Jonathan Rase

Weekend Reading: If it feels like the Federal Reserve has been getting more attention over the past decade… you’re right.

Since the Great Financial Crisis, the Fed has gone from a behind‑the‑scenes institution to one of the most watched players in the economy.

Why the rise in attention?

After 2008, the Fed kept interest rates near zero for years and used new tools like large‑scale asset purchases (QE).

COVID brought another round of emergency support, pushing rates back to zero and expanding the balance sheet dramatically.

Then came the fastest rate‑hiking cycle in modern history from 2021–2023, taking rates from near zero to over 5% to fight the strongest inflation in 40 years.
When the Fed moves this dramatically, people pay attention — because it affects everything from mortgages to markets.

What does the Fed actually do?

Sets interest rates to balance inflation and employment

Manages the money supply through open market operations

Supervises banks to keep the financial system stable

Acts in crises as a lender of last resort

Fun fact: The Fed Funds Rate stayed near zero for seven years after the GFC, then again during COVID — but the 2021–2023 tightening cycle was one of the sharpest in history.

The more the Fed shapes the financial landscape, the more important it is for everyday people to understand how it works.

Weekend Reading: Back‑to‑school season is officially underway, and according to new data from the National Retail Federation, most families are getting a head start. The NRF reports that about 62% of shoppers begin their back‑to‑school buying by early July, continuing the trend of families spreading out purchases and hunting for value earlier in the summer.
Source:

Many shoppers say they’re watching prices closely, waiting for deals, and grabbing essentials before items sell out. The NRF notes that 46% of shoppers who haven’t finished their list are waiting for better deals, and 54% took advantage of major June sales events like Prime Day, Walmart Deals, and Target Circle Days to knock out part of their school shopping.
Source:

Whether you’re shopping for K–12 kids or helping a college student gear up for the fall, here are some practical tips to make the most of the season:

• Start early, but don’t feel pressured to buy everything at once. Many families grab the must‑haves first and wait for later sales on clothing, accessories, and non‑essentials.

• Keep an eye on summer promotions. Retailers often roll out tech deals, dorm bundles, and back‑to‑school discounts throughout July and August. Tax‑free weekends (depending on your state) can also help stretch your budget.

• Compare prices across stores. Electronics, shoes, and backpacks can vary widely depending on the retailer, so a quick price check can save real money.

• Separate “need now” from “nice to have.” For K–12 students, focus on classroom basics first. For college students, prioritize dorm essentials like bedding, storage, and tech before worrying about décor.

• Use student discounts when possible. College students can often save on laptops, software, and subscriptions through programs offered by Apple, Microsoft, Adobe, Spotify, Amazon, and more.

• Don’t overlook secondhand options. Thrift stores, Facebook Marketplace, and campus buy/sell groups are great for finding dorm furniture, calculators, textbooks, and even clothing.

• Create a shared list if you’re coordinating for multiple kids or roommates. It helps avoid duplicates and keeps spending organized.

Back‑to‑school shopping doesn’t have to be stressful or expensive. With a little planning and some smart deal‑hunting, you can make the season smoother — and maybe even save a few dollars along the way.

Majority of Back-to-School Shoppers Get a Head Start on the Season | NRF Consumers are getting an early start on back-to-school shopping, with 62% of shoppers having already started shopping for the school year by early July.

Weekend Reading: Public Service Loan Forgiveness (PSLF) just changed again—and if you work in healthcare or love someone who does, these updates deserve real attention.

Student loan policy doesn’t always make headlines, but it absolutely shapes long‑term financial planning for nurses, physicians, therapists, and anyone serving in nonprofit or public‑sector healthcare. With my wife working in healthcare, I pay close attention to these shifts because they can quietly alter a family’s 10‑year forgiveness trajectory.

Here’s what actually changed and why it matters:

1. A new “default” repayment plan that doesn’t qualify for PSLF
Beginning July 1, new borrowers are automatically placed into the Tiered Standard Plan—and this plan earns zero PSLF credit.

That means:

If a new healthcare worker doesn’t proactively choose the new income‑driven Repayment Assistance Plan (RAP), they could unknowingly lose months or years of forgiveness progress.

This is especially important for new grads entering hospitals, clinics, and nonprofit systems this summer and fall.

Takeaway: If PSLF is part of the plan, choosing the right repayment plan is now a critical first step—not something to revisit later.

2. Parent PLUS access is narrowing
Parent PLUS loans taken after July 1 can no longer enter income‑driven repayment. Without IDR, there’s no path to PSLF.

This affects:

Parents helping their children through nursing school, medical school, or allied health programs

Families who assumed PSLF would be available after consolidating

Takeaway: Parent PLUS borrowers need to double‑check their loan type and consolidation status. The window for PSLF eligibility is now much narrower.

3. Employer eligibility remains stable—for now
A proposed rule that could have disqualified certain nonprofits was struck down in court. That means:

Hospitals, clinics, and nonprofit health systems remain eligible

Borrowers should continue submitting annual employer certification forms to keep their PSLF timeline clean

Takeaway: Employer eligibility isn’t changing today, but the fact that it was challenged at all is a reminder that PSLF rules can shift quickly.

Why this matters for healthcare families
Healthcare workers often carry high student loan balances, and PSLF is one of the few programs that can meaningfully reduce that burden. When rules change—especially repayment plan eligibility—small administrative decisions can have big financial consequences.

For families like mine, staying informed isn’t optional. It’s part of protecting long‑term financial stability.

Source:

Public Service Loan Forgiveness has new rules — 3 changes borrowers should know about Recent changes to Public Service Loan Forgiveness should prompt borrowers to confirm that their repayment plan and loan type remain eligible for the relief.

Weekend Reading: The Most Valuable 15 Minutes You’ll Spend This Year

Most people think an annual meeting with their financial advisor is only necessary when they want to make changes—adjust investments, shift risk, or talk retirement income. And if nothing feels urgent, it’s easy to skip the meeting and assume everything is fine.

But here’s the truth: the most important parts of an annual review have nothing to do with changing your portfolio.

A quick 15–30 minute check‑in keeps your financial life running smoothly behind the scenes. It’s the small housekeeping items that prevent big headaches later. For example:

Beneficiary updates: Life changes—marriages, grandchildren, losses. Recently, we found a client who needed contingent beneficiaries added. A five‑minute fix today prevents months of paperwork later.

Contact information: Addresses, emails, and phone numbers drift over time. Keeping them current ensures you never miss important notices or time‑sensitive updates.

Bank links for distributions: When your bank account is properly connected, distributions can be processed quickly and securely. Without it, you may face delays, extra forms, and unnecessary frustration—especially when you need funds fast.

Security and fraud checks: A brief review helps confirm your accounts are protected, your login methods are up to date, and no suspicious activity has slipped through the cracks.

Life updates: Maybe you changed jobs, welcomed a new grandchild, or started thinking more seriously about retirement income. Even small updates can shape future planning.

Think of your annual meeting like routine maintenance on a car. You don’t wait for the engine light to come on—you check in so the engine light never comes on.

A short conversation once a year keeps everything aligned, updated, and ready for whatever life brings next. It’s one of the simplest ways to protect your future self.

If you haven’t had your annual review yet, consider scheduling it. Even 15 minutes can make a meaningful difference.

Weekend Reading: Here is your mid year retirement checklist! Like any halftime period, its important to review important items and ensure your plan is still on track.

✔ Review Your Income & Spending
• Compare withdrawals to actual spending
• Adjust monthly income if needed
• Confirm your emergency fund still covers 3–6 months

✔ Revisit Medicare & Healthcare Needs
• Compare Medicare options if you’re turning 65 soon
• Review Part D drug costs
• Check whether 2024 income may trigger IRMAA in 2026

✔ Mid Year Tax Planning
• Evaluate Roth conversion opportunities
• Review withholding on Social Security and IRA withdrawals
• Estimate your tax bracket if you’re retiring later this year

✔ RMD & QCD Check In
• Confirm your first RMD if you turn 73 this year
• Plan ahead for fall charitable giving using QCDs

✔ Portfolio & Market Review
• Make sure your investment mix still fits your risk level
• Confirm your withdrawal strategy can handle volatility
• Review income plans if retiring in the second half of the year

✔ Social Security Timing
• Compare filing now vs. January
• Revisit spousal and survivor benefit strategies

✔ Lifestyle & Cash Flow Adjustments
• Plan for fall/winter expenses
• Consider how part time work affects taxes and Social Security
• Reassess downsizing or relocation plans

✔ Update Estate & Legacy Documents
• Review wills, POAs, and healthcare directives
• Check beneficiary designations on retirement accounts and insurance

✔ Personal Well Being Check
• Revisit routines, health habits, and social connections
• Make sure your daily life matches the retirement you envisioned

Happy birthday, America!

Weekend Reading: Moving Your Retirement Accounts Without Tax Surprises

As people get closer to retirement, one of the most common concerns they share is this: “I’m worried that if I move my retirement accounts, I’ll accidentally trigger taxes.”

That hesitation makes sense. After decades of saving, nobody wants an unexpected tax bill because of a simple paperwork mistake. The good news is that most retirement accounts can be moved without creating a taxable event—as long as the transfer is done the right way.

Here’s a straightforward breakdown of how qualified money moves and the key things to watch for.

Most retirement accounts can move tax‑free when the transfer is direct.
401(k)s, 403(b)s, 457 plans, Traditional IRAs, SIMPLE IRAs, and SEP IRAs can all be transferred or rolled over without taxes or penalties when the money goes directly from one financial institution to another. This is often called a “direct transfer” or “direct rollover.”

In these cases, the funds never pass through your hands, and the IRS doesn’t treat the movement as income. For many people, this is the safest and cleanest way to consolidate or update their accounts.

Even though the rules are designed to make transfers simple, a few common situations can cause problems:

Receiving a check made out to you instead of the new account:
When the check is payable to you, the IRS considers it a distribution. The plan must withhold 20% for taxes, and you have 60 days to deposit the full amount (including the withheld portion) into another qualified account. Missing that deadline turns the entire amount into taxable income.

Trying to roll over money that isn’t eligible:
Required Minimum Distributions (RMDs) can’t be rolled over. Pre‑tax and Roth dollars also need to go to the correct type of account to avoid tax consequences.

Moving a SIMPLE IRA before the two‑year window closes:
SIMPLE IRAs have a specific rule: during the first two years, they can only be moved to another SIMPLE IRA. Moving them elsewhere too early results in taxes and a higher penalty.

Using an indirect IRA‑to‑IRA rollover without realizing the one‑per‑year limit:
Indirect rollovers (where the money comes to you first) can only be done once every 12 months across all your IRAs. Direct transfers don’t count toward this limit, which is why many people avoid indirect rollovers altogether.

As retirement approaches, many people want to simplify their accounts, consolidate old employer plans, or update their investment structure. Understanding how qualified money moves—and the rules that keep it tax‑free—can make those decisions feel far less intimidating.

Weekend Reading: Thinking about opening a Trump Account or a 529 Plan for your child or grandchild?

Before you take that step, it’s worth slowing down for a moment.
Both accounts can be valuable tools — but they work very differently when it comes to contribution limits, accessibility, and long‑term flexibility.

Here are a few key differences to keep in mind:

• Contribution Limits:
Trump Accounts have relatively small annual limits (family contributions up to $5,000 per year, plus possible employer contributions).
529 Plans allow much larger contributions — often hundreds of thousands of dollars over time — depending on your state’s rules.

• Accessibility:
Trump Accounts are locked until age 18 and then convert into a retirement account with standard IRA rules.
529 Plans can be accessed earlier for qualified education expenses, including K‑12 tuition, college, trade programs, and more.

• Flexibility for Alternative Use:
Trump Accounts are designed strictly for long‑term retirement savings. Early withdrawals come with penalties.
529 Plans offer more flexibility — you can change beneficiaries, use funds for student loans, or even roll some amounts into a Roth IRA under certain conditions.

Because these accounts serve very different purposes, the “best” choice depends on what you want the money to do:
• Support education?
• Build long‑term retirement savings?
• Keep flexibility for future changes?
• Or a mix of all three?

That’s why it’s so important to talk with your financial advisor before opening anything. A short conversation can help you match the right account to your goals, your concerns, and the level of flexibility you want for your family.

Weekend Reading: I had another great conversation this week that I think a lot of people will recognize.

A friend told me they were gearing up to do a Backdoor Roth IRA because they’ve always heard that “Roth is the best.” But as we talked, a few important details surfaced:

- They weren’t maxing out their 403(b)

- They weren’t using the Roth (after‑tax) option inside their 403(b)

- They didn’t realize that there are no income limits for Roth contributions inside an employer plan

- And they weren’t aware that a Backdoor Roth requires extra steps, paperwork, and coordination—none of which are needed when using the Roth option at work

This is incredibly common. Roth IRAs get so much attention online that people assume they’re the only “real” Roth strategy. But the truth is more nuanced:

-Some people earn too much for a direct Roth IRA, making the Roth 401(k)/403(b) the simplest path

-Some people don’t like their employer plan’s investment options, so a Roth IRA gives them more flexibility

-Some people max out their employer plan and still need additional savings space, so the Roth IRA becomes the next bucket

-Some people simply prefer the higher contribution limits and ease of payroll deductions in their workplace plan

That’s where talking with a financial professional can make a huge difference. Not just to encourage saving—but to help you understand the order of operations for your specific circumstances, so each dollar is working as efficiently as possible.

Weekend Reading: A Simple Financial Check-In Schedule: What to Review Annually, Every 5 Years, and Every 10 Years

Life changes, and your financial plan should adjust along the way. Here is an easy rhythm to help you stay organized and confident, whether you are already retired or preparing for retirement.

Every Year: Your Quick Financial Tune-Up

Review your spending plan to make sure your monthly expenses still align with your income.

Check your withdrawal strategy to confirm you are taking the right amounts from the right accounts.

Update beneficiaries, especially after marriages, births, or losses.

Review insurance coverage, including Medicare, supplemental policies, long-term care, and property and casualty.

Handle Required Minimum Distributions if they apply to you.

Look for tax planning opportunities such as Roth conversions, charitable strategies, or capital gains harvesting.

Every 5 Years: Your Mid-Course Correction

Revisit your investment risk level to ensure it still matches your comfort and time horizon.

Reevaluate your Social Security strategy if you have not yet claimed benefits.

Review estate documents such as wills, powers of attorney, and healthcare directives.

Check your emergency fund to make sure you still have appropriate cash reserves.

Reassess your larger goals, including travel, home updates, family gifting, or charitable plans.

Every 10 Years: Your Big-Picture Refresh

Reassess long-term care plans, as needs and options change over time.

Review your overall retirement strategy to confirm your income sources remain reliable and tax-efficient.

Evaluate your legacy plan, including trusts, beneficiary design, and charitable intentions.

Consider simplifying or consolidating accounts to make things easier as you age.

Reflect on whether your spending and lifestyle still align with your values and priorities.

Final Thought

Financial planning is not a one-time event. It is an ongoing rhythm that helps keep your retirement smooth, intentional, and stress-free. If you ever want help reviewing your own plan or making sure you are on the right cadence, I am always here to support you.