Financial Decoder

After you listen: WashingtonWiseOn InvestingMarket volatility can stir powerful emotions, making it tempting to abandon long-term financial plans in favor of short-term reactions. In this episode, Mark Riepe is joined by Susan Hirshman, a director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research, to explore why emotional investing often leads to poor outcomes and how to stay focused on what you can control, from portfolio structure to tax strategies. Susan shares practical steps to help investors stay grounded and react relative to their long-term financial plan rather than their short-term emotions. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Diversification, asset allocation and rebalancing strategies do not ensure a profit and do not protect against losses in declining market Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability Roth IRA conversions require a 5-year holding period before earnings can be withdrawn tax free and subsequent conversions will require their own 5-year holding period. In addition, earnings distributions prior to age 59 1/2 are subject to an early withdrawal penalty. Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (0425-NNA5)

After you listen: How Can You Build Your Pre-Retirement Checklist?The Most Important Ages of RetirementCertain birthdays carry more financial weight than others. In this episode, Mark walks through the ages that matter most in retirement planning. From increased contribution limits to withdrawal requirements, he explains why these checkpoint dates are important and how they shape your options. Other resources mentioned in the episode: Retirement topics—Required minimum distributions (RMDs)Schwab Moneywise—Teaching KidsFinancial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0425-HKX0

After you listen: 7 Car Buying Mistakes That Could Cost YouIn this episode, Mark Riepe and Patrick Means explore the financial and behavioral aspects of car buying, including the biases that can cloud our judgment when making the decision. Their conversation covers practical advice on financing, maintenance, and the importance of research and preparation. Links mentioned in the episode: Kelley Blue BookEdmundsConsumer ReportsFinancial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0325-C7C1

After you listen: market commentary and education for bond investorsIn this episode, Mark Riepe and Kathy Jones delve into the essentials of bond investing. They discuss the fundamentals that every investor should understand, including the nature of bonds, the significance of credit risk, the relationship between interest rates and bond prices, and the concept of duration. Their conversation also touches on psychological barriers to sound strategies for managing bond investments, the implications of the yield curve, and the Federal Reserve's influence on the bond market. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. Past performance is no guarantee of future results. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. A bond ladder, depending on the types and amount of securities within the ladder, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio.As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances. ​Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and Charles Schwab & Co., Inc. does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the...

After you listen: fraud preventionIn this episode, Mark Riepe discusses the rising threat of cybercrime, focusing on the psychological tactics used by modern fraudsters to exploit their victims. Featured guest and Certified Fraud Examiner Lisa Lang emphasizes the importance of skepticism and awareness among other strategies for protecting yourself from financial scam attempts. Links mentioned in this episode: Identity Theft Central | Internal Revenue Service Guide to Identifying and Avoiding Securities Fraud | SEC.gov Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (0325-1CDT)

After you listen: Schwab MoneywiseSchwab's Money TalkIn this episode of Financial Decoder, Mark Riepe discusses the complexities of setting financial goals with Cindy Scott. They explore the emotional challenges of goal setting, the importance of specificity, and how to prioritize multiple goals. The conversation also touches on aligning financial goals and relationships, the impact of social media on financial planning, and the strategies for overcoming financial anxiety. Listeners are encouraged to create a financial plan based on their personal values and to celebrate their progress along the way. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0225-W84J

After you listen 2025 Municipal Bond Outlook2025 Corporate Bond Outlook2025 Treasury Bonds and Fixed Income Outlook@SchwabResearchIs the bond market caught between the Federal Reserve's plans to cut interest rates and the risk of higher inflation and federal debt levels? In Part 2 of our 2025 Market Outlook, we focus on the fixed income markets, including corporate and muni bonds. First, Kathy Jones interviews Collin Martin about his outlook for investment-grade corporate bonds, floating-rate notes, and preferred securities. Next, Cooper Howard offers his outlook on the municipal bond market. He and Kathy also discuss credit quality and the implications of potential tax law changes. Finally, Kathy gives her 2025 outlook for Treasuries and the fixed income markets overall. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. ​Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors. All names and market data shown above are for illustrative purposes only and are not a...

After you listen Follow the hosts on social media: XLinkedInXLinkedInAfter another year of the bull market, what's in store for stocks in 2025? In this year-end episode, Schwab experts look ahead to consider what investors might expect from the markets in the new year. First, Liz Ann Sonders, Schwab's chief investment strategist, speaks with senior investment strategist Kevin Gordon. Liz Ann and Kevin discuss their perspective on the direction of the U.S. economy and stock market. She and Kevin cover tariffs, immigration, and potential policy changes, among other topics. Uncertainty remains a major theme. Next, Kathy Jones, Schwab's chief fixed income strategist interviews Jeffrey Kleintop—Schwab's chief global investment strategist. He analyzes and explains what 2025 might hold for the global economy and markets. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Investing involves risk, including loss of principal. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. Digital currencies such as bitcoin are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Indexes are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. BLOOMBERG® is a trademark and service mark of Bloomberg...

After you listen: 2024 tax rates and bracketsdonor-advised fundstax-planning contentMark Riepe breaks down important 2024 tax updates, covering changes to income tax brackets, standard deductions, and retirement contribution limits. He shares actionable year-end tax strategies to help you maximize savings, including tips on retirement account contributions, HSAs, and charitable donations. Plus, Mark provides key questions to ask yourself as you plan for the year ahead, ensuring you're making the most of every opportunity to reduce your tax liability and boost your financial efficiency. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. This general information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice and is not intended to be construed as tax advice. This information cannot be used for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Where specific advice is necessary or appropriate, Schwab recommends consulting with a qualified tax professional, CPA, financial planner, or investment manager. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (1224-A62X)

After you listen: ChoiceologyCharitable Donations: The Basics of Giving12 Tax-Smart Charitable Giving Tips for 2024In this special episode of Financial Decoder, the team explores the theme of gratitude through personal stories, scientific insights, and reflections on holiday traditions. The conversation highlights the emotional and psychological benefits of gratitude, emphasizing its role in enhancing well-being and fostering positive relationships. Listeners are encouraged to reflect on their own experiences of gratitude and consider how it can impact their lives, especially during the holiday season. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (1124-82A5)

After you listen: Charles Schwab YouTube ChannelSchwab Wealth AdvisorySchwab MoneywiseIn this special episode, host Mark Riepe is joined in-studio by Stephanie Shadel, a senior wealth advisor at Schwab Wealth Advisory, to help define wealth management and explain what a wealth advisor generally does for their clients. After delineating when personal finance topics begin to justify needs for the broader, more holistic scope of wealth management, they discuss some of the key elements involved, including investment planning, retirement planning, risk management, education support, banking, estate planning, and tax planning. Later, Stephanie speaks to the personalization of financial strategies and the corresponding importance of understanding clients' personal histories and preferences. She and Mark also talk about the impact of cognitive and emotional biases on financial decision-making, especially when factoring in the influences of a spouse, business partner, or family member. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on his LinkedIn or on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation. Portfolio Management provided by Schwab Wealth Advisory, Inc., a Registered Investment Adviser and affiliate of Charles Schwab & Co., Inc. (Schwab). Please read the Schwab Wealth Advisory and the Schwab Wealth Advisory, Inc. Disclosure Brochures for information and disclosures about this program. The Wealth Advisor, Associate Wealth Advisor, and other representatives making investment recommendations in your Schwab Wealth Advisory accounts are employees of Schwab Wealth Advisory, Inc. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. Market fluctuations may cause the value of investment fund shares held in a donor-advised fund (DAF) account to be worth more or less than the value of the original contribution to the funds. ​Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific...

Mark Riepe is joined by Michael Townsend, managing director of legislative and regulatory affairs at Schwab, to discuss the cognitive and emotional biases that influence political decision-making, the gap between campaign promises and legislative realities, and the complexities surrounding federal debt and entitlement programs like Social Security and Medicare. Their conversation emphasizes the importance of understanding the legislative process, the impact of affective forecasting on political perceptions, and the disconnect between political actions and market performance. Michael also highlights the challenges of addressing long-term issues in a short-term political environment and the need for investors to filter out noise and focus on their long-term goals. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a...

In this episode of Financial Decoder, host Mark Riepe delves into the key aspects of succession planning for business owners, including how our behavioral tendencies may influence the decisions we make around a business's future. He's joined by Austin Jarvis, a director of estate, trust, and high-net-worth tax at the Schwab Center for Financial Research, to discuss the unique challenges faced by business owners when keeping a business within the family versus selling to a third party. Austin highlights the need for proper documentation, the role of specialists, and the impact of cognitive and emotional biases on the different steps of the process. He references real-life examples that illustrate the complexities of business transitions, underscoring the necessity of a well-thought-out succession plan. Resources mentioned by Mark in the episode: Business Succession: 3 Ways to Transfer Your BusinessHow to Handle an Inherited BusinessHow to Plan, Launch, and Maintain a Business5 Takeaways from TV's SuccessionSchwab Small Business SolutionsSchwab Trust, Estate & CharitableSchwab Wealth AdvisoryFollow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (1024-YWBA)

In this episode of Financial Decoder, host Mark Riepe and Susan Hirshman discuss the financial aspects of owning a pet. Susan highlights the responsibilities, costs, and emotional attachment that come with pet ownership, emphasizing the importance of financial planning. Mark asks her about the role of pet insurance in covering unexpected expenses and for tips for comparing policies. They also explore creative workarounds for those who may not be able to afford a pet on their own. Susan Hirshman is a director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research. She's also a Chartered Financial Analyst, a Certified Financial Planner Professional and a Certified Public Accountant—and a pet owner. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0924-VGUA)

Taxes are just one part of estate planning. People are also asked to consider custody arrangements, medical decisions, and legal issues. But it comes as no surprise that people who have worked their whole lives to build an estate are wary of letting taxes and fees eat away at their hard-earned assets. Further complicating the current environment is the fact that lifetime estate and gift tax exemption thresholds are poised to be cut in half at the stroke of midnight December 31, 2025, leading to a potentially sharp jump in some estates' tax liability. But there's still time to prepare. On this episode of Financial Decoder, Mark interviews Austin Jarvis, director of estate, trust, and high-net-worth tax at the Schwab Center for Financial Research. They discuss why everyone needs a will, various estate planning documents, and what to do if you have a large estate that might owe more taxes later. You can read articles from Austin Jarvis, including “Estate Planning for Low Interest Rates” and “How to Help Your Grandkids Pay for College” on Schwab.com. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Schwab does not provide tax advice. Clients should consult a professional tax advisor for their tax advice needs. Consult with an attorney and tax advisor prior to taking any action based upon this information. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (0824-LC7F)

Summary Mark Riepe is joined by Rob Williams and Susan Hirshman to examine one of the most critical retirement decisions: When should you take Social Security? After you listen: Social Security Administration's websiteWashingtonWise podcastIn this episode of Financial Decoder, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What's driving this decision? Mark, along with his guests Rob Williams and Susan Hirshman, look at three psychological phenomena that could impact the decision. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. [0824-HMCL]

After you listen: @MarkRiepeFinancial Decoder on SpotifyChoiceology with Katy MilkmanStarting July 26th, athletes from around the world will compete in the 2024 Summer Olympics in Paris. Decision-making biases affect many aspects of the Olympic Games, from prospective host cities' bids to judges' scores to whom fans choose to root for. On this episode of Financial Decoder, Mark Riepe illustrates how some of these cognitive and emotional biases present themselves through the many elements of the games—and how they might contain lessons to apply to our own daily financial decisions. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. [0724-EV5G]

The conversation around financial planning is often dominated by long-term goals like retirement or saving to buy a home. But what about saving for short-term goals that are still important to you, like travel and vacations? On this episode of Financial Decoder, Cindy Scott, a CERTIFIED FINANCIAL PLANNER™ professional at Charles Schwab with 25 years of experience, returns to the show to explain how to prioritize and save for short-term goals like these. She and Mark discuss practical ways to fit wants and wishes into your financial plan without sacrificing your needs and long-term financial future. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. ​Money Market Funds- An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Cash equivalent investments are cash management strategies that seek to prevent the loss of an investment's total value. Although a cash management product may seek to maintain a stable or constant net asset value, there can be no assurance it will do so. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0724-BMYS

Annuities are an interesting instrument in financial services. They're both simple and complicated, and that combination often means they're frequently misunderstood. To kick off Season 17 of Financial Decoder, Mark is joined again by guest Rob Williams, who heads the Financial Planning, Retirement Income, and Wealth Management team at the Schwab Center for Financial Research. In their discussion, they break down the basic functions of annuities, some problems they attempt to solve, and the role they might play in an investor's retirement-planning strategy. Follow Financial Decoder for free on Apple Podcasts or wherever you listen. Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Supporting documentation for any claims or statistical information is available upon request. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. Charles Schwab & Co., Inc., a licensed insurance agency, distributes certain insurance and annuity contracts issued by non-affiliated insurance companies. Not all products are available in all states. (0624-9440)

All eyes were on the Fed in the first half of 2024, but with core PCE holding steady and no rate cuts, how did the other parts of the economy and the markets fare? In this midyear episode, Schwab experts look ahead to the second half of 2024 to consider what investors might expect from the U.S. stock market, the global markets, and policy and politics in Washington D.C. First, Liz Ann Sonders and Kevin Gordon discuss the current trends and bifurcations in the equity market. They highlight the significant spread between large-cap and small-cap performance, with the S&P 500® outperforming the Russell 2000. They also discuss the divergence within large-cap stocks, particularly in the growth trio of tech, communication services, and consumer discretionary sectors. The conversation emphasizes the concentration of performance in a small number of major drivers, such as Nvidia, Microsoft, Meta, and Amazon. They also touch on the bifurcation between index-level gains and weaker member-level performance in the NASDAQ. The conversation concludes by noting the relationship between market bifurcations and broader economic trends. Next, Liz Ann interviews Jeffrey Kleintop, Schwab's chief global strategist. Their conversation covers the global economic outlook, China's market performance, central bank policy, geopolitical risk, election risks, and asset allocation. Jeff discusses the recovery in the global manufacturing sector, China's stock market performance, central bank rate cuts, geopolitical developments, and the importance of international diversification. Finally, Kathy Jones interviews Mike Townsend, Schwab's managing director of legislative and regulatory affairs and the host of the WashingtonWisepodcast. They discuss the legislative agenda for the second half of the year, the upcoming presidential election, the regulatory agenda, and the battle for control of Congress. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk, including loss of principal. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Small cap investments are subject to greater volatility than those in other asset categories. International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. Rebalancing does not protect against losses or guarantee that an investor’s goal will be met. Rebalancing may cause investors...