicated, and unnecessary 38:30 Why gimmicks dominate product launches and how they hurt investors Learn more about your ad choices. Visit megaphone.fm/adchoices

Questions? Comments?Don and Tom take a sharp look at Vanguard's surprising new direction, especially the decision to fold annuities into 401(k) target-date funds through lightly regulated collective trusts. They contrast Vanguard's historical simplicity with today's trend toward complexity, comparing costs, structure, and risk across major providers. Listeners call in with questions about Roth conversions, Schwab target-date funds, entering the market after a forced delay, and whether TIPS or buffered ETFs are worth owning. Throughout, Don and Tom hammer home the fundamentals: low costs matter, complexity harms investors, active management rarely pays, and your stock/bond mix—not gimmicks—drives long-term success.0:04 Opening and setup: Vanguard's recent drift toward complex products1:03 Vanguard's dominance in target-date funds and why simplicity used to be the point1:58 Vanguard adding annuities into 401(k) target-date funds — is this helping anyone?3:11 What does an annuity inside a target-date fund even mean?4:03 The 25% annuity allocation example and the misleading “8% payout” illusion5:03 TIAA's role and why annuity costs remain unclear6:28 Are annuities inside retirement plans a solution in search of a problem?7:38 The fine print: Vanguard's new collective trusts and weak disclosure requirements8:20 Why collective investment trusts are lightly regulated and potentially concerning9:07 Caller: Roth conversions when you're withdrawing to live on — should you stop?11:32 When Roth conversions lose their benefit and why you need cash for taxes12:21 Caller: Are Schwab target-date funds worth it in a Roth? (Short answer: No.)13:31 Why Schwab's higher fees and low international allocation are a problem14:52 Active management inside target-date funds — unnecessary and risky16:12 Risk vs. return: Schwab's higher volatility and lower historical performance16:41 Caller: Missed market gains while transferring funds — how to get back in18:49 When market discomfort signals a stock/bond misalignment20:16 Comparing Schwab vs. Vanguard target-date funds over 15 years21:37 Why lower cost + lower volatility + better return makes Vanguard the clear win22:02 Should you fear future gimmicks like private credit inside target-date funds?23:29 Caller PSA: Realizing capital gains in a low-income year24:06 ETF explosion — 908 new ETFs this year, most using leverage or derivatives25:29 Why “ETF” doesn't mean good; junk ETFs equal junk mutual funds26:05 Structural benefits of ETFs and why the market prefers them27:29 Soccer vs. NFL detour, then back to phone calls29:07 Listener question from Colorado: Should you buy a TIPS fund?31:01 Why TIPS rarely add value in diversified portfolios33:22 TIPS behave more like inflation bets than true inflation protection34:34 Why simple, short/intermediate, high-quality bonds—and CDs—often do the job36:17 Caller: What is a buffered ETF, and why does it sound like an annuity?37:29 Buffered ETFs explained: expensive, complicated, and unnecessary38:30 Why gimmicks dominate product launches and how they hurt investorsLearn more about your ad choices. Visit megaphone.fm/adchoices

What if your retirement income could be as reliable as your old paycheck? Ryan Herbert dives into the real-world confusion around TIAA accounts, annuities, and the strategies that can turn your nest egg into a steady stream of income. He breaks down the pros and cons of annuities, the risks of relying solely on the market, and why true retirement planning means more than just picking investments... It’s about creating confidence, flexibility, and a plan that lets you enjoy life without outliving your money. Want to begin building your retirement and tax plan? Click Here to Schedule a 15-minute Discovery Call Follow us for more helpful insights:

The Time Riders: Part 10 Egyptian Acheology, In Real Time. Based on a post by BiscuitHammer, in 16 parts. Listen to the Podcast at Explicit Novels. Mark felt a cold chill, but also was strangely assured that she didn't begin screaming. If anything, she sounded vaguely amused. He didn't come out, but he pushed one of his hands through the linens and waved at her. "Silly," she giggled, still smirking. "You might as well come out, because all I have to do is scream if I want help. I'm not afraid of anyone stupid enough to break into the personal chambers of a devotee of the goddess." Mark took a deep breath and walked out from beneath the linens, stopping and looking down at her, blushing at getting caught. She looked up him curiously, although she was still clearly amused, and made no attempt to cover her nudity. "You're a slave," she remarked, noting his attire. "What compelled you to hide in my room?" What was the point in lying? "I was hoping to fuck a Vestal," he confessed, shrugging and turning his palms to her in a gesture of honesty. "That's the simple truth." She raised an eyebrow. "That's brazen of you. You know we're all virgins on purpose, right? We took a sacred vow." Mark shrugged again. "Everyone has needs and urges, even sacred virgins." Aemelia giggled. "I suppose that's true. But why would; excuse me, I don't know your name, slave." "Bonosus." "Well, then, Bonosus," she intoned, setting her arm on the edge of the basin and then resting her head against two fingers while she observed him, more than a little intrigued. "What makes you think a sacred virgin of mighty Rome would want to fuck a slave, if she were indeed subject to such base desires as you describe?" "Well, you wouldn't need to take a vow if you weren't subject to them, would you?" he reasoned. "And as to why;” He slowly slipped off his ragged tunic, leaving him naked. Aemelia's eyes widened slightly as his cock came into view. "Woof," she muttered to herself as she fixated on his limp cock. "Your father, is he Bacchus, or a satyr? Because only a god or a creature of sin should be lavished with a prong like that." "Interested?" he asked, smirking back at her. "Because if you're not, maybe Marcia or Licinia would be willing to make use of me if you're not' "Hold on, now," the blonde interrupted in a quiet but calm voice, holding up her hand. "I didn't say that. All I asked was what you had to offer that a sacred virgin would be willing to compromise her vows for. And that thing makes up for a lot of sacred vows;” She rose slowly, the water cascading down her body. Not surprisingly, as a sacred virgin, her cunt was unshaved, but her wet hairs were rather light and sparse, the same color as her honey hair. "Um, you're eighteen, right?" Mark asked, wondering for a moment. Aemelia gave him a wry look, her hands moving up to her tits. "I am. A little more, in fact. Is that a problem? Am I too old for you to want to fuck me?" "No, I'm perfectly okay with you being eighteen," he assured her. "Kinda counting on it, in fact." "Well, that is good to hear," she said, allowing her hands to fall away from her tits and exposing herself again. She seemed strangely shameless, which was no doubt quite a trick to hide in these environs. "It'd be one thing for me to reject you, but it would be unthinkable for me to be rejected by a mere slave. And if you were indeed intent on someone younger, I would have to summon Lucia or Domi' "Nope, I'm intent on you, if you're willing," Mark said firmly, smiling as she watched his cock swelling slowly. He wasn't getting hard, but he was getting aroused, and it had the desired effect on his potential partner. Aemelia bit her lip as she watched his cock grow. "Normally, I just pleasure myself in the bathing basin, since it is easy to hide," she said as she stepped out of the water and walked over toward the linens he was standing in front of, drawing close to him and smiling rather saucily. "But to be fucked in the bathing basin would create too much noise, I fear. No, base slave, if you intend to have your way with me, it must be quick and dirty, and allow me to conceal any evidence after. You do not want to know what happens to a sacred virgin who has broken her vows of chastity." "I can only imagine," Mark said as he took one of the linens hanging on a peg and knelt down on one knee, beginning to dry her off. She seemed amused by his attentiveness, and put one foot on his thigh, allowing him to continue. "So, what, I should probably fuck you somewhere in here, since it's farthest from the door and least chance to be heard, right?" Aemelia nodded and pointed at the bed. "But you cannot have me on my bed either, slave, as there will be evidence of my activities. No, I fear you will simply have to push me up against a wall and fuck me, like a common whore." "Probably all we have time for," he pointed out, leering as he stood, towering over her and pulling her body to his and beginning to fondle her. She closed her eyes and sighed as he groped her tit and ran his other hand down her back to caress her ass. "Uh, my first man," she whispered, not at all flinching from his touch. If anything, she parted her legs slightly, which she reached down to stroke his hardening cock with one hand. "Not only breaking my vows to my goddess, but the sheer indignity of losing my chastity to a lowly slave;” He could tell she was getting really turned on. His hand found her cunt and he slipped two fingers inside, making Aemelia moan. She was already very wet, and he couldn't find a hymen, so he would have no problem fucking her. "You are feeling around; for my chastity," she breathed, opening her hazel eyes and looking up at him while he fingered her. "It was broken many years ago, while I was riding atop of a horse to a ceremony. It was determined to be an accident, and not a symbol of the goddess' disfavor, so I was permitted to continue serving her. Now, my chaste cunt will serve you, slave. You may fuck me. But first;” She pulled away from him and went over to the far wall, then took hold of a small wooden peg and tapped on the wall three times in a certain rhythm, then three more. She put the peg down and then walked back to him, her eyes glinting with excitement. "You may fuck me against the wall right there, slave;” she whispered breathily, clearly getting eager. She stopped in front of him and waited for something. Then he heard three faint taps in a certain rhythm, which seemed to come from the wall she'd just tapped on. Without any further hesitation, she led him over to the wall she'd indicated and bent forward, exposing her ass to him while steadying herself against the wall. Mark didn't wait, but simply placed his hands on her ass cheeks while standing behind her. He teased his hard cock against her wet twat before sliding the head inside. He felt her stiffen, her back arching, and then she was murmuring to herself. "I am disgraced; I am disgraced;” Mark smiled evilly and pushed deep inside her with one long, slow stroke. Aemelia shuddered and choked, fighting the urge to cry out as he violated her. She hissed as he bottomed out in her, pushing back on her hands to take him in further. She was silent now, just trembling as she felt his cock pinning her to him. Mark then began to stroke back and forth slowly, letting her adjust to the sensation. She was indeed tight, and he was inclined to believe her claim that she was still a virgin, even if she had no hymen. "Bonosus;” she said in a quiet voice somewhere between a gasp and a whisper. She pushed back against him again, starting to grind her ass in circles, reveling in the sensation of a man deep inside her, committing such an extreme blasphemy against Mother Rome. The two were thinking the same thing: Fuck Mother Rome. Mark started moving faster, knowing they didn't have a lot of time. His hips began smacking against her ass, and he watched as his cock glistened, sliding back and forth in her slippery cunt. "Uh, less noise, less noise!" she rasped, waving almost frantically with one hand, her eyes squeezed shut. "Do you want us to both be executed?" Mark kept pumping back and forth strongly, but refrained from slamming against her. He was still more than deep enough to send her into convulsions, though, and the priestess hissed lustily, looking back at him with glazed hazel eyes. "Make me cum," she panted, working herself against him rather inexpertly, but with amazing enthusiasm. "Disgrace my body, my temple, with your cum, slave!" Mark moved faster, and felt her cunt rippling and contracting around him greedily, indicating she was not far off from orgasm. His hands pulled her ass cheeks apart, stretching her and she bit her knuckle and keened. Covered in sweat, her arm flashed out to the side, pointing at the linens hanging next to them. "A linen!" she gasped, her breath catching in her throat. "Give me a linen before I scream!" Mark reached out and grabbed one of the long linen swaths off a peg and handed it to Aemelia, who hastily shoved as much as she could into her mouth, right before her body contorted and was wracked by orgasm. She screamed in ecstasy, the linen muffling the otherwise piercing sound magnificently. Her cunt clutched his cock fiendishly, and Mark stifled a loud groan as he began to cum deep inside her. They ground and squirmed against one another heatedly as he filled her with his pearly essence, and he could feel her cum slathering his thighs. Finally, she sagged, leaning against the wall to keep herself up while removing the linen from her mouth so she could breathe heavily. Some moments later, she eased herself forward, off his throbbing cock, gasping as it popped out of her. She turned around, leaning back against the wall and pulled Mark to her, pressing her mouth against his and kissing him deeply. She may have been a virgin, but she certainly knew how to kiss. Then again, if it was just her and a few other young women living here, that was probably to be expected. "This, slave," she whispered breathily, looking up into his eyes while she reached down and massaged his sticky, still oozing cock. "This has now been in the most sacred of cunts, a sacred temple, defiled by your base desires. Do you know what an honor you've had?" "I can guess," Mark replied, using his body to pin her to the wall and pushing back inside her again. Aemelia shuddered and groaned, going up on her toes and clasping him. "You glad I defiled your temple?" "Yes, but we need to get you out of here," she managed to say, gently pushing him back so that he fell out of her. She knelt and kissed his cock while picking up the linen she'd stuffed into her mouth, and cleaned him off with it. She then hurried over to the pegs on another wall and slipped on a simple white robe, tying it shut. She was flushed, but obviously jubilant. She helped him get back into his slave tunic. "Well, I can strike that off my bucket list," Mark mused to himself in English, smirking. "What did you say?" Aemelia asked, looking up at him as she tied the cord around his waist. "Oh, I was just thinking that at least I can count on you to not brag about this," he said somewhat hastily. "Probably not many people you wanna tell." "True, there's really only Licinia and Marcia I would tell, because they are like-minded to myself. I would tell Domitia, since I suspect she has at least as licentious a heart as any of us, but dare not, because she is impulsive, and not prone to subtlety." "No shit;” Mark muttered as she finished helping him dress. "So now what? How do we get me out of here?" "There's a secret passage you can use at the end of this hallway. It'll take you down to the basement level again, and out though a garden. Be vigilant, but you should be safe. Take a sack of supplies out into the streets, so that it looks like you're on an errand. It'll help you avoid scrutiny." She led him through her apartment and opened the door to poke her head out into the hall, looking both ways. She then took his hand and pulled him out, hurrying down to the end of the hall and then pointing at a large plaster lavabo that dominated the wall. He used his fingers to pry it open like a door, which led into a dark stairwell. He was about to step into the stairwell when she took him by the hem of his tunic and pulled him back to her, kissing him deeply and passionately for several seconds before pushing him back through the aperture and then closing the door behind him. Aemelia leaned back against the ornate plaster lavabo and sighed, looking at the ceiling. She laid and hand on her tit, stood up, straightened her robe out, and then walked down the hall, attempting to look dignified. Thankfully, servants and the priestess' minders rarely came to this floor except at designated hours. She stopped in front of the door of the apartment next to hers, which had a plaque that red 'Licinia' and rapped on the door softly. The door opened and she was pulled inside by her wrist. The door had barely closed before she and another, younger priestess were kissing one another feverishly, hands wandering over each other's bodies. "Thank you for letting me watch," Licinia murmured as her tongue tangled with Aemelia's. "I am so jealous that you got to fuck first, even if it was just a slave. But what a cock he had on him." "I know, and it was everything we had hoped it would be, sister," Aemelia breathed, breaking the kiss and pulling her sister-priestess' bedchamber robe off. "If only it could have lasted longer. But for now;” She shed her own robe and leaned back against the wall, tilting her hips forward and using two fingers to spread her thick cuntlips wide. "You need to suck his cum out of my cunt while you can;” Mark's back was getting slightly sore from carting around sacks in order to get places without being stopped and questioned. He humped several cords of wood into the rear entrance of the Trajan Baths, sighing heavily as he dumped them down near other piles meant to heat the pools, and then went in search of Becky and Nanu. He heard them before he saw them, not surprisingly; he followed the telltale noises toward a smaller, more private bath chamber away from the main rooms. He paused in the door of the room, grinning and leaning against the entranceway while he just watched. In the shallow water, Becky and Nanu were sitting facing into one another, legs scissored and pussies pressed together. They panted and moaned as they slithered and ground against each other, resting back on one hand in the cool water, and gripping each other's arms with the second. They strained against one another, backs arching and their behinds out of the water, eyes squeezed shut and teeth clenched. They both keened loudly before the dam broke. Sighing and moaning shamelessly, they squirmed and writhed, bathing each other's cunt in frothy cum. They girl-fucked one another hard, cumming for a long period before finally relaxing and settling into a squishy embrace, tits and pussies pressed together as they kissed lovingly. Mark finally came into the room, noticing that two young attendants were waiting in corners, linens ready. He shed his tunic and stepped down into the shallow pool, joining them. Becky broke the kiss to smile at him lewdly. "Well, hey, handsome," she purred, reaching over to stroke his cock, noticing it was recently used. "What did you get up to while Nanu and I were enjoying ourselves?" He was kneeling next to them, rotating his neck. "Might've used our loop to get revenge on the city for trying to kill me next week," he mentioned. "Found a certain temple, might've fucked a priestess;” Becky shook her head. "I swear, you're terrible at time theory, unless it involves doing something heinous, Mark. You are a menace." "Yeah, but you love it," he pointed out, grinning and reaching into caress one of her tits, his other hand fondling Nanu's. "Admit it." "I admit to nothing, young man," she purred, loving how his hand felt on her while she continued to stroke his cock. "Nanu asked if we could visit her family, see if they're okay. She hasn't seen them for a decade now." "I'm all right with that," Mark answered, shrugging. "We should give 'em money, too, improve their lot in life. Sounds like Egyptian peasants in the Roman era don't have a lot goin' for 'em." Becky smiled slyly. "Now that you mention it;” Akhmim, in a corner of the former Lower Kingdom. It was the time of year where the mighty Iteru was to have overflowed its banks and then receded, leaving the land gloriously fertile, and ready for the people to grow their crops and sell their goods to the merchants in the cities. But this year, the great god Hap'i had withheld his bounty, and the river had barely breached its banks. The land was dry, and crops scarce. People had been bringing muddy water from the edges of the river in buckets in a desperate attempt to fertilize their fields. Kiya sighed glumly as she tilled a shallow trench in the woefully dry soil on their farm. A wind blew across the field, and she was depressed to see that it carried reddish dust with it. She was the youngest remaining child, and she did the least skilled work as a result. She despaired of ever being married, since her parents could not afford to lose her. Years ago, they had sold their youngest daughter, in the hopes of getting enough money to improve the farm, with new tools and maybe some irrigation equipment, but they'd been had, and the materials and tools they'd bought were junk. It had cost them all the money they'd made in selling their child, and now they had less than ever. They barely subsisted even in the bountiful years, and during droughts like this, it could be deadly. Other farms were empty, due to death or abandonment. She stopped for a moment and leaned on the rickety hoe she was using, squeezing her eyes shut and stifling a sob. She missed her little sister. Yes, Nanu had only been a year younger than her, but she'd been a joy in Kiya's young life, and they were very close to one another. Kiya loved little Nanu, and then one day, she was gone. As she opened her eyes and looked out over the dusty field at the long, thin rows of trenches, she wondered if Hap'i was punishing them for selling her little sister. Kiya wouldn't have blamed the god; she remembered being angry too, and she hadn't talked to her parents for days. Her older siblings, especially Aneksi and Joba, her eldest sister and brother, had loudly declared that it was a good thing to do, since it was one less mouth to feed, and Nanu had been useless for chores anyway. She was six years old when we sold her! Kiya thought angrily to herself as she glared at the barren field. What did you think she was going to be able to do? She heard a horn call and looked down at the distant river dully; she could see an ornate boat sailing downstream, being punted by dark-skinned Nubian slaves, the huffer standing at the bow waving for less important ships to move aside. Nobles, she grumbled to herself sourly. Probably on their way to Memphis to eat splendid food, and meet with their Roman friends. Splendid food. She'd almost forgotten what anything other than bread or little bits of fish tasted like. And the drought made even bread scarce, while fish were dangerous to try to catch, because of the hippos and crocodiles that crowded the river. In years like this, the crocodile demons were especially aggressive. Movement caught her eye, and she saw a palanquin coming up the banks on the small, dusty road. It wasn't even a road, really, so much as a failed ditch that had been meant for irrigation of the nearby farms. Slaves carried the palanquin on their shoulders, and diaphanous curtains concealed who sat within. A tall, light-skinned slave walking with a tall stick led the way. Just behind him came a woman riding a mule, a cloak wrapped around her upper body to protect her from the dusty wind. They seemed to be coming this way. Why are they headed this way? Kiya wondered with a frown. What could they possibly want here in dusty little Akhmim? She stood up and began walking toward the palanquin as it drew closer, her hoe held casually in her right hand: unthreatening, but ready in case their intentions were malign. She could see now that the male slave leading the way was rugged and handsome, with brown hair and deep eyes. Behind him, she woman on the horse, whom she assumed was still a slave, seemed rather pretty beneath her swathes of dark grey linen and fabrics. Were her eyes; blue? She glanced over at her ramshackle house that she, her siblings, her parents and grandparents lived in. No one else seemed to have noticed yet, or were too far away to see. Clearly this would be up to Kiya for now. So how should she react? She played it safe and got down on both knees, bowing her head and looking at the reddish-brown ground beneath her. It was hot on her knees. She hoped this wouldn't take long, for she had to get back to the trenches, so that the other could pour their meagre water and begin to plant seeds. Kiya waited quietly. "I always did like seeing you on your knees, Ki;” she heard a sweet, girly voice say. Her head flicked up and she looked at the source of the voice; she could see a beautiful face leaning out between the curtains of the palanquin and smirking at her. Kiya's eyes widened and her jaw opened as the young woman slid down out of the palanquin and began walking toward her. She was wearing shimmering white clothes that hugged her lovely figure, and her hazel eyes danced in excitement. She was wearing gleaming gold jewelry, adorned with lapis and other gems. She was radiant, like a goddess. "N; Nanu?" Kiya asked in a tiny, incredulous voice. The vision of her long-lost sister nodded, still smiling. "NANU!!!" shrieked the older girl, dropping the hoe and launching herself forward into a crushing hug with her sister. She'd burst into tears by the time she reached Nanu, and the younger sister was crying as well while they embraced. Mark and Becky looked on, smiling as the sisters were reunited, crying together. True, Nanu's sister (the one named Kiya, they assumed) was getting dust all over Nanu's immaculate clothing, but it didn't matter. There were plenty of new outfits for her anyway. Kiya began planting tear-wet kisses all over Nanu's face, almost as if they were a method of making sure she was real. The weeping Nanu returned the kisses. Mark's head began tilting slowly on an angle as he watched, because the kisses were becoming slower, and seemingly more meaningful and; affectionate. "Well, now;” Becky said as she watched intently. "Hello, ancient Egypt." Nanu and Kiya were now absorbed in a very deep kiss, holding one another tight. Mark could see their tongues rolling around the insides of their cheeks. The whimpers of crying had given way to muffled moans while their hands wandered up each other's backs and came to rest on their ass cheeks. Still they kissed one another almost hungrily. Mark leaned in closer to Becky and whispered to her. "I get the feeling they really missed each other." The sisters finally broke the kiss, more for needing oxygen than any other consideration. They pressed their foreheads together, panting heavily as they stared into one another's eyes. Their lips were still glistening from the kiss they'd shared. Nearly a minute had passed before Kiya pulled her head back and looked at her little sister in renewed wonderment. "Nanu;” she managed to say. "How; what are you;” "Do you like it?" chimed Nanu, stepping back just far enough to do a twirl and display her raiment. The gold she wore on her neck, arms and ankles tinkled almost musically. "I have lots more." "We; mom and dad sold you;” Kiya said, still gaping. "They; they sold you as a slave. What miracle of the gods is this?" "Oh, the best kind," the younger girl quipped, giggling. "But I don't wanna explain this ten times, so why don't you get everyone over here? I'll have my slaves set up a shelter for us all to sit under." Kiya will still bordering on confused, but she nodded and turned to race back toward the hut, calling out loudly for people. Nanu watched her for a few moments before turning to look at Mark and Becky and smiling. "You two sure missed each other," Mark observed, grinning, while Becky fanned herself. Nanu gave Mark a snarky look and stuck out her tongue. "We were best friends, Kiya and I, we only had each other, really. And then I was gone for ten years. Is it really so surprising that we can pick up where we left off?" "Nah, just some culture shock is all," Mark chuckled as he laid down the packs he was carrying and then began unslinging others from the side of the mule Becky sat on, and the palanquin. "Shall I set up the shelter, your majesty?" Nanu giggled. "I could get used to that. Please!" The porters placed the palanquin on the ground, and began helping Mark set up the shelter. Along with their pay, they'd been promised good food and wine, so they were more than willing to put in great effort. Mere minutes had passed before a shelter was set up on sturdy poles, with curtains that could be fastened to the sides to keep out the dust and wind. Nanu crawled back inside the palanquin while Becky waited just outside. Before long, a group of people was approaching, being led by an eager Kiya. She kept badgering everyone to hurry up, and several seemed more than a little annoyed at her harrying them. They were of various ages, and all dressed similarly to Kiya, in the common wear of Egypt's teeming peasantry. Becky glanced subtly to the side, to look at Nanu. The young Egyptian woman was staring at the approaching throng, her eyes glassy, and she bit her lip to keep from crying. She didn't want to be crying when her family saw her again. Becky drew the curtains closed to give her some time to compose herself. She then stood and waited patiently while everyone approached. They were a rough lot, clearly hardened by a life of toil on one of the endless farms that lined the Nile. There were young men and women, some children who belonged to what she assumed were couples, and some elders laboring to bring up the rear. The crowd stopped near the shelter, and looked at the visitors silently. Becky nodded to them all said then spoke in a clear voice. "Do any of you speak the tongue of Rome?" Silence and blank stares greeted her. Unimpressed, she turned and called back. "Mark, none of them speak Latin, I need you." "Not the last time I'll ever hear you say that," he chuckled as he joined her. She gave him a sour look and swatted his arm. He ignored the assault and called out to everyone. "Has Kiya told you what we're doing here?" Many of the people shook their heads, but still didn't say anything. Mark gave Becky a sidelong glance, and the blonde woman went back to the palanquin, knelt, and pulled aside the curtain. She helped an elegant woman in white out of the vehicle, and she walked forward, holding a gauzy white veil over her head to conceal her features. She approached the group, and an older man finally pushed to the front and addressed her humbly. "How can this humble family serve you, mistress?" he asked. Nanu now pulled the veil over her head, letting them take a good look at her. Kiya looked like she was almost ready to burst. Several faces remained blank for quite some time, but others began to express shock as recognition set in. "Nanu?" asked the man in a quavering voice. "Yeah, it's me, dad," she said, her eyes shining again. "I'm home for a visit." "NANU!" an older woman blurted as she forced her way through the crowd and dashed forward. Nanu quit trying not to cry as she embraced her mother for the first time in more than a decade. Becky pressed her fingers to her lips as she watched and tried not to tear up. Mark just grinned. "Mommy," Nanu choked as she held the other woman tight. "I've missed you so much!" "How is this possible?" her father asked, sinking to his knees. "We; I had to sell you, to those Romans, in order to make enough money to' "The Flavians in Clysma, yes," Nanu affirmed, looking over her mother's shoulder and nodding while the elder woman wept. "And they sent me to Rome, once they discovered I could dance." "You always were a good little dancer!" Kiya gushed, almost bouncing up and down on the spot. Many of the other members of the family were drawing closer now, still gazing in wonder. Her father seemed to be going pale and trembling, though. "Are; are you sent back as a glorious spirit, to punish me for selling my beautiful daughter? Have mercy on me, I' "Dad, stop being so dramatic," Nanu almost complained as she let go of her mother and walked toward him. She hauled him to his feet and placed her tiny hands in his, letting him feel them. "See? I'm still flesh and blood, not a stupid spirit. I'm not a Flavian slave anymore, either. I'm wealthy and I have my own slaves." They all looked at Mark and Becky now. Becky pulled down the fabric around her head, and many of them gasped as her golden blonde hair and sea-blue eyes came into full view. They'd never seen anyone like her before. These were Nanu's slaves? Her father shook his head slowly. "I still do not understand. How did this happen?" "Who cares?" someone groused from the back of the crowd in a gruff, male voice. Nanu knew it right away, and looked up sourly. The crowd parted to let the speaker come forward. It was her eldest brother, Bata, and he was the second eldest of the siblings after Meritites, Nanu's big sister. He'd always been something of a bully toward her. More than something, actually. Nanu and Kiya both had unpleasant memories of the older boy. "We sold you for money, and what good did it do us?" the young man sneered, moving forward now. Nanu took half a step back, clearly intimidated. "The tools we bought were shit, and we're struggling harder than ever. You can't even be sold without fucking things up for your fa' Mark had lunged in and slammed his fist across Bata's jaw, sending him spinning to the ground. Everyone except Becky gasped, and one sister cried out in fright. Mark stood over the downed boy, glowering at him. Bata was holding his jaw, his eyes wide in shock. He could taste blood. "Got anything else to say about my mistress, shitbag?" Mark challenged. Bata glared at Mark before his gaze flicked over to the axe he'd dropped when he got punched. "Oh, please try that, I dare you,", Mark growled, unmoved by the perceived threat. "I'll shove that axe handle so far up your ass that you'll have splinters in your tongue for a month." Bata looked away, unable to endure Mark's glare. The younger man stepped back and let Nanu's brother get to his feet. Bata grabbed a woman by the wrist and stomped off, dragging her behind. Several of Nanu's siblings sighed and were visibly relieved. Mark then stepped back and let Nanu take over again. The Egyptian girl, still a little rattled, took a deep breath, composing herself. She then spoke to her family again. "I'm sorry. I thought I'd never see you again. I thought I'd die, far from home, never to return. I; I want to make sure that mom and dad never have to do anything like that again for our family's survival." Nanu brought her mother back to the family and helped her father stand. They were murmuring to one another and hugged, while people began crying. Several men and women watched on, some passively, some with curiosity. Mark assumed these were spouses who had married into the family since Nanu's departure some ten years ago. Nanu was hugging her oldest sister, Meritites, and sharing kisses with her, although not quite as affectionate as those she'd shared with Kiya. She then hugged and kissed her other siblings; Djoser, Ameny, Khafra, Nefer, Tiaa, Horemheb, Jobra, Anpu, and Senet. Jeebus, Becky thought, trying not to frown as she looked at the mother, whose name was apparently Pypuy. Twelve kids? How did her uterus not just fall right out? Nanu's father, Akhom, still seemed overwhelmed, but maybe that was understandable. He had, after all, clearly made an agonizing decision and it seemed to be revisiting him, even if the circumstances were joyous for everyone else. Nanu had explained to Mark and Becky that selling children into slavery in order for a poor family to survive was not uncommon in Egypt, but clearly it was still painful for all involved. Finally, the greetings ended, and Nanu, with her eyes still glistening, smiled at her family. "Let's eat, I brought lots of food." The shelter Mark and the slaves had erected was large enough to conceal everyone from the sun. They ate bread, figs, fish, and wine. Kiya excused herself and ran back to the house. Even Nanu's father seemed to have adjusted and was now enjoying himself. More than anything, though, there were endless questions. "I got lucky," Nanu said simply. "I know it seems impossible, but look at me. What more proof do you need? I am wealthy now, and not a slave. I came home to let you know, and also to give you money, so that you no longer need to struggle. You will live very comfortably. You could probably even retire from the farm and move into a town or city if you wanted to." "You're not coming with us?" her sister Tiaa asked, looking rather upset. "We just got you back, and you've been gone so long." Nanu looked down at the ground, going silent, wondering what to say. She felt very torn. Here she was, back with the family she'd missed her entire life, and giving them money, but beyond that, she had nothing to back it up; Mistress Aurora and Bonosus, or whatever their real names happened to be, were not her slaves. She had no talents that made her a patrician. She could barely read. She'd come here, so secure in her plan to see her family, alleviate any suffering they were enduring, and then go off on this grand adventure with her new beloved associates. They'd even told her she might be able to see her family again. But now, in this dingy but so comforting environment. She looked up and saw Kiya approaching again, carrying something in her arms. Everyone let her through, and she knelt next to Nanu, smiling. Nanu's eyes went wide. Kiya gently passed her the baby. It couldn't have been more than a year old. "Her name is Nanu," Kiya said softly, her brown eyes shining. "Named after the little sister I thought I'd lost forever." Nanu looked up and her eyes were glassy with wonder. "Who is her father?" Kiya smiled sadly. "The river took him earlier this year, during Akhet. I'm sorry you never met him." "She's beautiful," Nanu murmured, caressing the tiny cheek with her thumb, and feeling her heart thrum in her chest. "So beautiful." "There's all the time in the world now, for you to raise her and love her," her sister said, putting a hand on Nanu's arm. "I know you'll love her as much as I do. We can raise her together, just like we always talked about when we were younger. And I; what's wrong, Nanu?" Tears were now streaming down the younger girl's face as she tried to keep from bursting out crying. Becky found herself trying not to cry as well, even if she didn't understand the language. "I'm; I'm sorry, Kiya," she managed to say, while her sister's eyes teared up, knowing what was coming. "I can't stay, I now have a different life I must get back to. And it's not here in Akhmim, or even Keme itself." "I understand," Kiya rasped, her eyes red as she tried to hold it together. She loved Nanu so much. "Can't take us with you?" "No, I can't," Nanu said sadly, shaking her head slowly as she squeezed her eyes shut, crystalline tears falling onto the linen the baby in her arms was wrapped in. "I don't know how that would work." "Will we ever see you again?" her sister Ameny almost pleaded. "I want to say yes," Nanu replied, her eyes still closed. "But even visiting now was very difficult to arrange. But I promise you, I will try. And if I ever find a way to take you all away from here, then I will. And we'll all live in splendor together forever." Most of the girls were crying at this point, and even a few of her brothers were sniffling. Her mother and father just knelt quietly, looking very forlorn and lost. Nanu handed the baby back to Kiya and hugged her parents tight. "But even if I can't be here, I'm still looking after you, like I promised," she said in an earnest tone. She glanced over at Mark, who nodded and rose, using two of the porters to unfasten sacks from the mule and also the palanquin. When he brought them over, he laid them in front of Nanu, who opened them to display the contents. Her family members gaped in awe. More gold coins than they could have imagined glittered within. "You'll need to be quiet for some time about where it all came from, and not just spread it around, but this'll give even my niece's great-grandchildren a very comfy life if you're not stupid with it," she announced, running her hands through the coinage so they could hear the sound of it. "Like I said, you could become the wealthiest farmers in the region, or become traders in a nearby city. As long as you look after one another, always. Even Bata." "Don't worry about Bata, sis," grunted the second eldest brother, Anpu, looking at Meritites and smiling. She reached over and squeezed his hand. "We'll make Bata behave." "I know," sniffled Nanu, smiling and wiping at her eye. She'd always liked her big brother Anpu. He wasn't a jerk like Bata. "Just protect my sisters, Anpu, and my niece." He nodded, looking proud, since she'd assigned him this task. "Do you really need to leave already, Tahemet?" Djoser asked, calling Nanu by her childhood nickname of 'Queenie'. When they'd all been younger, Nanu, as the youngest, usually got the short end of the stick about everything. So she made up for it by having an active pretend life, where she was a queen, regal and worshipped by all. Meri, the eldest, had given her the nickname, but not in a mocking way, even if Bata used it as such. Nanu considered. Mark turned around and whispered to the porters. "Stay with us another night, and we'll triple your pay and give you all the remaining food." The men nodded readily. Nanu wanted to ask Mark and Becky, but they were supposed to be her slaves for this visit, so she couldn't be asking them. The decision was hers. She opened her eyes and smiled. "I'll stay until tomorrow." Everyone seemed relieved at her proclamation, and they continued eating and drinking merrily. Becky had to admit, they were taking this all in good stride. Then again, when all your deities had bird or reptile heads, there probably wasn't a lot you couldn't take on faith anyway. Mark now conversed with the family (with Nanu's permission), about how Nanu had come into wealth and escaped slavery, not to mention acquiring two exceptional specimens such as himself and Becky for slaves. Mark did something he was becoming distressingly good at and lied. It saved Nanu the hassle, which was just as well, since she spent much of her time holding Kiya's baby and talking quietly with her sister. Clearly they'd been attached at the hip when they were younger, and there was much about one another they were keen to rediscover. Watching them subtly touch each other and hold hands, thumbs gently caressing, brought a smile to Becky's face. She resolved to make sure Nanu got to see her family again. The day had worn on, and Nanu had to remind everyone repeatedly that there was no immediate need to get back to toiling over the barren landscape, since she had come with plenty of money. Evening was upon them, and the family began returning to the dwelling that served as their home. Mark added treated skins around the shelter, converting it into a tent, while Nanu begged Kiya to stay with her for the night, to which the older sister agreed readily. Last of all, she hugged her father and mother, promising to see them in the morning. They took little Nanu with them, leaving Mark, Becky, Nanu, and Kiya alone in the tent. The porters had returned to the boat and would sleep there. Once the flaps were all fastened shut, Nanu and Kiya had almost attacked one another, kissing feverishly, and tearing one another's clothes off. Alex smiled and watched while they took their own clothes off. They lay on a blanket together on their sides, with Mark spooning her. He caressed and fondled her gently while she squirmed her ass back against him and they watched the sisters, small sturdy covered lamps in the corners providing dim illumination. Naked and wrapped up in a tangle of writhing limbs, Nanu and Kiya were continuing to kiss hungrily, moaning the entire time. Hands wandered over forms they hadn't touched in over ten years, and those had probably changed considerably in the interim. They murmured and whispered to one another through the kissing, words Mark didn't try all that hard to make out. Let them have their fun. "Umm, there you are," Becky purred as she felt Mark get nice and hard while watching the show. She reached behind herself and took hold of his hard cock, guiding it to her cunt. She teased it up and down the slippery nether lips before letting Mark press home, and sinking deep inside her. They both moaned with relief at the coupling. Mark kissed Becky's neck and fondled her opulent tits as he began pushing his cock in and out of her slowly. They slowly made love while watching the sisters just to their side rediscover one another, after over a decade apart. Becky smiled as Nanu kissed Kiya deeply, expressing her innermost longings and desires. The younger sister lay on top of the older one, holding one another tight and kissing, their nubile bodies squirming together. "I love watching family reunions," Becky sighed quietly as she flexed her fingers on Mark's hip while he slid in and out of her, still massaging her opulent tits. "Look at them, Mark, they're so in love, and so happy to see one another." "It's certainly a feel good moment," he agreed, loving how she flexed her cunt muscles around him as he pushed him himself back and forth. "Mind you, just about everything involving you is, I find." Becky smiled and reached up to caress his cheek before turning her face to kiss him. While they were engaged in a tongue-lock, Nanu began kissing and nibbling her way slowly down Kiya's soft, responsive body, thrilling to hear the murmurs and whimpers of her sister again. She kissed her tan tits, swirling her tongue around the hard brown nipple, before biting and tugging on it, then giggling. "You can't imagine how long I've yearned to see you with tits, Ki," she said quietly, smirking up at the older girl. "They're everything I've ever hoped for and dreamed of." "Just wait until you see my cunt, then," Kiya replied, shivering beneath her sister's kisses. How she'd missed them! "And let me see if yours has become everything I've ever dreamed of." Nanu nodded and then wiggled around until her hips were over Kiya's face. In the dim light, the older sister could see the tempting twat, glistening with arousal and shaved curiously smooth. It must have been how they did things in distant Rome, of which her little sister was now apparently queen or some such thing. Without a moment's hesitation, she craned her head up and began kissing, sending shudders through Nanu and making her moan. The sisters kissed and lapped at one another, lovers reunited after agonizing years apart. They fell into it naturally, remembering what the other loved and craved, even if their bodies had changed in the interim. Nanu sighed in bliss at the taste of her sister, cloying and sweet on her tongue. She felt Kiya go rigid as one of her fingers slipped inside her twat. They rolled slowly onto their sides, legs locked around each other's head as they sucked on one another's cunt hungrily, lost in mutual pleasure. Mark and Becky kept watching, undulating and squirming as quietly as they could, letting the sisters rediscover their lost love. Nanu and Kiya were moaning into one another's pussies now, little gasps escaping them. They could see Nanu's ass cheeks clenching and pushing forward against her sister's face, even while Kiya slithered her tongue around inside her. They were both trembling and sweating now, bodies shining in the dim, flickering orange light inside the tent. "Ooh, here we go," Becky whispered, her hand reaching back to rest on Mark's neck and help keep her braced against him. "Let's see how long this has been pent up;” Both sisters were shaking now, but still lapping and sucking on each other relentlessly, squeaking and whimpering as they tried to hold out. But their lust would not be denied, and they both keened and strained, finally cumming. Mark and Becky watched in fascinated delight as Nanu bathed her sister's face in her glistening cum, and heard her moaning as Kiya reciprocated. Becky shivered and pressed her ass back against Mark, hard, sighing as she began to cum as well. Mark pressed forward with his hips, pushing his cock as far inside her as he could, pumping his cum deep into her greedy cunt. They squirmed and ground against each other, with Mark biting Becky's neck and her fingers running through his hair. "Umm, Mark;” she cooed, nuzzling against him, loving the feel of his molten cum inside her. "You have no idea how good this feels." "If it's one tenth as good as that, then pretty damn incredible," Mark said, nodding at Nanu and Kiya, who were still kissing one another's pussies, murmuring quietly and caressing. Nanu disengaged her mouth from Kiya's snatch and turned around again, lying on top of her sister as they began kissing again, tasting themselves on each other's lips. Kiya moved her right leg and Nanu her left, shifting around until their gooey pussies were squashed together, which they both obviously found immensely comforting. They ended their kiss, and Nanu looked over at Mark and Becky dreamily, her face shining with cum. "I would like to let Kiya taste you both;” Mark and Becky nodded, remembering that they were still pretending Nanu was noble and they were mere slaves. Mark slowly pulled his cock out of Becky and rolled onto his back. He pulled his teacher on top of him, facing up, with his cock poking up between her legs. The sisters crawled over, with Kiya looking rather hesitant, but trusting her little sister. She gazed at Mark's erect cock and Becky's twat in wonder. "He's huge," she breathed, unconsciously licking her lips. "You're lucky to have such a big cock at your disposal whenever you like, Nanu." "Don't I know it," giggled the younger sister, taking hold of Mark's tool and holding it up for Kiya, while she began kissing Becky's cunt, shivering as she tasted Mark's cum dribbling out of her mistress. "You'll love the taste of this cunt, too." Kiya began experimenting with kissing Mark's cock, which was glistening with his and Becky's mingled cum. The Egyptian girl seemed intimidated by its size initially, but remembered that Nanu clearly loved it, so there must be nothing to fear. Her hand joined Nanu's around the base of the shaft and soon she was sliding her tongue up and down his length, much like Nanu was doing to Becky's sweet twat. The sisters paused to kiss, tongues tangling as they shared the cum they'd both lapped up, humming contentedly into one another's mouth. To watch them, Mark would have sworn they'd done this before. They both stroked his shaft, while Nanu caressed Becky's cunt. The two girls pressed their foreheads together, giggling at some secret between them. Nanu looked at Becky and Mark warmly. "We should sleep, my family will not leave us alone for long. And I want my sister to try fucking you both before we must leave." "I do not want you to go," Kiya sighed. "I just got you back, Tahamet, it breaks my heart that you intend to leave again. Couldn't; couldn't you and your servants stay with us? You could even lead our family, since you are the one with the wealth. We could live wherever we wanted. I wanted to raise my daughter with you, my other half, missing for so long." Nanu's eyes glistened as she looked over at Mark and Becky. The blonde woman smiled lovingly. "Nanu," she said gently in Latin, which Kiya didn't speak. "This is your decision. If you want to stay with your sister and your family, Mark and I will understand. We'll leave the money with you, and even come and visit you when we can." The tear on her cheek was proof of how torn the young woman was by this decision. And it was one she had to make alone, possibly for the first time in her entire life. It had to be terrible for her. Finally, she hung her head for several moments, and when she looked back up, she was smiling. "Ki, I must go back to my life,", she sighed, her mind made up. "Trust me, I really want to stay, or to take you with me, especially you and little Nanu, but it must be this way. I can promise to visit, and that will have to do." "I understand," the older sister choked, nodding as her eyes welled over with tears. "I do. It's just hard. I'm so glad that you're alive and happy. It means so much to me. If the price is sending you away again, I can endure it. For you. For us. You know how in love with you I am." "Same as I am with you," Nanu said, her voice cracking and tears flowing. "Just remember that I'll keep my promise and visit whenever I can." The sisters grappled onto one another and began kissing feverishly, lying on their sides while their hands wandered freely. Mark chuckled and allowed Becky to clamber off him. She went to lie on the far side, spooning into Nanu and making sure she stayed pressed to her sister. Mark, meanwhile, spooned into Kiya, holding her in place against Nanu, while the two girls continued kissing and whimpering into one another's mouths. The two time travelers reached across and rested a hand on each other, smiling and relaxing, waiting for the Egyptian girls to nod off, their lips still pressed together in a forever-kiss. It was a long-overdue night of safety and contentment for the two. It was just dawn now, and Kiya looked like she was going into convulsions as she rocked up and down on top of Mark's cock. It was far the largest she'd ever had inside her, and it felt like it was splitting her open, like a wedge split wood. She could feel crackling and popping in her hips. How did Nanu, who was even smaller than her, endure it? Becky was kneeling right behind Kiya over Mark's thighs, pressed into the smaller girl and smiling wickedly while she molested her tits. Meanwhile, Nanu was kneeling over Mark's mouth, letting him lash her cunt with his tongue, while she faced into her older sister, loving the look on Kiya's face as she was almost fucked in half. Kiya squirmed and writhed, gasping like she was being choked, her eyes rolling up into her head. It wasn't long before her cunt clenched Mark ferociously, and Nanu had to lean forward and kiss her sister before Kiya shrieked in unreal ecstasy and woke up the entire family over and over, three hundred meh-ta away. Mark ground into Nanu's cunt as he arched his hips, pushing up somehow deeper inside Kiya and then cumming, filling her so profusely that she was once again shaking like she was having a seizure. The squishy noises of his cum bubbling out of her filled the tiny tent. Nanu shivered and came on his mouth seconds later. Becky hauled the nearly unconscious Kiya off of Mark's pole, while Nanu leaned down and sucked it clean quickly. She then moved forward quickly to lie between her sister's legs, sucking Mark's cum out of her cunt with a fiendish eagerness. Becky crawled over to join Mark and they watched the sisters quietly. Nanu finished draining Kiya of cum, finally, and crawled over her, nestling down onto her body. Not surprisingly, they were kissing again. "Jeez, you ever seen too people more in love?" he mused, smirking as he lazily caressed her tits while she sat in front of him. "I ain't complaining about the show," Becky replied, nodding and grazing her fingernails along his forearm. "She must really believe in our promise to her if she's willing to leave her sister and niece behind to come with us. I feel slightly bad about it." Mark shrugged. "She wouldn't have even had this choice without us, Becks," he pointed out. "Clearly our offer means a lot to her. 'sides, she knows she can always visit them now, just like we promised. And if the Holmes Field Device won't bring her forward, we can leave her here with them, right?" "I guess that's true," Becky agreed, nodding and just watching. "What is that language they speak to one another when they don't want anyone to understand them?" Kiya asked in a whisper, looking just past her sister's shoulder at Mark and Becky suspiciously. "I don't even know," Nanu confessed. "I've never heard it before. Anywhere." Kiya gazed up into her younger sister's eyes, giving her a skeptical look. "They're not your slaves, are they? There's no damn way two people as magnificent as that are slaves to anybody, forget a dopey little slut of a girl from Akhmim." Nanu sighed. "Fine, you got me," she whispered, pretending to kiss her sister's ear, while Kiya squirmed and held her close. They made a show of grinding their pussies together, giving Mark and Becky something to look at. "They're not my slaves. I was hers, for a little bit. But what they really are is adventurers, from very far away. And they're taking me with them, to share their adventures. Not as a slave, but as one of them." Kiya assessed what her sister was saying for some time, trying to parse it out. It sounded absurd, but then, so was Nanu

Rising U.S. debt could elevate long-term yields while the Fed has cut short-term rates, signaling potential opportunities in credit markets for fixed income investors. Nuveen's Mark Zheng, Portfolio Manager of the Nuveen Global High Income Fund (JGH), discusses the Fund's strategy and the market outlook going into 2026. Nuveen, the investment manager of TIAA, offers a variety of investment solutions including closed-end funds. A fixed income closed-end fund, the Nuveen Global High Income Fund (JGH) seeks to deliver high current income through a diversified portfolio of global high-income securities.

The market is always moving, and it can be tempting to try to rebalance when you'd have to pay the least capital gains taxes. Tax savings are great, but is this really the best way to decide when to rebalance? Nate Reineke and Kyle Hoelzle break down how the market may play into rebalancing and what doctors like you should consider when deciding to rebalance. We also discuss why it is worth paying some taxes in order to manage your risk. We also answer your colleagues' questions. A listener emailed in and said, “I'm a 58-year-old surgeon in Pennsylvania and have been practicing for about 25 years, always as an employed physician. Over that time, I've built up several retirement accounts — a 401(k) with TIAA, a 457(b) plan from my second job that was frozen when the hospital was acquired in 2011, and my current 401(k) that started in 2011. I also have a cash balance pension plan that appears to be invested in a money market fund. As I start thinking about retirement in the next five to seven years, would it make sense to consolidate these accounts in one place — and if so, when is the best time to do that?” An OBGYN from Maryland got an email offering to put an ACATS Block on their account. They're curious what that is, and why they would need one? The spouse of an OBGYN in Texas asks, “What is the Pro Rata rule, and how does it affect having/ opening a backdoor Roth?” A family med doc in California owns 2 properties that they use as investments, and they want to get a third so they can leave each child a property. They are three years from retirement and have enough for a down payment, but not enough to buy outright. Is it a good idea to buy? Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

At the CIO 100 event, host Lucas Mearian sat down with Sastry Durvasula, Chief Operating, Information & Digital Officer at TIAA, to discuss how the company is using AI to enhance client services, power business growth, and transform operations. TIAA's AI initiatives include Research Buddy for asset management and empathy agents for personalized customer communications. Sastry Durvasula:https://www.linkedin.com/in/durvasula/Lucas Mearian:https://www.linkedin.com/in/lucasmearian/

Questions? Comments?Don and Tom dive into a new Morningstar report showing that tactical allocation funds—those run by “smart” managers who actively shift investments—significantly underperformed simple buy-and-hold index portfolios. They unpack why doing nothing often wins, discuss investor behavior gaps, and revisit the power of staying the course. Listener questions follow on mortgage payoffs, TIAA advisory fees, and adjusting stock/bond splits in retirement. The episode wraps with Don revealing his personal creative project—his short story A Chance of Death on his LitReading podcast—and a teaser for his next story, Murder of Crows.0:23 Morningstar headline: tactical allocation funds lose to “do-nothing” portfolios1:45 What tactical allocation funds really are (a.k.a. expensive market timing)2:52 Morningstar urges investors to “stay the course”3:04 Revisiting “Mind the Gap” and why investors underperform their own funds4:28 Data comparison: $10k in tactical vs. passive portfolio over 10 years5:31 Why professionals can't beat buy-and-hold investors6:51 Human behavior, arrogance, and the illusion of market-timing skill8:37 The need for a written plan and risk-based portfolio9:58 If you have a plan, market noise stops mattering10:22 Tangent: WWII documentaries vs. Taylor Swift's Miss Americana11:21 Listener question #1 – Paying off a low-rate mortgage vs. investing13:35 Math and emotion collide: cheap money, liquidity, and peace of mind15:35 Listener question #2 – TIAA Wealth Management fees and fiduciary standards18:31 Reading TIAA's ADV: possible fees up to 2% on small accounts20:08 Comparing local RIAs vs. large institutions21:08 Clarifying blended fees and fund costs21:47 Listener question #3 – Vanguard advisor suggesting 60/40 allocation22:53 Risk tolerance vs. risk need – the real balance24:05 Investment Policy Statements and Vanguard's advisory limitations25:46 Call for more listener questions and upcoming Q&A shows26:15 Don plugs Lit Reading and his new original story “A Chance of Death”28:24 How AI collaboration shaped the story's creation30:59 Discussion of his next story, “Murder of Crows”32:17 Invitation for audience feedback on Lit Reading storiesLearn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom dive into a new Morningstar report showing that tactical allocation funds—those run by “smart” managers who actively shift investments—significantly underperformed simple buy-and-hold index portfolios. They unpack why doing nothing often wins, discuss investor behavior gaps, and revisit the power of staying the course. Listener questions follow on mortgage payoffs, TIAA advisory fees, and adjusting stock/bond splits in retirement. The episode wraps with Don revealing his personal creative project—his short story A Chance of Death on his LitReading podcast—and a teaser for his next story, Murder of Crows. 0:23 Morningstar headline: tactical allocation funds lose to “do-nothing” portfolios 1:45 What tactical allocation funds really are (a.k.a. expensive market timing) 2:52 Morningstar urges investors to “stay the course” 3:04 Revisiting “Mind the Gap” and why investors underperform their own funds 4:28 Data comparison: $10k in tactical vs. passive portfolio over 10 years 5:31 Why professionals can't beat buy-and-hold investors 6:51 Human behavior, arrogance, and the illusion of market-timing skill 8:37 The need for a written plan and risk-based portfolio 9:58 If you have a plan, market noise stops mattering 10:22 Tangent: WWII documentaries vs. Taylor Swift's Miss Americana 11:21 Listener question #1 – Paying off a low-rate mortgage vs. investing 13:35 Math and emotion collide: cheap money, liquidity, and peace of mind 15:35 Listener question #2 – TIAA Wealth Management fees and fiduciary standards 18:31 Reading TIAA's ADV: possible fees up to 2% on small accounts 20:08 Comparing local RIAs vs. large institutions 21:08 Clarifying blended fees and fund costs 21:47 Listener question #3 – Vanguard advisor suggesting 60/40 allocation 22:53 Risk tolerance vs. risk need – the real balance 24:05 Investment Policy Statements and Vanguard's advisory limitations 25:46 Call for more listener questions and upcoming Q&A shows 26:15 Don plugs Lit Reading and his new original story “A Chance of Death” 28:24 How AI collaboration shaped the story's creation 30:59 Discussion of his next story, “Murder of Crows” 32:17 Invitation for audience feedback on Lit Reading stories Learn more about your ad choices. Visit megaphone.fm/adchoices

It's the third episode of the 2025 Gobal Leadership Summit Recap Series on Stories from the River! In today's episode, CEO Charlie Malouf welcomes Meagan Guzman, the newly hired Associate Director of People Operations. Just two months into her journey at Broad River Retail, Meagan reflects on her cross-country move from San Diego, her early experiences at the company, and the energizing environment of the Global Leadership Summit. This conversation highlights the value of attending the Summit with fellow leaders from Broad River and other community members, emphasizing the power of collective learning and networking, including a memorable instance of connecting with a potential future Memory Maker. The heart of the episode centers on insights from the keynote by Thasunda Brown Duckett, CEO of TIAA. Charlie and Meagan delve into Duckett's inspiring rise from humble beginnings as a "first generation integration" leader to overseeing $1.6 trillion in assets. They discuss her powerful lessons about consistent excellence, gratitude for those behind the scenes, and her refreshingly honest take on work-life balance as a "diversified portfolio," where giving oneself grace is essential.  Meagan relates personally to Duckett's advice, especially when navigating tough personal moments as a new leader. The episode also celebrates Duckett's mentorship style—her use of "coffee and tea" conversations to break down barriers, gather feedback from diverse groups, and uplift the next generation of leaders. Watch the first two episodes in our GLS 25 Recap series: Consistency Over Charisma: Takeaways from Craig Groeschel's Opening Keynote at the 2025 Global Leadership Summit - https://youtu.be/cwNiyzyD-go   Unlocking Potential and Conquering Goals: Takeaways from Jon Acuff's Closing Keynote at the Global Leadership Summit - https://youtu.be/TxtGAFeenSo   Additional resources: Success Is in Your Reach by Jada Grandy-Mock - https://www.amazon.com/Success-Your-Reach-Leadership-Circumstances/dp/B0C4MWNQHS  Watch this episode on YouTube: https://youtu.be/TxtGAFeenSo   Visit https://www.storiesfromtheriver.com for more episodes.  Broad River Retail brought this show to you. Visit https://BroadRiverRetail.com    Follow us on LinkedIn: https://www.linkedin.com/company/broad-river-retail     

It's the third episode of the 2025 Gobal Leadership Summit Recap Series on Stories from the River! In today's episode, CEO Charlie Malouf welcomes Meagan Guzman, the newly hired Associate Director of People Operations. Just two months into her journey at Broad River Retail, Meagan reflects on her cross-country move from San Diego, her early experiences at the company, and the energizing environment of the Global Leadership Summit. This conversation highlights the value of attending the Summit with fellow leaders from Broad River and other community members, emphasizing the power of collective learning and networking, including a memorable instance of connecting with a potential future Memory Maker. The heart of the episode centers on insights from the keynote by Thasunda Brown Duckett, CEO of TIAA. Charlie and Meagan delve into Duckett's inspiring rise from humble beginnings as a "first generation integration" leader to overseeing $1.6 trillion in assets. They discuss her powerful lessons about consistent excellence, gratitude for those behind the scenes, and her refreshingly honest take on work-life balance as a "diversified portfolio," where giving oneself grace is essential.  Meagan relates personally to Duckett's advice, especially when navigating tough personal moments as a new leader. The episode also celebrates Duckett's mentorship style—her use of "coffee and tea" conversations to break down barriers, gather feedback from diverse groups, and uplift the next generation of leaders. Watch the first two episodes in our GLS 25 Recap series: Consistency Over Charisma: Takeaways from Craig Groeschel's Opening Keynote at the 2025 Global Leadership Summit - https://youtu.be/cwNiyzyD-go   Unlocking Potential and Conquering Goals: Takeaways from Jon Acuff's Closing Keynote at the Global Leadership Summit - https://youtu.be/TxtGAFeenSo   Additional resources: Success Is in Your Reach by Jada Grandy-Mock - https://www.amazon.com/Success-Your-Reach-Leadership-Circumstances/dp/B0C4MWNQHS  Watch this episode on YouTube: https://youtu.be/TxtGAFeenSo   Visit https://www.storiesfromtheriver.com for more episodes.  Broad River Retail brought this show to you. Visit https://BroadRiverRetail.com    Follow us on LinkedIn: https://www.linkedin.com/company/broad-river-retail     

Professional Summary Valeria Aloe is an award-winning author, speaker, and high-performance business coach who founded the Rising Together movement to help professionals unlearn limiting mindsets and build the clarity, confidence, and behaviors needed to reach their next level. Her signature work combines mindset transformation with applied behavior change to accelerate individual and team performance. valeriaaloe.com Born in Argentina, Valeria was the first in her family to graduate from college. She holds undergraduate degrees in Finance and Business Administration and later pursued graduate studies in the U.S., building a global career across corporate, nonprofit, and startup environments. Her corporate experience spans major organizations including Procter & Gamble, Citibank, Reckitt Benckiser, PwC and TIAA, and she has more than two decades of experience helping leaders and teams perform at scale. Episode Summary: In this deeply moving and insightful episode, Shannon Huffman Polson speaks with Valeria Aloe—author, spiritual scientist, and founder of the Rising Together Movement—about the invisible ancestral mindsets that shape our lives, leadership, and wellbeing. From her childhood in rural Argentina to Ivy League classrooms and corporate America, Valeria shares her powerful journey through burnout, healing, and spiritual awakening. Together, they explore how trauma is inherited, how to reverse internalized limitations, and why true leadership starts with self-awareness and micro-steps. This conversation is a must-listen for anyone seeking to live more fully, lead more authentically, and rise with others—especially first-generation professionals and allies. Episode Highlights: From Rural Argentina to Ivy League: Valeria's journey from a dusty town to Dartmouth's Tuck School of Business—and how she overcame fear, culture shock, and the pressure of being first-generation. The Burnout That Sparked a Movement: What led Valeria to collapse emotionally and physically in 2016, and how that turning point inspired her to reexamine everything she believed about success. Unpacking Ancestral Mindsets: How culturally inherited beliefs—about authority, sacrifice, success, and identity—impact professionals, especially in Latino communities, and how to begin healing them. From Trauma to Triumph: Why healing inherited trauma is essential, how colonization affects modern mindsets, and the science behind generational pain and potential. Mentorship vs. Sponsorship: The key difference—and how to overcome the inner voice that says “Don't bother them.” Spiritual Science in Leadership: Valeria's journey into spiritual studies and how embracing the identity of a soul having a human experience changed everything. Micro-Steps, Major Shifts: Why transformation doesn't require giant leaps—and how simple breathing exercises and mindset shifts can rewire your professional and personal life. Building Bridges: How to create unity in a polarized world, celebrate shared humanity, and foster meaningful connections across diverse identities.  Resources & Mentions: Valeria Aloe's Book: Unbeatable Latinas Rising Together Movement: www.valeriaaloe.com — Valeria's platform for empowering first-generation professionals and allies. The Hispanic Chamber of Commerce of New Jersey – Where Valeria led entrepreneurship programs. Tuck School of Business at Dartmouth – Where Valeria earned her MBA. Studies on Epigenetics – Research on how trauma and resilience are passed across generations.  

Thasunda Brown Duckett, the President and CEO of TIAA, had a “meteoric rise” in the world of finance. As the former head of Chase Consumer Banking, and now as one two Black women who currently leads a Fortune 500 company, she realized early on that “work life balance” was a myth. Instead, Thasunda lives her life like it's a diversified portfolio, allocating time and shifting her investment in different areas. So over time, she always outperforms. Tune in to learn how.  In this episode, Thasunda shares:  How to live your life like “a diversified portfolio”  Her secret to building relationships at work What it means to “rent your title, own your character” at work Why she almost turned down her dream role What you need to know to prep for retirement Learn more about your ad choices. Visit megaphone.fm/adchoices

Guest: We don't need no stinking guest Topics (maybe): • Schlichter, Pentegra Settle MEP Fiduciary Breach Suit • Bobby Bonilla, TIAA & Nuveen short film, 'The Big Deal' • Elizabeth Warren is seeking answers from Empower Retirement • SEC Announces it Will Analyze Private Securities in Retirement Accounts

Did you hear about the guy who tried to pay his taxes with a smile? Unfortunately for him, the IRS still prefers cash.All jokes aside, failing to file your taxes for several years is no small matter—but it's not the end of the road, either. Kevin Cross joins us today with practical steps to help you get back on track.Kevin Cross is a Certified Public Accountant (CPA) who has headed CPA firms in Florida and now Georgia. He has studied the tax code extensively and specializes in representing taxpayers before the Internal Revenue Service (IRS).Start With the Present, Not the PastThe further you fall behind, the more difficult it is to catch up. But rather than beginning with the year you first missed, he recommends filing your most recent return first—say, 2024—and working backward as needed. This shows the IRS that you're attempting to come into compliance, not ignoring your obligations.Falling behind on taxes is more common than most people think. Life events like divorce, disability, job loss, or even the rise of gig work can trigger tax complications. For example, many gig workers receive a 1099 for the first time, try to file using online software, and are shocked to discover they owe thousands. Rather than seek help, they freeze—and the following year's return also goes unfiled.Of course, COVID didn't help as many people have been struggling since then to get back on track.Do You Always Have to File?A common misunderstanding is that you must always file. If you're not going to owe anything, you don't have to file. That includes many senior citizens who live solely on Social Security.However, if you're due a refund, you have up to three years to file and claim it. Miss that window, and the refund is forfeited.Importantly, there's a difference between not filing and not paying. Sometimes you don't know what you owe—or if you owe—until you file.Even if you don't owe taxes on the sale of a primary residence, for example, the IRS won't know that unless you file. If you don't, you might receive a letter saying you owe thousands in capital gains tax—money you could've avoided paying.How to Begin the ProcessIf you're unsure how many years you've missed, a good first step is to request a Wage and Income Transcript from the IRS. This document shows all your reported income—W-2s, 1099s, Social Security, retirement distributions, and more. You can request it through the IRS website by searching for “IRS wage and income transcript.”Even with transcripts in hand, deciphering them can be complicated. That's why we strongly recommend seeking help from a CPA or tax professional familiar with IRS representation. You may not know what to do with what you find. You can find a Certified Kingdom Advisor (CKA) in your area who specializes in tax planning and preparation by going to FaithFi.com and clicking “Find a Professional”. Also, it's helpful to know that the IRS's own handbook, the Internal Revenue Manual, usually requires only the last six years of returns to be filed. That's a helpful limit for those unsure where to begin.The IRS Will Work With YouDon't let fear keep you stuck. The IRS can work with you. Options include payment plans or even an offer in compromise, which may reduce your total tax liability.Filing late taxes doesn't have to be terrifying. With the right help and a step-by-step plan, you can get back on track—and even experience peace of mind. The IRS just wants to see you trying. Start with today, and take it one step at a time.On Today's Program, Rob Answers Listener Questions:I have a TIAA retirement account from my husband's time as an adjunct professor at a local community college. It's a small amount. As I'm 76, I'm required to set aside a certain amount each year. I would like to give this to my son now so that those amounts can stay in the account and start accruing interest. Can I do that?We have a credit card balance of $15,000 with an interest rate of 11%. We try to pay $2,000 a month, but the balance keeps increasing. Part of the reason is that our 29-year-old daughter, who lives and works in London, has a card on our account. We initially gave her the card for emergencies and plane tickets home, but she's using it for other expenses, such as occasional Ubers and travel. We want to pay off this card, but we're making no progress. What can we do?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly Magazine (Become a FaithFi Partner)Kevin Cross (CPA)Internal Revenue Service (IRS.gov)Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Proverbs 16:16 says, “How much better to get wisdom than gold! To get understanding is to be chosen rather than silver.”In a world that chases wealth as the ultimate goal, Scripture calls us to something better—wisdom. Because without godly wisdom, even abundance can lead us astray. Today, Jim Newheiser joins us to explore why wisdom, not money, is the true measure of success in God's economy. Dr. James (Jim) Newheiser, Jr., is the Director of the Christian Counseling Program and Professor of Christian Counseling and Pastoral Theology at RTS Charlotte. He is also the author of several books on the subject of counseling, as well as Money: Seeking God's Wisdom (31-Day Devotionals for Life).Investing in What SatisfiesIsaiah 55:2 details an account where the Lord asks, “Why do you spend money for what is not bread, and your wages for what does not satisfy?” It's a poignant reminder that many of us chase things that leave us empty. How we spend our time and money reflects what we value. Yet so often, those values are shaped by a world that overpromises and underdelivers.Instead of finding fulfillment in wealth, ultimate satisfaction comes from our relationship with God and the good gifts He provides. Time spent in Scripture, prayer, and worship is far more nourishing than any financial gain. Even the principle of rest in Scripture is God's reminder that we don't need to fill every waking moment with striving.Wisdom or Wealth? A Tale of Two WomenThe book of Proverbs is interesting because in this compilation in Scripture, wisdom is personified as a noble woman worth pursuing, while folly appears as a seductive but destructive adulteress. Proverbs sets up a contrast because Lady Wisdom is like the soul's true bride. She brings joy and delight. But Madame Folly, who represents false promises like the pursuit of money for its own sake, is spiritual adultery, and she leads to misery.The point is clear: what we pursue will shape us. Chase wisdom, and you'll find joy and lasting purpose. Chase wealth, and you may find yourself grasping at the wind.Applying Wisdom in Daily LifeHow do we actually live out this pursuit of wisdom over wealth? For someone who's not used to reading Scripture regularly, it can start with just two pages a day or with a chapter of Proverbs a day. Ask God to speak to you through it.God has promised something far better than material wealth—His presence, His wisdom, and His joy.There's such a huge connection between our hearts and our money, and God is ultimately after our hearts.If you're ready to go deeper in your walk with God by rethinking your financial life through the lens of biblical wisdom, Wisdom Over Wealth is a great place to start. This new 12-lesson study from FaithFi, based on Ecclesiastes, unpacks how true joy isn't found in accumulation but in reverence, surrender, and trust.You can receive a copy of Wisdom Over Wealth when you become a FaithFi Partner. Your monthly gift of $35, or annual gift of $400, helps us continue to share biblical financial wisdom across the globe. Visit FaithFi.com/give to partner with us today.On Today's Program, Rob Answers Listener Questions:I have a TIAA retirement account from my husband's time as an adjunct professor at a local community college. It's a small amount. As I'm 76, I'm required to set aside a certain amount each year. I would like to give this to my son now so that those amounts can stay in the account and start accruing interest. Can I do that?We have a credit card balance of $15,000 with an interest rate of 11%. We try to pay $2,000 a month, but the balance keeps increasing. Part of the reason is that our 29-year-old daughter, who lives and works in London, has a card on our account. We initially gave her the card for emergencies and plane tickets home, but she's using it for other expenses, such as occasional Ubers and travel. We really want to pay off this card, but we can't make any progress. What can we do?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly Magazine (Become a FaithFi Partner)Money: Seeking God's Wisdom (31-Day Devotionals for Life) by Dr. Jim NewheiserSelectQuoteNational Christian Foundation (NCF)Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

On the 52nd episode of Enterprise AI Innovators, host Evan Reiser (Abnormal AI) talks with Sastry Durvasula, Senior Executive Vice President and Chief Operating, Information, and Digital Officer at TIAA. Serving the investment and retirement needs of over 5 million customers, TIAA is a Fortune 500 financial services company with $40 billion in revenue and over $1 trillion in assets under management. In this conversation, Sastry shares his perspective on how AI enables large-scale transformation within a 100-year-old institution, why everyone should have a secure AI assistant, and the cultural components that will unlock the next wave of enterprise AI adoption.Quick hits from Sastry:On using AI to enhance security awareness training: “We used to send static phishing emails. Now we use generative AI to create training campaigns that are more realistic—and way harder to spot.”On AI's strategic impact for legacy enterprise: “AI will play the biggest role in the operational aspects of large, old companies, like digitization did 15 years ago.”On the importance of leadership: “We talk about platforms, processes, and people. But one of my mentors told me: it's people, people, people.”Recent Book Recommendation: Hit Refresh by Satya Nadella, Jill Tracie Nichols, and Greg Shaw--Like what you hear? Leave us a review and subscribe to the show on Apple, Google, Spotify, Stitcher, or wherever you listen to podcasts.Enterprise AI Innovators is a show where top technology executives share how AI is transforming the enterprise. Each episode covers the real-world applications of AI, from improving products and optimizing operations to redefining the customer experience. Find more great insights from technology leaders and enterprise software experts at https://www.enterprisesoftware.blog/ Enterprise AI Innovators is produced by Josh Meer.

Learning about the banking and mortgage industry can help you reach your dreams of becoming a homeowner. In this month's episode, I'm sitting down with three lovely ladies who are striving to make positive changes in gaining access to homeownership, financial education, and inclusive leadership. Grab your cafecito and join us in this lovely conversation.   Meet The Leaders Latonia Donaldson, SVP National Director of Multicultural Lending, PrimeLending Dr. Vanessa Montañez, SVP, Head of Community Lending, CityNational Bank Rosario Lawrence, Area Sales Manager, Newrez Home Loan Division Humble Beginnings in the Lending Industry and Leadership Latonia started as a processor to gain an understanding of the banking industry, then switched over to becoming a loan officer. An unexpected change happened that helped her realize the impact she was making on families achieving their homeownership dreams. This led her to transition into leadership roles with Wells Fargo, which brought her to her role now. Just like Latonia, Rosario started her banking career in 1994. Even though her first position was supposed to just help her get through college, she ended up falling in love with the industry. She decided to go down the leadership path, thanks to someone pulling her aside and showing her how it was a lucrative career that helped children. Dr. Vanessa's father accidentally guided her into business after telling her that the art major she was going for wasn't a good fit for the lifestyle she was accustomed to. After entering the banking industry, she saw how it was a powerful fuel for creating generational wealth. Seeing how transformative homeownership is for people, she joined leadership roles to ensure that the underrepresented population can continue to reach their dreams.   Challenges in Financial Leadership Roles as Minority Women Rosario shares how when there are shifts in the financial space, it impacts minorities in gaining homeownership. She becomes the voice of this demographic to ensure market shifts don't keep them from owning a home. Dr. Vanessa dives into how there have been many times she was sitting at a table and certain people would talk over her. She realized if she was going through this in her position, then how many other women of color were facing the same issue as her. Not wanting to keep being quiet about the issue, she decided she needed to be on the opposite side of the table to make positive changes for equality in homeownership. Latonia also faced the same difficulties as Dr. Vanessa. She shares how most women, no matter their backgrounds, often struggle with imposter syndrome. We're sitting at tables and when sharing our ideas, they often get ignored. But when someone else says the same thing, it becomes a great idea. This is why Latonia and the other two ladies are in the positions they are today: to stand up for rights and be a voice for those who are often underrepresented.   Mentors, Quotes, and Books Dr. Vanessa is passionate about reading and admires women who embody strength, vulnerability, and can lead with grace under pressure. She recommends Michelle Obama's book, "Becoming," and enjoys the quote, "Becoming is not about arriving somewhere or achieving a certain need, it's about the journey of continuous growth." Dr. Vanessa shares how the quote reflects that the process of growth is ongoing and contributes to one's identity. Latonia shares how she admires the CEO of TIAA, Thasunda Brown Duckett. She believes that Thasunda simplifies what it means to be a leader in the financial space while maintaining her authentic self. She's not afraid to share her journey with others and to help lift them up. Latonia's favorite quote from Thasunda is, "I rock my title, I own my character. My title belongs to my employer, my character is Thasunda Brown Duckett's ownable asset." Her favorite book is by Don Miguel Ruiz, "The Four Agreements," because it deeply resonates with her leadership style. Rosario doesn't have one person of admiration; instead, she celebrates every single person who is fighting and achieving their goals.   When you help another woman rise, we all shine. And that's how we make an impact. So, let's build each other up and shine brighter than the sun. For more great content from Teresa, connect with her on LinkedIn, join her Women Who Lead Series on Facebook, and subscribe to her YouTube channel. You can find more episodes of Women Who Lead on Spotify, Apple Podcasts, and anywhere else podcasts can be found.   This episode is brought to you in part by Venus et Fleur. Are you looking for a great way to show appreciation to family, friends, or even customers? Give them a floral arrangement they won't forget anytime soon. These beautiful arrangements make the perfect closing gift for any realtor to stay top of mind. Visit venusetfleur.com and use code “hsoa20” when ordering for 20% off.

In a landmark episode recorded live on stage at the 2025 TIAA Cyber Summit in Charlotte, North Carolina, The Protectors Podcast took center stage before a massive crowd of fraud fighters, cyber experts, financial crime investigators, and law enforcement professionals. Hosts Mike and Mark were joined by a recently retired law enforcement veteran, who delivered a compelling message that echoed across the room: Educate yourself, Engage others, and Empower them with the tools to stay protected and spread awareness.This live episode marked a bold new format for the show—and a timely reminder of why the fight against fraud is more about people than it is about procedures.The Protectors Podcast - From Victim to Voice to Vigilance.TIAA Website: https://www.tiaa.org/public?tc_mcid=bn_yextglocal_0618________________________________IAFCI CONTACT INFO:IAFCI Website: https://iafci.org/Phone: 916-939-5000Advertising Opportunities and Guest Appearance: IAFCIProtectorspodcast@gmail.com

Sastry Durvasula, TIAA's Chief Operating, Information & Digital Officer, joins host Maryfran Johnson for this CIO Leadership Live interview. They discuss how GenAI and agentic AI "are changing everything," applying a "resilient mindset" to unstable market dynamics, why IT leaders need more stamina than style  and more. Find all the recent episodes with host Maryfran Johnson on Apple Podcasts, Spotify and YouTube Music.

This week we're joined by Paul Stephenson Director, Learning - Client Relationships at TIAA to discuss his approach to learning and development. The secret is.... people. We cover everything from human connection, to AI, and cohort-based training. Hope you enjoy!

Benjamin Franklin once wrote that “nothing can be said to be certain, except death and taxes.” And with tax season's arrival, being certain about what you owe and planning ahead will save you both frustration and funds. In this episode, we discuss all things taxes with Brian Walsh, a.k.a. “Dr. Money,” Head of Advice and Planning at SoFi. Brian talks about tips for preparing for tax season, how to be strategic with taxes surrounding investments, as well as how best to balance short and long-term goal planning to optimize your financial well being. Brian Walsh is a Certified Financial Planner, and holds a PhD from the Personal Financial Planning program at Kansas State University. Prior to joining SoFi, he worked for a number of years in senior roles in financial planning at TIAA. For more, read Liz's column every Thursday at On The Money by SoFi, sign up for the On The Money newsletter, and follow Liz @LizThomasStrat. Notable mentions in the episode: 00:00 Introduction 01:26 Emotions around tax planning 02:55 Why you should care about taxes 04:58 Advice for preparing for tax season 08:35 Underrated tax preparation tips 10:20 Deciding to use an accountant 15:41 Roth IRA vs. Traditional IRA 19:17 Being strategic with capital gains and losses 25:54 Financial planning philosophy 28:33 Budgeting 30:20 Sticking to a savings plan 33:16 Balancing short-term and long-term goals 42:11 Closing Thoughts Additional resources: On The Money: Sign up for SoFi's newsletter for intel, insights, and inspo to help you get your money right. Investing 101 Center: At SoFi, we believe investing is for everyone — which is why we've created a hub with info for beginners and experts alike. Start exploring to get investment education, advice, resources, and more. Wealth Investing Guide: Information you need to know to make your money work harder for you. This podcast should be used for informational purposes only and not deemed as a recommendation. Our Automated investing is via SoFi Wealth LLC, and is a registered investment advisor. Our Active investing is via SoFi securities LLC, member FINRA/SIPC. For additional disclosures related to the SoFi Invest® platforms, please visit www. SoFi.com/Legal. ©2025 Social Finance, Inc. All Rights Reserved.

Watch this interview on YouTube Full transcript — "As marketers, we can't just respond to the bottom line," says TIAA CMO Micky Onvural. "We can't just say, 'Well give me a million dollars and I will give you this many customers or this many clicks, and if I do the right kind of mathematics, I'll give you this kind of lifetime value that's going to deliver you this to the bottom line.' I think you actually have to connect further upstream with the CFO." Today on Building Better CMOs, Micky explains what connecting further upstream looks like in practice, the retirement crisis in America, and the importance of vulnerability, humility, and curiosity in leadership. She and MMA Global CEO Greg Stuart also discuss the importance of customer experience, Micky's years as the CEO of Bonobos, and how returning to the CMO role compares. Follow Building Better CMOs in your podcast app Rate & review the podcast Links: Micky's LinkedIn Greg's LinkedIn This episode was produced and edited by Eric Johnson from LightningPod.fm. Note: "Retirement check" refers to the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with TIAA's fixed annuities. Learn more about your ad choices. Visit megaphone.fm/adchoices

TIAA CEO Thasunda Brown Duckett speaks with Bloomberg's David Gura at the Bloomberg Invest Conference in New York City. Duckett discusses retirement, annuities, inflation, investing and more.See omnystudio.com/listener for privacy information.

In this episode of Future Finance, host Glenn Hopper talks about the intersection of AI, data analytics, and finance with guest Tom Hinkle. Tom is a Microsoft MVP and analytics expert who shares his unique knowledge about AI's impact on Excel, data science, and workforce analytics. He also discusses his Minesweeper project in Excel and the changing role of finance professionals in an AI-driven world.Tom Hinkle is a Microsoft MVP with 20+ years of experience in analytics, data science, and business intelligence. Based in Charlotte, North Carolina, Tom has worked with major financial institutions, including Bank of America, Wells Fargo, and TIAA. He is known for his problem-solving mindset, technical expertise, and ability to bridge the gap between business and technology.In this episode, you will discover:How AI is revolutionizing Excel and what that means for finance professionals.The role of AI in data cleansing and automation, making finance and analytics work more efficient.Why the best coders may not be the most valuable team members in the future of finance.Insights on Copilot in Microsoft 365 and how it's changing financial modeling and reporting.The story behind Tom's Excel Minesweeper project—how he built a game in VBA using AI.As AI continues to automate repetitive tasks, finance professionals must adapt, refine their analytical skills, and focus on storytelling to translate data into meaningful information. Tom's journey highlights how embracing new technologies like Microsoft Copilot can enhance productivity rather than replace human expertise.Follow Tom:LinkedIn - https://www.linkedin.com/in/tomhinkleclt/Website - https://excel-cafe.teachable.com/Minesweeper Game - https://www.thefpandaguy.com/new-page-3Join hosts Glenn and Paul as they unravel the complexities of AI in finance:Follow Glenn:LinkedIn: https://www.linkedin.com/in/gbhopperiiiFollow Paul:LinkedIn: https://www.linkedin.com/in/thefpandaguyFollow QFlow.AI:Website - https://bit.ly/4i1EkjgFuture Finance is sponsored by QFlow.ai, the strategic finance platform solving the toughest part of planning and analysis: B2B revenue. Align sales, marketing, and finance, speed up decision-making, and lock in accountability with QFlow.ai. Stay tuned for a deeper understanding of how AI is shaping the future of finance and what it means for businesses and individuals alike.In Today's Episode:[01:46] - Introduction to the Episode[03:36] - Meet Tom Hinkle[06:07] - The Future of AI in Finance[11:53] - AI's Impact on Excel and Financial Modeling[15:31] - The Skills Professionals Need in an AI-Driven World[24:02] - Building Minesweeper in Excel with AI[29:51] - Exploring Microsoft Copilot & AI Coding Assistants[33:07] - The Importance of Storytelling in Data Analytics[36:54] - Fun Segment & Tom's Personal Quirk[40:53] - Closing Thoughts

Meet Ned Carroll, who is taking the latest technology to the banking industry. He is responsible for overseeing all aspects of PNC's data strategy that includes PNCs efforts to promote intelligent automation and artificial intelligence throughout their nationwide organization. He shares his views on what he thinks the future will look like for innovation and includes his assessment of AI, machine learning and the future of brick and mortar bank braches. Ned has over 30 years of experience in the financial services industry with a focus on data, analytics and risk management. Before joining PNC, he held high level roles at Azimuth, TIAA and Bank of America. To learn more about PNC Bank, visit https://www.pnc.com To learn more about HSC Next, visit https://www.hscnext.com

Invesco's Kristina Hooper and Hennion & Walsh's Kevin Mahn join to discuss the market. TIAA's Neel Mukherjee breaks down the U.S. vs. global investing landscape — and why he still prefers the U.S.  Taylor Morrison CEO Sheryl Palmer weighs in on homebuilders and the recent spate of weak data. Plus, Hamilton Lane Co-CEO Erik Hirsch on private markets and IPOs. Earnings from Zoom, Diamondback Energy and Cleveland-Cliffs. 

Welcome to another episode of Press 1 For Nick! We have the pleasure of having Jessica Austin Barker, the Chief Digital and Client Experience Officer at TIAA, a century-old financial services company dedicated to helping individuals in nonprofit sectors secure a stable retirement. Jessica leads TIAA's digital transformation, focusing on client-first experiences in retirement planning. Join us as she discusses turning "mission obsession" into "customer obsession," the importance of micro-behaviors in achieving financial goals, and the innovative ways TIAA is bridging client experience and technology gaps. We'll explore their unique "mission metric" for service success, the integration of digital and human advice, and how AI is being cautiously implemented to enhance client outcomes.Jessica also highlights the emotional connections driving client-centric behavior, the significance of financial education, and how a culture of experimentation fosters growth even in the risk-averse world of financial services. Get ready for an insightful conversation on transforming retirement planning and how TIAA's mission-driven approach is setting a new standard in the industry. Let's dive in!  BROUGHT TO YOU BY: VDS is a client-first consulting firm focused on strategy, business outcomes, and technology. They provide holistic consulting services to optimize your customer contact center, inspiring and designing transformational change to modernize and prepare your business for the future. Learn more: https://www.govds.com/  SPONSORING OPPORTUNITIES: Interested in partnering with the Press 1 For Nick podcast? Click here: https://press1fornick.com/lets-talk/

I have Fidelity 401(a) and 403(b) plans, some smaller retirement savings in a TIAA account, and a small pension from a prior employer. What recommendations do you have to manage, or consolidate, these accounts? Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices