Daniel J. Stefanski, EA
@danielstefanski.bsky.social
Associate Wealth Planner at MY Wealth Planners • IRS Enrolled Agent
You don’t need to replace 100% of your income in retirement
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
October 6, 2025 at 7:04 PM
You don’t need to replace 100% of your income in retirement
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
Your financial plan is only as strong as the assumptions used
Not sure where to start? Be conservative
• Modest investment returns
• Life expectancy of 100 years old
• Money In (Income) → 2.54% increases/yr
• Money Out (Expenses) → 4.00% increases/yr
• Long Term Care Costs → 6.00% increases/yr
Not sure where to start? Be conservative
• Modest investment returns
• Life expectancy of 100 years old
• Money In (Income) → 2.54% increases/yr
• Money Out (Expenses) → 4.00% increases/yr
• Long Term Care Costs → 6.00% increases/yr
July 2, 2025 at 3:04 PM
Your financial plan is only as strong as the assumptions used
Not sure where to start? Be conservative
• Modest investment returns
• Life expectancy of 100 years old
• Money In (Income) → 2.54% increases/yr
• Money Out (Expenses) → 4.00% increases/yr
• Long Term Care Costs → 6.00% increases/yr
Not sure where to start? Be conservative
• Modest investment returns
• Life expectancy of 100 years old
• Money In (Income) → 2.54% increases/yr
• Money Out (Expenses) → 4.00% increases/yr
• Long Term Care Costs → 6.00% increases/yr
If we look at financial planning as a pie, think of investing as 1/8th of the pie
We still have room for other slices like:
> Insurance
> Tax planning
> Estate Planning
> Education Planning
> Employer Benefits Optimization
> Cash Flow & Debt Management
> Retirement & Long-Term Planning
We still have room for other slices like:
> Insurance
> Tax planning
> Estate Planning
> Education Planning
> Employer Benefits Optimization
> Cash Flow & Debt Management
> Retirement & Long-Term Planning
June 12, 2025 at 5:04 PM
If we look at financial planning as a pie, think of investing as 1/8th of the pie
We still have room for other slices like:
> Insurance
> Tax planning
> Estate Planning
> Education Planning
> Employer Benefits Optimization
> Cash Flow & Debt Management
> Retirement & Long-Term Planning
We still have room for other slices like:
> Insurance
> Tax planning
> Estate Planning
> Education Planning
> Employer Benefits Optimization
> Cash Flow & Debt Management
> Retirement & Long-Term Planning
Most think of diversification as just *what* you invest in
But it is also *how* you invest from a tax perspective
Pre-tax → Tax deferred
Roth → Tax free growth
Taxable → Taxed but flexible
A mix of all three gives you flexibility and control over your tax situation
But it is also *how* you invest from a tax perspective
Pre-tax → Tax deferred
Roth → Tax free growth
Taxable → Taxed but flexible
A mix of all three gives you flexibility and control over your tax situation
May 24, 2025 at 4:04 PM
Most think of diversification as just *what* you invest in
But it is also *how* you invest from a tax perspective
Pre-tax → Tax deferred
Roth → Tax free growth
Taxable → Taxed but flexible
A mix of all three gives you flexibility and control over your tax situation
But it is also *how* you invest from a tax perspective
Pre-tax → Tax deferred
Roth → Tax free growth
Taxable → Taxed but flexible
A mix of all three gives you flexibility and control over your tax situation
A lot of people justify home renovations by convincing themselves they will increase the home value when selling
The reality is that unless you are putting in six figures, you will be lucky to get a 1 for 1 return on your investment
The reality is that unless you are putting in six figures, you will be lucky to get a 1 for 1 return on your investment
May 17, 2025 at 3:01 PM
A lot of people justify home renovations by convincing themselves they will increase the home value when selling
The reality is that unless you are putting in six figures, you will be lucky to get a 1 for 1 return on your investment
The reality is that unless you are putting in six figures, you will be lucky to get a 1 for 1 return on your investment
Got a raise? Great!
You may think about saving more, paying down debt etc.
Yet a pay increase can impact other parts of your financial life
On the backend this could:
...
You may think about saving more, paying down debt etc.
Yet a pay increase can impact other parts of your financial life
On the backend this could:
...
May 11, 2025 at 3:01 PM
Got a raise? Great!
You may think about saving more, paying down debt etc.
Yet a pay increase can impact other parts of your financial life
On the backend this could:
...
You may think about saving more, paying down debt etc.
Yet a pay increase can impact other parts of your financial life
On the backend this could:
...
Returns are important.
Tax efficiency is important.
Investment selection is important.
But long-term success hinges on an even greater factor.
<< The investor’s temperament >>
Tax efficiency is important.
Investment selection is important.
But long-term success hinges on an even greater factor.
<< The investor’s temperament >>
May 10, 2025 at 3:02 PM
Returns are important.
Tax efficiency is important.
Investment selection is important.
But long-term success hinges on an even greater factor.
<< The investor’s temperament >>
Tax efficiency is important.
Investment selection is important.
But long-term success hinges on an even greater factor.
<< The investor’s temperament >>
You’ve got a healthy income, great benefits, and solid savings habits
So do many of the people we work with
Here is why they still choose to work with us
So do many of the people we work with
Here is why they still choose to work with us
May 9, 2025 at 4:03 PM
You’ve got a healthy income, great benefits, and solid savings habits
So do many of the people we work with
Here is why they still choose to work with us
So do many of the people we work with
Here is why they still choose to work with us
You have heard it before
“Stay the course” and “Think long term”
But when the markets and news make you feel otherwise, it is hard not to worry
The next time you feel anxious, remember the following points:
“Stay the course” and “Think long term”
But when the markets and news make you feel otherwise, it is hard not to worry
The next time you feel anxious, remember the following points:
May 7, 2025 at 7:01 PM
You have heard it before
“Stay the course” and “Think long term”
But when the markets and news make you feel otherwise, it is hard not to worry
The next time you feel anxious, remember the following points:
“Stay the course” and “Think long term”
But when the markets and news make you feel otherwise, it is hard not to worry
The next time you feel anxious, remember the following points:
Let’s paint a picture
You’re planning to propose in 3 years
You’ve got $5,000 saved
And you’re tempted to throw it into a risky stock
“What if it doubles..?" you think
Here is the reality:
You’re planning to propose in 3 years
You’ve got $5,000 saved
And you’re tempted to throw it into a risky stock
“What if it doubles..?" you think
Here is the reality:
May 6, 2025 at 3:03 PM
Let’s paint a picture
You’re planning to propose in 3 years
You’ve got $5,000 saved
And you’re tempted to throw it into a risky stock
“What if it doubles..?" you think
Here is the reality:
You’re planning to propose in 3 years
You’ve got $5,000 saved
And you’re tempted to throw it into a risky stock
“What if it doubles..?" you think
Here is the reality:
“So… do you just stare at stock charts all day?”
I get this question a lot. The truth?
Portfolio management is just one of the many important items covered
Other areas of focus include:
I get this question a lot. The truth?
Portfolio management is just one of the many important items covered
Other areas of focus include:
May 5, 2025 at 7:03 PM
“So… do you just stare at stock charts all day?”
I get this question a lot. The truth?
Portfolio management is just one of the many important items covered
Other areas of focus include:
I get this question a lot. The truth?
Portfolio management is just one of the many important items covered
Other areas of focus include:
Dont ask
"How do I minimize what I owe in taxes this year?"
Reframe it
"What actions can I take this year and beyond to reduce the total taxes I pay over my lifetime?"
The difference is strategy vs. reaction
Play the long game
Smart tax planning isn't about this April
It's about every April
"How do I minimize what I owe in taxes this year?"
Reframe it
"What actions can I take this year and beyond to reduce the total taxes I pay over my lifetime?"
The difference is strategy vs. reaction
Play the long game
Smart tax planning isn't about this April
It's about every April
May 5, 2025 at 4:21 PM
Dont ask
"How do I minimize what I owe in taxes this year?"
Reframe it
"What actions can I take this year and beyond to reduce the total taxes I pay over my lifetime?"
The difference is strategy vs. reaction
Play the long game
Smart tax planning isn't about this April
It's about every April
"How do I minimize what I owe in taxes this year?"
Reframe it
"What actions can I take this year and beyond to reduce the total taxes I pay over my lifetime?"
The difference is strategy vs. reaction
Play the long game
Smart tax planning isn't about this April
It's about every April
The scariest threat to your financial plan is not a market crash
It’s an event that you cannot recover from without outside help
This can be things like:
It’s an event that you cannot recover from without outside help
This can be things like:
April 25, 2025 at 5:02 PM
The scariest threat to your financial plan is not a market crash
It’s an event that you cannot recover from without outside help
This can be things like:
It’s an event that you cannot recover from without outside help
This can be things like:
Whether the market is up or down
You always have moments to take advantage of the circumstances
3 ways to make use of a downturn in the market:
You always have moments to take advantage of the circumstances
3 ways to make use of a downturn in the market:
April 24, 2025 at 7:02 PM
Whether the market is up or down
You always have moments to take advantage of the circumstances
3 ways to make use of a downturn in the market:
You always have moments to take advantage of the circumstances
3 ways to make use of a downturn in the market:
Trying to time the market? You are doing it wrong.
Successful investing is not about predictions, it is about behavior.
Here we are tracking the number of days the market was down 1% in the S&P 500 per year.
Successful investing is not about predictions, it is about behavior.
Here we are tracking the number of days the market was down 1% in the S&P 500 per year.
April 22, 2025 at 2:16 PM
Trying to time the market? You are doing it wrong.
Successful investing is not about predictions, it is about behavior.
Here we are tracking the number of days the market was down 1% in the S&P 500 per year.
Successful investing is not about predictions, it is about behavior.
Here we are tracking the number of days the market was down 1% in the S&P 500 per year.
If you feel your tax preparer doesn’t “save you enough”
There may be a misalignment of expectations
You may pay for tax preparation services
But expect to receive tax planning services
However there is a big difference
...
There may be a misalignment of expectations
You may pay for tax preparation services
But expect to receive tax planning services
However there is a big difference
...
April 18, 2025 at 4:03 PM
If you feel your tax preparer doesn’t “save you enough”
There may be a misalignment of expectations
You may pay for tax preparation services
But expect to receive tax planning services
However there is a big difference
...
There may be a misalignment of expectations
You may pay for tax preparation services
But expect to receive tax planning services
However there is a big difference
...
You don’t need to replace 100% of your income in retirement
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
April 15, 2025 at 5:03 PM
You don’t need to replace 100% of your income in retirement
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
Why?
Because you are no longer saving for retirement *in* retirement
If you spend $80k a year, but $15k of that is going into savings…
You only need to cover $65k
This is often overlooked
Would you sell your house just because someone knocked on your door every day and told you a different price?
Imagine this, you wake up every morning and a stranger rings your doorbell to tell you what your house is worth.
...
Imagine this, you wake up every morning and a stranger rings your doorbell to tell you what your house is worth.
...
April 14, 2025 at 4:02 PM
Would you sell your house just because someone knocked on your door every day and told you a different price?
Imagine this, you wake up every morning and a stranger rings your doorbell to tell you what your house is worth.
...
Imagine this, you wake up every morning and a stranger rings your doorbell to tell you what your house is worth.
...
Still looking to lower your 2024 tax bill?
You are not out of time yet
Some retirement accounts allow you to contribute any time before the April 15th tax deadline
Read more if you are still looking to trim your tax bill
You are not out of time yet
Some retirement accounts allow you to contribute any time before the April 15th tax deadline
Read more if you are still looking to trim your tax bill
April 13, 2025 at 4:01 PM
Still looking to lower your 2024 tax bill?
You are not out of time yet
Some retirement accounts allow you to contribute any time before the April 15th tax deadline
Read more if you are still looking to trim your tax bill
You are not out of time yet
Some retirement accounts allow you to contribute any time before the April 15th tax deadline
Read more if you are still looking to trim your tax bill
Financial planning is often misunderstood
This leaves people with a lot of unrealistic expectations
Here are 5 common myths you may believe right now:
This leaves people with a lot of unrealistic expectations
Here are 5 common myths you may believe right now:
April 12, 2025 at 5:01 PM
Financial planning is often misunderstood
This leaves people with a lot of unrealistic expectations
Here are 5 common myths you may believe right now:
This leaves people with a lot of unrealistic expectations
Here are 5 common myths you may believe right now:
What do all the following have in common?
- Great Depression
- Recession of 1937
- OPEC Oil Crisis
- Black Monday
- Friday the 13th
- Invasion of Kuwait
- Black Wednesday
- Dot Com Bubble
- 9/11
- Great Recession
- Flash Crash of 2010
- Crypto Crash
- COVID Decline in 2020
...
- Great Depression
- Recession of 1937
- OPEC Oil Crisis
- Black Monday
- Friday the 13th
- Invasion of Kuwait
- Black Wednesday
- Dot Com Bubble
- 9/11
- Great Recession
- Flash Crash of 2010
- Crypto Crash
- COVID Decline in 2020
...
April 4, 2025 at 8:10 PM
What do all the following have in common?
- Great Depression
- Recession of 1937
- OPEC Oil Crisis
- Black Monday
- Friday the 13th
- Invasion of Kuwait
- Black Wednesday
- Dot Com Bubble
- 9/11
- Great Recession
- Flash Crash of 2010
- Crypto Crash
- COVID Decline in 2020
...
- Great Depression
- Recession of 1937
- OPEC Oil Crisis
- Black Monday
- Friday the 13th
- Invasion of Kuwait
- Black Wednesday
- Dot Com Bubble
- 9/11
- Great Recession
- Flash Crash of 2010
- Crypto Crash
- COVID Decline in 2020
...
Some of us really struggle taking time off from work
Myself included
If you struggle with this use the following framework when working on vacation:
Myself included
If you struggle with this use the following framework when working on vacation:
April 1, 2025 at 6:02 PM
Some of us really struggle taking time off from work
Myself included
If you struggle with this use the following framework when working on vacation:
Myself included
If you struggle with this use the following framework when working on vacation:
When investing it is crucial to understand your time frame
It may seem sexy to use higher risk investments to get ~8% for a payment due in 3 years
It can be one of the easiest ways to mess up your finances too
Here is an easy framework to follow instead:
It may seem sexy to use higher risk investments to get ~8% for a payment due in 3 years
It can be one of the easiest ways to mess up your finances too
Here is an easy framework to follow instead:
April 1, 2025 at 3:02 PM
When investing it is crucial to understand your time frame
It may seem sexy to use higher risk investments to get ~8% for a payment due in 3 years
It can be one of the easiest ways to mess up your finances too
Here is an easy framework to follow instead:
It may seem sexy to use higher risk investments to get ~8% for a payment due in 3 years
It can be one of the easiest ways to mess up your finances too
Here is an easy framework to follow instead:
Selling to sit in cash for long term goals is one of the worst things you can do
You now need to nail two market events:
1.) When to sell - how do you know the market will not continue to drop?
2.) When to get back in - how are you determining the optimal time to invest again?
You now need to nail two market events:
1.) When to sell - how do you know the market will not continue to drop?
2.) When to get back in - how are you determining the optimal time to invest again?
March 31, 2025 at 8:00 PM
Selling to sit in cash for long term goals is one of the worst things you can do
You now need to nail two market events:
1.) When to sell - how do you know the market will not continue to drop?
2.) When to get back in - how are you determining the optimal time to invest again?
You now need to nail two market events:
1.) When to sell - how do you know the market will not continue to drop?
2.) When to get back in - how are you determining the optimal time to invest again?
Our brains struggle to understand compounding rates of return
This goes for inflation and investing
Take college for example
You just had a newborn who will go to college in 18 years
Assuming college education inflates at 6% annually and costs $32,000 in today's dollars
This goes for inflation and investing
Take college for example
You just had a newborn who will go to college in 18 years
Assuming college education inflates at 6% annually and costs $32,000 in today's dollars
March 27, 2025 at 7:00 PM
Our brains struggle to understand compounding rates of return
This goes for inflation and investing
Take college for example
You just had a newborn who will go to college in 18 years
Assuming college education inflates at 6% annually and costs $32,000 in today's dollars
This goes for inflation and investing
Take college for example
You just had a newborn who will go to college in 18 years
Assuming college education inflates at 6% annually and costs $32,000 in today's dollars