Baltimore Washington Financial Advisors Podcasts

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK

Sandy Hornor | CEPS

Tessa Hall

About This Episode

What is the smartest way to create retirement income? After decades of saving, retirement requires a major shift from accumulating money to using those savings to create a reliable income stream.

In Episode 3 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, Managing Director, Wealth Management & Executive Manager at BWFA, about turning retirement savings into income. They discuss how Social Security, pensions, and investment accounts may work together to fund retirement spending. Sandy also explains why the order of withdrawals can matter and how having different types of accounts may provide greater flexibility when managing taxes throughout retirement.

Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page.

Retirement income may come from several sources, including Social Security, pensions, IRAs, 401(k)s, 403(b)s, and other investment accounts. The mix will depend on how you prepared for retirement and when each income source becomes available. The goal is to coordinate those resources so that your accumulated savings can begin to support your ongoing spending needs.

For decades, most people have been conditioned to save and grow their retirement accounts. Retirement reverses that process. Instead of continuing to accumulate money, retirees must begin converting their savings into an income stream. Sandy explains that this mental shift can be difficult even for people who have accumulated substantial retirement assets.

A retirement financial plan can help establish a sustainable annual spending target based on your assets, income sources, goals, and expected expenses. That amount may also need to be adjusted over time for inflation and changes in your circumstances. Rather than treating retirement spending as an arbitrary number, the goal is to connect withdrawals to the broader financial plan.

Different accounts can have different tax consequences. Traditional retirement accounts generally hold tax-deferred balances, while qualified Roth withdrawals may be tax-free, and taxable brokerage accounts may generate capital gains. Choosing which account to draw from can therefore affect the taxes associated with generating retirement income.

Holding assets across traditional retirement accounts, Roth accounts, and taxable investment accounts may provide greater flexibility when generating retirement income. Instead of relying entirely on withdrawals that receive the same tax treatment, retirees may have options for choosing where their spending money comes from. That flexibility can become part of managing taxes alongside retirement income needs.

More from the Retirement Decisions That Are Harder Than They Look Series

Episode 1:

Episode 2:

Episode 3:

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK

Sandy Hornor | CEPS

Tessa Hall

About This Episode

What is the smartest way to create retirement income? After decades of saving, retirement requires a major shift from accumulating money to using those savings to create a reliable income stream.

In Episode 3 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, Managing Director, Wealth Management & Executive Manager at BWFA, about turning retirement savings into income. They discuss how Social Security, pensions, and investment accounts may work together to fund retirement spending. Sandy also explains why the order of withdrawals can matter and how having different types of accounts may provide greater flexibility when managing taxes throughout retirement.

Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page.

Retirement income may come from several sources, including Social Security, pensions, IRAs, 401(k)s, 403(b)s, and other investment accounts. The mix will depend on how you prepared for retirement and when each income source becomes available. The goal is to coordinate those resources so that your accumulated savings can begin to support your ongoing spending needs.

For decades, most people have been conditioned to save and grow their retirement accounts. Retirement reverses that process. Instead of continuing to accumulate money, retirees must begin converting their savings into an income stream. Sandy explains that this mental shift can be difficult even for people who have accumulated substantial retirement assets.

A retirement financial plan can help establish a sustainable annual spending target based on your assets, income sources, goals, and expected expenses. That amount may also need to be adjusted over time for inflation and changes in your circumstances. Rather than treating retirement spending as an arbitrary number, the goal is to connect withdrawals to the broader financial plan.

Different accounts can have different tax consequences. Traditional retirement accounts generally hold tax-deferred balances, while qualified Roth withdrawals may be tax-free, and taxable brokerage accounts may generate capital gains. Choosing which account to draw from can therefore affect the taxes associated with generating retirement income.

Holding assets across traditional retirement accounts, Roth accounts, and taxable investment accounts may provide greater flexibility when generating retirement income. Instead of relying entirely on withdrawals that receive the same tax treatment, retirees may have options for choosing where their spending money comes from. That flexibility can become part of managing taxes alongside retirement income needs.

More from the Retirement Decisions That Are Harder Than They Look Series

Episode 1:

Episode 2:

Episode 3:

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK

Sandy Hornor | CEPS

Tessa Hall

About This Episode

Will you really spend less after you retire? While some expenses may disappear, retirement can introduce new costs and more opportunities to spend on travel, hobbies, and other experiences.

In Episode 2 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about creating a realistic retirement budget. They discuss why spending may remain similar to pre-retirement levels or even increase, particularly during the early years of retirement.

Sandy also explains how expenses can change throughout retirement and why healthcare, taxes, home modifications, and lifestyle choices should be considered when determining how much income your retirement plan may need to provide.

Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page.

Not necessarily. Sandy explains that many retirees spend roughly as much as they did while working, and some spend more, particularly during the active early years of retirement. Travel, hobbies, and having more free time can all create additional opportunities to spend.

Some major expenses may decrease or disappear by retirement. Depending on the retiree’s circumstances, these can include college tuition, mortgage payments, and certain work-related expenses. However, lower spending in one category does not necessarily mean total retirement spending will decline.

Travel, healthcare, taxes, and home modifications can increase retirement expenses. Sandy discusses costs such as healthcare premiums, taxes associated with required minimum distributions, and renovations that may make a home more suitable for aging in place.

A retirement budget should start with realistic spending assumptions rather than automatically assuming expenses will decrease. Sandy recommends considering how spending needs compare with income available from Social Security, pensions, investments, rental property, and other retirement income sources.

No. Retirement spending can change as your lifestyle and needs evolve. Sandy describes retirement in three general stages: “go-go,” “slow-go,” and “no-go.” Early retirement may involve more spending on travel and activities, while later years may involve less discretionary spending but potentially greater healthcare needs.

More from the Retirement Decisions That Are Harder Than They Look Series

Episode 1:

Episode 1:

RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK

WATCH ON YOUTUBE

Sandy Hornor | CEPS

Tessa Hall

About This Episode

How do you know when you truly have enough to retire? An account balance is important, but retirement readiness involves more than reaching a specific number.

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director, Wealth Management & Executive Manager, about the financial and personal decisions that can help determine when you are ready to retire. They discuss why there is no universal retirement number, what Sandy looks for when someone is considering retirement, and why purpose and intentionality matter when preparing for life after work.

They also explore how experienced retirement planning can help people prepare for decisions they may not anticipate before entering retirement.

Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page.

There is no single amount that determines whether everyone has enough to retire. Sandy explains that retirement readiness can be measured differently for each individual, based on factors such as account balance, desired annual income, age, or personal milestones. The financial plan ultimately needs to determine whether your available resources can support the retirement you are planning.

Not necessarily. The financial numbers matter because you need to be able to afford retirement, but Sandy emphasizes that a fulfilling retirement also involves purpose, intentionality, and preparation for how you will use your time. The transition can be significant after decades in which work provided structure and professional identity.

Consider both when you want to retire and what you want your retirement to look like. Sandy looks for intentional planning, such as having a timeframe in mind and thinking about travel, volunteering, or other ways you want to spend your time. Simply reaching a traditional retirement age does not necessarily mean someone has developed a retirement plan.

Yes. A large portfolio can address the financial side of retirement without answering how someone will navigate the transition itself. Sandy explains that retirement planning can eventually involve decisions extending beyond investments and taxes, including housing, support needs, and other circumstances that arise as people age.

A financial advisor can help evaluate whether your resources support your retirement plans and prepare you for decisions you may not have encountered before. Sandy compares retirement to traveling an unfamiliar road: someone with experience can help identify potential challenges before you encounter them yourself.

Episode 1:

Episode 2:

WATCH ON YOUTUBE

TYLER KLUGE

TESSA HALL

Media and Communications

About This Episode

Earning more money can create more opportunities to save and invest, but it can also make it easier to spend more of your income.

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Senior Financial Planner Tyler Kluge about how lifestyle creep can affect long-term financial goals. They discuss why visible signs of success do not necessarily reflect wealth, how promotions and higher incomes can establish new spending habits, and why financial decisions should be considered within the context of your broader goals.

Tyler also explains how recognizing tradeoffs, evaluating recurring expenses, and becoming more intentional about purchases can help keep lifestyle choices from quietly competing with long-term savings.

Learn how BWFA can help you build a financial plan that keeps you on track without constant attention. Explore our Financial Planning services or schedule a complimentary consultation to discuss your goals.

Lifestyle creep occurs when spending gradually increases as income rises, making a higher standard of living feel normal over time. Tyler explains that someone receiving a major promotion may be saving more dollars than ever before, yet increasing spending so dramatically that the additional income does not translate into a proportional increase in wealth.

No. A higher income creates greater financial capacity, but the outcome depends on how that income is used. Tyler notes that savings percentages should be considered within the context of income, spending, existing assets, time until retirement, and other individual circumstances rather than relying solely on a generic rule of thumb.

Lifestyle choices create tradeoffs because financial resources are finite. Spending more on a home, cars, private school, travel, or other priorities is not inherently wrong, but those decisions can leave less available for goals such as retirement. Tyler recommends evaluating what matters most and determining whether current spending supports those priorities.

Some purchases can establish a new baseline for future spending. Tyler uses upgrading a vehicle as an example: once someone becomes accustomed to a more expensive vehicle, a less expensive option may seem less appealing. Recurring subscriptions can create a similar effect by turning individually small expenses into ongoing commitments that add up over time.

Start by asking why you want the purchase and whether it provides meaningful value for you or your family. Tyler suggests distinguishing between genuine needs and wants, while Tessa discusses creating a waiting period before buying something. Taking time before purchasing can help determine whether something supports your priorities or is simply an impulse.

WATCH ON YOUTUBE

TYLER KLUGE

TESSA HALL

Media and Communications

About This Episode

Building wealth does not always require making more financial decisions. In fact, constantly checking your investments, reacting to market movements, or deciding what to do with extra cash can create more opportunities for emotional mistakes.

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Senior Financial Planner Tyler Kluge about the financial habits that can make staying on track easier. They discuss what to automate, how often to review your investments, where to keep emergency savings, and why a well-designed financial strategy should not require constant adjustments.

Tyler also explains how regular planning conversations can help account for changing goals without abandoning a long-term investment strategy.

Learn how BWFA can help you build a financial plan that keeps you on track without constant attention. Explore our Financial Planning services or schedule a complimentary consultation to discuss your goals.

Automating savings can help make consistent progress toward financial goals without requiring a new decision every month. Tyler recommends first establishing appropriate cash reserves and then considering automatic contributions to retirement plans, IRAs, brokerage accounts, or other investment accounts based on your goals. Automation can also reduce the chance that money intended for long-term savings is unintentionally spent.

How often you check your investments should depend partly on how you respond to market movements, but Tyler suggests that most investors do not need to check them daily. Constantly monitoring markets can create stress and tempt investors to react to short-term changes. He suggests that monthly may be sufficient for many people, while broader financial planning reviews can occur every six months or at least annually.

No. A portfolio review does not automatically mean your investment strategy needs to change. Tyler explains that major shifts are relatively infrequent, while regular check-ins provide an opportunity to discuss changes in income and expenses, upcoming purchases, retirement withdrawals, or other financial goals. Those changes can then be evaluated within the existing long-term strategy.

The appropriate amount depends on your spending and financial situation. Still, Tyler suggests roughly one to one-and-a-half months of expenses as a general guideline for a checking account used to pay bills. Additional emergency savings may be better suited to an account that earns a competitive rate, such as a high-yield savings or money market account, while remaining accessible when needed.

Paying less attention can reduce opportunities to make emotional decisions based on short-term market movements. Tyler points to periods of rapid market declines followed by sharp rebounds as a reminder that reacting to a single difficult day can interfere with a long-term strategy. The goal is not to ignore your finances, but to combine intentional reviews with a strategy designed to withstand normal market fluctuations.

WATCH ON YOUTUBE

TESSA HALL

NICOLE LIVINGSTON

About This Episode

Beginning October 1, 2026, Maryland homeowners will have a new estate-planning option for transferring real estate after death: the transfer-on-death deed.

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with estate planning attorney Nicole Livingston about how Maryland’s new transfer-on-death deed works, how it may help homeowners avoid probate, and some of the complications homeowners should understand before using one. Nicole discusses multiple beneficiaries, conflicts between a deed and a will, Medicaid liens, and how transfer-on-death deeds compare with life estate deeds and revocable trusts.

The new option may appear straightforward, but decisions involving real estate and estate planning can have consequences that extend well beyond completing a form.

Explore how BWFA can help you plan for your financial future by visiting our Financial Planning page.

A transfer-on-death deed allows a Maryland homeowner to designate a beneficiary who will receive the property after the homeowner’s death without the property passing through probate. The new Maryland law takes effect on October 1, 2026. Nicole explains that estate planning attorneys have previously used tools such as life estate deeds and revocable trusts to accomplish similar probate-avoidance goals.

Naming multiple beneficiaries may create complications for ownership and estate planning. Nicole explains that under the new Maryland statute, beneficiaries named without additional ownership language default to joint ownership with rights of survivorship. That distinction can affect what happens if one beneficiary dies before the homeowner and may produce a different result than the homeowner intended.

Yes. According to Nicole, the deed controls the transfer of the property even when a will provides different instructions. For example, a will might divide an estate equally between two children while the deed names only one child as beneficiary of the home. In that situation, Nicole explains that the beneficiary named on the deed receives the property.

The new deed can interact with Medicaid and estate recovery rules, so homeowners should consider those consequences before using one. Nicole explains that the arrangement does not prevent Maryland from enforcing an applicable Medicaid estate recovery lien against the property. The appropriate strategy may depend on the homeowner’s circumstances, marital status, and long-term care planning.

Although Maryland’s new law is intended to make the process accessible to people without an attorney, mistakes can have significant consequences. Nicole identifies incorrectly describing the property and misunderstanding the effects of naming multiple beneficiaries as two potential problems. Because a home is often a substantial asset, she recommends seeking legal assistance before preparing the deed.

DO YOU HAVE THE RIGHT FINANCIAL

WATCH ON YOUTUBE

Sandy Hornor | CEPS

Tessa Hall

About This Episode

The financial advisor who was right for you 10 or 20 years ago may not be the right fit for your financial life today. As wealth grows and retirement approaches, financial decisions often become more complex.

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director of Wealth Management at BWFA, about how to evaluate your current financial advisor. They discuss trust, communication, comprehensive financial planning, tax strategy, fees, and whether your advisor has grown alongside your needs. Sandy also shares one revealing question to consider: if you were starting over today, would you hire the same advisor again?

Explore how BWFA can help you plan for your financial future by visiting our Financial Planning page.

It may be time to consider changing financial advisors when your current relationship no longer meets the complexity of your financial life. As retirement approaches, your needs may expand beyond investment management to include retirement income, Social Security, taxes, health care, and estate planning. An advisor who was appropriate earlier in life may not provide the comprehensive guidance you need today.

A financial advisor should help you understand how your investments fit within a broader retirement plan. That may include determining how much you can sustainably spend, planning for Social Security and health care, evaluating taxes, and updating your financial plan as circumstances change. The advisor should also communicate proactively rather than relying solely on scheduled meetings.

Financial decisions should be evaluated across investments, financial planning, taxes, and estate planning because a decision in one area may affect the others. For example, an investment decision can create tax consequences, while estate planning decisions can affect how assets are managed or transferred. BWFA uses a coordinated approach that brings these areas together and, at the client’s request, works with the client’s estate planning attorney.

Consider whether you trust your advisor, receive proactive communication, understand your fees, and have an updated written financial plan. You should also consider whether your advisor has grown with your financial needs and whether your family knows who to contact if something happens to you. One final question may be particularly revealing: If you were choosing a financial advisor today, would you hire the same person again?

WHY EMOTIONAL INVESTING CAN

WATCH ON YOUTUBE

Tessa Hall

About This Episode

The financial advisor who was right for you 10 or 20 years ago may not be the right fit for your financial life today. As wealth grows and retirement approaches, financial decisions often become more complex.

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with Sandy Hornor, Managing Director of Wealth Management at BWFA, about how to evaluate your current financial advisor. They discuss trust, communication, comprehensive financial planning, tax strategy, fees and whether your advisor has grown alongside your needs. Sandy also shares one revealing question to consider: if you were starting over today, would you hire the same advisor again?

To learn more about BWFA’s Financial Planning services, visit our Financial Planning page.

Emotional investing can lead retirees to make major portfolio changes based on short-term fear or excitement rather than their long-term financial plan. Tyler shares an example of an investor who moved an approximately $3 million portfolio to cash during the COVID market decline. That decision locked in a roughly 30% loss rather than allowing time for the portfolio to potentially recover.

Panic selling turns a market decline into a realized investment loss and may disrupt a strategy designed to support decades of retirement. Retirees may understandably feel more protective of assets they spent years accumulating. However, Tyler emphasizes the importance of understanding how cash, fixed income, and other investments are structured before abandoning a long-term strategy.

Fear of missing out can encourage investors to chase popular investments based on recent performance or conversations with others. Tyler discusses examples involving gold, IPOs, cryptocurrency, and individual companies. Concentrating a significant portion of a retirement portfolio in one investment can introduce additional risk, particularly without a clear strategy for when to exit.

Retirees can begin by evaluating a potential change against their long-term investment strategy, risk tolerance, financial needs, and overall retirement plan. Tyler recommends discussing major decisions with an advisor before acting on short-term market movements. A diversified portfolio and clear understanding of its purpose can provide valuable perspective when markets become uncertain.

HOW CONSERVATIVE SHOULD

WATCH ON YOUTUBE

Tyler Cunningham,

Tessa Hall

About This Episode

Can being too conservative with your investments create risks of its own?

In this episode of Healthy, Wealthy & Wise, Tessa Hall speaks with BWFA Financial Planner Tyler Cunningham about balancing stability and growth throughout retirement. Tyler explains why moving too heavily into cash and bonds may reduce market volatility but can also limit long-term growth and purchasing power.

They also discuss how cash, fixed income, and growth-oriented investments can serve different purposes within a retirement portfolio. Ultimately, the right balance depends on your income needs, financial situation, risk tolerance, and long-term goals.

Explore how BWFA can help you build a financial plan designed around your retirement goals by visiting our Financial Planning page.

A retirement portfolio should balance stability with enough growth to support the investor’s long-term needs. Holding too much in cash and bonds may reduce market volatility, but it can also limit growth and expose retirees to purchasing power risk. Because retirement may last decades, the appropriate balance should reflect longevity, income needs, risk tolerance and the investor’s broader financial plan.

Stocks may continue to play an important role in a retirement portfolio, depending on the investor’s circumstances. BWFA Financial Planner Tyler Cunningham notes that even a 75-year-old retiree could have another 20 years to plan for. Maintaining some growth-oriented investments may help a portfolio keep pace with inflation and support financial needs later in retirement.

Retirees may be able to manage volatility by maintaining cash and fixed income investments for near-term expenses while allowing growth-oriented investments time to recover. Tyler discusses keeping different levels of risk within a retirement portfolio. Having more conservative assets available for withdrawals may reduce the need to sell stocks during a market downturn.

Age alone should not determine a retiree’s investment strategy. Income, expenses, pensions, risk tolerance, future needs and the intended purpose of the assets should also be considered. For example, assets intended for future generations may be invested differently from money needed for current living expenses. Ultimately, portfolio decisions should be evaluated within the retiree’s broader retirement plan.

More from the Investing In Your Retirement Series

Episode 1: Could Your Withdrawal Strategy Hurt Your Retirement?.

Episode 2: How Much Cash Should You Keep in Retirement?

Episode 3: How Conservative Should Your Retirement Portfolio Be?