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  • What Are My Options for Health Insurance During Retirement?

    What Are My Options for Health Insurance During Retirement?

    So I was recently asked this question again for the hundredth time, “Raman, what do people do for health insurance before Medicare?”

    It’s one of the most common and most stressful questions I get from clients who are preparing to retire in their late 50s or early 60s. After decades of hard work and disciplined saving, they’re finally ready to step away from their careers, only to realize they’re about to lose the one major benefit they have always relied on…their employer-sponsored health insurance.

    The Reality of Health Insurance Costs Before Medicare

    Someone recently shared a quote they received for a $2,300 per month bronze policy through the Affordable Care Act (ACA) marketplace. That’s nearly $28,000 a year for two healthy 60-year-olds without subsidies or discounts, before even considering deductibles or co-pays.

    When I share those numbers with people still working, they’re often in disbelief. But this is the reality for early retirees who don’t qualify for ACA subsidies. Those five gap years before Medicare can be among the most expensive years in retirement if not properly planned. This phase is called the “gap years”, the time between employer health coverage and Medicare eligibility. You see, during your working years, your employer pays a significant portion of your health insurance premium, but once you retire, that contribution disappears, and now you pay the full price tag of coverage. Unfortunately, It’s a wake-up call for a lot of people, and it underscores the importance of having a plan before you leave the workforce.

    So what are my options then, Raman? 

    Option 1: COBRA Coverage

    Start by checking with your employer. Many companies offer COBRA continuation coverage, which allows you to stay on your current health plan for up to 18 months after leaving your job. And some can even extend this period under special circumstances. However, COBRA isn’t cheap because you pay both your share and your employer’s share, but it provides consistency and helps bridge coverage until the next open enrollment period.

    Option 2: The ACA Marketplace

    Once COBRA expires, most retirees turn to the ACA Marketplace. Premium costs vary significantly based on your income. For example, if your Modified Adjusted Gross Income (MAGI) is low enough, you may qualify for subsidies under the Affordable Care Act. And here’s the thing, with careful income management, I’ve seen clients pay as little as $300–$400 per month for comprehensive coverage. BUT, if your income is too high, those subsidies WILL disappear and you’ll end up paying full price. That’s why retirement income planning and tax strategy are directly linked to health insurance affordability. 

    So if you start pulling large amounts from your IRAs, start realizing capital gains, or start doing Roth conversions, it can unintentionally raise your MAGI and push you above subsidy thresholds. And unfortunately, even a few thousand dollars can make a big difference. This is why coordinating with your financial planner or CPA before making withdrawals is essential.

    Option 3: Health Care Sharing Plans

    Some retirees can also consider looking into health care sharing ministries or medical cost-sharing programs. These can be far cheaper, but they are not regulated insurance. They will exclude pre-existing conditions, impose restrictions based on religious affiliation, and sometimes they don’t guarantee reimbursements which can turn into a financial disaster. However, they can be useful for limited periods, but note that they carry significant risk and uncertainty.

    Option 4: Part-Time Work with Benefits

    A lot of retirees choose part-time employment for this exact reason because that plan includes health insurance benefits. Companies like Costco, Home Depot, and universities often provide group health coverage for part-time staff which can be an effective way to maintain coverage while easing into retirement.

    Option 5: Spousal Coverage or Retiree Health Plans

    And luckily, if your spouse is still employed, you can join their employer’s plan which is often the simplest and most cost-effective solution. Some retirees, particularly those from government or large corporations, also have access to retiree health benefits until Medicare eligibility. And remember, it’s worth verifying whether your previous employer provides benefits after you retire. 

    So What Should I Do Next, Raman? 

    One of the smartest things you can do in your late 50s is to build a five-year health insurance strategy before you retire.

    1. Review COBRA details with HR before leaving your job.
    2. Get actual marketplace quotes for your location and age.
    3. Coordinate with your financial planner to manage MAGI for subsidy eligibility.
    4. Evaluate the impact of Roth conversions, RMDs, and capital gains on ACA credits.

    Because planning ahead can significantly reduce your total premiums and minimize surprises.

    Here’s An Example 

    Let’s suppose, a couple in their early 50s planning to retire at 60 in Phoenix, AZ found out that their ACA Silver plan would cost $1,600/month. However, if they can  manage their income, let’s say under $80,000, they can qualify for a subsidy that can lower their premium by 60% which comes out to over $12,000 in annual savings, or $60,000+ over five years.

    The Changing Policy Landscape

    Also to keep in mind are the policy changes because they can rapidly reshape healthcare affordability. For instance:

    • The Kaiser Family Foundation (2025) reported that if enhanced ACA tax credits expire in 2025, marketplace premiums could more than double in 2026.
    • Health System Tracker (Peterson-KFF, 2025) projected a median 18% national increase in ACA premiums due to subsidy expirations and rising healthcare costs.
    • Fidelity Investments (2025) estimates that a 65-year-old retiring this year will spend about $172,500 on health care throughout retirement, excluding long-term care.
    • A Johns Hopkins Bloomberg School of Public Health (2025) report highlighted that medical inflation and administrative expenses remain key drivers of rising costs.

    What we need to understand is that these figures underscore how unpredictable healthcare costs can be and why building flexibility into your retirement plan is crucial. Your strategy should evolve with changing laws and health needs. Congress regularly revisits ACA subsidy rules and premium calculations. Assume that costs will rise, subsidies may shift, and your income could fluctuate. The goal isn’t perfect prediction; it’s optionality. The biggest risk isn’t just a $2,300 monthly premium; it’s being stuck with no alternatives. 

    Health insurance before Medicare remains the single largest wild card in early retirement planning. It’s expensive, unpredictable, and complex, but it’s manageable with proper planning. However, before retiring, consider speaking with your HR department, gather marketplace quotes, and review income projections with your planner. Because with proper planning and preparation, you can bridge those gap years confidently until Medicare begins at age 65.

    There’s no one perfect answer, but there’s always a smarter one.

    At Singh PWM, I help pre-retirees and retirees navigate the financial and tax implications of early retirement, including health insurance planning before Medicare by designing customized income strategies to help you stay eligible for ACA subsidies, minimize taxes on withdrawals, and manage healthcare costs without derailing your retirement goals.

    Because, if you’re thinking about retiring soon and want clarity on how to afford health insurance during those gap years, let’s talk. Schedule your complimentary strategy session today to get personalized guidance from a flat-fee fiduciary advisor.

    Raman Singh, CFP®

    Your Personalized CFO

    References and Further Reading

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.

    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute

  • Is Your Portfolio Really Aligned With Your Retirement Goals?

    Is Your Portfolio Really Aligned With Your Retirement Goals?

    People ask me this question all the time, “Raman, how do I know if my investments are still aligned with my retirement plan? Everything feels like it’s changing… the markets, taxes, interest rates…even my own comfort level with risk.”

    And that’s a great question. Because your investment allocation, how much you hold in stocks, bonds, and cash, isn’t meant to be set once and forgotten. It should evolve with your risk tolerance, your retirement timeline, and your life itself.

    And far too often I meet couples in Phoenix, Paradise Valley, or Tucson who haven’t re-evaluated their allocation in years. They’ve been through recessions, recoveries, and new tax laws, but their portfolios still look like they did when they were in their 40s. So what’s the problem? Well, that kind of static approach when you retire and start living off your portfolio can easily derail a retirement plan.

    Why Your “Comfort Level” With Risk Isn’t the Whole Story

    You see, risk tolerance is more than just how much market volatility you can emotionally handle, it’s also how much risk you can afford to take based on your financial stage. For example, I recently met a couple from Chandler who had built up close to $3 million across 401(k)s. They told me they were “moderate investors,” but when I reviewed their holdings, almost 90% of their portfolio was still in equities. Stock market has been doing phenomenal over the past couple of years and their equity exposure just ballooned because they never rebalanced their portfolio. They weren’t choosing to take more risk; the market had made that choice for them.

    And that’s exactly where a risk alignment review comes in. It’s about making sure your money is positioned intentionally, not accidentally.

    So, how do we position it intentionally? 

    Step 1: Match Your Allocation to Your Retirement Timeline

    Your retirement timeline dictates how much risk your portfolio can withstand.

    • 10+ years before retirement: You still need growth to outpace inflation. Equity exposure remains important, but it should be diversified across sectors and regions.
    • 5 years before retirement: This is where pre-retirees should start layering in stability — think bonds, cash reserves, or short-term fixed-income positions. It’s about reducing the odds that a bad market year forces you to sell investments at a loss.
    • In retirement: The focus shifts from accumulation to distribution. Your portfolio’s purpose now is to create consistent income without depleting principal too early. That means combining growth assets (to fight inflation) with lower-volatility holdings that fund near-term withdrawals.

    One of my clients in Tucson once said, “Raman, I finally understand…it’s not about avoiding risk; it’s about timing risk.” And she was exactly right. 

    Step 2: Stress-Test Your Portfolio for the Real World

    Here’s a simple truth: it’s easy to feel confident in your allocation when markets are calm. The real test comes during downturns. A stress test simulates what would happen to your retirement plan if markets dropped 20–30%. Would you still have enough liquidity for your next two years of living expenses? Would your income plan still work without selling investments at the wrong time?

    When I work with my clients across Scottsdale, Marana, and Surprise, I build these “what-if” scenarios using Right Capital. The goal isn’t to scare you,  it’s to make your plan bulletproof. If a portfolio can survive a recession, rising interest rates, and a tax hike, and STILL provide the lifestyle you want, that’s when you know you’re truly aligned.

    Step 3: Use Asset Location for Tax Efficiency

    Alignment isn’t just about risk,  it’s also about tax efficiency. A very common mistake I see is when retirees spread investments evenly across every account (IRAs, Roth IRAs, taxable accounts) without realizing that different assets belong in different tax “buckets”. So here’s the educational framework I often share as base foundation –

    • Tax-deferred accounts (IRA, 401(k)): Best for bond funds or REITs that generate ordinary income.
    • Taxable accounts: Great for index funds and ETFs that produce qualified dividends and long-term capital gains.
    • Roth accounts: Ideal for high-growth assets you want to keep tax-free in the future.

    That simple change, which is what call asset location, can increase after-tax returns without increasing risk. It’s a quiet, efficient way to stretch your wealth further, especially in high-tax years or before Required Minimum Distributions begin.

    Step 4: Rebalance Regularly, But Intentionally

    Market conditions change. Inflation rises, interest rates shift, and global events create ripple effects. If you haven’t rebalanced your portfolio lately, chances are your allocation no longer reflects your true plan. You see, rebalancing doesn’t mean constant trading, it means realigning your investments back to their intended targets. It helps you sell high, buy low, and control portfolio drift over time.

    And for many retirees in Phoenix and Paradise Valley, even a simple annual rebalance (or semi-annual during high volatility) can make the difference between a portfolio that stays stable and one that gradually skews too aggressive.

    Step 5: Align Emotionally and Mathematically

    The best allocation isn’t the one with the highest return, it’s the one you can stick with through every market cycle. If you lose sleep during downturns, it doesn’t matter how theoretically “optimal” your portfolio looks on paper. That emotional risk tolerance must be built into the design. And sometimes, the right move isn’t increasing returns, it’s reducing anxiety. Because when you stay disciplined, the math works in your favor over time.

    What This Means for Arizona Retirees

    Arizona is the home of retirees. From the golf communities of Scottsdale to the foothills of Marana, but they all face a unique mix of challenges: longer life expectancy, rising healthcare costs, and an unpredictable tax landscape.

    Your investment allocation has to account for all of that. It’s not just about asset growth, it’s about income sustainability, tax control, and peace of mind. And remember, what worked during your working years doesn’t always work in retirement.


    Markets evolve. So should your strategy. And your portfolio isn’t just a collection of investments, it’s the engine that fuels your next 30 years of life. Making sure your allocation aligns with your risk tolerance and retirement timeline means testing how it performs when things don’t go perfectly, and having a plan that adapts before you’re forced to react.

    If you’re in Arizona, whether you’re nearing retirement in Chandler, already retired in Scottsdale, or planning from Tucson or Paradise Valley,  it’s worth asking: “Is my portfolio built for growth, or is it built for my goals?”

    If you’re unsure, now’s the time to find out. You’ve built significant wealth but aren’t confident your investments match your risk tolerance or timeline, I invite you to take the next step.

    Raman Singh, CFP®

    Your Personalized CFO

    Relatable Articles

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.

    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute

  • What’s Your Retirement Backup Plan When The Markets Fall?

    What’s Your Retirement Backup Plan When The Markets Fall?

    Retirement isn’t just about enjoying the good years. It’s also about being ready for the unpredictable ones, the years when markets drop, inflation spikes, or the headlines feel a little too familiar. The truth is, downturns are inevitable.

    But here’s the thing, with the right backup plan, you can weather those market storms and still sleep well at night. Whether you’re living in Phoenix, near the golf courses of Scottsdale, or enjoying your home in Tucson, Chandler, or Paradise Valley, if you’re over 50 with more than $2 million saved, this question probably crosses your mind: “What if the market falls right after I retire?”

    So let’s talk about how to protect your retirement income with strategies that keep you confident, no matter what Wall Street does next.

    Step 1: Build a Cash and Cash Equivalent Buffer

    Start by keeping 1 to 3 years of your living expenses in cash, short-term bonds, or CDs. This is your breathing room when markets drop. It lets you avoid selling your investments at the wrong time. Think of it as your “sleep-well-at-night” fund. If your lifestyle costs $120,000 a year, set aside $120,000 to $360,000 in safe money. I often hear clients in Phoenix or Scottsdale say, “But Raman, I hate keeping that much cash, it’s just sitting there.” But here’s the thing, that money’s job isn’t to grow, it’s to protect. It’s what helps you stay calm while everyone else is panicking.

    Step 2: Use Guardrails for Spending

    When the market dips, you don’t need to panic, you just need to pivot a little. Cut back on discretionary spending like travel, upgrades, or big purchases by 10 to 20%. Keep essentials like housing, healthcare, and food covered by reliable income sources such as pensions or Social Security. Once markets recover, you simply ease back to your usual spending. 

    This flexibility can add years to your portfolio’s longevity. For example, if you live in Tucson and had plans for a luxury vacation, delaying it for one season could make a huge difference in keeping your plan on track. If you’ve read my article 5 Reasons You Should Consider Firing Your Advisor, you already know that a great advisor doesn’t just talk about investments. They help you build real spending guardrails that keep you protected in years like these.

    Step 3: Adjust Your Withdrawal Strategy

    Your withdrawal plan shouldn’t be rigid. It should move with you. That’s where the bucket approach comes in, keeping short-term money in cash and bonds, and long-term money in equities. You draw from safe assets when stocks are down and refill those buckets when markets recover. 

    Another smart move is to consider Roth conversions in down years. When account values drop, you pay less tax on the conversion and create future tax-free income. 

    And if you had planned a large withdrawal like a new car or home project, consider pausing that until your portfolio rebounds. In Chandler, I’ve seen retirees protect their wealth this way. A flexible withdrawal plan gives you control instead of reacting emotionally when the market dips.

    For more on the hidden costs of rigidity, see my piece Am I Paying Too Much in Advisor and Investment Fees? which explains how unnecessary fees and inflexible planning often hurt investors the most when volatility hits.

    Step 4: Tap Other Income Sources, If Available

    If markets stumble, you can always look beyond your portfolio for support. Some of my clients in Paradise Valley and Scottsdale do part-time consulting or project work, not because they have to, but because it keeps them sharp and reduces stress on their portfolio. 

    Some retirees use home equity through downsizing or a well-planned reverse mortgage. And if you own a rental property, that steady income can be your safety net when markets cool off. The point isn’t to replace your portfolio. It’s simply to give yourself options when times get rough.

    Step 5: Review Insurance and Risk Management

    If markets are down while costs are up, the right insurance coverage can save the day. Long-term care or hybrid policies can help protect against major healthcare surprises. A small fixed annuity might offer stable income if the market stays sluggish. And umbrella insurance can protect your assets from unexpected liability claims.

    In Phoenix and surrounding cities, healthcare costs keep rising each year. Reviewing your coverage and protection plan may not sound exciting, but it’s what keeps your financial foundation stable when everything else feels shaky.

    Step 6: Use Taxes as a Safety Net

    Taxes don’t just happen to you, they can be planned for. In down years, use tax-loss harvesting to offset future gains. If your income is lower because you’re drawing less from investments, it might be a perfect time to make a Roth conversion at a lower bracket. 

    You can also stay mindful of IRMAA thresholds to avoid unnecessary Medicare surcharges.

    For a deeper dive, check out my articles Taxes in Retirement: Which Benefits Are Taxable and Which Aren’t and Avoid These 5 Retirement Tax Traps in 2026 Before They Drain Your Nest Egg which explain how retirees can use smart timing to avoid letting taxes quietly eat away at their income.

    Now, let’s talk about something most people overlook

    How your advisor gets paid.

    When markets fall, many percentage-based advisors still make the same pitch: “Let’s buy this product to protect you.” But as a flat-fee fiduciary, my job isn’t to sell products. It’s to help you plan smarter. At Singh PWM, each retirement plan is stress-tested against recessions, inflation, and long bear markets. Cash-flow guardrails are built, tax strategies are coordinated, and every step is designed to prepare you for both good and challenging years, all for one transparent flat fee.

    If you’ve read Arizona Retirement Math: What a $2 Million Nest Egg Actually Gets You in Chandler, Paradise Valley, and Beyond, you already know that in Arizona, cost of living, taxes, and healthcare vary drastically by region. That’s why personalized planning matters more than ever.

    Downturns are going to happen. But with the right combination of cash reserves, flexible spending, smart tax planning, and a real strategy behind your investments, you’ll be ready. If you’re in Phoenix, Scottsdale, Tucson, or Chandler and want to know how your retirement plan would perform in a real downturn, schedule your free Retirement Stress-Test today. Let’s make sure your future stays on track, no matter what the market decides to do next.

    Raman Singh, CFP®

    Your Personalized CFO

    Relatable Articles

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.

    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute

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    Primary Keywords: fiduciary financial advisor Phoenix, fee-only financial planner Scottsdale, flat-fee fiduciary advisor Tucson, fiduciary financial planner Chandler, Arizona fiduciary advisor
    Author: Raman Singh CFP®, Personalized CFO | Singh PWM
    Phoenix AZ | Scottsdale AZ | Tucson AZ | Chandler AZ | Paradise Valley AZ

  • Is My Financial Advisor a Fiduciary?

    Is My Financial Advisor a Fiduciary?

    When you’ve worked your entire life, built up a nest egg worth $2 million or more, and now you’re asking, “Can I actually retire comfortably?” or “Am I paying more in taxes or fees than I should?”, this one question matters more than almost anything else: Is my financial advisor truly working for me?

    If you’re in Arizona, let’s say in Phoenix, Scottsdale, Tucson, or Chandler, you’ve probably seen a flood of advisors calling themselves “fiduciaries.” But here’s the reality most people don’t realize that not everyone who says they’re a fiduciary actually acts like one.

    So many investors just assume they’re getting fiduciary advice simply because their advisor is licensed, or holds a CFP® designation, or works at a recognizable firm. But licensing doesn’t automatically make someone a fiduciary. Even insurance agents and registered agents can technically claim the fiduciary title and still earn commissions from misappropriately selling annuities, insurance, or front-loaded mutual funds.

    I just recently started working with a Scottsdale client who was convinced she wasn’t paying any fees on her $4 million annuity which was misappropriately sold to her 9 years ago. And here’s the reality, when we reviewed her statements together, we discovered she was paying around 3% per year in combined fund expenses, annuity costs, and management fees which comes out to roughly $120,000 every year…quietly draining her portfolio’s growth. And unfortunately, she’s not alone, this happens all the time. 

    So what does “fiduciary” really mean, and what questions should you be asking to find out if your advisor truly acts like one?

    A fiduciary is someone who is legally required to put your interests first, even if it means making less money themselves. It means recommending what’s truly best for you, not what pays them more, while providing full transparency about fees, conflicts, and incentives. A fiduciary must act with the same duty of care and loyalty you’d expect from a doctor or attorney. Advisors who aren’t held to this fiduciary standard only have to meet a much lower “suitability” test — meaning their recommendation just has to be suitable, not necessarily the best or most cost-effective choice for your situation.

    Asking “Are you a fiduciary?” isn’t enough. Anyone can say yes. The real insight comes from asking questions that reveal how your advisor gets paid and where their loyalty actually lies.

    Here are a few questions you should be asking:

    How do you get paid?  Transparency starts here. Ask if they charge a flat fee, a percentage of your assets, or commissions. The way they earn money directly impacts the type of advice you receive and whether it’s aligned with your goals.

    A flat-fee fiduciary financial advisor eliminates product-sales incentives and keeps recommendations focused solely on your best interests. At Singh PWM, this model ensures advice is 100% client-driven — no % of AUM fees, no commissions.

    Do you make more money if I choose one product or company over another?  Or do you get paid differently depending on which mutual fund, annuity, or insurance carrier you recommend? If the answer isn’t a clear and confident “No,” that’s a built-in conflict of interest.

    Do you receive incentives or payments from third parties?  Some advisors get paid extra for recommending specific products. A fee-only fiduciary doesn’t accept outside compensation because their loyalty is to you, not a product manufacturer.

    How many clients do you currently work with? If an advisor is managing hundreds of households, how much proactive attention will your plan really get?

    Will you build my plan yourself, or will a junior advisor take over? You deserve to know who’s actually creating your financial plan and managing your portfolio, and not to be handed off once the paperwork is done.

    Are your investment and planning decisions customized? Some large firms rely on cookie-cutter models that benefit the company more than the client. A true fiduciary builds strategies tailored to your life, your tax situation, and your goals.

    Do you offer ongoing tax planning or even tax preparation? Most advisors avoid taxes entirely, but real fiduciary planning integrates investment, income, and tax strategies. At Singh PWM, I personally review client tax returns each year and coordinate proactive Roth conversions and cash-flow planning.

    Do you coordinate with my estate attorney? Retirement isn’t just about money — it’s about legacy. Your advisor should ensure your estate plan and beneficiaries align with your long-term goals.

    Are you independent or tied to a corporate product line? Independence means freedom to choose what’s best for you, not what benefits a parent company’s sales targets. If you’re looking for a fiduciary financial advisor in Phoenix or a fee-only financial planner in Scottsdale, this is one of the most important questions you can ask.

    So What Documentation Proves Fiduciary Status?

    Documentation matters because “fiduciary” is just a word until it’s supported by clarity and transparency. While no single form will explicitly prove, “This advisor is a fiduciary,” several documents will help you understand how they operate, how they’re paid, the scope of your relationship, and their credentials.

    Form ADV (Parts 2A & 2B)
     Part 2A explains an advisor’s services, fees, and conflicts of interest.
    Part 2B lists their background, education, and disciplinary history.
    Every Registered Investment Advisor must make this public.

    Financial Planning or Advisory Agreement
    This document sets the tone for your entire relationship with your advisor, so it’s worth taking a close look. It should clearly say that your advisor acts as a fiduciary at all times not just “when providing planning advice.” You’ll also want it to spell out what working together actually looks like: how often you’ll meet, what’s covered in those meetings, and how ongoing support works. 

    For example, will your advisor proactively review your taxes, cash flow, and investments each year, or only check in when you reach out first? The agreement should make it easy to understand what’s included in your annual fee, what kind of communication you can expect, and whether anything comes with extra costs. A clear, detailed advisory agreement removes surprises and helps you feel confident about exactly what you’re getting, and how your advisor plans to help you reach your goals.

    CFP certification
     It’s a strong professional benchmark, but still ask about compensation. Even CFPs can work at firms that promote proprietary products.

    And If your advisor hesitates to share these documents or avoids questions about their pay structure, that’s a red flag. 

    Without clear proof, you could be paying hidden fees, receiving advice built around sales quotas instead of your retirement goals, or trusting a “fiduciary” label that offers no real legal protection. Having proper documentation gives you the clarity, transparency, and peace of mind that your advisor is legally bound to act in your best interest.

    The Flat-Fee Fiduciary Difference

    At Singh PWM, transparency isn’t a buzzword — it’s the foundation of how I work. The fiduciary standard applies at all times, and you’ll always receive my Form ADV and advisory agreement upfront. Instead of charging a percentage of your assets, I use a flat annual fee that keeps everything simple, predictable, and aligned with your goals. Every part of your financial life — from investments and taxes to estate planning — is connected through one clear, cohesive plan designed around you. This approach ensures you always know how I’m paid and that my focus stays exactly where it belongs: on you.

    Because not all advisors who call themselves fiduciaries actually operate that way. To protect yourself, go beyond the title. Ask about pay structures, look for hidden conflicts or quotas, and request their Form ADV and fiduciary agreements in writing. Find out who’s really managing your plan and how many clients they serve. 

    Your retirement deserves more than “suitable” advice. It deserves transparent, documented, conflict-free guidance from someone who truly works for you, not their firm.

    If you’re searching for a fiduciary financial advisor in Phoenix, a fee-only financial planner in Scottsdale, or a flat-fee fiduciary advisor serving Tucson, Chandler, and across Arizona, let’s connect. I’ll show you exactly what true fiduciary documentation and flat-fee planning look like, so you can retire with clarity, confidence, and control.

    Request my Form ADV and fiduciary agreement today to see how real fiduciary planning is supposed to work.

    Raman Singh, CFP®

    Your Personalized CFO

    Related Reading

    If this topic hits home, you might also want to read:

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.

    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute

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    Primary Keywords: fiduciary financial advisor Phoenix, fee-only financial planner Scottsdale, flat-fee fiduciary advisor Tucson, fiduciary financial planner Chandler, Arizona fiduciary advisor
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  • Taxes in Retirement: Which Benefits Are Taxable and Which Aren’t

    Taxes in Retirement: Which Benefits Are Taxable and Which Aren’t

    Because retirement income isn’t all taxed the same.

    Learn how Social Security, pensions, IRAs, Roth accounts, and other income sources are taxed plus find practical, tax-smart strategies to help you keep more of what you’ve earned.

    One of the most common questions I hear from people getting close to retirement is this:

    “Raman, are my retirement benefits going to be taxed?”  It’s a fair question. You’ve worked your whole life, saved carefully, and now you just want to know what’s actually yours to keep.

    But here’s the thing though,  not all retirement income is taxed the same way. Some sources are fully taxable, some are partially taxable, and some can be completely tax-free if you plan it right. And understanding which is which can make a massive difference in how long your money lasts,  and how much ends up with the IRS.

    Let’s look at Social Security Income First…

    Social Security is usually the first big surprise for retirees. A lot of people assume it’s tax-free, but that’s not always the case. Up to 85% of your Social Security benefits can be taxable depending on your total income. The IRS uses something called provisional income, which includes half of your Social Security benefits plus other income like pensions, IRA withdrawals, and investment income. If you’re a married couple with combined income over $44,000, chances are you’ll be paying taxes on 85% of those benefits.

    What you should look out for is how your withdrawals affect that calculation. The order in which you pull from your accounts directly impacts how much of your Social Security gets taxed. When it comes to my clients, I focus on coordinating withdrawals across account types so they can keep more of what they’ve earned. The difference between pulling from the wrong account first and structuring it strategically can easily mean thousands of dollars per year in additional taxes.

    And don’t forget the pension income, IRA withdrawals, and 401(k) distributions are almost always fully taxable at your ordinary income rate. That includes your required minimum distributions (RMDs) once you reach the mandated age.

    The SECURE 2.0 Act increased the RMD age to 73, and it’ll rise again to 75 in 2033. That gives you a few golden years to do proactive tax planning before RMDs start. One of the best moves you can make in that window is doing partial Roth conversions in your 60s while you still have flexibility.

    If you want to understand how that sequencing works, check out my article, Finding Your Safe Withdrawal Rate in Retirement. It explains how timing, taxes, and portfolio balance all work together to help you withdraw confidently without running out of money.

    Next up Is, Roth Conversions and the Power of Tax Flexibility

    When it comes to my clients, I run detailed Roth conversion analyses every year to find the “sweet spot” and then convert enough to lower future taxes but not so much that it triggers higher Medicare premiums or pushes them into a higher bracket today. If you’d like to see how those conversions really impact your retirement, read my article Retirement Planning Without Taxes: Why It Costs So Much (and How to Fix It). It walks through real examples of how coordinated Roth conversions and bracket management can save retirees six figures over time. 

    Now, Roth IRAs and Roth 401(k)s are easily the most flexible, tax-efficient accounts in retirement. Once the account has been open for five years and you’re over 59½, your withdrawals are completely tax-free. And, here’s the thing, Roth money doesn’t increase your taxable income, it doesn’t affect your Medicare premiums, and it doesn’t make more of your Social Security taxable. It’s your tax-free paycheck, and it gives you incredible flexibility when markets or tax laws change.

    And when I’m building retirement income plans, I use Roth accounts as a stabilizer. It’s the account you can pull from in high-tax years to keep your overall liability low.

    Then we have our Investment and Brokerage Accounts which are far too often overlooked. 

    So let’s talk about your regular brokerage or investment accounts. These accounts can be surprisingly tax-friendly when used strategically. Long-term capital gains and qualified dividends are usually taxed at lower rates — 0%, 15%, or 20%, depending on your income. Municipal bond interest can even be federally tax-free. 

    So what you should look out for is WHEN you sell. Without planning, you can accidentally trigger large capital gains, bumping your taxable income and increasing Medicare costs. With planning, though, you can use tax-loss harvesting and strategic rebalancing to manage gains and minimize surprises.

    And then don’t forget the other Income Sources That Can Sneak Up on You

    Annuities, HSAs, and part-time work can all affect your retirement tax picture in different ways. 

    Annuities, for example, depend on how they were funded. If you bought one with pre-tax dollars, your withdrawals are fully taxable. If you use after-tax money, only the earnings are taxed.

    For a deep dive into when annuities actually make sense, read my article Should I Consider an Annuity to Guarantee Retirement Income? I explain when they can genuinely provide peace of mind, and when the fees and tax implications outweigh the benefits.

    HSAs, on the other hand, are a triple threat in the best way: tax-free going in, tax-free growth, and tax-free withdrawals for qualified medical expenses. But if you pull money out for non-medical expenses before age 65, you’ll face taxes and a penalty. After 65, non-medical withdrawals are just taxed as ordinary income.  And if you plan to work part-time in retirement, keep in mind that those wages are fully taxable and can push more of your Social Security into the taxable range or increase your Medicare premiums.

    Lastly…

    Most retirees underestimate how much of their “retirement paycheck” goes to taxes. I see it all the time: great portfolios, disciplined savers, but no plan for how to spend their money efficiently. But here’s the thing, without coordination, retirees with over $2Million in Pre-Taxed Savings will end up overpaying through higher Medicare premiums, bracket jumps, or unnecessary taxation on Social Security. And when it comes to my clients, I focus on proactive tax planning by coordinating Social Security timing, withdrawal order, and Roth conversions, so they keep more of what they’ve earned. Taxes are one of the few big expenses you can actually control in retirement, and small adjustments today can mean tens or even hundreds of thousands saved over a lifetime.

    That’s exactly why I built Singh PWM as a flat-fee fiduciary firm. No commissions, no percentage of assets, just transparent advice built around your best interests. My goal is simple: to help you minimize taxes, avoid costly surprises, and enjoy a confident, stress-free retirement.

    Yes, many retirement benefits are taxable, but how much you pay depends entirely on timing, coordination, and planning ahead. The difference between guessing and having a clear, tax-smart plan can easily add up to high six figures over your lifetime. If you’d like to see exactly how much of your retirement income could be taxable and what strategies can help reduce it, schedule a Retirement Tax Clarity Call today.

    Raman Singh, CFP®

    Your Personalized CFO

    Related Reads from Singh PWM

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted. Registration does not imply a certain level of skill or training.

  • Avoid These 5 Retirement Tax Traps in 2026 Before They Drain Your Nest Egg

    Avoid These 5 Retirement Tax Traps in 2026 Before They Drain Your Nest Egg

    Most retirees don’t realize how much they’re overpaying in taxes. Discover five hidden retirement tax traps and how to protect your income and lifestyle in 2026. Serving Phoenix, Scottsdale, Chandler, Tucson, and greater Arizona.

    Let’s Be Honest…

    You’ve worked your entire life, saved diligently, invested wisely, and now you finally get to enjoy it.  But then tax season hits and you ask yourself, “Why am I paying so much when I’m not even working anymore?”

    If that sounds familiar, you are not alone. Every week, I meet retirees across Phoenix, Scottsdale, Chandler, and Tucson who feel blindsided about how their income is taxed in retirement. The truth is, retirement taxes don’t work like paycheck taxes. You’re now in control, and how you pull money from your IRAs, Roth accounts, taxable investments, and Social Security determines how much you actually keep and how much Uncle Sam gets to keep. 

    So, let’s walk through five major retirement tax traps I see people fall into, but most importantly how you can avoid them in 2026.

    1. The Hidden Medicare Premium Tax – IRMAA

    Here’s the thing, most retirees don’t realize that Medicare premiums are income-based. The Income-Related Monthly Adjustment Amount (IRMAA) is a surcharge on Medicare Part B and Part D premiums if your income exceeds certain thresholds. The Kiplinger article mentions, “IRMAA is a surcharge added to your Medicare Part B and Medicare Part D prescription drug coverage premiums if your income is above a certain level.” And for 2026, the base Part B premium is projected to be about $206.50 per month, and the surcharge begins if your 2024 Modified Adjusted Gross Income exceeds $107,000 (single) or $214,000 (joint). Higher-income retirees could pay more than $700 per month in total premiums.

    So here’s an example to put it in perspective –  A retired couple in Scottsdale sold a second home in 2024, triggering a large capital gain. The next year, their Medicare premiums jumped by over $3,000 because that one-time sale pushed them into a higher IRMAA bracket.

    And here’s what  you can do to avoid it – 

    • Plan large income events (like Roth conversions or property sales) over multiple years.
    • Monitor your MAGI (Modified Adjusted Gross Income), not just taxable income.
    • If your income has dropped, file Form SSA-44 to appeal your IRMAA tier.

    2. Missing the “Golden Window” for Roth Conversions

    Between the time you retire and the year you turn 73, when Required Minimum Distributions start, you have what I call your “Golden Window”. This window is your best opportunity to convert traditional IRA or 401(k) assets into Roth IRAs while your income and tax rate are temporarily lower. Once RMDs kick in, you lose that flexibility, and your tax bill can rise sharply. As Fidelity puts it pretty straightforward, “If you convert pre-tax IRA assets to a Roth IRA, you’ll owe taxes on the converted amount, but you won’t owe any taxes on qualified withdrawals in retirement.”

    I’ll tell you about my client based out of Chandler who had $2.5 million in pre-taxed savings and he waited until RMD age to take any action. And when RMDs started, his tax bracket jumped from 22% to 32%. If I had an opportunity to meet this client 10 years earlier, we would’ve started annual Roth conversions much earlier, and he could have reduced lifetime taxes and kept his Medicare premiums lower.

    And here’s what you can do to avoid those mistakes – 

    • Convert gradually each year to stay in a lower bracket.
    • Be mindful of IRMAA thresholds when converting.
    • Paying 22% tax now could save you 30%+ later.

    3. Taking Social Security Too Early

    It’s one of the most common questions I get – “Should I take Social Security at 62?” The answer isn’t just about the benefit amount; it’s also about tax timing. Up to 85% of your Social Security benefits can become taxable depending on your other income sources like IRA withdrawals or investments.

    I met a couple from Phoenix who took Social Security at 62 and they were withdrawing $90,000 from their IRAs. That year alone, most of their Social Security was taxed which increased their overall tax bracket. In their situation, if they had waited until 67, their benefit would have been about 30% higher, and they could have used the early years for Roth conversions instead.

    So how do you make sure you don’t end up making similar mistakes? 

    • Coordinate Social Security timing with your overall income plan.
    • Consider using taxable savings for the first few years of retirement.
    • Potentially delaying until age 70 can increase your monthly benefit by about 8% per year after full retirement age, while lowering lifetime taxes.

    4. Stacking Too Much Income in the Same Year

    Even smart investors get caught in this one. Selling investments, taking large IRA withdrawals, or doing Roth conversions all in the same calendar year can “stack” income and push you into a much higher tax bracket. The Wall Street Journal stated that, “Retirees often underestimate how capital gains, IRA distributions, and Social Security can combine to trigger higher tax and Medicare costs.”

    Not only that, I’ll tell you about a Paradise Valley retiree who sold $400,000 in stock and withdrew $120,000 from her IRA in the same year. Her taxable income jumped to over $500,000, moving her into the 32% bracket and costing an extra $25,000 in federal taxes. Only if she had spaced those transactions across two years, she would have paid roughly half that amount.

    So how do you avoid this mistake?

    • Split major transactions across different tax years.
    • Use tax-loss harvesting to offset gains.
    • Rebalance portfolios strategically in lower-income years.

    5. Leaving Heirs a Hidden Tax Bomb

    The SECURE Act 2.0 changed how inherited IRAs work. Most non-spouse beneficiaries now must empty inherited IRAs within 10 years, which can push your children into higher tax brackets if they’re still working. The IRS states plainly: “A beneficiary who is not the owner’s spouse generally must withdraw the entire account by the end of the 10th year following the year of the original owner’s death.”

    Here’s another example –  An Oro Valley client left a $1.2 million IRA to her two adult children. Each child was forced to withdraw about $60,000 per year, during their highest earning years. Nearly half of those withdrawals went straight to taxes.

    Here’s how you can fix this now – 

    • Convert some IRA assets to Roth now while your bracket is lower.
    • Leave a mix of taxable, Roth, and traditional assets to give heirs flexibility.
    • Coordinate your estate plan and tax plan together.

    What This Means for Arizona Retirees

    If you’re over 55 and living in Phoenix, Scottsdale, Chandler, or Tucson, you can control how your retirement is taxed, but only if you plan before 2026. Once the Tax Cuts and Jobs Act sunsets, today’s lower tax brackets could rise again.

    Tax planning in retirement isn’t something you do once a year. It’s something you build into your income strategy, year after year. The goal isn’t just to pay less tax, the goal is to make your money last longer and protect your lifestyle.

    That’s exactly why I created Singh PWM, a flat-fee fiduciary firm helping Arizona retirees align their investments, taxes, and estate goals without the 1% management fee or hidden incentives.

    No products. No commissions. Just better financial planning that helps your retirement work better.

    Ready to See How Much You Can Save?

    If you’ve ever wondered, “Am I doing this right?” You owe it to yourself to find out.  Schedule your free Retirement Tax Strategy Call today, and let’s see how much you could save before 2026 sneaks up on you.

    Together, we’ll map out a plan to reduce taxes, avoid IRMAA surprises, and build tax-free income that supports the lifestyle you’ve earned right here in Arizona.

    Raman Singh, CFP®

    Your Personalized CFO

    Related Reads from Singh PWM

    Sources & References

    • Kiplinger, “What Is the IRMAA?” – “IRMAA is a surcharge added to your Medicare Part B and Part D premiums if your income is above a certain level.”
    • Fidelity Viewpoints, “Why Convert to a Roth IRA Now?” – “If you convert pre-tax IRA assets to a Roth IRA, you’ll owe taxes on the converted amount — but you won’t owe any taxes on qualified withdrawals in retirement.”
    • The Wall Street Journal, “Capital Gains, IRAs, and the Surprising Tax Traps in Retirement.”
    • IRS Publication 590-B – “A non-spouse beneficiary generally must withdraw the entire account by the end of the 10th year following the year of the original owner’s death.”

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.

    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute.

    Flat Fee Fiduciary Financial Advisor Arizona, Financial Planner Phoenix, Retirement Planning Scottsdale, Tax Planning Tucson, CFP Chandler, Transparent Flat Fee Financial Advisor, Fiduciary Advisor Arizona

  • 5 Reasons You Should Consider Firing Your Financial Advisor

    5 Reasons You Should Consider Firing Your Financial Advisor

    Let’s be real, finding a financial advisor you can trust isn’t easy. Most people hire one, then assume everything is being handled behind the scenes. But here’s the uncomfortable truth: not all financial advisors are truly looking out for your best interests.

    If you’re nearing retirement and working with someone who only talks about “the market” and never about your bigger financial picture, it might be time for a change.

    Here are five reasons you should consider firing your financial advisor.

    1. They Only Talk About Investments and Ignore Everything Else

    If the only time your advisor calls is to talk about how your portfolio is doing, that’s a problem. True financial planning isn’t just about stocks and bonds, it’s about understanding your entire life. 

    Your retirement plan, your taxes, your estate, your insurance, your goals…they’re all connected.

    My client from Chandler, Arizona, came to me last year feeling frustrated. Their previous advisor had been charging 1% of their portfolio every year but only ever talked about the stock market and their investments, which, by the way, were far more aggressive than they needed to be. There was never any conversation about tax strategy, retirement income planning, or even basic cash flow, just market noise and portfolio performance. By the time I got done building them a personalized plan, we uncovered over $22,000 a year in savings just from aligning their investments with their cash flow and retirement income strategy.

    And that’s what happens when your advisor looks beyond the market.

    2. They’ve Never Reviewed Your Tax Return

    If your advisor hasn’t asked for your tax return, they’re missing half the picture.

    Tax planning isn’t something you do once a year in April, it’s something you build into your financial plan all year long. From Roth conversions to capital gains harvesting to optimizing Social Security timing, the difference between good and great retirement planning often comes down to how well your taxes are integrated into your plan.

    I can’t tell you how many times I’ve seen people in Scottsdale and Tucson pay unnecessary taxes simply because no one ever coordinated between their CPA and their advisor.

    A real fiduciary should not only understand your investments, but how those investments affect your after-tax wealth.

    3. They Ignore Your Health Insurance Planning Like Employer Benefits and Medicare Planning

    This one surprises people the most.

    If you’re still working, your employer benefits are one of the most powerful tools you have, and if you’re nearing retirement, Medicare decisions can make or break your healthcare costs.

    Think about it – your 401(k), HSA, Deferred Comp, ESPP, Vested Stock, and group life insurance all play a major role in your long-term plan. And once you transition to Medicare, coordinating coverage and timing can save you thousands over the years.

    And a good advisor should be helping you make smart choices in these areas, not just “manage your investments”. So, if your advisor hasn’t reviewed your benefits or your healthcare options with you, they’re not doing comprehensive planning.

    4. They Avoid Talking About Real Estate

    Real estate is a huge part of a lot of retirees’ wealth,  whether it’s a rental property in Scottsdale, a vacation home in Prescott, or a duplex in Phoenix. If your advisor avoids discussing it, that’s a red flag.

    Fact is, many traditional advisors shy away from real estate because they don’t get paid on it. But as a flat-fee fiduciary, my job isn’t to sell you something, it’s to help you make the best use of what you already own. If done right,  when real estate is combined strategically with your portfolio and tax plan, it can create flexibility, income stability, and powerful tax advantages.

    5. They Don’t Help with Cash Flow Planning

    I’ve been saying this for years now, “Your cash flow is your blood flow”. It’s what keeps your financial life alive and healthy.

    If your advisor hasn’t helped you establish spending targets, understand where your money is actually going, or map out how to make your income last through retirement, they’re not giving you the clarity you deserve. 

    Because, true financial planning starts with understanding your numbers. From there, everything else falls into place –  your investment strategy, your tax plan, your retirement income, and your peace of mind.

    To sum it all up

    If your advisor isn’t helping you with these five things — investments, taxes, health insurance planning, real estate, and cash flow, it might be time to ask yourself: what exactly am I paying for?

    As a flat-fee fiduciary financial planner based in Arizona, I built Singh PWM to fix that gap by giving pre-retirees and families across Phoenix, Scottsdale, Tucson, and Chandler the full-picture planning they actually need.

    So, if you’re tired of feeling like your advisor is just “managing your account” instead of managing your financial life, maybe it’s time to find a Personalized CFO.

    And guess what?
    I think I know just the guy.

    Raman Singh, CFP®

    Your Personalized CFO

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute.

    Related Articles

    Flat-Fee Advisors Don’t Have Skin in the Game?” Let’s Talk About That

    Arizona Retirement Math: What a $2 Million Nest Egg Actually Gets You in Chandler, Paradise Valley, and Beyond

    Am I Paying Too Much in Advisor and Investment Fees?

  • Your Retirement Confidence Checklist

    Your Retirement Confidence Checklist

    Key Questions to Secure Your Financial Future

    Introduction

    At Singh PWM, I believe confident retirement planning starts with clarity — knowing what questions to ask before making life-changing decisions. This guide was designed to help you think through the most important aspects of your financial life as you approach retirement — from investment alignment and tax strategy to healthcare, estate planning, and long-term protection.

    No two retirements look the same. That’s why these questions go beyond numbers — they’re meant to help you define what a secure and meaningful retirement looks like for you and your family.

    Purpose of This Document

    The purpose of this guide is to help individuals and couples approaching retirement think critically about the key financial, tax, and lifestyle decisions that shape their next chapter. These questions are designed to spark reflection and uncover areas that may need deeper planning—whether it’s income strategy, tax efficiency, healthcare coverage, or estate protection.

    By reviewing these questions, you’ll gain clarity on what matters most, identify potential blind spots, and be better prepared to have a meaningful discussion with your financial planner or fiduciary. The goal isn’t to have every answer—but to ensure you’re asking the right questions before you make important decisions about your retirement.

    Category 1: Investment & Portfolio Alignment

    Is our current investment allocation aligned with my risk tolerance and retirement timeline?
    Should we reduce exposure to volatile assets as I near retirement?
    Are my investments tax-efficient (e.g., asset location across taxable, tax-deferred, and Roth accounts)?
    Are we investing with a strategy that provides both growth and income in retirement?
    Is my current advisor using tax-loss harvesting or direct indexing to minimize taxes?

    Category 2: Retirement Income & Lifestyle Planning

    What’s my target retirement age—and is it realistic based on my savings?
    How much income will my investments need to generate in retirement?
    When should we start drawing Social Security?
    Should we consider an annuity to create a guaranteed income stream?
    What’s our withdrawal strategy to avoid running out of money?
    Should I consider working part-time or starting a business in retirement?

    Category 3: Healthcare & Long-Term Care

    How will healthcare expenses be covered before and after Medicare eligibility?
    When should I enroll in Medicare (Parts A, B, D)?
    Do I need a Medigap policy or Medicare Advantage plan?
    What are the penalties if I delay enrollment?
    How much will Medicare cost annually, including IRMAA surcharges?
    How do I coordinate retiree health coverage with Medicare?
    What is the best timing to stop contributing to an HSA before Medicare?
    When should we explore long-term care insurance to protect against nursing home costs?
    Should I consider a hybrid life + long-term care insurance policy?

    Category 4: Tax Strategy & Roth Conversion Planning

    Am I working with a tax professional who understands my retirement goals?
    Are all my deductions and credits optimized?
    Are there ways to reduce taxes?
    Should I file jointly or separately with my spouse?
    What will my tax bracket be in retirement vs. now?
    Should we do partial Roth conversions before RMDs kick in at age 73?
    How can I reduce future Required Minimum Distributions (RMDs)?
    Are we using tax-efficient investments in taxable accounts?
    Should we contribute to an HSA or use it for healthcare costs in retirement?
    Are there state tax considerations if I plan to move after retiring?
    Can I structure my withdrawals to keep Medicare IRMAA surcharges low?

    Category 5: Estate & Legacy Planning

    Do we need a revocable or irrevocable trust?
    How do we plan for incapacity with a living will or healthcare proxy?
    Who will take care of my affairs if I become unable to manage them?
    Is our estate plan coordinated with my tax and investment strategy?
    Do I have the right structures (trusts, LLCs, insurance) to protect my wealth?
    Is my wealth protected for the next generation (heirs, trusts, gifting)?
    What would happen to my family financially if I passed away tomorrow?
    Is our estate protected from potential lawsuits or creditors?
    Should we consider domestic asset protection trusts?
    Are there risks to my legacy from adult children’s creditors or spouses?

    Category 6: Insurance & Risk Management

    Do I still need life insurance, or should I adjust my coverage?
    Are my home, auto, and umbrella insurance policies sufficient?
    Have I accounted for longevity risk (living into my 90s or beyond)?
    Is our wealth plan built to withstand economic downturns?
    Are my assets protected from market volatility and inflation?
    Is our portfolio prepared for long-term income and principal protection?

    Category 7: Coordination & Professional Planning

    Am I working with a coordinated team (advisor, CPA, attorney) who share my goals?
    Are all aspects of my financial life—investments, taxes, estate, insurance—aligned?
    Do I have a clear point person acting as my fiduciary advocate?

    Taking the Next Step

    If you identified areas that feel uncertain, that’s where I can help. As your Personalized CFO, my role is to align your investments, taxes, and retirement income into one cohesive plan—so you can retire with confidence and clarity.

    Schedule Your Private Planning Session
    www.SinghPWM.com | Raman@singhpwm.com

    By: Raman Singh, CFP®

    Personalized CFO

    Singh PWM

    Related Reading

    The Silent Wealth Killer: How Inflation and Taxes Team Up Against Your Retirement Income

    Am I Paying Too Much in Advisor and Investment Fees?

    Retirement Planning Without Taxes: Why It Costs So Much (and How to Fix It)

    Arizona Retirement Math: What a $2 Million Nest Egg Actually Gets You in Chandler, Paradise Valley, and Beyond

    Should I Consider an Annuity to Guarantee Retirement Income?

  • Flat-Fee Advisors Don’t Have Skin in the Game?” Let’s Talk About That

    Flat-Fee Advisors Don’t Have Skin in the Game?” Let’s Talk About That

    This one comes up a lot, and honestly, it’s a great question. On the surface, it sounds logical: if an advisor earns 1% of your assets and your portfolio grows, they make more money, so they must be motivated to make you more money, right?

    Well, not exactly. Let’s unpack that.

    A prospect recently said to me that a 1% AUM advisor told them that flat-fee advisors don’t have skin in the game, so I wanted to take my time to write this article and explain this fallacy.

    This one comes up a lot, and honestly, it’s a great question. On the surface, it sounds logical: if an advisor earns 1% of your assets and your portfolio grows, they make more money, so they must be motivated to make you more money, right?

    Well, not exactly. Let’s unpack why that logic doesn’t hold up, and why flat-fee fiduciary advisors may actually have more skin in the game than the traditional model.

    The “Skin in the Game” Myth

    Here’s the truth: Most 1% advisors and flat-fee fiduciaries typically build portfolios using low-cost ETFs or index funds. That means your returns are mostly driven by the market itself, not your advisor’s trading decisions.

    So if your portfolio goes up 10%, it’s because the S&P 500 or your asset mix performed well, not because your advisor discovered something special.

    Now, let’s look at incentives.

    If you have $2 million and pay a 1% advisor, that’s $20,000 per year.
    If your portfolio grows 10%, your advisor now earns $22,000.

    That’s a $2,000 bump. It’s not insignificant, but it’s not the kind of incentive that changes behavior either.

    So the idea that “they make more only when I make more” is technically true but economically pretty weak. If you want to learn more about how fees can quietly compound over time, check out my related article:  Am I Paying Too Much in Advisor and Investment Fees?

    What Really Drives Behavior

    Flat-fee advisors like myself don’t earn more just because markets go up.  But here’s the thing. My entire livelihood depends on your satisfaction, trust, and renewal each year.

    That means my “skin in the game” comes from making sure you get results that actually matter to you.  That could be avoiding mistakes during a volatile market, improving your tax efficiency, or giving you clarity on your retirement income plan.

    And, If I don’t deliver real value across your entire financial picture, you simply don’t renew. That’s the real alignment. It’s not about chasing returns; it’s about helping you grow and manage your wealth in a smarter, more tax-efficient way.

    Fiduciary Duty Isn’t About Performance

    Being a fiduciary means acting in your best interest, even when that means recommending something that could reduce my fee base. Sometimes that’s paying down a mortgage, investing in your business, or simply enjoying the money you’ve already worked hard for.

    A traditional 1% advisor, however, is financially incentivized to keep as many of your assets as possible under management, even when it may not be the best move for you.

    So who really has skin in the game?  The advisor who earns more when you give them more, or the advisor who depends on your trust and renewal every year to stay in business?

    Here Are Some Questions You Should Be Asking

    Whether you’re interviewing financial advisors or already working with one, these are worth asking:

    1. How do you get paid and who all pays you?
    2. Do you earn commissions or referral fees from any products or custodians or if you refer me to another professional?
    3. Would your compensation change if I decided to pay down debt, invest in real estate, or hold more cash?
    4. How much will I actually pay you over the next 10 years if my investments grow as planned?
    5. Do you include tax planning, estate coordination, and retirement income planning in your fee?

    A fiduciary who charges a flat, transparent fee can answer all of these questions clearly.

    The Bottom Line

    At the end of the day, “skin in the game” isn’t about whether your advisor’s income moves with the market. It’s about whether they’re willing to give you honest, conflict-free advice when it matters most.

    That’s what I’ve built Singh PWM around: a flat fee, no commissions, no hidden incentives, just real financial planning for real people.

    Raman Singh, CFP®
    Your Personalized CFO
    Phoenix | Scottsdale | Tucson | Virtual Nationwide
    www.SinghPWM.com

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.
    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute.

    Related Reading

  • Estate Planning in 2026: Avoiding Tax Surprises Before They Hit Your Family

    Estate Planning in 2026: Avoiding Tax Surprises Before They Hit Your Family

    Estate Planning in 2026: Avoiding Tax Surprises Before They Hit Your Family

    The 2026 federal estate exemption is $15 million per person. Learn how Arizona retirees in Scottsdale, Paradise Valley, and Chandler can use gifting, trusts, and tax-smart planning to protect their wealth and family legacy.

    “Do I really need to worry about estate taxes?”

    That’s a question I hear often especially from people who’ve built their wealth the long, steady way. The next thing they usually ask is:

    “Raman, we’re not billionaires. Why would the IRS care about us?”

    It’s a fair question.

    But here’s what most people miss: estate taxes no longer just hit the ultra-rich. With Arizona’s home values skyrocketing, investment portfolios growing, and life insurance proceeds counting toward your estate, plenty of Arizona retirees are closer to the tax line than they think.

    In 2026, the federal estate tax exemption is $15 million per person ($30 million per couple). That might sound like plenty, but when you add up homes, IRAs, and business interests, the numbers climb fast.

    Why This Matters for Arizona Retirees

    If you live in Scottsdale, Paradise Valley, Chandler, or Phoenix, you’ve seen how quickly property values have grown.

    Let’s take a real-life example I often see:

    • A primary home in Paradise Valley worth around $4 million (Zillow 2025)

    • A vacation home in Tucson or Sedona worth $1 million

    • Investment and retirement accounts totaling $4–6 million

    • A small business or partnership valued at $2–3 million

    • Life insurance with a $2 million death benefit

    That puts your estate at roughly $13–16 million — and the IRS counts every penny.

    People I’ve worked with in Scottsdale and Chandler often find themselves near or above the threshold without realizing it. They didn’t overspend — they just saved diligently, reinvested, and let compounding do its thing.

    As The Wall Street Journal noted in March 2025, “The number of Americans facing estate tax exposure will nearly double once current exemptions expire.”

    That’s why 2026 is such a critical planning year.

    Step 1: Understand Where You Stand

    For 2026, each person can transfer up to $15 million free of federal estate tax. Couples can pass $30 million combined. Above that, the IRS applies a 40% estate tax.

    Arizona doesn’t have a state estate or inheritance tax, but that doesn’t mean you’re safe. Growth alone can push you over the federal limit.

    According to Fidelity’s 2025 Wealth Planning Report, a $10 million estate growing at 5% annually will exceed $26 million within 20 years.

    Even moderate inflation, market growth, or property appreciation can quietly tip a family into taxable territory.

    Step 2: Take Inventory of Your Estate

    Make a list of everything you own, including:

    • Real estate (primary, secondary, and rental)

    • Investment and retirement accounts

    • Life insurance (death benefits count)

    • Business ownership and partnerships

    • Family assets and collectibles

    Then ask:

    “If my assets keep growing, how close am I to $15 million?”

    If you’re near that number — or could reach it within 10–15 years — you have time to plan proactively.

    Step 3: Move Wealth the Smart Way

    You can gift $19,000 per person per year (or $38,000 for couples) without touching your lifetime exemption.

    Example: A Chandler couple with three children and six grandchildren gifts $38,000 to each family member. That’s $342,000 per year outside the taxable estate. Over ten years, that’s $3.42 million, plus growth, that avoids future estate taxes.

    According to Morgan Stanley’s 2025 Family Wealth Report, consistent gifting can reduce an estate’s taxable value by up to 25% over a decade without sacrificing family control.

    Step 4: Use Trusts and Family Limited Partnerships

    Trusts and Family Limited Partnerships (FLPs) aren’t just for the ultra-wealthy. They’re practical tools for families who want to keep control while reducing tax exposure.

    Here’s how they work:

    • Revocable Living Trusts help avoid probate and streamline estate transfer.

    • Irrevocable Life Insurance Trusts (ILITs) exclude life insurance proceeds from your taxable estate.

    • Grantor Retained Annuity Trusts (GRATs) move appreciating assets like real estate or business interests out of your estate while retaining some income.

    • Spousal Lifetime Access Trusts (SLATs) allow one spouse to transfer assets to the other’s trust for long-term protection and growth.

    • Charitable Trusts (CRUTs and CLATs) combine philanthropy with estate-tax reduction.

    • Family Limited Partnerships (FLPs) let you transfer ownership in real estate or businesses at a discounted value while keeping management control.

    Example: A Paradise Valley couple placed $5 million in commercial real estate into an FLP. By applying a 25% minority-interest discount, they reduced the estate’s taxable value by $1.25 million while maintaining full control of the property.

    As Vanguard’s 2025 Estate Planning Guide notes, “FLPs and irrevocable trusts are the cornerstone of modern multi-generational planning, blending control with tax efficiency.”

    Step 5: Keep Flexibility in Your Plan

    Tax laws change. Fast.

    Adding disclaimer provisions allows heirs to “refuse” or redirect part of their inheritance into a trust if tax laws shift. It’s like a built-in safety valve, ensuring your family can adapt even if Congress decides to lower the exemption.

    Think of it as future-proofing your plan.

    Step 6: Don’t Overlook Income Taxes for Heirs

    Estate taxes get attention, but income taxes can quietly take a bigger bite.

    Under the SECURE Act, children inheriting IRAs must empty those accounts within 10 years, often during their peak earning years.

    Example: A Scottsdale couple left a $2.4 million IRA split between two kids. Each took $120,000 a year in taxable withdrawals for 10 years — pushing both into higher federal tax brackets.

    Had the couple done partial Roth conversions earlier, their children could have inherited tax-free income.

    The Fidelity 2025 Retirement Income Study found that families using Roth conversions and withdrawal sequencing reduced their heirs’ total tax burden by up to 40%.

    Step 7: Prepare for Changing Exemptions

    Here’s the question every high-net-worth retiree should be asking:

    “What’s my plan if Congress cuts the estate-tax exemption in half?”

    It’s not hypothetical — it’s happened multiple times.

    YearExemptionTop Rate
    2000$675,00055%
    2010$5 million (temporary)35%
    2017$5.49 million40%
    2018$11.18 million (TCJA increase)40%
    2026$15 million (inflation-adjusted)40%

    If the exemption drops back to $7.5 million per person, many Arizona families — especially those with property and business equity — could owe estate tax for the first time.

    The Bottom Line

    Estate planning isn’t about how much money you have. It’s about how much stays with the people you care about.

    If you live in Scottsdale, Paradise Valley, Chandler, or Phoenix, rising property values and market gains mean it’s time to revisit your plan before 2026 arrives.

    At Singh PWM, I help retirees and business owners coordinate estate, tax, and investment strategies — all under one flat annual fee.

    No commissions. No percentage-based management fees. Just transparent, fiduciary advice designed to keep more of your wealth in your family’s hands.

    Schedule your free Estate & Legacy Strategy Call today to see how your current plan stacks up and what steps can protect your estate before the exemption changes.

    References

    • Fidelity Investments, 2025 Wealth Planning Report

    • Morgan Stanley, 2025 Family Wealth Insights

    • Vanguard, 2025 Estate Planning Guide

    • The Wall Street Journal, “More Americans Will Face Estate Tax Exposure by 2026” (March 2025)

    Related Reading

    Important Disclosures

    The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.

    This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.

    Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.

    Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.
    Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute.