If you or your child are on the  Saving on a Valuable Education (SAVE)  income-driven repayment (IDR) plan, you may have recently received a notice from Federal Student Aid. With key legal developments impacting this repayment option, it’s essential to understand what’s changing—and what steps you can take now to protect your financial future. What’s Happening with the SAVE Plan? In July 2024, a federal court issued a ruling that paused parts of the SAVE Plan. As a result: Federal student loans under this plan were placed into forbearance. During this time, no payments were required, and interest did not accrue. However, that interest benefit is about to change. What’s Changing on August 1, 2025? In February 2025, a separate court decision ended the interest-free benefit of the SAVE Plan forbearance. This means: Starting August 1, 2025, interest will begin accruing again on affected loans. Loans will remain in forbearance, so you are not required to make monthly payments yet, but your loan balance will start growing due to interest. What Can Borrowers Do Now? Although you’re not obligated to make payments, you have several options to minimize long-term financial impact: 1. Make Optional Interest-Only Payments You can log in to your loan servicer’s site and begin interest-only payments now. This helps prevent your balance from growing while loans are still in forbearance. 2. Explore Other Income-Driven Repayment (IDR) Plans You may qualify for a different IDR plan with lower monthly payments based on your income. Some plans also offer progress toward loan forgiveness. 3. Consider a Term-Based Repayment Plan If you prefer consistent monthly payments, you can switch to a term-based plan. These can be paused later using deferment or forbearance if your financial situation changes. 4. Use the Loan Simulator Tool Visit  StudentAid.gov  and use the Loan Simulator to: Estimate monthly payments Review repayment options Understand forgiveness timelines Where to Learn More The federal government continues to provide updates as the legal situation evolves. You can stay informed about changes to the SAVE Plan and other IDR options at: StudentAid.gov/announcements-events/idr-court-actions Final Thoughts Navigating student loan changes can be confusing, especially in a shifting legal environment. If you’re unsure how these updates apply to your situation—or want to understand how student loans fit into your broader financial plan—consider speaking with a financial planner who can help align your repayment strategy with your long-term goals. https://www.rigdencapital.com/about Rigden Capital Strategies was founded on a simple belief: financial advice should be personal, transparent, and centered around your goals—not built on generic models or product-driven sales. With decades of combined industry experience, we’ve developed a process grounded in three core values: value, integrity, and progress. As a fee-only fiduciary, we provide personalized, goals-based wealth planning services designed to adapt with your life. Our services include investment management, retirement and tax planning, and estate coordination. We use a mix of active and passive strategies to help clients navigate market changes with clarity and confidence. We believe in building real relations hips and delivering clear, actionable strategies—focused on long-term planning and aligned with your objectives. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions.

The Rule of 72 is one of the most powerful yet overlooked tools in personal finance. Whether you're a seasoned investor or just beginning your wealth-building journey, this easy formula can help you estimate how long it takes to double your money based on a fixed annual rate of return. In this article, we break down the Rule of 72, how it works, and how it fits into your broader investment strategy. What Is the Rule of 72? The Rule of 72 is a quick mental calculation used to estimate how many years it will take to double an investment at a given annual interest rate. Simply divide 72 by the rate of return to get an approximate time horizon. Formula : Years to double = 72 ÷ Annual Rate of Return Example : If your portfolio is earning 6 percent annually, it would take roughly 12 years to double in value (72 ÷ 6 = 12). Why the Rule of 72 Matters for Investors Understanding the time value of money is essential for long-term planning. The Rule of 72 puts into perspective how different returns—compounded consistently—can impact your future wealth. Use cases include : Comparing investment opportunities Visualizing the impact of compound growth Planning for retirement or college savings Evaluating the effect of fees or inflation Real-World Scenarios Annual Return Years to Double (Approx.) 3% 24 years 6% 12 years 8% 9 years 10% 7.2 years 12% 6 years This simple table highlights how just a few extra percentage points in annual return can significantly shorten the time it takes for your investments to grow. Important Considerations While the Rule of 72 is an excellent approximation, it's based on assumptions: Returns are compounded annually and consistently It works best for interest rates between 6 and 10 percent Taxes, fees, and inflation are not included in the calculation A comprehensive financial plan considers these factors and adjusts based on evolving goals and market conditions. How We Help at Rigden Capital Strategies At Rigden Capital Strategies, we help clients align their expected rate of return with their financial goals through: Strategic asset allocation Risk-adjusted portfolio construction Ongoing performance monitoring and rebalancing Tax-aware growth strategies Our goal is to help you double more than just your investments—we want to double your confidence, clarity, and long-term success. Ready to See How Your Money Can Grow? Understanding investment growth doesn’t require complex math. With the Rule of 72 and a sound wealth management strategy, you can make informed decisions that keep you on track for the future you envision. Connect with our advisory team to see how small adjustments in return rates—or strategy—can make a big difference over time. Contact us today to schedule your personalized investment growth review. Your goals, our strategies. Together, let’s make your goals happen. Rigden Capital Strategies is a trusted partner for individuals seeking wealth management and financial planning. Our fee-only fiduciary approach ensures that every recommendation is made with our clients' best interests in mind. We develop customized financial plans, combining strategic investment management with proactive tax and retirement planning to help clients achieve their long-term financial goals. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions. Check out our other insights at https://www.rigdencapital.com/blog .

On July 4, 2025, President Donald Trump signed the "One Big Beautiful Bill Act," a comprehensive tax and spending package that introduces significant changes to the U.S. tax code and financial landscape. This legislation makes permanent the 2017 Tax Cuts and Jobs Act provisions, introduces new tax breaks, and implements notable adjustments to social safety net programs. Below is an overview of the key tax changes, including specific provisions affecting Social Security taxation for seniors, and how they compare to current law. Key Tax Changes Permanent Extension of 2017 Tax Cuts Current Law : The 2017 Tax Cuts and Jobs Act reduced tax rates for individuals and corporations, increased the standard deduction, and doubled the child tax credit to $2,000. Most provisions were set to expire after 2025. New Law : The "Big Beautiful Bill" makes these tax cuts permanent, ensuring continued lower tax rates and higher standard deductions for individuals and families. This benefits taxpayers across income brackets, with an estimated average tax cut of 2.5% nationwide, and up to 3% for those earning $1 million or more, translating to an average after-tax income increase of $75,000 for millionaires in 2026. Social Security Taxation for Seniors Current Law : Social Security benefits are subject to federal income tax for seniors with combined income (adjusted gross income plus nontaxable interest plus half of Social Security benefits) exceeding $25,000 for single filers or $32,000 for married couples filing jointly. Up to 50% of benefits are taxable for those with incomes between $25,000-$34,000 (single) or $32,000-$44,000 (joint), and up to 85% for higher incomes. New Law : The bill introduces a temporary $4,000 above-the-line deduction for individuals aged 65 and older, applicable from 2025 to 2028. This deduction reduces taxable income, effectively lowering or eliminating taxes on Social Security benefits for many seniors. For seniors earning less than $75,000 annually, this deduction can fully offset taxes on their Social Security income, benefiting approximately 88% of seniors receiving Social Security (51.4 million individuals). However, this falls short of Trump’s campaign promise to eliminate taxes on Social Security entirely, as the deduction is not a complete exemption and is temporary. State and Local Tax (SALT) Deduction Current Law : The SALT deduction is capped at $10,000, limiting the amount taxpayers can deduct for state and local income and property taxes. New Law : The bill raises the SALT deduction cap to $40,000 starting in 2025, with a 1% annual increase through 2029. The cap reverts to $10,000 in 2030. This change primarily benefits upper-middle-income and high-income households in high-tax states like New York and California, though it phases out for incomes above $500,000. Child Tax Credit Current Law : The child tax credit is $2,000 per qualifying child, partially refundable, with income phase-outs. New Law : The credit is permanently increased to $2,200 per child, with the Senate version requiring only one parent to have a Social Security number, broadening eligibility. This provides families with an additional $200 per child in tax relief. No Tax on Tips (Temporary) Current Law : Tip income is fully taxable. New Law : From 2025 to 2028, individuals can deduct up to $25,000 in tip income from federal taxes, with phase-outs starting at $150,000 for single filers and $300,000 for joint filers. This benefits workers in service industries, saving tipped workers an estimated $1,300 annually. Overtime Pay Deduction (Temporary) Current Law : Overtime pay is fully taxable. New Law : From 2025 to 2028, workers can deduct up to $12,500 (single filers) or $25,000 (joint filers) of overtime pay, with phase-outs at $150,000 for singles and $300,000 for couples. This is expected to save hourly workers approximately $1,400 per year. Auto Loan Interest Deduction (Temporary) Current Law : No deduction for auto loan interest. New Law : From 2025 to 2028, taxpayers can deduct up to $10,000 in interest on loans for U.S.-assembled vehicles, phasing out at $100,000 for single filers and $200,000 for joint filers. Given the average annual loan interest of $1,332, this deduction is most impactful for larger loans. Charitable Contribution Deduction Current Law : Charitable deductions are available only for itemizers. New Law : Non-itemizers can deduct up to $1,000 (single) or $2,000 (joint) for charitable contributions, benefiting approximately 90% of taxpayers who take the standard deduction. The deduction’s value varies by tax bracket, saving $100 for those in the 10% bracket and $350 for those in the 35% bracket. Trump Savings Accounts for Children Current Law : No such accounts exist. New Law : For children born between 2025 and 2028, the government will provide a one-time $1,000 deposit into a tax-advantaged savings account. Parents can contribute up to $5,000 annually, invested in a U.S. stock index fund. Withdrawals are restricted until age 18, with penalties for non-qualified withdrawals before age 59½, similar to a traditional IRA. This aims to promote long-term wealth-building but has been criticized as less flexible than 529 plans. Estate and Gift Tax Exemption Current Law : The exemption is $13.6 million per individual (2025). New Law : The bill increases the exemption, though specific amounts vary by source, benefiting wealthy households by reducing taxes on large inheritances. Business and Manufacturing Incentives Current Law : Equipment write-offs are phasing out, and R&D expenses are amortized over five years. New Law : The bill restores immediate write-offs for equipment and R&D expenses, and allows full deductions for new manufacturing facilities built between January 19, 2025, and January 1, 2029. Semiconductor firms receive enhanced tax credits, boosting domestic production. Impact on Your Wallet High Earners : Households earning $917,000 or more (top 1%) will see an average tax cut of $66,000 (2.4% of income), with larger benefits in states like Wyoming, South Dakota, and Texas (up to $100,000). Middle-Income Households : Those earning $53,000-$96,000 will see a 1.8% income increase, approximately $1,430 annually. Low-Income Households : Those earning less than $18,000 may face a 1.1% income reduction ($165) due to cuts in Medicaid and SNAP, which include new work requirements and stricter eligibility. Seniors : The $4,000 deduction significantly reduces or eliminates Social Security tax liability for most seniors, particularly those with incomes below $75,000, but the temporary nature limits long-term relief. Tipped and Overtime Workers : Temporary deductions provide immediate relief but expire in 2028, creating uncertainty for long-term planning. Other Provisions Border Security and Immigration : The bill allocates $46.5 billion for border wall construction, $45 billion for detention capacity, and $30 billion for ICE resources, with a $100 asylum application fee. Healthcare and Safety Net Cuts : Medicaid faces work requirements and reduced provider taxes (from 6% to 3.5% by 2032), potentially leading to 12 million uninsured by 2034. SNAP work requirements are also expanded. Clean Energy : Tax credits for electric vehicles, home EV charging, and energy efficiency programs are eliminated, impacting green initiatives. Conclusion The "One Big Beautiful Bill Act" delivers significant tax relief for many Americans, particularly high earners, seniors, and certain workers, while making the 2017 tax cuts permanent. The Social Security tax deduction for seniors is a notable benefit, though its temporary nature and failure to fully eliminate taxes on benefits have drawn criticism. However, cuts to Medicaid and SNAP could disproportionately harm low-income households, and the temporary nature of some deductions (tips, overtime, auto loans) may limit long-term financial planning.   About Rigden Capital Strategies Rigden Capital Strategies was born out of a simple but powerful idea: financial advice should be personal, transparent, and built around your goals—not generic solutions or product-driven sales. Fueled by decades of experience and a desire to see clients truly succeed, we’ve created a process rooted in value, integrity, and progress. As a fee-only fiduciary, we offer dynamic, stress-tested wealth plans tailored to your life. Our expertise spans investment management, retirement and tax planning, and estate guidance. Blending active and passive strategies to help your portfolio through any market. We believe in real relationships, clear strategies, and long-term results. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions. Check out our other insights at https://www.rigdencapital.com/blog .

Changes for equity investors and potential actions to consider in response  On July 3, 2025, Congress passed and on July 4 th  the President signed into law the “One Big Beautiful Bill Act” (OBBBA), a sweeping fiscal package aimed at tax reform, business incentives, and federal budget adjustments. While broad in scope, the bill contains several provisions that could have material implications for public equity markets. Here are five of the most financially significant changes for investors and potential actions to consider in response. 1. Corporate Tax and Capital Investment Provisions What’s in the bill: Extension of the 2017 corporate tax cuts (21% flat rate preserved). Immediate expensing for qualified equipment and machinery (Section 168(k)). Expanded R&D deductions under IRC §174. Increased interest expense deductibility (from 30% to 50% of EBITDA for qualifying firms). Implications: These changes aim to improve after-tax cash flow and reduce the cost of capital for many businesses. Sectors with large capital expenditures – such as industrials, technology hardware, and energy – are positioned to benefit most. Investor Action: Review allocations toward capital-intensive companies. Screen for firms with rising capital expenditures or R&D intensity, especially those with positive free cash flow. Industrials and semiconductor manufacturers may present long-term growth opportunities under the revised expensing rules. 2. Fiscal Expansion/Federal Debt Increase What’s in the bill: The Congressional Budget Office (CBO) projects that the OBBBA will add approximately $2.8 trillion to the federal debt over ten years. This results from revenue reductions not fully offset by spending cuts. Implications: Rising deficits may lead to upward pressure on long-term Treasury yields. A higher interest rate environment could compress equity valuation multiples, particularly for growth stocks with high duration cash flows. Investor Action: Rebalance portfolios toward sectors that historically outperform in rising rate environments (e.g., financials, insurance, and energy). Consider value-style equities and dividend-paying stocks that offer near-term income. Duration-sensitive sectors like software and biotech may warrant reduced exposure. 3. Healthcare/Social Program Reductions What’s in the bill: The legislation includes phased reductions in federal Medicaid reimbursements and tighter eligibility criteria over the next decade. No direct changes were made to Medicare or the Affordable Care Act marketplaces. Implications: Hospitals and managed care providers with significant Medicaid exposure may experience margin compression. Conversely, companies focusing on private-pay services or those with diversified payer mixes may be insulated. Investor Action: Review holdings in the healthcare sector. Pay attention to revenue source breakdowns in earnings reports – especially Medicaid dependency. Consider diversifying into firms with private insurance revenue, specialty pharmaceuticals, or health IT. 4. Clean Energy Tax Credit Rollbacks What’s in the bill: The bill sunsets or scales back several provisions from the Inflation Reduction Act, including: Section 45 Production Tax Credits (PTC) for wind. Section 48 Investment Tax Credits (ITC) for solar. Transferability clauses for clean energy project credits. Implications: Reduced federal support could affect the economics of utility-scale renewable projects, especially for smaller developers. Solar module manufacturers and wind turbine suppliers may see slowing order pipelines in the medium term. Investor Action: Reassess exposure to solar and wind OEMs (original equipment manufacturers) and renewable developers. Diversify across broader energy sectors, including firms involved in grid modernization, battery storage, or liquefied natural gas (LNG), which may attract alternative infrastructure funding. 5. Mixed Impact on Consumer Demand What’s in the bill: The bill modifies the Child Tax Credit and Earned Income Tax Credit, resulting in net reductions in refundability for low-income households. Simultaneously, it retains itemized deduction caps and adjusts standard deductions for inflation. Implications: Consumer spending patterns may shift modestly, with potential headwinds in segments reliant on discretionary spending by lower-income households. High-end retail, travel, and services are less likely to be impacted. Investor Action: Segment consumer discretionary holdings by income target. Companies catering to affluent or global consumers – such as luxury goods, premium brands, and business-class travel – may offer more resilience than value retailers and discount chains. Stay Informed The One Big Beautiful Bill Act is one of the most comprehensive fiscal packages enacted in recent years. While it aims to spur private investment and business formation, the long-term market effects will depend on macroeconomic feedback – especially interest rate reactions and investor sentiment on fiscal discipline. Investors are advised to: Monitor quarterly earnings calls for commentary on tax treatment, capital allocation, and healthcare reimbursement impacts. Stay diversified across sectors and time horizons. Remain agile in adjusting equity exposures based on sector-specific fundamentals and evolving macroeconomic indicators. About Rigden Capital Strategies Rigden Capital Strategies was born out of a simple but powerful idea: financial advice should be personal, transparent, and built around your goals—not generic solutions or product-driven sales. Fueled by decades of experience and a desire to see clients truly succeed, we’ve created a process rooted in value, integrity, and progress. As a fee-only fiduciary, we offer dynamic, stress-tested wealth plans tailored to your life. Our expertise spans investment management, retirement and tax planning, and estate guidance. Blending active and passive strategies to help your portfolio through any market. We believe in real relationships, clear strategies, and long-term results. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions. Check out our other insights at https://www.rigdencapital.com/blog .

Global Market Commentary: Second Quarter 2025 In the second quarter of 2025, U.S. equity markets posted strong gains, buoyed by moderating inflation and resilient investor sentiment despite global trade tensions. A key driver of market movement was the evolving tariff landscape, with newly imposed levies on select imports – particularly in the tech and renewable energy sectors – reshaping investor expectations. While these trade policy shifts introduced pockets of volatility, markets largely interpreted them as manageable and potentially stimulative to domestic production in the medium term. At the same time, inflation showed meaningful signs of cooling. Both the Consumer Price Index and the Producer Price Index eased more than anticipated, reinforcing expectations that the Federal Reserve may maintain a patient stance on interest rates. Slower price growth supported valuations across a range of sectors, with tech and consumer discretionary stocks outperforming. Investor optimism culminated in a strong finish to the quarter, as both NASDAQ and the S&P 500 closed at record highs, reflecting confidence in the broader economic outlook and corporate earnings momentum. For the first quarter of 2025:  The DJIA gained 5.0%; The S&P 500 advanced 10.2%; NASDAQ leapt 16.7%; and The Russell 2000 added 8.1%. Further, we saw that: Market volatility, as measured by the VIX, decreased throughout the quarter, losing about 20% overall, although there was a massive spike early in the quarter where volatility spiked by over 150%. West Texas Intermediate crude ended the quarter down about 8%, although prices briefly topped $73 before settling at $65.68/barrel, well below the $84 level seen at this time last year. Market Performance Around the World Investors found a lot of bright spots overseas, as 48 of the 49 developed markets tracked by MSCI posted gains in Q2, with 39 of them rising more than 10%. Emerging markets fared just as well: 45 of the 46 developing markets ended the quarter in positive territory, with 25 surging more than 10%. Index Returns Q22025 MSCI EAFE +10.58% MSCI EURO +10.87% MSCI FAR EAST 11.13% MSCI G7 INDEX +10.83% MSCI NORTH AMERICA +11.10% MSCI PACIFIC +11.79% MSCI PACIFIC EX-JAPAN +13.04% MSCI WORLD +10.96% MSCI WORLD EX-USA +10.91% Source: MSCI. Past performance cannot guarantee future results Sector Performance Rotated in Q22025 Sector performance in the second quarter of 2025 was broadly positive, with 8 of the 11 S&P 500 sectors finishing the quarter in the green – several posting gains of more than 10%. This marked a sharp turnaround from the first quarter of the year, when only four sectors managed to end higher and key areas such as Information Technology and Consumer Discretionary had fallen into correction territory. A defining feature of the quarter was the increased dispersion in returns. While Information Technology soared over 23%, Energy tumbled more than 8%, underscoring a growing divergence in performance across sectors. This contrast points to selective investor optimism, with capital flowing toward sectors benefiting from moderating inflation and AI tailwinds, while others, such as Energy, faced headwinds from commodity price pressures and shifting global demand.  Here are the sector returns for Q2 2025 and Q1 2025: S&P 500 Sector Q12025 Q22025 Information Technology -14.66% +23.54% Energy +9.51% -8.40% Health Care +4.10% -6.79% Real Estate +2.14% -0.12% Consumer Staples +1.80% +2.13% Consumer Discretionary -16.02% +11.12% Industrials -2.26% +13.28% Financials +0.96% +6.44% Materials +0.22% +3.70% Communication Services -8.23% +18.48% Utilities +2.50% +4.59%    Source: FMR Reviewing the sector returns for just the 2 nd  quarter of 2024, we saw that: 8 of the 11 sectors were painted green and 3 were painted red, as there were some big swings from quarter to quarter; The tech-laden sectors – think Information Technology and Communication Services – outperformed dramatically from quarter-to-quarter. Consumer Discretionary saw a huge swing from Q12025 to Q22025, which might bode well for overall consumer spending. The differences between the best (+24%) performing and worst (-8%) performing sectors in the second quarter was exceptionally wide.  Fed Keeps Rates the Same  The Federal Reserve, as widely expected, opted to leave its benchmark interest rate unchanged, maintaining the target range at 5.25% to 5.50%. This decision reflects the central bank’s ongoing cautious stance amid persistent inflationary pressures. In remarks following the Federal Open Market Committee meeting, Chair Jerome Powell reiterated the Fed’s commitment to its inflation target, emphasizing that policymakers require “greater confidence that inflation is moving sustainably toward 2 percent” before considering any rate cuts.  “We’re prepared to maintain the current level of restriction for as long as appropriate,” Powell stated, signaling that the central bank is not in a hurry to ease monetary policy prematurely.  Powell acknowledged recent signs of disinflation but warned that they are not yet sufficient to justify a pivot. The Fed remains data-dependent, and upcoming economic indicators – particularly those related to core inflation, labor market strength, and consumer spending – will play a critical role in shaping future policy moves. Market participants, while hopeful for a cut later in the year, now appear to be recalibrating expectations in light of the Fed's patient tone.  Consumer Price Index Drops In June 2024, U.S. consumer prices experienced a modest decline, with the Consumer Price Index for All Urban Consumers (CPI-U) decreasing by 0.1% on a seasonally adjusted basis. This marked the first monthly drop since May 2020. Over the 12 months ending in June, the all-items index rose by 3.0% before seasonal adjustment, down from a 3.3% increase in May.    The decrease in the CPI was primarily driven by a significant 3.8% drop in gasoline prices, which followed a 3.6% decline in May. Shelter costs, a major component of the CPI, rose by 0.2% in June, a slowdown from the 0.4% increase observed in May. Food prices increased by 0.2% in June, with grocery store prices edging up by 0.1%. Notably, the core CPI, which excludes food and energy, rose by just 0.1% in June, the smallest increase since August 2021.  However, some areas remain inflation hotspots. For instance, motor vehicle insurance prices rebounded by 0.9% in June after falling 0.1% in May.  Additionally, costs for household furnishings, personal care, education, recreation, and apparel saw increases. Despite these pockets of rising prices, the overall trend indicates a cooling of inflation, providing some relief to consumers and policymakers alike. Producer Price Index Rises by 0.1% In May 2025, the U.S. Producer Price Index (PPI) for final demand rose by 0.1% on a seasonally adjusted basis, following declines of 0.2% in April and 0.1% in March. On an unadjusted basis, the index increased by 2.6% over the 12 months ending in May. The modest monthly uptick was driven by a 0.1% rise in prices for final demand services and a 0.2% increase in final demand goods. Core PPI, which excludes food, energy, and trade services, also edged up 0.1% in May and was up 2.7% year-over-year .    Within final demand services, the slight increase was primarily due to a 0.4% rise in trade services margins, notably a 2.9% jump in machinery and vehicle wholesaling. However, prices for transportation and warehousing services declined by 0.2%, and airline passenger services fell by 1.1%. In the goods sector, the 0.2% increase was largely attributed to a 0.2% rise in core goods prices, with tobacco products up 0.9% and gasoline prices also contributing. Conversely, jet fuel prices dropped by 8.2%, and prices for pork and carbon steel scrap also declined .  Regarding intermediate demand, prices for processed goods edged up 0.1%, while unprocessed goods fell by 1.6%, marking the third consecutive monthly decline. The decrease in unprocessed goods was mainly due to a 3.5% drop in unprocessed energy materials, including an 18.7% fall in natural gas prices. Prices for services for intermediate demand rose by 0.1%, driven by a 0.7% increase in trade services margins, particularly a 4.9% rise in metals, minerals, and ores wholesaling  GDP in 1Q2025 Down 0.5% According to the U.S. Bureau of Economic Analysis, the U.S. economy contracted at an annual rate of 0.5% in the first quarter of 2025, marking the first quarterly decline since early 2022. This third estimate represents a downward revision from the previous estimate of a 0.2% decline.    The contraction was primarily driven by a significant increase in imports, which surged by 41.3%, subtracting 4.83 percentage points from GDP. This surge in imports was largely due to businesses accelerating purchases ahead of anticipated tariffs. Additionally, federal government spending decreased by 4.6%, the largest drop since 2022, further contributing to the GDP decline.  Consumer Sentiment Leaps In June 2025, the University of Michigan's Surveys of Consumers reported a notable improvement in consumer sentiment, marking the first increase in six months. The Index of Consumer Sentiment rose by 16.3% from May to reach 60.7.  Despite this uptick, the index remains approximately 18% below the post-election high observed in December 2024. This positive shift was broad-based, with significant gains in expectations for personal finances and business conditions, both increasing by around 20% or more.    Inflation expectations also showed a downward trend. Year-ahead inflation expectations decreased from 6.6% in May to 5.0% in June, while long-run expectations fell from 4.2% to 4.0%. These are the lowest readings in several months, suggesting a softening in consumers' inflation concerns. However, inflation expectations remain above the levels seen in the second half of 2024, indicating that consumers still perceive persistent inflation risks.  Despite the overall improvement in sentiment, consumers continue to express concerns about potential economic slowdowns and the impact of tariffs.  While worries about the Middle East have not significantly influenced economic outlooks, the uncertainty surrounding trade policies continues to weigh on consumer confidence. These mixed sentiments reflect an economy in transition, with consumers cautiously optimistic but still wary of underlying risks. Consumer Confidence Drops In June, Americans’ confidence in the economy took a noticeable hit. The Conference Board’s Consumer Confidence Index® dropped by 5.4 points to 93.0, down from 98.4 in May. This reflects growing concern among households about both current conditions and what lies ahead. Consumers’ views of the present – specifically business activity and the job market – declined by 6.4 points, while their outlook for the future fell even more sharply. The Expectations Index dropped to 69.0, well below the 80-point threshold that historically warns of a possible recession on the horizon.  According to The Conference Board, “consumer confidence weakened in June, erasing almost half of May’s sharp gains.” Both how people feel now and what they expect in the months ahead contributed to the slide. Fewer Americans viewed current business conditions positively, and concern about job availability grew for the sixth month in a row – though the labor market still appears relatively strong. People were also gloomier about future job prospects, business conditions, and income, showing a general unease about where the economy is headed. This dip in confidence wasn’t limited to one demographic. It was felt across all age groups and nearly every income bracket. Politically, the mood darkened across the board as well, with the steepest decline reported among Republican respondents. The shared nature of this downturn suggests that growing economic anxiety is cutting across typical dividing lines, pointing to broader uncertainty about the nation’s financial future. Strong Corporate Earnings Continue As of June 27th, FactSet reported several key financial metrics for companies within the S&P 500. For the second quarter of 2025, the estimated year-over-year earnings growth rate is 5.0%. If this estimate holds, it would represent the lowest earnings growth for the index since the fourth quarter of 2023, when it was 4.0%. Notably, this figure reflects a decline from March 31, when the estimated earnings growth rate for Q2 2025 was 9.4%. All eleven sectors within the index are now projected to report lower earnings than previously expected, due to downward revisions in earnings-per-share (EPS) estimates.   In terms of earnings guidance, 59 S&P 500 companies have issued negative EPS guidance for the quarter, while 51 have issued positive guidance. Meanwhile, the forward 12-month price-to-earnings (P/E) ratio for the index stands at 21.9. This valuation is higher than both the 5-year average of 19.9 and the 10-year average of 18.4, indicating relatively elevated market expectations. New Home Sales Plummet According to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, sales of new single-family houses in May 2025 reached a seasonally adjusted annual rate of 623,000. This figure represents a 13.7% decline from the April 2025 rate of 722,000 and a 6.3% decrease from the May 2024 rate of 665,000. The inventory of new houses for sale at the end of May 2025 was estimated at 507,000, reflecting a 1.4% increase over the April 2025 total of 500,000 and an 8.1% rise compared to the May 2024 figure of 469,000. At the current sales pace, this inventory represents a 9.8-month supply, which is 18.1% higher than April 2025’s 8.3-month supply and 15.3% above the 8.5-month supply recorded in May 2024. In terms of pricing, the median sales price of new houses sold in May 2025 was $426,600, marking a 3.7% increase from April 2025’s $411,400 and a 3.0% rise from the May 2024 median of $414,300. The average sales price in May 2025 was $522,200, up 2.2% from April 2025’s average of $511,200 and 4.6% higher than the May 2024 average of $499,300.  Construction Spending Dips In April 2025, total construction spending in the United States was estimated at a seasonally adjusted annual rate of $2,152.4 billion. This marks a slight decline of 0.4% from the revised March estimate of $2,162.0 billion and a 0.5% decrease compared to April 2024’s figure of $2,163.2 billion. Despite this monthly dip, cumulative construction spending for the first four months of 2025 reached $660.2 billion – 1.4% higher than the $651.3 billion spent during the same period in 2024. Private construction accounted for the majority of activity, with spending totaling $1,638.9 billion on a seasonally adjusted annual basis – down 0.7% from March. Within this category, residential construction fell 0.9% to $892.8 billion, while nonresidential construction slipped 0.5% to $746.0 billion. In contrast, public construction saw modest growth, rising 0.4% to a seasonally adjusted annual rate of $513.5 billion. Educational construction held nearly steady at $110.9 billion, just 0.1% below the previous month, while highway construction increased 0.5% to $146.3 billion, reflecting ongoing investment in infrastructure.  Retail Sales Drop  The May 2025 report showed a 0.9% decline in retail and food services sales from the previous month, totaling $715.4 billion – the largest drop since May 2023. The decline was driven largely by a 3.5% dip in motor vehicle sales, following a surge earlier this year as consumers rushed to beat expected tariffs on imports. Other categories – like home improvement, electronics, and grocery stores – also posted declines. Still, some segments showed strength: nonstore retailers (e.g., e-commerce) reported an 8.3% year-over-year gain, while food services and drinking places rose 5.3% compared to May 2024. Despite the overall decline, the "control group" – which excludes autos, gas, building materials, and food services – rose 0.4% in May.  This suggests stable core consumer spending, in line with forecasts, and supports expectations for 2% annualized GDP growth in Q2. Analysts believe the May dip may be temporary, influenced by early-year spending ahead of tariffs and unseasonably wet weather.    Sources : bea.gov ; conference-board.org ; census.gov ; bls.gov ; umich.edu ;   msci.com ; fidelity.com ; nasdaq.com ; wsj.com ; morningstar.com ; census.gov ; bls.gov   About Rigden Capital Strategies Rigden Capital Strategies was born out of a simple but powerful idea: financial advice should be personal, transparent, and built around your goals—not generic solutions or product-driven sales. Fueled by decades of experience and a desire to see clients truly succeed, we’ve created a process rooted in value, integrity, and progress. As a fee-only fiduciary, we offer dynamic, stress-tested wealth plans tailored to your life. Our expertise spans investment management, retirement and tax planning, and estate guidance. Blending active and passive strategies to help your portfolio through any market. We believe in real relationships, clear strategies, and long-term results. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions. Check out our other insights at https://www.rigdencapital.com/blog .

As we pass the halfway point of the year—July 2 marks day 183 of 365—it’s the perfect time to pause, reflect, and re-align your financial strategy. A mid-year financial check-in can help you stay on track, adapt to changes, and make the most of the months ahead. Whether you’re planning for retirement, managing a portfolio, or simply trying to stay organized, here are seven steps worth taking now: 1. Revisit Your Goals Are you still on track to hit your financial goals for the year? Whether it’s maxing out a retirement account, saving for a major purchase, or reducing debt, mid-year is a great time to assess your progress and make adjustments. 2.   Review Cash Flow & Spending Check in on your budget. Are you spending in line with your values? Are there areas where expenses have crept up? Use this time to make sure your income and spending align with your short- and long-term goals. 3.   Adjust Tax Withholding or Estimated Payments If your income has changed, or if you experienced capital gains or other taxable events, you may need to update your withholdings or make an estimated tax payment. This can help you avoid surprises next April. 4.   Evaluate Investment Portfolio Market volatility, interest rates, and sector shifts can all affect your asset allocation. A mid-year review is a good time to ensure your portfolio still reflects your goals and risk tolerance—and rebalance if necessary. 5.   Check Retirement Contributions Make sure you’re on pace to max out accounts like a 401(k), IRA, or HSA if that’s part of your plan. You still have time to increase contributions over the second half of the year if needed. 6.   Revisit Insurance and Estate Documents Life changes—such as a move, new job, or family update—may warrant a review of your insurance coverage or estate plan. Confirm your beneficiaries, power of attorney, and healthcare directives are current. 7.   Meet With Your Financial Advisor A proactive planning session can bring clarity, highlight tax opportunities, and identify course corrections before year-end deadlines. Regular check-ins help ensure your strategy adapts with you. The Bottom Line Financial planning isn’t a one-and-done task—it’s an ongoing process. The midpoint of the year is a valuable opportunity to reflect, realign, and take action. Whether you're navigating a complex portfolio or refining your retirement plan, a thoughtful mid-year review can help you stay on course toward your goals. Want help reviewing your plan? Schedule a mid-year check-in to see how your strategy is tracking—and where we can fine-tune for the road ahead. Schedule a Call About Rigden Capital Strategies Rigden Capital Strategies was born out of a simple but powerful idea: financial advice should be personal, transparent, and built around your goals—not generic solutions or product-driven sales. Fueled by decades of experience and a desire to see clients truly succeed, we’ve created a process rooted in value, integrity, and progress. As a fee-only fiduciary, we offer dynamic, stress-tested wealth plans tailored to your life. Our expertise spans investment management, retirement and tax planning, and estate guidance. Blending active and passive strategies to help your portfolio through any market. We believe in real relationships, clear strategies, and long-term results. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions. Check out our other insights at https://www.rigdencapital.com/blog .

The proposed 2025 Senate tax legislation introduces some of the most sweeping changes to tax policy since 2017—bringing fresh opportunities, potential pitfalls, and new strategies for preserving and growing wealth.  Whether you're preparing for retirement, running a successful business, or managing generational wealth, staying informed and agile is key. In this guide, we break down the most important tax changes—and what they mean for you. Highlights of the proposed 2025 Tax Law (Effective After 2025) Extension of lower income tax brackets  and a larger standard deduction—keeping more of your income in your hands. Permanent increase in estate and gift tax exemption —now $15 million (single) or $30 million (joint), adjusted for inflation. Continued benefits for business owners , including 100% bonus depreciation and a permanent Section 199A pass-through deduction. New deductions  for seniors, tipped workers, and those earning overtime—available through 2028. Phaseout or repeal of many green energy tax credits , including for electric vehicles and residential energy upgrades. What This Means for You—and How to Respond Estate & Legacy Planning: Now’s the Time If you’ve been putting off estate planning, the clock is ticking. With higher exemption amounts made permanent, this is a golden window to transfer wealth efficiently —especially through gifting strategies and trust vehicles. Strategic tip : Consider setting up a Spousal Lifetime Access Trust (SLAT) or making use of your full gift tax exemption before state laws or future federal legislation changes the landscape again. Business Owners: Keep More, Invest More The return of full expensing for R&D and 100% depreciation for short-lived assets makes this an ideal time to reinvest in your business. If you operate as an LLC, S Corp, or sole proprietorship, the Section 199A deduction just became permanent , giving you a long-term tax advantage. Ask us about  optimizing your entity structure or setting up a retirement plan that compounds those benefits. More about the 2025 tax law. Charitable Giving: Plan with Precision The new law places minimum floors and caps  on charitable deductions—especially for high earners and corporations. That makes it more important than ever to align your giving with financial strategy. Tools we can explore together : Donor-Advised Funds (DAFs) Charitable Remainder Trusts (CRTs) Private Foundations Personal Deductions: What's In, What's Out Deductions for state and local taxes (SALT) remain capped, but new temporary deductions—including for tip income, overtime pay, and auto loan interest—may apply to your situation. We’ll help you assess: Whether to itemize or take the standard deduction How to structure your compensation for maximum tax efficiency Whether you're eligible for new or expiring deductions Positioning Your Portfolio for What’s Ahead The Senate’s bill projects an estimated 1.1% increase in long-run GDP —a sign of stronger economic growth ahead. However, the repeal of green credits and new energy infrastructure incentives may shift sector performance. Now is the time to review : Municipal bond allocations Real estate and infrastructure investments Exposure to domestic industrials and utilities Tax-sensitive repositioning strategies Our Commitment: Personal Guidance in a Changing Landscape At Rigden Capital Strategies, our mission is to turn complexity into clarity. We combine deep financial knowledge with smart technology to deliver strategies that are proactive, personalized, and data-driven . We’re here to: Model how this tax law will impact your unique financial picture Propose actionable strategies to reduce liabilities and grow wealth Keep you informed as new CBO and Treasury guidance becomes available Don’t wait until 2026. Start planning now.  Schedule a conversation with your advisor to ensure your wealth plan evolves with the tax code—not after it. Learn more here https://taxfoundation.org/research/all/federal/big-beautiful-bill-senate-gop-tax-plan/ . Your goals, our strategies. Together, let’s make your goals happen. Rigden Capital Strategies is a trusted partner for individuals seeking wealth management and financial planning. Our fee-only fiduciary approach ensures that every recommendation is made with our clients' best interests in mind. We develop customized financial plans, combining strategic investment management with proactive tax and retirement planning to help clients achieve their long-term financial goals. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions. Check out our other insights at https://www.rigdencapital.com/blog .

The recently released 2025 Social Security and Medicare Trustees Report offers a fresh look at the financial outlook of two of America’s most vital retirement programs. While the report confirms continued pressure on funding, it also underscores the importance of proactive retirement and healthcare planning. Read the Full Report Social Security: Funding Timeline and Projections The Old-Age and Survivors Insurance (OASI) Trust Fund, which supports retirement and survivor benefits, is expected to continue paying full benefits through 2033. While the projected depletion year remains the same as last year, reserves are now forecast to run out several months earlier than previously estimated. If the OASI and Disability Insurance (DI) Trust Funds were combined, they could sustain full benefit payments until 2034. However, once reserves are depleted, only about 77% of scheduled benefits would be payable unless legislative changes are enacted. Medicare Outlook The Hospital Insurance (HI) Trust Fund, which supports Medicare Part A, is now projected to be exhausted by 2033—three years sooner than estimated in the 2024 report. In contrast, the Supplementary Medical Insurance (SMI) Trust Fund, which funds Medicare Parts B and D, remains stable due to its structure of annual funding adjustments. Impact of the Social Security Fairness Act A major update reflected in this year’s report is the repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) through the Social Security Fairness Act, enacted in January 2025. This change has increased benefits for many public sector workers and has contributed to the earlier projected depletion dates for the trust funds. What This Means for Retirees and Future Beneficiaries While the report has not altered how benefits are currently paid or funded, public confusion and concerns earlier this year prompted many individuals to claim benefits earlier than originally planned. This highlights the need for reliable information and personalized planning in the face of shifting policy dynamics. Bottom Line: Despite the headlines, Social Security and Medicare continue to provide critical support to millions of Americans. However, these updated projections are a reminder that retirement planning should include stress-testing for potential benefit reductions. Staying informed and working with a qualified financial professional can help ensure your retirement plan remains on track—regardless of what the future holds. Rigden Capital Strategies was founded on a simple belief: financial advice should be personal, transparent, and centered around your goals—not built on generic models or product-driven sales. With decades of combined industry experience, we’ve developed a process grounded in three core values: value, integrity, and progress. As a fee-only fiduciary, we provide personalized, goals-based wealth planning services designed to adapt with your life. Our services include investment management, retirement and tax planning, and estate coordination. We use a mix of active and passive strategies to help clients navigate market changes with clarity and confidence. We believe in building real relationships and delivering clear, actionable strategies—focused on long-term planning and aligned with your objectives. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions.

Introduction Retirement brings a welcome shift—from saving diligently to drawing down your nest egg. But it also introduces a new risk that many investors overlook:  sequence of returns risk . Even if you’ve saved enough and invested wisely, poor market performance in the early years of retirement can significantly affect your long-term financial outcomes. Understanding this risk—and taking steps to mitigate it—can help improve your chances of maintaining financial confidence in retirement. What Is Sequence of Returns Risk? Sequence of returns risk refers to the  danger that market declines early in retirement will negatively affect your portfolio’s longevity , especially when you're regularly withdrawing income. Even if the average return over time is reasonable, the  order  in which those returns occur matters a great deal once withdrawals begin. Example: Imagine two retirees with identical portfolios and average annual returns of 6%. One experiences strong returns in the early years and poor ones later. The other experiences the reverse. Despite having the same long-term average return, the retiree with early losses may run out of money much sooner due to withdrawals locking in losses at lower values. This happens because withdrawing from a shrinking portfolio magnifies the impact of negative returns—you’re selling more shares when prices are down, leaving fewer to recover when markets bounce back. Why the First Years Are So Critical You’re most vulnerable early on.  In the accumulation phase, a downturn is often a buying opportunity. But in retirement, particularly in the first 5–10 years, your portfolio may not have the same recovery window if you’re drawing income. Losses are harder to recover.  Once investments are sold to meet spending needs, those dollars are no longer in the market to benefit from future gains. Longevity risk compounds the issue.  If you live 20–30 years in retirement, early losses can leave your portfolio unable to sustain later withdrawals. Strategies That May Help Mitigate Sequence of Returns Risk 1. Use a “Bucket” Strategy Segment your retirement assets by time horizon: Short-term (0–2 years):  Cash or cash equivalents. Medium-term (3–10 years):  Bonds or conservative income-generating investments. Long-term (10+ years):  Growth-oriented investments such as equities or diversified ETFs. This approach may allow you to draw from more stable assets during market downturns, giving your longer-term investments time to potentially recover. 2. Maintain Flexibility in Spending A flexible withdrawal strategy—where you reduce discretionary spending during down markets—can help avoid locking in losses. Tools like the “guardrails” approach adjust your income based on portfolio performance while keeping spending aligned with long-term goals. 3. Keep a Cash Buffer or Reserve Fund Maintaining 1–2 years of essential expenses in cash or liquid savings may provide a buffer during market volatility. This allows you to temporarily pause investment withdrawals. However, it’s important to consider the trade-offs, such as lower growth potential and inflation risk. 4. Consider Partial Annuities A partial annuitization strategy may offer predictable income and help reduce reliance on portfolio withdrawals. While annuities involve costs and limitations, they can serve as a volatility buffer for a portion of retirement income. It's essential to evaluate suitability on a case-by-case basis. 5. Delay Social Security Benefits Delaying Social Security to age 70 can increase your monthly benefit and may provide more predictable income later in retirement. This higher baseline can reduce pressure on your investment portfolio during the early, more vulnerable retirement years. 6. Explore Part-Time Work or Semi-Retirement Even modest income from part-time work can reduce the need to withdraw from investments early in retirement. This extra flexibility can allow your portfolio more time to rebound from market declines. Final Thoughts Sequence of returns risk is a critical consideration in retirement income planning—but it’s not insurmountable. Through thoughtful allocation, spending flexibility, and diversification, retirees can create strategies to help navigate early market downturns with confidence. At Rigden Capital Strategies, we help clients develop tailored retirement plans that are built to weather market cycles and adapt over time. Your goals. Our strategies. Together, let’s make your goals happen. Rigden Capital Strategies was born out of a simple but powerful idea: financial advice should be personal, transparent, and built around your goals—not generic solutions or product-driven sales. Fueled by decades of experience and a desire to see clients truly succeed, we’ve created a process rooted in value, integrity, and progress. As a fee-only fiduciary, we offer dynamic, stress-tested wealth plans tailored to your life. Our expertise spans investment management, retirement and tax planning, and estate guidance blending active and passive strategies to help your portfolio through any market. We believe in real relationships, clear strategies, and long-term results. Disclosure This content is for informational purposes only and should not be construed as personalized investment or financial advice. All investments involve risk, including possible loss of principal. Past performance is not indicative of future results. Please consult with a qualified financial professional before making any financial decisions. This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. Investment decisions should be based on individual circumstances, and we recommend consulting a qualified professional before implementing any financial, legal, or tax strategies. Past performance is not indicative of future results, and all investments carry risks, including potential loss of principal. No investment strategy can guarantee success or protect against loss in all market conditions. Investors should carefully consider their risk tolerance, investment objectives, and financial circumstances before making investment decisions.

Our Perspective Geopolitical events, like the current tensions between Israel and Iran, often trigger short-term market volatility. Historically, these reactions are brief, and markets typically return to their prior trends. We expect this situation to follow a similar path. What’s Happening Hostilities between Israel and Iran have escalated, raising questions about potential impacts on global markets. Below, we highlight the key risks and their possible effects on your investments. Key Risks to Monitor How Long Will the Conflict Last? A shorter conflict is less likely to disrupt markets significantly, given Israel’s strong air defenses. However, prolonged drone attacks by Iran could strain Israel’s missile defenses, or Israel may act swiftly to avoid vulnerabilities. What Could Retaliation Look Like? Iran has responded with missile strikes, but its weakened allies (e.g., Hamas, Hezbollah) limit its ability to escalate broadly. A larger concern would be Iran targeting regional energy infrastructure, such as Saudi Arabia’s, or disrupting shipping in the Persian Gulf, which could affect oil prices. What’s Driving Oil Prices? Oil prices have risen 30% since early May 2025, partly due to this conflict. If the conflict spreads and disrupts Middle East energy production, prices could climb further. Fortunately, increased supply from OPEC+ and U.S. shale producers could help stabilize prices over time. How Is the World Responding? Global reactions have been limited to diplomatic statements, with other conflicts (e.g., Russia/Ukraine, U.S./China trade) occupying international attention. Will This Affect Trade Negotiations? The July 8, 2025, deadline for tariff and trade talks remains a priority for markets. We believe these discussions are likely to proceed independently of the Middle East situation. How Markets Are Reacting Bitcoin : Experienced a sell-off, behaving more like a high-risk asset than a safe haven. Gold : Rallied, reinforcing its role as a traditional safe-haven investment. U.S. Dollar & Treasuries : Saw modest demand, though less than expected, possibly due to concerns about rising oil prices fueling inflation. What Could Happen Next? Iran’s Position : With its regional influence weakened, Iran’s ability to cause widespread disruption is limited, which reduces the risk of major market impacts. Energy Infrastructure : If Iran’s oil and gas production (3M barrels/day of oil, 275bcm of natural gas) were targeted, it could spike energy prices temporarily and potentially lead to economic unrest in Iran. However, this is not our base case. Economic Outlook : A sustained surge in oil prices could increase inflation but is unlikely to trigger a recession. Global energy producers have the capacity to ramp up supply, which should help keep price spikes in check. Our Advice We believe this conflict will have a limited long-term impact on markets, consistent with past geopolitical events. The primary risk to watch is a sharp, sustained increase in oil prices. However, with robust global energy supply options, we view a prolonged price spike above $100/barrel as unlikely. Rising energy costs may lead to temporary inflation pressures, but these should subside. Your portfolio is designed to weather short-term volatility, and we remain focused on your long-term financial goals. We’re Here for You If you have questions about how this situation may affect your investments or financial plan, please reach out. We’re committed to keeping you informed and confident in your strategy.

For real estate investors, building wealth through property ownership often comes with the eventual question:  How do I exit efficiently while preserving the equity I’ve built and minimizing taxes?   Two of the most powerful tools available are 1031 exchanges and 721 exchanges, often used in conjunction with Delaware Statutory Trusts (DSTs). Understanding when and how to use each strategy can make a significant difference in your long-term financial plan. What Is a 1031 Exchange? A 1031 exchange, named after Section 1031 of the Internal Revenue Code, allows you to defer capital gains taxes when you sell an investment property—as long as you reinvest the proceeds into another “like-kind” property. Key Features of a 1031 Exchange: Tax deferral on capital gains, depreciation recapture, and state taxes. You must identify a replacement property within 45 days and close within 180 days. The exchange must be executed through a qualified intermediary. The replacement property must be of equal or greater value and involve no “boot” (taxable gain). When to Use a 1031 Exchange: You want to stay active in real estate investing. You’re looking to diversify or consolidate property holdings. You’re aiming to exchange into passive real estate (e.g., a DST). What Is a 721 Exchange? A 721 exchange, often called an UPREIT (Umbrella Partnership Real Estate Investment Trust), allows an investor to contribute real property to a REIT in exchange for Operating Partnership (OP) units, which are generally not taxed at the time of exchange. Key Features of a 721 Exchange: The exchange must involve a REIT-sponsored Operating Partnership. You receive OP units, which can later be converted into publicly traded REIT shares. The exchange is not considered a “sale,” so no immediate taxes are due. Eventually, selling the REIT shares is a taxable event. When to Use a 721 Exchange: You’re ready to exit direct ownership and prefer passive income from institutional-quality real estate. You want exposure to REIT-diversified portfolios with professional management. You’re looking to reduce management burden while deferring taxes. The Role of Delaware Statutory Trusts (DSTs) A  DST  is a legal entity that allows multiple investors to hold fractional interests in institutional-grade real estate. DSTs are eligible for 1031 exchanges, making them a popular tool in exit planning. How DSTs Support 1031 and 721 Strategies: You can exchange your property into a DST using a 1031 exchange. Some DSTs are structured with a potential “721 exit”, where the DST’s underlying assets may be contributed to a REIT. This provides a stepping stone: 1031 ➝ DST ➝ 721 ➝ REIT shares. Benefits of DSTs in Exit Planning: Passive ownership  with no landlord responsibilities. Access to institutional-grade properties  with professional asset management. Diversification  by property type and geography. Preserves 1031 eligibility  and future estate step-up in basis. Choosing the Right Path: 1031 vs. 721 Feature 1031 Exchange 721 Exchange Primary Goal Tax deferral + continued ownership Tax deferral + transition to REIT Ongoing Management Yes, unless you use a DST No, REIT handles asset management Estate Planning Impact Step-up in basis at death May convert to REIT shares pre-death Liquidity Illiquid (unless DST has exit) Eventual liquidity via REIT shares Timeline Restrictions 45/180-day rules No strict timeline once in DST Investor Profile Active investors or DST users Passive, long-term income seekers Final Thoughts Both 1031 and 721 exchanges are valuable tools—but the right fit depends on your financial goals, time horizon, and appetite for active property management. A Delaware Statutory Trust often acts as a bridge between the two, allowing you to maintain tax deferral while transitioning into a fully passive investment structure. If you’re approaching a real estate exit, it's critical to evaluate your options in advance. A qualified advisor can help you weigh tax implications, liquidity needs, and estate planning goals to build a transition plan that supports your long-term wealth strategy. Rigden Capital Strategies was founded on a simple belief: financial advice should be personal, transparent, and centered around your goals—not built on generic models or product-driven sales. With decades of combined industry experience, we’ve developed a process grounded in three core values: value, integrity, and progress. As a fee-only fiduciary, we provide personalized, goals-based wealth planning services designed to adapt with your life. Our services include investment management, retirement and tax planning, and estate coordination. We use a mix of active and passive strategies to help clients navigate market changes with clarity and confidence. We believe in building real relationships and delivering clear, actionable strategies—focused on long-term planning and aligned with your objectives. Your goals, our strategies. Together, let’s make your goals happen. Disclosures:  This post is for informational purposes only and should not be considered tax or legal advice. Real estate exchanges involve complex rules, and you should consult with a qualified tax advisor, attorney, or financial planner before proceeding with any exchange strategy. This content is for informational purposes only and does not constitute individualized investment advice. Investing involves risk, including the potential loss of principal. Past performance is not indicative of future results. Consult a qualified financial professional before making any investment decisions.

Introduction The U.S. labor market has shown resilience amid economic challenges, but recent data indicates a steady cooling trend. This report provides a detailed, client-friendly overview of current labor market dynamics, broader economic indicators, and their implications for investors and policymakers, using a bullet-point format for clarity. Labor Market Overview Headline Strength, Underlying Weakness : The latest nonfarm payrolls report exceeded expectations, triggering a risk-on rally. Markets were primed for weaker data after disappointing housing, manufacturing, and GDP figures. Despite the headline strength, underlying trends suggest a gradual slowdown in employment growth, wage increases, and consumer spending. Key Labor Market Indicators Payrolls and Revisions : Stronger-than-expected payrolls figure, but prior month revised downward by 95,000 jobs. Three-month average payroll growth at 135,000, indicating cooling momentum. Negative revisions align with slowing economic cycles, unlike positive revisions typical in recoveries. Sectoral Composition : Education and healthcare sectors drove 87,000 jobs in May (62% of private sector growth). Over three months, these acyclical sectors accounted for 63% of private job gains. Cyclical sectors (residential construction, manufacturing, trucking, temporary help) showed near-zero growth for four months, signaling weak economic momentum. Diffusion Index : Fell to 50, the lowest since last July, indicating a balance between industries adding and shedding jobs. Reflects narrowing employment growth, with fewer industries contributing to gains. Household Survey : Prime-age (25–54) employment rate stagnated, down 0.4% year-over-year, a pre-recessionary signal. Unemployment rate rose from 4.011% (January) to 4.244%, up nearly 25 basis points. Since January, 20 basis points of the increase driven by transitions from employment to unemployment, suggesting weakening labor market attachment. Reduced inflows from new entrants mask greater labor market slack, understating unemployment. Broader Economic Context Weak Housing Data : Declining home sales, rising inventories, and softening prices indicate reduced consumer confidence. GDP Revisions : Consumer spending revised significantly lower, reflecting weaker economic activity. Manufacturing Weakness : Declining industrial production and purchasing managers’ indices signal contraction. Continuing Claims : Rising claims suggest longer job search times for unemployed workers. Federal Reserve’s Beige Book : Noted incremental softness across sectors and regions, reinforcing cooling trends. Implications for Monetary Policy Federal Reserve’s Stance : Cautious approach due to tariff-induced inflation concerns risks “passive tightening.” Delaying rate cuts as the economy cools could exacerbate slowdown. Disinflationary Tailwinds : Declining energy prices and supply chain normalization may offset inflationary pressures. Economic Resilience : Strong corporate and household balance sheets provide a buffer against severe downturns. Downside risks remain modest but grow with prolonged Fed inaction. Risks and Opportunities Risks : Persistent labor market resilience may delay Fed rate cuts, allowing weaknesses to accumulate. Cyclical sectors’ stagnation signals vulnerability to further economic slowdown. Passive tightening increases the risk of labor market deterioration. Opportunities : Acyclical sectors (education, healthcare) offer stability for investors. Fixed-income markets may see volatility if economic weakness accelerates. Equities in resilient sectors could outperform, though broad market gains may be limited by slowing consumption. Conclusion Summary : The labor market remains resilient but shows clear signs of cooling, with downward revisions, concentrated job growth, and rising unemployment. The Federal Reserve’s patience risks tightening policy against a weakening economy. Strong balance sheets and disinflationary trends provide some stability, but vigilance is needed. Recommendations : Monitor labor market indicators (payrolls revisions, unemployment trends, sectoral growth). Prepare for potential Fed policy shifts, such as rate cuts, to address cooling trends. Focus investment strategies on resilient sectors while remaining cautious about cyclical industries.   Rigden Capital Strategies was founded on a simple belief: financial advice should be personal, transparent, and centered around your goals—not built on generic models or product-driven sales. With decades of combined industry experience, we’ve developed a process grounded in three core values: value, integrity, and progress. As a fee-only fiduciary, we provide personalized, goals-based wealth planning services designed to adapt with your life. Our services include investment management, retirement and tax planning, and estate coordination. We use a mix of active and passive strategies to help clients navigate market changes with clarity and confidence. We believe in building real relationships and delivering clear, actionable strategies—focused on long-term planning and aligned with your objectives. Your goals, our strategies. Together, let’s make your goals happen. Disclosure:  This content is for informational and educational purposes only and should not be interpreted as financial, legal, or tax advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. 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