As we head into the final months of the year, there’s a lot happening — from new tax deductions under the “Big Beautiful Bill Act,” to market swings driven by tariffs, global conflict, interest rate changes, and artificial intelligence.

In this month’s Matt’s Minutes, Matt Curfman, CFP®, CEO & Co-Owner of Richmond Brothers, offers practical reminders for retirees and pre-retirees — especially around year-end tax planning and how to tune out the market “noise” that can derail smart decisions.

🎥 Watch this month’s Matt’s Minutes video here

(Full transcript below)

⏱️ Video Highlights

00:19 — Year-End Tax Planning Reminder
Matt explains why non-qualified accounts (individual/joint/trust) should be reviewed for realized gains/losses before December 31 — especially if coordinating with a CPA on tax planning.

01:02 — The “Big Beautiful Bill Act” & Standard Deductions
New standard deduction amounts (including additional deductions for those 65+) may reduce taxable income significantly for many retirees.

02:48 — Will Taxes Go Up?
Matt walks through how the new deductions affect tax brackets through 2028 — and when the extra senior deduction begins to phase out.

03:23 — Market Noise: War, Tariffs, Inflation & Shutdowns
From global conflicts to government shutdowns to tariff headlines, Matt shares why these headlines create emotional reactions but don’t necessarily change long-term strategy.

04:40 — Interest Rate Change & Market Impact
The Federal Reserve recently lowered rates again. Matt explains what falling rates may mean for both income-generating assets and consumer spending.

05:40 — AI & Corporate Efficiency
Artificial intelligence continues to drive market performance and productivity — and why thoughtful exposure still matters.

05:49 — What Actually Matters for Retirees
The goal isn’t reacting to headlines — it’s having the right allocation and strategy based on your stage of life.

📰 Key Takeaways

1. Check Realized Gains/Losses Before Year-End
If you have a non-qualified account, look at your Fidelity statement (page 2–3) for capital gains/losses. This helps you plan intentionally with your tax advisor.

2. New Deductions May Reduce Taxable Income
With the new standard deduction + senior deduction + extra senior deduction, some households 65+ may have nearly $46,000–$47,000 of deductions.

Example: If you have $100,000 of income, you may only be taxed on roughly half.

3. Markets Are Reacting to Headlines — Not Fundamentals
Wars, tariffs, shutdowns, inflation, and AI are all driving volatility. Noise does not equal direction.

4. Allocation Matters More Than Headlines
Whether you’re retired or nearing retirement, the key question is:

“What allocation best supports my income and lifestyle?”

5. You Have Options
From Fidelity portfolios to CDs, treasuries, and even fixed indexed annuities — tools exist to create a smoother ride based on your comfort level and goals.

💬 In Closing

As Matt shared:

“There’s a lot of noise — but a well-coordinated plan keeps you grounded.”

Whether you’re retired or preparing to retire, we’re here to help you make decisions confidently — not emotionally.

For questions or to schedule a conversation, reach out to us at questions@richmondbrothers.com

Full Transcript of Video

Prefer to read instead of watch? Here’s the full transcript from Matt’s Minutes.

Hey everyone. Matt Curfman from Richmond Brothers here with my trusty companion, Mr. Oliver, the Richmond Brothers mascot, my sidekick, and the smartest economic guru and financial wizard you’ve ever met. Right, Oliver? He says hi, and I’m gonna put him down now, so I just want to kind of give an update heading into November and a couple of just big things to kind of keep in mind one, we’re now in the last two months of the year. And so if you have a non-qualified account, meaning an individual a joint, maybe a trust account, something that’s not under the IRA, Roth or 4k umbrella. Just make sure on your monthly fidelity statements you’re pulling up and looking at realized gains or losses. That’s usually on page 2 or 3 of your actual statement. Just want to make sure that as we head into the end of the year, you see those numbers. And whether you’re working on your own taxes or you work with an accountant, just making you aware of those numbers so that you’re able to plan before year end, if necessary with your tax person. So check that out. Number two, obviously we’re heading into the year end and we’ve had lots and lots of great questions and dialogue with many of you about the big, beautiful Bill and what that means for taxes. So many people are using the standard deduction. By the way, this is the bill that passed in the summer of 2025.

So we now know the end of the year where tax rates are and where they’re going to be for the next three years, 26, seven and eight. So most people are using standard deduction. So I pulled some numbers. And if you are married filing joint you know the standard deduction currently is 31,500 for this year. That means if you jointly made $100,000 you just deduct 31.5 off of that and you’re only taxed on the remainder. And then that goes into the tax brackets. So on top of that there is a senior extra deduction of 1600 per person. That was already part of the tax code. And then on top of that, what added to the bill is if you’re 65 and older, there is another senior deduction of 6000 per person, which means 12,000. So if you actually are a senior 65 and older, and let’s say you have a standard deduction of 31 five, you have 1600 per person as another standard deduction and then 6000 each for 65 and older. You literally get up to somewhere around 46 to 47,000 in a standard deduction. So now again, if you have 100,000 of gross income, you’re only taxed on the remainder. So you should be in real low tax rates in brackets. That extra standard deduction of 6000 does phase out. If you’re married. Filing joint income starts to exceed 150,000, and it’s completely phased out by 250,000 according to the tax code.

So again, just relative to 2024 and all things equal, if all of your finances are exactly the same or pretty close to the same as they were. Most people should be in a position where based on the tax law changes, they would not owe considerably more taxes. However, if you have questions, reply to this email and let us know. We obviously don’t give tax advice. We are not CPAs or accountants, but we are very familiar with the tax code with respect to the investment world and the retirement world. So happy to give you thoughts and questions to ask your CPA and or guide you on that path. So that was one other thing. And then this year, I just kind of did a little bit of a reflection on what I call noise. There’s been so much noise out there this year. If you think about all the things that have affected just market gyrations and fear and concern, you know, you go back to the beginning of the year. You know, it’s only been we’ve been through ten months. And so there’s been war overseas obviously continued with Russia and Ukraine, Israel and Gaza. In the summer there was a situation where the US bombed three nuclear sites in Iran and still headlines today are coming out saying President Trump is warning them not to rebuild these sites. So again, just that the word nuclear sites and, you know, all of these are headlines that cause concern and fear.

We’ve obviously going back to February, March and April and then again over the summer and even more recently, tariffs continue to be a major headline in the impact on the economy, I suspect or we suspect you’ll see you know, when we come into the holiday season in the US, that’s a time for a lot of retail purchases. You know, you would think tariffs are going to be higher prices for those retail products, which means more spending to get to the same net economic output from consumers. There’s been a lot of noise around the fed this year and what they’re going to do with interest rates. We did just pass another period where the fed met in late October, and they did lower interest rates, another quarter of a point. And then we talk about inflation and higher cost of goods. Social security announced a 2.8% increase for 2026. So that’s another big news piece. We are now entering the longest period for a government shutdown, which again adds a lot of risk and affects a lot of industries. So think if you’re a pharmaceutical and you’re trying to work through an FDA approval process or, you know, the SEC Securities Exchange Commission is working with you on an IPO, any business, these are all government agencies. And so if they’re not allowed to work, there’s going to be a huge backlog when they get back to work.

And then probably even longer delays. So it just it affects a lot of things, including you see headlines about snap and food benefits and things of that nature, which are really important in our economy. And then last but not least, another major headline continues to be AI, which is artificial intelligence and its impact both on the world and markets and corporate efficiency. So why am I telling you all this? There’s just a lot of noise out there. And sometimes noise is okay, but you’re basically seeing our economy still do. I would say, okay we’re seeing massive market gyrations in both directions. And then so as it comes to just your overall portfolio, especially those of you who are just about to retire or already retired or trying to save up a sum of money towards retirement, you know, the question really just becomes what’s the best allocation strategy? And so our team is here to help talk through those questions with you and help guide you, help keep you informed and direct you along this path kind of into and beyond retirement. So thank you so much for tuning in. Thank you for being part of our Richmond Brothers family. And as always, if you have questions, you can email us directly. Questions at Richmond brothers.com. Happy belated Halloween. Happy upcoming Thanksgiving. I suspect you may hear from me again before Thanksgiving, but thanks for checking this out. And thanks for being part of our family.

Sources:

https://www.irs.gov/individuals/seniors-retirees/tips-for-seniors-in-preparing-their-taxes

https://www.newsweek.com/iran-nuclear-update-satellite-images-activity-10978385

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