beyondwealth

Making Sense of Medicare: Choosing the Right Coverage for Retirement

Tue, 22 Sep 2026 22:37:29 GMT

Medicare is one of the biggest financial decisions you'll make in retirement, and the rules leave little room for error. Missing an enrollment window can mean penalties that follow you for life, and the wrong coverage choice isn't always fixable.

In this webinar, Keith Hamberg, CFP® is joined by Kevin Lowden of RetireMed. Kevin's team has guided retirees through Medicare enrollment since 2007, and together we'll walk through:

What Parts A, B, C, and D actually cover
Medicare Advantage vs. Medigap, and how to decide between them
How your retirement income affects your premiums (IRMAA)
Enrollment deadlines, retiree benefits, and covering a younger spouse

If you or your spouse will turn 65 in the next few years, this is worth an hour of your time.

This webinar is intended for informational purposes only. Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors, and do not necessarily reflect the views or positions of Savvy Advisors.

August 2026 Global Markets Recap

Tue, 08 Sep 2026 18:55:19 GMT

Exhibit 1: U.S. Sector Performance (August2026)

Exhibit 3: U.S. 10-Year Treasury Yield (August 2026)

Gold rose 9.93%, its strongest month since January. Three forces stacked: falling expectations for Fed hikes through most of the month, continued strong central-bank buying as reserve managers keep diversifying, and persistent concern about the fiscal path, sharpened by Treasury's announcement that it would enlarge its long-end buyback operations. Gold peaked on August 24 and gave back part of the gain once Warsh spoke, which is the sensitivity a hawkish repricing would imply. Bitcoin (IBIT) rose 25.34% on the same impulse, helped by the drop in long-end yields and by heavy inflows. Copper gained 4.49%, consistent with the firm industrial demand the growth data described. Oil ended up 2.68%, a modest number that conceals a violent path: crude fell sharply in the first week as the war premium built in July drained away, then climbed back through the third week as the Strait of Hormuz remained closed and tanker attacks continued. The dollar slipped 0.35%, which suggests this was not a conventional dollar-led risk-off move.

Anshul Sharma

Anshul Sharma is Chief Investment Officer at Savvy Wealth, where he oversees the firm’s investment strategy, portfolio design, and platform innovation. He partners across product, marketing, and operations teams to deliver portfolios that take a methodological approach to balance customization with scalability for advisors and their clients. Before joining Savvy, Anshul spent nearly two decades at Bank of America, where he managed the Chief Investment Office’s Sustainable Model Portfolio Suite, launched new proprietary offerings, and, as Head of Alternative Investment Strategy, provided guidance and thought leadership to advisors around hedge fund, private market, and real asset strategies. He began his career as an Investment Strategist at U.S. Trust, designing multi-asset portfolios for high-net-worth and institutional clients. Anshul holds a Master of Financial Engineering from UC Berkeley and a Bachelor of Computer Engineering from Lehigh University. Outside of work, he is an avid tennis player, enjoys time with his wife, two sons, and their Bernedoodle, and is an auto enthusiast who loves cooking and travel.

Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation from the Savvy Investment Team. Information was obtained from sources believed to be reliable but was not verified for accuracy.

Savvy Wealth Investment Management (“SWIM”) is a proprietary, in-house investment solution offered by Savvy Advisors, Inc. (“Savvy Advisors”). It is designed to support financial advisors in the management of client portfolios. Savvy Wealth Investment Management is not a separate legal entity and is not independently registered as an investment adviser. All advisory services are provided by Savvy Advisors in its capacity as a registered investment adviser.

Exhibit 4: U.S. 10-Year Minus 2-Year Treasury Yield (August 2026)

Exhibit 5: Cross Asset Performance (August 2026)

Oil, yields, and a widening rotation

August paid out across almost every major risk asset, then handed a slice of it back in the final 3 days. The macro backdrop was reflationary all month: growth above trend, inflation hot but easing at the margin, and financial conditions easy and getting easier. Against that, gold rose 9.93%, the S&P 500 2.72%, and the Bloomberg U.S. Aggregate managed 0.39%. Then Fed Chair Kevin Warsh used his Jackson Hole address on August 28 to say inflation is still too high, a message markets read as reopening the door to further tightening. The economy did not change in those 3 days. The expected path of policy did, and the 10-year finished the month at 4.75%, its high.

What Jackson Hole Repriced

Noteworthy developments

For most of August the market was pricing a Fed that was done. Payrolls came in soft, producer prices missed to the downside, retail sales contracted, and headline CPI cooled to 3.4%. By the third week investors had priced the next hike close to out of the curve, and risk assets ran with the falling rate expectations: the S&P 500 peaked on August 13, gold ran to its high on August 24, and Bitcoin gained more than 25% over the month. Separately, on August 19 Treasury announced it would at least double the size of its long-end liquidity-support buybacks beginning September 9, a step aimed at improving functioning in longer-dated Treasuries rather than at the level of yields. Then Warsh spoke on August 28 and said inflation was still too high. Pricing for the December 2026 policy rate moved by roughly half a hike in one session, and the 2027 path moved more; by month-end the market was pricing about 1.36 hikes through December 2026 and 2.24 through 2027. Two things are worth holding onto. First, the repricing landed in rates and in gold, and it did not reach credit or equity volatility, both of which finished the month calmer than they started it. This was a change in the expected path of policy rather than a growth scare. Second, nothing in the month's data said the economy had turned. Warsh described an economy still running hot, and drew the policy conclusion the market had stopped pricing.

A rally, then a repricing. The S&P 500 rose 2.72% and the Nasdaq 3.99%, with both peaking mid-month before Jackson Hole pulled rate expectations higher and trimmed the gains into month-end.
Growth reclaimed the lead. S&P 500 +2.72%, Nasdaq +3.99%; Russell 2000 +0.98%, S&P Equal-Weight +2.06%. Energy +7.02%, Information Technology +6.25%, and Materials +5.97% led; Utilities -4.77% and Industrials -2.56% lagged.
Oil round-tripped. WTI +2.68% on the month, a modest result that hides the path: crude sold off hard in the first week as July's war premium drained, then recovered it as the Strait of Hormuz stayed shut. Energy was still the top sector.
Real assets led. Bitcoin (IBIT) +25.34%, Gold +9.93%, Copper +4.49%, US Dollar -0.35%. Hot inflation, easy financial conditions and a closed Strait of Hormuz were the backdrop, and real assets led the month.
Income carried the bond market. Bloomberg US Aggregate +0.39%, Global Aggregate +0.45%. The 10-year ended at 4.75% and the curve flattened to +0.41pp as the front end repriced on the Fed, so higher yields limited the price contribution.

U.S. equities: Growth Reclaims the Lead

August reversed July almost line for line. Where a rising discount rate had punished long-duration growth in July, a falling one rewarded it for most of August: Information Technology rose 6.25% after falling 3.43% the month before, and the Nasdaq gained 3.99% against a 2.72% rise in the S&P 500. Energy still finished on top at 7.02% as crude recovered its early-month drop, and Materials added 5.97% on firmer copper. Health Care gained 4.89%. The laggards were the rate-sensitive and the AI-adjacent industrial complex: Utilities fell 4.77%, the worst sector of the month, as investors backed away from the power-buildout trade, Industrials fell 2.56% against softening manufacturing surveys, and Real Estate fell 1.87%. Breadth narrowed as leadership concentrated: the cap-weighted S&P 500 (+2.72%) beat the equal-weight index (+2.06%), and the Russell 2000 (+0.98%) trailed both, unwinding some of July's broadening. All 3 still finished higher, so this was concentration inside a rising market rather than a breadth breakdown.

Indices: S&P 500 +2.72% · Nasdaq Composite +3.99% · Russell 2000 +0.98% · S&P 500 Equal-Weight +2.06%.
Sector leaders: Energy +7.02%, Information Technology +6.25%, Materials +5.97%, Health Care +4.89%, Financials +1.34%, Consumer Discretionary -0.04%.
Sector laggards: Consumer Staples -0.68%, Communication Services -1.23%, Real Estate -1.87%, Industrials -2.56%, Utilities -4.77%.
Takeaway: Technology and energy led a solid month for U.S. stocks as the market spent most of August expecting the Fed to stay put. Gains concentrated in the largest companies again, and the last week of the month took a little back once the Fed's message turned hawkish.

International markets: Semiconductors Lead the Snapback

Up: Taiwan +6.44%, Korea +5.92%, Germany +3.93%, Canada +3.68%, Japan +3.35%, Australia +2.44%.
Down: Mexico -0.04%, India -0.30%, China -0.34%.
Broad benchmarks: MSCI EAFE +2.00%, MSCI EM +3.40%.
Takeaway: Nearly every major international market rose, led by Taiwan and Korea as semiconductor stocks recovered from a sharp July selloff. Europe also did well, and the weakest markets, China, India and Mexico, were roughly flat rather than down.

International equities were broadly higher in August, and the leadership was the mirror image of July. MSCI EAFE returned 2.00% and emerging markets 3.40%. A slightly weaker dollar, down 0.35%, added a little to unhedged returns.

Taiwan (+6.44%) and Korea (+5.92%) led, recovering a meaningful share of the semiconductor de-rating that made Korea the worst major market in July. Tight memory supply and continued AI server demand pulled the chip complex back up, and both markets are concentrated enough in that one industry to move with it. Germany (+3.93%) reached record territory on strong earnings and exposure to the same AI infrastructure build, and Canada (+3.68%), Japan (+3.35%) and Australia (+2.44%) all participated. Only 3 major markets finished lower, and barely: China (-0.34%), India (-0.30%) and Mexico (-0.04%) each gave up less than half a percent.

For internationally diversified portfolios, August is a reminder of how much single-industry concentration drives country returns. Korea and Taiwan were the worst markets in July and 2 of the 3 best in August, and the semiconductor cycle explains both.

Exhibit 2: International Market Performance (August 2026)

Bloomberg US Aggregate +0.39%, Global Aggregate +0.45%.
The 10-year ended at 4.75% after touching 4.62% early in the month, with 2s10s flattening from +0.46pp to +0.41pp.
Takeaway: Bonds made a small gain in August, and it came from interest income as higher yields limited the price contribution. Yields ended the month higher than they started after markets read the Fed as reopening the door to tightening, so bonds still pay a healthy coupon, and the price risk in longer maturities has not gone away.

Bonds finished slightly higher, with income carrying the month. The Bloomberg U.S. Aggregate returned 0.39% and the Global Aggregate 0.45%. The path is more interesting than the result. The 10-year Treasury yield fell to 4.62% in the first week as the soft data landed, traded sideways through Treasury's August 19 announcement that it would at least double its long-end liquidity-support buybacks from September 9, and then finished at 4.75%, above where it started and at its high for the month, after Jackson Hole. The 2s10s curve flattened from +0.46pp to +0.41pp, with the compression arriving in the final days as the front end absorbed the hawkish message. That is the shape of a policy repricing rather than a growth scare: hot inflation and firm growth kept the pressure on yields all month.

Fixed income: the Coupon Carried the Month

Commodities: Gold's Month, and Oil's Round Trip

WTI crude +2.68%; S&P GSCI Copper +4.49%.
Gold +9.93%; Bitcoin (IBIT) +25.34%; US Dollar -0.35%.
Takeaway: Gold had its best month since January, up nearly 10%, as investors bought protection against inflation and government borrowing. Oil finished only slightly higher after a sharp drop and an equally sharp recovery, and the weaker dollar points away from a conventional rush to safety.

Growth

Key dates to watch in September 2026

Authors

Ani Vedere

Ani Vedere is a Senior Research Analyst at Savvy Wealth, where he works across macro research, portfolio construction, and investment technology. He partners closely with the Chief Investment Officer and cross-functional teams spanning product, engineering, and design to develop scalable investment solutions, advisor-facing tools, and research workflows that help advisors deliver better outcomes for clients. ‍ Prior to joining Savvy, Ani was an Investment Analyst at a registered investment advisor, where he managed model portfolio implementation across hundreds of client accounts and built automated research and portfolio monitoring systems using Python and AI. Before that, he spent four years at a discretionary global macro hedge fund conducting multi-asset research, developing systematic investment frameworks, and building analytics to support portfolio management and trading decisions. ‍ Ani holds a Bachelor of Science in Finance from the University of Connecticut. Outside of work, he enjoys spending time outdoors, watching movies (in theatres!), reading, and writing. Fair warning: ask him about markets or macroeconomics, and you may end up in a much longer conversation than you planned.

Inflation

Sep 1: ISM Manufacturing PMI.
Sep 3: ISM Non-Manufacturing PMI.
Sep 4: Nonfarm Payrolls, Unemployment Rate.
Sep 16: Retail Sales.

Sep 11: CPI, Core CPI.

The bottom line

August was a good month that ended on a warning. The macro backdrop barely moved through it: growth above trend, inflation hot but easing at the edges, financial conditions easy, and geopolitics deteriorating as the Strait of Hormuz stayed shut. What changed at the end of the month is the policy path, not the economy. Warsh told us at Jackson Hole that inflation is still too high, and by month-end the market was pricing roughly 1.36 hikes through December 2026 and 2.24 through 2027. The gap he is pointing at is wide: headline PCE is running at 3.7% and core PCE at 3.3%, against the Fed's 2% objective. We stay constructive on the economy, and we see little reward in extending duration while the Fed is signalling that its work on inflation may not be done. The September 16 meeting is now live, and the payroll and inflation prints that precede it matter more than they have all year.

Final COnditions

Sep 16: Fed Interest Rate Decision.

What Every P&G Employee Should Know About Taxes, Retirement & Estate Planning

Fri, 28 Aug 2026 19:30:31 GMT

In this webinar for P&G employees and retirees, Keith Hamberg, CFP® is joined by Hunter Cloud, CFP®, CPA and ARAG estate planning attorney, Andrew Larkin, to cover the specifics:

The P&G Savings Plan
PST benefits, beneficiary designations, trusts
The planning mistakes that cost families the most

Key LTIP Rules Based on How You Leave P&G

Tue, 18 Aug 2026 22:35:00 GMT

Retirement or separation

Awards received less than 1 year before your exit:

These are prorated based on the number of days worked in the first year after the October 1 grant date.
Example: If you retire December 31 and received an October 1 award, you’d retain about 3/12ths.
That portion vests on the original schedule and keeps its expiration date.

Important: You must work at least four weeks after October 1 (until at least October 28) to retain any portion of that year’s award. Awards received more than 1 year before your exit

You fully retain these.
They vest and expire per the original schedule.

Vested LTIP stock options must be exercised before your last day or they’ll be canceled.
All unvested LTIP options and RSUs are canceled.
Previously vested RSUs stay in your E*TRADE account.

Note: STAR stock options are not canceled (see below).

Voluntary resignation or involuntary termination

LTIP and STAR awards can be a significant part of your compensation and future wealth. Don’t let confusion or missed deadlines cost you.

At Savvy Wealth, we help P&G employees transition with clarity maximizing what they’ve earned and reducing unnecessary risk.

You are responsible for tracking option expiration dates and understanding tax implications.
You retain access to your E*TRADE account after separation.
P&G will deactivate your bank info 90 days post-exit (unless you’re Band 3+).
If you exercise options after that, you’ll be paid by paper check unless you’ve updated your account.
To update banking info, contact Get Help at 833-441-4357 or use online chat.

Don't miss these administrative reminders

Don't Leave Money on the Table

Need help reviewing your awards or planning your next move?

Key LTIP Rules Based on How You Leave

If you have STAR stock options (both vested and unvested):

You retain them for the full 10-year term , regardless of how you leave the company.
This assumes you continue to comply with the stock plan’s non-solicitation and other terms.

STAR stock options have different rules

Trump Accounts: Should You Open One?

Tue, 18 Aug 2026 22:35:00 GMT

The recently introduced Trump Account offers families another way to save for a child's future. While the account has received significant attention, we believe the decision to use one depends largely on the child's age and overall financial plan.

Trump Accounts: Should You Open One?

For most families, Trump Accounts make the most sense for children born between January 1, 2025, and December 31, 2028 , who qualify for the federal government's $1,000 pilot contribution .

For these children, we generally recommend opening the account. It's difficult to argue against accepting a free $1,000 that can compound over many years.

For older children who do not qualify for the government contribution, we believe families should carefully consider whether a Trump Account is the best place for additional savings. While the account provides tax-deferred growth, future distributions are generally subject to ordinary income tax treatment. In many cases, a traditional taxable brokerage account—which benefits from preferential long-term capital gains tax rates—may compare favorably, particularly after other tax-advantaged opportunities have been fully utilized.

Our Recommendation

Step 1: Complete Form 4547

Complete Form 4547 through the IRS to establish the account.

You will need your child's:

Full legal name
Date of birth
Social Security Number
Current address

If your child was born between January 1, 2025, and December 31, 2028 , be sure to elect participation in the pilot program to receive the government's $1,000 contribution .

After your application has been processed, you'll receive instructions to activate the account.

Children may only have one Trump Account. The account may later be transferred to an eligible financial institution that offers Trump Accounts.

Step 2: Activate The Account

After your application has been processed, you'll receive instructions to activate the account.

Children may only have one Trump Account. The account may later be transferred to an eligible financial institution that offers Trump Accounts.

Step 3: Contribute Consistently

Step 4: Invest for Long-Term Growth

Trump Accounts are intended to be long-term investment accounts.

For most families, we recommend:

Broad U.S. stock market index funds
Low-cost investment options
Remaining invested through market volatility
Avoiding attempts to time the market

Time in the market is generally more valuable than trying to predict market movements.

How Beyond Wealth Partners can help

Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. Beyond Wealth Partners is an independent marketing brand name used for advertising and marketing purposes only. For more information about Savvy, please visit our website.

We help families:

Determine whether a Trump Account fits their overall financial plan
Evaluate eligibility for the government's $1,000 contribution
Coordinate Trump Accounts alongside 529 plans, Roth IRAs, and taxable investment accounts
Develop tax-efficient savings strategies for children and grandchildren
Build long-term wealth transfer plans across generation s

Implementation Guide: Opening & maximizing a Trump Account

Our general priority for long-term saving

Employer retirement plans
Health Savings Accounts (when eligible)
529 education savings plans
Roth IRAs for children with earned income
Taxable brokerage accounts
Trump Accounts for additional savings or when the government contribution is available

Every family's situation is different, but we do not believe Trump Accounts should automatically become the default savings vehicle for every child.

IRMAA: Income-Related Monthly Adjustment Amount

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

An additional premium added to your Medicare Part B and Part D coverage
Based on your income from two years prior (2026 premiums use 2024 income)
Determined by Social Security using your Modified Adjusted Gross Income (MAGI)

What is it

Example

If a married couple has 2024 MAGI of $230,000, each spouse would pay an additional $81.20 per month for Part B and $14.50 per month for Part D in 2026, in addition to the standard premiums.

2026 IRMAA Table for Part B &D

Individuals with higher income enrolled in Medicare Part B and/or Part D
Applies whether coverage is through traditional Medicare or Medicare Advantage
Based on tax filing status (Single or Married Filing Jointly)

Who it effects

Social Security reviews your tax return from two years ago
If income exceeds certain thresholds, a surcharge is added to your monthly premiums
IRMAA is recalculated annually

How it work

Direct Indexing

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

An investment strategy that replicates a stock index using individual securities
Instead of buying an ETF or mutual fund, investors own the underlying stocks directly
Allows customization and tax management within the portfolio

What is it

Example

Investor holds a $1,000,000 direct indexed portfolio
Positions with losses are harvested during the year
Assume $40,000 of tax losses generated

Tax-loss harvesting opportunities throughout the year
Ability to offset capital gains from other investments
Greater portfolio customization (exclude industries or specific companies)
Maintain exposure similar to a broad market index

Why investors use it

Investors with large taxable portfolios
Investors expecting realized capital gains (rebalancing, concentrated stock, business sale)
Households in higher tax brackets where tax savings are more valuable

When it can be useful

How it works

Portfolio built using individual stocks tracking an index (often the S&P 500)
When positions decline, they can be sold to realize tax losses
Replacement securities maintain similar market exposure
Losses can offset capital gains or up to $3,000 of ordinary income annually

RESULT

$40,000 offsets capital gains elsewhere
At a 23.8% capital gains rate, potential tax savings ≈ $9,520

NUA vs. Direct Rollover: A Critical Decision for P&G Employees with Company Stock

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

When you retire or leave P&G, you face a one-time, irreversible decision: roll everything into an IRA or elect Net Unrealized Appreciation (NUA) — transferring the preferred shares in your PST Plan to a brokerage account with the rest rolling over to an IRA. The benefits are in the taxes

What is it

Concrete Example

P&G Employee Retiring with $3m in combined 401k and PST Plan with $650k of Preferred Shares ($25,000 basis)

All assets roll to a Traditional IRA — no immediate tax due
Taxed as ordinary income on every future withdrawal (10-37%)
Tax-deferred compounding continues inside the IRA
 Higher RMDs over time on full appreciated value

Direct Rollover to IRA

How NUA works — step-by-step

Triggering Event — Retire, turn 59½, become disabled, or pass away.
Lump- Sum Distribution — Distribute your entire plan balance in one tax year.
Stock Transferred — Company stock moves in-kind to a brokerage account. Other assets roll to an IRA.
Pay Tax on Cost Basis — You owe ordinary income tax on the cost basis of the preferred shares in the year of distribution.
Sell When Ready — When you sell the stock at a future date, the appreciation (NUA) is taxed at favorable long-term capital gains rates.

NUA Strategy

$2.35m rolled over to IRA and $650,000 to brokerage account

NUA strategy

Preferred shares transfer in-kind to a brokerage account
Pay ordinary income tax on cost basis now ($6.82/share)
These shares then taxed at capital gains rates (0 20%) when sold
 Reduces future Required Minimum Distributions (RMDs)

RESULT

Only pay ordinary income tax on $25,000 of cost basis + 0-20% capital gains on $650k of NUA when sold. If structured properly, these shares can be sold at 0% Federal Long Term Capital Gains brackets over time.

Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.

529 Plans vs. UTMA Accounts

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

529 Plans and UTMA accounts are two common ways families save for a child’s future. While both allow investments to grow over time, they differ in tax treatment, flexibility, financial aid impact, and control of the assets.

Key takeaway

529 plans prioritize tax-efficient education savings.
UTMA accounts offer flexibility but transfer control to the child.
529 plans may also have a smaller impact on financial aid eligibility than UTMA accounts.

Key differences

Beginning in 2024 , unused 529 funds may be rolled into a Roth IRA for the beneficiary if certain conditions are met:

529 must be open 15 years
$35,000 lifetime rollover limit
Subject to annual Roth contribution limits

Planning opportunity: 529 to Roth IRA

Social Security Timing

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Example

If a retiree is eligible for $3,000/month at age 67:

Starting at 62: about $2,100/month
Starting at 70: about $3,720/month

That difference could create over $19,000/year of additional guaranteed income.

Key ages to know

The age you start Social Security can impact hundreds of thousands of dollars over a lifetime.
Many retirees rely on simple rules like: “Take it at 62”, “Always wait until 70”, or “Start when you retire”.
The right timing depends on your health, taxes, goals, and the rest of your retirement plan.

Why it matters

Higher guaranteed lifetime income.
Stronger survivor protection for a spouse.
Larger inflation-adjusted benefit over time.

Why many retirees delay

Health concerns or shorter life expectancy.
Income needs early in retirement.
Tax planning opportunities such as Roth conversions.

When starting earlier may make sense

Trump Accounts (OBBBA)

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Trump Accounts are child-focused, tax-advantaged investment accounts created under the One Big Beautiful Bill Act (OBBBA) of 2025 to encourage long-term saving from an early age.

Definition

Bottom line

Trump Accounts are a government-seeded, long-term investment tool for children , aiming to grow wealth from birth, with outcomes largely dependent on continued contributions and time in the market.

Designed to build wealth early, these accounts give children a financial head start and promote long-term participation in investing.

Purpose

$1,000 Government Seed: One-time deposit for children born 2025-2028
Up to $5,000/year Contributions: From parents or others
Child-Owned, Parent-Managed: Custodial until age 18
Eligibility: Must be under 18 at 12/31/26 with a Social Security number

Key features

Pros

Harnesses long-term compounding
Provides universal starter savings
Encourages early financial literacy

Tax & investment treatment

Tax-deferred growth
After-tax contributions (not deductible)
Investments limited to low-cost index funds/ ETFs
Converts to a traditional IRA at 18
Potential opportunities for tax-free Roth Conversions

Limited flexibility vs. 529 plans
No upfront tax deductions
Greater benefits for families able to contribute more

Cons

Credit Freeze Guide: How to Lock Your Credit At All Three Bureaus

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

A credit freeze is free, takes about 10-15 minutes per bureau, and does not affect your credit score. You must freeze at all three bureaus separately – freexing one does not freeze the others.

Equifax

Phone:

1-800-685-1111

Website:

https://www.equifax.com/personal/credit-report-services/credit-freeze

Step 1: Go to https://www.equifax.com/personal/credit-report-services/credit-freeze

Step 2: Click "Place a Security Freeze."

Step 3: Create a myEquifax account or log in if you already have one.

Step 4: Verify your identity using your SSN, date of birth, and address.

Step 5: Submit the freeze request. You will receive a confirmation immediately.

Online (Recommended

Call 1-800-685-1111 . Have your SSN, date of birth, and current address ready. Follow the automated prompts to place a freeze.

By Phone

By Mail

Send a written request to: Equifax Security Freeze, P.O. Box 105788, Atlanta, GA 30348-5788

Include: full name, SSN, date of birth, current and previous addresses, and a copy of a government-issued ID.

Experian

Phone:

1-888-397-3742

Website:

https://www.experian.com/help/credit-freeze/

Call 1-888-397-3742 and follow the prompts. Have your SSN, date of birth, and address available.

By Phone

By Mail

Send a written request to: Experian Security Freeze, P.O. Box 9554, Allen, TX 75013

Include: full name, SSN, date of birth, two proofs of address, and a copy of a government-issued ID.

Step 1: Go to https://www.experian.com/help/credit-freeze/

Step 2: Click "Add a Security Freeze."

Step 3: Create an Experian account or log in.

Step 4: Verify your identity — Experian may ask security questions based on your credit history.

Step 5: Submit the freeze. You’ll receive a PIN to use when you want to lift the freeze.

Online (Recommended

Transunion

Phone:

1-888-909-8872

Website:

https://www.transunion.com/credit-freeze

Tips & reminders

Save your PINs — Experian and TransUnion issue PINs when you freeze. Store them somewhere secure.
Freeze for minors too — Children’s SSNs are a prime target for identity theft. You can freeze their credit even if they have no credit history.
Consider ChexSystems — This is the bureau banks use when opening checking/savings accounts. Freeze at chexsystems.com if desired.
A freeze does not affect your existing accounts, credit score, or ability to use current cards.
It is completely free to place, lift, or remove a freeze at all three bureaus.

Step 1: Go to https://www.transunion.com/credit-freeze

Step 2: Click "Add a Freeze."

Step 3: Create a TransUnion account or log in.

Step 4: Verify your identity using your SSN, date of birth, and address.

Step 5: Submit the freeze. TransUnion will confirm and provide a PIN.

By Mail

Online (Recommended

By Phone

Call 1-888-909-8872 . Have your SSN, date of birth, and address ready.

Send a written request to: TransUnion LLC, P.O. Box 160, Woodlyn, PA 19094

Include: full name, SSN, date of birth, two proofs of address, and a copy of a government-issued ID.

If you have already been a victim of identity theft, also consider placing a fraud alert at any one bureau — they are required to notify the other two. Visit identitytheft.gov for additional recovery resources.

Not legal or financial advice. For educational purposes only.

Long-Term Capital Gain vs. Ordinary Income

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Long-Term Capital Gains: Profit from selling investments held more than 1 year
Ordinary Income: Wages, interest, pensions, and Traditional IRA/401(k) withdrawals
Long-term capital gains generally receive preferential tax rates

What is it

Scenario 1

$120,000 of long-term capital gains
Federal tax: $0

(Falls within the 0% long-term capital gains bracket)

Long-term capital gains are taxed at 0%, 15%, or 20%
Ordinary income (ie: IRA withdrawals) is taxed at 10%–37%
Both increase taxable income when calculating total tax

How it works

The type of income can significantly impact total taxes owed
Higher income may affect Medicare premiums (IRMAA)
Coordinating withdrawals and investment sales can improve tax efficiency

Why it matters

Scenario 2

$120,000 of Traditional IRA distributions
Federal tax: $10,040

(Taxed at ordinary income rates after the standard deduction)

Example

Assume a married couple shows $120,000 income.

Ohio SGO Tax Credit

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Dollar for dollar Ohio state tax credit
Supports K-12 Educations
 Scholarships through certified Scholarship Granting Organizations (SGOs)

What is it

Individuals: up $750; Married Filing Jointly: up to $1,500
Credit is non-refundable

How much

Donate to a certified Ohio SGO (including many local schools)
Save donation receipt
Claim credit when filing Ohio Return
Donations made by April 15th can be applied to 2025 tax liability

How it works

Example

If a married couple owes $1,800 in Ohio income tax and donates $1,500 to a certified SGO, their Ohio tax liability is reduced to $300, while supporting K-12 scholarships.

Form 5500 for Solo 401(k): When Your Plan Balance Triggers a Filing Requirement

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

An annual filing required once a Solo 401(k) exceeds a certain asset level
Reports basic information about the plan to the IRS and Department of Labor
Filed as Form 5500-EZ (or 5500-SF in some cases)
Required once the plan crosses the balance threshold

What is it

Business owners with a Solo 401(k) (no full-time employees)
Applies to sole proprietors, partnerships, and owner-only corporations
Triggered when plan assets exceed $250,000 at year-end
Also required when the plan is terminated , regardless of balance

Who it affects

Filing is required for the year the plan balance is over $250,000
Due July 31 (calendar-year plans), with extension to October 15 (Form 5558)
Reports total plan assets, contributions, distributions, and basic plan information
No audit required (unlike large employer plans)

How it works

Example

A sole proprietor has a Solo 401(k) worth $265,000 at the end of 2025. They must file Form 5500-EZ by July 31, 2026 (or extend to October 15). Even if contributions stop, they must continue filing annually while the balance remains above $250,000.

Key threshold

$250,000 plan balance at year-end
Below this level: No filing required
Above this level: Annual filing required going forward
Filing continues each year until plan balance drops below threshold or plan is closed

Penalties (if not filed)

IRS: Up to $250 per day (max $150,000 per return)
DOL penalties may also apply in certain cases
 Late filings can often be corrected using IRS/DOL relief programs

Donor Advised Funds (DAF)

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Contribute appreciated investments (such as PG preferred shares) to a DAF.
Receive a charitable tax deduction in the year of the contribution.
Recommend grants to charities anytime in the future.

Funds inside the account can remain invested and potentially grow tax-free until they are granted to charities.

How it works

A DAF can be especially helpful in higher-income years , such as when you:

Exercise stock options
Coordinated with stock sales (ie: realized capital gains) or Roth conversions
RSU’s vest

When it can be most helpful

Example

Charitable Tax Planning takes advantage of itemized deductions vs. Standard Deduction Beginning in 2026 , charitable deductions are only allowed above 0.5% of Adjusted Gross Income (AGI).

AGI: $300,000 MFJ (0.5% threshold: first $1,500 of gifting not deducted)

Why clients use them

Tax efficiency: Donating appreciated investments may allow you to avoid capital gains taxes while still receiving a deduction for the full market value.
Bunching charitable deductions: Instead of giving smaller amounts each year, you can contribute several years of charitable giving at once to potentially maximize the tax benefit.
Flexibility: You receive the deduction today but can distribute donations to charities gradually over time.

Scenario 1

Scenario 2

Contributor would take Standard Deduction of $32,200 (no benefit of charitable gifts)

Contributor would get itemized deductions of $61,500 in year of contribution and then revert back to standard deduction in future years

No DAF ($10k Annual Contribution)

DAF (Lumping 5 Years of $10k Gifts)

Any case examples reference are provided for informational and illustrative purposes only to demonstrate potential uses of donor-advised funds (DAF). These examples are hypothetical and do not represent the experience of any specific client. Individual tax circumstances vary, and the tax benefits associated with charitable strategies may differ for each person. Readers should consult with their tax advisor or other qualified professional regarding their specific situation before implementing any strategy.

LTIP Retention Rules at Retirement: Guide for P&G Employees Nearing Retirement

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

As you approach retirement, your LTIP Awards (stock options and RSUs) likely represent a significant portion of your wealth. Understanding the rules around retention can help you avoid forfeiting value.

Why this matters

Awards granted more than one year before retirement are fully retained and follow original vesting schedules.

Your most recent award (within one year) is prorated based on time worked after October 1. For example, retiring December 31 after an October 1 grant means retaining ~25% of that award.

What grants you keep

You must remain employed until at least October 28 the year you retire in order to retain any portion of your most recent grant. Leaving earlier results in forfeiture of your most recent awards.

Critical timing rule

If not retirement eligible

Vested stock options must be exercised before your last day.
Unvested options and RSUs are canceled.
Vested RSU shares remain in your E*TRADE account.

STAR stock options

Al STAR options )vest and unvested) are retained for the full 10-year term, regardless of exit type, subject to plan rules.

Post-separation logistics

E*TRADE account continues.
Bank details are removed after 90 days (payments default to paper check unless updated).

Key planning tips

T iming around October 1 matters.
Stay through October 28 to retain a portion of your final grant.
Retirement does not accelerate vesting.
Monitor taxes and expiration dates.
Review your individuakl award agreements.

Bottom line

Small timing decision can materially impact your LTIP value. Review your awards carefully before finalizing your retirement date.

Top 3 Financial Mistakes P&G Employees Make

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

PST 100% invested in PG post age 45
Selling preferred shares
Savings plan invested in PG
Don't sell RSUs at vest (taxable event)
Delay exercising options too long*

Over concentration to PG stock

Tax efficient replacement of paychec k
Roth IRA or backdoor Roth IRA contributions
Monitoring asset allocation & location
Social Security timing
Surprise increase in Medicare premiums

Not planning for retirement until retired

While working

Ignoring tax strategy

Default to pre-tax Savings Plan
Don't use Health Savings Account
Not optimizing charitable contributions
Swings in underpayment/overpayment of tax liability

In retirement

Distributions from PST disqualifying N UA
Miss opportunities for Roth Conversions
Not optimizing charitable contributions

Action

To avoid surprises or missing out on opportunities, we recommend starting with a plan.

*The performance data quoted presents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. The most recent month end performance data can be accessed at https://go.ycharts.com/fund_contact_info. (See the Standardized Returns of this report for standardized returns information). This report has been generated using data manually input by the creator of the report combined with data and calculations from YCharts.com and is intended solely to assist you or your investment or other adviser(s) in conducting investment research.

Diversifying Concentrated Stock Positions Using Exchange Funds

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Most Procter & Gamble retirees accumulate a significant concentration in PG stock over the course of their careers. While this concentration can be a source of pride and financial success, it also introduces substantial portfolio risk.

Exchange funds offer a powerful, tax-efficient solution for diversifying concentrated stock positions without triggering immediate capital gains taxes. This whitepaper explains how exchange funds work, their benefits, limitations, and how they can be used strategically within a broader wealth management plan.

Executive Summary

PG’ers accumulate large positions in PG stock through decades of PST contributions, and sometimes via LTIP and employee stock purchase plans. While concentration in PG stock can sometimes accelerate wealth accumulation, there are risks that must be considered:

Risk of concentration in a single stock

Tax treatment

Key risks include:

Volatile Return Profile
Lack of diversification
Tax constraints, especially if holding low basis preferred stock

An exchange fund is a pooled investment vehicle that allows investors to contribute highly appreciated stock, such as preferred shares of PG once distributed from the PST Plan via NUA, in exchange for a diversified portfolio without triggering an immediate taxable event.

What are Exchange Funds?

No capital gains at contribution
Cost basis carries over post-share redemption
Continued tax deferral until securities are sold after redemption

How Exchange Funds work

Stock Contribution to Exchange Fund Provider
Pooling of Assets from multiple contributors, with differing concentrations, pooled together to mimic an index
Diversification Benefits via pooling of contributed stock holdings
Holding Period (typically 7 years)
Redemption into a basket of diversified securities

Why Exchange Funds are effective for P&G retirees

Alternative strategies

$1M+ concentrated position, or excess exposure to PG stock via other holdings on balance sheet, such as LTIP rosters
Significant unrealized gains
High tax bracket
Long-term horizon for liquidity need from contributed stock

Times when Exchange Funds make sense

Gradual selling
Direct indexing pre-retirement to accumulate capital losses
Options strategies, such as Covered Calls
Charitable giving, and the utilization of Donor Advised Funds or Charitable Trusts

Maintain tax deferral
Achieve immediate diversification without incurring capital gains
Maintain equity market exposure
Reduce emotional barriers to portfolio construction

Important considerations & risks to Exchange Funds

Illiquidity (7-year lockup)
Accredited investor requirement
Less control over holdings
Fees
Potential Tracking error

Conclusion

Exchange funds provide an solution for diversifying a concentrated PG position in a tax-efficient manner while implementing a sustainable long term investment position.

Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.

Tax-Efficient Retirement Income Planning for Procter & Gamble Employees

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

Even when total income is identical, the tax liability varies dramatically depending on where the income comes from:

Traditional IRA distributions/Roth conversions (Savings Plan + PST)
Long-term capital gains (preferred shares from PST post NUA)
Or a combination of both

Not all income is taxed the same way

Scenario assumptions & summaries

The illustration assumes a couple is married filing jointly and both are age 60 (before Social Security benefits).

Key takeaway

After retiring from P&G and executing the NUA distribution with the preferred shares, effective retirement and wealth planning is not just about how much income your generate—it is about where the income comes from . Strategic coordination between taxable accounts, retirement accounts, and ROth conversion opportunities can potentially:

Minimize tax liability
Reduce marginal tax exposures
Improve retirement cash-flow
Increase long-term after-tax wealth

Thoughtful tax planning can create significant savings over time, especially during lower-income years or early retirement windows.

Scenario A

Ordinary income from IRA distributions results in highest tax bill at $11,240.

Coordinating multiple income sources can improve tax efficiency while still meeting spending needs.

The examples provided do not represent the experience of any specific client and should not be interpreted as a guarantee of future tax savings or investment outcomes. References to tax rates and tax treatment are based on current federal tax law, which is subject to change. Certain strategies discussed may involve risks, limitations, holding requirements, or unintended tax consequences. No all investors will benefits equally from these strategies, and some strategies may not be appropriate for all individuals.

Scenario B

A blended strategy reduces taxes significantly, lowering the effective tax rate to just 3.5%.

Scenario c

Long-term capital gains can qualify for the 0% capital gains tax rate, resulting in no federal tax liability.

The Three-Bucket Strategy: A Smarter Way to Manage Retirement Withdrawals

Tue, 18 Aug 2026 22:35:00 GMT

Trump Accounts: Should You Open One?

The Bucket Strategy shapes your portfolio as you prepare for retirement withdrawals—combining the right asset allocation with income generation so your short-term needs are always covered, while long-term money stays invested for growth.

What is it

Real-world example | $2M portfolio

Married couple • $2M portfolio • $120,000/yr lifestyle • $60,000/yr Social Security • $60,000/yr needed from portfolio

Who benefits most

Retirees within 1-5 years of retirement who are starting to tihink about withdrawal planning.
Anyone already in retirement drawing from their portfolio each year.
Investors who experiences anxiety during market downturns and want a plan with structure and confidence.

Bucket 1

This portfolio generates $63,900 of income per year — exceeding the $60,000 needed — while keeping 79% invested in equities for long-term growth. Short-term needs are fully funded without touching stocks.

*https://www.awealthofcommonsense.com/2026/05/stories-vs-statistics

Why it works

Your near-term expenses live in safer, less volatile investments (cash, money market, bonds, treasuries) — protecting what you need soon.
The stock market has been positive 93% of the time over any 5-year period dating back to 1950.* The more time you give stocks to grow, the better the expected outcome.
The bucket approach solves the hard part: funding the 0-5 year window without being forced to sell stocks at the wrong time.

The Three Buckets

0 to 1 year

Cash / Money Market

~3.5% yield

Immediate liquidity; zero market risk.

Bucket 2

1 to 7 years

Bonds / Treasuries

~4.0% yield

Stable income; principal protection.

7+ years

Equities (Stocks)

~3.0% dividen yield

Income; long-term growth engine.

Bucket 3

The example provided is hypothetical and for illustrative educational purposes only. It does not represent the experience of any actual client or investor and should not be interpreted as a guarantee of future results or investment performance. Any rates of return, income figures, or projected outcomes shown are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future performance.

P&G Retiree Healthcare Guide

Tue, 18 Aug 2026 22:35:00 GMT

Retirement healthcare timeline

up to 90 days before 65

Retiree healthcare is one of the most time-sensitive decisions you'll make when stepping away from P&G. Here's what you need to know to avoid costly gaps—or even losing coverage.

Enroll in Medicare (A&B)

Before Retirement or Turning 65

Submit your Medicare A&B ID card to P&G Benefit Services

Enroll in your P&G Retiree Healthcare through digital.alight.com/pg or call 844-786-6588

30 Days or after retirement

You'll receive your medical, dental & prescription ID cards.

3-4 Weeks after enrollment

4-6 weeks after retirement

You'll receive your first invoice (may include two months' premiums).

Delaying Medicare? Know the risk

You can stay on the PPO plan for up to 5 months.
Claims are processed as if Medicare is primary.
After 5 months, coverage is terminated.

NOTE: Partial coverage today can mean no coverage tomorrow.

Waiving coverage? Read this first

You can waive coverage and enroll later.
BUT, you must show 12 months of continuous coverage before you can re-enroll.
Gaps in coverage may mean permanent loss of eligibility.

IMPORTANT: Waiving coverage is one of the biggest mistakes we see.

NOTE: Costs often increase for the surviving spouse.

Surviving spouses can remain on the plan.
Premiums are significantly higher.
Medicare rules still apply.
Factor this into your income, insurance & estate plans.

What happens if your spouse is left covered?

EXAMPLE: Retire June 15, Medicare must start June 1.

Medicare timing matters

Medicare becomes your primary insurance on your first day as a retiree.
Medicare must start on the 1st of the month in which you retire.
No mid-month start dates.

Key takeaway

Enrollment is NOT automatic. You must take action within specific timeframes.

Not Medicare eligible?

You can enroll in the P&G UnitedHealthcare® Group Medicare Advantage Plan.

Medicare eligible (enroll in A&B)?

You can enroll in the P&G UnitedHealthcare® Retiree PPO Plan.

This is paragraph text. Click it or hit the Manage Text button to change the font, color, size, format, and more. To set up site-wide paragraph and title styles, go to Site Theme.

2026 monthly premiums (medical)

Savvy tips

NOTE: Premiums are billed monthly by check or automatic bank withdrawal. First invoice may include two months.

Dental (Cigna)

Coverage begins the 1st of the month after retirement if you enroll.
Lifetime orthodontia maximum of $2,000 still applies.

Appeal IRMAA

Use SSDC

P&G partners with SSDC to help with Medicare enrollment. Call 1-88-729-8912 (option 5).

Actively Enroll

Start early

Begin Medicare & retiree healthcare enrollment 90 days before retirement or turning 65.

Avoid Gaps

Enroll in your P&G Retiree Healthcare through digital.alight.com/pg or call 844-786-6588

Medicare must begin on the 1st of the month you retire.

Avoid missed premium payments with monthly automatic withdrawals.

Set Up Autopay

You may pay less in Medicare premiums—don't leave money on the table.

COBRA vs. P&G Retiree Plan

You may elect COBRA to delay enrollment in retiree healthcare—but it's typically more expensive.

2026 P&G Executive Planning Guide: Should You Exercise Your P&G Stock Options?

Tue, 18 Aug 2026 22:35:00 GMT

Including Current Valuations of Every Outstanding P&G Stock Option Grant

*This guide provides general information only and is not financial, tax, or legal advice.

Why this guide exists

Stock options can be one of the most valuable components of your total compensation. They can also be one of the most misunderstood.

A common approach is to look only at the difference between today's stock price and your exercise price. While this shows the intrinsic value, it does not capture the full economic value of the option.

Every option has time value — the value of keeping the option alive rather than exercising it today. The Black-Scholes model is one of the most widely used methods for estimating this value.

A practical guide for current and former Procter & Gamble employees to help you evaluate the value of your stock options and make more informed decisions.

Black-Scholes* value for every outstanding grant.

Current valuation

Time Value Insights

Understand how much optionality remains.

Planning Considerations

Key factors before making exercise decisions.

How options fit into your broader financial plan.

Tax Planning Ideas

The goal of this guide

The current value of every o utstanding P&G stock option grant
Where meaningful time value remains
The key considerations before making exercise decisions
How options fir into your overall financial plan

2026 P&G Executive Planning Guide: Should You Exercise Your P&G Stock Options?

P&G Stock Option Dashboard

Intrinsic Value — what you'd receive today if you exercise

+ Time Value — what your option is woth because you can wait

= Total Value

Analysis as of May 27, 2025 | PG Stock Price: $147.00

Understanding Your Option Value

The value of a stock option has two components.

Intrinsic value is easy to see — it's simply the difference between the current stock price and your strike price (if the option is in the money).

Time value is harder to see, but potentially very valuable. It reflects:

Time until expiration
Expected volatility of the stock
Risk-free interest rates
Dividend yield

As expiration approaches, time value declines. Once an option is exercised, all remaining time value is gone forever.

Key Takeaway

Exercising too early can result in giving up meaningful value.

Current valuations for every outstanding grant, using the Black-Scholes model

P&G Stock option dashboard

This analysis uses the Black-Scholes model with assumptions detailed in the disclosures. Values will change as the market conditions change.

Grant-by-grant commentary

The traffic lights on the dashboard help you quickly see where time value remains. Here's what each category generally means:

Green — limited time value (2016-2018 grants)

Most of the value remaining is intrinsic. These grants are either near expiration or have lower volatility and less time remaining.

May be worth reviewing for exercise, especially if you have:

Diversification needs
Concentrated positions
Upcoming liquidity needs
Favorable tax planning opportunities

Yellow— moderate time value (2019-2022 grants)

These grants still have meaningful optionality. Time value is higher because there is more time until expiration.

Exercise decisions should consider:

Your tax picture
Cash needs
Retirement timing
How these grants fit with other income events

Red— high time value (2023-2025 grants)

Substantial optionality remains. These are longer-dated grants with the highest percentage of time value.

Exercising early may give up significant value unless you have a compelling reason, such as:

Large diversification needs
Cash needs
Company stock concentration
Upcoming financial obligations
Tax planning opportunities

Four biggest mistakes we see

Avoiding these mistakes can protect — and potentially increase — the value of your options.

01

Exercising simply because the option is "in the money."

Intrinsic value is only part of the story — you may be giving up meaningful time value.

02

Waiting until the last minute.

You reduce flexibility and increase risk when you wait until just before expiration.

Ignoring the tax impact.

The tax consequences of an exercise can be substantial and should be planned for, no discovered after the fact.

03

Evaluating each grant separately instead of as one portfolio.

Your exercise strategy should align with your total financial plan, not just one grant.

04

Taxes ore often the most significant consideration in a stock option exercise. Upon exercise of a non-qualified option (NSO), you recognize ordinary income equal to the spread between market price and strike price.

Federal Ordinary income

T axed at your marginal rate. P&G typically withholds 22% (the supplemental rate) upon exercise.

Tax considerations

Varies by state of residence.

State income tax

Payroll taxes (FICA)

Social Security (6.2%) up to the wage base, plus Medicare (1.45%) and Additional Medicare (0.9%) for higher incomes.

A 3.8% additional tax may apply to investment income for higher-income taxpayers.

Net Investment Income tax

Capital Gains

The difference between sale price and exercise (cost) basis is taxed as long- or short-term capital gain.

Estimated taxes

Large exercises may require estimated payments to avoid underpayment penalties.

Tax planning before an exercise can make a meaningful difference in your after-tax outcome.

This guide is intended for educational purposes only and does not constitute investment, legal, or financial advice. Stock options involve a high degree of risk and are subject to market volatility. The Black-Scholes model is one of many methods used to estimate option value and relies on assumptions that may not reflect future results.

Beyond Wealth Partners is an investment advisory firm registered with the SEC. Advisory services are only offered to clients and prospective clients where Beyond Wealth Partners and its representatives are properly licensed or exempt from licensure. The financial professionals with Beyond Wealth Partners are investment adviser representatives with Savvy Advisors, Inc. ("Savvy Advisors"), an investment adviser registered with the SEC. Beyond Wealth Partners is a marketing name only and is not separately registered — see www.SavvyWealth.com for our Form ADV and Form CRS.

Beyond Wealth Partners describes its services as "fee-only" because it receives compensation solely from client-paid advisory fees; Savvy Advisors and its affiliates may receive additional compensation related to certain investment solutions. Tax services are provided in a planning capacity—consult your own tax professional for specific filings.

Beyond Wealth Partners is an independent firm and is not affiliated with, endorsed by, or sponsored by Procter & Gamble. All investing includes risk, including the possible loss of principal.

Stock options interact with many areas of your financial life. A coordinated approach can help you make smarter decisions.

The right exercise strategy considers your entire plan, not just the options.

How options fit into retirement

Value lost by exercising early

Time value is valuable — once you exercise, it is gone forever. The table below shows the potential you could give up by exercising today instead of waiting.

These amounts represent potential value that could be forfeited by exercising today instead of holding the option.

Frequently asked questions

Is Social Security Running Out?

Tue, 18 Aug 2026 20:54:36 GMT

Trump Accounts: Should You Open One?

The recently released 2026 Social Security Trustees Report has made headlines; with an updated projection for the Old-Age and Survivors Insurance Trust Fund's solvency, bringing forward the depletion date to the 4th quarter of 2032 due to recent legislation that marginally lowered the taxation associated with Social Security Benefits. With the headlines reading "Social Security is Running Out of Money!" some alarm is natural. What we aim to uncover in this white paper is a description of why the Social Security system is facing pressure, what changes could be made to prop up the system (and benefits) for decades to come, and what a worst-case scenario could be.

Taking a step back and looking at the broad system, Social Security is primarily funded by payroll taxes by workers and employers—something that continues daily. Even if the trust fund reserves were exhausted, incoming payroll tax revenue would continue. According to the 2026 Social Security Trustees Report, when and if the Trust Fund is depleted, continuing payroll taxes would still cover approximately 78% of scheduled benefits.

In other words, the "worst case" is not zero. It is funding shortfall and some reduction in benefits payable.

Precedent for reform

The Social Security Amendments of 1983 represent the latest change to the system when faced with a shortfall. These reforms included gradually increasing the full retirement age up to the current age 67, accelerating scheduled payroll tax increases, taxing a portion of benefits for higher-income retirees, delaying cost-of-living adjustments, and expanding coverage to newly hired federal employees.

Why the system is under pressure

There are a few factors pressuring the system and benefits that are slated to be paid in the coming decades. Americans are living longer than originally modeled by the Fund, the large Baby Boomer generation has moved into retirement meaning there are fewer workers (taxpayers!) supporting each beneficiary than in prior decades. As a result, scheduled benefits exceed dedicated program income, requiring the trust funds to draw down reserves.

While this issue is serious, this is not the first time a shortfall has been projected to occur. Fortunately, when faced with the issue in the past, Congress acted to prop the system up.

What could be done today

There are many potential policy levers available. Some would increase revenue, some would slow benefit growth, and others would combine both. Possible reforms include:

Increasing or modifying the payroll tax wage base, so more high-income wages are subject to Social Security tax.
Gradually increasing the payroll tax rate.
Adjusting the benefit formula for high-income retirees while protecting lower-income beneficiaries.
Further increasing the full retirement age over time.
Changing how cost-of-living adjustments are calculated.
Expanding taxation of benefits for higher-income retirees.
Using a combination of smaller changes phased in gradually.

Understanding the real issue and why reform is likely

Social Security rem ains one of the most important and politically protected programs in the United States. In 2021, data provided by the Census Bureau shows that for 28% of all adult Social Security recipients, Social Security itself was their sole source of income. For those with supplemental income, Social Security represented over 30% of total income for those over the age of 65 in 2024. With Social Security so valuable to millions, there is likely to be bipartisan support in Washington to solve the pending insolvency issue.

Bottom line

While Social Security is under pressure, we believe there are small reforms that can be made to prop the system up for decades to come. If disaster strikes, it bears remembering that there is a shortfall being faced, not an elimination of benefits. History lends support to the notion that policymakers will reform the system to avoid wholesale changes, and Social Security should remain a large part of current and future retirement income plans

Planning implications

For retirees and near-retirees, Social Security should remain part of the retirement plan. However, prudent planning should include stress testing. For younger workers, it may be reasonable to model reduced future benefits, delayed claiming strategies, higher taxes, or other reform scenarios.

For current retirees, large across-the-board benefit reductions are politically difficult and historically unlikely. For younger households, some change is very likely over the coming decades.

Why we do not believe Social Security will "run out"

Wills vs. Beneficiaries

Thu, 13 Aug 2026 20:55:50 GMT

Trump Accounts: Should You Open One?

Use Beneficiary and Transfer on Death (TOD) / Payable on Death (POD) Designations. A will is important—but it may not control many of your most important assets. Beneficiary and TOD/POD designations help ensure your assets go directly to the people you love—quickly, privately, and efficiently.

Assets that often allow beneficiary or TOD/POD designations

Retirement ac counts (401(k), IRA, etc.)
Bank accounts (POD)
Brokerage and investment accounts
Life insurance policies
Vehicles (TOD)
Real estate (TOD) (availability varies by state)

Why beneficiary and TOD/POD designations matter

They go directly to your loved ones

These assets pass outside of probate and transfer directly to the named beneficiaries—no court process required.

Faster access when it matters most

Your loved ones can receive assets sooner, which can help with immediate financial needs and avoid delays.

More privacy, less stress

Avoid the public probate process, reducing stress for your family during an already difficult time.

Important reminders

Retirement ac counts (401(k), IRA, etc.)
Bank accounts (POD)
Brokerage and investment accounts
Life insurance policies
Vehicles (TOD)
Real estate (TOD) (availability varies by state)

Will vs. beneficiary / TOD-POD designations

A Will

Goes through probate
Can take months (or longer)
Becomes public record
Controlled by the terms of the will
May not cover all assets

Beneficiary / TOD / POD designations

Pass outside of probate
Usually faster access
Generally private
Controlled by your designation
Covers specific assets you designate

These designations typically override your will
Name both primary and contingent beneficiaries
Keep your information up to date
Review after life events

Don't rely on a will alone

July 2026 Global Markets Recap

Mon, 03 Aug 2026 23:56:17 GMT

Exhibit 2: U.S. Sector Performance (July 2026)

Exhibit 4: U.S. 10-Year Treasury Yield (July 2026)

Commodities were the epicenter of July's move. A sharp rally in crude oil reset the inflation conversation, lifted energy equities, and helped push up the yields that pressured long-duration growth stocks.

WTI crude jumped 22.61%, the month's single most important cross-asset move, reintroducing an energy-price premium that markets had drained in June. Copper (+3.62%) rose alongside it, a sign global industrial demand is holding in and consistent with firm nominal growth. Gold (+0.86%) and Bitcoin (+7.06%) both advanced as well, with gold acting as an inflation hedge; the dollar fell (-1.37%), so this was a move in risk appetite up, not a flight to safety. It also fits our regime read, which favored real assets and other alternatives all month: our highest-conviction cross-asset call, and the one that led.

In plain terms: the jump in oil is a headwind for gasoline prices and headline inflation, and it is a large part of why the market spent July bracing for a firmer Fed.

Anshul Sharma

Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as "Savvy". All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors, and do not necessarily reflect the views or positions of Savvy Advisors.

Exhibit 5: U.S. 10-Year Minus 2-Year Treasury Yield (July 2026)

Exhibit 1: U.S. Equity Performance (July 2026)

Exhibit 6: Cross Asset Performance (July 2026)

Oil, yields, and a widening rotation

July's decline at the index level masked something more constructive underneath: a rotation, not a retreat from risk. The backdrop that matters for portfolios stayed intact, and in our framework it was distinctly reflationary: nominal growth firm and firming through the month (real activity positive, inflation still hot near 3.7%), with financial conditions easy (the Chicago Fed's NFCI sat around -0.55) and little sign of market stress. What changed was the price of duration. A roughly 23% jump in WTI crude and a climb in the 10-year Treasury yield from 4.46% to roughly 4.72% pushed markets to price a more hawkish Fed: expectations for about 1.7 hikes into December 2026 and 1.8 through 2027, up sharply from just under one hike through 2027 in early July. Higher discount rates fall hardest on the longest-duration cash flows, so the mega-cap growth leaders bore the brunt: the Nasdaq fell 3.19% and the S&P 500 finished essentially flat (-0.06%), while the equal-weight S&P 500 rose 1.01% and energy (+12.60%), financials (+6.16%), and real estate (+2.52%) led. The takeaway: firm nominal growth and easy conditions kept the economy and risk appetite intact, even as rising rates and an uncertain inflation path re-rated who leads.

Rotation, not risk-off

Noteworthy developments

The dominant story of July was rotation, not a broad flight from risk. Three things show the economy and risk appetite held up even as the index slipped. First, breadth improved: the average stock (equal-weight S&P +1.01%) beat the cap-weighted index (-0.06%) as the market's narrow concentration in a handful of giants unwound. Second, financial conditions stayed easy and credit stress stayed low, so this was not a liquidity or solvency scare. Third, the weakness was concentrated in mega-cap technology (the Nasdaq -3.19%, Information Technology -3.43%), while firm nominal growth kept cyclicals and value (energy, financials, real estate) bid. When the discount rate rises against a backdrop of solid nominal growth, leadership re-rates without the cycle turning. That is the constructive reading, and it is the one our own macro framework carried all month: a reflationary regime (firm, improving growth; still-easy financial conditions; hot inflation) that favored real assets and cyclicals over long-duration growth. Markets delivered almost exactly that map: commodities and other alternatives led, bonds lagged, the dollar softened rather than catching a haven bid, and equities stayed supported underneath even as the headline index slipped.

A rotation, not a risk-off. The S&P 500 finished essentially flat (-0.06%) and the Nasdaq fell -3.19%, but the equal-weight S&P 500 rose +1.01% and breadth improved: the weakness was concentrated in the priciest, longest-duration growers, not the broad market.
Growth derated, leadership rotated. S&P 500 -0.06%, Nasdaq -3.19%; Russell 2000 -3.03%, S&P Equal-Weight +1.01%. Energy +12.60%, Financials +6.16% led; Information Technology -3.43%, Industrials -3.01% lagged.
Oil surged. WTI +22.61% on the month, a fresh energy-price shock that reignited headline-inflation concerns and helped drive the hawkish repricing in rates.
Firm growth and easy money underneath. Nominal growth stayed firm and financial conditions stayed accommodative (NFCI ~-0.55); Bitcoin (IBIT) +7.06% and Gold +0.86% both gained and credit stress stayed low, none of which is the signature of a risk-off.
Bonds fell with yields. Bloomberg US Aggregate -1.30%, Global Aggregate -0.53%. This time the long end moved too, so high-quality duration offered little shelter.

U.S. equities — index down, breadth up: the rotation out of mega-cap growth deepens

U.S. equities finished July with a split tape: the cap-weighted indexes were flat to lower, but participation underneath improved. The S&P 500 slipped -0.06% and the Nasdaq -3.19% as rising yields and firmer oil repriced long-duration growth, while the equal-weight S&P 500 rose +1.01%, a clear sign the month's weakness was concentrated in a handful of mega-cap leaders rather than a broad retreat from risk. Small caps were an exception: the Russell 2000 fell -3.03%, held back by higher rates.

Sector leadership told the rotation story cleanly. Energy (+12.60%) led on the oil surge, followed by Financials (+6.16%) and Real Estate (+2.52%), with defensives Health Care (+2.40%) and Consumer Staples (+2.11%) also higher. The clear laggards were mega-cap technology and rate-sensitive cyclicals: Information Technology (-3.43%), Industrials (-3.01%), and Utilities (-2.23%) absorbed most of the hawkish repricing, exactly where a rising discount rate bites hardest.

The headline index barely moved, but breadth improved underneath. That is the profile of a rotation, a re-rating of leadership and valuations as oil and yields rose, rather than a growth scare about the underlying economy.

Indices (July): S&P 500 -0.06% · Nasdaq Composite -3.19% · Russell 2000 -3.03% · S&P 500 Equal-Weight +1.01%.
Sector leaders: Energy +12.60%, Financials +6.16%, Real Estate +2.52%, Health Care +2.40%, Consumer Staples +2.11%, Consumer Discretionary +0.82%.
Sector laggards: Information Technology -3.43%, Industrials -3.01%, Utilities -2.23%, Materials -1.65%.
Takeaway: The market was flat at the index level but got broader underneath, which is what a rotation looks like rather than a sell-off. Money moved out of a handful of pricey, rate-sensitive tech names and into energy, banks, and real estate.

International markets — mixed, with commodity markets up and tech-heavy Asia down

Up: China +9.04%, Australia +4.57%, Germany +3.19%, Canada +2.87%, Mexico +1.98%, EAFE +1.97%, India +1.78%, Japan +1.03%.
Down: Emerging Markets -3.03%, Taiwan -5.29%, Korea -17.11%.
Takeaway: International markets split along the same line as the U.S. Commodity-linked markets like China, Canada, and Australia rose, while tech-heavy Korea and Taiwan fell sharply as semiconductors sold off.

International equities were uneven in July, split along the same reflation line as the U.S. tape. Commodity- and energy-linked markets did well, while technology- and semiconductor-heavy Asia was hit hard. MSCI EAFE returned +1.97% and emerging markets -3.03%.

China (+9.04%) led the major markets, and commodity exporters Canada (+2.87%) and Australia (+4.57%) benefited from firmer energy and metals; Mexico (+1.98%) and Germany (+3.19%) also finished higher. The pain was concentrated in tech-heavy Asia: Korea (-17.11%) was the month's worst major market by a wide margin, with Taiwan (-5.29%) and the broad emerging-market index (-3.03%) also lower as the global semiconductor complex de-rated. Japan (+1.03%) and India (+1.78%) finished modestly higher.

For internationally diversified portfolios, July was a reminder that the same force driving U.S. sector leadership, a rotation out of expensive technology and toward commodities and cyclicals, plays out across borders too.

Exhibit 3: International Market Performance (July 2026)

Bloomberg US Aggregate -1.30%, Global Aggregate -0.53%.
The 10-year rose to ~4.72% from 4.46% at the start of the month, with 2s10s ~+0.46pp; yields rose across the curve.
Takeaway: Bond prices slipped as interest rates rose across the board, so this month high-quality bonds didn't cushion the portfolio, though they now pay a healthier yield.

Fixed income lost ground in July as yields rose. The Bloomberg U.S. Aggregate Index returned -1.30% and the Global Aggregate -0.53%: a reminder that when the whole curve reprices higher, high-quality duration does not shelter a portfolio the way it does in a growth scare. That is what a reflationary regime implies, with firm growth and hot inflation pointing away from bonds, and July delivered it.

The move was broad-based. The 10-year Treasury yield climbed from 4.46% to roughly 4.72% over the month, as the oil surge and sticky inflation pushed investors to price a more hawkish Fed. The 2s10s curve steepened to about +0.46pp. Unlike June, when the front end did most of the work, July saw long-term rates move too, a genuine if contained bond selloff.

On the income side, the month reinforced the 'hold to earn, don't extend' message: with yields elevated and the Fed leaning hawkish, bonds still pay a healthy coupon, but adding duration here carries meaningful price risk.

Fixed income — yields rose across the curve; duration offered little cover

Commodities — oil surges as the reflation trade reignites

WTI crude +22.61%; S&P GSCI Copper +3.62%.
Gold +0.86% (inflation-hedge bid even with real yields higher and the dollar lower).
Cross-asset context: US Dollar -1.37% and Bitcoin +7.06%.
Takeaway: Oil surged roughly 23%, pushing up gas prices and clouding the inflation outlook, while gold and Bitcoin also rose and the dollar fell, a sign investors were rotating rather than fleeing risk.

Growth

Key dates to watch in August 2026

Authors

Ani Vedere

Inflation

Aug 3: ISM Manufacturing PMI.
Aug 5: ISM Non-Manufacturing PMI.
Aug 7: Nonfarm Payrolls, Unemployment Rate.
Aug 14: Retail Sales.

Aug 12: CPI, Core CPI.

The bottom line

July was a rotation, not a retreat: the market behavior of a reflationary regime, not a risk-off. Firm nominal growth and still-easy financial conditions kept the economy and risk appetite intact, while a roughly 23% surge in oil and a climb in the 10-year yield toward 4.72% pushed markets to price a firmer Fed (about 1.7 hikes into December 2026). Higher discount rates hit the long-duration growth leaders hardest (Nasdaq -3.19%, with the S&P 500 roughly flat at -0.06%), but breadth improved and energy, financials, and real estate led, with the equal-weight S&P 500 higher on the month. The market's tolerance for inflation or earnings disappointment has narrowed. We remain constructive on the economy, observing the rotation in leadership, and watching the Fed and oil from here.

You're Asking the Wrong Question About Your P&G Long-Term Incentive Award

Mon, 03 Aug 2026 01:25:13 GMT

Every year, Procter & Gamble employees receive a Long-Term Incentive Plan (LTIP) award and face the same decision:

Should I choose stock options or Restricted Stock Units (RSUs)?

It's an important question—but we don't think it's the first question you should ask.

After working with P&G employees over the years, we've found that the better decisions come from looking at the bigger picture.

Question #1: What role do I want this award to play?

Before comparing stock options and RSUs, ask yourself:

What is this award supposed to accomplish?

Is it meant to maximize long-term wealth?
Provide greater certainty?
Complement the rest of your compensation?

Your answer often provides more clarity than comparing payout scenarios.

Question #2: How much of my financial future is already tied to P&G?

This is the conversation we find ourselves having most often.

Think about everything connected to P&G:

Your salary
Annual bonus
Profit Sharing Trust (PST)
Savings Plan
Existing LTIP awards
Other P&G stock you've accumulated over your career

The LTIP election isn't an isolated decision.

It's another piece of an already meaningful relationship between your financial future and one company.

Question #3: What do I expect my life to look like when this award actually matters?

The election happens today, but the award becomes valuable years from now.

Ask yourself:

Will I still be working at P&G when it vests?
Will retirement be approaching?
Will I want additional exposure to P&G stock?
Will I need liquidity?

Thinking ahead often changes how you view today's decision.

Question #4: What's my plan after the award vests?

This is where we think many employees spend too little time.

The election is only the beginning.

Before choosing either award, think about:

Will I continue holding the shares?
At what point would I diversify?
How will taxes affect my decision?
How does this fit with my overall investment strategy?

Sometimes those decisions have a greater impact on your long-term outcome than the election itself.

A Simple Decision Framework

Rather than asking, "Which election is better?" , ask yourself:

If my primary objective is...

...maximizing long-term upside , stock options deserve serious consideration. They provide greater leverage to future stock appreciation, but that additional upside comes with additional risk.

...capturing value with greater certainty , RSUs may be the better fit. They retain value regardless of whether P&G's stock experiences significant appreciation after the grant date.

...building long-term financial security , don't make the decision in isolation. Evaluate how this year's election fits alongside your existing P&G stock, retirement benefits, tax situation, and overall investment portfolio.

Ultimately, this isn't just an equity compensation decision, it's a financial planning decision.

The biggest mistake isn't choosing stock options instead of RSUs—or vice versa. The biggest mistake is making the election without considering how it fits into the rest of your financial life.

PST Contribution Day: Four Questions Every P&G Employee Should Ask

Wed, 15 Jul 2026 23:48:57 GMT

Every July, thousands of P&G employees receive one of the largest annual contributions they'll make toward retirement: the annual Profit Sharing Trust (PST) contribution.

For many employees, the routine is simple—log in, check the contribution amount, and move on.

We think July offers something even more valuable: an opportunity to make sure your retirement strategy is still aligned with your long-term goals.

Markets change. Retirement timelines evolve. Families grow. Portfolios drift. Yet many employees leave the same investment elections in place for years without asking whether they still reflect the financial future they're trying to build.

Whether you're early in your career or approaching retirement, here are four questions worth asking after your annual PST contribution posts.

1. How Should I Invest This Year's Cash Contribution?

Each annual PST contribution consists of two components:

P&G common stock , which must remain at or above the plan's required minimum allocation.

A cash contribution , which can be invested among the investment options available within the PST.

While many employees naturally focus on the company stock portion, the cash contribution deserves just as much attention. Every year's contribution is a new opportunity to intentionally build your retirement portfolio.

Instead of simply leaving your elections unchanged, ask yourself:

If I were investing this money for the first time today, would I make the same choices?
Do my investments still match my retirement timeline?
Has my comfort with investment risk changed?

The specific funds you choose matter, but the bigger objective is creating an allocation that supports your long-term financial goals.

2. Does My Overall Asset Allocation Still Make Sense?

Investment portfolios naturally drift over time.

Strong market performance, annual contributions, and changing retirement objectives can gradually move your allocation away from what you originally intended—even if you haven't made a single investment change.

That's why we view PST Contribution Day as an annual portfolio check-up.

Ask yourself:

Am I invested the way I would choose today, or simply the way I was years ago?
Does my current allocation still reflect how close I am to retirement?
Is my portfolio appropriately diversified across stocks, bonds, and other investments?

Often, only modest adjustments are needed. The important part is making those decisions intentionally rather than allowing your portfolio to evolve by default.

3. How Much P&G Stock Do I Really Own?

This is one of the most common questions we receive.

The required 40% allocation to P&G common stock inside the PST is exactly that—a plan requirement. Whether it makes sense to own more than that depends on your individual financial situation.

Rather than looking only at your PST, we encourage employees to evaluate their total exposure to P&G across all accounts.

That may include:

Profit Sharing Trust (PST)
P&G Savings Plan
RSUs and Stock Options (NSOs)
Brokerage accounts holding P&G stock
Any other company stock you own

Many long-tenured employees are surprised to discover that a significant portion of their investable assets is tied to the success of a single company once everything is added together.

P&G has been an exceptional business for generations, and many employees have built meaningful wealth through company stock. At the same time, concentration risk is real. The appropriate amount of company stock should be evaluated within the context of your entire financial picture—not just one retirement account.

4. Have My Financial Goals Changed?

Sometimes the right investment allocation changes not because the markets changed—but because your life changed.

Take a moment to ask yourself:

Has my retirement timeline changed?
Am I planning to purchase another home?
Have my income needs changed?
Have I welcomed children or grandchildren?
Has my estate plan been updated?
Am I thinking about Roth conversions or other retirement tax strategies?
Has my spouse's retirement timeline changed?

Your investment strategy should support your financial plan—not the other way around.

Our Perspective

The annual PST contribution is more than a deposit into your retirement account—it's one of the best opportunities each year to step back and review your overall financial strategy.

Every July, we encourage P&G employees to:

Review how this year's cash contribution is invested.
Confirm that their asset allocation still aligns with their goals.
Evaluate their total exposure to P&G stock across all accounts.
Consider whether changes in life or retirement plans warrant adjustments.

Sometimes you'll conclude that everything is exactly where it should be. Other times, a thoughtful review can help ensure your retirement portfolio continues to reflect your long-term objectives.

The annual PST contribution doesn't require you to make changes—but it does deserve your attention.

PST Contribution Day Checklist

Before you log off, ask yourself:

☐ Did I receive the contribution I expected?

☐ Is my cash contribution invested the way I want it to be?

☐ Does my overall asset allocation still match my retirement timeline?

☐ Am I comfortable with my total exposure to P&G stock across all of my accounts?

☐ Have any of my financial goals changed since last July?

☐ When was the last time I intentionally reviewed this account?

A 15-minute review each July can help keep your retirement strategy aligned with your long-term financial goals.

Brad Morgan Named #7 on AdvisorHub's 400 Advisors to Watch

Tue, 14 Jul 2026 19:36:04 GMT

Beyond Wealth Partners founder Brad Morgan, CFP®, has been recognized as #7 on AdvisorHub's 2026 "400 Advisors to Watch (Under $1B)" list — one of the highest-ranked advisors on this year's list nationally.

The recognition reflects Morgan's decade-long focus on serving Procter & Gamble employees and high-net-worth families in the Cincinnati area, helping clients navigate complex equity compensation, retirement distributions, and tax planning decisions that most generalist advisors don't specialize in.

Read the full list →

Disclaimer:
Third-party rankings and recognitions are not indicative of future investment success and do not guarantee that any client will experience a certain level of performance or results. Such ratings are not endorsements, and are not representative of any one client’s experience. Rankings are generally based on information provided by the adviser and/or assets under management. For additional information regarding the criteria and methodology used, please refer to the issuing organization’s website.

[ https://www.advisorhub.com/advisors-to-watch-under-1b-2026/ ]

Awards and accolades are granted by non-affiliated third parties and are provided for informational purposes only. The views expressed in related publications are those of the authors and not necessarily those of Savvy. Nothing herein should be construed as evidence of any client’s experience with the firm. Savvy makes no warranties regarding the accuracy of third-party information and disclaims liability for any reliance thereon.

June 2026 Global Markets Recap

Thu, 02 Jul 2026 19:34:49 GMT

Exhibit 2: U.S. Sector Performance (June 2026)

Regime change at the Fed

June flipped May's script. A changing of the guard at the Federal Reserve, Chair Warsh's hawkish FOMC debut, repriced markets away from rate cuts and toward the possibility of another hike, and the long-duration growth complex that had led all year bore the brunt. The S&P 500 fell -0.95% and the Nasdaq -2.75% in June, while small caps (Russell 2000 +3.74%) and the equal-weight S&P 500 (+2.38%) held up: a textbook rotation out of mega-cap technology and into value, financials, and defensives. Meanwhile, the spring's biggest geopolitical risk faded as the Iran conflict de-escalated, the Strait of Hormuz moved toward reopening, and crude oil dropped -16.82%, easing inflation concerns. Despite this increasingly disinflationary backdrop, investors embraced a more hawkish policy outlook, reflecting confidence that the new Fed leadership would prioritize inflation credibility over near-term easing. The takeaway: the macro backdrop remains fundamentally sound, but June marked the month the hawkish-Fed risk became the market's central focus.

The Fed's regime change. Chair Warsh's first FOMC (June 16–17) put price stability first; the SEP raised 2026 median core PCE to 3.3% (from 2.7%) and cut unemployment to 4.3%; 9 members signaled hikes this year (5 expecting 2). Cuts were priced out; a hike entered the debate.
Growth derated, leadership rotated. S&P 500 -0.95%, Nasdaq -2.75%; Russell 2000 +3.74%, S&P Equal-Weight +2.38%. Industrials +7.29%, Health Care +6.62% led; Communication Services -7.78%, Energy -5.06% lagged.
Oil collapsed on de-escalation. WTI -16.82% as Hormuz reopening odds rose (~83% by year-end), removing the spring energy-shock premium.
Risk-off in the speculative tail. Bitcoin (IBIT) -20.03%, Gold -11.68%, while the US Dollar gained +2.27%, all consistent with a more hawkish Fed and higher real yields.
Bonds held up. Bloomberg US Aggregate +0.24%, Global Aggregate -0.71%. Quality duration proved resilient even as the front end repriced on the Fed.

‍

Noteworthy developments

Rotation: the cost of a higher policy ceiling

The single story of June was rotation. A credible, inflation-first Fed lifts the discount rate on the longest-duration cash flows first, which is exactly why the AI/mega-cap-growth leaders (Comm Services, Discretionary, Tech) fell hardest while shorter-duration cyclicals and defensives (Health Care, Industrials, Utilities, Financials) gained. Small caps and the equal-weight index outperformed, a clear sign breadth improved even as the cap-weighted index fell. This is the constructive interpretation of a hawkish pivot: a re-rating of who leads, while the economy itself stayed sound.

U.S. equities: index down, breadth up, a rotation out of mega-cap growth

U.S. equities finished June with a split tape: the cap-weighted indexes fell, but participation underneath improved. The S&P 500 declined -0.95% and the Nasdaq -2.75% as investors repriced long-duration growth, while the Russell 2000 gained +3.74% and the equal-weight S&P 500 rose +2.38%, a clear sign the month's weakness stayed concentrated in a handful of mega-cap leaders rather than a broad retreat from risk.

Sector leadership told the same story. Industrials (+7.29%) and Health Care (+6.62%) led, alongside utilities and financials, while Communication Services (-7.78%) and Energy (-5.06%) lagged sharply. Communication Services and the long-duration growth complex absorbed most of the hawkish-Fed repricing; cyclicals and defensives held up far better.

The headline index declined, but breadth improved underneath. That is the profile of a rotation: a re-rating of leadership and valuations, with the underlying economy still intact.

June returns (through 2026-06-30): S&P 500 -0.95% · Nasdaq Composite -2.75% · Russell 2000 +3.74% · S&P 500 Equal-Weight +2.38%.
Sector leaders: Industrials +7.29%, Health Care +6.62%, Financials +4.37%, Utilities +2.71%, Real Estate +0.84%, Consumer Staples +0.50%.
Sector laggards: Materials +0.02%, Information Technology -3.28%, Consumer Discretionary -4.69%, Energy -5.06%, Communication Services -7.78%.
Takeaway: The market slipped, but it got healthier underneath: money rotated out of a handful of pricey tech names into health care, banks, industrials, and steadier dividend-payers.

International markets: mixed regionally, led lower by China

International equities mostly declined in June as a stronger U.S. dollar and a hawkish Fed repricing weighed on global risk appetite. The MSCI EAFE Index gained 0.09% while emerging markets slipped 1.36%, with Europe and China among the weaker regions.

The regional picture was mixed. India (+1.53%) and Korea (+0.33%) led gains, while China (-7.05%) lagged sharply. Taiwan (+1.27%) surrendered part of its earlier advance but still finished the month in positive territory. Germany (-3.17%) and Australia (-2.80%) also struggled as a stronger U.S. dollar and higher Treasury yields weighed on international markets.

For internationally diversified portfolios, June was a reminder that U.S. policy and currency moves still transmit quickly abroad, even when the underlying AI and semiconductor themes remain structurally relevant.

Up: India +1.53%, Taiwan +1.27%, Korea +0.33%, EAFE +0.09%.
Down: Japan -0.31%, Emerging Markets -1.36%, Canada -1.80%, Australia -2.80%, Mexico -3.10%, Germany -3.17%, China -7.05%; broad MSCI EAFE +0.09% and MSCI EM -1.36%.
Takeaway: A stronger dollar weighed on most foreign markets; Taiwan gave back earlier gains but still finished positive, while India and Korea were the relative standouts and China lagged.

Exhibit 3: International Market Performance (June 2026)

Fixed income: the Fed repriced the front, the long end held

Fixed-income markets held up better than equities in June. The Bloomberg U.S. Aggregate Index returned +0.24% and the Global Aggregate -0.71%, suggesting that high-quality duration proved resilient even as the Federal Reserve turned more hawkish.

The yield-curve story was nuanced. Chair Warsh's FOMC debut pushed the front end higher and supported a stronger dollar, but the 10-year Treasury eased to roughly ~4.46% by month-end, with 2s10s near ~+0.30pp. The market repriced near-term policy risk without fully breaking the long end: a mild flattening rather than a broad bond selloff.

On the income side, the month reinforced the “hold to earn” message: bonds did their job as ballast even as growth stocks derated.

Bloomberg US Aggregate +0.24%, Global Aggregate -0.71%.
The 10-year stood at ~4.46% (2026-06-30) with 2s10s ~+0.30pp: the hawkish Fed lifted the front end, but the long end held, a mild flattening.
Takeaway: The Fed's tougher tone pushed short-term yields up, but longer-term rates held steady, so high-quality bonds still paid you to wait. modestly positive returns in May, but the underlying rate backdrop remained challenging.

Exhibit 4: U.S. 10-Year Treasury Yield (June 2026)

Commodities: oil cracks as the Middle East calms

Commodities and cross-asset markets reflected June's twin forces: Middle East de-escalation pulling energy lower, and a hawkish Fed lifting the dollar and pressuring the speculative complex.

WTI crude fell -16.82%, the month's most important disinflationary development, as the Strait of Hormuz risk premium drained. Gold (-11.68%) and Bitcoin (-20.03%) also declined, consistent with higher real yields, a firmer dollar (+2.27%), and fading geopolitical urgency. Copper (-1.58%) was roughly flat to slightly negative, a modest read on global industrial demand.

In plain terms: the drop in oil is relief at the pump and for inflation expectations, even as the Fed's tougher tone kept pressure on non-yielding assets.

WTI crude -16.82%; S&P GSCI Copper -1.58%.
Gold -11.68% (higher real yields, stronger dollar, fading geopolitical bid).
Cross-asset context: US Dollar +2.27% and Bitcoin -20.03%.
Takeaway: Oil fell sharply as the Middle East de-escalated, easing inflation and gas prices, while gold and crypto pulled back.

AUTHORS

Anshul Sharma

Ani Vedere

Exhibit 5: U.S. 10-Year Minus 2-Year Treasury Yield (June 2026)

Exhibit 1: U.S. Equity Performance (June 2026)

Exhibit 6: Cross Asset Performance (June 2026)

Macro

Growth: the economy kept expanding, even as growth stocks sold off

June's market action looked scary on the surface, but the hard data told a different story. Hard data still pointed to an economy that was growing, even as high-frequency trackers cooled: the Weekly Economic Index averaged 2.67% year to date (through 2026-06-20), and the Atlanta Fed's GDPNow model estimated roughly 1.2% for 2026Q2 as the quarter closed (as of 2026-07-01). That pace is positive though cooled from spring estimates. It points to an economy that is still expanding, well short of a recession, even if it is no longer running hot.

What changed in June was how the market priced growth rather than growth itself. Chair Warsh's hawkish Federal Reserve debut lifted the discount rate on long-duration assets, and the mega-cap technology leaders that had carried the index all year fell hardest. Meanwhile, small caps gained meaningfully, cyclicals and defensives rose, and the equal-weight S&P 500 finished positive. That split is exactly what you would expect when multiples compress rather than when the business cycle turns.

The distinction matters. Payroll and spending data through May still pointed to a resilient labor market and consumer. The June equity drawdown stayed concentrated in a handful of expensive growth names rather than the broad economy.

Takeaway: The economy is still growing: June's stock pullback was about interest rates and valuations rather than a sign that the expansion is ending.

Inflation: still above target, but moving in the right direction

Inflation remained the Fed's central problem in June, but the trajectory improved. Headline CPI stood at 4.27% in May 2026, and the Cleveland Fed's June 2026 nowcast eased toward ~3.92% (as of 2026-06-30), still well above the Fed's 2% target but no longer accelerating. The distinction between “high” and “high and getting worse” is the one that matters for policy and for portfolios, and June leaned toward the former.

The Fed's own projections confirmed the stickiness. At the June FOMC, the Summary of Economic Projections raised the median 2026 core PCE forecast to 3.3%, up from 2.7%. Futures markets repriced accordingly, with investors moving from debating rate cuts to debating whether the next move could be a hike.

The wildcard was energy. As the Iran conflict de-escalated and crude fell roughly -16.82% in June, a meaningful wartime risk premium drained from oil. That is a genuine disinflationary tailwind for gasoline, goods prices, and household budgets heading into the summer.

Takeaway: Inflation is still too high for comfort, but it is easing rather than re-accelerating, and the drop in oil is giving households and the Fed a bit more breathing room.

Financial conditions: a credible, hawkish Fed repriced the path

The defining macro event of June was a regime change at the Federal Reserve rather than any single data print. Chair Warsh's first FOMC meeting (June 16–17) sent an unambiguous message: price stability comes first. Markets heard it clearly.

The SEP showed 9 members signaling rate hikes this year, with 5 expecting 2 increases. The median unemployment projection was revised down to 4.3%, while core PCE was revised up, a combination that leaves little room for near-term easing. Rate-cut expectations faded, and the debate shifted to whether the Fed might need to hike if inflation does not cooperate.

Fed Funds futures (Monetary Policy dashboard, ZQ strip) price ~0.9 hike into Dec 2026 (implied FF ~3.90% vs SOFR ~3.68%) and ~1.0 hike through Dec 2027 (~3.92%).

The market response was immediate: the front end repriced higher, the U.S. dollar gained ~2.5%, and long-duration growth assets derated. Yet broad financial-conditions gauges remained accommodative (Chicago NFCI ~-0.50, St. Louis Financial Stress ~-0.64 as of 2026-07-02): policy is restrictive, conditions are not.

Takeaway: The Fed just told the market it will prioritize inflation over supporting stocks: financial conditions are still easy enough to keep the economy going, but the Fed has lowered the ceiling on how much risk the market can take.

Geopolitics: the spring's biggest fear eased, and oil fell sharply

For most of the spring, geopolitics was the market's primary anxiety. The Iran conflict and the threat to the Strait of Hormuz fed directly into energy prices, inflation expectations, and Fed policy uncertainty. June brought a meaningful shift in that narrative.

A ceasefire framework emerged with a phased reopening of Hormuz, and markets began pricing a high probability of normalization by year-end (~83% on prediction markets). As the wartime risk premium drained, WTI crude fell roughly -16.82%, the single largest cross-asset move of the month outside of the speculative complex.

The strategic risk has not disappeared, but for June the energy-to-inflation-to-Fed transmission chain that dominated the spring went quiet.

Takeaway: The Middle East risk that worried markets all spring eased in June and pulled oil prices down, which is good news for inflation and gas prices, as long as the truce holds.

Key dates to watch in July 2026

Growth

Jul 1: ISM Manufacturing PMI.
Jul 2: Nonfarm Payrolls, Unemployment Rate.
Jul 6: ISM Non-Manufacturing PMI.
Jul 16: Retail Sales.

Inflation

Jul 14: Core CPI, CPI.

Financial conditions

Jul 29: Fed Interest Rate Decision.

The bottom line

June was the month the market took the new Fed at its word. A hawkish Warsh pivot derated the long-duration growth leaders, but the damage was contained and constructive underneath: breadth improved, small caps and value rose, and the collapse in oil is a meaningful disinflationary offset. The economy is still expanding and financial conditions remain easy: this looks like a re-rating of leadership rather than a growth scare. But with a Fed now anchored on inflation and a hike back on the table, the market's tolerance for an inflation or earnings disappointment has narrowed. Constructive on the economy, rotated in leadership, and increasingly deferential to the Fed.

May 2026 Global Markets Recap

Tue, 16 Jun 2026 12:11:09 GMT

Exhibit 2: U.S. Sector Performance (May 2026)

May showed that strong earnings and continued enthusiasm around AI can still support risk assets, even when interest rates remain elevated and inflation risks are still present.

After April’s sharp rebound, investors entered May focused on whether earnings momentum could continue, whether the rally could broaden, and whether easing energy prices would reduce pressure on inflation and the Federal Reserve. By month end, the answer was mixed but constructive. U.S. equities moved higher again, major indexes reached new highs, and technology leadership remained powerful. At the same time, market breadth narrowed, Treasury yields moved higher, and the Fed’s path became less supportive as investors increasingly debated whether the next policy move could eventually be a hike rather than a cut.

The gains were meaningful. The S&P 500 rose 5.2% in May, extending its rally from the April lows and finishing the month at a record high. The Nasdaq Composite gained 8.4%, again leading major U.S. indexes as AI, semiconductors, software, and cloud infrastructure remained the dominant market themes. The Dow advanced more modestly, while the Russell 2000 gained 4.3% as small caps continued to participate in the broader recovery.

May’s market backdrop was therefore constructive, but not without tension. The equity rally was increasingly concentrated in technology and AI-linked companies, while many traditional sectors lagged or declined. Oil prices moved lower late in the month, helping risk appetite, but inflation data remained firm enough to keep the Fed cautious. Treasury yields rose, the yield curve flattened, and rate-cut expectations continued to fade.

The month’s takeaway is that earnings momentum remains the strongest support for equities, but the market is becoming more dependent on a narrower set of growth drivers.

Noteworthy Developments‍

AI Leadership Became Even More Important

The most important development in May was the continued dominance of AI-linked market leadership.

Technology was the clear driver of U.S. equity returns. The S&P 500 Information Technology sector rose roughly 16% in May, far outpacing the broader index. Semiconductors and software both participated, supported by continued demand for AI infrastructure, data-center buildouts, cloud spending, and power-related investment. The semiconductor complex remained especially strong, extending the powerful move that began in April.

That leadership helped the major indexes move higher, but it also highlighted a growing concentration issue. While the S&P 500 posted a strong monthly gain, most sectors did not keep pace with the index, and several finished lower. Technology was the only sector to materially outperform, while areas such as Energy, Utilities, and Consumer Staples lagged. In other words, the headline index performance was strong, but the underlying composition was less broad than it appeared.

This does not mean the rally was purely speculative. Earnings results continued to support the move, and many AI-linked companies delivered real revenue growth, margin expansion, and stronger forward guidance. The market was not simply paying higher multiples for the same earnings stream; it was rewarding companies that are benefiting from a major capital spending cycle.

Still, the bar is rising. When leadership becomes concentrated in a handful of themes, the market becomes more sensitive to earnings disappointments, capex guidance, and valuation resets in those areas. May reinforced that AI remains the central investment theme of 2026, but it also showed that broader market participation will be important if the rally is going to remain durable.

U.S. Equities‍

Another Strong Month, but Narrower Under the Surface

U.S. equities advanced again in May, building on April’s rebound and pushing major indexes to new highs.

The S&P 500 gained 5.2% for the month, while the Nasdaq Composite rose 8.4%. The Nasdaq 100 also outperformed, supported by strength in semiconductors, software, cloud infrastructure, and large-cap technology. The Dow gained more modestly, reflecting its lower exposure to the highest-growth areas of the market. Small caps also participated, with the Russell 2000 rising 4.3% and maintaining strong year-to-date gains.

The quality of the rally was mixed. On one hand, record highs across major indexes, continued small-cap participation, and strong earnings delivery all pointed to a resilient equity backdrop. On the other hand, sector performance showed that leadership was highly concentrated. Technology gained roughly 16%, while many of the more defensive and rate-sensitive areas of the market declined.

Large-cap growth continued to outperform value, and companies tied to AI infrastructure remained the clearest beneficiaries of investor demand. Data-center spending, chip demand, cloud growth, software monetization, and power infrastructure continued to support the view that AI remains a multi-year capital spending cycle.

Small-cap strength was encouraging, but the path remains more complicated. Smaller companies tend to be more sensitive to interest rates, credit conditions, and domestic earnings trends. With the 10-year Treasury yield still elevated and the Fed showing little urgency to ease, small caps may need a more stable rate environment to sustain leadership.

From a portfolio perspective, May was another constructive month for equity exposure, particularly for investors with exposure to quality growth, technology, and AI-linked themes. The main risk is that market leadership has become more concentrated, which raises the importance of earnings execution from the companies carrying the rally.

Exhibit 1: U.S. Equity Performance (May 2026)

International markets also moved higher in May, though performance continued to differ meaningfully by region.

Developed international equities gained ground but generally lagged U.S. equities. The MSCI EAFE Index rose roughly 3.2% in May, helped by improving global risk appetite, a weaker euro, and better performance in Japan and other AI-sensitive markets. European equities also advanced, with the STOXX Europe 600 gaining roughly 3.2% for the month.

Emerging markets were stronger. The MSCI Emerging Markets Index rose roughly 9.7% in May, helped by the same technology and semiconductor themes that supported U.S. markets. Taiwan, South Korea, and other parts of the Asian technology supply chain remained central to the global AI investment story. Semiconductor demand, memory pricing, and hardware infrastructure continued to support the region.

That said, EM performance remains increasingly tied to a narrower set of technology-related drivers. The same AI theme that helped emerging markets rally also makes the asset class more sensitive to changes in global capex expectations, semiconductor demand, and U.S. interest rates. In May, the earnings and technology tailwinds were strong enough to offset those risks. Going forward, the balance between AI-driven growth and higher U.S. rates will be important.

Europe’s setup was somewhat different. European equities benefited from the broader global rally and easing oil prices late in the month, but the region remains more exposed to energy costs and weaker growth trends. The rally was helpful, but Europe still faces a more difficult macro mix than the U.S., particularly if elevated energy prices continue to pressure consumers and industrial companies.

Exhibit 3: International Market Performance (May 2026)

Fixed Income and Commodities‍

Yields Rose, Credit Held Up, and Oil Finally Eased

Fixed income produced modestly positive returns in May, but the underlying rate backdrop remained challenging.

Treasury yields moved higher during the month. The 10-year Treasury yield rose roughly 7 basis points to end May near 4.44%, while the 2-year yield rose more sharply as investors priced in a less accommodative Fed path. The 2-year/10-year Treasury spread flattened to roughly 43 basis points, reflecting the market’s shift away from rate-cut expectations and toward the possibility that policy may need to remain restrictive for longer.

Longer-term yields also drew attention. The 30-year Treasury yield briefly moved above 5% during the month, reaching levels last seen before the global financial crisis, before finishing May just below that level. The move reflected a combination of inflation concerns, elevated oil prices, heavier Treasury supply, and a reassessment of the Fed’s policy path.

Despite the rate volatility, bonds were not broadly weak. The Bloomberg U.S. Aggregate Bond Index returned roughly 0.3% in May, helped by coupon income and tighter credit spreads. Investment-grade and high-yield corporate bonds outperformed Treasuries as credit spreads continued to tighten, reflecting resilient investor demand and confidence in corporate fundamentals.

Oil remained one of the most important macro variables, but the direction improved late in the month. After trading at elevated levels for much of the spring, crude prices fell below $100 per barrel in late May on hopes for progress in U.S.-Iran negotiations and a potential reopening of the Strait of Hormuz. West Texas Intermediate crude ended the month below $90 per barrel, a meaningful decline from prior highs.

That move helped risk sentiment because oil has been the direct link between geopolitics, inflation, consumer confidence, and Fed policy. Lower oil prices do not eliminate the inflation problem, but they reduce the immediate pressure on headline inflation and give markets more confidence that the worst of the energy shock may be easing.

Gold was less central to the cross-asset story in May. Higher real rates and improving risk appetite limited the appeal of safe-haven exposure, even though geopolitical uncertainty remained elevated.

Exhibit 4: Cross-Asset Performance (May 2026)

Economy and Policy‍

Growth Remained Resilient, but the Fed’s Flexibility Narrowed

The May data showed an economy that continued to expand, but with inflation still too firm for the Federal Reserve to declare victory.

First-quarter real GDP was revised lower to a 1.6% annualized rate from the initial 2.0% estimate. The revision reflected softer investment and consumer spending than initially reported, although growth still improved from the 0.5% pace recorded in the fourth quarter of 2025. The economy is not accelerating sharply, but it remains resilient enough to keep recession concerns contained.

The labor market also remained steady. The April employment report showed payroll growth of 115,000 and an unchanged unemployment rate of 4.3%. Job growth was slower than in prior cycles, but still consistent with an economy that continues to expand. Importantly, the unemployment rate remained low and stable, giving the Fed little urgency to ease policy.

Consumer spending also held up. April retail sales rose 0.5% month over month and 4.9% year over year. Some of the increase reflected higher gasoline prices, but the data still pointed to a consumer sector that remained resilient despite higher rates, higher energy costs, and lingering uncertainty.

Inflation remained the bigger challenge. April PCE inflation rose 3.8% year over year, while core PCE increased 3.3%. That was above the Fed’s 2% target and reinforced the concern that energy-driven inflation could spill into broader price pressures if elevated oil prices persist.

The Fed minutes from the April 28 to 29 meeting reinforced that message. Policymakers noted that the conflict in the Middle East had continued to influence asset prices and inflation expectations. The minutes also showed increased concern that inflation could take longer to return to target, and that the policy path may need to remain restrictive for longer than investors had expected earlier in the year.

The market’s takeaway was that the bar for rate cuts has moved even higher. Earlier in 2026, investors were focused on when cuts might begin. By the end of May, the discussion had shifted toward whether the Fed might remain on hold for all of 2026, or even consider a hike if inflation fails to moderate.

‍

Key Dates to Watch in June 2026

Markets will be watching whether May’s rally can continue in the face of incoming labor, inflation, and Fed data.

June 5: May Employment Report
June 10: May CP
June 11: May PP
J une 16 to 17: FOMC Meeting
June 17: May Retail Sales
June 18: May Housing Starts
June 25: May Personal Income and Outlays, including PCE inflation
June 26: Final First-Quarter GDP Estimate

‍

The Bottom Line

May delivered another strong month for risk assets, led by AI, technology, semiconductors, and resilient earnings. The S&P 500 and Nasdaq reached new highs, small caps participated, and international markets also advanced, with emerging markets benefiting from the same AI hardware cycle that supported U.S. technology shares.

The macro backdrop remained more complicated. Treasury yields moved higher, inflation stayed above the Fed’s target, and rate-cut expectations continued to fade. Oil prices eased late in the month, which helped sentiment, but energy remains a key variable for inflation, consumer confidence, and central bank policy.

The next phase for markets will likely depend on three questions: whether AI-related earnings can continue to justify strong performance, whether the equity rally can broaden beyond technology, and whether inflation data improves enough to keep the Fed on hold rather than pushing policy expectations in a more hawkish direction.

For now, earnings momentum remains the market’s strongest support. But May also showed that the rally is becoming more dependent on a narrower group of winners. That makes continued earnings delivery, stable rates, and broader participation increasingly important as investors move into the second half of 2026.

AUTHOR

Anshul Sharma

Savvy Wealth Investment Management ("SWIM") is a proprietary, in-house investment solution offered by Savvy Advisors, Inc. (“Savvy Advisors”). It is designed to support financial advisors in the management of client portfolios. Savvy Wealth Investment Management is not a separate legal entity and is not independently registered as an investment adviser. All advisory services are provided by Savvy Advisors in its capacity as a registered investment adviser.

Exhibit 5: U.S. 10-Year Treasury Yield (May 2026)

Exhibit 6: U.S. 10-Year Minus 2-Year Treasury Yield (May 2026)

The Roth Conversion Trap: Why Your “12% Bracket” Might Actually Cost You 22%

Wed, 13 May 2026 21:57:54 GMT

Everywhere you turn right now, financial pundits are recommending Roth conversions.

“Taxes are going up.” “Convert while rates are low.” “Fill the bracket.”

And while Roth conversions can absolutely be powerful planning tools, there’s a major problem with the way they’re often discussed:

Most people are looking only at the tax bracket — not the true cost of the conversion.

At Beyond Wealth Partners, we spend a significant amount of time modeling Roth conversion strategies for P&G retirees and executives. What we’ve found is that the effective tax rate of a conversion can be dramatically higher than the marginal bracket printed on the tax tables.

In some cases, a “12% conversion” can actually behave more like a 22% conversion once the ripple effects across the tax return are fully accounted for.

That’s why tax-aware Roth conversion planning requires more than intuition. It requires high-level tax software, scenario analysis, and a deep understanding of how increases in Adjusted Gross Income (AGI) impact the rest of the return.

The Hidden Cost of Higher AGI

When you perform a Roth conversion, you increase taxable income and AGI. That sounds simple enough.

But AGI acts like a master switch throughout the tax code.

A higher AGI can trigger:

Increased taxation of Social Security
Loss of senior deductions
Higher Medicare IRMAA premiums
Loss of ACA subsidies
Phaseouts of credits and deductions
Higher capital gains exposure
Additional state tax consequences

In other words, the conversion itself may not be the real tax cost.

The side effects are often the bigger issue.

A Real-World Example

Recently, we analyzed two Roth conversion strategies for a retired couple.

The goal was straightforward: Determine whether it made sense to convert enough assets to fill the 12% bracket — or aggressively convert into the 22% bracket.

At first glance, many advisors would instinctively recommend “filling the bracket.”

But the analysis told a much more nuanced story.

Scenario #1 — Controlled Conversion

We modeled a Roth conversion of approximately $40,000 .

This strategy intentionally kept income near the top of the 12% bracket while preserving several important tax benefits.

Why we preferred this route:

Nearly the entire Enhanced Senior Deduction was preserved
The couple avoided meaningful IRMAA exposure
Federal tax burden remained manageable
Cash reserves stayed largely intact
Future flexibility remained available

Most importantly, the analysis showed something many investors miss:

Although the income sat inside the 12% marginal bracket , the effective tax rate on the next dollars converted was actually over 22% due largely to increased taxation of Social Security income.

That distinction matters enormously.

Scenario #2 — “Fill the 22% Bracket”

We then modeled a far larger Roth conversion of approximately $137,000 .

On paper, this sounds appealing: “Let’s convert more while tax rates are still historically low.”

But once we modeled the full tax impact, the picture changed dramatically.

The larger conversion caused:

Elimination of the Enhanced Senior Deduction
Much higher federal and Ohio tax liability
Reduced flexibility for realizing future capital gains
Significant pressure on cash reserves
Increased taxation of Social Security benefits

And again, despite the conversion “living” in the 22% bracket, the true effective rate on incremental income climbed materially higher when all interactions were included.

This is exactly why bracket-based planning alone can be misleading.

The Difference Between Marginal and Effective Conversion Rates

This is one of the most misunderstood concepts in retirement tax planning.

Your marginal bracket is simply the rate assigned to the next dollar of ordinary income.

But Roth conversions often create hidden chain reactions:

More Social Security becomes taxable
Deductions phase out
Medicare costs rise later
Other income becomes exposed to tax

That means the actual economic cost of the conversion may be far higher than the bracket itself suggests.

In our planning process, we focus heavily on:

Effective conversion rates
Multi-year tax projections
Medicare thresholds
Future RMD management
Legacy planning
Cash flow sustainability

Because the objective is not simply to “convert more.”

The objective is to improve lifetime after-tax wealth.

Roth Conversions Are Still Powerful

To be clear — this is not an anti–Roth conversion argument.

In fact, we believe Roth conversions can be extraordinarily valuable when used correctly.

But the best Roth conversion strategies are usually:

Intentional
Multi-year
Tax-aware
Coordinated with Social Security and Medicare
Customized to the household

The days of simplistic “fill the bracket” advice are over.

Sophisticated planning requires understanding how every additional dollar of income interacts with the broader tax system.

And sometimes, the smartest conversion is the smaller one.

Q2 2026 Inside The Markets

Wed, 13 May 2026 01:10:25 GMT

In this session, Anshul Sharma, Savvy's Chief Investment Officer, cut through the noise of a complex quarter and shared what investors should be thinking about heading into Q2 2026.

He explored what was driving markets across public and private markets, asset classes, and geographies — so you can focus on what actually matters for your portfolio right now.

What you'll learn:

Market Backdrop: What's actually moving markets this quarter — and what's just noise.
Portfolio Positioning: Where we're allocating today, and why.
What to Watch Next: The risks and catalysts that could reshape portfolios in Q2 and beyond.

PRESENTER

Anshul Sharma

Anshul Sharma is Chief Investment Officer at Savvy Wealth, where he oversees the firm’s investment strategy, portfolio design, and platform innovation. He partners across product, marketing, and operations teams to deliver portfolios that take a methodological approach to balance customization with scalability for advisors and their clients.

Before joining Savvy, Anshul spent nearly two decades at Bank of America, where he managed the Chief Investment Office’s Sustainable Model Portfolio Suite, launched new proprietary offerings, and, as Head of Alternative Investment Strategy, provided guidance and thought leadership to advisors around hedge fund, private market, and real asset strategies. He began his career as an Investment Strategist at U.S. Trust, designing multi-asset portfolios for high-net-worth and institutional clients.

Anshul holds a Master of Financial Engineering from UC Berkeley and a Bachelor of Computer Engineering from Lehigh University. Outside of work, he is an avid tennis player, enjoys time with his wife, two sons, and their Bernedoodle, and is an auto enthusiast who loves cooking and travel.

April 2026 Global Markets Recap

Tue, 05 May 2026 00:59:43 GMT

Exhibit 2: U.S. Sector Performance (April 2026)

April 2026‍

Risk Assets Rebounded as Earnings Regained the Spotlight

April showed that markets can recover quickly when earnings momentum and resilient corporate fundamentals help investors look through near-term macro uncertainty.

After March’s oil-driven reset, investors entered April focused on the durability of the expansion, the inflation impact of higher energy prices, and whether corporate earnings could continue to support risk assets. By month end, the market backdrop had improved. Energy prices remained volatile, Treasury yields moved higher, and the Federal Reserve stayed cautious, while first-quarter earnings helped restore confidence in the equity outlook.

That shift showed up clearly across U.S. markets. The S&P 500 rose 10.4% in April, its strongest monthly gain since November 2020. The Nasdaq Composite gained 15.3%, its best monthly performance since April 2020. The Dow also advanced roughly 7%, and the Russell 2000 participated as risk appetite broadened beyond mega-cap technology.

April built on many of the same themes that pressured markets in March, but with a more constructive investor response. The inflation shock remained relevant, geopolitical uncertainty continued, and rate-cut expectations stayed fluid. At the same time, stronger earnings, continued AI investment, and better market breadth helped shift investor attention back toward corporate fundamentals.

Noteworthy Developments‍

Earnings Took the Lead From Oil

The most important development in April was the market’s shift in focus from the oil shock to earnings.

Energy remained a key macro variable. Brent crude stayed above $100 per barrel and briefly traded as high as $126, its highest level since March 2022, before settling lower late in the month as investors reacted to renewed U.S.-Iran diplomatic headlines. Still, equities showed a greater ability to absorb energy volatility as earnings season progressed.

First-quarter earnings season helped improve the tone. S&P 500 earnings expectations moved materially higher as large technology companies reported results, with projected first-quarter profit growth reaching its fastest pace since late 2021. That was an important change from earlier in the month, when investors were still evaluating whether higher energy prices, tariff uncertainty, and elevated interest rates would pressure margins.

The AI theme remained the center of gravity. Semiconductors led the move, with the PHLX Semiconductor Index rising sharply in April. Communication Services and Information Technology were the strongest S&P 500 sectors, supported by enthusiasm around cloud infrastructure, data-center spending, AI hardware, and software monetization.

The month’s takeaway is that strong earnings can help investors look through periods of macro uncertainty, particularly when profit growth is broad enough to reinforce confidence in the cycle. Macro risks remain important, but April showed that corporate fundamentals can still carry the market when results are strong.

U.S. Equities‍

A Sharp Rally Led by AI, Earnings, and Better Risk Appetite

U.S. equities rebounded sharply in April, reversing March’s weakness and pushing major indexes back toward prior highs.

The S&P 500’s 10.4% monthly gain was broad on the surface, with 9 of the 11 sectors finishing higher. Leadership, however, remained strongest in areas tied to AI, cloud infrastructure, semiconductors, and large-cap technology. Communication Services led, helped by Alphabet, while Information Technology followed closely as chipmakers surged.

The rally was growth-led, with investors rewarding companies connected to AI capex, power demand, cloud growth, and data-center buildout. Demand for power-generation equipment, semiconductor capacity, and AI infrastructure continued to support the view that this remains a multi-year investment cycle.

Small caps also participated, which was encouraging from a breadth perspective. The Russell 2000 gained ground in April as risk appetite improved and investors looked beyond the largest index constituents. That said, the backdrop for small caps remains closely tied to rates, financing conditions, and earnings delivery. With Treasury yields still elevated and the Fed reluctant to ease, smaller companies may need more stable macro conditions to sustain stronger relative performance.

From a portfolio perspective, April was a constructive month for equity exposure. Market leadership still favored quality growth and AI-linked companies, but improving participation across sectors and market-cap segments was an encouraging sign.

Exhibit 1: U.S. Equity Performance (April 2026)

International Markets‍

Global Equities Recovered, with EM Tech in Focus

International markets also recovered in April, though regional performance remained tied to different drivers.

European equities rebounded after March’s sharp drawdown. The STOXX 600 gained roughly 4.8% in April, its best monthly showing since January 2025. The recovery reflected the broader improvement in global risk appetite, although Europe remains more exposed to the energy-price channel than the U.S., particularly through industrial input costs, transportation, and consumer energy expenses.

Emerging markets were helped by a renewed focus on the AI hardware cycle. Taiwan and South Korea remained central to the story, given their importance in semiconductors, memory, and the broader global technology supply chain. South Korea’s April exports rose strongly, supported by robust semiconductor demand, reinforcing the connection between EM performance and AI infrastructure spending.

The MSCI Emerging Markets Index reached a record high during April, propelled by strength in Korea and Taiwan. That is constructive for EM investors, while also making the composition of returns important. A meaningful share of recent EM strength has come from AI-linked hardware companies, which means the index is increasingly sensitive to global capex expectations and semiconductor demand.

Exhibit 3: International Market Performance (April 2026)

Fixed Income and Commodities‍

Yields Stayed Elevated, While Oil Remained the Key Macro Watchpoint

Fixed income had a more challenging month than equities. Treasury yields moved higher as investors weighed the inflation impact of elevated energy prices and a more cautious Fed. The 10-year Treasury yield ended the month near 4.4%, up roughly 8 basis points, while the 2-year yield finished near 3.9%.

The setup for bonds remains mixed. Higher yields provide more income than they did during the prior cycle, improving the long-term return profile for fixed income. Duration, however, remains more vulnerable when inflation risk is the market’s primary concern, which may keep bond performance uneven until energy prices and inflation expectations stabilize.

Oil remained the key commodity to watch. Brent stayed above $100 per barrel, briefly moved above $126, and then retreated late in the month as diplomatic headlines reduced some of the immediate risk premium. Gold was less of a factor. After drawing investor attention earlier in the year, gold finished the month modestly lower and offered limited protection during the March risk-off move. Recent cross-asset behavior reinforced that oil was the more important macro variable in April because of its direct link to inflation, consumer expectations, transportation costs, and central bank policy.

Exhibit 4: Cross-Asset Performance (April 2026)

Economy and Policy‍

Growth Held Up as the Fed Stayed Patient

The April data showed an economy that continued to expand, with inflation still the key constraint on policy flexibility.

First-quarter real GDP rose at a 2.0% annualized rate, rebounding from 0.5% growth in the fourth quarter of 2025. The increase was supported by investment, exports, consumer spending, and government spending, while consumer spending moderated. Real final sales to private domestic purchasers, a useful measure of underlying private demand, rose 2.5%.

Inflation remained the more difficult part of the backdrop. March CPI rose 0.9% month over month and 3.3% year over year, with energy prices driving a large share of the move. Core CPI was more contained, rising 0.2% on the month and 2.6% year over year, suggesting that the inflation shock was still most visible in the headline data.

The March PCE report told a similar story. The PCE price index rose 0.7% month over month and 3.5% year over year. Core PCE rose 0.3% month over month and 3.2% year over year. That keeps inflation above the Fed’s 2% target and helps explain why policymakers remained cautious.

The Fed held rates steady at its April 28 to 29 meeting. Chair Powell emphasized that the current stance of policy remains appropriate and acknowledged that developments in the Middle East have contributed to a high level of uncertainty. The market’s takeaway was that the bar for rate cuts has moved higher. With energy prices still elevated and inflation above target, investors increasingly expect the Fed to remain on hold through 2026 unless inflation pressures ease more convincingly or labor-market conditions weaken.

‍

Key Dates to Watch in April 2026

Markets will be watching to see whether March’s energy spike starts to show up more clearly in inflation, spending, and business sentiment data. The key U.S. dates are:

May 1: April Employment Report
May 5: ISM Services and JOLTS Job Openings
May 13: April CPI
May 14: April PPI
May 15: April Retail Sales
May 20: FOMC Minutes from the April 28 to 29 meeting
May 29: April Personal Income and Outlays, including PCE inflation

‍

The Bottom Line

April delivered a meaningful rebound across risk assets, led by stronger earnings, renewed momentum in AI-related sectors, and improved investor risk appetite. U.S. equities recovered much of March’s weakness, international markets participated in the rally, and small caps showed better breadth as the month progressed.

The macro backdrop remained more complicated. Energy prices stayed elevated, Treasury yields moved higher, and inflation data kept the Fed focused on maintaining a patient policy stance. Market expectations also shifted further toward a higher-for-longer rate environment, with the timing of any future rate cuts increasingly dependent on incoming inflation, labor-market, and energy-price data.

The next phase for markets will likely depend on whether earnings momentum continues, whether inflation pressures stabilize, and whether the rally broadens beyond the areas most closely tied to AI and large-cap technology.

AUTHOR

Anshul Sharma

Exhibit 5: U.S. 10-Year Treasury Yield (April 2026)

Exhibit 6: U.S. 10-Year Minus 2-Year Treasury Yield (April 2026)

Beyond Tax Season: Refocusing On The Road Ahead

Tue, 28 Apr 2026 22:59:50 GMT

At Beyond Wealth Partners, we're excited to share continued growth within our own team. We are thrilled to welcome Hunter Cloud, CFP®, CPA , a valued former colleague whose experience and deep familiarity working with P&G families make him a natural fit for our practice - and also expand the team's tax planning capabilities.

In this newsletter, we cover P&G's Q3 earnings report, a spotlight on our team member Hillary Peterson, and a few helpful resources as planning retakes the forefront on the other side of tax season.

June 3rd, 2026 - Reds vs Royals | first pitch @ 7:10 PM

P&G's Q3 2026 Earnings: What We're Watching

Our full write-up on P&G's third-quarter earnings will be published alongside this newsletter on April 24. We'll walk through the quarter's headline numbers, management commentary under CEO Shailesh Jejurikar, and what the results mean for current employees, retirees, and families with concentrated P&G positions.

Click here to read the full write-up

Meet Hillary Peterson

Hillary is an integral member of the Beyond Wealth Partners team, helping ensure our operations run smoothly and efficiently behind the scenes. In her role as Client Services Manager, she helps coordinate client onboarding, serves as a primary liaison with our custodians, and works to address and resolve operational issues as they arise. Hillary is known for her thoughtful, detail-oriented approach and her strong commitment to our clients and our team. She brings a steady and reliable presence to every interaction, helping to create a seamless and consistent client experience.

A Night Out At The Reds Game

During this quarter, we will also host our latest client appreciation event: a night out at the Reds game. Every year, we love the chance to step out of the office and spend an evening with the families we work with - and this year we couldn't be more excited to host clients again!

Planning Content for P&G Families

A few pieces our team has put together for P&G employees, retirees, and those considering retirement.

We'd Love to Connect

No matter where you are in your career with P&G — an experienced hire or a 30-year veteran of the company — our growing team is here to provide counsel and develop a plan tailored to the stage you're in.

Book a call

Regrouping After Tax Season — With One Eye On The World

As we move through the second quarter of 2026, many investors are taking a moment to regroup after a busy tax season and reassess their financial plans for the remainder of the year. This period often brings renewed clarity with another year in the rearview, with new planning opportunities ahead.

Recent tensions surrounding the Strait of Hormuz have introduced a fresh wave of market volatility, reminding us how quickly global events can cause ripples, both negative and positive, in portfolios. As always, staying disciplined and focused on long-term strategy remains key during uncertain periods.

"At P&G, this quarter continues to represent a period of transition under CEO Shailesh Jejurikar's leadership. With each earnings call, we gain further insight into how the company is positioning itself amid both internal changes and broader economic pressures." - Q3 2026 The Procter & Gamble Earnings Conference Call.

Why Freezing Your Credit Can Be A Smart Financial Move For P&Gers

Tue, 21 Apr 2026 21:12:13 GMT

When most people think about financial planning, they focus on investments, retirement, or taxes. But one of the most important moves you can make has nothing to do with growing your wealth — it's about protecting it.

Freezing your credit.

The Reality: Your Data Is Already Out There

If you've ever opened a credit card, taken out a mortgage, filed taxes online, or had a healthcare record, your personal information is likely already circulating in data systems you don't control. Major breaches — Equifax, healthcare systems, and financial institutions — have exposed Social Security numbers, birthdates, and addresses. That's all a fraudster needs to open accounts in your name. And you typically don't find out until the damage is already done.

What a Credit Freeze Actually Does

A credit freeze restricts access to your credit report, which means lenders cannot pull your credit, and new accounts cannot be opened in your name — fraud attempts are stopped before they start. Importantly, your credit score is unaffected, your existing accounts continue to function normally, and it costs nothing to place or remove. Think of it as locking the front door to your financial house.

Why This Matters More for High Earners

If you're a P&G professional or retiree, you're a more attractive target than the average consumer. Strong credit scores, high income, large account balances, and a clean financial history make approvals easier — and fraud more lucrative. A credit freeze removes you from the "easy target" category entirely.

Where You Need to Freeze Your Credit

You need to place a freeze at all three major bureaus: Equifax, Experian, and TransUnion. Each operates independently, so freezing one doesn't freeze the others. The process typically takes about 10–15 minutes per site.

When You Actually Need Access

A common hesitation is: What if I need to apply for credit? That's the beauty of the system. You can temporarily "thaw" your credit instantly online or via app, set a specific time window — say, 24 to 72 hours — and it automatically refreezes when that window closes. The inconvenience is minimal.

The Bottom Line

This is one of those rare financial moves that is free, quick, low-effort, and high-impact. In my view, it should be as standard as using strong passwords, enabling two-factor authentication, and reviewing your accounts regularly — yet most people still haven't done it.

You've worked decades to build your financial life. A credit freeze helps ensure someone else doesn't try to use it. It's not about fear. It's about control. Reach out if you would like a copy of our credit freeze guide.

March 2026 Global Markets Recap

Tue, 07 Apr 2026 19:36:56 GMT

Exhibit 2: U.S. Sector Performance (March 2026)

March 2026‍

An Energy Shock Repriced the Global Macro Narrative

March was the month the market narrative changed. What began as an uneasy backdrop shaped by softer growth, tariff uncertainty, and a broad reassessment of AI winners and losers turned into something more consequential: an oil shock. The war involving the U.S., Israel, and Iran drove the biggest one-month increase in global oil prices on record, forcing investors to reprice inflation risk, central bank expectations, and the margin for error across risk assets. By month's end, the conversation had shifted from a standard growth scare to a more difficult debate over stagflation.

That shift showed up clearly across markets. Global stocks suffered their worst month since September 2022, European equities posted their steepest monthly decline in nearly four years, and bond markets sold off as investors moved away from the view that 2026 would be defined by easier policy. Even the strong rally on March 31 did little to change the broader picture: March was a reset month, not a reassurance month.

Noteworthy Developments‍

The Market Moved From Disinflation Hope to Stagflation Risk

The most important development was the escalation in Iran and its impact on energy prices. Brent crude ended March above $100 per barrel, after at one point settling above $118 for the expiring front-month contract, and Reuters described the move as the biggest one-month increase in global oil prices in history. U.S. gasoline prices also moved back to roughly $4 per gallon, reinforcing the sense that this was not just a commodity move, but a potential macro headwind for consumers and inflation expectations.

At the same time, central bank expectations changed quickly. The Federal Reserve left rates unchanged on March 18 and said economic activity had been expanding at a solid pace, job gains had remained low, and inflation was still somewhat elevated. But by late March, markets were no longer focused on when the Fed might cut. They were focused on whether higher energy prices would keep policy tighter for longer, or even reintroduce hike risk. Futures markets had moved from pricing rate cuts to factoring in the possibility of rate increases.

And this was not just a U.S. story. The ECB also held rates steady on March 19, while explicitly acknowledging that the war in the Middle East had made the outlook significantly more uncertain by creating upside risks to inflation and downside risks to growth. The Bank of England similarly left its Bank Rate unchanged at 3.75%, citing the conflict and its inflation implications. The month served as a reminder that global central banks are still navigating inflation first, even as growth becomes less comfortable.

U.S. Equities‍

A Tough Month for Risk Assets

U.S. equities ended March with meaningful monthly declines, even after a sharp relief rally on the final trading day. The S&P 500 fell 5.1% on the month, while other U.S. equity indices (the Dow, Nasdaq, and Russell 2000) were also down 5.4%, 4.8%, 5.2% respectively. That is notable because it was not just a narrow tech correction. By month's end, the drawdown had broadened into a more generalized de-risking episode.

The drivers were fairly clear. Rising oil prices pressured the inflation outlook. Treasury yields backed up sharply. And the market was already dealing with unresolved concerns around AI-related disruption, private credit stress, and tariff uncertainty. In the end, Q1 marked the S&P 500’s worst quarter in four years.

Leadership also rotated in a way that fit the macro tape. While all Magnificent Seven stocks and other higher-duration growth exposures finished down in the quarter, energy stocks remained the relative standout through much of the month, logging a 13-week winning streak by late March.

Exhibit 1: U.S. Equity Performance (March 2026)

International Markets‍

The Oil Shock Went Global

International markets fared worse than the U.S. during March’s drawdown. Europe’s STOXX 600 index fell 8.0%, its worst month since 2022 and its steepest monthly decline in nearly four years. Globally, March was the worst month for world stocks since September 2022, with roughly $8 trillion in total market capitalization erased.

Asia was hit particularly hard as much of the region remains sensitive to imported energy costs. Jittery investors pulled over $50 billion from Asian equities in March, the largest monthly outflow since at least 2008, as higher oil, rising global yields, and stagflation fears hit markets such as Taiwan, South Korea, and India. In a way, this reinforced how quickly a geopolitical shock can move from the energy complex into equities, currencies, and capital flows.

China was a partial offset, though not a full one. Beijing set its 2026 growth target at 4.5% to 5.0%, signaling a willingness to tolerate somewhat slower growth while still supporting the economy. That helped to support the view that China may be relatively better insulated than some other markets, but it was not enough to fully offset the drag from the broader oil shock and global risk-off move.

Exhibit 3: International Market Performance (March 2026)

Fixed Income and Commodities‍

Bonds Lost Their Cushion While Oil Took Center Stage

Cross-asset performance in March told a clear story: the nature of the shock mattered. The benchmark 10-year Treasury yield rose nearly 40 basis points to around 4.4%, while the 2-year yield climbed roughly 45 basis points, its largest monthly increase since October 2024. As a result, bonds did not provide their typical diversification benefit. Because the shock was inflationary, both equities and fixed income came under pressure at the same time.

Commodities, led by oil, were the epicenter. Brent crude surged and remained firmly above $100 per barrel, marking its largest monthly gain in decades. That move became the defining cross-asset signal of the month, tightening financial conditions, pushing yields higher, and challenging the assumption that central banks would be in a position to ease policy in the near term. It also raised the likelihood that inflation data in the coming months could reaccelerate after a period of relative stability.

Gold sent a more nuanced signal. While prices rebounded late in the month, the metal was still on track to finish March lower, even as the U.S. dollar strengthened. That combination highlights an important dynamic: in an energy-driven inflation shock, traditional hedges do not always respond linearly. In March, oil, not gold, was the asset that carried the clearest macro signal.

Exhibit 4: Cross-Asset Performance (March 2026)

Economy and Policy‍

The Backward-Looking Data Stayed Calm, but Forward Risk Increased

The economic data released during March largely reflected a pre-shock environment, one that was cooling, but still relatively stable.

Inflation remained contained heading into the month. February CPI showed prices rising at a moderate pace, with core inflation still running slightly above headline levels but not reaccelerating in a meaningful way. Similarly, January PCE (released with a delay) pointed to a steady but not worsening inflation backdrop. Taken together, the data suggested that disinflation progress had slowed, but had not reversed before the oil-driven move higher in March.

Growth, however, was already losing momentum. The second estimate of fourth-quarter GDP was revised down to a 0.7% annualized pace, reinforcing the idea that the economy entered 2026 on a softer footing than expected. Measures of underlying demand also moderated, pointing to less resilience beneath the surface.

Labor market data told a similar story. Job openings held roughly steady, but hiring slowed, suggesting a gradual cooling in labor demand. The March employment report, released on April 3rd, showed payrolls rebounding modestly and the unemployment rate holding near recent levels. While that was a constructive signal, it likely does not yet reflect the full impact of March’s energy shock on hiring and business sentiment.

The key takeaway is that the data entering March did not point to an economy under immediate stress. But it also did not leave much of a buffer. As the inflationary impulse from higher energy prices is arriving at a time when growth is slowing, it may raise the risk of a more challenging macro mix in the months ahead.

‍

Key Dates to Watch in April 2026

Markets will be watching to see whether March’s energy spike starts to show up more clearly in inflation, spending, and business sentiment data. The key U.S. dates are:

April 9: Personal Income and Outlays (including PCE inflation) + Q4 GDP (third estimate)
April 10: March CPI
April 14: March PPI

‍

The Bottom Line

March forced the market to confront a more complicated macro backdrop. The dominant question is no longer just whether growth is slowing or whether a handful of crowded trades have become overextended. It is whether the global economy is moving into a period where softer growth and firmer inflation coexist for longer than investors expected coming into the year.

That does not automatically mean a lasting regime shift is here. A meaningful de-escalation in the Middle East and a reversal in oil could still ease pressure on rates and inflation expectations. But March clearly raised the bar for risk assets and made the macro path less forgiving. In the end, this was a month that reminded investors how quickly geopolitical stress can become a market-wide repricing event.

AUTHOR

Anshul Sharma

Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors, and do not necessarily reflect the views or positions of Savvy Advisors.

Exhibit 5: U.S. 10-Year and 2-Year Treasury Yield (March 2026)

Diversifying P&G Stock Without Losing What You’ve Built

Fri, 20 Mar 2026 19:15:02 GMT

For many Procter & Gamble employees and retirees, success has created a unique challenge: significant wealth tied to a single company.

That concentration is often the result of a great career, disciplined saving, and long-term belief in the company. I understand, my father was at the company for 35+ years, and his dad was also a lifelong P&G'er. But over time, what once built wealth can begin to concentrate risk.

At Beyond Wealth Partners, we think about this differently. The goal isn’t to “move away” from P&G—it’s to e volve your balance sheet in a way that protects what you’ve built while positioning you for what’s next.

The Real Risk Isn’t P&G—It’s Concentration

Even the strongest companies carry:

Company-specific risk
Sector concentration (Consumer Staples)
Tax friction that discourages smart decisions

The challenge isn’t whether to diversify—it’s how to do it intelligently, without unnecessary tax drag or disruption .

Three Advanced Strategies We Use

Exchange Funds — The Strategic First Move

A powerful way to reduce single-stock exposure without triggering immediate capital gains.

You contribute appreciated P&G shares into a pooled structure and receive a diversified basket in return.

Best for: Tax deferral and immediate diversification
Tradeoff: Illiquidity (typically ~7 years)

Direct Indexing — Modern Portfolio Construction

Instead of buying a fund, you own the individual stocks of an index, customized to you.

This unlocks:

Ongoing tax-loss harvesting
Sector tilts (reduce Staples, add Tech/Healthcare)
Full liquidity and flexibility

Best for: Tax efficiency + personalization
Tradeoff: Designed to match markets, not beat them

Direct Indexing + Long/Short Overlay = Taking It Further

This is where things get interesting.

By layering in short positions, we can:

Hedge concentrated exposures
Generate additional tax losses
Create opportunities for outperformance

Best for: Advanced tax strategy + risk management + potential alpha

The Beyond Wealth Approach

We rarely see these as “either/or” decisions.

Instead, the most effective strategy often looks like:

Reduce concentration tax-efficiently (Exchange Fund)
Build a flexible, diversified core ( Direct Indexing)
Enhance outcomes over time (Long/Short overlay)

This isn’t about abandoning what got you here. It’s about structuring your wealth so one company—no matter how great—doesn’t determine your future.

Final Thought

If your net worth has outgrown a single stock, your strategy should evolve with it.

The next phase isn’t just accumulation—it’s intentional design :

More resilience
More flexibility
More control over taxes

That’s how we help P&G families move beyond concentration and into a more durable financial future.

When Should You Turn On Social Security?

Mon, 16 Mar 2026 19:28:44 GMT

One of the Most Important Retirement Timing Decisions for P&G Retirees

Every year, we hear the same question from clients preparing to retire from P&G:

“When should I turn on Social Security?”

It’s a great question because the decision can impact hundreds of thousands of dollars over a lifetime.

Yet many people approach it with simple rules like:

“Take it at 62.”
“Always wait until 70.”
“Take it when you retire.”

The reality is that there is no universal answer . The right timing depends on your goals, your portfolio, and your retirement plan.

Let’s walk through the key considerations.

The Four Ages That Matter

Social Security offers several possible starting points.

Age 62 — Earliest eligibility

You can start collecting benefits at 62 , but doing so permanently reduces your benefit.

For someone with a Full Retirement Age of 67 , starting at 62 reduces the benefit by roughly 30%!

Full Retirement Age (FRA)

For most current P&G employees, Full Retirement Age is 67 .

At this age, you receive your full primary insurance amount (PIA) .

This is also when:

earnings limits disappear
spousal strategies become simpler

Age 70 — Maximum benefit

Social Security increases 8% per year after Full Retirement Age.

That means waiting from 67 to 70 increases your benefit by 24% .

For many retirees, this makes Social Security the best inflation-adjusted annuity available anywhere .

Why Many Retirees Choose to Delay

Waiting increases three important things:

Lifetime guaranteed income

A larger benefit creates a stronger income floor in retirement.

Survivor protection

The surviving spouse receives the higher benefit .

Delaying can significantly increase the survivor benefit.

Inflation protection

Social Security receives annual COLA adjustments , which make the larger benefit even more valuable over time.

But Delaying Isn’t Always the Right Move

There are good reasons someone might start earlier.

Health concerns

If longevity is uncertain, starting earlier may make sense.

Cash flow needs

Some retirees prefer to use Social Security to cover spending early rather than drawing down investments.

Tax planning opportunities

Sometimes it makes sense to delay Social Security while doing Roth conversions or capital gain harvesting .

This can reduce taxes over a lifetime.

The Break-Even Age

Many people think about Social Security using a break-even analysis .

For someone deciding between 62 and 70, the break-even age is often around 80–82 .

If you live beyond that, delaying tends to produce more lifetime income.

But break-even analysis alone misses an important point.

Social Security Is Insurance

Think of Social Security less like an investment and more like longevity insurance .

Delaying increases your protection against the risk that:

You live longer than expected.

For retirees with strong savings—something common among long-tenured P&G employees—this can be a valuable hedge.

The Portfolio Interaction

Another key consideration is how Social Security fits into your broader plan.

Sometimes it makes sense to:

Spend taxable assets earlier
Delay Social Security
Allow the guaranteed income to grow

In other situations, starting benefits earlier helps preserve investment assets .

The right answer often comes from looking at the entire retirement picture .

A Decision That Deserves Real Planning

Choosing when to start Social Security is rarely a one-size-fits-all decision.

It should consider:

Longevity expectations
Portfolio size
Taxes
Spousal benefits
Income needs in retirement

For many P&G retirees, this decision becomes one of the most important pieces of the retirement plan.

P&G Employees: Don’t Forget This E*TRADE Tax Document

Mon, 09 Mar 2026 21:59:56 GMT

Every tax season, I see the same issue arise for P&G employees who exercised stock options or sold shares through E*TRADE .

If this applies to you, there is one document that is often missed but can make a big difference when filing your taxes.

The Document Many People Forget

In addition to your 1099-B , E*TRADE typically provides a second report called:

Supplemental Stock Plan Information , or sometimes
Stock Plan Transaction Supplement

This report is extremely important when you have:

Stock option exercises
RSU vesting and sales
Equity compensation transactions

Why This Matters for Your Taxes

When stock options are exercised, or RSUs vest, the income from those transactions is typically already included on your W-2 and taxed as ordinary income.

However, the 1099-B issued by E*TRADE often does not include that income in the cost basis of the shares .

Without the supplemental report, it can appear as though you have much larger capital gains than you actually do .

That can lead to:

Incorrect tax reporting
Confusion for your CPA
Potentially paying more tax than necessary

The Supplemental Stock Plan Information report shows the adjusted cost basis , including the income already reported on your W-2.

Your CPA or tax software typically uses this report to properly reconcile the transaction on Form 8949 .

How to Download the Supplemental Report in E*TRADE

Log in to your E*TRADE account
Navigate to your Stock Plan Account
Select Documents
Click Tax Documents
Look for a document titled:
Supplemental Stock Plan Information —OR—
Stock Plan Transaction Supplement

Download this report in addition to your 1099-B and provide it to your CPA or upload it to your tax software.

A Quick Reminder

If you had equity transactions last year, make sure you download:

1099-B
Supplemental Stock Plan Information report

This small step can help ensure your equity compensation is reported correctly and avoid unnecessary taxes.

February 2026 Global Markets Recap

Fri, 06 Mar 2026 01:42:19 GMT

Sector performance told the most honest story. Leadership skewed heavily toward inflation hedges and defensives:

Winners : Utilities (+9.9%), Energy (+8.8%), and Consumer Staples (+7.9%) led the way.
Laggards : Technology (-4.0%), Communication Services (-5.1%), and Consumer Discretionary (-5.4%) felt the brunt of the "risk audit."

Exhibit 2: U.S. GICS Sector Performance (February 2026)

A Risk-Off February: Policy and AI Crosscurrents Force a Rotation

February brought a distinct change in weather for global markets. If January was defined by "constructive differentiation," February felt more like a comprehensive risk audit. The optimism that carried us into the new year met a sobering reality as investors began to re-price policy uncertainty, a non-linear inflation path, and the mounting "winners and losers" narrative surrounding AI adoption.

The headline numbers in U.S. equities - a modest 0.9% dip for the S&P 500 - don't tell the full story. Beneath the surface, the internal signal was loud and clear: capital aggressively rotated away from duration-sensitive growth and into the safety of defensives and real assets. The month was shaped not by a single data point, but by the convergence of three heavy themes: renewed trade friction following a landmark Supreme Court ruling, late-month geopolitical friction in the Middle East, and a deepening debate over how AI will structurally disrupt labor and profit pools.

Noteworthy Developments: Shifting Risk Premiums

The repricing we saw in February wasn't a binary event; it was a slow burn catalyzed by several overlapping developments.

Trade Policy Volatility: A major legal setback at the U.S. Supreme Court regarding tariff authority triggered a fast-moving attempt by the administration to reconfigure trade measures. This created a cloud of uncertainty for corporate planners trying to handicap inflation pass-through and potential global retaliation.
The AI "Creative Destruction" Narrative: AI evolved from a simple productivity story into a macro "shocker." We saw genuine anxiety around which firms might be structurally displaced or margin-compressed by these tools, putting heavy pressure on software and payment names. While AI-hardware remained the market’s gravity center, other firms provided vivid signals of change through workforce actions explicitly framed around AI-driven efficiency.
Geopolitical and Policy Static: Intensifying U.S.–Iran tensions late in the month lifted oil and reminded investors why traditional hedges matter. Simultaneously, the Fed remained "steady but sensitive." Officials consistently preached patience, leaving the market to wonder if tariff-related inflation persistence might delay the next leg of the easing cycle.

U.S. Equities: Defensive Leadership and Valuation Scrutiny

February’s tape was a study in divergence. The Nasdaq Composite was the clear laggard, sliding 3.4% as the market grew less tolerant of "growth at any price". Conversely, Small-caps showed surprising resilience; the Russell 2000 actually managed a +0.7% gain, even with late-month volatility.

Exhibit 1: U.S. Equity Performance (February 2026)

This rotation aligns perfectly with the month’s dominant drivers: tariff fears (favoring pricing power), geopolitical risk (supporting oil), and AI-related anxiety weighing on platforms that have yet to prove their moat against new tools.

International Markets: A Case for Diversification

Outside the U.S., the tone was surprisingly firmer. Both MSCI EAFE and MSCI Emerging Markets rose 4.6% and 5.5%, respectively. This relative outperformance is a reminder of the value of diversification; these benchmarks benefited from a different sector mix that lacked the high concentration of U.S. mega-cap tech - the very area under the most scrutiny this month. However, the "tariff channel" remains a two-sided risk. Global markets are currently handicapping second-order effects in currency and supply chains, particularly if producer prices begin to reflect new trade frictions.

Exhibit 3: International Equities Performance (February 2026)

Fixed Income and Commodities: The Safe-Haven Bid

Bond markets offered a more definitive signal than equities in February, as the Treasury curve responded to a more complex global backdrop. The 10-year yield fell nearly 30 bps to 3.97%, while the 2-year dropped 15 bps. While domestic data played a role, this move could have also been a reflection of investors taking risk off the table against an increasingly tense geopolitical climate - specifically the friction in the Middle East.

In credit, spreads widened as this cautious mood took hold. The ICE BofA U.S. High Yield spread moved to 3.12%, signaling a more measured appetite compared to the optimistic "everything rally" that characterized late 2025. Commodities responded most directly to these headlines; Crude Oil was the month’s standout, buoyed by the U.S.–Iran tensions, which in turn reinforced the robust outperformance we saw in the Energy equity sector.

‍

Exhibit 4: Cross-Asset Performance (February 2026)

Economy and Policy: A "High-Information" March Ahead

The data releases in February reinforced a "cooling, but not cool enough" narrative. January payrolls came in at 130,000, while the unemployment rate held at 4.3%. Wage growth remained firm at 3.7% YoY, which is exactly the kind of "sticky" data that keeps the FOMC cautious.

Inflation is moving in the right direction (CPI at +2.4% YoY), but it's not a straight line. The stronger-than-expected PPI reading at month-end raised concerns about the "tariff pipeline," an important nuance for the Fed given the linkage to forthcoming PCE measures. Meanwhile, growth showed signs of softening, with Q4 GDP revised to 1.4% (impacted by the U.S. Government shutdown in late 2025).

Key Dates to Watch in March 2026

March 6: February Employment Situation Report
March 11: February CPI Inflation Data
March 13: February PCE Inflation (The Fed's preferred gauge)
March 17–18: Federal Reserve Policy Meeting (FOMC)

‍

The Bottom Line

February moved us from January’s “constructive differentiation” into a more defensive, policy-sensitive phase. The convergence of trade policy volatility, AI-driven valuation scrutiny, and late-month geopolitical friction forced a pivot toward balance-sheet durability and real-asset resilience.

March is shaping up to be a high-information month. The upcoming labor and inflation prints, coupled with the evolving U.S.–Iran situation, will likely determine whether February’s risk-off move was a tactical pause or a more durable regime shift for 2026. Investors will be watching closely to see if geopolitical risk premia remain embedded in energy prices or if a de-escalation allows for a return to the fundamental "differentiation" seen at the start of the year.

AUTHOR

Anshul Sharma

Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors, and do not necessarily reflect the views or positions of Savvy Advisors.

Keeping the Backdoor Roth Strategy Alive for P&G Employees

Thu, 05 Mar 2026 19:30:04 GMT

Many P&G employees eventually reach a point where their income exceeds the limits to contribute directly to a Roth IRA .

Fortunately, there is still a strategy that allows you to continue funding a Roth IRA each year: the Backdoor Roth contribution .

However, there is an important rule that many employees overlook.

The Pro-Rata Rule Problem

If you have money in a Traditional IRA, the IRS requires that any Roth conversion be calculated across all of your IRA balances. This is known as the pro-rata rule.

In simple terms, if you have a Traditional IRA balance, part of your Roth conversion may become taxable.

For example:

You contribute $7,500 to a Traditional IRA and convert it to a Roth.
But if you also have $50,000 or pre tax dollars sitting in a Traditional IRA , most of the conversion will be treated as taxable.

To keep the Backdoor Roth strategy clean, the goal is to have $0 in Traditional IRA balances (what matters is the year end balance) .

Two Ways P&G Employees Can Solve This

There are two common ways to remove a Traditional IRA from the equation.

Roll the IRA into the P&G Savings Plan

You can roll your Traditional IRA into the P&G Savings Plan.

Once the funds are inside the 401(k), they are no longer counted in the pro-rata calculation , allowing you to continue making Backdoor Roth contributions each year.

For employees planning to stay at P&G for a while, this is usually the simplest option .

Open a Solo 401(k)

You can then roll the Traditional IRA into that plan, which accomplishes the same goal of removing the IRA balance from the pro-rata calculation. This option is a little more complex, and could require additional tax filing if your Solo balance is above certain threshold. It is worth consulting with your advisor prior to choosing this option for full alignment.

Why This Matters

For many P&G employees, the Roth IRA becomes one of the most valuable retirement accounts over time because:

Growth is tax-free
Withdrawals in retirement are tax-free
There are no required minimum distributions

Keeping the Backdoor Roth strategy available can allow you to continue building tax-free assets for decades , even after your income exceeds the Roth contribution limits.

The Bottom Line

If your income is approaching the Roth limits and you have a Traditional IRA balance, it may make sense to:

Roll the IRA into the P&G Savings Plan , or
Move it into a Solo 401(k) .

Either step can keep the Backdoor Roth strategy available going forward . Reach out with any questions, and we would be happy to help you navigate.

What Is a Trust — And When Do You Actually Need One?

Tue, 03 Mar 2026 19:29:53 GMT

Estate planning can feel intimidating.

For many P&G professionals, it sits in the category of “I know I should do this… but I’m not sure what I really need.”

You may already have a will. You may have heard that “everyone needs a trust.” Or maybe you’ve been told trusts are only for the ultra-wealthy.

The truth is more nuanced.

Let’s simplify it.

What Is a Trust?

At its core, a trust is a legal arrangement that allows one party (a trustee) to manage assets for the benefit of another (a beneficiary).

There are many types of trusts, but when most people ask this question, they’re referring to a:

Revocable Living Trust

This is the most common trust used in estate planning.

It allows you to:

Maintain full control of your assets during your lifetime
Avoid probate at death
Provide clear instructions for how assets are managed and distributed
Plan for incapacity
Keep your estate private (unlike probate, which is public record)

Importantly, a revocable trust does not reduce taxes during your lifetime . It is primarily about control, coordination, and administrative efficiency.

When Do You Actually Need a Trust?

Not everyone needs one.

But many P&G professionals do — especially in these situations:

You Want to Avoid Probate

Probate can be slow, public, and costly depending on your state. If you own real estate in multiple states (for example, a second property in Florida or Michigan), probate becomes even more complicated.

A properly funded trust can streamline this process.

You Have Minor Children (or Children Who Aren’t Financially Mature Yet)

A will allows you to name guardians.

A trust allows you to:

Control when and how children receive assets
Stagger distributions (e.g., 1/3 at 30, 1/3 at 35, 1/3 at 40)
Protect assets from divorce or creditor risk

This is especially important for executives with concentrated stock or significant Savings Plan balances.

You Have a Concentrated P&G Equity Position

Many long-tenured P&G employees hold significant wealth in:

PST
Savings Plan
RSUs / Options
PG stock in brokerage accounts

A trust can:

Coordinate beneficiary designations
Prevent outright distributions that could be mishandled
Integrate with tax strategies like NUA
Ensure proper liquidity planning

You Want Asset Protection for Your Heirs

While a revocable trust doesn’t protect your assets during your lifetime, a properly structured trust at death can protect assets for your beneficiaries from:

Divorce
Lawsuits
Creditor claims

For families building generational wealth, this becomes increasingly important.

You Want Clear Incapacity Planning

A trust allows your successor trustee to seamlessly manage assets if you become incapacitated.

Without one, your family may need court involvement.

When a Trust May Not Be Necessary

A simple will may be sufficient if:

Your estate is modest
Your assets are primarily retirement accounts with clear beneficiaries
You don’t own out-of-state real estate
You’re comfortable with probate
You don’t need distribution control

Estate planning should fit your life — not follow a checklist.

P&G Employees: Don’t Overlook the ARAG Legal Plan

One of the most underutilized benefits available to P&G employees is the ARAG legal plan.

Many employees don’t realize that ARAG often includes:

Basic will creation
Revocable trust creation
Powers of attorney
Healthcare directives

For families who need foundational documents, this can be a very cost-effective starting point.

However, it’s important to understand that creating documents is only step one.

The effectiveness of a trust depends on:

Proper funding
Correct beneficiary coordination
Alignment with tax strategy
Ongoing updates

This is where most plans fall apart.

Where Beyond Wealth Partners Fits In

At Beyond Wealth Partners, we do not draft legal documents.

But we review and coordinate estate plans as part of a comprehensive wealth strategy.

Our process includes:

Reviewing Existing Documents

We examine:

Trust structure
Trustee provisions
Distribution language
Outdated guardianship or beneficiary terms

Many plans we review are 10–20 years old and no longer reflect current wealth levels or family dynamics.

Coordinating Beneficiary Designations

Your trust and your beneficiary forms must work together.

Retirement accounts (PST, Savings Plan, IRAs) pass by beneficiary designation — not by your will or trust unless properly structured.

Misalignment here can create:

Unintended tax acceleration
Assets bypassing trusts
Loss of creditor protection

Partnering with Your Estate Attorney

We regularly collaborate with estate planning attorneys to ensure:

Investment strategy aligns with trust structure
Tax planning integrates with estate planning
Liquidity is available to support trust distributions
Charitable strategies (DAFs, foundations, bequests) are coordinated

Your attorney handles the legal structure.

We ensure the financial architecture supports it.

The Real Question Isn’t “Do I Need a Trust?”

The better question is:

What outcome do I want for my family if something happens to me?

Simplicity?
Control?
Protection?
Privacy?
Generational planning?

A trust is simply a tool.

Used properly, it creates clarity and protection.

Used improperly — or left unfunded — it’s just paper.

Final Thought

Many P&G professionals spend decades building wealth.

Far fewer spend the time ensuring it transfers intentionally.

If you have estate documents in place, we’re happy to review them and coordinate with your attorney to make sure everything is aligned with your broader wealth plan.

And if you’re just getting started, the ARAG benefit may be a great place to begin.

The key isn’t complexity.

It’s coordination.

PG Stock Options: When the Math Says “Wait”… and When It Doesn’t

Thu, 05 Feb 2026 23:34:04 GMT

One of the most common questions we get from PG clients sounds like this:

“Should I keep holding my stock options, or does it make sense to start taking chips off the table?”

The unsatisfying answer is: it depends. The helpful answer is: the math gives us some very clear guideposts.

Over the past several weeks, we’ve been running updated modeling on PG stock options across many client situations. While individual share counts and elections differ, PG’s equity programs share a common structure — same grant years, same strike prices, same 10-year option lives .

That consistency allows us to step back and share a normalized framework for thinking about PG stock options — one that applies broadly, and then gets customized for taxes, concentration, and goals.

STAR awards allow participants to choose cash or stock . In most cases, we recommend taking STAR in cash .

Reduces concentration in PG stock
Improves flexibility for taxes and diversification
Avoids layering unnecessary equity risk

That said, when STAR is taken as stock (or converted into options), it fits cleanly into the same option framework below.

Where PG stock options come from

STAR Awards

LTIP (Long-Term Incentive Plans

Simple framing: STAR is usually a cash decision. LTIPs are a long-term risk decision. Simple framing: STAR is usually a cash decision. LTIPs are a long-term risk decision.

PG equity exposure generally comes from two programs :

The question we actually care about

LTIPs typically allow participants to choose between RSUs or stock options . This is where option modeling matters most, because options introduce leverage, time value, and expiration risk.

Simple framing: STAR is usually a cash decision. LTIPs are a long-term risk decision.

We’re not trying to predict where PG stock goes next.

Instead, the core planning question is:

"Are you still being paid to wait?"

To answer that, we use a Black-Scholes option pricing model , adjusted for PG’s dividend.

Key assumptions (for illustration)

PG stock price: $160
Volatility: 3-year historical volatility
Dividend yield: Current PG dividend
Risk-free rate: Current Treasury yields
Option life: 10 years from grant
As-of date: February 4, 2026

This is planning math — not trading math.

PG stock options — normalized view (per option)

Below is a share-count-free view of PG option behavior across grant years. All values are shown per option , which allows the framework to apply regardless of how many options you personally hold.

Normalized PG Option Values (STAR + LTIP)

How to read this table:

Intrinsic value: What the option is worth if exercised today
Extrinsic (time) value: What you’re being paid to wait
Black-Scholes value: Intrinsic + time value

The pattern than matters

Older grants (roughly 2016-2018)

Very little time remaining
Nearly all value is intrinsic
Dividend drag overwhelms optional upside

Translation: These behave much more like stock than options. You’re no longer being paid to wait — but you’re still taking downside risk.

Mid-Life grants (roughly 2019-2020)

Some remaining time value
Upside still matters, but patience has a cost

Translation: These often call for a hybrid approach — partial monetization while keeping some upside exposure.

Newer grants (2021-2024)

A meaningful portion of value is still time value
These benefit from patience and volatility

Translation: Generally, no urgency unless driven by taxes, liquidity needs, or concentration risk.

A quick note on dividends

Dividend timing feels important, but economically:

Stock prices adjust automatically
Option values already reflect ongoing dividend drag
The existence of dividends matters — not the dates

Dividend timing doesn’t change the conclusions above.

The big picture

This analysis isn’t about calling tops or bottoms. It’s about aligning decisions with math, risk, and behavior .

A simple framework we use:

Older grants: Manage like stock
Mid-life grants: Be selective and intentional
Newer grants: Let optionality work

We’ll continue refreshing this analysis as prices, volatility, and time change — and then tailor execution to each client’s personal situation.

If you’d like to review how this applies specifically to your PG stock options, we’re always happy to walk through it together.

P&G Retirement Planning: 2026 Transition & Opportunity

Fri, 23 Jan 2026 22:16:55 GMT

With 2026 in full swing, many are taking time to review priorities and put plans into motion for the year ahead. Each year brings the opportunity for change—and that is certainly true at Procter & Gamble, both across the organization and within the C-suite.

This quarter marks Shailesh Jejurikar’s first as CEO , and all eyes and ears will be tuned in during the upcoming earnings call as he sets the tone for P&G’s next chapter.

Within our own practice at Beyond Wealth Partners , we’ve experienced exciting changes as well—most notably the addition of our longtime colleague Keith Hamberg. We’re thrilled to welcome Keith back into the fold after more than a decade of working with Procter employees at Mariner. His experience and deep understanding of the P&G community further strengthen our ability to serve you well.

We’re excited to share an unofficial “Save the Date” for June 3rd, when we’ll be hosting many of our clients at a Cincinnati Reds game. Current clients can expect an official invitation in the coming months.

We also hold Reds season tickets and will be reaching out to distribute those throughout the season—so baseball fans, stay tuned!

P&G Earnings: What We're Watching

With heightened focus on this quarter’s earnings call, we’ve also included our perspective on the messaging from P&G leadership and what it may signal going forward.

Read the Full Earnings Overview Here

Tax strategy sits at the core of our work with clients. Whether it’s:

Laying out annual income plans in retirement
Optimizing deductions in years when options are exercised
Or structuring tax-efficient investment strategies while working and in retirement

…we believe proactive tax planning can materially improve outcomes.

To support you ahead of tax filing season, we’ve prepared our 2026 Tax Guide for Procter & Gamble Employees .

Click Here to View the 2026 P&G Tax Guide

2026 Tax Guide for Procter & Gamble Employees

Make 2026 Your Year

No matter where you are on your financial journey—whether you’re in the accumulation phase or preparing for retirement—our team is here to guide you and help curate a plan aligned with your goals and your stage of life.

With decades of experience serving the P&G community, we’re ready to help you move forward with confidence.

Request a Consultation

Disclosures: All advisory services are offered through Savvy Advisors, Inc. (“Savvy Advisors”), an investment advisor registered with the Securities and Exchange Commission (“SEC”). Savvy Wealth Inc. (“Savvy Wealth”) is a technology company and the parent company of Savvy Advisors. Savvy Wealth and Savvy Advisors are often collectively referred to as “Savvy”. Beyond Wealth Partners is used for marketing purposes only. Beyond Wealth Partners is not a separately registered investment advisor.

The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.

It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.

To learn more about Savvy, its conflicts of interest, fees and other important disclosures, see our Form ADV Part 2A

Save the Date: June 3rd at the Ballpark

Looking Ahead: Planning for the Year in Front of You

As always, this is an important time to take stock of the year ahead. To help with that, we’ve included our Wealth Planning Calendar for P&G Employees , highlighting key dates, decision points, and planning opportunities specific to Procter employees.

Wealth Planning Calendar for P&G Employees

SECURE Act 2.0: P&G 401(k) Catch-Up Changes for 2026

Fri, 12 Dec 2025 23:15:13 GMT

If you’re a Procter & Gamble employee age 50 or older, you may have received a note today from P&G Benefits Services about an upcoming change to the Savings Plan. A new rule under the SECURE Act 2.0 will affect how catch-up contributions work starting in 2026, and many P&G'ers will feel the impact.

Here’s a straightforward look at what’s changing, why it matters, and what I recommend.

1. The Big Change

For years, employees age 50+ have been able to make catch-up contributions on either a pre-tax or Roth basis. That flexibility is going away for a large group of employees.

Beginning January 1, 2026 , if:

You’ll be age 50 or older during 2026, and
Your 2025 Social Security wages are above $150,000,

...then every dollar of catch-up you make must be Roth. There’s no option to make pre-tax catch-ups anymore unless you opt out of catch-ups entirely.

This rule isn’t unique to P&G — it applies to all employers.

2. How This Plays Out Inside the P&G Savings Plan

The Savings Plan already moves your contributions into “catch-up mode” once you hit the normal IRS limit (or your P&G limit if PST contributions push you up against it).

Here’s what happens starting in 2026:

Your regular contributions continue as usual (pre-tax or Roth, whichever you’ve elected).
Once you hit the IRS limit, any remaining contributions automatically become Roth catch-up dollars.
You don’t have to do anything unless you want to stop catch-ups completely.

Your payroll percentage doesn’t change — only the tax treatment of the “extra” dollars changes.

3. Should You Opt Out?

Short answer: Probably not.

Why?

Roth is genuinely valuable later in life

Many longtime P&G employees build up large pre-tax balances through PST and years of pre-tax contributions. Adding a Roth bucket gives you more control over your tax picture in retirement.

Catch-up contributions increase your annual tax-advantaged savings

In 2026, catch-up adds roughly $8,000 of additional savings space. Opting out means giving that up entirely.

It’s simple — nothing to change

You don’t need to redo your elections. The plan handles the switch once you reach the limit.

Higher-income P&G retirees often stay in strong tax brackets

Between PST, after-tax growth, Social Security, and other assets, many P&G retirees find themselves with meaningful taxable income in retirement. Roth dollars can help smooth that out.

4. What To Do Now

Check your current contribution percentage

Make sure it still gets you to the IRS limit.

If you received the P&G notice today, don’t worry

You don’t need to do anything unless you want to stop catch-ups.

Expect your catch-ups to be Roth in 2026.

The change will happen automatically.

Unlocking Hidden Tax Savings: The P&G Employee Guide to IRA Basis Conversions

Thu, 11 Dec 2025 01:17:31 GMT

Most P&G employees know the value of maximizing their Savings Plan and PST contributions. But one area often overlooked—and potentially worth tens or even hundreds of thousands of dollars—is basis inside a Traditional IRA .

This article explains:

What IRA basis is
How to determine whether you have it
Why it is so valuable
And how P&G employees uniquely benefit from having access to a 401(k) plan that allows roll-ins , making a strategy known as the "Roth basis conversion" far easier than it is for most people.

Your basis:

Is not taxed again when withdrawn
Does grow , and that growth is taxed as ordinary income unless you act on it
Is tracked on Form 8606 of your tax return

Many P&G employees have small amounts of basis scattered across years—$5,000 here, $6,000 there—especially if income was too high for IRA deductibility.

What is IRA basis?

Why this matters

When you contribute to a Traditional IRA, you generally receive a tax deduction…unless you’re covered by a workplace retirement plan (like the P&G Savings Plan) and your income exceeds IRS limits.

If you weren’t eligible for a deduction in a prior year, you may have made non-deductible IRAA contributions. These after-tax contributions are called your IRA basis .

How to find your basis on the tax return

To determine your basis, pull your most recent tax return and look at:

Form 8606—Nondeductible IRAs

Why converting IRA Basis to a Roth is so valuable

Here’s the key insight:

Example

Let’s say you have:

$50,000 IRA basis (after-tax money)
$450,000 of pre-tax IRA assets

If you convert $50,000 to Roth, the IRS treats your conversion as 10% basis, 90% taxable , meaning you would owe tax on $45,000 of the conversion. Not ideal.

The Strategy: How P&G employees can convert basis tax-free

Because the P&G Savings Plan accepts roll-ins, you have a key advantage that many employees at other companies do not have.

You can remove the pre-tax portion of your Traditional IRA by rolling it into:

Option A: A Solo 401(k)

-or-

Option B: The P&G 401(k)/Savings Plan

The step-by-step process

Using Form 8606 as described above.

Why this matters to P&G employees

Many large corporate 401(k) plans do not accept IRA roll-ins, which forces clients to create a Solo 401(k) just to execute this strategy.

P&G employees, however, can leverage the Savings Plan instead—making this:

Easier
Cleaner
Often faster
With no need to create a business or administer a Solo 401(k)

This is one of the most overlooked planning opportunities available to long-time P&G employees.

Tip for P&G employees: Many tax software systems automatically populate Form 8606 only when nondeductible contributions are identified. If you’ve changed CPAs or used different software over the years, basis reporting can become inconsistent — this is why gathering past returns is so valuable.

Key lines:

Line 1: Non-deductible contribution made for that tax year
Line 2: Total basis carried forward from prior years
Line 14: Cumulative basis going into the next tax year

If you see a value on Line 14 , you have basis.

Your IRA basis can be converted to a Roth IRA tax-free — but the IRS pro-rata rule normally prevents you from converting just the basis.

The Goal

We want:

100% of the basis converted
0% of the pre-tax IRA converted

To do this, we need to temporarily move the pre-tax IRA dollars out of the IRA.$450,000 of pre-tax IRA assets.

Step 1 — Identify your IRA basis

Step 2 — Roll all pre-tax IRA dollars into the P&G 401(k)

Step 3 — Convert the remaining basis to a Roth IRA

Step 4 — Enjoy tax-free compounding

When this is done correctly, your Traditional IRA will be left holding only the basis —the after-tax money.

With no pre-tax dollars contaminating the IRA, the pro-rata rule does not apply.

Your conversion is 100% tax-free .

Every dollar of future growth inside the Roth is:

Tax-free
RMD-free
Significantly more efficient for legacy planning

For example, if $50,000 grows to $300,000 over time, all $250,000 of growth is tax-free.

When should you consider this strategy?

You may be a good candidate if:

You have any basis on Form 8606
You have Traditional IRA balances that include both pre-tax and after-tax money
You wish to maximize tax-free growth
You want to reduce future RMDs
You want cleaner, more tax-efficient legacy outcomes for your children

Even if the basis is small—$5,000, $10,000, $25,000—this strategy can still create significant long-term tax savings.

Final thoughts & next steps

Converting IRA basis to Roth the right way is one of the most powerful yet underutilized tax strategies available to P&G employees. The benefits compound dramatically over time and extend far beyond just tax savings—they improve flexibility, retirement security, and generational planning.

If you’re unsure how much basis you have or want help estimating the potential value of a tax-free conversion, feel welcome to schedule a consultation.

P&G Open Enrollment: Don’t Let Nov 5–19 Go By On Autopilot

Wed, 12 Nov 2025 19:11:32 GMT

If you’re a current Procter & Gamble employee, you’re in Open Enrollment season right now: November 5–19.

Most people experience this as a box to check between meetings: click through the screens, keep what you had last year, and hope for the best.

As someone who grew up in a P&G family, spent years working at P&G myself, and now advises P&G employees and retirees every day, I’ll tell you this: Open Enrollment is one of the most under-appreciated financial planning moments of the year.

Here’s how I’d approach it.

STEP 1: TAKE 5 MINUTES BEFORE YOU LOG IN

Before you even open the benefits site, pause and ask:

What changed this year? New baby, empty nest, diagnosis, marriage/divorce, spouse’s job change?
What’s coming up? Planned surgery, braces, college, a possible retirement date, aging parents who may need more help?

Grab your spouse for a quick conversation if they’re on your benefits or have their own plan. Those five minutes of context will make the rest of your decisions much easier.

STEP 2: RUN THE NUMBERS ON YOUR MEDICAL PLAN (NOT JUST THE PREMIUMS)

Most P&G folks are choosing between:

A more traditional PPO-style plan
A high-deductible health plan (HDHP) that’s HSA-eligible

The HDHP + HSA combo can be a powerful long-term tool because of the tax benefits.

When you compare, look at:

Total estimated annual cost: premiums + expected out-of-pocket costs – any P&G HSA contribution
Your actual doctors and hospitals: are they in-network?
The worst-case scenario: what’s the out-of-pocket maximum, and are you comfortable with that? This is always my go to with 4 kids!!

If you choose the HDHP, try to fund the HSA as best possible. If you are able to continue saving the HSA funds, you can reinvest and use down the road for things like Medicare premiums.

STEP 3: BE INTENTIONAL WITH HSA AND FSA ELECTIONS

Open Enrollment is your chance to set:

HSA contributions (if you’re in an HSA-eligible plan)
Healthcare FSA
Dependent Care FSA

Quick reminders:

FSAs will not roll forward automatically. You need to re-elect them each year.
HSAs are different: the dollars are yours. They can be invested and used years later for qualified medical expenses.

If you’ve been burned by “use it or lose it” in the past, start a bit conservative on the FSA and adjust as you get more comfortable.

STEP 4: CHECK YOUR LIFE AND DISABILITY COVERAGE

P&G provides base coverage, and many of you have optional life and disability coverage layered on top. As income, savings, and family responsibilities change, those elections can drift out of alignment.

Ask yourself:

If something happened to me tomorrow, what financial gap would my family face?
Has my income, debt level, or family situation changed since I last looked at this?

For some later-career employees with strong balance sheets, it may make sense to scale back optional coverage. For younger families, I often see the opposite: great income, growing kids, and not nearly enough coverage.

Either way, don’t let this stay on auto-renew without at least a quick review.

STEP 5: DON’T IGNORE THE “SMALL” BENEFITS

Dental, vision, wellness programs, EAP, legal plans – they’re easy to scroll past when you’re in a hurry, but they can quietly save you real money.

Examples:

Dental/vision: preventive care and big-ticket items (like a crown or new glasses) can look very different in-network vs. out-of-network.
Wellness incentives: sometimes you’re leaving dollars on the table – premium discounts, HSA contributions, or rewards – by not completing a screening or questionnaire.
Employee Assistance Programs: confidential support for mental health, caregiving, and stressful life events.
Legal plans (ARAG): helpful in years when you know you’ll be updating your will/trust or doing a real estate transaction.

You don’t need to buy everything. But know what’s available and line it up with what’s actually happening in your life.

STEP 6: TIE YOUR BENEFITS BACK TO RETIREMENT AND INVESTMENTS

Even though your P&G Savings Plan (401(k)) sits in a different part of your financial life, Open Enrollment is a natural reminder to check your contribution levels.

Does my current investment mix still fit my time horizon and risk tolerance?
If I’m within 5–10 years of retirement, do my benefits choices support that timeline?

STEP 7: GET A SECOND SET OF EYES IF YOU’RE OVERWHELMED

This is exactly the kind of work we with P&G employees and retirees:

Comparing PPO vs. HDHP for your specific situation
Setting smart HSA/FSA levels given your cash flow and upcoming expenses
Coordinating benefits, PST, stock options, and retirement timing
Making sure everything is tax-aware and aligned with your bigger goals

If you’d like a quick Open Enrollment strategy review before November 19, send me a message here and we'd be happy to walk through it together with you.

The One-Time IRA to HSA Rollover: How to Turn Tax-Deferred Assets Into Tax-Free Healthcare

Wed, 05 Nov 2025 01:40:23 GMT

Most people know that Health Savings Accounts (HSAs) are among the most tax-efficient tools available — contributions are tax-deductible, growth is tax-deferred, and withdrawals for qualified medical expenses are tax-free. But very few know about a one-time opportunity to jump-start your HSA without tapping into your paycheck: a direct rollover from your IRA to your HSA, known as a Qualified HSA Funding Distribution (QHFD).

This little-known rule can be a powerful way to reposition a portion of your IRA — traditionally tax-deferred — into an account that can ultimately fund healthcare expenses completely tax-free.

How it works

The IRS allows you to make a one-time, tax-free transfer from your IRA to your HSA, up to the annual HSA contribution limit for the year.

For 2025, those limits are:

Self-only coverage: $4,300
Family coverage: $8,550
Catch-up contribution (age 55+): +$1,000

This transfer counts toward your annual HSA contribution limit — it’s not in addition to it.

Eligibility rules to know

There are a few key requirements to make this work:

You must be covered by a High Deductible Health Plan (HDHP).
You cannot be enrolled in Medicare at the time of the transfer.
You must remain HSA-eligible for 12 months after the rollover — known as the testing period.
The transfer must come directly from your IRA — not from a 401(k) or other employer plan.

Why it can make sense

This strategy can make sense if:

You have sizable IRA balances and want to fund your HSA without reducing cash flow.
You’re approaching retirement and expect higher healthcare expenses in the years ahead.
You want to convert tax-deferred dollars into tax-free dollars for qualified medical use.

Remember — once money is inside an HSA, it grows tax-free and can be withdrawn tax-free for eligible medical expenses at any age. That’s a benefit even Roth IRAs can’t match.

A simple example

Imagine a 58-year-old P&G retiree with a $500,000 IRA and a family HDHP. She’s eligible for a $9,550 total HSA contribution in 2025 (including the $1,000 catch-up).

By transferring $9,550 directly from her IRA, she moves that portion from a tax-deferred account to a tax-free one — and she can now use those funds anytime for qualified medical expenses without paying another dime in taxes.

Next steps

If this sparks your curiosity:

Confirm your HSA eligibility with your health plan.
Coordinate a trustee-to-trustee transfer between your IRA and HSA custodian.
Loop in your advisor or CPA to ensure proper tax reporting on Forms 8889 and 1099-R.

It’s a one-time opportunity — but one that could pay lifelong tax dividends.

Turning the Page: Your Fall Financial Tune-Up

Thu, 30 Oct 2025 19:10:03 GMT

With the weather changing and fall in full swing, 2025 is quickly coming to a close. The end of the year typically brings busier times, as it is a good period to review your financial plan, and prepare for the year to come. Within P&G, restructuring is underway, and open enrollment is fast approaching for employees. In this edition of Bounty of Wealth, we are excited to share a guide for your open enrollment period. Whether you are in need of an estate plan, looking to ramp up your retirement savings, or looking to take advantage of some of the other benefits offered by P&G, this guide should be a great help:

PG Open Enrollment Guide

P&G Earnings

Another hot topic around P&G has been the stock’s performance itself – as it has fallen while the market has boomed. Here is our take on the company’s latest earnings report, and what we see as important to track over the coming quarters.

Read the full overview here

A Deeper Dive into Direct Indexing

Earlier this year, Stewart Martin, a Senior Investment Consultant at Orion, hosted a webinar with Savvy diving deeper into one of the hottest trends in tax efficient investing: Direct Indexing. In the webinar, Stewart covered the following:

Direct Indexing: What It Is and How It Works
Strategies for Choosing Investment Vehicles and Maximizing Tax Efficiency
How Investors can Leverage Custom Indexing

Click here to view Beyond the Index Webinar

Resources for You

Maximizing Charitable Giving for P&G Employees: The Donor Advised Fund Advantage
Diversifying P&G Stock—Exchange Funds, Direct Indexing, and Long-Short Strategies
What the SALT Deduction Expansion Means for P&G Employees and Retirees

Take Back Control of Your Future

No matter where you may be on your financial journey – whether you are in the accumulation phase, or prepping for a retirement – our team is here to guide you, and curate a plan specific to your stage in life. With decades of experience working with the P&G Community, we are ready to help create a plan for you.

Schedule a Call Today

Thank You for Staying Connected

Keep your colleagues and friends informed on industry trends, from financial wellness programs to ESG investing. Share the link below to help others take a step toward securing a brighter financial future.

Disclosures:

Savvy Wealth, Inc. (“Savvy Wealth”) is a tech company and the parent company of Savvy Advisors, Inc, (“Savvy Advisors”). All advisory services are offered through Savvy Advisors, Inc., an investment advisor registered with the Securities and Exchange Commission (“SEC”). For the purposes of this blog article, Savvy Wealth and Savvy Advisors may be referred to together as “Savvy”.
The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.
Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy.
It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.
To learn more about Savvy, its conflicts of interest, fees and other important disclosures, see our Form ADV Part 2A.

How P&G Employees Can Avoid Tax Penalties Using the IRS Safe Harbor Rule

Thu, 30 Oct 2025 01:52:35 GMT

If you’ve ever found yourself holding your breath when you hit “submit” on your tax return — wondering if you’re about to owe more than expected — you’re not alone. Taxes can be unpredictable, especially when your income changes from year to year.

That’s where the IRS’s Safe Harbor rule comes in. It’s not a loophole — it’s a simple guideline that can save you from penalties.

What is 'safe harbor'?

Safe Harbor says that as long as you’ve paid enough in during the year, you won’t be penalized — even if you still owe taxes when you file.

To stay “safe,” you just need to meet one of these three thresholds:

Pay 100% of your prior year’s total tax , or
Pay 110% of your prior year’s tax if your income was over $150,000, or
Pay 90% of your current year’s actual tax bill.

Hit any of those marks, and you’re off the hook for underpayment penalties — even if your final number ends up higher than expected.

Why it matters

This is the IRS’s way of saying, “As long as you made a reasonable effort, we won’t punish you.”

For clients with equity awards, bonuses, or stock options , it’s a lifesaver. Your income can swing widely from one year to the next, and Safe Harbor keeps you compliant.

It protects you from penalties

It simplifies planning

You don’t have to guess your future income to the penny. Many of my clients — especially P&G retirees — simply base their estimated payments on last year’s taxes. This is particularly useful when your income rises, or you have a big option year, so that you can delay paying the IRS until tax filing.

It gives you flexibility

Once you’ve met your Safe Harbor threshold, you have room to plan strategically. You can realize capital gains, make charitable gifts, or adjust portfolio income without worrying about triggering penalties.

A real-world P&G example

Let’s say a P&G retiree paid $80,000 in total tax for 2024. In 2025, they plan to exercise stock options, and they will also receive a STAR payout , which will bump up their income.

Instead of trying to estimate the perfect amount for 2025, they can satisfy Safe Harbor by paying 110% of last year’s total — $88,000 — spread across the year.

Even if their final 2025 tax ends up being $100,000, they’ve avoided penalties and stress. That’s the beauty of Safe Harbor — it gives you flexibility when income is lumpy or unpredictable.

The takeaway

Safe Harbor is one of those underappreciated tax tools that quietly makes life easier. It’s not about gaming the system — it’s about removing uncertainty and protecting yourself from surprises.

For anyone with variable income — P&G executives, retirees, or professionals with bonuses and equity — this is one rule worth knowing and planning around.

Beyond the Savings Account: Why a Roth IRA is the Ultimate Gift for Kids

Thu, 16 Oct 2025 01:58:18 GMT

If you’re looking for a meaningful way to set your kids or grandkids up for success, few gifts can match the impact of helping them open and fund a Roth IRA. A Roth IRA is the most valuable account (tax-free growth), and the hardest to fund with income limitations and low annual funding limits. Starting early is powerful.

Consider compounding

Let’s say your 16-year-old contributes $3,000 a year to a Roth IRA for six years (ages 16–21), then stops contributing altogether. That’s just $18,000 invested.

If it earns an average of 8% per year:

At age 40, it could grow to $84,000
At age 60, about $392,000
And by age 65, nearly $577,000 — all tax-free.

Qualifying to fund a Rota IRA

The IRS rule is simple: kids (or adults) must have earned income to make Roth contributions. For 2025, they can contribute up to $7,000 or 100% of their earned income — whichever is less.

Here are a few ways to qualify:

Part-time jobs like babysitting, lifeguarding, or working retail.
Freelance work, such as mowing lawns, tutoring, or dog walking.
Helping in a family business, if the work is legitimate and the pay is reasonable (for example, social media help, filing, or cleaning equipment).

IMPORTANT - If your child earns money but spends it, that’s fine — you can gift them the equivalent amount to fund the Roth IRA. The key is that earned income must exist to justify the contribution.

The Hidden Tax Trap of Covered Calls

Mon, 06 Oct 2025 19:05:09 GMT

Covered calls can sound like a smart way to generate income. After all, why not collect option premiums while holding a stock you already own?

But in taxable (non-retirement) accounts, that income often comes with an invisible drag — and it can quietly erode long-term returns.

How Covered Calls Are Taxed

When you sell a covered call, the option premium you receive is typically short-term capital gain. That means it’s taxed at ordinary income rates — not the more favorable long-term capital gains rates — regardless of how long you’ve held the stock.

If the stock is called away, the premium you received adjusts your sale price, often accelerating a taxable event that could have been deferred. And if the option expires worthless, the premium remains fully taxable in the year received.

Why It Creates “Tax Drag”

The appeal of covered calls is the steady stream of income — but that income isn’t tax-efficient. Over time, those short-term gains add up, creating what’s known as a tax drag — a reduction in total return caused by frequent, taxable gains.

For high-income investors, this can mean paying up to 40%+ combined federal and state tax on those option premiums. Meanwhile, the lost opportunity for tax-deferred compounding can be significant compared to simply holding and letting long-term capital gains grow.

When It Can Still Make Sense

Covered calls are best utilized inside retirement accounts, where taxes aren’t triggered until withdrawal. In this case, it simply becomes a way to increase yield on a portfolio of stocks.

In taxable accounts, they also have a role for highly concentrated positions (Procter & Gamble stock is a frequent use case here) where the goal is to generate cash flow in retirement. Traditionally, this is done in the early years of retirement if selling the stock is less than ideal (be it due to stock price, or a desire to hold the stock until death). There is a natural decrease in the range of outcomes when a covered call is used, regardless of the taxation of the strategy.

The Takeaway

Don’t let the allure of “income” blind you to the after-tax reality . In many cases, the real return from covered calls — once taxes are factored in — is far lower than it appears on paper.

From P&G Executive to Independent Consultant: Why You Should Consider an LLC

Mon, 22 Sep 2025 02:09:23 GMT

Many Procter & Gamble employees look forward to retirement as a chance to finally choose their own path. For some, that means family, travel, or hobbies. For others, it means leveraging decades of corporate expertise as an independent consultant.

If you’re considering this path, one of the smartest early moves is to create a Limited Liability Company (LLC). This simple step provides protection, credibility, and powerful tax opportunities for your next chapter.

Why form an LLC?

1. Protect Yourself — An LLC separates your personal assets from your business activities. If a client ever disputes a project or there’s an unforeseen liability, your home, retirement accounts, and savings remain protected.

2. Professional Credibility — Operating as “Jane Doe Consulting, LLC” signals professionalism. Clients are more likely to view you as a business partner than a freelancer.

3. Tax Flexibility — As an LLC owner, you can access opportunities not available to sole proprietors:

Solo 401(k): Shelter far more income for retirement than an IRA allows.
Business Deductions: From a home office to travel, ordinary and necessary expenses can reduce your taxable income.
S-Corp Election: For higher earners, electing S-Corp status can reduce self-employment taxes by splitting income into salary and distributions.

Action steps to create your LLC

Pick Your State – Most retirees will form their LLC in their home state.
Choose a Name – Confirm availability through your Secretary of State’s website.
File Articles of Organization – The official paperwork that makes your LLC real.
Get an EIN from the IRS – Free at IRS.gov ; this is your business tax ID.
Open a Business Bank Account – Keeps business and personal finances separate.
Draft an Operating Agreement – Even if not required, this strengthens liability protection.

Action steps to create your LLC

DIY with LegalZoom – If you want a straightforward, guided process, LegalZoom can walk you through it.
Local Attorney – For more customization, especially if you’re considering partners or S-Corp taxation, an attorney ensures you get it right the first time.
Beyond Wealth Partners– We regularly help P&G retirees think through how business formation fits into their larger financial strategy, from retirement income planning to tax efficiency.

The tax advantages for retired consultants

Forming an LLC can open doors to powerful tax planning:

Solo 401(k): Continue saving aggressively for retirement.
Deductions: Offset income with business expenses.
S-Corp Status: For six-figure earners, reduce payroll tax exposure.

These strategies not only help you keep more of what you earn but also extend the legacy of financial discipline you built throughout your P&G career.

With the LLC foundation in place, you’re ready to build:

Refresh LinkedIn with your new consulting identity.
Launch a Simple Website that highlights your expertise.
Tap Into Your P&G Network - Often, your first clients are colleagues who already know your value.

Building your consulting practice

Closing thought

Even if you plan to work a few hours a month in retirement, don't let this process give you pause. After being a W2 employee for an entire career, we often see retirees avoid this altogether. The next chapter can be more fulfilling with new opportunities to engage in building local companies. Retirement doesn't have to mean the end of work; our good friend and mentor, Keith Lawrence , wonderfully defines it as graduation.

Please reach out if you would like to discuss the details of this process as you look to graduate to what is next!

What the SALT Deduction Expansion Means for P&G Employees and Retirees

Tue, 09 Sep 2025 19:03:27 GMT

A Quick Update on the Law

Starting in 2025 , the cap on state and local tax (often abbreviated as SALT) deductions will temporarily rise from $10,000 to $40,000 . This higher cap will be in place through 2029 , after which it’s scheduled to sunset.

The caveat - for households with income between $500,000 and $600,000 , the cap is reduced as your income increases. Specifically, the deduction is lowered by 30% of each dollar earned over $500,000. Income above $600,000 - it reverts back to the $10,000 cap.

What does this mean? If you took the standard deduction in 2024 and were planning on doing the same in 2025, that assumption should be revisited. Especially for high earners in high-tax states.

Let's break this down into two areas - current employees and retirees.

For Current Employees

If you’re still working, the name of the game is keeping taxable income (AGI) as low as possible so you can take full advantage of the higher deduction.

Max out the P&G Savings Plan (401(k)) — Contributions reduce your taxable income dollar for dollar. In 2025, you can contribute up to $23,000, plus an extra $7,500 if you’re 50 or older.
Consider a High-Deductible Health Plan (HDHP) with an HSA — HSAs are triple tax-advantaged and reduce your AGI. They’re one of the best ways to lower income while also building a healthcare nest egg.
Take advantage of FSAs — Healthcare and dependent care FSAs let you use pre-tax dollars for everyday expenses, trimming AGI further.
Be strategic with stock compensation — If you receive P&G stock awards or options, the timing of exercises and sales can make a big difference. Avoid bunching large amounts of income into a single year if it risks pushing you into the SALT phaseout range.
Consider charitable giving — I have talked a lot of donor advised funds and bunching charitable giving. Here is yet another opportunity to use charitable giving to lower incomes year by year to avoid the phaseout.

For Retirees

Once you’ve retired, planning shifts away from workplace benefits and toward timing your income carefully.

Spread out withdrawals — Large lump-sum withdrawals from your IRA bump you into the phaseout zone, wiping out much of the SALT benefit. Smaller, planned withdrawals across multiple years, if possible, can help.
Think about Roth conversions — Those conversions increase income. If you are near the phaseout, it is unlikely that a Roth conversion makes sense to start with, but now add the consideration of inflating income into the phaseout. Do consider conversions if you are in low tax brackets and want to reduce and control future RMD's.
Pay attention to residency — Some states tax retirement income aggressively, others hardly at all. If you split time between states, your official residency can have a big impact on whether the higher SALT cap helps you.
Once again, Charitable giving — Yes - once again - another great way to lower income year by year.

Recapping

The expanded SALT deduction is here for a limited time — and it’s worth making the most of it. For employees, that means using every tool to lower taxable income while still working. For retirees, it’s all about timing withdrawals to stay out of the phaseout range.

With only a five-year window, now is the time to revisit your tax strategy and decide how best to align your income with this change.

Every Day You Wait to Exercise Stock Options, You're Making a Choice—Whether You Realize It or Not

Mon, 25 Aug 2025 18:23:45 GMT

At Savvy, we work with P&G employees who’ve spent decades building wealth—and equity—in the company.

Most come to us with a familiar question: “When should I exercise my stock options?”

Here’s the part most people miss:

By not exercising, you're actually making a decision—to buy more P&G stock.

Every day you hold your options, you’re choosing not to diversify. You're choosing to buy even more of a stock you likely already own a lot of.

Let’s not forget— stock options don’t pay dividends , a favorite feature for many long-time P&G holders.

On average, P&G clients we meet have 70–80% of their net worth already tied to the company—through the PST, Savings Plan, RSUs, and stock options. And your paycheck? Also from P&G.

Dual career household? Double exposure.

Your stock options are an opportunity—but also a risk multiplier.

We can talk all day about Black-Scholes principles and option modeling.

But today, just ask yourself this:

If you were given the decision TODAY to buy every stock option you currently hold—would you?

If the answer is “no”… it may be time to act.

Because stock options aren’t just compensation. They’re a daily decision.

Let’s make sure you’re making the right one.

2025 Retiree Healthcare Planning Guide for P&G Clients

Tue, 12 Aug 2025 18:23:27 GMT

Navigating retiree healthcare is one of the most important—and time-sensitive—decisions you'll face when stepping away from Procter & Gamble. This streamlined guide is designed to help you understand your options, meet critical deadlines, and avoid costly gaps in coverage.

What You Need to Know

P&G offers two core retiree healthcare options based on your Medicare status:

If you are NOT eligible for Medicare: You can enroll in the P&G UnitedHealthcare® Retiree PPO Plan.
If you ARE eligible and enrolled in Medicare Parts A & B: You can enroll in the P&G UnitedHealthcare® Group Medicare Advantage Plan.

Important: Enrollment is not automatic. You must actively enroll within specific deadlines.

Enrollment Timeline

Enroll in retiree healthcare: Within 30 days before or after retirement
Enroll in Medicare (if turning 65): Up to 90 days before your 65th birthday
Submit Medicare Part A & B ID card to P&G: Before retirement or turning 65
Receive ID cards for healthcare/prescriptions: 3–4 weeks after enrollment is processed
First invoice for coverage: 4–6 weeks after retirement; may include two months’ premiums

Key Medicare Notes for P&G Retirees

Medicare becomes your primary insurance on your first day as a retiree—even if your P&G active coverage continues through month-end.
Medicare Parts A & B must begin on the 1st of the month in which you retire. Mid-month start dates are not allowed.
You must enroll in Medicare yourself through the Social Security Administration.

To complete enrollment in the P&G Medicare Advantage Plan:

Enroll in Medicare A & B
Submit your Medicare ID card to P&G Benefit Services
Call 844-786-6588 to finalize your enrollment

IRMAA and How to Appeal It

Medicare premiums may be increased based on your income from the two years prior. This surcharge is called IRMAA (Income-Related Monthly Adjustment Amount).

For example:

Your 2025 IRMAA is based on your 2023 tax return.
If your 2023 income was elevated due to severance, bonuses, or stock options, your IRMAA may be inflated.
You can appeal IRMAA if your income has dropped due to a qualifying life event like retirement.

How to Appeal IRMAA

Complete Form SSA-44: Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event
Select “Work Stoppage” as the reason for your appeal
Estimate your 2025 income
Include supporting documentation such as signed "intent to retire" form
Submit the form to your local Social Security office or mail it to SSA

We can help you complete Form SSA-44 and project your post-retirement income to strengthen your appeal.

2025 Monthly Premiums

For retirees enrolled in P&G retiree plans:

Non-Medicare Retiree: $277.00
Medicare-Enrolled Retiree: $42.00
Non-Medicare Spouse: $277.00
Medicare-Enrolled Spouse: $42.00
Dependent Child (under 26): $553.00 (non-Medicare) or $84.00 (Medicare)
Domestic Partner (not tax-dependent): $1,106.00 (non-Medicare) or $163.00 (Medicare)
Surviving Spouse: $1,106.00 (non-Medicare) or $163.00 (Medicare)

Premiums can be paid by check or automatic bank withdrawal. The first invoice may include two months of premiums.

Retiree Dental (Cigna)

Single: $25.00/month
Family: $50.00/month
Domestic Partner (not tax-dependent): +$49.01 surcharge

Coverage begins the first of the month after retirement , provided you enroll. The lifetime orthodontia maximum of $2,000 still applies.

COBRA vs. Retiree Coverage

COBRA

Coverage lasts up to 18 months
Same plan as active employees
Cost includes full premium + 2% admin fee
Best for short-term needs or coordinating with a spouse’s plan

P&G Retiree Plan

Coverage can last a lifetime (if eligible)
Premiums are fixed
Offers PPO or Medicare Advantage options
Best for long-term healthcare needs in retirement

You may elect COBRA to delay enrollment in retiree healthcare—but it’s typically more expensive.

Savvy Tips for P&G Retirees

Start early: Begin your Medicare and retiree healthcare enrollment 90 days before your retirement date or 65th birthday.
Avoid gaps in coverage: Medicare must begin on the first of the month in which you retire—no mid-month starts.
Appeal IRMAA: Don't pay more than you have to—appeals are available after retirement.
Use SSDC for support: P&G partners with SSDC to help with Medicare enrollment. Call 1-866-729-8912 (Option 5).
Actively enroll: Healthcare and dental are not automatic. Enroll through digital.alight.com/pg or call 844-786-6588.
Set up autopay: Avoid missed premium payments with monthly automatic withdrawals.

Want help navigating retiree healthcare or appealing IRMAA?

Let’s talk.

Don’t Let Your Severance Become a Tax Trap

Wed, 06 Aug 2025 18:27:47 GMT

If you’re a P&G employee eligible for a one-year package, you’re likely looking at a large lump sum—paid out this year. On paper, that sounds like a win. But without a plan, it can also trigger one of the biggest tax bills of your career.

We work closely with clients navigating this exact transition. And with the right planning, a severance package can be a launchpad—not a liability.

Here’s how we help P&G employees manage the tax impact and build a strategy that protects their wealth:

Max Out Your Savings Plan

Even if you’re on your way out, you can still contribute to the Savings Plan. That means deferring up to $30,500 in 2025 ($23,000 plus $7,500 catch-up if over 50) into tax-deferred savings. If you were not maxing it out previously, go ahead and bump that up with payroll to get as many pre-tax dollars into your traditional 401(k) as possible. This will likely be the highest tax year of your life! This is the first step in lowering income in this high-tax year.

Use a Donor-Advised Fund (DAF) to Your Advantage

If charitable giving is part of your plan, this may be the year to front-load those donations. Contributing appreciated PG stock to a DAF allows you to take a full deduction this year, offsetting your high income, and you can give away the funds over the rest of your lifetime.

It’s one of the most powerful ways to turn taxes into long-term impact.

Bonus Tip: Use your lowest basis PG stock, typically the shares that come out of the plan under net unrealized appreciation.

Defer Stock Option Income

If your stock options are vested but not yet exercised, consider waiting. Option exercises generate ordinary income and will stack on top of your package pay—pushing you into a higher bracket.

We often model multiple exercise timelines to help clients reduce tax drag and keep more of what they’ve earned.

Avoid Roth Conversions (For Now)

In many cases, we hit pause on Roth conversions during a package year. Converting IRA assets when your income is already inflated can result in unnecessary taxation.

Instead, we often plan conversions after the severance year, when income drops, and you may be in a much lower bracket.

Don’t Overpay the IRS—Use Safe Harbor Rules Wisely

Withholding on lump sum payments is often aggressive—and it’s easy to feel pressure to send the IRS more than necessary through estimated tax payments.

But here’s the key: you only need to meet your safe harbor to avoid penalties (typically 100–110% of last year’s tax). Anything beyond that is an interest-free loan to the government.

We help clients strike the right balance—meeting their obligation without unnecessarily draining liquidity.

Coordinate the Full Picture

Every case is different. We tailor plans to include:

Capital gains harvesting
Timing of itemized deductions
IRMAA strategy for Medicare
Cash flow and liquidity planning

The goal: minimize lifetime tax—not just this year’s bill.

In Closing

A one-year severance package can feel like a financial windfall. But without a coordinated plan, it often creates avoidable tax consequences.

At Beyond Wealth Partners, we specialize in helping P&G employees turn complexity into clarity. If you’re considering a package—or have already accepted one—there’s still time to act before year-end.

Let’s build a smarter exit plan.

Halfway There: A Summer Review of Your Financial Game Plan

Mon, 04 Aug 2025 18:30:33 GMT

With summer in full swing, it is an easy period to allow your financial strategy to put on the back burner, but in reality, it is a great time to revisit your annual plans and shore up any shortcomings to date. Within P&G, restructuring talks have been heating up over the last quarter, and with this conversation comes a very hot topic: Packages. Whether you are hoping for a package or are having your role eliminated unexpectedly, your financial plan merits revisiting to make sure you are adequately prepared.

In this edition of Bounty of Wealth , we are excited to share a new white paper that is catered to the P&G Community, specifically those considering or facing retirement: P&G Retirement Playbook

Walk through the careful considerations that need to be taken in advance of separating from the company.

P&G Earnings

Procter & Gamble reported earnings for the fourth quarter of their Fiscal Year 2025 on 7/29/2025. We will be breaking this report up into three segments: Q4 2025 in Review , Looking forward to the 2026 Fiscal Year , and Watch-Board Items for the company as it enters an upcoming period of change and restructuring.

Read the Full Overview Here

New Resources for 2025

Retiring from P&G? Your Essential Planning Guide
Covered Calls: A Strategy to Mitigate Concentration Risk
A Guide to Enrolling in Social Security

In Case You Missed It

In June, our CEO, Ritik Malhotra, co-hosted a webinar with Keith Lawrence, a former P&G Executive and author of the best-selling book Your Retirement Quest: 10 Secrets for Creating and Living a Fulfilling Retirement. Keith and Ritik’s conversation centered around the less-talked-about non-financial side of retirement, and making a plan for your time.

Watch the Recording

Take Back Control of Your Future

No matter where you may be on your financial journey – whether you are in the accumulation phase or prepping for retirement – our team is here to guide you and curate a plan specific to your stage in life. With decades of experience working with the P&G Community, we are ready to help create a plan for you.

Schedule a Call Today

Disclosures

Savvy Wealth, Inc. (“Savvy Wealth”) is a tech company and the parent company of Savvy Advisors, Inc, (“Savvy Advisors”). All advisory services are offered through Savvy Advisors, Inc., an investment advisor registered with the Securities and Exchange Commission (“SEC”). For the purposes of this blog article, Savvy Wealth and Savvy Advisors may be referred to together as “Savvy”.
The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.
Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy.
It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.
To learn more about Savvy, its conflicts of interest, fees and other important disclosures, see our Form ADV Part 2A.

Retiring from P&G? Your Essential Planning Guide

Wed, 23 Jul 2025 18:43:04 GMT

If you're planning to retire from Procter & Gamble in 2026, congratulations! You're in the home stretch. But this is not the time to coast. The window leading up to retirement is one of the most critical phases in your financial life.

At Beyond Wealth Partners, we specialize in guiding P&G employees through this exact transition. Here are six planning moves you should be thinking about now.

Map Out Your PST Rollover and NUA Opportunity

The PST (Profit Sharing Trust) may be your largest retirement asset. The decision to roll it over—or elect Net Unrealized Appreciation (NUA)—has lifelong tax consequences.

Are you a good NUA candidate?
Should you NUA your PG preferred shares, PG preferred + common shares, or skip NUA entirely?
Do you need to utilize the frank duke rollover to negate the cost basis of NUA and avoid the applied 10% penalty to tax basis if you are under the age off 55 in the year you retire?

We run NUA projections for every retiring P&G employee we work with.

Here’s a smart strategy: consider adding a direct indexing portfolio to your taxable account in the year or two leading up to retirement. This can generate harvested capital losses, which may be used to offset the long-term capital gains triggered when PG preferred stock is distributed under NUA.

Done right, this creates a smoother tax impact and gives you greater flexibility when rebalancing post-NUA.

Coordinate STAR, LTIP, and RSU Timing

P&G compensation gets complex quickly. If you’re retiring mid-year in 2026, you need to know:

How STAR awards are received in the year of retirement.
Whether your LTIP will vest, be prorated, or forfeited
How your retirement date affects long-term incentive eligibility

ERISA RSUs, awarded to highly compensated employees, come with their own vesting schedules and should be reviewed closely as you finalize your retirement date.

Execute a Smart Tax and Charitable Giving Strategy Before Your Income Drops

Your last full year of W-2 income creates a unique planning window. You can:

Accelerate charitable gifts to front-load deductions
Manage capital gains ahead of a potential lower-bracket year
Plan for Roth conversions in the years after you retire

Done right, this could save six figures over your retirement.

Just as important: make sure you have a trusted advisor or accountant who understands how to manage estimated tax payments. Once you retire, you’ll no longer have payroll withholdings doing the heavy lifting—and underpayment penalties are easy to trigger if you’re not careful.

If you participated in an international retirement plan during an overseas assignment, make sure you understand how and when that benefit will be distributed. You will either receive a lump sum the year after you retire—creating a large, taxable event—or you will have a pension-style payout if elected in advance.

The last 1–2 years before retirement are your highest-income years. That means they’re also the most valuable years for charitable deductions.

One smart move: front-load multiple years of giving into a Donor-Advised Fund (DAF) before you stop earning W-2 income. This allows you to:

Capture a large deduction in a high-income year
Continue giving to charities gradually in retirement
Donate highly appreciated PG stock without triggering capital gains
Simplify recordkeeping and grantmaking across multiple organizations

Lock in Healthcare Coverage (and IRMAA Planning)

Medicare doesn’t kick in until age 65. Have a plan for:

Healthcare Bridge Years between retirement and Medicare
Managing MAGI to avoid IRMAA surcharges
Evaluating your spouse’s coverage and backstop in the case of your death

Update Your Estate Plan and Account Titling

Many employees wait until after retirement to update wills, trusts, and beneficiaries. But this can delay important decisions about:

Who inherits what—and how?
How do your IRAs and brokerage accounts flow?
Who acts on your behalf if you’re incapacitated?

This is especially important for those with adult children, second marriages, or charitable goals.

If you're still employed, consider using your ARAG legal benefit through P&G—it’s a cost-effective way to get your estate plan drafted or updated before you leave.

Plan for Paycheck Replacement, Second Home Goals, Social Security Timing—and Life Beyond Work

Your P&G income has been predictable. Your investments… not so much. Before you retire, it’s critical to build a sustainable withdrawal strategy from:

Non-retirement accounts (often selling low-basis PG stock in the early retirement years)
IRA, Roth IRA, and brokerage accounts
Option and RSU proceeds
Social Security

If you’re thinking about purchasing a second home or relocating in retirement, now is the time to explore mortgage options. It’s often much easier to qualify while you still have W-2 income.

Don’t overlook your Social Security strategy. Whether you start at 62, wait until full retirement age, or delay to 70, the impact on your lifetime benefit—and your spouse’s—can be substantial. We run breakeven and survivorship analyses for every client.

Consider electing your STAR in stock options rather than cash as you approach retirement. With plans to diversify your PST holdings, you may be able to absorb the added PG exposure in exchange for tax-deferred, laddered income opportunities in retirement.

And don’t forget to plan for your life beyond the spreadsheets. I highly recommend the book Your Retirement Quest by former P&G’er Keith Lawrence —it’s a thoughtful guide to designing a life of purpose and passion after P&G.

Ready to Create Your Personalized Retirement Map?

We’ve helped hundreds of P&G employees walk through this same transition—and I’d be honored to help you, too.

Schedule a personalized Retirement Readiness Assessment with us to see what’s possible and avoid common mistakes.

Maximizing Charitable Impact for P&G Employees with Donor Advised Funds

Mon, 23 Jun 2025 18:45:05 GMT

Procter & Gamble employees have a rich tradition of supporting their communities, often through payroll deductions to organizations like United Way and ArtsWave. While payroll deductions are convenient, they may not offer the best tax advantages. By using a Donor Advised Fund (DAF) and funding it with appreciated stock, P&G employees can amplify their charitable impact while optimizing their tax benefits.

Why Choose a Donor Advised Fund Over Payroll Deductions?

Payroll deductions are straightforward but come with limitations compared to a DAF:

Lost Tax Deduction Opportunities : Payroll deductions are made with post-tax income, so employees miss out on immediate tax deductions unless they itemize. With the current state and local tax (SALT) limitations, you may find you are not itemizing and in this case you are getting no tax benefit for your payroll giving.
Missed Opportunity to Donate Appreciated Stock : Many P&G employees hold stock with significant capital gains. Selling these shares incurs capital gains tax, but donating them to a DAF avoids this tax entirely [4]. Using the stock for giving also helps you diversify what is likely an over concentration in PG stock!
Lack of Bunching Benefits : A DAF enables "bunching," where employees can combine multiple years’ worth of donations into one year to surpass the standard deduction threshold, maximizing tax savings. With the limitations on SALT, bunching your giving has become more important.

Benefits of Funding a Donor Advised Fund

Immediate Tax Deduction : Contributions to a DAF are deductible in the year they’re made. Donors can also separate the act of giving from claiming the deduction, enabling strategic tax management. Once funded, the appreciated stock can also be sold (diversified) and reinvested for future giving.
Avoid Capital Gains Taxes : Donating appreciated stock to a DAF eliminates capital gains tax, directing more of the asset’s value to charity instead of the IRS. It also avoids having to give stock directly to each charity, instead the DAF accepts the stock and the charities receive a simple check.
Easier tracking : A DAF simplifies donation tracking by centralizing all giving in one portal.

How P&G Employees Can Use a DAF for Charitable Giving

Establish a DAF : Open a DAF with a provider like Fidelity Charitable, Schwab Charitable, or another trusted custodian.
Fund with Appreciated (P&G) Stock : Transfer appreciated stock directly to the DAF. These shares can then be reinvested within the DAF, left in a money market, or cash.
Support United Way or ArtsWave : During P&G’s annual open enrollment, direct your DAF to distribute grants to these organizations (or others), allowing P&G to track your giving while funds come from the DAF.
Distribute Grants Over Time : Unlike payroll deductions, a DAF lets you control the timing of grants, offering flexibility to support charities on your schedule.

Switching from payroll deductions to a Donor Advised Fund funded with appreciated stock allows P&G employees to maximize tax savings while continuing to support their favorite charities. This tax-efficient strategy aligns with smart financial planning and amplifies the impact of your giving. Don't underestimate the value of this simple change!

Retirement Is a Team Sport: Plan with the People Who Matter Most

Wed, 18 Jun 2025 18:47:23 GMT

Many Procter & Gamble employees approach retirement with a clear vision—financial projections, target dates, and detailed account balances.

But real retirement readiness isn’t just about account balances—it’s about emotional readiness.

“The odds of having a fulfilling retirement increase when planning is done in open conversation with your spouse, partner, adult children, aging parents, and close friends.” – Your Retirement Quest by Keith Lawrence and Alan Spector

Inspired by Your Retirement Quest , I’m sharing a powerful framework from Keith Lawrence: 10 crucial conversations that every couple or family should consider having well before the retirement party.

10 Crucial Conversations for a Fulfilling Retirement

(Originally developed by Keith Lawrence, co-author of Your Retirement Quest)*

Relationship Check-In

What’s the honest state of our relationship—and how can we strengthen it before retirement?

Where Will We Live?

Will we stay local? Relocate? Maintain a second home?

Retirement Timing

When do I plan to retire? When do you?

Daily Routine

How will we spend our days—and divide responsibilities—once we’re both home?

Life & Bucket List Planning

What do I want in retirement? What do we want?

Financial Alignment

Do we both understand the plan? Can either of us manage it alone if needed?

Family Dialogue

Who do we need to talk to—children, parents, close friends—and when?

Well-Being

What should we be doing now to improve our health and energy?

Family Commitments

Will there be caregiving or financial support roles in retirement?

Practicing Retirement

How are we simulating or testing parts of retirement now?

Take the First Step: Talk About It

You don’t need to answer all 10 questions today—but you do need to start talking. These aren’t just “planning” questions; they’re invitations to build a more intentional, connected, and fulfilling life.

We help P&G professionals navigate retirement holistically—through financial strategy, yes, but also through the conversations that make the numbers matter.

Special thanks to my good friend and mentor, Keith Lawrence , for his leadership in guiding families through these essential conversations. Learn more at YourRetirementQuest.com

2025 P&G Guide to Enrolling in Social Security

Fri, 13 Jun 2025 18:49:21 GMT

For many Procter & Gamble employees, Social Security is a key retirement income source. While there’s no shortage of content debating when to claim benefits, this guide focuses on the how: the mechanics of enrolling, completing withholding elections, and handling spousal benefits—so you can step into retirement without delay or confusion.

Step-by-Step: Enrolling in Social Security

When to Apply

You can apply up to four months before you want benefits to begin. If you’re targeting a January start date, apply in September to stay ahead of the rush.

P&G Tip: Many employees retiring at year-end prefer benefits to start in January. Start early to avoid holiday delays.

How to Apply

You can apply in three ways:

Online : Visit ssa.gov/retirement (fastest method)
Phone : Call 1-800-772-1213
In-person : Schedule an appointment at your local SSA office

What You’ll Need

Social Security number
Bank account info for direct deposit
Desired benefit start date
W-2 from P&G or your most recent tax return
Spouse or ex-spouse’s details (if claiming spousal benefits)

P&G-Tip: Have your final P&G paystub and W-2 on hand—especially if you recently retired or are transitioning from P&G income.

Electing Withholding: Avoid Tax Surprises

Social Security benefits may be taxable depending on your overall income (including pensions, RMDs, or investment withdrawals). To prevent a large tax bill, you can request federal income tax withholding from your benefit.

You can elect withholding:

During the online application process, or
By submitting IRS Form W-4V later on

You may choose to have:

7%
10%
12%
22% withheld from each monthly benefit payment.

You cannot elect a custom dollar amount or withhold state taxes directly from Social Security. State taxes, if applicable, must be handled separately.

Enrolling for Spousal Benefits

If you are claiming a spousal benefit —typically up to 50% of your spouse’s full retirement benefit—you will follow a similar application process but include your spouse’s information.

To apply for spousal benefits

Use the same SSA application (online or in person)
Indicate that you're applying based on your spouse’s work record
Provide marriage information and your spouse’s Social Security details

Important: If you qualify for both your own benefit and a spousal benefit, SSA will enroll you in your own benefit first, and “top it up” to the spousal level if applicable.

If you are divorced but were married for at least 10 years, you may still qualify for a spousal benefit based on your ex-spouse’s work record.

After You Apply

Here’s what to expect:

You will receive a Notice of Award confirming your monthly benefit amount and start date.
Your first payment will arrive one month after your elected start month.
Payments are scheduled based on your birth date.

Wrapping Up

The Social Security enrollment process is straightforward once you know the steps. Whether you're activating your own benefit, applying for a spousal benefit, or managing tax withholding, a little preparation goes a long way.

That said, deciding when to activate your benefit is just as important as knowing how. And it’s not a one-size-fits-all answer.

For many P&G employees, this decision is intertwined with:

Ongoing option income
Timing of PG stock sales with low cost basis
Planned Roth conversions before Required Minimum Distributions (RMDs)
Navigating IRMAA brackets (for Medicare premiums)
Structuring income for surviving spouse benefits

We use specialized tools to help model these decisions—taking into account your total compensation history, tax picture, and retirement goals. Our job is to help you activate with confidence, backed by data, strategy, and personalized guidance.

Ready to make the most of your benefit? Let’s make sure your enrollment—and your timing—support the bigger picture of lasting financial independence.

Unlocking Stretch IRA Opportunities with Subtrusts

Wed, 04 Jun 2025 18:51:01 GMT

The SECURE Act of 2019 reshaped how IRAs are inherited, ending the “stretch IRA” for most non-spouse beneficiaries. Instead of lifetime tax deferral, many heirs now face a 10-year window to fully distribute inherited retirement accounts — significantly accelerating taxes and reducing flexibility.

But recent IRS regulations have created a meaningful opportunity for proactive families: subtrusts that preserve stretch treatment for certain beneficiaries.

What’s New — and Why It Matters

Before the 2024 IRS guidance, naming a trust as the beneficiary of your IRA often meant everyone in the trust defaulted to the 10-Year Rule — even if some were eligible for more favorable treatment.

Now, if that trust splits into subtrusts upon death , each subtrust may apply its own distribution rules:

Eligible Designated Beneficiaries (EDBs) — like surviving spouses, chronically ill heirs, or minor children — can still stretch distributions over life expectancy.
Non-Eligible Designated Beneficiaries (NEDBs) — such as adult children — follow the 10-Year Rule.

This means estate plans can now better align tax treatment with each beneficiary’s unique needs.

Who Needs to Pay Attention?

This planning opportunity is especially relevant for:

Families who’ve named a trust as the IRA beneficiary
Parents of minor children or special needs dependents
Individuals concerned about beneficiaries’ financial discipline, divorces, or creditors
Anyone with a large IRA or Roth IRA wanting to preserve tax deferral for the next generation

Three Key Actions to Take Now

Review Your Trust Documents
Check IRA Beneficiary Designations
Are your IRAs still naming a trust as a beneficiary?
Would individual designations now make more sense?
Coordinate with Your Advisory Team
Your estate attorney, financial advisor, and tax professional should work together.
The goal: protect your legacy while minimizing tax burdens for your heirs.

Why This Matters

This isn’t just about compliance — it’s about preserving your wealth and intentions across generations.

Stretch IRAs are still possible , but only with intentional trust design.
Subtrust planning gives you greater control , tax deferral, and peace of mind.
Taking action now may help avoid unnecessary tax erosion later.

Let’s Talk

If you’ve named a trust as your IRA beneficiary — or just want to make sure your estate plan still reflects your goals — now is the time to act.

From Vision to Reality: Designing Your Retirement

Tue, 27 May 2025 18:52:53 GMT

Join us June 10th at 12 PM ET for a powerful webinar with Keith Lawrence and Ritik Malhotra

At Savvy, we believe retirement isn’t just a financial milestone—it’s a new chapter filled with purpose, impact, and growth. But how do you create a vision for the next phase of life that feels both exciting and achievable?

On June 10, 2025, at 12 PM ET , we're thrilled to invite you to a special webinar featuring two voices I deeply respect: Keith Lawrence , retired P&G executive, certified retirement coach, and author of Your Retirement Quest , and Ritik Malhotra , our very own CEO at Savvy.

Keith has been a personal mentor and friend for over a decade. Together, we’ve led dozens of retirement workshops for Procter & Gamble employees—focusing on the non-financial side of retirement that so often gets overlooked. In this upcoming session, Keith will share his timeless framework for building a retirement with purpose , anchored in the 10 secrets from Your Retirement Quest.

Ritik will complement that with actionable guidance on how to turn your vision into reality—sharing financial planning insights, wealth-building strategies, and key lessons from his journey as a two-time founder and CEO.

What we’ll cover

Why a compelling retirement vision is the foundation of any great financial plan
Three key takeaways every retiree should consider—financially and personally
How a financial advisor can help align your resources with your dreams
Practical steps you can take today to prepare for a secure and meaningful future

Whether you're years from retirement or already on the cusp of it, this webinar is packed with value to help you move forward with clarity and confidence.

Save your spot now and join us for this engaging, one-of-a-kind conversation.

Updating Beneficiaries in Your P&G Plans: What You Need to Know

Mon, 19 May 2025 18:54:21 GMT

When it comes to financial planning, few decisions are as critical—and often overlooked—as keeping your beneficiary designations up to date. For P&G employees and retirees, your benefits through Alight (like the Savings Plan and Profit Sharing Plan) provide the opportunity to designate who receives your plan assets after your passing. But if those designations don’t align with your current wishes or estate plan, the consequences can be significant.

At Savvy, we help Procter & Gamble families review and update these elections as part of every planning review. Here’s what you need to know to keep your designations clear, current, and consistent with your broader goals.

What Is a Beneficiary?

A primary beneficiary is the person (or people) who will receive your retirement plan assets when you pass. A contingent beneficiary is next in line—receiving the assets only if the primary beneficiary is unable or unwilling to accept them.

Without a named beneficiary, your account may pass to your estate and go through probate, creating unnecessary delays, expenses, and complexity for your family.

How to Review or Update Your Beneficiaries

All P&G retirement benefits are administered through Alight. To check or update your beneficiaries:

Log in at digital.alight.com/pgretirementplans
Select the relevant plan (Savings Plan, PST, etc.)
Navigate to “Plan Features & Options” → “Beneficiaries”
Review, update, or add beneficiaries as needed You’ll need their full name, date of birth, Social Security number, and relationship You can split percentages among multiple people or entities (like a trust)

Special Rules for Married Participants

The IRS and plan rules treat spouses differently:

Savings Plan (401(k)) : If you are married and name someone other than your spouse as your primary beneficiary, your spouse must consent in writing—and the form must be notarized.
PST Plan : If you’re married and under age 35, your spouse is automatically the sole primary beneficiary. Even if your spouse provides written consent, changes cannot be made until you reach age 35.

Why this matters: We've seen cases where clients update their will or trust—but forget to update beneficiaries on file with Alight. Unfortunately, the will won’t override the plan’s records.

What About Trusts and Minors?

You can name a trust as a primary or contingent beneficiary. This can provide added control and protection, especially for minor children or heirs with special needs. However, this adds complexity, so it’s worth coordinating with your attorney and advisor.

Pro Tips

Use contingent beneficiaries : It’s easy to skip this step, but naming contingent beneficiaries ensures your assets flow smoothly if the primary beneficiary predeceases you.
Coordinate with your estate plan : Your IRA’s, 401(k), and PST accounts do not follow your will. Beneficiary forms govern. Make sure they’re in sync.
Set a calendar reminder : Revisit your designations at least every two years—or whenever a major life event occurs (marriage, divorce, birth, death, etc.).

Need a Second Set of Eyes?

We review beneficiary designations with every P&G family we serve—often finding gaps or outdated information that could unintentionally derail your legacy plans. If you’d like help reviewing or updating your beneficiaries, or if you’re not sure how your plans fit into your estate strategy, we’re here.

Claiming Social Security Benefits for Children: A Guide for Retirees, Parents, and Guardians

Thu, 15 May 2025 18:55:42 GMT

When you think about Social Security benefits, retirement income likely comes to mind. However, many are surprised to learn that children may also be eligible for benefits based on a parent's work record. Whether you're a parent, a grandparent raising grandchildren, or a guardian, understanding how to claim Social Security benefits for children can provide meaningful financial support.

Who Qualifies?

A child can receive Social Security benefits if:

A parent is retired, disabled, or deceased and has earned enough Social Security credits.
The child is unmarried.
The child is:

Grandparents or guardians can claim benefits on behalf of children if they have legal custody and the qualifying parent meets the criteria.

How Much Can a Child Receive?

Typically, a child may receive up to 50% of a retired or disabled parent's full benefit amount.
If the parent is deceased, the child may receive up to 75% of the parent's basic benefit.
There is a "family maximum," usually 150% to 180% of the parent's full benefit amount, which may reduce individual payments if multiple family members are claiming.

Special Situations: Grandparents Raising Grandchildren

If grandparents have legally adopted their grandchildren or are legal guardians, the grandchildren may qualify based on the grandparents' earnings record. This is particularly important for families where the biological parents are deceased, disabled, or otherwise unable to provide support.

When to Apply

For retirees : Apply for children's benefits at the same time you apply for your retirement benefits or as soon as you become eligible.
For disabled or deceased parents : Apply immediately after the disability determination or death to prevent losing benefits.

Important : Social Security benefits are not retroactive beyond six months, so timely action is crucial.

Required Documentation

Child's birth certificate or proof of adoption.
Proof of the parent-child relationship.
Parent's Social Security number.
If applying as a guardian, legal proof of guardianship.
School enrollment records if the child is over 18 and a student.
Medical records if applying for a disabled adult child.

Tax Implications

Social Security benefits for children may be taxable depending on the overall family income. It's important to consult a tax professional to ensure proper reporting and optimize any tax strategies.

Planning Considerations

Children's benefits stop at age 18 (or 19 if still in high school), so plan accordingly.
Consider the impact of child benefits on family income, financial aid calculations for college, and estate planning.
If you delay your own benefits to increase your future payout, children's benefits are only available once you begin claiming your own.

Covered Calls on PG Stock: A Smarter Strategy for Concentrated Wealth

Fri, 02 May 2025 18:58:30 GMT

For Procter & Gamble employees, stock ownership is often a source of pride—and risk. We often times help PG professionals manage that risk and generate income by implementing a covered call strategy —an approach to reduce risk & volatility, generate cash flow, and retain long-term upside potential.

What Is a Covered Call?

A covered call involves selling call options against shares you already own. You receive cash upfront (called a “premium”), in exchange for agreeing to sell your shares if the stock rises above a certain price by a future date. It’s a way to get paid for staying invested—especially powerful with a stable, dividend-paying stock like PG. Think about this just like the stock options you receive as a P&G employee, only now you are selling the option to someone else!

Why PG Employees Should Consider This Strategy

We typically use this strategy for PG shares held in taxable (non-retirement) accounts , where diversifying would trigger significant capital gains. Covered calls provide a way to reduce exposure and generate income without selling the stock or realizing taxes today.

While the strategy can also be run in retirement accounts , our first preference there is usually to diversify the holding outright, as tax consequences are not a concern in those accounts. But, covered calls can be used in retirement accounts to reduce downside risk.

Key Advantages of Our Covered Call Approach

Reduce overall stock exposure by roughly one-third without selling shares
Generate consistent cash flow — e.g., $27,290 (2.6%) in premium over 185 days, or an annualized yield of 5.17%
Retain full dividend income and upside up to the option strike price
Avoid concentrated strike risk — we actively manage a ladder of strike prices to reduce exposure to a single outcome
Minimize call risk — by dynamically adjusting contracts as market conditions change
Protect against unwanted sales — we can add margin to the account so that if shares are called, we borrow against them and deliver the borrowed shares, avoiding a taxable sale

Real-World Example

From a January 2025 analysis on a $1M PG stock position:

Premium collected: $27,290
Net annualized yield: 7.21% (including 2.54% dividend)
Risk reduction: 34.22%

This strategy allows you to stay invested in PG while reducing volatility and unlocking an income stream—ideal for those nearing retirement or looking for a tax-aware way to enhance returns from a concentrated stock position.

Let’s Talk

If you’re sitting on a large PG stock position and wondering what your next move should be, let’s connect. This strategy could be a simple but powerful way to enhance your plan.

Reach out for a personalized review of your holdings and see how this strategy might fit your goals.

Spring Strategy: Sharpening Your Financial Game Plan

Mon, 28 Apr 2025 22:13:44 GMT

With tax season in the rearview mirror, now is an ideal time to revisit your financial strategy for the year ahead. For many P&G employees and retirees, this season offers a window of opportunity to make proactive moves—whether you're optimizing charitable giving, planning equity exercises, or adjusting your tax outlook before year-end.

In this edition of Bounty of Wealth , we're excited to share two new whitepapers created specifically for our P&G community:

Maximizing Tax Efficiency for P&G Employees : Learn how we manage complex finances across P&G Savings Plan, PST, STAR awards, and stock options.

The Donor Advised Fund Advantage : Learn about the Donor Advised Fund Advantage

P&G Earnings

Procter & Gamble’s Q3 2025 earnings report reveals a mixed bag. We saw EPS come in slightly higher than expectations, but revenue fell short and net sales declined by 2%. The volatile economic environment and challenges in the Chinese market caused the company to lower its fiscal year outlook. Looking ahead, key focus areas include tariff impacts, pricing adjustments, and recovery in core markets.

Read the full overview here

New Resources for 2025

Upcoming Webinar: Designing a Life After Your Career

We’re thrilled to host an exclusive webinar with Keith Lawrence , co-author of Your Retirement Quest . Keith will share tools and insights on how to design a meaningful, purpose-filled life after your career. Whether retirement is just around the corner or still a few years away, this is a conversation you won’t want to miss.

2025: Your Year To Take Control

No matter where you are in your financial journey—whether youʼre optimizing stock compensation, preparing for retirement, or fine-tuning your investment strategy—our team is here to guide you step by step. Together, weʼll aim to make the most of your Procter & Gamble benefits and create a plan that works for you.

Schedule A Call Today

Disclosures:

Savvy Wealth, Inc. (“Savvy Wealth”) is a tech company and the parent company of Savvy Advisors, Inc, (“Savvy Advisors”). All advisory services are offered through Savvy Advisors, Inc., an investment advisor registered with the Securities and Exchange Commission (“SEC”). For the purposes of this blog article, Savvy Wealth and Savvy Advisors may be referred to together as “Savvy”.
The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.
Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy.
It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.
To learn more about Savvy, its conflicts of interest, fees and other important disclosures, see our Form ADV Part 2A .

Unwrapping P&G's Q4 Earnings and Our 2025 Financial Outlook

Thu, 23 Jan 2025 19:02:03 GMT

Happy New Year! As we kick off a new year, it's the perfect time to reflect on where we've financially been and plan where we're financially going. New to the newsletter? Think of us as your guides, here to help you navigate the unique opportunities (and occasional challenges) that come with being a part of Procter & Gamble . Whether it's stock compensation, your employee benefits, or planning for retirement, we're here to help you make the most of it.

P&G Earnings Writeup

Procter & Gamble reported earnings for the 2nd quarter of their Fiscal Year 2025 on 1/22/2025. We will be breaking this report up into 3 segments: Q2 2025 in Review, Looking forward at the Remainder of Fiscal Year 2025, and Watch-Board Items for the remainder of 2025 & Beyond ��

Quarter 2 2025 in Review

PG was slated to move over 3% higher at open as of 8:00 AM EST, as the company reported earnings that topped Wall Street’s estimates, and saw a rise in volume. While the previous quarters’ for the company have produced a mixed bag of results, Q2 saw a lot of positives reported. Revenue topped expectations, coming in at $21.88 Billion vs. $21.54 Billion expected, and Earnings Per Share topped estimates at $1.88 vs. $1.86. Net Sales rose 2% to $21.88 Billion, following Q1’s result that saw a decline in Net Sales. After years of decreasing volume numbers (mostly attributed to increased pricing), PG saw volume growth return at 1% for the quarter. Importantly, this metric excludes pricing, making it a true measure of demand. This increase was led by a 4% volume jump in the feminine and family care division, which includes Charmin, Puffs, and Tampax. Grooming and Fabric & Home Care also saw volumes rise (by 2% and 1% respectively), while Beauty was the only division to post shrinking volume. This continues the theme of demand in China for skin care products declining.

Looking Forward to the Remainder of Fiscal Year 2025

PG reiterated the forecasts previously in place for Fiscal Year 2025, anticipating that core net earnings per share will still fall in the range of $6.91 to $7.05, and reiterating the revenue growth projections of 2% to 4%. Q2’s results support the tracking on previous forecast. In the past, we have commented that the weak Chinese market (a demand-market that continued to show deterioration in this quarter’s results) could drag the forecasts downwards. For the time being, strong performances elsewhere are helping to offset some of the weakness seen in China. Volume growth outside of China, after years of price hikes, will help offset weakness in this market.

Watch Board Items for 2025 & Beyond

The importance of the return in Volume Growth & Demand in this quarter is paramount. The cost of commodities, and inflationary pressures have been a watch board item for the company, so seeing demand bounce back gives confidence for the remainder of the fiscal year.

While the Chinese market did continue to show weakness, it will be worth watching how committed PG remains in the market. We do not envision any changes in strategy, as Andre Schulten has commented many times that they believe the market will be weak throughout the entirety of fiscal year 2025. Just how weak is what bears watching. PG does, as always, remain committed to returning value to its shareholders. The company expects to pay around $10BN in dividends to shareholders in the fiscal year, and is likely to grow the dividend for a 53rd consecutive year. PG returned nearly $5 Billion in cash to shareholders in this quarter alone ($2.4 Billion in dividends, and $2.5 Billion in buybacks). The company previously stated they expect to repurchase $6BN to $7BN in common shares over the course of this fiscal year.

2024: A Snapshot of the Markets

Let's take a quick look at how the markets performed last year:

S&P 500 : Achieved a return of over 23%, marking the second consecutive year with gains exceeding 20%.
Nasdaq Composite : Led the major indices with a nearly 29% increase, driven by strong performances in the technology sector.
Dow Jones Industrial Average : Rose by approximately 13%, reflecting solid gains across various industries.
Procter & Gamble (PG) : Delivered a total return of approximately 17.25% over the past year, outperforming its sector and contributing positively to investor portfolios.

In the bond market, the Morningstar US Core Bond Index experienced a 3.04% loss in the final quarter but managed a modest gain of 1.36% for the entire year.

Disclaimer: Past performance is not indicative of future results. Indices are unmanaged and cannot be directly invested in.

New Resources to Support Your 2025 Goals

To support your financial planning in the new year, we're excited to introduce three newly released whitepapers:

IRMAA Surcharge Planning : Learn strategies to potentially reduce income-related Medicare premiums and preserve more of your retirement income.
Diversifying P&G Stock : If your portfolio feels heavily weighted with P&G stock, this guide explores options like exchange funds, direct indexing, and long-short strategies to help manage concentration risk. These strategies may not be suitable for everyone, so let’s discuss whether they align with your goals and risk tolerance.
Understanding the Social Security Fairness Act: New legislation from late 2024 addresses changes related to the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). This guide breaks down who benefits most and how it may impact retirees with pensions or non-covered earnings.

Upcoming Event

We’re also pleased to announce an exclusive Savvy event featuring Keith Lawrence , author of Your Retirement Quest . Keith will share actionable insights on crafting a meaningful and fulfilling life after Procter and Gamble —a must-attend for those approaching or navigating retirement.

Join us for an upcoming live webinar discussion with Keith Lawrence. Details coming soon.

A Special Client Event

For those we are lucky enough to call clients, we’ll soon be announcing the date of our annual FC Cincinnati game. This event has become a highlight of the year, and we can’t wait to enjoy it with you again in 2025!

2025: Your Year To Take Control

Schedule a Call Today

Disclosures:

Savvy Wealth, Inc. (“Savvy Wealth”) is a tech company and the parent company of Savvy Advisors, Inc, (“Savvy Advisors”). All advisory services are offered through Savvy Advisors, Inc., an investment advisor registered with the Securities and Exchange Commission (“SEC”). For the purposes of this blog article, Savvy Wealth and Savvy Advisors may be referred to together as “Savvy”.
The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.
Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy.
It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.
To learn more about Savvy, its conflicts of interest, fees and other important disclosures, see our Form ADV Part 2A .

beyondwealth

Making Sense of Medicare: Choosing the Right Coverage for Retirement

August 2026 Global Markets Recap

Oil, yields, and a widening rotation

What Jackson Hole Repriced

Noteworthy developments

U.S. equities: Growth Reclaims the Lead

International markets: Semiconductors Lead the Snapback

Fixed income: the Coupon Carried the Month

Commodities: Gold's Month, and Oil's Round Trip

Growth

Key dates to watch in September 2026

Authors

Inflation

The bottom line

Final COnditions

What Every P&G Employee Should Know About Taxes, Retirement & Estate Planning

Key LTIP Rules Based on How You Leave P&G

Retirement or separation

Voluntary resignation or involuntary termination

Don't miss these administrative reminders

Don't Leave Money on the Table

﻿ Key LTIP Rules Based on How You Leave ﻿

STAR stock options have different rules

Trump Accounts: Should You Open One?

﻿ Trump Accounts: Should You Open One? ﻿

Our Recommendation

Step 1: Complete Form 4547

Step 2: Activate The Account

Step 3: Contribute Consistently

Step 4: Invest for Long-Term Growth

How Beyond Wealth Partners can help

Implementation Guide: Opening & maximizing a Trump Account

Our general priority for long-term saving

IRMAA: Income-Related Monthly Adjustment Amount

﻿ Trump Accounts: Should You Open One? ﻿

What is it

Example

2026 IRMAA Table for Part B &D

Who it effects

How it work

Direct Indexing

﻿ Trump Accounts: Should You Open One? ﻿

What is it

Example

Why investors use it

When it can be useful

How it works

RESULT

NUA vs. Direct Rollover: A Critical Decision for P&G Employees with Company Stock

﻿ Trump Accounts: Should You Open One? ﻿

What is it

Concrete Example

Direct Rollover to IRA

How NUA works — step-by-step

NUA Strategy

NUA strategy

RESULT

529 Plans vs. UTMA Accounts

﻿ Trump Accounts: Should You Open One? ﻿

Key takeaway

Key differences

Planning opportunity: 529 to Roth IRA

Social Security Timing

﻿ Trump Accounts: Should You Open One? ﻿

Example

Key ages to know

Why it matters

Why many retirees delay

When starting earlier may make sense

Trump Accounts (OBBBA)

﻿ Trump Accounts: Should You Open One? ﻿

Definition

Bottom line

Purpose

Key features

Pros

Tax & investment treatment

Cons

Credit Freeze Guide: How to Lock Your Credit At All Three Bureaus

Key LTIP Rules Based on How You Leave

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Scenario 2

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?

Trump Accounts: Should You Open One?