Benz suggests focusing more time setting financial goals and less micromanaging your investments.
Save early and often in the short term... invest for the long term.
Chrisitine Benz suggest:
- Consider Target Date Funds
- Keep Expenses Low - Under .5%
- Auto Contribute... Auto re-balance
- Hold Tax Efficient Investments in Taxable Accounts...Index Funds, Tax Free Munis, some individual Stocks
- Match your many financial goals to your investment accounts
- Determine your withdrawal strategy: when will SS be taken (Early, Normal, late), what will be your large one time expenses in retirement (weddings, healthcare events, vehicles, home purchase or renovation, etc), what are your financial goals in retirement (downsize home, relocate, travel,etc.)

Sometimes perfection really is the enemy of the good. Christine Benz, Morningstar’s personal finance and retirement guru, has come up with some “good enough” solutions for portfolios and financial plans that work well for most of us.

and,

FYI tax planning for TY2027:

The Saver’s Match is a federal program enacted as part of the SECURE 2.0 Act of 2022, and as set forth in Section 103. This law repeals and replaces current law, which provides a nonrefundable tax credit (“Saver’s Credit”) for certain individuals who make contributions to workplace retirement plans or to IRAs, with a federal matching contribution that must be deposited into a taxpayer’s IRA or qualified retirement plan.

https://rch1.com/savers-match
From Congress.gov:
Change to a Saver's Match

Yes, some Schwab transactions between the bank and the brokerage are a bit quirky.
When we were employed we had our salary "checks" electronically transferred to a checking account at the Home Savings branch one block from our SF home. Very convenient. Then Home failed and became JP Morgan Chase. After retirement our pension payments automatically continued to the JPM branch, so we had out SS payments sent there also, just to keep everything fairly neat.
Someplace along the line we also opened a Schwab brokerage account. The Schwab branch is just down the street from JPM, so that was cool.
Then, for some reason that I can't even remember, we got irritated with JPM. So we opened a checking account at Schwab, and set up an automated twice-monthly transfer fro the JPM checking account over to the Schwab checking account. So now JPM only has the use of that money for a very short time. That worked fine, but I noticed a significant delay between the time Schwab bank received the transfer and the time it became usable.
So I changed the transfer to Schwab brokerage, rather than Schwab bank. Bingo! Immediately usable, no delay. Immediately transferable to Schwab bank if needed for checking, no delay. Immediately available for transfer to Schwab MMKT, CDs, or other investments. All very smooth. Works fine, lasts long time.

We have been swapping US stocks for oversea stocks to diversify away from Mag 7 and AI stocks. My exposure to tech is through S&P 500 index for a number of years now. PRWCX made a sizable and late change toward Mag 7 stocks. Between the two, i chose the cheaper fund to cover tech sector. In addition, i am consolidating funds as i approach retirement. Goal is to have less a a dozen funds in a year from now.
On the bond end, we hope OSTIX will improve this year even though it trailed junk last year. David Sherman’s new fund, NRDCX excelled last year (much better than i anticipated). Pairing it with DODLX, my oversea bond funds are doing very well comparing to BNDX as the benchmark.

Lot of things that IRS or DOL allow aren't allowed by many retirement plans. Plan sponsors/committees have to act like fiduciaries. So, the plan rules are typically a subset of IRS/Treasury/DOL rules. That's a good thing.

Stable-Value (SV) Rates, 2/1/26
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 5.00%, RA 4.75%
Flexible RCP 4.25%, SRA 4.00%, IRA-101110+ 3.50%
(TIAA Declaration Year 3/1 - 2/28)
TSP G Fund pending (previous 4.250%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/2407/thread

Some EE bonds reach maturity after 17 or 20 years. They reach final maturity after 30 years. Only then are they automatically redeemed. Yes, it's confusing and much of what's written, even on the Treasury site, doesn't get it quite right.
Not all that different from Social Security talking about "full" retirement age, which is different from when you max out.

These EE bonds have 2 maturity dates
EE bonds that we issued from May 1997 through April 2005 have an original maturity date part way into the bond's 30-year life, as well as a final maturity date at the end of the bond's 30-year life.

Issue date of EE bond			Original maturity date
May 1, 1997 through May 1, 2003		17 years from issue date
June 1, 2003 through April 1, 2005	20 years from issue date

https://www.treasurydirect.gov/savings-bonds/ee-bonds/may-1997-through-april-2005/

@equalizer, Peter Lynch's original plan was to retire in 1987, but the crash of 1987 intervened, FMAGX had large redemptions, and Lynch didn't want to leave the fund with that situation. So, he delayed his early retirement to 1990 and fund AUM had stabilized by that time.

The official announcement, emphasis added on the transition piece.
Dear Leuthold research readers,
It is with heavy hearts that we share the news of the passing of Doug Ramsey, Leuthold’s Chief Investment Officer.  Doug died unexpectedly of a brain aneurysm. He is survived by his wife of more than 30 years, Diane; son Adam; and daughter Allie.
This year, we celebrated Doug’s 20th anniversary with The Leuthold Group, though our relationship with Doug extended back to the 1990s when he was first a research client. Doug’s encyclopedic memory and deep grasp of market history made him an ideal fit for The Leuthold Group.  In 2011, Doug became our CIO, leading our investment team and serving as a major contributor to our monthly research publication, Perception for the Professional. He helped build on the legacy of our founder, Steve Leuthold, and fostered a deep and loyal following through his sharp intellect, timely insights, and sense of humor.
Doug had an extraordinary ability to identify and articulate key market trends, bringing them to life through engaging commentary on topics such as the Major Trend Index, the All Assets No Authority (AANA) model, and his lighthearted “Bridesmaids” analysis on the momentum factors that can drive asset class performance.  His discipline and dedication to delivering meaningful market analysis—to clients and to a broader audience through scores of media interviews—were unrivaled. He also worked closely with and helped develop a talented investment team that will carry on his legacy.  Doug began his investment career in 1990 after receiving a master’s degree in economics from The Ohio State University, including stints at SCI Capital Management, Principal Global Investors, and others.  He joined us in 2005, working closely with Steve Leuthold for eight years before assuming the CIO role upon Steve’s retirement.
We are proud of the team members who have stepped up to fill in for Doug over the last few months as he worked through an apparently unrelated back injury. Our deep, long-tenured bench of investment professionals will continue to provide the research and portfolio management our clients rely on as we transition Doug’s responsibilities.
Please don’t hesitate to reach out to either of us or to others at The Leuthold Group with any questions. Doug will be missed by all who had the fortune of meeting him.
Sincerely,
Jeff Leadholm and John Mueller 
Co-CEOs 

https://www.sec.gov/Archives/edgar/data/1016073/000139834426001154/fp0097301-2_497.htm
497 1 fp0097301-2_497.htm
25 East Erie Street
Chicago, Illinois 60611
1-800-560-6111
Driehaus Event Driven Fund *DEVDX
SUPPLEMENT DATED JANUARY 26, 2026
TO PROSPECTUS, SUMMARY PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 2025
IMPORTANT NOTICE
The Board of Trustees of the Trust has determined to terminate and liquidate the Driehaus Event Driven Fund (the “Fund”). Shareholders who do not sell their shares of the Fund before the effective date under the Plan of Termination and Liquidation, currently expected to be March 27, 2026, will receive a liquidating distribution in cash equal to the amount of the net asset value of their shares. Thereafter, the Fund will be liquidated and dissolved, and all references to the Fund herein shall be removed.
Effective as of the close of business on February 2, 2026, the Fund is closed and will not accept any purchase orders. In connection with the termination of the Fund and as the Fund’s investment adviser deems appropriate, the Fund will begin the process of liquidating its portfolio securities and shareholders should be aware that the Fund will not be pursuing its stated investment objective or engaging in any business activities except for the purpose of winding up its affairs.
If you hold your shares in an IRA or other tax-advantaged retirement account, you should consult your tax advisor regarding the rules for reinvesting your liquidation proceeds. You generally have 60 days from the date you receive your proceeds to reinvest your proceeds into another IRA or other qualified retirement account to avoid treatment of the redemption proceeds as taxable income for the current year. You or your financial advisor must notify the Fund prior to March 27, 2026 of your intent to reinvest your IRA or other tax-advantaged retirement account to avoid withholding deductions from your proceeds.
For taxable shareholders, the liquidating distribution will generally be treated as a redemption of shares and such shareholders may recognize a gain or loss for federal income tax purposes. Shareholders should consult with their tax advisors for information regarding all tax consequences applicable to investments in the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
For more information, please call the Driehaus Mutual Funds at 1-800-560-6111.

Howdy folks,
As OJ pointed out, at our age, we had pretty much put our investments on Cruise Control. However, being a 'stacker' for some 70 years, AND a student of our own Gary Smith, I have been trained to look for divergences and explore them for opportunities to momentum invest. When silver diverged, the alarms and sirens around my house were disturbing the neighbors. Gee, it looked like New Year's Eve in NYC or Vegas. From my youth, I remembered, when it's time to party . . . pass the bong. Besides, at my age, who knows how many parties I'll have left so no Half-Stepping . . . just load the boat.
In my main retirement account, I'm up to 63% PMs. Granted, a lot of this is recent appreciation (which has resulted in nose bleeds for many). Historically, on this board, I had been recommending 3-7% for EVERYONE while All the major banks and advisors, scorned the metals. Now some are suggesting 20%. feh. I'm not rebalancing. No good options other than silver for gold.
My gains have been very obscene, in a delightfully orgasmic way. That said, I'm not spending my paper gains, just like I recommend against paper metals. The PMs could drop 20% tomorrow like they did in 1980 and 2011. While I don't believe that will happen based upon the fundamentals, WTF do I care, I bought my first roll of Silver Eagles at $4/oz.
The fundamentals all point to a continued bull market. There are so many facets to the demand equation, they have to take a number. Sovereign wealth funds, Central banks, debasement trade, Sell America, TACO trade, Industrial demand, speculation, CYA, and so forth. The Supply equation is equally crowded. Mining limitations, international strategic export restrictions, hoarding and stockpiling, etc. And, unlike gold, when silver is used in many applications, it's effectively destroyed.
So, I'm long up to my eyebrows and staying that way for the foreseeable future.
And so it goes,
peace,
rono

I'll add this video by Rob Berger as he does a nice job of the overall strategies to consider in retirement.

Why does the bucket strategy feel right to me? I need to spend a bit more time wrestling with the results of this paper.

The Study:
BucketApproach.pdf

im curious about the age of steve romick and about his retirement plans. im considering buying the fund but dont want to buy it if he is retiring in a few years. if he left i dont think the fund would be a good fund without him

https://www.sec.gov/Archives/edgar/data/1545440/000158064226000260/westwoodfunds497e.htm
497 1 westwoodfunds497e.htm 497
January 14, 2026
WESTWOOD QUALITY MIDCAP FUND
Institutional Shares Ticker Symbol: WWMCX
WESTWOOD QUALITY ALLCAP FUND
Institutional Shares Ticker Symbol: WQAIX
Each A Series of Ultimus Managers Trust
Supplement to the Prospectuses and Statement of Additional Information
dated February 28, 2025, as supplemented
Effective immediately, Westwood Quality AllCap Fund and Westwood Quality MidCap Fund (each, a “Fund” and collectively, the “Funds”), each a series of Ultimus Managers Trust (the “Trust”), have terminated the public offering of their shares and will discontinue their operations effective February 24, 2026. Shares of the Funds are no longer available for purchase and, at the close of business on February 24, 2026, all outstanding shares of the Funds will be redeemed at net asset value (the “Transaction”). Prior to the liquidation date, Shareholders of the Funds may exchange their holdings for another fund in the Trust as outlined in the Funds’ prospectus.
The Board of Trustees of the Trust (the “Board”), in consultation with the Funds’ investment adviser, Westwood Management Corp. (the “Adviser”), determined and approved to discontinue the Funds’ operations based on, among other factors, the Adviser’s belief that it would be in the best interests of the Funds and their shareholders to discontinue the Funds’ operations. Through the date of the Transaction, the Adviser will continue to waive investment advisory fees and reimburse expenses of the Funds, if necessary, in order to maintain the Funds at their current expense limits, as specified in the Funds’ current Prospectus.
In connection with the Transaction, the Board directed that: (i) all of the Funds’ portfolio securities be liquidated in an orderly manner not later than February 24, 2026; and (ii) all outstanding shareholder accounts on February 24, 2026 be closed and the proceeds of each account, less any required withholding, be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the Funds’ portfolio holdings will be reduced to cash or cash equivalents. Accordingly, going forward, shareholders should not expect the Funds to achieve their stated investment objectives.
Shareholders may redeem all or a portion of their shares of the Funds on any business day prior to the Transaction as specified in the Funds’ Prospectus.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds into another IRA or qualified retirement account; otherwise, the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding the Funds or the Transaction, please call the Funds toll free at 1-877-FUND-WHG (1-877-386-3944).
Investors Should Retain this Supplement for Future Reference.
1
January 14, 2026
WESTWOOD QUALITY ALLCAP FUND
Ultra Shares Ticker Symbol: WQAUX
A Series of Ultimus Managers Trust
Supplement to the Prospectus and Statement of Additional Information
dated February 28, 2025, as supplemented
Effective immediately, Westwood Quality AllCap Fund (the “Fund”), a series of Ultimus Managers Trust (the “Trust”), has terminated the public offering of its shares and will discontinue its operations effective February 24, 2026. Shares of the Fund are no longer available for purchase and, at the close of business on February 24, 2026, all outstanding shares of the Fund will be redeemed at net asset value (the “Transaction”). Prior to the liquidation date, Shareholders of the Fund may exchange their holdings for another fund in the Trust as outlined in the Fund’s prospectus.
The Board of Trustees of the Trust (the “Board”), in consultation with the Fund’s investment adviser, Westwood Management Corp. (the “Adviser”), determined and approved to discontinue the Fund’s operations based on, among other factors, the Adviser’s belief that it would be in the best interests of the Fund and its shareholders to discontinue the Fund’s operations. Through the date of the Transaction, the Adviser will continue to waive investment advisory fees and reimburse expenses of the Fund, if necessary, in order to maintain the Fund at its current expense limits, as specified in the Fund’s current Prospectus.
In connection with the Transaction, the Board directed that: (i) all of the Fund’s portfolio securities be liquidated in an orderly manner not later than February 24, 2026; and (ii) all outstanding shareholder accounts on February 24, 2026 be closed and the proceeds of each account, less any required withholding, be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the Fund’s portfolio holdings will be reduced to cash or cash equivalents. Accordingly, going forward, shareholders should not expect the Fund to achieve its stated investment objectives.
Shareholders may redeem all or a portion of their shares of the Fund on any business day prior to the Transaction as specified in the Fund’s Prospectus.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds into another IRA or qualified retirement account; otherwise, the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding the Fund or the Transaction, please call the Fund toll free at 1-877-FUND-WHG (1-877-386-3944).
Investors Should Retain this Supplement for Future Reference.

Investors often have an understandable but ultimately irrational fascination with "better" vs. "worse" as a binary value. If they lose money on an investment, they will often wait to break even (not be worse off) before selling a clunker. Whether an investment beats its benchmark by 1% in half the years and underperforms by a few basis points in the other half (a superb overall achievement) or the reverse doesn't matter by this metric.
Jeff provides better insight when comparing long term performance with volatility of excess performance. Volatility is not a binary value.
It's not surprising that funds with the best (and worst) long term performances have the highest volatility. Index huggers with their low excess return volatility would be expected to fall within the middle quartiles of performance. OTOH, even funds that are in the top decile year after year won't beat their bogies by a similar amount each year. They'll likely be more volatile. And the worst performers are their mirror images.
But is volatility vis a vis benchmark performance even what investors care about? When @DrVenture writes of possibly wanting lower volatility in retirement portfolios, is the good doctor thinking of excess volatility vs. a volatile market or absolute volatility? I suspect the latter.
If the whole market is down 40% when retirement money is needed, is one really going to be happy that one's investment is down "only" 30%, even though that's a 10% outperformance?
Finally, I agree with @Observant1 (lumpy fund performance) and Jeff's conclusion that:
"long-term winners often take a circuitous route to outperformance, perhaps topping their indexes over a span of a year or two, then lagging, only to resume their winning ways."
Look at VPMAX. Out of the ten calendar year M* reports (including 2026) it outperformed the index in five and underperformed in five. And three consecutive years of abysmal performance (2019-2021).
As of the end of 2024 it had a ten year performance that was half a percent (annualized) below its benchmark (per prospectus). As of Jan 12, its ten year performance is nearly a percent above its benchmark (per M*). Showing that snapshots in time of "lumpy" funds may be meaningless. Even long term snapshots.

In my experience, the funds that have the best long term results are the most volatile. So, consistency is not something that I require in my high performers. Maybe for a retirement portfolio, I may prefer it. Something for me to consider.

Thought this article, from Fidelity, would be appropriate for this thread.
bear-market-discipline

Their Retirement Plan:
After talking it over with their advisor, Jordan and Shawna decided to invest $1 million in a diversified, professionally managed account. "When devising a plan for a client, we start by evaluating their needs," says McAdam. "We want to know what their goal is and what it is they’re saving for, so we can better understand their tolerance for risk. When we can determine how much money they might need to achieve that goal, that helps us design a portfolio that’s equipped to help them reach it." Based on Jordan and Shawna’s expected needs, the couple determined that they would need to withdraw $40,000 in the first year of retirement to fund their lifestyle and planned to increase their withdrawal amount by 2% each year, to account for inflation.
Market Turns Bear-ish the First Year of Their Retirement Plan:
Jordan and Shawna’s million-dollar investment runs headfirst into the 2008 financial crisis. In the very first year of their retirement, Jordan and Shawna watched their portfolio—their hard-earned savings—lose more than 30% of its value. And after withdrawing the $40,000 to pay their day-to-day expenses, they were left with about $650,000 and a feeling of unease about what the future might hold for them and their portfolio.

Hatred can make people irrational. Hatred and anger can be funneled in the wrong direction - and Trump has done this extremely well.
The MAGA 40% are so angry at the world that losing their own health benefits and their meager retirement benefits takes a back seat. Lower their standard of living? Meh. The hatred simply rules all.
It's chilling in that this kind of manipulation is difficult to correct/unwind. Thus the cult-like atmosphere in certain parts of the US. Very sticky and very destructive.

If you had bought GLOFX a while ago you would be laughing now to see it running ahead of the 500 these past 12 months.
I have a modest slice in the taxable I bought in 2022. Dumping it from the IRA in the quest for "simplification" was one of the dumber things I have done with my retirement investments recently.

Same. I was in it probably 10 years ago and sold out ... should have just set it and forgot about it. Wish they'd make an ETF version of it, though.