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.

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As he has mentioned in previous episodes, Matt Murphy partners with Commonwealth Financial Network for their broker/dealer and support services. It is much more than a business relationship, however; there are family ties as well! To that end, Matt invites Kyle Martin of Murphy Financial Group, a third generation wealth advisor and Matt's cousin once removed. Like Matt, Kyle grew up with a deep love for golf, which he got through his grandfather (and Matt's uncle) Ken Murphy. Kyle and his grandfather played together often in his youth, where he learned not only to appreciate the game but also how to build and foster lasting relationships on the course.

Kyle's grandfather Ken began his career in the FBI, but after starting a family quickly realized it wasn't where he wanted to be. So he jumped out on his own and blazed a trail in the wealth advisory space, where his natural inclination to friendliness helped him make connections and build trust with others. He soon joined the Medinah Country Club (outside of Chicago), where he realized he could both play golf and build realtionships for his business.

What Kyle learned from his grandfather on the golf course is that golf is a way to bond with others, and demonstrate that you were a reliable and trustworthy person. The course isn't a place to do business per se, but to show others you're the type of person they want to do business with, and that type of trust is built through earnestly befriending others and finding ways to help them -- not through assertive "selling." Kyle and the other advisors at Murphy Financial Group adhere to these principles today, striving to treat people right and be responsive to their needs, and serve as a model for how good financial advice and wealth advisory should be done.

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One of the old saws of the personal finance space is the "4% Rule," which states that in retirement, you can withdraw 4% of the value of your investment portfolio each year without risking running out of money by the end of your life (that is, your portfolio will continue to grow at a rate that offsets the amount you are withdrawing, such that it will never be drawn down to zero). If 4% of your portfolio is enough for you to live on, then congratulations! You can retire risk free.

There's a few BIG but's here, which Matt Murphy, CFP, walks through in this episode. The 4% rule was formulated based on a number of assumptions, including past market performance trends from a particular window of time (1926-1976) that have not held since, especially with the interest rate environment of the last 25 years or so. The 4% Rule also assumes you will be spending money in retirment in equal chunks, i.e. you'll spend the same amount of money at age 67 as you will age 87. This assumption disregards the fact that many people like to spend thier early retirement years traveling, remodeling their house, moving somewhere closer to family, or perhaps downsizing -- all of which involve significant one-time expenses.

There are many other problems with the 4% Rule that Matt walks through in the episode, but the important takeway is that retirement isn't about achieving a number -- it's about thinking through what you want to do with your life, coming up with a plan for how you will spend your money to make those goals happen, and then preparing for a variety of scenarios for when life inevitably throws a curveball in your wisdom years.

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Roth IRA's have some notable advantages, one being their tax advantaged status. Roth distributions are tax-free providing certain conditions are met. Savvy seniors can manage their tax burden by using Roth IRA's and managing their adjusted gross income. Certified Financial Planner Matt Murphy lays out a strategy for converting funds in traditional and other retirement accounts to Roth IRA's, and using qualified charitable distributions (QCD's), to manage your tax burden in retirement and help your retirement funds stretch further.

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In today's epiosde, Matt talks about the physical side of preparing for retirement, or enjoying retirement if you're already there. He is joined by Starting Strength Coach Pete Troupos, who has been coaching people of all ages to get strong using barbells since 2016. Pete is the head coach of Starting Strength Orlando, and also helps train and develop new coaches in the Starting Strength Community. Pete explains why strength is the most important physical skill you can develop, and why it is especially crucial for maintaining function and quality of life for older adults.

Pete Troupos

Gym: https://www.startingstrengthgyms.com/orlando/

Starting Strength Coaching Directory: https://coaching.startingstrength.com/coaches/united-states/florida/orange-county/pete-troupos-ssc/

Instagram: @pete.hellenicstrength

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The news is ablaze with tariffs and trade wars these days, as the Trump administration enacts tariffs, or taxes essentially, on foreign produced goods entering the US. The news being what it is, of course every outlet's take is biased toward whichever end of the political spectrum they support, with plenty of supposition and fearmongering. In today's episode, Matt Murphy cuts through the noise and explains in clear terms the ideas behind tariffs, the economic concept of comparitive advantage, and some of the challenges the US is facing with trade deficits and national debt.

Most importantly, Matt reminds us that in the real world economics is complex, and no one really knows what the impact of tariffs will be. They do have real impact on companies and their profit margins, but companies operate in different competitive environments with different challenges and not all will feel the impact equally.

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In today's episode, Matt reviews common strategies for managing your cash flow in retirement, and outlines the major risks to your income you need to plan for in retirement. Many people focus on the big number, the total amount of savings they need before they can safely retire. There's a lot more to it than that, however. When you retire you will need to a certain amount of cash live on, month to month, year to year, and you need to be certain that you have enough coming in to cover your bills and enjoy life, without worrying about running out of money in old age. Then, it's wise to make sure you are taking income in a tax-efficient manner, from the right accounts, in the right order, at the right time.

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Retiring is just the first step of life after work. Matt Murphy, Certified Financial Planner, wants to help you retire well, with a life of fullness, meaning, and generosity. Each week Matt delivers episodes on retirement planning, investing, tax strategy, as well as staying healthy in your retirement years with fitness and good nutrition. Matt also shares some golf and travel tips, and other ways to enjoy your hard earned retirement years.

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