Hey there! We are Enfold and we make really beautiful and amazing stuff.
This can be used to describe what you do, how you do it, & who you do it for.
Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are associated entities. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC entities are not associated with Retirement Income Source®, LLC.
Toll-Free: 800.725.7616
Office: 203.738.0026
Office: 303.524.2293
Fax: 203.738.0029
1570 Boston Post Road
Suite 400
Guilford, CT 06437
Toll-Free: 800.725.7616
Office: 203.738.0026
Office: 303.524.2293
Fax: 203.738.0029
Connecticut Office Address: 1570 Boston Post Road, Suite 400, Guilford, CT 06437
Colorado Office Address: 7900 E Union Ave Ste. 1100 Denver, CO 80237
Email: office@agemy.com
Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are associated entities. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC entities are not associated with Retirement Income Source®, LLC.
Copyright 2026 Agemy Financial
Powered by: Onimod Global
The Importance of Thoughtful Retirement Planning
News, Retirement Income Planning, Retirement PlanningObserved on August 21, National Senior Citizens Day provides an opportunity to recognize and celebrate the contributions, experiences, and wisdom of older generations. It is a time to honor the individuals who have helped shape their families, communities, and workplaces while reflecting on the importance of planning for the next chapter of life.
For many individuals and families, retirement represents a significant transition. After decades spent building careers, managing responsibilities, and accumulating wealth, retirement brings a new set of financial considerations. Questions around income, taxes, healthcare, investments, and legacy planning often become increasingly important.
While retirement can be an exciting opportunity to pursue new goals and priorities, it also requires thoughtful preparation. A comprehensive retirement strategy can provide a framework for evaluating financial decisions and helping individuals understand how different aspects of their financial picture work together.
At Agemy Financial Strategies, we believe retirement planning involves more than managing a portfolio. It requires a comprehensive approach that considers your goals, values, lifestyle expectations, and long-term financial priorities.
Retirement Planning: Preparing for a New Financial Chapter
Retirement planning is often viewed as the process of saving enough assets to stop working. However, the transition into retirement involves much more than reaching a specific savings goal.
During your working years, the primary focus is often wealth accumulation—building assets through income, savings, and investments. Once retirement begins, the focus may shift toward managing those assets, creating an income strategy, addressing changing expenses, and making decisions that align with your long-term objectives.
Important retirement planning considerations may include:
Every individual’s retirement journey is different. Factors such as lifestyle expectations, family circumstances, health considerations, and financial goals can all influence the type of planning approach that may be appropriate.
Creating a Retirement Income Strategy
One of the biggest transitions retirees experience is moving from receiving a paycheck to managing income from multiple sources. Creating a retirement income strategy involves evaluating how assets may be used to support future needs while considering taxes, market conditions, and personal goals.
A retirement income strategy may involve reviewing:
Having a clear understanding of how income sources work together can help retirees evaluate their options and make informed financial decisions.
Managing Taxes Throughout Retirement
Taxes can play an important role in retirement planning. While many individuals focus on saving and investing during their working years, tax considerations may become increasingly important once retirement begins.
Traditional retirement accounts, including many IRAs and 401(k)s, are generally subject to income taxes when distributions are taken. Because tax laws and individual circumstances vary, retirement planning often involves evaluating how different strategies may impact future taxable income.
A tax-aware retirement approach may include considerations such as:
The goal of tax planning is not simply to reduce taxes in one year, but to evaluate how financial decisions may impact an overall retirement strategy.
Preparing for Healthcare and Long-Term Care Costs
Healthcare is one of the most important considerations when planning for retirement. While healthcare needs can vary significantly from person to person, many retirees benefit from including potential healthcare expenses in their overall financial planning process.
Important healthcare-related considerations may include:
Incorporating healthcare considerations into a broader financial strategy can help individuals evaluate potential future expenses as part of their overall retirement planning process.
Preserving Wealth Through Thoughtful Planning
For many individuals and families, retirement planning is not only about maintaining a desired lifestyle—it is also about preserving the wealth they have worked hard to build.
As financial priorities change, retirees may consider strategies related to investment management, risk considerations, and long-term financial flexibility.
Wealth preservation planning may involve:
A comprehensive approach can help individuals evaluate their financial options while navigating the complexities that often accompany retirement.
Building a Legacy for Future Generations
Many retirees view their financial planning as an opportunity to support the people and causes that matter most to them. Legacy planning can involve more than transferring assets—it can also reflect personal values, family priorities, and charitable goals.
Legacy planning considerations may include:
A coordinated approach between retirement planning and estate planning can help individuals organize their goals and communicate their intentions more effectively.
How Agemy Financial Strategies Helps Clients Navigate Retirement Planning
At Agemy Financial Strategies, we recognize that retirement planning involves many interconnected financial decisions. Our approach focuses on helping individuals and families evaluate their financial goals and develop strategies designed around their unique circumstances.
Our services include:
Retirement Planning
Retirement planning requires careful consideration of income needs, investment strategies, taxes, and future expenses. We work with clients to evaluate their retirement goals and develop strategies that address the financial considerations associated with this important life transition.
Wealth Management
Managing wealth involves more than selecting investments. We provide comprehensive wealth management strategies that consider a client’s financial goals, risk considerations, time horizon, and evolving priorities.
Investment Management
Investment decisions should be aligned with an individual’s financial circumstances and objectives. Agemy Financial Strategies helps clients evaluate investment strategies as part of a broader financial planning process.
Tax-Aware Retirement Strategies
Taxes can have an important impact on retirement decisions. We help clients evaluate tax-related considerations, including retirement account distribution strategies and Roth conversion planning, as part of a comprehensive financial approach.
Estate and Legacy Planning Coordination
For many families, preserving and transferring wealth is an important part of financial planning. We help clients incorporate legacy goals, beneficiary considerations, and estate planning coordination into their overall strategy.
Wealth Preservation Strategies
Individuals and families with significant assets often have additional planning considerations. Agemy Financial Strategies works with clients to evaluate strategies related to wealth preservation, investment management, risk considerations, and long-term financial objectives.
Retirement Planning That Reflects Your Goals
Retirement looks different for everyone. Whether your priorities include spending more time with family, traveling, pursuing new interests, supporting loved ones, or creating a lasting legacy, having a thoughtful financial strategy can help you evaluate the decisions that may shape your future.
This National Senior Citizens Day, take time to celebrate the accomplishments and experiences that have brought you to this stage of life while considering the steps that may help support your retirement goals.
If you are interested in discussing your retirement planning needs and exploring a comprehensive financial strategy, contact Agemy Financial Strategies at Agemy.com.
Disclosure: This content is provided for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Please consult qualified tax and legal professionals regarding your specific situation. Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Past performance is not indicative of future results.
Retiring in Connecticut: What You Need to Know
News, Retirement Income PlanningConnecticut Day is a celebration of the history, culture, and communities that make the Nutmeg State unique. From charming coastal towns to vibrant cities and peaceful rural communities, Connecticut continues to be a place many people are proud to call home.
For those considering retiring in Connecticut, the state offers many lifestyle benefits—including access to quality healthcare, cultural attractions, outdoor recreation, and strong community connections. However, creating a successful retirement plan requires more than choosing the right location. Understanding taxes, healthcare costs, income planning, and estate considerations can help you make informed decisions about your financial future.
With approximately 20% of Connecticut residents age 65 and older, retirement planning is an important consideration for many individuals and families across the state. Whether you are approaching retirement or already enjoying your retirement years, having a thoughtful financial strategy may help you navigate the opportunities and challenges ahead.
Why Retire in Connecticut?
Connecticut offers a unique combination of New England charm, modern amenities, and convenient access to major metropolitan areas like New York City and Boston.
Some reasons retirees choose Connecticut include:
For many retirees, Connecticut offers the ability to enjoy a slower pace of life while remaining close to family, friends, and major cities.
Understanding Retirement Taxes in Connecticut
Taxes are an important factor to consider when developing a retirement strategy.
Social Security Benefits
Connecticut provides exemptions for Social Security income for qualifying taxpayers based on income thresholds established by the state.
Because tax laws can change, retirees should review their individual circumstances with qualified financial and tax professionals to understand how current rules may affect their retirement income plan.
Retirement Account Withdrawals
Income from retirement accounts—including traditional IRAs, 401(k)s, pensions, and other retirement savings vehicles—may be subject to Connecticut state income taxes depending on the type of income and applicable tax rules.
The timing and amount of retirement account withdrawals can play an important role in overall tax planning. A coordinated approach may help you evaluate opportunities to manage taxes throughout retirement.
Property Taxes
Property taxes are an important consideration for anyone planning on retiring in Connecticut. While the state offers many benefits—including access to healthcare, cultural attractions, and desirable communities—Connecticut property taxes are generally higher than the national average.
According to recent data, Connecticut’s effective property tax rate on owner-occupied homes is approximately 1.5% of home value, compared with the national average of about 0.9%. For example, a homeowner with a $500,000 property could pay roughly $7,500 per year in property taxes, although actual costs vary based on the municipality, assessed property value, and local tax rates.
Property tax costs can differ significantly depending on where you choose to live. Connecticut’s 169 municipalities each set their own mill rates, meaning retirees considering a move within the state may find meaningful differences in annual housing expenses between communities.
If you are considering relocating, downsizing, or purchasing a retirement home in Connecticut, it can be helpful to evaluate not only the purchase price of a home but also ongoing expenses such as property taxes, insurance, maintenance costs, and other housing-related expenses.
Including these considerations as part of your broader retirement income plan can help you better understand how housing decisions may fit within your overall financial goals.
The Cost of Living When Retiring in Connecticut
The cost of living is an important consideration when choosing a retirement destination. While Connecticut offers many desirable amenities—including access to healthcare, cultural attractions, coastal communities, and outdoor recreation—retirees should understand how everyday expenses may fit into their overall retirement plan.
According to recent cost-of-living data, Connecticut’s overall cost of living is approximately 10–15% higher than the national average, with housing costs being one of the largest contributors to the difference. Expenses can vary significantly depending on the community, with areas closer to New York City and coastal towns generally having higher housing costs than many inland communities.
When planning for retirement in Connecticut, common expenses to evaluate may include:
Because retirement expenses are highly personal, creating a detailed retirement budget based on your anticipated lifestyle can help you better understand how your income sources, savings, and financial strategy align with your long-term goals.
For those retiring in Connecticut, reviewing these costs as part of a comprehensive retirement plan can help you make more informed decisions about housing, income needs, and your overall financial future.
Healthcare Considerations for Connecticut Retirees
Healthcare planning is a key part of preparing for retirement. For many retirees, healthcare can become one of the largest expenses during their retirement years, making it important to understand potential costs and planning considerations.
Connecticut offers access to numerous healthcare systems and medical facilities, including nationally recognized hospitals and specialty care providers. For retirees, access to quality healthcare can be an important factor when deciding where to live and how to structure a retirement plan.
When planning for healthcare expenses, consider the following:
Healthcare costs can change over time, so incorporating potential medical expenses into your overall retirement strategy may help you better understand how healthcare fits within your broader financial goals.
For those retiring in Connecticut, planning ahead for Medicare, insurance coverage, and potential future care needs can be an important part of creating a comprehensive retirement strategy.
Creating a Sustainable Retirement Income Strategy
One of the biggest transitions in retirement is moving from earning a paycheck to creating an income strategy that supports your lifestyle.
A comprehensive retirement income plan may include multiple sources, such as:
A coordinated approach can help you evaluate how different income sources work together and how factors such as taxes, inflation, and market volatility may affect your long-term financial goals.
Managing Investment Risk During Retirement
Your investment strategy may need to evolve as you transition from building wealth to using your assets to support retirement.
Many retirees review their portfolios to help ensure they are aligned with their:
Maintaining an appropriate investment strategy throughout retirement may help you stay focused on your financial objectives while navigating changing market conditions.
Estate Planning Considerations for Connecticut Retirees
Retirement planning and estate planning often work together.
As you prepare for retirement, consider reviewing important documents, including:
Keeping your estate plan updated can help ensure your wishes are documented and make it easier for loved ones to navigate important decisions in the future.
Questions to Consider Before Retiring in Connecticut
Before making the transition into retirement, consider asking:
Taking time to answer these questions can help you create a clearer picture of your retirement future.
How Agemy Financial Strategies Can Help You Plan for Retirement in Connecticut
Preparing for retirement involves more than determining when to stop working—it can require thoughtful planning around income, investments, taxes, healthcare, and your long-term goals.
At Agemy Financial Strategies, we help individuals and families navigate the complexities of retirement planning through a personalized, comprehensive approach. Our team works with clients to evaluate their financial picture, identify potential planning opportunities, and develop strategies designed around their unique retirement objectives.
For those retiring in Connecticut, important considerations may include creating a retirement income strategy, evaluating tax-efficient distribution approaches, preparing for future healthcare expenses, and ensuring your estate plan reflects your wishes.
Our approach focuses on helping clients make informed financial decisions with clarity and confidence throughout each stage of retirement.
Whether you are approaching retirement, recently retired, or looking to review your current financial strategy, Agemy Financial Strategies can help you explore planning options aligned with your goals.
Celebrate Connecticut Day by Planning for Your Financial Future
Observed on August 10, National Connecticut Day celebrates the history, culture, and communities that make the Nutmeg State unique. For those planning on retiring in Connecticut, it is also an opportunity to review your financial strategy and prepare for the years ahead.
A successful retirement plan considers more than just savings—it incorporates income planning, tax considerations, investment strategy, healthcare planning, and legacy goals.
At Agemy Financial Strategies, we help individuals and families develop personalized financial strategies designed around their unique retirement goals. Whether you are preparing for retirement or looking to refine an existing plan, our team can help you evaluate your options and make informed financial decisions.
Contact Agemy Financial Strategies today to begin planning for the retirement you envision in Connecticut.
Disclosure: This material is provided for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Tax laws and regulations are subject to change. Please consult qualified tax and legal professionals regarding your specific circumstances. Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Investing involves risk, including the potential loss of principal.
Small Tax Planning Moves That Can Make a Big Difference
News, Tax PlanningHow Proactive Tax Planning Can Help Create More Retirement Income Flexibility
Summer often brings a natural lull — tax season is behind you, and next April still feels far away. But this quieter stretch of the year can actually be one of the most useful times to revisit your tax situation. For many retirees and pre-retirees, taxes represent one of the most significant financial considerations they will navigate throughout retirement. While taxes are an unavoidable part of financial planning, proactive strategies may help individuals better understand their options and make informed decisions about their retirement income.
Tax planning is not just something to consider when preparing an annual tax return. It is an ongoing process that involves reviewing your income sources, retirement accounts, investment decisions, and long-term financial goals. With a clearer picture of your year-to-date income and still enough time to act before year-end deadlines, summer is a natural checkpoint along the way.
At Agemy Financial Strategies, we believe comprehensive retirement planning goes beyond simply accumulating wealth. It involves creating a thoughtful strategy designed around your goals, priorities, and the challenges that may arise throughout retirement.
Small, intentional planning decisions may help improve the flexibility of your retirement strategy over time.
Important Note: Tax planning involves complex rules that vary based on individual circumstances. This article is intended for educational purposes only and should not be considered tax, legal, or individualized financial advice. Please consult with your qualified tax and legal professionals before making decisions related to your specific situation.
Why Tax Planning Matters in Retirement
During your working years, managing taxes may look very different from how it does in retirement.
Many individuals receive predictable employment income, contribute to retirement accounts, and benefit from employer-sponsored plans that offer tax advantages.
Retirement often changes the way income is generated.
Instead of receiving a paycheck, retirees may rely on a combination of income sources, including:
Each source of income may have different tax considerations. The timing and coordination of withdrawals can influence your overall financial picture.
A thoughtful retirement tax strategy may involve evaluating questions such as:
The earlier these considerations are addressed, the more opportunities you may have to evaluate potential strategies.
Why Summer Is a Smart Time to Revisit Your Tax Strategy
It may seem counterintuitive to think about taxes while you’re planning summer vacations, but mid-year is one of the most useful windows for tax planning all year. Tax filing season is behind you and next April is still a long way off, which makes now a good time to start lining up strategies to help reduce your 2026 tax bill.
A mid-year checkup can help you avoid being surprised by a potentially large tax bill later and may help uncover ways to save for the rest of the year. This year in particular, several recent law changes make a summer review especially worthwhile: the standard deduction for 2026 has risen to $16,100 for single filers and $32,200 for married couples filing jointly, and recent tax legislation increased the state and local tax (SALT) deduction cap to $40,000 (subject to income phaseouts) for tax years 2025 through 2028 — a change that may make itemizing worth a second look for some retirees.
At the same time, starting in 2026, the value of itemized deductions is capped at 35% for those in the 37% tax bracket, which can affect how charitable giving strategies are structured.
For retirees weighing Roth conversions, RMD timing, or charitable giving, a summer review offers a clearer picture of year-to-date income than you’ll have in January, plus enough runway to actually implement changes before December 31 deadlines arrive.
Small Tax Planning Move #1: Review Your Tax Bracket Each Year
One of the simplest tax planning steps is understanding your current tax situation.
Your taxable income can change from year to year based on factors such as:
Many retirees assume their tax situation will remain consistent throughout retirement. However, income levels can fluctuate significantly depending on life events and financial decisions.
Reviewing your projected income annually may help identify opportunities to evaluate before the end of the tax year.
For example, some individuals experience a period between retirement and the beginning of required minimum distributions when their taxable income may differ from future years. This timeframe may be worth reviewing with your financial and tax professionals.
Small Tax Planning Move #2: Evaluate Whether Roth Conversions May Fit Your Retirement Strategy
Roth conversions are one strategy many retirees and pre-retirees consider when evaluating their long-term tax planning options.
A Roth conversion involves transferring assets from a traditional retirement account, such as a traditional IRA, into a Roth IRA. The amount converted is generally included as taxable income for that year.
The potential benefit of a Roth IRA is that qualified withdrawals may generally be tax-free if certain requirements are met.
However, Roth conversions are not appropriate for everyone.
Before considering a conversion, it is important to evaluate factors such as:
A Roth conversion may be beneficial for some individuals depending on their circumstances, but it may also increase taxable income and should be carefully evaluated with qualified financial and tax professionals.
Small Tax Planning Move #3: Understand Required Minimum Distributions (RMDs)
Required minimum distributions (RMDs) are an important consideration for many retirement savers.
Generally, owners of traditional IRAs and certain employer-sponsored retirement plans must begin taking required withdrawals once they reach their applicable RMD age under current law.
RMD rules have changed in recent years, including updates from the SECURE Act and SECURE 2.0 Act. Because requirements may vary based on factors such as birth year, account type, and individual circumstances, it is important to review the current rules that apply to you.
RMDs can affect several areas of retirement planning, including:
Planning ahead may help you better understand how future required withdrawals could affect your overall retirement strategy.
Small Tax Planning Move #4: Consider Qualified Charitable Distributions (QCDs)
For individuals who regularly support charitable organizations, qualified charitable distributions (QCDs) may be a strategy worth discussing with a qualified professional.
A QCD allows eligible individuals to make a charitable donation directly from an IRA to a qualified charitable organization.
When eligibility requirements are met, QCDs may allow certain individuals to satisfy all or part of their required minimum distribution obligation while receiving potentially favorable tax treatment.
QCD rules, including age requirements and annual limits, are subject to change.
This strategy may be worth exploring for individuals who:
As with any tax-related decision, coordination with your tax professional is important.
Small Tax Planning Move #5: Build Flexibility Through Different Account Types
Tax diversification can be an important consideration when preparing for retirement.
Different types of accounts may receive different tax treatment, including:
Having assets across different account types may provide additional flexibility when evaluating retirement income strategies.
For those still working and contributing, summer can be a good time to check in on how much you’ve set aside so far this year. For 2026, employees can generally contribute up to $24,500 to eligible 401(k) plans, with December 31 as the final date to make contributions. If you’re behind pace toward that limit — or toward any personal savings goal — mid-year gives you several months to adjust contributions gradually rather than scrambling in December. And if you’re 50 or older, don’t forget to factor in available catch-up contributions.
For example, having multiple sources of retirement assets may allow individuals to consider different approaches when determining how to meet income needs throughout retirement.
The appropriate strategy depends on your specific circumstances, goals, and financial situation.
Small Tax Planning Move #6: Review the Tax Impact of Investment Decisions
Investment decisions and tax planning are closely connected.
Certain investment activities may create tax considerations, including:
Tax-loss harvesting is one example of a strategy investors may discuss with qualified professionals. It involves selling certain investments at a loss to potentially offset capital gains, subject to applicable rules and limitations.
However, taxes should not be the only factor considered when making investment decisions.
Investment choices should continue to align with your broader financial objectives, risk tolerance, and retirement goals.
Small Tax Planning Move #7: Coordinate Retirement Income Withdrawals
Many retirees have multiple sources of retirement savings.
Determining how and when to access these accounts is an important part of retirement planning.
Potential income sources may include:
There is no single withdrawal strategy that works for every retiree.
A coordinated approach may involve reviewing:
Creating a retirement income strategy involves balancing today’s needs with future financial considerations.
Small Tax Planning Move #8: Consider How Income Decisions May Affect Other Retirement Expenses
Tax planning does not happen in isolation.
Certain retirement income decisions may also interact with other financial considerations, including healthcare costs.
For example, Medicare premiums may be affected by income levels through income-related monthly adjustment amounts (IRMAA).
Understanding how different financial decisions may influence multiple areas of retirement planning can help individuals make more informed choices.
This is why a comprehensive approach is often valuable when evaluating retirement decisions.
The Importance of a Comprehensive Retirement Strategy
Tax planning is one important piece of a broader retirement plan.
Investment management, retirement income planning, estate considerations, charitable giving, and risk management all work together.
A decision that appears beneficial in one area may have additional considerations elsewhere.
For example:
Understanding these connections may help you evaluate decisions within the context of your overall retirement goals.
Planning for the Retirement You Envision
At Agemy Financial Strategies, we believe retirement planning should be centered around more than account balances. It should reflect your lifestyle goals, family priorities, and vision for the future.
Tax planning is one component of creating a comprehensive retirement strategy.
By reviewing your options, staying informed about changing regulations, and working with qualified professionals, you can take proactive steps toward building a retirement approach designed around your unique circumstances.
Small planning decisions made over time may help create greater clarity and flexibility as you navigate retirement.
Start Building a More Confident Retirement Strategy
Tax laws and retirement regulations continue to evolve. Strategies that may be appropriate today may need to be reviewed as your circumstances and financial goals change.
At Agemy Financial Strategies, we help individuals and families evaluate retirement planning strategies designed around their unique goals and priorities.
If you are approaching retirement or are already retired, a comprehensive review may help you better understand your options and prepare for the years ahead.
Disclosure: Agemy Financial Strategies, Inc. is a registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. This material is provided for informational and educational purposes only and is not intended to provide tax, legal, or investment advice. Individuals should consult with qualified tax and legal professionals regarding their specific circumstances. Tax laws and regulations are subject to change. Investment advisory services are offered through Agemy Wealth Advisors, LLC.
Roth Conversions: When Does It Make Sense?
News, Retirement Income Planning, Retirement PlanningRetirement planning isn’t just about saving—it’s about creating a strategy that helps you keep more of what you’ve earned. One powerful tax-planning tool available to many retirees and pre-retirees is the Roth IRA conversion.
A Roth conversion can potentially reduce future tax liability, provide greater flexibility in retirement, and create tax-efficient wealth for heirs. But it’s not the right strategy for everyone. Because converting assets from a traditional retirement account to a Roth IRA creates a taxable event, timing matters.
So when does a Roth IRA conversion make sense?
Let’s explore how Roth conversions work, who may benefit, and the factors you should carefully consider before making a decision.
What Is a Roth IRA Conversion?
A Roth IRA conversion is the process of moving money from a pre-tax retirement account—such as a Traditional IRA or certain employer-sponsored retirement plans—into a Roth IRA.
The tradeoff is simple:
Unlike Roth IRA contributions, Roth conversions are not subject to income limits, meaning individuals at virtually any income level may be eligible to convert existing retirement assets.
Why Are Roth Conversions So Popular?
Many retirees are increasingly focused on tax diversification.
Instead of relying entirely on tax-deferred retirement accounts, they want flexibility to withdraw income from different types of accounts depending on future tax laws and personal circumstances.
A Roth IRA offers several potential advantages:
For many households, these benefits can become increasingly valuable over a retirement that may last 20 to 30 years or more.
Five Situations When a Roth Conversion May Make Sense
While every financial situation is unique, there are several common scenarios where a Roth conversion deserves consideration.
1. You’re Currently in a Lower Tax Bracket
One of the biggest factors is your current tax rate versus your expected future tax rate.
If you believe you’ll pay higher income taxes later, whether because of:
Then, paying taxes today at a lower rate could potentially reduce your lifetime tax burden.
This is often called “filling up your tax bracket.”
Instead of converting your entire IRA at once, many retirees convert only enough each year to remain within a desired federal income tax bracket.
This strategy can spread the tax impact over multiple years rather than creating one large tax bill.
2. You’ve Recently Retired but Haven’t Started RMDs
The years between retirement and Required Minimum Distributions are often considered one of the most attractive Roth conversion windows.
Why?
Many retirees experience a temporary drop in taxable income after leaving the workforce.
For example:
This lower-income period may provide an opportunity to convert portions of a traditional IRA while remaining in a relatively favorable tax bracket.
For many retirees, these “gap years” create valuable planning opportunities.
This window is often especially valuable for married couples. While both spouses are alive, a couple typically files jointly and benefits from wider tax brackets. After one spouse passes away, the survivor generally shifts to filing as a single taxpayer—often pushing the same income into a higher bracket. Converting while both spouses are alive and filing jointly can sometimes reduce the combined lifetime tax burden compared to waiting.
3. Your Investments Have Declined in Value
Although no one enjoys market downturns, they can sometimes create planning opportunities.
Suppose an IRA worth $500,000 temporarily falls to $425,000 during market volatility.
Converting while account values are lower may result in taxes being paid on a smaller balance.
If the investments later recover inside the Roth IRA, future appreciation may occur in an account where qualified withdrawals are generally tax-free.
Of course, market timing should never be the sole reason for a Roth conversion, but it can be one factor in a broader tax strategy.
4. You Can Pay the Taxes Without Using Retirement Assets
One of the most overlooked aspects of a Roth conversion is how you’ll pay the tax bill.
Many financial professionals suggest that paying conversion taxes using cash from taxable savings—rather than withdrawing funds from the retirement account itself—may help preserve more retirement assets for future tax-free growth.
Using retirement funds to pay taxes could potentially reduce the amount ultimately invested and, if you’re under age 59½, may trigger additional tax consequences depending on the circumstances.
Having outside funds available to cover the tax liability often improves the overall effectiveness of a Roth conversion strategy.
One nuance worth noting: once you’re subject to required minimum distributions, the RMD itself cannot be converted to a Roth IRA. However, that distribution can be used to help cover the tax liability on a separate conversion of other IRA funds—another reason RMD-age conversion strategies require careful coordination.
5. You Want to Manage Three Key Brackets, Not Just One
Taxes don’t stop once you retire—and a conversion decision that only looks at your federal income tax bracket can miss the bigger picture. Three brackets typically need to be tracked together:
These three brackets don’t move in lockstep, and a conversion that makes sense for one can create an unwanted surprise in another. This is one of the main reasons Roth conversion decisions benefit from professional analysis rather than a rule-of-thumb approach.
Beyond these three, taxable income in retirement can also affect net investment income tax exposure and other income-based thresholds.
Having both traditional and Roth accounts gives retirees more flexibility in deciding where retirement income comes from each year. Instead of being forced to withdraw only taxable money, retirees may be able to combine withdrawals from different account types as part of a broader income strategy.
When a Roth Conversion May Not Be the Best Choice
Despite the benefits, Roth conversions aren’t universally appropriate.
They may be less advantageous if:
1. You’re currently in one of your highest earning years.
Adding conversion income could push you into a substantially higher tax bracket.
2. You expect to be in a much lower tax bracket during retirement.
If future taxes are likely to be significantly lower than today’s, paying taxes now may not provide the intended benefit.
3. You need the money soon.
Converted funds are subject to IRS holding-period rules that should be understood before taking withdrawals.
4. You don’t have cash available to pay the taxes.
Using retirement assets to pay the tax bill may reduce the long-term benefits of the conversion.
5. The conversion could affect other financial considerations.
Increasing taxable income may influence:
This is one reason Roth conversions should be coordinated with an overall tax strategy.
A Note on Charitable Intent
If you plan to leave some or all of your IRA to charity, a Roth conversion may not make sense for those assets. Charities generally receive IRA funds tax-free as beneficiaries, so paying conversion taxes on money that would have passed to charity tax-free anyway may not provide any benefit. For charitably inclined retirees who are already taking RMDs, qualified charitable distributions (QCDs)—which allow IRA funds to be donated directly to a charity—can satisfy RMD requirements without increasing taxable income, and may be a more efficient strategy than converting.
Should You Convert Everything at Once?
Not necessarily.
Some retirees find that multiple smaller conversions over several years provide greater flexibility than one large conversion.
This approach may help:
A multi-year strategy often allows greater control than making a single all-or-nothing decision.
Common Roth Conversion Mistakes
Like any financial strategy, Roth conversions require careful planning.
Some common mistakes include:
1. Converting Too Much
A large conversion may unexpectedly increase taxable income and move you into a higher marginal tax bracket.
2. Ignoring State Income Taxes
Federal taxes aren’t the only consideration.
Depending on where you live, state income taxes may also apply to the converted amount.
3. Forgetting Medicare Premium Impacts
Higher modified adjusted gross income (MAGI) can increase Medicare Part B and Part D premiums in future years through Income-Related Monthly Adjustment Amounts (IRMAA).
4. Overlooking Other Income Sources
All may affect the ideal conversion amount.
5. Making the Decision Based Solely on Taxes
Taxes are important—but they’re only one part of retirement planning.
Investment strategy, cash flow, estate planning goals, charitable giving, longevity expectations, and lifestyle should all be considered.
A Roth Conversion Is Part of a Bigger Retirement Strategy
A Roth conversion shouldn’t be viewed in isolation.
Instead, it works best when coordinated with a comprehensive retirement income strategy.
Questions worth asking include:
The answers are different for every investor.
Working With a Fiduciary Can Help
Because Roth conversions involve taxes, retirement income, investment planning, and long-term financial goals, they often benefit from thoughtful coordination among your financial advisor and tax professional.
Rather than focusing solely on this year’s tax bill, it’s often helpful to evaluate how a conversion fits into your broader retirement strategy and lifetime financial objectives.
A fiduciary advisor can help evaluate potential tradeoffs, identify planning opportunities, and develop a personalized approach based on your unique circumstances.
How Agemy Financial Strategies Can Help
Determining whether a Roth IRA conversion makes sense involves more than comparing today’s tax rate to tomorrow’s. It requires a thoughtful review of your retirement income plan, tax situation, investment strategy, and long-term financial goals.
At Agemy Financial Strategies, we take a personalized, fiduciary approach to retirement planning. Rather than focusing on a single financial product or strategy, we work with clients to evaluate how decisions like Roth IRA conversions fit into a comprehensive retirement plan.
When appropriate, we may help clients:
Because every investor’s financial situation is unique, there is no one-size-fits-all approach to Roth conversions. Our goal is to help clients make informed decisions based on their individual circumstances, risk tolerance, and long-term objectives.
If you’re approaching retirement or wondering whether a Roth IRA conversion could play a role in your overall retirement strategy, Agemy Financial Strategies can help you evaluate your options and build a plan designed to support your financial goals.
Final Thoughts
A Roth IRA conversion can be a valuable planning strategy—but timing is everything.
For some retirees, converting during lower-income years may create greater tax efficiency over the course of retirement. For others, delaying or limiting conversions may be more appropriate.
The key is understanding that Roth conversions are not simply about paying taxes today versus tomorrow. They’re about creating flexibility, managing future retirement income, and aligning tax decisions with your long-term financial plan.
If you’re wondering whether a Roth conversion could support your retirement goals, the best next step is to evaluate the strategy within the context of your complete financial picture. A personalized review can help determine whether—and when—a Roth conversion may make sense for you.
Compliance Disclosure: This article is provided for informational and educational purposes only and should not be construed as individualized investment, legal, or tax advice. Roth IRA conversions may not be appropriate for every investor. Conversions are generally taxable in the year completed, and additional rules may apply. Before implementing any conversion strategy, consult with your financial advisor and qualified tax professional regarding your specific circumstances. Investing involves risk, including the possible loss of principal.
Is the 60/40 Portfolio Still Effective for Retirees Today?
News, Retirement PlanningThe “60/40 portfolio”—typically defined as 60% equities (stocks) and 40% fixed income (bonds)—has long been used as a general framework for diversified investing. It is often referenced in discussions of retirement income planning due to its historical balance of growth potential and relative stability.
However, changing market conditions, inflation trends, and evolving retirement needs have led many investors and professionals to reassess how this traditional allocation functions in today’s environment.
This article is intended for general educational purposes only and should not be interpreted as individualized investment, tax, or legal advice. Investment strategies involve risk, including possible loss of principal. Individuals should consult with a qualified financial professional regarding their specific circumstances.
Why the 60/40 Conversation Matters Now
The 60/40 portfolio is receiving renewed attention as retirees navigate a market environment shaped by inflation, interest rates, and uneven performance across stocks and bonds. In June 2026, the Federal Reserve maintained the federal funds rate target range at 3½% to 3¾%, while noting that inflation remained elevated relative to its 2% goal.
Inflation also remains an important planning consideration. The Consumer Price Index for All Urban Consumers rose 4.2% over the 12 months ending in May 2026, according to the Bureau of Labor Statistics. For retirees, higher living costs can affect purchasing power and may influence how portfolio income, withdrawals, and fixed income exposure are reviewed.
At the same time, equity markets have continued to move through periods of strength and volatility. U.S. stocks finished a strong second quarter in June 2026, with the S&P 500 and Nasdaq posting their best quarter since 2020. This kind of market backdrop reinforces why retirees may benefit from reviewing whether a static allocation still aligns with their income needs, risk tolerance, tax situation, and time horizon.
What Is the 60/40 Portfolio?
The 60/40 portfolio is a broad asset allocation model that generally allocates:
The underlying principle is diversification—balancing asset classes that may behave differently under various market conditions.
While widely referenced, it is important to note that the 60/40 portfolio is a generalized framework and not a personalized investment recommendation.
Historical Context of the 60/40 Allocation
The traditional effectiveness of the 60/40 framework has been influenced by several long-term market conditions, including:
1. Interest Rate Trends
From the early 1980s through much of the 2010s, interest rates generally declined. This environment contributed to strong bond performance during that period.
2. Diversification Benefits
Historically, bonds have often helped offset equity volatility during certain market downturns, though this relationship has not been consistent across all time periods.
3. Inflation Stability
Relatively moderate inflation for extended periods supported fixed income purchasing power compared to high-inflation environments.
4. Equity Market Growth Over Time
Long-term equity market growth has historically been a primary driver of portfolio appreciation in diversified allocations.
These conditions supported the widespread use of balanced allocation strategies such as the 60/40 model.
Why the 60/40 Portfolio Is Being Re-evaluated
In recent years, several factors have led investors and professionals to reassess traditional allocation models.
Recent inflation data, elevated interest rates, and renewed market swings have made these considerations especially relevant for retirees reviewing portfolio income strategies in 2026.
1. Inflation Considerations
Periods of elevated inflation can reduce the purchasing power of fixed income returns. This may impact the role bonds play in supporting long-term income needs.
2. Interest Rate Volatility
Rapid changes in interest rates may affect bond valuations and contribute to periods where both stocks and bonds experience simultaneous declines.
3. Changing Correlation Patterns
The historical relationship between stocks and bonds has not been consistent across all environments, which may reduce diversification benefits at certain times.
4. Longer Retirement Time Horizons
Many retirees today are planning for longer retirement periods, which may increase exposure to inflation risk, market cycles, and longevity considerations.
5. Sequence of Returns Risk
Market performance early in retirement may have an outsized impact on long-term portfolio sustainability when withdrawals are being taken.
These factors do not necessarily render the 60/40 model obsolete, but they may influence how it is evaluated within a broader retirement income strategy.
Potential Benefits of a Balanced Allocation Framework
Despite evolving market conditions, diversified allocation models such as 60/40 may still offer several general benefits:
1. Diversification
Combining different asset classes may help reduce overall portfolio volatility compared to concentrated allocations.
2. Structural Simplicity
A clearly defined allocation framework can help provide structure and ease of implementation for long-term investors.
3. Behavioral Support
A disciplined allocation approach may help investors avoid emotional decision-making during periods of market volatility.
4. Long-Term Growth Participation
Equity exposure may allow participation in long-term market growth trends, while fixed income may help provide relative stability.
These are general characteristics and may not apply equally in all market environments.
Limitations of a Static Allocation Approach
A fixed allocation model such as 60/40 may not fully address all retirement planning considerations, including:
Additionally, fixed allocation strategies do not adjust automatically to changing market or personal circumstances and may require periodic review.
Additional Frameworks Some Investors Consider
Some investors and financial professionals may incorporate additional approaches alongside or in place of a static allocation model. These may include:
1. Time-Based “Bucket” Approaches
These strategies conceptually segment assets into shorter-, intermediate-, and longer-term time horizons. Allocation decisions may differ based on expected timing of withdrawals.
2. Dynamic Allocation Approaches
Some strategies adjust allocation over time based on market conditions, risk tolerance, or retirement income needs. These approaches may involve more active oversight.
3. Inflation-Aware Asset Considerations
Certain portfolios may incorporate assets intended to address inflation sensitivity, such as inflation-linked securities or equities with dividend growth characteristics.
4. Income-Oriented Approaches
Some investors prioritize income generation strategies, which may include a combination of fixed income and equity-based income sources, depending on suitability.
5. Insurance-Based Income Solutions (Where Appropriate)
Certain individuals may consider insurance products designed to provide income stability. These products are not suitable for all investors and involve additional costs, features, and limitations that should be carefully evaluated.
No single approach is appropriate for all investors.
Key Considerations for Retirees Evaluating Portfolio Structure
When reviewing an investment strategy, retirees and pre-retirees may wish to consider a range of factors, including:
These considerations are highly individualized and may change over time.
How Agemy Financial Strategies Can Help
Retirement planning often involves evaluating a range of financial considerations beyond asset allocation alone. Depending on an individual’s circumstances, these may include income needs, tax considerations, investment risk tolerance, and long-term financial objectives.
Agemy Financial Strategies typically works with clients to review these areas as part of a broader financial planning process.
This review process may include, depending on the client’s specific situation:
Financial planning services are individualized and vary based on each client’s unique financial situation and objectives.
Investment advisory services are provided only where appropriate through a formal advisory relationship. All investments involve risk, including possible loss of principal, and no strategy can guarantee outcomes or eliminate market risk.
Final Thoughts
The 60/40 portfolio continues to serve as a widely referenced model for diversified investing. It provides a simple framework that has historically balanced growth-oriented and conservative asset classes.
However, evolving economic conditions and retirement realities have led many investors and professionals to evaluate this model within a broader and more flexible planning context.
Rather than viewing the 60/40 allocation as a universal solution, it is generally more appropriate to view it as one of many possible frameworks that may or may not align with an individual’s goals, risk tolerance, and financial circumstances.
A well-structured retirement strategy is typically based on personalization, ongoing review, and alignment with long-term objectives rather than reliance on any single fixed allocation model.
Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Adviser registered under the Investment Advisers Act of 1940 and a fiduciary to its advisory clients.
Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are affiliated entities. Neither Agemy Financial Strategies, Inc. nor Agemy Wealth Advisors, LLC is affiliated with Retirement Income Source®, LLC.
This material is provided for informational and educational purposes only and should not be construed as personalized investment, tax, or legal advice. The information presented may not be suitable for all investors, and individuals should consult with a qualified financial, tax, or legal professional regarding their specific circumstances before making any financial decisions.
All investing involves risk, including the possible loss of principal. No investment strategy can guarantee results or protect against loss in all market conditions. Past performance is not indicative of future results. Results will vary based on individual circumstances.
Retirement Income Strategies During Market Volatility
News, Retirement Income Planning, Retirement PlanningRecent market volatility has reminded investors that even after periods of strong performance, markets can change direction quickly. While short-term fluctuations are a normal part of investing, they can feel especially concerning for retirees who depend on their portfolios to help generate income. Rather than attempting to predict what markets will do next, having a thoughtful retirement income strategy can help you stay focused on your long-term financial goals.
That naturally raises an important question for retirees: What should you do when you need to take withdrawals from retirement accounts during a volatile market?
For many retirees and those approaching retirement, market volatility can feel especially unsettling. After years of diligently saving and investing, watching portfolio values fluctuate may raise an important question:
“Will my retirement income last?”
While market downturns are a normal part of investing, retirement can introduce a new challenge. Instead of simply growing assets, retirees often depend on those assets to help generate income. This shift from accumulation to distribution means market volatility can have a greater impact on long-term financial security.
The good news is that volatility doesn’t necessarily require dramatic changes to your financial plan. With thoughtful retirement income planning, a diversified investment strategy, and disciplined decision-making, it’s possible to build an income strategy designed to adapt through changing market conditions.
Why Market Volatility Matters More in Retirement
Market volatility refers to periods when investment prices rise and fall more dramatically than usual. These fluctuations are a normal part of investing and have occurred throughout history. Volatility may be influenced by a variety of factors, including economic data, inflation trends, interest rate expectations, geopolitical events, and changes in investor sentiment.
While younger investors often have decades to recover from market declines, retirees may be withdrawing income while markets are down. This combination can create additional challenges.
One concept financial professionals often discuss is sequence of returns risk.
Sequence risk occurs when negative investment returns happen early in retirement while withdrawals are being made. Selling investments during a downturn may reduce the portfolio’s ability to recover once markets improve.
Although no strategy can eliminate market risk entirely, understanding how volatility affects retirement income can be an important first step toward building a more resilient financial plan.
Common Retirement Income Challenges During Volatile Markets
Market fluctuations often create both financial and emotional challenges. This may include:
Emotional Investing
Watching account balances decline may tempt investors to move entirely into cash or make significant investment changes based on short-term market movements.
History has shown that emotional decisions can sometimes cause investors to miss periods of market recovery. Maintaining a disciplined, long-term approach may help reduce this risk.
Inflation
Even when markets recover, inflation can gradually reduce purchasing power over time.
Healthcare costs, housing expenses, travel, and everyday necessities may become more expensive throughout retirement. Retirement income planning considers not only today’s expenses but also how future costs may change.
Longevity
While increased longevity is certainly positive, it also means retirement savings may need to support income for 20 to 30 years—or longer.
Planning for a potentially lengthy retirement requires balancing current income needs with preserving assets for the future.
Building a Retirement Income Strategy That Can Weather Market Volatility
There is no one-size-fits-all solution for retirement income. Instead, successful plans often combine several complementary strategies designed around an individual’s goals, timeline, tax situation, and risk tolerance.
Diversify Your Sources of Retirement Income
Many retirees benefit from having multiple potential income sources rather than relying on a single investment account.
Income sources may include:
Diversification doesn’t eliminate investment risk, but it may help reduce dependence on any one source of income.
Maintain an Appropriate Asset Allocation
Asset allocation can be an important factor in helping manage investment risk.
As retirement approaches, portfolios often evolve to reflect changing income needs and risk tolerance. Rather than abandoning stocks altogether, some retirees maintain a diversified mix of investments that balances growth potential with stability.
Asset allocation may reflect factors such as:
Asset allocation should be reviewed periodically, particularly after significant life events or changes in financial goals.
Keep a Cash Reserve
Maintaining a cash reserve for short-term expenses can help provide flexibility during market downturns.
Having several months—or potentially longer, depending on individual circumstances—of planned spending available in cash or other liquid assets may help reduce the need to sell long-term investments during periods of declining markets.
A cash reserve may also provide peace of mind when markets become more volatile.
Higher interest rates have also made many cash-equivalent investments more attractive than they were just a few years ago. While cash reserves can provide stability and flexibility during periods of market volatility, they are generally intended to complement—not replace—a diversified long-term investment strategy that can help address inflation over the course of retirement.
Consider Tax-Efficient Withdrawal Strategies
Generating retirement income isn’t simply about deciding which investments to own. It’s also about determining how and when to withdraw assets.
Different account types receive different tax treatment.
For example:
The order in which withdrawals are taken may influence overall tax efficiency.
Tax laws are subject to change, and withdrawal strategies should be coordinated with qualified tax professionals when appropriate.
Avoid Making Decisions Based on Headlines
Financial news often focuses on short-term events.
While staying informed is valuable, reacting to every market headline may lead to unnecessary portfolio changes.
Historically, markets have experienced periods of volatility, corrections, and recoveries.
Rather than attempting to predict short-term market movements, investors benefit from maintaining a long-term investment strategy aligned with their retirement objectives.
Regular portfolio reviews can help ensure your financial plan continues to reflect your goals without reacting impulsively to temporary market conditions.
Review Your Retirement Income Plan Regularly
Retirement planning is not a one-time event.
Income needs, tax laws, healthcare costs, inflation, and personal goals evolve over time.
Regular reviews allow investors to evaluate whether adjustments may be appropriate.
Questions to revisit include:
Periodic reviews may also help identify opportunities before they become larger financial challenges.
The Value of Professional Guidance During Volatile Markets
Periods of uncertainty often highlight the importance of having a comprehensive financial plan.
A financial professional can help evaluate:
Professional guidance may also help investors remain disciplined during emotionally challenging markets.
Retirement Income Planning Is About More Than Investments
Successful retirement isn’t measured solely by portfolio performance.
It’s about creating confidence that your financial resources align with your lifestyle goals while remaining flexible enough to adapt as circumstances change.
A thoughtful retirement income strategy may consider:
When these pieces work together, retirees can be better positioned to navigate changing markets while focusing on enjoying retirement.
How Agemy Financial Strategies Can Help
Preparing for retirement is about more than accumulating wealth—it’s about creating a comprehensive strategy for generating reliable income throughout retirement while adapting to changing market conditions.
At Agemy Financial Strategies, we believe successful retirement planning considers every aspect of your financial life. Rather than focusing solely on investments, we help clients develop retirement income strategies that incorporate tax planning, investment management, healthcare planning, Social Security considerations, and legacy goals into one coordinated financial plan.
Depending on your needs, our planning process may include:
Retirement planning is an ongoing process. As markets change and life evolves, reviewing your financial plan regularly can help ensure it continues to reflect your objectives and risk tolerance.
Whether you’re approaching retirement or already retired, Agemy Financial Strategies can help you evaluate your current retirement plan, discuss strategies that may be appropriate for your situation, and provide ongoing guidance as part of a comprehensive financial planning process.
Final Thoughts
Market volatility is an inevitable part of investing, but it doesn’t have to derail your retirement. A well-designed retirement income strategy—supported by diversification, tax-aware planning, disciplined investing, and regular reviews—can help you remain focused on your long-term goals regardless of short-term market fluctuations.
Every retirement is unique, and the strategies that make sense for one person may not be appropriate for another. Working with a trusted financial professional can help you evaluate your options and develop a retirement income plan tailored to your goals and circumstances.
If you’re approaching retirement or are already retired, now is an excellent time to evaluate whether your retirement income strategy is aligned with your long-term goals and today’s market environment. Contact Agemy Financial Strategies to schedule a personalized retirement planning consultation and learn how a comprehensive financial plan can help you navigate retirement with greater confidence.
Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Adviser and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are affiliated entities but are not affiliated with Retirement Income Source®, LLC.
This material is provided for informational and educational purposes only and is intended to provide general information. It should not be construed as personalized investment, tax, or legal advice or as a recommendation to buy or sell any security or adopt any specific investment strategy. You should consult with qualified financial, tax, and legal professionals before making financial decisions based on your individual circumstances.
All investing involves risk, including the possible loss of principal. No investment strategy can guarantee results or protect against loss in all market conditions. Past performance is not indicative of future results.