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LOOKING TO UPDATE your financial plan for 2026? Below are ten strategies you might consider:
Gaining control
January is a good time to audit your investments. I’d start with this very basic step: If you have accounts at multiple brokerage firms, see if you can consolidate them. This won’t necessarily lead to better investment results, but if you have fewer accounts, it’ll be easier to monitor and to manage them. This might not seem like an important exercise,
With families spread out across the country—and sometimes across the world—I’ve been chewing on something for a while.
Quick definition: a nuclear family is the basic household unit—parents (or a single parent) and kids living together.
What I’m really asking about is the older geographic family nucleus—grandparents, siblings, aunts/uncles close enough to be “boots on the ground” when you need help.
It seems like that this started loosening after WWII and, by the late 70s/80s, more families were scattered for careers,
“The riskiness of an investment is not measured by beta but rather by the probability—the reasoned probability—of that investment causing its owner a loss of purchasing-power over his contemplated holding period. Assets can fluctuate greatly in price and not be risky as long as they are reasonably certain to deliver increased purchasing power over their holding period. And a non-fluctuating asset can be laden with risk.” — Warren Buffett, in his 2011 Berkshire Hathaway shareholder letter.
At the risk of red down arrows, enough complaining about IRMAA and writing about strategies to lower or avoid those premiums.
The median income for retirees age 65+ is $47,000 – $55,000 annually.
The median HOUSEHOLD income at all ages is about $84,000
IRMAA premiums start at a single person income of $109,000.
If you are retired and required to pay IRMAA premiums, you are doing quite well. As the saying goes,
BEFORE THE YEAR ENDS, I wanted to cover a great concept – tax-loss harvesting. It’s a strategy to lower your tax liability by selling investments and repurchasing a similar one. The loss can be used to cancel out gains from other investments, which helps reduce the taxes you owe. Or you can use up to $3,000 of those losses each year to lower your taxable income if you don’t have any gains.
Here’s the key goal of the tax-loss harvesting strategy:
Swap assets into similar,
IN THE WORLD of personal finance, some topics are serious—and others less so. Since it’s the holiday season, it seems appropriate to look back at some of the year’s less weighty stories.
Early delivery. The year started off on a positive note for an Alabama couple. Sha’Nya Bennett was in labor and on her way to the hospital when a snow squall rolled in, forcing her to pull over. The expecting mom ended up delivering in her car,
Before I bought my new car, I brought my 2014 model in for service. As usual I asked for a loaner car. I was told I was not eligible. What do you mean not eligible? We only provide loaners for model year 2019 and newer I was told. Since when? I was incensed.
When I brought my car in and waited for three hours, my frustration grew. I have been a customer for many years and spent many thousands of dollars at the dealership.
BUSINESS OWNERS HAVE far more control over their tax bill than W-2 employees. But only if you know how the rules actually work.
The tax code is structured to reward self employment, business investment, and retirement saving, yet many business owners leave significant money on the table simply because they are unaware of all the strategies.
If you are eligible, a Solo 401(k) plan can be an effective way to lower your taxes or shield your investments from future taxation.
I wrote this for my blog and will use it in the future, but I thought HD was a good place to get feedback.
First we eliminate all existing retirement vehicles – 401k, 403b, IRA, Roth , etc. all terminated, no longer permitted.
They are replaced with one standard plan whether employer-based or not. One set of limits, rules and regulations. All contributions on an after-tax basis. All earnings tax-free upon withdrawal but not before age 55 or disability.
MY WIFE AND I have around $50,000 of emergency funds (~8 months of expenses). Considering that the job market is shaky, we feel comfortable holding this much cash.
Of course, it’s important to make the most out of your savings, so I want to share some options available to earn ~4% yield on your money.
Keep in mind that you should only use the following options for emergency savings and specific saving goals (e.g.
Jonathan used to chastise me for saying that I thought a good goal for retirement income was to replace 100% of base pay or salary- excluding overtime and any form of bonuses.
I was making a suggestion, opinion, not suggesting a requirement because given most people don’t reach that goal, it is obviously not required even while desirable.
However, that’s the way Connie and I live. In fact, between my pension and our combined social security,
A new bill was introduced on 11/20 in Congress to amend some HSA rules. It still has to go through the Ways and Means, House and Senate.
I doubt it will get through this year, but it’s good to be aware of potential changes.
If enacted, all the changes would go effective after December 31, 2025, but it’s very unlikely.
In particular, there are 2 main proposals:
> Income limits
> 2 Year rule
Currently, there is no income limitation to contribute to an HSA.
If you win a million dollars in a lottery, you will pay approximately $370,000 in federal taxes. An X post complained about the tax on such a windfall and said that we should tax billionaires the same way.
Of course that is exactly what we do. Everyone is subject to the IRC and the same type of income is taxed the same way for all. I think billionaires get a bad rap.
A 2021 study by economists from the Council of Economic Advisers and the Office of Management and Budget,
MANY PEOPLE ARE familiar with tax loss harvesting, where you sell a losing security/ETF and rebuy a similar, not identical, security/ETF.
But often we don’t really think about the opposite side of the coin: sell a winning security/ETF and rebuy the exact same, or a different, security/ETF.
That strategy is called tax gain harvesting, and because it’s a gain, the wash sale rule doesn’t apply.
Execution
Long-term capital gains can be taxed at 0% depending on your income.
Editor’s note: Jonathan Clements (1963–2025), HumbleDollar’s founder and a former Wall Street Journal personal-finance columnist, died on Sept. 21, 2025. This piece honors his plain-English approach to money and giving.
Jonathan Clements taught us that money is a means to a life that’s human, hopeful, and helpful. One of the best ways to live it out is to give with intention and make an impact. In that spirit—and in this season of thanks—here are 10 ways to support the charitable causes you love without writing a check.
