davidtreece-clientsexcel

The Turtle May Move Slowly, But...

Thu, 03 Sep 2026 19:07:21 GMT

A Slow-Moving Problem Is Getting Closer

I’m not sure what keeps drawing turtles to our house. Maybe it’s the pool!

The other day, the girls spotted one on the patio. They went outside, snapped a few pictures, turned around, and Mr. Turtle was gone.

For something that moves so slowly, he sure disappeared quickly. In some ways, that reminds me of the dilemma facing Social Security.

The problems facing the program haven’t appeared overnight. They’ve been slowly developing for decades, and we have a pretty good understanding of what got us here.

But much like Mr. Turtle, something that moves slowly can still sneak up on you.

For years, the possibility of Social Security benefit reductions seemed like a problem way off in the distance. Now, we’re potentially only a handful of years away from the program being unable to pay 100 percent of scheduled retirement and survivor benefits unless Congress acts.

According to the 2026 Social Security Trustees Report, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to be depleted in the fourth quarter of 2032.

If that happened and Congress made no changes, continuing program income would be sufficient to pay approximately 78% of scheduled benefits.

In other words, we're talking about a potential 22% shortfall in scheduled benefits, not because Social Security disappears, but because the money coming into the program would no longer be enough to pay everything promised under current law.

The turtle may move slowly, but that doesn’t mean you can ignore where it’s headed.

Congress Is Starting to Pay Attention

The good news is that lawmakers appear to be paying more attention to the issue.

A recent Wall Street Journal article reported that members of both parties are beginning to discuss possible solutions. The article made an important point: the longer Congress waits, the more difficult the eventual solution becomes.

West Virginia Senator Jim Justice expressed confidence that Congress ultimately won't allow Social Security to hit that wall, saying he believes funding will be found because lawmakers simply can't allow it to happen.

I hope he’s right.

But where does the additional money come from?

That's where things get complicated.

Raise Taxes, Reduce Benefits or Find Another Source?

One frequently discussed proposal is increasing the amount of wages subject to Social Security payroll taxes.

For 2026, employees pay 6.2 percent in Social Security tax on wages up to $184,500, and employers pay another 6.2 percent. Self-employed workers generally pay the combined 12.4 percent rate.

Earnings above $184,500 aren't currently subject to the Social Security portion of the payroll tax.

That makes raising or eliminating the taxable wage cap an obvious target when lawmakers discuss ways to bring more money into the system.

But there are tradeoffs.

Higher-income Americans already pay a disproportionate share of federal individual income taxes. IRS data show that the top 10% of taxpayers pay roughly 72% of federal individual income taxes.

Taxing more wages for Social Security would increase the tax burden on some higher earners and businesses. The Tax Foundation has estimated that completely eliminating the Social Security wage cap could also have broader economic effects as workers and businesses respond to higher marginal tax rates. There may be a rippling in the economy...

Whether those tradeoffs are worth it is ultimately a policy question, and one Congress will have to wrestle with.

How Did We Get Here?

This part of the story is fascinating.

For decades, Social Security collected more money than it needed to pay current benefits. Those excess funds accumulated in Social Security's trust funds and were invested in special U.S. Treasury securities.

As the Baby Boom generation aged into retirement, the math began to change.

In 2010, Social Security's costs exceeded its non-interest income for the first time since 1983. Interest earned by the trust funds meant total income still exceeded total costs for several more years.

Since 2021, however, total Social Security costs have exceeded total income, including interest. The program has therefore been drawing down its accumulated trust-fund reserves.

According to the 2026 Trustees Report, the OASI retirement and survivors trust fund is now projected to exhaust those reserves in late 2032.

The Disability Insurance trust fund is in considerably better financial condition. If the OASI and Disability Insurance trust funds were hypothetically combined, the combined reserves would be projected to last until the third quarter of 2034, at which point incoming revenue would cover approximately 83% of scheduled benefits.

Under current law, however, those are separate trust funds. Congress would have to change the law to combine or reallocate funds between them.

Congress could also choose to use general federal revenues or borrowing to help fund Social Security. But that wouldn't make the cost disappear. It would shift how the government finances it.

We’ve Been Here Before

There is some reason for optimism.

In the early 1980s, Social Security faced its own financing crisis. President Ronald Reagan, Democratic Speaker of the House Tip O’Neill and leaders from both parties ultimately came together around a bipartisan solution.

The Social Security Amendments of 1983 included a combination of changes, including payroll-tax provisions, taxation of some Social Security benefits and a gradual increase in the full retirement age.

It wasn't painless. It wasn't a solution that everyone loved.

But it was bipartisan, and it significantly improved Social Security's finances for decades. My hope is that we can do something similar again.

So What Should You Do?

We don't talk about this to create anxiety. We talk about it because retirement planning shouldn't depend on everything going exactly according to plan.

I believe Congress is likely to address Social Security before retirees suddenly experience an across-the-board 22% reduction in scheduled benefits. But none of us knows what Congress will ultimately do.

Taxes could change. Benefits could change. Retirement ages could change.

Higher earners could pay more. Or Congress could arrive at some combination of changes we aren't discussing today.

That's why I don't believe people nearing or already in retirement should simply put their finances on autopilot and hope for the best.

If Social Security is an important part of your retirement income, ask yourself a simple question:

What happens to my retirement plan if Social Security

 doesn't work out exactly the way I'm expecting?

If you don't know the answer, let's strategize. It's one of my favorite things to do!

Until next week,

David C. Treece,

Financial Planner

864.301.6146

Are you staying in the shallow end?

Thu, 27 Aug 2026 20:55:54 GMT

There will always be another scary headline, another unanswered question, and another reason to wait...

 She Wouldn't Leave the Shallow End

On Sunday afternoon, I was playing in the pool with Amelia, our 8-year-old. Her new thing is running and jumping into the pool while Mallory or I throw her a ball to catch in midair.

There’s not much she won’t do in the pool these days.

But it wasn’t always like this.

We thought we were being smart a few years ago, before we had a pool, and enrolled Amelia in swim lessons. For whatever reason, she was terrified of the instructor, and that experience seemed to make her afraid of the water.

So, at the start of this summer, Amelia would only stay in the shallow end, near the wall and the stairs where you enter the pool.

Meanwhile, we were out in the middle of the pool having a good time swimming around, diving underwater and carrying on. I wanted her so badly to give it a try because when I was her age, I LOVED swimming.

But for the longest time, she didn't have enough faith to trust Mallory and me.

Somehow, it seemed, she thought we were telling her to do something that might harm her.

Then Something Changed

A few months ago, her cousin came to town. He immediately jumped into the pool. After Amelia watched him do it and saw that nothing bad happened, she decided maybe it wasn't so scary after all.

Then, through a lot of cajoling over many weeks, we convinced her to swim to the bottom of the deep end to retrieve a toy from the pool floor.

Fast-forward to Sunday, and she's running full speed toward the pool, launching herself into the air and trying to catch a ball before she hits the water.

While I was throwing the ball to her, I had an epiphany:

How analogous is this to our own lack of faith?

Staying Where We Can Touch the Bottom

How often do we feel called to act on something but refuse to move because we're convinced something terrible might happen?

We can limit what God may have for us because we're afraid of the unknown.

Instead of walking in faith, we stay in the shallow end where we know we can stand up if we need to. We convince ourselves that if we venture into deeper water, we're suddenly going to drown.

So, we give ourselves an easy out instead of jumping in and experiencing what might be waiting for us.

I know I do this.

I can talk myself out of things I know I should do because I analyze them to death.

What if this happens?

What if that happens?

What if X goes wrong?

And on and on.

Faith Doesn't Suddenly Appear at Retirement

One thing I've learned over the last 15 years of working with folks who are close to retirement or already retired is that we don't reach some magic age where we suddenly begin living a life of faith.

It's something we practice. And it requires daily work.

Last week, the financial news was pretty dire. Between concerns over the national debt, interest rates and everything else happening in the world, by Friday I was feeling pretty fretful.

Mallory recently said in passing that she thought I was a positive person.

I thought, “What in the world are you talking about? If only you heard my inner dialogue.”

When I feel myself becoming overwhelmed by negative news, I've found it helpful to intentionally put something encouraging into my mind instead.

Sometimes that means investing in a good book that's meant to lift my spirits and change my perspective.

Because if we're not careful, it's awfully easy to let everything we hear convince us to stay in the shallow end.

Sometimes We Need an Outside Perspective

At the end of the day, sometimes we need an outside perspective to help calm our minds and separate what's possible from what's probable.

That's true in life, and I've found it's certainly true when it comes to retirement.

There will always be another scary headline, another unanswered question and another reason to wait.

That doesn't mean we should blindly jump into every decision. But it also doesn't mean fear should make the decision for us.

If we can be that calming outside perspective when it comes to your retirement planning by helping you understand what you can control, what you can't, and what your next step might look like, please reach out. We'd be glad to help.

Until next week,

David C. Treece,

Financial Planner

864.668.2377

It's Back to School

Thu, 13 Aug 2026 20:09:39 GMT

"The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty." — Proverbs 21:5

It’s back-to-school time already! Earlier than ever, it seems. And this year is a big milestone. Ansley started K-4.

On the second day of school, she didn’t even want Mallory to walk her to class. She was confident she could make it on her own. I have to admit, I love an independent woman!

I’ve also enjoyed our slower, more relaxed schedule this summer. The first week back to school always feels like a bit of a shock to the system. Think about us on your leisurely mornings.

Someone once said, "A good day starts the day before," and Mallory has taken that to a whole new level this year. We were a little apprehensive about getting two girls out the door each morning. After all, we doubled our workload this year!

From hair bows to shoes, everything is laid out the night before and ready to deploy. It’s quite the production. Since I've never been much of a morning person, I try to limit the amount of thinking I have to do before 9:00 a.m., so this system fits me just fine.

We've done it the other way. You know how it goes. Scrambling around the house and getting Amelia to school late. It feels like starting the day with a loss, and that's never a good feeling.

What do we all want? Margin.

Nobody wants to feel squeezed when the car needs repairs or when an unexpected illness causes us to miss a few days of work.

Thousands of years ago, Solomon wrote:

"The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty." — Proverbs 21:5

I occasionally hear people say they feel like they should invest more aggressively because they're "behind."

While I understand the emotion behind that, simply taking more risk because we feel behind is rarely a wise financial strategy. Haste isn't the same thing as diligence.

One of the great joys of my work is sitting down each week with people who have lived out this principle. They planned consistently, saved faithfully, and made wise decisions over many years. Now, as they approach or enjoy retirement, they have margin in their lives. They have options. They aren't forced into difficult decisions because they prepared ahead of time.

Growing up, I worked several less-than-glamorous jobs in retail and restaurants. Then, during college, I got a job at a coffee shop and absolutely loved it. I've always enjoyed working. I just didn't always enjoy the work.

Working in a coffee shop was fun because you were helping people start their day with something they enjoyed, and there was always something to do. I also learned that downtime and I aren't naturally good friends.

Even today, I have a tendency to fill every opening on my calendar. But I've learned that if we want to live a life with margin, we have to intentionally make time to plan. Busyness alone doesn't produce diligence. In fact, it often gets in the way of it.

The same principle applies to our finances. Financial margin doesn't happen by accident. If there's never money left over at the end of the month, every unexpected expense becomes a crisis. Without an emergency fund, we often find ourselves financing expenses or dipping into investments we'd rather leave untouched.

So let me ask you a question:

Is there an area of your life where you've been too busy to slow down and make sure it's in good order?

When we fail to plan, we're left hoping everything works out. Hope is important, but hope is not a financial plan.

Here in South Carolina, we have ants everywhere. They're pests! Just this past Saturday, I had to take the blower to another ant mound that had appeared in my yard. But you have to admire their persistence.

Solomon certainly did. He wrote:

"Go to the ant, O sluggard; consider her ways, and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in harvest." — Proverbs 6:6–8

The lesson is simple: preparation and diligence.

The ant does the work ahead of time without someone standing over it.

Solomon invites us to do the same. Whether it's preparing for tomorrow morning, planning for retirement, or simply creating more margin in our lives, wisdom reminds us that the best time to prepare is before we need to.

I hope you have a wonderful week!

Until next week,

David C. Treece,

Financial Planner

864.674.1274

Why higher interest rates may be good news for retirees...

Thu, 06 Aug 2026 14:44:47 GMT

It's a great time to be a debt-free retiree or someone nearing retirement.

Even if you still have a mortgage, chances are you locked in an ultra-low interest rate before rates increased a few years ago.

The New York Times recently reported that a key interest rate has climbed to its highest level of President Trump's second term.

Just a few months ago, many people expected rates to come down. Since then, renewed inflation concerns have caused many economists to believe rates could remain elevated for longer.

What do debt-free retirees sometimes have? Discretionary savings.

Higher interest rates generally mean that conservative investments may offer more attractive yields than they did just a few years ago.

U.S. Treasury securities are often considered the closest thing to a "risk-free" investment because they are backed by the U.S. government. Today, the 10-year Treasury note is yielding around 4.7% , which is a noticeable difference from the period before the pandemic when it was often below 1.5% .

But What About Inflation?

You may be saying, "Slow down, David! Inflation is still out of control. Have you been to the grocery store lately?"

I try my best to stay out of the grocery store because I'm in a perpetual state of hunger. I shop with my stomach. Mallory, my wife, is much more disciplined when it comes to grocery shopping.

It's true that inflation can slowly erode purchasing power. That's one reason we often discuss stock market investments when talking about long-term retirement planning.

Historically, stocks have provided growth that has helped many investors keep pace with inflation over long periods, although there are no guarantees.

Why the Stock Market Still Matters

Even for companies that aren't publicly traded, it's helpful to watch what publicly traded companies are doing.

Recently, I spoke with a gentleman who manages several fast-food restaurants. When evaluating how his stores are performing, he compares his results to publicly traded restaurant companies. If his business is significantly underperforming similar companies, he knows it's time to ask why.

Investors can think about the stock market in a similar way. It gives us insight into how businesses and often the broader economy are performing.

Think Long Term

Ideally, we encourage clients to think of their stock market investments as money they won't need for at least the next ten years.

As Warren Buffett famously said:

"If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes."

At this point you might be thinking, "David, I'm saving this money so I can use it in retirement and not let it sit untouched for the next ten years."

That's a fair question.

Why Today's Environment Creates More Choices

One advantage of today's higher interest-rate environment is that retirees often have more planning options than they did just a few years ago.

For many retirees, today's interest-rate environment allows us to consider allocating a meaningful portion of a portfolio to investments designed to provide greater stability and income, while allowing another portion to remain invested for long-term growth. The objective isn't to eliminate market risk altogether but to match each dollar to its purpose. Money needed for income in the near term may be invested differently than money intended to help fight inflation over the next decade or longer.

There isn't a one-size-fits-all solution, but higher interest rates have expanded the number of tools available when building a retirement income plan.

Until next week,

David C. Treece,

Financial Planner

Could Your Social Security Benefit Be Cut?

Thu, 30 Jul 2026 14:17:10 GMT

The next elected Senate could help decide what happens to Social Security...

A Big Week for the Girls

The girls had a busy week last week. Our church held a day camp for the older girls where they did art, sewing, cooking, and other things girls do. I’m not really sure what all that entails, but they seemed to have a good time!

Over the weekend, after a lot of cajoling, coaching, and encouragement, Amelia dove into the deep end of our pool to retrieve a toy. It’s hard to believe how far she has come.

A few years ago, we had her in swimming lessons, and until we got the pool this year, she clung to us like a leech whenever she got in the water. Now she is diving into the deep end. It has been amazing to watch her confidence grow this summer.

Watching Amelia do something that once seemed almost impossible got me thinking about something else many people have a hard time imagining.

Could Social Security Really Be Cut?

It's difficult to imagine Social Security benefits being cut, but that is a real possibility.

The Atlantic recently published an article titled “ The Social Security Reckoning Is Finally Coming. "

It explains that Social Security has paid out more than it has collected for the past 16 years. The program has covered the difference by drawing money from its trust fund.

According to the 2026 Social Security Trustees Report , the retirement trust fund is projected to be depleted in late 2032.

That does not mean Social Security will disappear. Payroll taxes will still come into the program, but without action from Congress, that revenue would cover only about 78 percent of scheduled retirement benefits.

In other words, scheduled benefits could be cut by approximately 22 percent.

Our Next Senator May Have to Vote on It

The Atlantic article made another point that should be especially interesting to South Carolinians: The senator elected this November will still be in office when the Social Security retirement trust fund is projected to be depleted.

As you may have heard, Senator Lindsey Graham unexpectedly passed away a few weeks ago. A special Republican primary will be held on August 11, followed by the general election in November.

That means the person South Carolinians elect could help decide what happens to the Social Security benefits of millions of Americans.

That’s a little scary to think about, isn’t it? I’m not sure I would want to be serving in Congress when that vote comes around!

What Can You Do Today?

There are no painless solutions. Congress could raise taxes, change benefits, borrow more money, or use some combination of the three. We cannot control what Congress will do, but we can think through how those possibilities might affect our retirement plans.

First, when you claim Social Security matters. If you need help deciding when to begin your benefits, we would be happy to help you compare the different options. If you are married, we can also help you think through how to coordinate your benefits with your spouse.

Remember, when one spouse dies, the surviving spouse will generally receive the higher of the two Social Security benefit amounts, not both. This is one reason coordinating your benefits is so important.

Second, pay attention to taxes. Traditional 401(k)s and IRAs can be powerful tools, but you will generally owe taxes when you withdraw the money. What happens if tax rates are higher in retirement when you may need it?

It may be worth looking at whether converting some traditional IRA money to a Roth IRA makes sense. You pay taxes on the amount converted today, but qualified withdrawals can be tax free later.

Roth conversions do not make sense for everyone, but if you believe taxes may rise, it could be worth running the numbers.

Lastly, think about what a possible Social Security reduction would mean for you.

Would you invest the same way you do today if you believed your benefit might receive a 20 percent haircut? Would you need to save more, work longer, spend less, or create income from another source?

Has your retirement plan made any allowance for that possibility?

Building Your Bridge to Retirement

These are a few of the things we help our clients think through.

The decisions we make today are like boards we are placing in a bridge to our future. We cannot know exactly what Congress will do, but we can work to put the right boards in place so we have a stronger bridge to carry us through retirement.

If you are concerned about how changes to Social Security or taxes could affect your retirement, let’s have a call or meet. We would be happy to help you think through it.

Until next week,

David C. Treece,

Financial Planner

864.641.7955

Measure Twice, Cut Once

Mon, 27 Jul 2026 16:21:01 GMT

We were chomping at the bit to move into our new office a couple of weeks ago...

After unexpectedly having to leave our leased space, we had been in limbo for a while.

The contractors are still putting the finishing touches on everything, but one thing has stood out to me: There is a lot of precise measuring involved in installing flooring, wainscoting, crown molding, and just about everything else.

If something is even an inch or two off, you can end up with an eyesore that drives you nuts!

Some Miscalculations Are More Costly

Fortunately, most small miscalculations in life are not disastrous. Forgetting to make the bed or take out the trash probably will not change the course of your future.

But miscalculating how much income you will need in retirement can have much greater consequences.

If you underestimate your expenses, you may withdraw too much from your investments. If you overestimate them, you may unnecessarily delay retirement or live more cautiously than needed.

That is why determining a realistic retirement budget is one of the most important steps in preparing to retire.

Will Your Retirement Income Be Enough?

During our working years, it can be easy to become relaxed about spending. Another paycheck is usually coming in a week or two.

Retirement changes that.

Instead of receiving a paycheck from an employer, you may need to create your own income from Social Security, pensions, retirement accounts and other savings. In many ways, you become your own pension manager and your plan may need to last 30 years or longer.

Without knowing what your lifestyle actually costs, it is difficult to answer some of retirement’s biggest questions:

When can I reasonably retire?

How much income will I need each month?

How much can I safely withdraw?

How should my retirement accounts be invested?

Could a major market decline disrupt my plans?

Giving Every Dollar a Job

Once we understand your income needs, we can begin assigning different roles to your retirement savings.

Money needed for near-term expenses may need to be positioned more conservatively. Money that will not be needed for several years may remain invested for potential long-term growth and to help address inflation.

This type of planning may also make market downturns easier to navigate. When near-term income needs have been considered in advance, you may feel less pressure to sell long-term investments during an unfavorable market.

The goal is not simply to invest for today. It is to build a strategy around when you will need the money and what you need it to accomplish.

Are You Within Five Years of Retirement?

When we first enroll in a 401(k), most of us select a few investments, begin contributing and hope the account grows over time. That may work well during our accumulation years.

However, when we get within approximately five years of retirement, the questions begin to change. It is no longer just, “How much have I saved?”

The more important question becomes, “How will these savings help provide the income I need throughout retirement?”

If you are approaching retirement and are unsure how much your desired lifestyle will cost or whether your current investments are positioned to support it, we would be glad to help you work through those questions.

Call us at 864.641.7955 or email us at hello@clientsexcel.com to request a Retirement Income Review.

Until next week,

David C. Treece,

Financial Planner

Never Seems to Stop

Thu, 16 Jul 2026 18:47:20 GMT

Global crisis & market volatility have felt like the new norm...

Summer Is Flying By

The summer break is winding down. I remember years when school didn't start until after Labor Day, and now Amelia goes back in less than a month while Ansley starts K-4!

I suppose it balances out, though. They enjoy more breaks throughout the school year even with a shorter summer.

When I was a kid, sitting still in a classroom for hours felt like a challenge, so the end of summer often felt more like a punishment than anything else!

Market Headlines Never Seem to Stop

This week, I recorded another podcast episode with Andy, our producer, and we discussed an important question:

At what point should investors become concerned

about market downturns or corrections?

It's a worthwhile question because the headlines never seem to let up.

Recently, The Wall Street Journal published a headline that read, "How to Invest When the Global Crisis Never Stops." That certainly captures how many people feel.

The 2020s have already delivered their share of uncertainty. We experienced the COVID-19 pandemic, the highest inflation in decades, rapidly rising interest rates, and in 2022 the S&P 500 declined 18.11%. Then, over the next two calendar years, the market posted returns exceeding 25% each year.

Talk about whiplash.

Focus on the Plan, Not the Panic

So how should we respond when the economy or markets become unsettled?

While none of us can control the markets, we can control how we prepare.

One of the most important planning exercises is understanding your monthly spending needs. Inflation has increased the cost of living for many families, making it even more important to know what it takes to maintain your lifestyle.

Once we understand your spending needs, we can estimate how much may be covered by Social Security and then evaluate how your investment portfolio might help support the remaining income needed throughout retirement.

Rather than reacting to headlines, a thoughtful financial plan gives us a framework for making decisions regardless of the current news cycle.

Why We Use Different Buckets of Money

For many clients who are within five years of retirement or already retired, we often discuss dividing investments according to their intended purpose.

In our office, we refer to one portion as "Blue Money."

These assets are generally intended to provide stability and serve as a potential source for retirement income distributions during periods of market volatility. Depending on a client's circumstances, we may allocate several years of anticipated retirement spending to this portion of the portfolio.

The remainder, which we call "Red Money," is generally invested with a longer time horizon in mind. Its objective is long-term growth and helping investments keep pace with inflation over time.

Every client's situation is unique, but separating investments based on purpose can help create a clearer framework for making financial decisions.

Begin With the End in Mind

One of my favorite principles comes from Stephen Covey's classic book, The 7 Habits of Highly Effective People : "Begin with the end in mind."

I believe that's a valuable mindset for financial planning as well.

Rather than investing based solely on what appears attractive today, it can be helpful to build a plan around where you want to be five, ten, or even twenty years from now.

We've all known people who live paycheck to paycheck—the money is gone before the month is over, and the cycle repeats itself. Investing is certainly different from paying monthly bills, but approaching your investments without a long-term plan can also lead to reactive decisions.

A clear strategy doesn't eliminate uncertainty, but it can provide perspective when markets become volatile.

If you're looking for help developing a goals-based investment strategy or creating a retirement income plan, I'd be happy to talk with you. 864.641.7955

Until next week,

David C. Treece,

Financial Planner

Less Talking, More Leading

Fri, 10 Jul 2026 20:57:02 GMT

The new Federal Reserve Chairs opinions on forecasting...

A Week in Bavaria and a Lesson in Leadership

Last week was a big week for our family. We traveled farther from home than I've ever been and spent the week in Munich, Germany.

From the ancestry research I've done, much of my family on both sides comes from that area of the world.

It was somewhat surreal to think that if I had been born a few hundred years earlier, I might have lived there. It was also fascinating to see cathedrals that date back to the 1400s and to experience a place so rich in history.

We had the opportunity to tour two of King Ludwig II's palaces in the Alps.

Toward the end of our trip, we took an overnight excursion into Austria and visited Lake Eibsee on the way back, a beautiful alpine lake known for its crystal-clear water and breathtaking scenery.

The girls did remarkably well. We're always surprised by how resilient they are when we travel. We decided not to bring a stroller on this trip since Ansley hasn't used one in quite a while. Mallory kept us on a pretty ambitious schedule all week, and Ansley held her own. She may have even done better than me.

Less Talking, More Leading

While we were overseas, the financial markets were closely watching the Federal Reserve and its newly appointed chairman.

Kevin Warsh, a former Federal Reserve governor during the Global Financial Crisis, has been critical of the constant commentary and forecasting that has become common practice at the Fed over the past several decades.

As First Trust recently noted:

"Warsh doesn't like the intense form of 'forward guidance' that's evolved at the Fed, where it treats the markets and the economy like some sort of young child that is always on the verge of a tantrum and needs to be placated. Instead, Warsh wants the Fed to make it clear that it will pursue its definition of price stability and let the markets focus on the economy rather than constantly trying to predict how the Fed will react."

Traditionally, Federal Reserve governors provide their opinions about where interest rates may be headed after meetings. Investors then analyze those comments, and markets often react accordingly.

At the meeting last week, Warsh chose not to participate in those forecasts.

He believes that publicly projecting future decisions can sometimes box the Fed into a path that may no longer be appropriate if circumstances change.

In other words, leaders should have the flexibility to adapt when new information becomes available.

There may be a lot of wisdom in that approach.

The Danger of Always Having an Opinion

Always having an opinion can be exhausting.

In today's world, it often feels like everyone is expected to have an immediate reaction to every headline, every market move, and every economic development. Yet some of the best decisions come from thoughtful observation rather than constant commentary.

At its recent meeting, the Federal Reserve decided to leave interest rates unchanged as policymakers continue to monitor inflation and the economic impact of rising energy prices related to the conflict in the Middle East.

Whether you agree with the decision or not, there is value in allowing facts to develop before rushing to conclusions.

What It Means for Investors

My hope is that a more measured approach from policymakers ultimately contributes to a more stable investing environment.

When decision-makers constantly communicate every possible future action, markets often react to the commentary rather than the underlying fundamentals.

In my observation, that can contribute to unnecessary volatility.

Perhaps with less speculation and less focus on predicting the next move from the Federal Reserve, investors can spend more time focusing on what truly matters: building and maintaining a sound long-term strategy.

That's certainly our hope.

If you're feeling uncertain about your investment strategy or simply want to talk through recent events, we're here to help.

Until next week,

David C. Treece,

Financial Planner

864.641.7955

4 X 4 Grass I never Forgot

Fri, 10 Jul 2026 20:49:39 GMT

How Responsibility has shaped my life... even from a young age...

When Responsibility Becomes Heavy

A couple of years ago, we took a CliftonStrengths assessment, which is designed to identify your natural strengths.

The idea is that it captures a person's natural ways of thinking, feeling, and behaving and then highlights your top five strengths. They could be things like Communication, Achiever, Competition, or Learner.

Do you think any of those were in my top five?

Nope.

My number one strength was Responsibility .

Honestly, that sounded pretty lame to me at first, but the more I thought about it, the more it explained a lot about how I'm wired.

I have what feels like an innate need to make sure things happen. The thought of forgetting something or not getting something done is genuinely stress-inducing.

Thankfully, this has worked out pretty well in my line of work because people depend on us to help them figure out their retirement plans and manage their money. I literally tell my team that their number one job is to help me remember things.

I've never really looked into it, but I do wonder if some of my tendencies toward responsibility were learned from my parents.

Watching Amelia

Amelia, our eight-year-old, has developed a new habit.

She'll brush her teeth. I'll hear her brush her teeth. She'll finish brushing her teeth. Then she'll come find me and ask whether I think she did a good job or whether she needs to brush them again.

It's gotten me wondering if she's observing how hung up I can get on details and is beginning to adopt some of those same tendencies. I don't know if that's actually how it works, but it has certainly made me think.

The Lawn Mowing Lesson

I may have naturally been wired to not pay much attention to details, but that tendency was pretty quickly bred out of me with one of my first lawn mowing jobs.

I wanted some extra money as a kid, so my dad's solution was for me to go ask the single lady next door if I could mow her yard. She had a difficult time keeping up with it, and I'm sure my dad hated looking at how overgrown it had become. So, it was probably a win-win for him. I made some money, and he no longer had to look at the neighbor's yard.

Pretty smart.

The neighbor agreed, and when I walked around to the back of her property, I realized that we had only thought her yard looked bad in the front. The backyard was a jungle.

I spent a couple of hours mowing and weedeating, but there was one section, probably four feet by four feet, where the grass was especially tall. I can still remember the conversation I had with my pre-teen self:

"She must have wanted that patch to stay high. I'll just leave it."

What I didn't anticipate was my dad conducting a quality control inspection.

I took the mower and weedeater back home and went inside. My dad walked over to inspect the yard. I was back outside faster than I care to admit.

I hacked and hacked at that patch of grass until it looked like the rest of the yard.

That experience taught me a lesson I have never forgotten:

When you take on a responsibility, you see it through to the end.

Learning What Isn't Mine to Carry

Looking back on my early years as a financial advisor, I can see now that I often took responsibility for things that were never really mine to control.

I felt responsible for whether clients stuck with their financial plans. I felt responsible for how investments performed. I felt responsible for outcomes that were influenced by countless factors outside of my control.

Over time, I've learned that there is a difference between being responsible and believing you are responsible for everything.

Ironically, learning to let go of some of those things made me a better advisor and a healthier person.

A Good Reminder

It's a good reminder that none of us control everything.

We do the best we can. We make thoughtful decisions. We hope for the best. And when life changes, we make course corrections.

But at some point, we have to let go of what I call "responsibility perfection."

Are you trying to manage more than you feel like you can?

If you'd like help sorting through the many moving pieces of retirement planning, we're only a phone call away at 864.641.7955.

Until next week,

David C. Treece,

Financial Planner

America's Kudzu Problem

Fri, 10 Jul 2026 20:35:02 GMT

& the other problem that's been spreading for generations...

Renovations, Patience, and a Hill Covered in Kudzu

Renovations are coming along at the new office we purchased last month. I have to admit, it's been a big exercise in patience! But the end will come sooner or later, and we know it's going to be a positive long-term move for our firm and our clients.

Behind the office is a steep hill. I couldn't tell you the grade because it's completely covered in kudzu. You know the vine I'm talking about. It's the bright green plant that grows rapidly and takes over everything if left unchecked.

I've been daydreaming about the day it's transformed into a beautifully landscaped hillside. Until then, we'll have to keep mowing the kudzu back.

The thing about kudzu is that once it's established, removing it takes a tremendous amount of work and persistence. And just when you think you've gotten rid of it, another vine creeps across the grass and wraps itself around anything in its path.

As I stood looking at that hillside over the Independence Day weekend, I couldn't help but think of another problem that has quietly spread for generations.

America's Debt Didn't Start Here

Over the holiday weekend, I came across a Newsweek article discussing the history of America's national debt.

According to historical data from the U.S. Treasury, America first recorded a national debt in the late 18th century when the nation's first Treasury Secretary, Alexander Hamilton, consolidated the country's obligations through the Funding Act of 1790.

The original debt totaled $71 million was about $2.6 billion in today's dollars. It was largely the result of borrowing to finance the Revolutionary War.

Hamilton famously referred to the Revolutionary War debt as "the price of liberty" and believed that a national debt, "if not excessive, will be to us a national blessing."

I doubt he could have imagined that less than 250 years later, America would be staring down approximately $39.4 trillion in debt.

The Kudzu Kept Growing

A few decades later, President Andrew Jackson believed indebtedness was a fundamental threat to freedom and paid off the national debt in 1835. Did you know this remains the only time in our nation's history that America has been debt-free?

The reprieve didn't last long.

During the Civil War, the national debt surpassed $1 billion for the first time and reached nearly $3 billion by the war's end. World War I accelerated borrowing once again.

Following World War II, however, something remarkable happened. According to the U.S. Treasury, debt as a percentage of our economy declined for decades thanks largely to strong economic growth.

By 1981, the national debt crossed the $1 trillion mark. President Reagan warned that this milestone should serve as a wake-up call. Think about that for a moment. It took our country nearly 200 years to accumulate the first trillion dollars of debt, but only three years to add the second trillion.

America experienced its last balanced federal budget during the 1990s. As the Newsweek article points out, debt growth slowed during that period, due in part to a balanced budget under President Bill Clinton and House Speaker Newt Gingrich. Unfortunately, debt began climbing again following the September 11 attacks and the wars that followed.

You probably remember the rest of the story.

The debt surpassed $10 trillion during the Global Financial Crisis in 2008. Then, during the COVID-19 pandemic, what once seemed unimaginable became reality when approximately $4.2 trillion was added to the national debt in a single year.

Treasury Secretary Scott Bessent has repeatedly said that his strategy is to grow America's economy faster than the debt grows, making the debt more manageable over time. I certainly hope he's right. But when you look at the numbers on usdebtclock.org , it's hard not to appreciate the magnitude of the challenge.

Like the kudzu behind our office, the national debt didn't become this large overnight. It grew slowly, year after year, until today it seems almost impossible to imagine what removing it would even look like.

So, What Does This Mean for You?

I'm not sharing this to create fear or to make a political statement. None of us controls Congress or the federal budget. What we can control is how we prepare.

One of my concerns is that if lawmakers don't address our long-term fiscal challenges, taxes may eventually have to increase.

While that would most likely affect everyone, it could have an even greater impact on retirees and those approaching retirement who have accumulated significant assets in tax-deferred accounts such as traditional 401(k)s and IRAs.

Those accounts have provided valuable tax deductions during our working years, but every dollar withdrawn in retirement is generally taxed as ordinary income.

That doesn't make them bad savings tools. In fact, they have helped millions of Americans save for retirement. But they do raise an important planning question.

Should some of those dollars eventually be moved into tax-free accounts?

Planning Now

For some people, contributing to a Roth 401(k) instead of a traditional 401(k) may make sense. Others who are nearing retirement or already retired may benefit from evaluating whether converting a portion of a traditional IRA to a Roth IRA is appropriate.

A Roth conversion isn't right for everyone, but when it makes sense, it allows you to pay taxes at today's rates so future qualified withdrawals can be tax-free.

The point is this: we can't control the national debt, but we can control how prepared we are if tax laws change in the future.

If you'd like to discuss whether a Roth conversion analysis makes sense for your situation, simply reply to this email or give us a call at 864.641.7955 . We'd be happy to help you evaluate your options.

Until next week,

David C. Treece,

Financial Planner