Wisdom for Your Wisdom Years

In today's episode, Matt chats with Jeromey Thornton, Senior Investment Director at Avantis Investments, about the inner workings of the investing and portfolio management industry. Jeromey explains how the investment funds you invest in are set up, how they operate, and what kind of strategies they use to differentiate themselves in the market. He also explains how the exchange traded fund, or ETF, came into being, how it differs from a mutual fund, and the tax implications of capital gains and losses in each.

Jeromey Thornton

Avantis Investments: https://www.avantisinvestors.com/avantis-about-us/our-team/jeromey-thornton/

Follow Matt Murphy

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Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

There are a number of benefits available to retirees through Medicaid and, for veterans, the VA. Understanding what you qualify for, how to apply, and how to best manage your assets and retirement income to maximize your benefits can be VERY confusing and complicated. In today's episode estate attorney Jodi Murphy returns to the podcast to help you navigate the minefield of retirement benefits, and understand what steps you need to take to plan wisely for you and your family's retirement.

Book a consult with Jodi:

Web: https://murphyberglund.com

Email: [email protected]

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

In today's episode, Matt invites his CPA and frequent collaborator Abbie McGuire to talk about a the tax implications of the Big Beautiful Bill in detail, including changes to the standard deduction, estimated tax payments, new temporary tax deductions, and more. They also discuss why it's important to build a relationship with your tax provider and plan ahead for future tax changes by engaging with them throughout the year, not just during tax season! Simple things like reviewing your W-4 each year can help you avoid unforeseen tax bills at the end of the year, and help you gather the documentation you need to minimize your tax bill when it comes time to file.

Get in touch with Abbie McGuire, CPA: https://www.amcguirecpa.com

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The industry of financial advice is filled with both good and bad actors, and it can be difficult to determine which advisors can be trusted, especially if you have limited knowledge of financial jargon and industry practices. It's important how different advisors structure their practice, how they get paid, and what incentives they have for selling investment products. A key term is fiduciary, an advisor who is professionally and legally bound to act in the clients best interest. Other financial advisors are held to a lower standard, and often have incentives to sell you certain investment products that generate more fees for them, regardless of whether they are the best fit for you.

In this episode, Matt explains how fiduciaries structure their fees, and how their incentives align with the client. He explains how other financial advisors held only to a "suitability" standard can steer you toward unnecessarily expensive or risky investments. He also outligns several questions you should ask an advisor before engagng their services, including:

• Are you a fiduciary 100% of the time? Do you ever act in a non-fiduciary capacity?
• How do you get paid? Commissions vs. fee-based, or both?
• Do you receive any incentives for the products you recommend?

Asking the right questions is critical to make sure your advisor is aligned with your goals and interests, and not just theirs (or their employers).

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Golf is a game that can bring people together, but it can also bring families together in a powerful way. To that end, US Kids Golf has a mission to create opportunities for kids to learn to play golf, form bonds with other kids, and create lasting memories on the golf course. John Kim is the Senior Director of Communications and Foundaton Relations at US Kids Golf, and has seen firsthand how those tight communal bonds are formed on the course. He joins the podcast today to talk about why he left a lucrative career as a producer for PGA tournament coverage to work with kids and create opportunites to compete and develop physically, emotionally, and socially on the golf course.

Get Involved with US Kids Golf

https://www.uskidsgolf.com

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

As a follow up to episodes #7 and #8 on the Big Beautiful Bill and the numerous implications it has on retirement and taxes, in today's episode Matt clarifies how Social Security income is taxed. He breaks down the important concepts to understand for SS taxation, including the difference between adjusted gross income and provisional income, and the brackets for single and married filing jointly tax payers. He outlines a few important strategies for managing your income and withdrawals in retirement, as well as the new senior deductions coming into effect in 2026.

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The artist known as Prince died in 2016, leaving behind a substantial estate including real estate, a vast catalog of released and unreleased music, and publishing rights... with no will in place or plans for how the estate should be divided up amongst his heirs. This is a surprisingly common occurence, and while you may not have an estate like Prince valued in the hundreds of millions, a little bit of planning and foresight can save your family and other loved ones a mountain of headache while they are grieving your death.

In today's episode, Matt brings on estate attorney Jodi Murphy (also his wife!) to discuss the basics of planning for your estate after death, including the role of wills and trusts in dispensing your assets. They also discuss the importance of Power of Attorney documents, which specify who can act as the agent of your financial, medical, and legal affairs in the event you become incapacitated. Jodi notes some of the problems she has seen with legal documents purchased from websites like Legal Zoom, and explains the basics of how these documents work in life and death, and where seeking the counsel of a licensed attorney can help your family avoid problems in probate court after your death.

Looking for an Estate Attorney? Book a consult with Jodi:

Web: https://murphyberglund.com

Email: [email protected]

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

Matt gets frequent questions about the name "Benetas" in Benetas Wealth. It's a made up word, a portmanteau of the Latin bene, meaning wellness or rightness, and -tas, a suffix indicating a state of being. But it's meaning runs deep. Benetas is a state of wellbeing, in particular a state of financial wellbeing which radiates into the rest of life. Matt believes in helping people achieve financial wellbeing not only so they can be secure in retirement, but so that they can live more fully and be generous with their wealth.

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

The One Big Beautiful Bill Act changed a lot of things in the tax code, including your tax treatment in retirment. Matt walks through how these changes may affect your tax situation, and whether you should consider converting your 401(k) or traditional IRA funds to a Roth IRA. This is a complex and multifactorial analysis, so Matt always recommends you talk with your advisor about how to minimize your tax burden in retirement given your specific circumstances.

If you need help with your individual situation, contact Matt at https://www.benetaswealth.com to schedule a consulation.

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.

On July 4, 2025 President Trump signed into law the One Big Beautiful Bill Act, a sweeping piece of legistlation which includes a number of substantive revisions and additions to the tax code. Matt walks through the highlights of the bill and how it affects retirees and business owners, including changes to social security income tax, bonus depreciation, short term rental tax treatment, and more.

Follow Matt Murphy

Web: https://www.benetaswealth.com

Newsletter: http://eepurl.com/jb7SNc

LinkedIn: https://www.linkedin.com/in/mattmurphycfp

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.