Starting the new year is more than a time for resolutions it’s a powerful moment to align your financial life with what matters most to you and your family, The opportunity in new-year planning The past several years have been unusually strong for markets even with periods of volatility mixed in Many investors have benefited from double‑digit equity gains and rising account balances — but that strength can quietly distort portfolios tax exposure and even day‑to‑day spending patterns if you “set and forget” your plan At the same time tax rules are…, 1 Turn generosity into strategy, For many households charitable giving is the most personal line item in the plan — and one of the most flexible from a tax standpoint The mechanics matter There are three primary ways to give, Cash gifts, The simplest approach writing a check or making an online donation, Appreciated securities, If you hold stock in a taxable account that has grown significantly you can donate shares directly instead of selling them first The charity can sell the position without owing tax while you may receive a deduction for the full fair market value and avoid realizing the embedded gain yourself, Qualified charitable distributions (QCDs from IRAs, If you’re at least 70½ you can direct part of your IRA — including required minimum distributions (RMDs once those begin — straight to a qualified charity The amount sent directly to charity is excluded from your taxable income potentially lowering your overall tax bill Medicare surcharges and the taxation of Social Security These tools become even more important given the upcoming change in 2026…, 2 Maximize tax-advantaged savings while you still can, The start of a new year is also a checkpoint for tax‑deferred and tax‑free savings — areas where a few timely adjustments can compound for decades, Workplace retirement plans, In 2026 employees can contribute up to a specified annual limit to 401(k or 403(b plans with additional catch‑up contributions available beginning at age 50 and again in the early 60s, IRAs and Roth IRAs, For those with additional savings capacity traditional and Roth IRAs can add flexibility Roth IRAs are particularly compelling for younger earners in lower tax brackets they contribute after‑tax dollars today in exchange for potentially tax‑free withdrawals in retirement Parents and grandparents can even help fund Roth IRAs for teens and young adults who have earned income up to the lesser of the…, Health Savings Accounts (HSAs, HSAs are often called a “triple tax advantaged” account — and for good reason Contributions are tax deductible in the year you make them Growth inside the account is tax‑free Withdrawals for qualified health expenses are tax‑free Beyond that there’s a powerful lesser‑known strategy if you have the capacity to pay current medical expenses out of pocket you can save your receipts and let your HSA…, 3 Use education planning to build family legacy , For families with children or grandchildren 529 plans remain one of the most effective ways to save for education In Illinois contributions to Bright Start or Bright Directions 529 plans are eligible for a state income tax deduction and all qualified withdrawals for education expenses are tax‑free at the federal level Two strategic ideas drawn from client conversations, Front‑loading contributions -, Because compounding works best with time contributing more in the first five to ten years of a child’s life can significantly increase the amount available for college even if total dollars contributed are the same Some grandparents for example choose to concentrate their gifts in early years rather than spreading a smaller amount evenly over 18 years, Broadening who can give -, You don’t have to be a parent to contribute Friends extended family and even colleagues can add to an existing 529 plan often using a unique contribution code provided by the plan This makes 529 contributions a meaningful alternative — or complement — to traditional holiday and birthday gifts Education planning is ultimately about more than covering tuition it’s a way to signal priorities across…, 4 Rebalance risk while markets are strong, Strong markets can feel reassuring They can also quietly push your portfolio far from the risk level you originally intended When you first built your investment plan you likely set a target asset allocation — for example 70% stocks and 30% bonds But if stocks have delivered double‑digit gains for several years while bonds have grown more modestly your portfolio might now be closer to 80/20 or…, 5 Make smart long-term tax moves — not just this years , Year‑end “tax planning” often gets reduced to scrambling for deductions In reality some of the most powerful strategies stretch over years or even decades, Required minimum distributions (RMDs, Once you reach a specified age — currently 73 scheduled to rise to 75 in future years under existing law — you must begin taking minimum distributions from traditional IRAs and certain employer plans The first year’s RMD is roughly 4% of the account balance and increases gradually over time Missing an RMD can lead to significant penalties so it’s critical to •    Confirm whether you are subject…, Tax‑loss harvesting, In years when markets are down or when specific holdings have declined it may be possible to harvest losses by selling positions that are worth less than what you paid Realized capital losses can offset realized gains elsewhere and up to a portion of ordinary income each year with unused losses carrying forward indefinitely Even in strong markets some investors holding individual stocks still…, Roth IRA conversions, Another multi‑year lever is converting part of a traditional IRA into a Roth IRA When you convert the amount moved is taxed as ordinary income in the year of conversion but future growth and qualified withdrawals from the Roth are tax‑free Conversions can be particularly compelling in Years when your income is temporarily lower — for example after retiring but before RMDs and Social Security…, 6 Step back Build your personal balance sheet, Beyond accounts and tactics true financial wellness depends on clarity One of the most impactful new year exercises is also one of the simplest building — or updating — a personal balance sheet That means Listing all of your assets (accounts real estate business interests Listing all of your liabilities (mortgages student loans credit cards lines of credit Ensuring at least one trusted person…, 7 From checklist to conversation, Checklists are useful conversations are indispensable Many of the strategies above — charitable giving retirement savings rebalancing tax planning and debt management — overlap and interact in ways that are unique to your life stage family structure income and values 2026 offers a natural pause to ask Is my portfolio still aligned with my risk comfort and time horizon Am I taking full advantage…

Aging populations are a global phenomenon It is estimated that the global population of individuals over age 60 will grow from 12% to 22% by 2050 primarily as a result of increasing lifespans, 1, Every day 10000 American baby boomers reach their full retirement age of 65 and it is estimated that by 2030 all boomers will be age 65 or older, 2, The aging of the population is creating serious conversation around the topic of retirement as individuals try to figure out if and how they would like to transition from their primary careers into a retirement period that may be much longer and different than those experienced by prior generations The decision to retire has become more complex as a result of the elimination of guaranteed pension…, Step 1 Develop your financial self-efficacy, Financial self-efficacy is the belief that you can achieve and succeed financially Although you may have the financial resources to retire a lack of confidence regarding your ability to financially succeed in retirement can lead to anxiety that may limit your fun and enjoyment during this exciting stage of life Research studies show that financial planning plays a key role in developing financial…, Step 2 Develop your retirement identity, We spend our early and middle age years developing skillsets and building our work identities Working Americans spend more time engaged in their careers than any other activity Over time our personal and professional identities become tightly woven together Your community frequently knows you as a physician accountant teacher or employee at a certain company The immediate disconnection of work…, Step 3 Further expand your social network, Work has several non-financial benefits such as socialization At the end of a 25+ year career it is common to have a meaningful part of your social interactions come through work affiliations When you retire your friends and colleagues may not be as accessible due to their own career demands Prior to retirement it may be helpful to develop social relationships that will provide you with…, Conclusion, In conclusion the decision to retire involves a myriad of life style changes challenges and opportunities Comprehensive financial planning the ability to define your “new self” outside of a work environment and the ability to develop new social relationships will all impact your successful transition from your career to your new adventure in retirement Your Mesirow Wealth Advisor can help you…, Published January 2025, 1 https//wwwwhoint/news-room/fact-sheets/detail/ageing-and-health#~text=In%202020%2C%20the%20number%20offrom%2012%25%20to%2022%25 2 https//wwwcensusgov/library/stories/2019/12/by-2030-all-baby-boomers-will-be-age-65-or-olderhtml

Malina Murray joined the firm in 2022 and is currently an Investment Management Analyst in the direct real estate investment business Malina supports asset management and will provide portfolio analytics support  Malina received her Bachelor of Science in Business Administration from Florida A&M University Prior to joining the direct real estate group Malina was an Investment Management…

Manabu Ogi is a Managing Director on the Mesirow Capital Formation and Currency Solutions team based in Tokyo Japan He leads the Mesirow Japan team responsible for the marketing and distribution of the firm’s private capital and currency capabilities to institutional investors and investment consultants across Japan  Prior to joining Mesirow in 2026 Manabu was the advisor at the Daiwa JPI…

There are few topics in currency risk management that are more polarizing than the most basic question should currency risk be hedged Much less controversy exists about the need to hedge emerging market currencies Many analysts and investors believe that hedging emerging market currencies is unnecessary They offer various reasons currency return is zero over the long term the cost of carry is too…

October 1 2025, Hedging and speculation with currency futures - understanding the basics , Why currency futures matter Since September 2024 the US dollar’s value has followed a wild and bumpy path reaching a peak in January 2025 on post-election optimism surrounding tax reform and deregulation but then declining roughly 12% by early July (Figure 1  In fact a drop this dramatic for the first half of the year hadn’t been seen since 1973 (when the US was in the midst of the Watergate…, Exchange, Trading hours (local hours, CME Sunday 500 pm – Friday 400 PM CT daily break 400–500 pm ICE Sunday 800 pm – Friday 5 pm ET Eurex Typically 8 am – 10 pm CET SGX Hours can change slightly for different currency pairs  US dollar/Chinese yuan 725 am – 555 pm SGT  evening session 615 pm to 515 am SGT Source Exchanges The exchanges offer trading platforms but traders may also access futures markets through platforms such as…, Characteristic, Futures, Forwards, Counterparty risk Low (exchange-backed collateral High (some mitigation mechanisms Trade amount Standard contract sizes Custom amounts Trading venue Exchange Over the counter - no physical location Delivery date Standard Negotiated Collateral Always required Sometimes required Settlement Daily collateral adjustments On value date Delivery Usually cash settled Physical currency exchange Source…, F = S * (1+ ibc / (1+iqc, where F is the futures price S is the spot rate ibc is the base currency interest rate and iqc is the quote currency interest rate  See this spot and forwards article for more information about base and quote currencies and an example using values in the CIRP equation Most currency futures are cash settled If you don’t want to take delivery (like a truckload of wheat you simply close out the…, Speculation risk, | Leveraged losses can trigger a margin call a demand by the futures exchange to post more collateral , Event risk, | Geopolitical shocks such as the Russian invasion of Ukraine or economic data releases can make currency exchange rates exceptionally volatile, Basis risk, | A futures price that doesn’t perfectly converge with the spot price at the future’s expiration can lead to a discrepancy between the expected hedging outcome and the actual result, Counterparty risk, | Significant in the OTC forwards market this is a minimal risk in futures because the exchange acts as a central counterparty to all trades effectively guaranteeing the terms of the contract, Liquidity risk, | The difficulty of entering or leaving a position because of an inadequate number of buyers or sellers can be a problem with low-demand currency pairs Low trading volumes can lead to slippage the difference between the expected price and the actual price  Currency futures can be a valuable tool for managing currency exposure and expressing market views However prudent risk management is…, Explore more currency insights, Monetary futures Stablecoins leap ahead of CBDCs, China India and the EU press on with CBDCs but the US bets big on private crypto innovation READ ARTICLE, Stablecoins prepare to enter mainstream payments, President signs legislation to regulate payment stablecoins but how stable are they READ ARTICLE