tariffs

Tariff Basics for Marketing Majors (Like Me)

by BlogWealth

April 2025 Edition: What President Trump’s New Tariffs Really Mean for You—And Your Retirement

Let’s be real: the word “tariff” sounds like something out of an old-school economics textbook. If you’re like me and studied marketing, not macroeconomics, you probably just want the what, why, and how it affects me version. Good news: you don’t need a finance degree to get it. You just need this quick breakdown.

 

So, What’s a Tariff Anyway?

Think of a tariff as a tax on stuff the U.S. imports from other countries. If we buy cars from Japan or clothing from Vietnam, and the government slaps a 10% tariff on those items, that’s an extra 10% added to the price before it even hits U.S. shelves.

Translation for marketers: It raises the price of foreign products, which can shift consumer behavior, impact brand pricing, and influence supply chain decisions.

 

Why Do Governments Use Tariffs?

Here’s the simplified list:

  • Protect local brands – Tariffs make imported goods pricier, giving domestic products a competitive edge.
  • Raise money – Tariffs generate tax revenue.
  • Play hardball in negotiations – Tariffs are leverage when countries don’t play nice in trade.

 

What’s Happening in 2025?

President Trump is back, and so are big tariffs. In April 2025, he rolled out “Liberation Day” tariffs, shaking up U.S. trade policy. Here’s what’s happening:

  • 10% universal tariff on nearly all imported goods.
  • Extra-high “reciprocal” tariffs on countries like China (34%), Vietnam (46%), and the EU (20%)—based on what they charge us.

Sounds fair, right? But the math behind these tariffs is… questionable.

 

Wait—There’s a Math Error?

Yep. Economists dug into the formula behind Trump’s so-called “reciprocal tariffs” and found it was way off—by about 4x. A tariff that should have been 12% came out as 46%.

In marketing terms, it’s like launching a national campaign with the wrong customer persona. It looks bold on the outside, but the data is wrong—and that can mess everything up.

 

How This Impacts Your Life (and Business)?

Let’s get practical:

  • Prices go up – Tariffs raise the cost of imported goods. That means you’ll pay more at the store.
  • Businesses eat higher costs – If companies rely on foreign parts or products, their expenses rise—and those get passed along to customers or cut from the bottom line.
  • Trade wars are real – Other countries might hit back with their own tariffs, which hurts U.S. brands trying to sell globally.
  • Markets get wobbly – All this uncertainty makes investors nervous, and that leads to stock market shakeups.

 

How Tariffs Affect Your Retirement?

Yes, even your future lifestyle is on the line. Here’s how:

  1. Your 401(k) or IRA may take a hit
    Stock market volatility tied to tariff battles can mean losses in your retirement accounts. Less growth = less money when you need it.
  2. Inflation erodes your purchasing power
    Tariffs raise prices, and if you’re living on a fixed income in retirement, you’ll feel the squeeze. Groceries, gas, travel—it all adds up.
  3. Planning becomes trickier
    From annuity payouts to healthcare costs, uncertainty makes retirement decisions harder. If inflation rises and returns drop, you need a better game plan.

 

Final Thoughts

You don’t need to memorize trade law or economic models to get this:

Tariffs are import taxes that impact prices, markets, and your money—now and later.

Used right? They protect industries.
Used wrong? They can wreck your budget, confuse the market, and throw a wrench in your retirement plan.

Need help navigating this economy with your retirement in mind? I’ve got tools, courses, coaching and a brand-new Collective to help you plan smart, retire confident, and Get Her Done—with no economics degree required.

If you’re nervous about the economy and tariffs and their impact on your retirement plans, reach out. We can connect you with a retirement advisor who will help you stay calm and retire on.

 

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2025 is Around the Corner: 8 Smart Money Moves to Wrap Up the Year Right

by BlogTax PlanningWealth

As the year winds down, now is the perfect time to check off those financial to-dos. Here are 8 key money moves (plus a bonus tax hack to boost your credit card points) to consider making so you can head into the new year with less stress and set yourself up for financial success in 2025.

1. Use It or Lose It: Check Your FSA

If you have a Flexible Spending Account (FSA), be sure to spend any remaining funds before the end of the year to avoid losing them. FSAs typically come in three types: health care, limited-purpose (compatible with HSAs), and dependent care.

Some plans allow a small portion to roll over or offer a grace period into early 2025, but most require you to use the funds by December 31. Check with your employer to confirm your deadlines and eligible expenses, like medical co-pays, prescriptions, or child care.

2. Consider a Roth Conversion

If you’ve been debating converting a traditional IRA to a Roth IRA, now is the time to act. The deadline for a 2024 Roth conversion is December 31.

Why consider it now? If your retirement account balances are down, the tax bill on the conversion will also be lower, as it’s based on the value converted. You can transfer assets “in kind,” meaning no need to sell investments before converting, but you will owe taxes on the amount converted.

3. Maximize Contributions to Tax-Advantaged Accounts

Ensure you’re contributing as much as possible to accounts like 401(k)s, IRAs, and HSAs.

  • 401(k): For 2024, the contribution limit is $23,000, or $30,500 if you’re age 50 or older. The deadline for 401(k) contributions is December 31.
  • IRAs/HSAs: While contributions for 2024 can be made until the April 2025 tax filing deadline, HSA contributions made by December 31 through payroll deductions can avoid FICA taxes.

Pro tip: Use a year-end bonus to boost your retirement contributions or education savings in 529 plans, which may offer state tax benefits if funded by year-end.

4. Optimize Charitable Giving for Tax Savings

If you itemize deductions, consider making charitable donations by December 31 to reduce your 2024 tax bill.

  • Cash Donations: Deduct up to 60% of your adjusted gross income (AGI).
  • Appreciated Securities: Deduct up to 30% of your AGI and avoid paying capital gains taxes.

If you don’t normally itemize, try “bunching” donations. This strategy involves making several years’ worth of contributions at once to exceed the standard deduction in 2024. Donor-advised funds can help streamline this approach.

5. Don’t Forget RMDs if You’re 73 or Older

If you’re 73 or older, Required Minimum Distributions (RMDs) from traditional IRAs and certain retirement accounts are mandatory.

  • First RMD: Must be taken by April 1 the year after turning 73.
  • Subsequent RMDs: Must be taken by December 31 annually.

Avoid missing the deadline—there’s a 25% penalty for missed RMDs, though this can be reduced if corrections are made quickly.

6. Take Advantage of Tax-Loss Harvesting

Use tax-loss harvesting to sell investments at a loss to offset taxable capital gains.

  • Offset realized capital gains dollar-for-dollar.
  • Deduct up to $3,000 of investment losses against ordinary income ($1,500 if married filing separately).
  • Carry forward unused losses to future tax years.

Make sure you complete any loss-harvesting transactions by December 31 to apply them to your 2024 taxes.

7. Review Your Tax Withholding

If you’ve had significant changes in income, withholding adjustments may help avoid surprises come tax season. Use the IRS Tax Withholding Estimator to check if you need to fine-tune your withholding for 2025.

8. Plan for End-of-Year Expenses

Take stock of holiday expenses, travel, or any big-ticket items to avoid overspending. If you’re expecting a year-end bonus, create a plan for allocating it toward financial goals like debt repayment, savings, or investments.

Bonus Tax Hack to Get More Credit Card Points (from my friend Colin Stroud, Go Somewhere)

How I Earned 99,000 Chase Points from Paying My Taxes

This is what I call a next-level money move.

Here’s the situation: My wife needed a business credit card, and we also had a tax bill to pay. After some quick strategizing, we came up with a plan to turn this expense into a major points haul.

She applied for the Chase Ink Unlimited card, which has no annual fee and was offering a sign-up bonus of 90,000 points after spending $6,000 in the first 3 months. This card also earns 1.5% back on all purchases—including tax payments.

By using this card to pay $6,000 in taxes, we hit the spending requirement and earned:

  • 90,000 points for the sign-up bonus
  • 9,000 points from the 1.5% rewards on the $6,000 spent

That’s a total of 99,000 Chase points in one go.

Wait—You Can Pay Taxes with a Credit Card?

Yes, you can. The IRS allows credit card payments through third-party processors. The catch? There’s a small fee.

For this payment, we used a processor charging a 1.82% fee, which came out to $109 on a $6,000 tax bill.

Is It Worth It?

Absolutely. Here’s why:

  • For $109 in fees, we earned 99,000 points.
  • Those points can be redeemed for $4,000+ in travel when used strategically through Chase Ultimate Rewards (e.g., transferring to airline or hotel partners).

That’s a 36x return on the fee we paid.

Why You Should Consider This Hack?

If you have a tax bill (or any other large expense) and a great credit card offer, this is a fantastic way to maximize rewards. The key is ensuring:

  1. The processing fee is small compared to the value of the points.
  2. You can pay off the card balance in full to avoid interest charges.

So, why aren’t you doing this? It’s a simple and effective way to turn an unavoidable expense into major travel rewards!

Well Ladies that’s the 9 money moves you can make NOW. Remember, it’s Never Too Late to Plan

If you don’t check everything off your list this year, don’t stress—you can still take steps in 2025 to improve your finances (there’s several April 15, 2025 deadlines for 2024 like Roth IRA contributions). However, acting now can help you enter the new year feeling confident and prepared. But act quickly.

For personalized advice, consult a financial or tax advisor to see how these strategies (and others) could improve your financial outlook. I know a few who can hook you up. I can even hook you up with a complimentary financial or tax assessment. Email me: lynnt@herretirement.com or go to: https://herretirement.com/talk-to-a-retirementor

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You’re Either at the Table or on the Menu: Why Women Need a Voice in Financial and Retirement Planning

by BlogWealth

“You’re either at the table or on the menu.” This powerful quote resonates deeply in many areas of life, and financial and retirement planning is no exception—especially for women. For far too long, financial conversations have either sidelined or entirely excluded women, with the result that too many women find themselves at a disadvantage when it comes to long-term planning and retirement readiness.

In relationships, it’s common for one partner to manage most of the financial planning, but when that role falls predominantly on men, it often leaves women “on the menu” rather than “at the table.” This doesn’t mean that men are intentionally keeping women out, but rather that outdated norms, busy lives, and assumptions about roles can prevent women from fully participating in critical planning decisions.

Here’s why it’s crucial for women to have an active role in financial and retirement planning with their partner—and some tips to make it happen.

Why Women Need a Seat at the Financial Table

  1. Longevity
    On average, women live longer than men. This means that they’re more likely to face retirement on their own eventually. If a woman isn’t involved in planning decisions, she may not fully understand the financial landscape or feel confident managing it later on. Being part of the planning process ensures she knows where she stands and what she’ll need in the future.
  2. Financial Security and Independence
    Even in strong partnerships, life can throw unexpected curveballs. Divorce, illness, or the death of a spouse can drastically impact a woman’s financial situation. By being active in financial planning, women can build the knowledge and skills they need to remain financially secure and independent, regardless of life’s ups and downs.
  3. Alignment of Goals
    Retirement planning isn’t just about money—it’s also about lifestyle and goals. By participating fully, women can ensure their voices are heard when deciding how they and their partner envision their future, whether it’s traveling, spending time with family, or pursuing hobbies.
  4. Avoiding Common Financial Pitfalls
    When only one partner handles finances, it’s easy for the other to feel overwhelmed or uninformed. This can lead to costly mistakes or missed opportunities, especially when it comes to tax planning, investing, and Social Security benefits. A collaborative approach helps ensure both partners understand the risks, benefits, and details of their financial strategy.

Tips for Women to Be More Involved in Financial and Retirement Planning

If you’re ready to take a seat at the table, here are some practical tips to make sure your voice is part of every financial and retirement planning decision.

  1. Start the Conversation

It might feel awkward or uncomfortable, especially if financial conversations haven’t been a regular part of your relationship. But it’s essential to take that first step. Choose a relaxed time to bring it up and express your desire to be more informed and involved, framing it as a team effort rather than a challenge or critique.

  1. Educate Yourself

Take time to educate yourself on financial planning topics. From reading articles and books to attending workshops or classes, building your financial literacy will empower you in discussions with your partner. The more knowledgeable you are, the more confident you’ll feel about participating in financial decisions.

  1. Set Up Regular Financial Check-Ins

Establishing regular “money meetings” with your partner creates a natural rhythm for discussing finances. During these check-ins, you can review your budget, investments, goals, and retirement plan together. Make it a recurring calendar event, and ensure both of you come prepared.

  1. Work with a Financial Planner Together

A professional financial planner can be invaluable in helping you both understand your finances and build a solid retirement strategy. Look for a planner who values collaboration and understands the unique needs women may face in retirement. Meeting with a planner together also provides a structured way to discuss and align your financial goals.

  1. Discuss “What If” Scenarios

It’s important to plan for a range of possibilities. Discuss what might happen if one of you experiences a health issue, has to retire earlier than planned, or faces other unexpected life events. Ensure you both understand the impact of these scenarios and how to navigate them financially.

  1. Establish Shared Access and Transparency

Make sure you have access to all financial accounts, documents, and resources. Knowing where everything is, from bank accounts to investment portfolios, creates transparency and enables you to make informed decisions together.

  1. Create a Legacy Plan

Discussing end-of-life wishes and legacy planning may feel uncomfortable, but it’s essential. Make sure both of you are aware of wills, life insurance, healthcare directives, and any plans for leaving assets to loved ones. Knowing the plan will give you peace of mind and eliminate future confusion or stress.

  1. Advocate for a Plan That Reflects Your Shared Values

Retirement is as much about lifestyle as it is about finances. By taking an active role in planning, you can help ensure that the strategy you create reflects what you both truly want. Don’t be afraid to share your personal dreams for retirement—whether it’s traveling, spending time with family, or creating a fulfilling legacy.

The Bottom Line

You have the right to be at the financial planning table, to have your voice heard, and to make sure your future isn’t dictated solely by someone else’s vision. By being an active participant in your financial and retirement planning, you empower yourself to live a secure, independent, and fulfilling retirement.

In the end, it’s about creating a partnership that values and respects both perspectives. By taking a seat at the table, you ensure you’re not “on the menu” but rather an equal player in shaping your future. Take these steps now to build confidence and clarity around your finances and retirements goals—you’ll be glad you did.

Reach out to us for help from a “Retire”Mentor. We’ll make sure you’re at the table. Email us: retire@herretirement.com

 

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Balancing Today and Tomorrow: Enjoying Life Now While Saving for a Secure Retirement

by BlogRetirement Income PlanningWealth

Some financial experts, like David Bach and Danielle Roberts, argue that daily splurges, such as coffee purchases, can derail your retirement savings. According to Bach’s “Latte Factor,” the money spent on small luxuries can add up significantly over time, especially with compound interest, potentially creating a more secure financial future if invested instead. For instance, spending $30 a week on coffee, rather than investing it, could cost over $240,000 in missed savings by retirement age. This approach, promoted by personal finance platforms like Acorns, is meant to emphasize the power of small savings to boost long-term financial stability​.

Even Prudential’s recent “Latte Factor”-inspired ad, promotes the idea of achieving retirement security by cutting out small, daily indulgences. Their messaging suggests, “Every coffee you skip is one step closer to that future beach day, and every splurge you pass up is helping to build your dream castle.”

However, at Her Retirement we take a different stance. While retirement planning is crucial, we don’t believe that people should cut out all the “extras” that make life rich. Instead, we believe people should focus on building a practical financial plan that allows for both enjoyment today and preparation for tomorrow.

Balancing enjoying life now while saving for retirement can feel like a tightrope walk, but it doesn’t have to be! Here’s the thing: both goals are important, and with a bit of planning, you can achieve both without sacrificing too much of either. Let’s break it down into some practical steps:

  1. Prioritize What Makes You Happy Now

It’s tempting to think you need to cut all the “extras” to save for retirement, but that’s not true. Identify what genuinely brings you joy and energy in your current life. Is it traveling? A monthly dinner out? Helping out family? Once you know your “must-haves,” you can budget for them intentionally, giving you guilt-free enjoyment now while keeping your financial future in mind.

  1. Create a Balanced Budget

Think of your budget as a balance sheet for life happiness. Set aside money for everyday life and long-term goals. Start with essentials, add in those “must-haves” we talked about, and then funnel some savings toward retirement. A great tip is the 50/30/20 rule: 50% on needs, 30% on wants, and 20% toward savings, including retirement. Adjust the percentages if you need to — it’s about balance, not perfection.

  1. Set Up Automated Savings

Automating contributions to your retirement fund means you’re paying yourself first — a simple step that makes saving easy and less painful. Start with whatever amount feels comfortable, and increase it over time. This way, you’re consistently investing in your future without constantly having to think about it.

  1. Be Smart About Debt

High-interest debt, like credit cards, can be a real budget drain, limiting both your current lifestyle and future savings. Work on paying off debt strategically so you’re not spending tons on interest, freeing up more cash for both today and tomorrow.

  1. Plan for Some Financial Flexibility

Life happens, right? Build in some flexibility, like an emergency fund, so you’re not dipping into savings for every unexpected expense. This cushion gives you more freedom to enjoy life’s little moments while keeping long-term goals intact.

  1. Visualize the Future (Without Obsessing)

It’s easy to get overwhelmed by retirement planning — after all, it’s a big goal! But instead of letting it stress you out, try to get inspired by it. Think about what you want retirement to look like. Knowing what you’re working toward can make it feel like a fun challenge instead of a financial weight.

  1. Check In Regularly

Every few months, take a quick look at your budget, savings, and spending habits. Small adjustments now and then keep you on track without having to make drastic changes. It’s all about creating a balance that feels natural.

  1. Enjoy Life Along the Way

It’s easy to get so focused on retirement that you forget about the joy of today. Remember, a balanced approach means finding happiness now and later. So, spend time with friends, enjoy your hobbies, and create memories. After all, that’s what financial planning is for: living a life you love, today and tomorrow.

By taking these steps, you’ll get closer to that sweet spot between living for today and planning for tomorrow. Retirement planning isn’t about sacrificing everything; it’s about finding ways to create a life that’s fulfilling and secure, now and in the future.

Reach out to Her Retirement for help with walking the tightrope. We got you.

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