If you had a friend who was diagnosed with cancer, would you recommend she see an oncologist with 35 years of experience or an oncologist who finished their fellowship three years ago?
This was the question that my high school buddies and I were arguing about at our semi-annual retreat. How do you weigh the value of wisdom and experience vs. a more current education (latest thinking), but a lack of deep experience?
At the conclusion of our upcoming workshop on Tuesday, October 21st, I will have had the pleasure of conducting live interviews with two of the top financial writers in the world. Bill Bengen is age 78, and Burton Malkiel is age 93. I only bring this up in the context of my conversation with my high school buddies and who you should turn to for advice.
During one session at last month’s workshops, I interviewed Bill Bengen, the originator of the 4% safe withdrawal rate — which he recently upped to 4.7%* — and the author of A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More (Wiley, 2025). As I have said in previous articles, this is potentially life-changing and important research.
If you didn’t attend our September workshops, you will have another opportunity to hear some of Bill’s advice and recommendations (which we recorded) during our next webinar to be held on October 21, 2025.
The extra special draw for the October webinar will be a live interview via Zoom with Burton Malikel, the famous economist who wrote, among many other books, 13 editions of A Random Walk Down Wall Street (W.W. Norton & Company, Inc., 1973 - 2024) which has sold over 1.5 million copies. An invitation to that webinar is included inside this newsletter. I wouldn’t miss this opportunity for a deep look at investing in the current market with all its uncertainties.
The conversation with my buddies has also sparked some self-reflection on the workings within our office. We have a combination of grizzled veterans and younger professionals in both the marketing department and on the CPA/number crunching team.
For instance, Steve Kohman, who has been with the company for 29 years, loves to share his wisdom and experience and gives weekly lessons to our other CPAs. I like to think I have given both the CPAs and the marketing team the benefit of my experience. The younger members of the team have introduced new ways of thinking about processes and incorporating some of the data analysis power of AI. But I will not presume that a younger “expert” armed with the latest training and the latest software will come up with a better Roth IRA conversion recommendation than Steve Kohman or anyone else on our team for that matter.
One of the problems with AI when it comes to “running the numbers” is that it can be unclear where every number comes from. There is also highly respected Roth conversion software available that isn’t AI-based but also doesn’t include “workpapers.” We can’t recreate the numbers it calculates, so we don’t use it. We are CPAs who grew up with workpapers, and we will not make a recommendation without knowing and understanding exactly how everything was calculated.
I was a little late coming to AI and now I love it, but I recognize it has plenty of limitations. We need to value experience but keep open minds to new ideas and new ways to do things. I believe our clients really benefit from both generations working together. We are lucky to have such a great team.
* Bill’s Assumptions for 4.7% Safe Spending Rate
- Defined withdrawal plan.
- Defined planning horizon, usually 30 years.
- Use of retirement accounts for withdrawals.
- $0 dollars are left at the end of life (planning horizon).
- Well-diversified portfolio of seven different asset classes with 55% stock, 40% bond and 5% cash.
- Periodic rebalancing of portfolio.
- Acceptance of market returns vs. beating the market.
- Periodic withdrawals throughout the year.
- High inflation.
- High market valuation.
**How Jim Arrived at the 17.5% Raise from 4.0% to 4.7%
Assume a $1 million portfolio.
$1,000,000 x 4.0% = $40,000; $1,000,000 x 4.7% = $47,000;
$47,000 (new number) — $40,000 (old number) = $7,000;
The difference of:
$7,000 ÷ $40,000 (old number) = 17.5%,
(the amount of the raise in retirement income)
Should You Stay in the Market…
If You Think Trump’s Chaotic Policies Will Tank the Economy?
Session One Offers a Rare Opportunity to Hear Burton Malkiel
Live from New Jersey via a Zoom interview with Jim!
Attend Jim Lange’s Workshops for FREE this October. Reserve Your Seats Today!
Tuesday, October 21, 2025
Session One features special guest Burton Malkiel, Author,
A Random Walk Down Wall Street (two million copies sold).
Register to attend 1, 2, or all 3 Free Webinars
Session 1 of our three webinars will feature a live interview via Zoom with the pre-eminent economist Burton Malkiel. He has published 12 books on topics spanning international finance, tax policy, money and banking, alternative investment markets, and emerging economies. But his primary focus has been on the stock market and optimal investment management.
Burton will address current investment fads and critically analyze cryptocurrencies, NFTs, and meme stocks. Malkiel reveals how to be a tax-smart investor and how to make sense of recently popular investment management techniques, including factor investing, risk parity, and ESG portfolios. Perhaps most importantly, he will address the concerns of investors who fear President Trump will wreck the economy and want to know if they should get at least some, if not all, of their money out of the market.
Special Alert! Session One Offers a Rare Opportunity to Hear Burton Malkiel Live from New Jersey via a Zoom Interview with Jim!
Jim has developed his own questions for Burton but if you plan to attend, please feel free to email your specific questions for Burton to Requests@PayTaxesLater.com.
Session One: 10:00AM - Noon (Eastern)
Should You Stay in the Market if You Think
Trump’s Chaotic Policies Will Tank the Economy?
James Lange, CPA/Attorney will interview Burton Malkiel about responsible strategies to address investors’ anxiety about the future of the economy and the market in the wake of the turbulence from Trump’s policies and actions. There is no topic more critical for your retirement security. This is an unprecedented opportunity to hear directly from Burton.
In addition, Burton and Jim will address seven key issues raised in
A Random Walk Down Wall Street:
1. Are financial markets broadly efficient?
2. Prices are often “wrong” - should we attempt to profit from the mispricing?
3. Is successful investing simple?
4. Does index or passive investing mean mediocre returns?
5. What is the biggest challenge investors face?
6. What should you do when the stock market gets scary.
7. How critical is periodic rebalancing.
Session Two: 1:00 PM – 3:00 PM (Eastern)
If You Retired Tomorrow, How Much Could You Afford to Spend?
Hear highlights from Jim Lange’s exclusive September 18, 2025, interview with Bill Bengen, the originator of the 4% safe withdrawal rule, and why he has increased his recommendation to 4.7%. Bill’s new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More (Wiley, 2025) was just published.
Most advisors quote Bill’s 4% number when prospective retirees ask, “How much will I be able to spend annually if I retire now?” Bill just updated his recommendation of 4% to 4.7%** which equates to a 17.5%* increase in safe portfolio withdrawal. (Please see assumptions below).
The classic Bill Bengen “safe withdrawal rate” is the percentage of your retirement savings you can withdraw each year—adjusted annually for inflation—without running out of money over a 30-year retirement. Under Bengen’s original research, a retiree with $1 million could withdraw 4% ($40,000) in the first year. His updated research suggests 4.7% ($47,000) in the first year—if you follow his specific portfolio and assumptions.**
Jim will also address other safe spending concerns such as:
- What if you have a shorter or longer life expectancy?
- How can you optimize Social Security for greater security and income
- What is the impact of annuitizing?
- What tax reduction strategies will contribute to a greater income and greater legacy?
- Should you take the equity in your home into consideration of how much money you can safely spend, and if so, how much?
Assume a $1 million portfolio.
$1,000,000 x 4% =$40,000;
$1,000,000 x 4.7% = $47,000;
$47,000 (new number) ― $40,000 (the old number) = $7,000;
The difference of: $7,000 divided by $40,000 (old number) = 17.5%,
the amount of the raise in retirement income.
**Bill’s Assumptions for 4.7% Safe Spending Rate
1. Defined withdrawal plan.
2. Defined planning horizon, usually 30 years.
3. Use of retirement accounts for withdrawals.
4. $0 dollars are left at the end of life (planning horizon).
5. Well-diversified portfolio of seven different asset classes with 55% stock, 40% bond and 5% cash.
6. Periodic rebalancing of portfolio.
7. Acceptance of market returns vs. beating the market.
8. Periodic withdrawals throughout the year.
9. High inflation.
10. High market valuation.
Session Three: 3:30 – 5:30 PM (Eastern)
Roth Conversions After the OBBBA: New Opportunities and New Pitfalls: How to Make the Most of 2025’s Tax Landscape
Led by James Lange, CPA/Attorney with Guests: Jen Hall, CMA, CPA, CFP, CRPC and Dominic Bonaccorsi, CPA, CRPC
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, permanently extends the federal income tax reductions set by the 2017 Tax Cuts and Jobs Act (TCJA), which were previously scheduled to sunset at the end of this year. Get the most up-to-date guidance on adjusting your conversion strategy for maximum tax efficiency under the new rules.
In this session, Jim Lange and his guests will cover classic principles of Roth IRA conversions (with additional support from two “number-crunching” CPAs who work with Jim), plus seldom used and little-known advanced Roth conversion techniques.
In this session, you'll discover:
- Key tax provisions of the OBBBA that affect Roth conversions, retirement withdrawals, charitable giving, and estate planning.
- Classic peer-reviewed concepts.
- Proactive multi-year tax planning: How to develop the ideal long-term Roth IRA conversion plan for today’s tax policy environment.
- Optimal timing for Roth conversions: The peer-reviewed math behind the best timing strategies.
- Advanced Strategies:
- Tax-free conversions: How to convert after-tax dollars in IRAs and other retirement plans to Roths at no cost.
- Shift a portion of your taxable investments—such as IRAs and other retirement plans—into the tax-free accounts of Roth IRAs, Roth 401(k)s, and 529 plans for your children and other family members. Note: This strategy could, in some cases, be more beneficial to your heirs than making Roth IRA conversions in your own accounts.
- Advanced Strategies:
About Your Presenter: James Lange, CPA/Attorney
Jim is the author of 10 best-selling financial books including Retire Secure for Professors and TIAA Participants, which features a foreword by Burton Malkiel. The book has received 73 glowing reviews on Amazon. Jim has been quoted 36 times in The Wall Street Journal. Jim is also a regular contributor to Forbes.com.
Attend Jim Lange’s Workshops for FREE this October. Reserve Your Seats Today!
Tuesday, October 21, 2025
Session One features special guest Burton Malkiel, Author,
A Random Walk Down Wall Street (two million copies sold).
Register to attend 1, 2, or all 3 Free Webinars
Valuable Bonus Gift: Yours FREE
When You Attend Any Session!
Bonus: Register today, attend, and you will qualify to receive a free hardcover copy of Jim’s 472-page book, Retire Secure for Professors and TIAA Participants, the best book Jim and his team has ever written. The advice in this book is applicable for all IRA and retirement plans owners.
Disclaimer: Lange Accounting Group, LLC offers guidance on retirement plan distribution strategies, tax reduction, Roth IRA conversions, saving and spending strategies, optimized Social Security strategies, and gifting plans. Although we bring our knowledge and expertise in estate planning to our recommendations, all recommendations are offered in our capacity as CPAs. We will, however, potentially make recommendations that clients could have a licensed estate attorney implement.
Asset location, asset allocation, and low-cost enhanced index funds are provided by the investment firms with whom Lange Financial Group, LLC is affiliated. This would be offered in our role as an investment advisor representative and not as an attorney.
Lange Financial Group, LLC, is a registered investment advisory firm registered with the Commonwealth of Pennsylvania Department of Banking, Harrisburg, PA. In addition, the firm is registered as a registered investment advisory firm in the states of AZ, FL, NY, OH, and VA. Lange Financial Group, LLC may not provide investment advisory services to any residents of states in which the firm does not maintain an investment advisory registration. Past performance is no guarantee of future results. All investing involves risk, including the potential for loss of principal. There is no guarantee that any strategy will be successful. Indexes are not available for direct investment. If you qualify for a free consultation with Jim and attend a meeting, there are two services he and his firms have the potential to offer you. Lange Accounting Group, LLC could offer a one-time fee-for-service Financial Masterplan. Under the auspices of Lange Financial Group, LLC, you could potentially enter into an assets-under-management arrangement with one of Lange’s joint venture partners.
Please note that if you engage Lange Accounting Group, LLC and/or Lange Financial Group, LLC for either our Financial Masterplan service or our assets-under-management arrangement, there is no attorney/client relationship in this advisory context.
Although Jim will bring his knowledge and expertise in estate planning to this workshop and to the meetings, it will be conducted in his capacity as a financial planning professional and not as an attorney. This is not a solicitation for legal services.