Check out our October newsletter!
October 2025
captrust.com • 703.535.5300 • 330 John Carlyle St., Suite 400, Alexandria, VA 22314
THINGS THAT GO BOO! The No. 1 Retirement Fear (and How to Beat It)
Can you believe it? October is here, and that means there are only three months left in the year! Now’s the perfect time to pull out your 2025 goal list and see where you stand. Put the effort in — it’ll be worth it! October also means Halloween. And Halloween is all about scary stuff: Things that go boo in the night, the things we’re afraid of, which got me thinking: How does this tie into retirement and investing?
money. And if you don’t, chances are you just need to spend a little less, and you’ll be fine. Fear is mostly in our heads. The important thing is to confront it. For example: • If you’re worried you’re paying too much in taxes, get a tax review. • If you think your portfolio is too aggressive, do a portfolio review and stress test it against historical downturns. The most important part about fear is articulating it. I do a lot of public speaking and teach many retirement classes. Early on, I used to worry about being asked a question that would stump me. So, I made a list of all the subjects I wasn’t confident in. Then I researched every single one. I dove deep into Medicare until I fully understood it. I studied cryptocurrencies, reading three books to really get a handle on them. When new tax rules come out, like the recent One Big Beautiful Bill Act (OBBBA), I research them thoroughly so I can explain them clearly. (For a brief explanation, see Page 3.) So, if you’re afraid of something, first, articulate it; second, confront it by learning everything you can about it. That way, the fear of the unknown disappears because now you’re in the know. Lastly, if there’s anything keeping you up at night or making you nervous about retirement, call us. We don’t ever want you to feel worried or scared. Our job is to help you feel completely confident about your retirement, and we work hard every day to make that happen.
Well, where there’s a will, there’s a way.
Oftentimes, people are afraid of different things. In fact, the biggest fear I’ve found people have about retirement is running out of money. And that fear is well-founded. Running out of money can lead to even scarier outcomes, like having to move in with your kids. And let’s be honest, nobody wants that! But here’s the truth: You don’t need to be scared of anything. Every problem has a solution. If you’re worried about running out of money, put together a financial plan, like we do for all of our clients. That plan will mathematically prove whether you have enough
Happy October and Happy Halloween!
Kelly Campbell
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20250818-4756528
Who says slowing down means stopping? While your 60s used to signal retirement was on the way, more and more people are using this time as a launchpad for a new kind of freedom: semi-retirement. Whether dialing back your 9-to-5, chasing long-held dreams, or turning a passion project into a new hustle, semi-retirement allows you to remain connected and do what you love while providing financial security. Scaling back and continuing to work can give you a sense of flexibility and safety. Stretch Your Retirement Dollars One of the main perks of holding off from fully retiring is the money. Though you will earn less income working part time, what you make allows you to build a larger nest egg, and even delay when you collect your Social Security benefits. You can continue contributing to your retirement accounts and 401(k). Workers 50 or older also get additional contribution options, like catch-up contributions. Purpose Beyond the Paycheck You may still enjoy your job or love the social setting of your office. Scaling back your hours rather than retiring completely has numerous emotional and mental health benefits. It can be difficult to abruptly make a huge change in your routines or Make Room for Life Without Ditching Work Completely Not Done Yet? Try Semi-Retirement
The Science of Regret — and How to Make Peace With It In 1984, June Gardener received an acceptance letter from New York University — an invitation to fulfill her dream of living in New York City. However, the letter noted, the residence halls were full. It suggested off-campus housing instead. Intimidated by the prospect of finding housing, Gardener attended Michigan State University instead. She excelled academically and met her husband. But she has always regretted not seizing the opportunity to study in New York. Regret arises when we imagine how life might have unfolded differently. Neurologically, this feeling activates the amygdala and the medial orbitofrontal cortex — areas associated with decision- making and emotional processing. While regret can manifest physically through symptoms like muscle tension and headaches, it also catalyzes self-reflection and personal growth. Dr. Shoshana Ungerleider, an internal medicine physician and host of the podcast Before We Go, has observed common themes in her patients' deathbed regrets: a fear of taking risks and an overemphasis on others' expectations. She highlights the importance of self-compassion instead, suggesting that individuals should acknowledge they made the best decisions they could with the information available at the time. This perspective can transform regret into a learning experience rather than a source of ongoing guilt. To mitigate the impact of regret, try focusing on the present and future, rather than dwelling on past decisions. Repeatedly ruminating on regrets can reinforce negative neural pathways, making it harder to break free from these thoughts. Instead, individuals can use their experiences to inform better choices moving forward. Gardener's story illustrates that while we cannot change the past, we can choose how we respond to it. By reframing our regrets and embracing the lessons they offer, we can foster personal development and find peace with our decisions. Remorse Code
suddenly lose the job-related identity you’ve possibly built over many years. Many people who opt for semi- retirement like the sense of purpose that continuing to work part time gives them. It allows you to continue fulfilling work and gives you a social outlet.
Factors to Consider Semi-retirement isn’t for everyone, and there are various factors to consider
when deciding whether to stay in the workforce. If you are thinking of going part time out of necessity, look over your finances to determine how much you need to earn to cover your savings gap. It could also be a solid strategy to build more savings so you have a buffer for the unexpected or big plans like travel in the future. If you simply enjoy your work or want to pursue another passion, like freelance writing or running a small home business, semi-retirement could give you a flexible schedule to work with as you plan this exciting new time.
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THE BIG PICTURE PERMANENT TAX CUTS AND NEW RULES UNDER OBBBA
New Provisions in OBBBA Deduction on Tips (2025–2028) • Temporary below-the-line deduction on tip income up to $25,000. • Applies only to non-highly compensated employees (under $150,000). • Occupation must “traditionally and customarily” receive tips (not a specified service trade or business). • Tips remain subject to payroll and state income taxes. Deduction on Overtime (2025–2028) • Temporary below-the-line deduction for overtime pay above regular rate, up to $12,500. • Applies only to non-highly compensated employees (under $150,000). • Overtime still subject to payroll and state income taxes. Deduction for Seniors • Additional $6,000 deduction for taxpayers over 65 with income under $75,000 ($150,000 for couples). • Phases out fully at $175,000 for individuals and $250,000 for couples. Student Loan and Education Changes • Income-contingent repayment plan eliminated. • Three new repayment options introduced: two standard plans and one Repayment Assistance Plan. • Pell Grant eligibility and loan amounts restricted for graduate/ professional students. Trump Savings Accounts • Tax-deferred accounts; withdrawals taxed at capital gains rates for qualified expenses. • Contributions allowed up to $5,000 per year before the beneficiary turns 18. • One-time federal match of $1,000 for qualifying children born 2025–2028. Other Notable Changes • Energy credits end after 2025 for new property. • Auto loan interest deduction: up to $10,000 for new U.S.- made vehicles; income capped at $100,000. • Medicaid and food assistance: cuts with new work requirements. • New tax credit for donations to scholarship-granting organizations. • Increased spending on defense and border security.
On July 4, 2025, President Trump signed H.R. 1: the One Big Beautiful Bill Act (OBBBA). The law makes permanent many of the 2017 Tax Cuts and Jobs Act (TCJA) provisions and introduces new rules that could affect income, estate, and investment planning. Below is a summary of the key changes that may impact you. Extended and Amended TCJA Provisions Marginal Tax Brackets and AMT Permanently extended, along with the alternative minimum tax (AMT) exemption.
Standard Deduction • Permanently extended with 2025 increases:
• $31,500 for married filing jointly • $23,625 for heads of household • $15,750 for single filers • Indexed for inflation in future years.
Above-the-Line Charitable Deduction Permanently allows non-itemizers to deduct charitable contributions: • Up to $2,000 for married filing jointly • Up to $1,000 for other filers Personal Exemptions and Misc. Itemized Deductions • Permanently eliminated. State and Local Tax (SALT) Deduction Cap • Raised to $40,000 through 2029. • Phases down to $10,000 for taxpayers with adjusted gross income (AGI) over $500,000. Mortgage Interest Deduction • $750,000 indebtedness limit and home equity loan restriction permanently extended.
Child Tax Credit • Increased to $2,200 beginning in 2026.
Section 199A Deduction (Qualified Business Income) • Permanently extended. • Deduction remains 20 percent of qualified business income (QBI). Gift and Estate Tax Threshold • Permanently increased to $15 million per person ($30 million per couple), indexed for inflation starting in 2026.
(Source: IRS.Gov)
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captrust.com | 703.535.5300 330 John Carlyle St., Suite 400 Alexandria, Virginia 22314
INSIDE
1
The Trick to Overcoming Retirement Fears
2
Slow Down Without Stopping Cold
Unraveling Regret
3
New Tax Law Extends TCJA and Adds Fresh Deductions
4
Wicked Wanderlust
Investment advisory services offered by CapFinancial Partners, LLC (“CAPTRUST” or “CAPTRUST Financial Advisors”), an investment advisor registered under The Investment Advisors Act of 1940. @2025 - CAPTRUST | All Rights Reserved. CAPTRUST does not endorse, nor is it affiliated with any third-party entity mentioned in this newsletter. Opinions are as of a point in time and are subject to change without notice. The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products, or investment advisory services. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Nothing contained herein constitutes financial, legal, tax, or other advice. Consult your tax and legal professional for details on your situation.
HAUNTED HORIZONS A HALLOWEEN TRAVEL TRIO
If your idea of fun seasonal travel is touring a spooky castle in October rather than hitting a sandy beach in July, here are three vacation ideas that will take your Halloween fun to spine-tingling new heights this year! Where Witches Wander When it comes to Halloween-themed adventures, no other place on the East Coast offers more macabre merriment than Salem, Massachusetts. Known for its infamous witch trials of the late 1690s, the city transforms its dark past into a destination that balances historical facts with tongue-in-cheek kitsch. The weeks leading up to Oct. 31 are filled with more magic shows, tours, special events, and Halloween-themed shopping opportunities than you can shake a broom at. If you decide to partake in the area’s devilish fun this year, visit the Salem Witch Board Museum — which boasts the world’s most
extensive Ouija board collection — and the Salem Witch Museum. Bourbon Bone-Chillers If you want to add Southern charm to your Halloween chills, a trip to New Orleans, Louisiana, is in order. From above-ground cemeteries and ghost tours to ghoulishly adorned shops in the French Quarter (including the must-visit Marie Laveau's House of Voodoo on Bourbon Street) and an annual Halloween parade, The Big Easy will surely put you in touch with your spooky side. Detour to Dracula’s Den From the classic 1922 film “Nosferatu” to the Francis Ford Coppola-directed cinematic masterpiece “Bram Stoker’s Dracula” that premiered 70 years later, our cultural interest in vampires has spanned decades — and, in the case of Transylvania, Romania, centuries. Anyone
with a passport and a desire to catch a glimpse at the real-world aesthetic that helped define the image of Dracula and other distinctive undead characters should visit Bran Castle, an amazing monument of Gothic architecture and the long-rumored residence of infamous 15th century-era prince and mass murderer Vlad the Impaler — widely believed to be the real-life inspiration behind the Dracula character. While many of the legends associated with Transylvania may be more fiction than fact, the locale remains the go-to spot for anyone with an affinity for apparitions.
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