Social Security Workshop Recap
When we ask clients what's on their minds as they approach retirement, Social Security is almost always near the top of the list. And that's exactly why we hosted this workshop. Most people aren't planning for a 20% cut in their Social Security benefits, but the Social Security Trust Funds are projected to be depleted by 2033-2035. When that happens, benefits don't disappear — but they drop to approximately 80% of scheduled amounts. If you're 62 today, you'll be 69 or 70 when those cuts take effect. That's potentially 15 or more years of reduced income in retirement. In the [...]
DIY or Hire a Financial Advisor?
I don't prepare my own taxes. I'm not incapable of learning. I've done the math on a 1040. I understand depreciation schedules and capital gains treatment. But I use an accountant because the cost of getting it wrong is high, and my time is worth more spent elsewhere. That trade-off makes sense to me, and I've never second-guessed it. I also don't represent myself when I need legal advice. I don't rewire my own house. I don't pull my own teeth. So I've always found it curious that people draw the line at investment management — that this one discipline, [...]
Investing Is Not What Most People Think It Is
Most of us know someone who tries to fix their own car, rewire a light fixture, or argue their own case in court. Sometimes it works out. Often it doesn't. The honest reason is that skilled trades and professions exist because they require knowledge, experience, and judgment that take years to develop. Investing is one of those fields. It looks approachable — you open an account, you buy something, you watch a number on a screen. But the judgment required to do it well is harder than it looks, and a few common misunderstandings can cost people significantly over time. [...]
Roth IRAs and Roth Conversions: It Depends
Every few years, something happens in Washington that sends financial commentators scrambling to tell you to convert your Traditional IRA to a Roth. The passage of the One Big Beautiful Act (OBBA) in July 2025 is the latest trigger. Before you act on that advice, it's worth understanding what a Roth IRA actually is and what assumptions you'd be making if you converted. What a Roth IRA Is A Roth IRA is funded with after-tax dollars — contributions are not tax-deductible. In exchange, investment gains and income grow tax-free, and qualified withdrawals after age 59½ (once a five-year holding [...]
Muhlenkamp Memorandum #158
Geopolitical conflict involving Iran disrupted energy markets, driving oil and the dollar higher while stocks, bonds, and gold fell. Despite volatility, economic signals are mixed but stabilizing, especially in manufacturing. Muhlenkamp saw profits on successful investments in the Quarter, increased cash and international exposure, while remaining cautious amid inflation, policy uncertainty, and ongoing war risks. Read the full Quarterly Letter. Click here to download the full PDF of the Memorandum.
Tariffs, Trade, and What We’re Watching
Trade policy has moved to the center of the economic conversation, and with good reason. The tariff increases announced in early 2025, and the ongoing negotiations that followed, represent a meaningful shift in the cost structure facing many U.S. businesses. We want to explain how we think about this environment, what it means for our portfolio decisions, and where we think the real risks lie. What Tariffs Actually Do A tariff is a tax on imported goods. The company importing those goods pays the tariff, and depending on the competitive dynamics of their market, they may pass some or all [...]
Letter to My Daughters: On Patience
I want to talk to you about patience, specifically, patience as an investor. It may be the single most important quality you can develop, and it is also the one that most people, even smart people, find almost impossible to maintain. The problem is that patience is invisible. When you are being patient, nothing appears to be happening. And in a world where something is always happening--markets moving, headlines rolling, financial commentators confidently explaining what it all means--doing nothing feels like failure. It isn't. Why Patience Is Hard Human beings are wired for action. When something feels wrong (a market [...]
The 2026 Social Security COLA: What Changed and What It Means for Your Retirement
By now, you've received your notice from Social Security: benefits increased by 2.8% in January 2026. For the average retiree, that means about $56 more per month—raising the average benefit from $2,015 to $2,071. If that number feels modest, you're not alone. In a recent survey, 77% of older adults said a 3% increase wouldn't be enough to help them keep up with rising prices. And if you're enrolled in Medicare Part B, the picture gets even more complicated: the standard premium increased by $17.90 per month in 2026, eating into more than 30% of that COLA before you see [...]
Social Security and the 2033 Question
Social Security is likely part of your retirement plan—but how much can you actually count on it? And when should you start taking benefits? The answers depend on understanding what Social Security really is, how it works, and where you are in life. Some observations: In Fleming v Nestor (1960), the Supreme Court ruled that Social Security benefits are not an “accrued property right” or contractual obligation. Paying Social Security taxes does not grant a worker a legally binding entitlement to receive specific benefits in the future. Social Security has always been “pay as you go,” meaning benefits were paid [...]
Five Tax-Smart Investing Strategies for 2026
Tax-smart investing is a dynamic and ongoing process. You can keep more of your hard-earned money by leveraging tax-advantaged accounts, prioritizing tax-efficient investments, and staying proactive about ever-changing tax laws. As 2026 unfolds, make it the year you take your tax strategy to the next level—because it’s not just about what you earn; it’s about what you keep after tax. Here are five strategies that help to maximize what you keep when it’s time to pay Uncle Sam. Maximize Tax-Advantaged Accounts. Tax-advantaged accounts remain a cornerstone of intelligent investing. These include: 401(k)s, IRAs, and Roth IRAs: Contribute the maximum allowable [...]