Summary

• Market Update
• Clichés for Investing
• Benefits Roundup: Medicare & Retirement Plans
• College Planning Gift Ideas
• Super Agers

Market Update

November started out looking like a month not to remember, as the government shutdown continued, concerns mounted about the Federal Reserve backing away from interest rate reductions, technology stocks sank, and crypto prices cratered.

By mid-month asset price declines were mounting: US large company stocks were down by 4%; technology stocks had fallen by 9%; and Bitcoin had dropped by 23%.

However, the mood in the market became more positive as the month lengthened, perhaps helped by a holiday hiatus and the arrival of year-ahead forecasting season.

Wall Street research departments are delivering their best guesses for what might happen in the next twelve months. And many forecasters look for another year of double-digit returns for stocks in 2026.

By the time November drew to a close, many asset classes had posted modestly positive returns.

Here’s a snapshot of financial market performance for the month of November and Year-to-Date (YTD):

Source: Moore Financial Advisors & Morningstar

Clichés for Investing

I love a good cliché. So, let’s not beat around the bush. Let’s bite the bullet, cut to the chase, and talk turkey: some investors are really worried that we’re in the calm before the storm.

In conversations with clients during the past month, I’ve detected a higher than usual level of anxiety.

Perceived pernicious policy priorities pursued by the current administration, along with highly polarized politics and debased social dialogue are amping up concerns about what comes next.

The propensity to extrapolate is natural. If part of the picture (political-social) seems out of focus or out of whack, shouldn’t that eventually affect other parts (economic-financial) of the landscape? Possibly, but also neither necessarily nor probably.

But looking at the horizon through economic and financial market lenses, the outlook appears to be fairly constructive as we approach 2026.

For inveterate worrywarts (a group of which I am a card-carrying member), here are some recent economic and financial observations to keep in mind:

• Jobs: the labor market is healthy; the Department of Labor’s weekly jobless claims data signals a labor market that is neither cracking or overheating; some economists describe the current situation as “no-fire, no-hire” and “softer”, which, though different from the exceptionally strong demand for labor situation after the pandemic, still remains supportive for the economy
• Income: wage gains for workers are expected to continue in 2026 according to surveys conducted by groups like Payscale and Mercer, likely in the range of 3.0% – 3.5%, down slightly from 2025 (but outpacing inflation); Goldman Sachs expects real disposable personal income (a broader measure of spending power than wage gains) to grow more than 4% in 2026
• Loan Delinquencies: about 5% of the US population is experiencing third-party collections (being pursued by an independent agency to recover overdue debts) which quite low by historical standards and an indication of consumer health
• Trade: the US-led trade war started in March and accelerated in April; but trade deals were signed with different countries over the summer and into the fall, stabilizing trade relationships and improving prospects for economic growth
• Demand: a recent study by the San Francisco Fed shows that strong economic activity and strong demand for goods and services accounts for the majority of price growth in the economy; this is an improvement over the post-pandemic situation, where inflation was primarily a function of supply chain issues and supply shocks
• Taxes: The nonpartisan Congressional Budget Office estimates that changes in tax law are likely to boost economic growth by nearly one percentage point in 2026.
• Profitability: US companies, in aggregate, remain very profitable; in Q3-2025, large US companies grew earnings by 12% compared to a year ago; the delayed impact of lower interest rates will be supportive for company profits in 2026; and high profitability is generally supportive of stock prices

Regarding investments, many asset prices are unquestionably high. We’ve experienced three strong years of stock market returns: 26% in 2023, 25% in 2024, and 18% year-to-date in 2025.

While lofty stock market levels present some potential vulnerability for portfolios, it’s important to keep in mind that pullbacks and corrections are a normal part of investing.

In Q1 2023, stocks dropped by 9%. From mid-July to mid-August 2024, stocks declined by 8.5%. In 2025, stocks hit a new all-time high in February and then proceeded to fall 19% by early April.

Crises that lead to deep bear markets and long-term asset impairments thankfully occur once in a blue moon.

Part of my approach as a financial advisor is to keep my ear to the ground for behavior, developments, and situations that may sow the seeds of the next crisis.

There are a few situations that I am keeping my eye on, including:

• outsized borrowing by giant technology companies to fund AI-related investments
• the push by large investment firms to “democratize” access to private investments
• recent appearance of fraudulent activity (including at Tricolor and First Brands) that have resulted in sizable corporate bankruptcies

But for now, investors likely will be well-served to continue to go with the flow, and there is a reasonably good chance that in December 2026 we’ll be able to say, “all’s well that ends well”.

Medicare & Retirement Plans Roundup

Information about Medicare premiums and retirement plan contribution limits for 2026 was recently determined by the Centers for Medicare & Medicaid Services and the Internal Revenue Service.

The bottom line is that Medicare recipients will pay more for their benefits next year, and those saving for retirement will be able to set aside more in tax deferred savings. The following roundup provides the updated information.

Medicare

The basic Medicare Part B (medical insurance) monthly premiums will rise to $202.90 for 2026, up from $185 for 2025.

But upper-income seniors will have to pay even higher Part B and Part D (prescription drug coverage) premiums if their modified adjusted gross income for 2024 exceeded $218,000 for joint filers and $109,000 for single filers.

For Part B coverage, seniors pay the $202.90 basic monthly premium plus a surcharge, depending on income.

For Part D coverage, the average monthly premium lands somewhere between $40 - $45 (costs vary significantly by plan) plus a surcharge, depending on income.

The tables below summarize the impact for upper income Medicare premiums.

Source: Centers for Medicare & Medicaid Services (cms.gov)

Some individuals may qualify for a Medicare premium surcharge waiver.

People whose financial circumstances have changed since 2024 because of divorce, retirement, death of a spouse, or other major life-changing event may apply for relief.

You can request relief by filing Form SSA-44 with the Social Security Administration.

Retirement Plans

Key dollar limitations on retirement plans and accounts are rising in 2026; summary points are provided below.

401(k) Plans

• Contribution limit increases to $24,500, up $1,000 from 2025
• People born before 1977 can put in an additional $8,000 “catch up” contribution
• For people ages 60-63, the catch-up amount is $11,250
• Change for catch-up contributions: starting in 2026, if you are age 50 or older and your income exceeds $150,000 in 2025, your catch-up contributions must be made post-tax to a Roth 401(k)

SIMPLEs

• Contribution cap on most SIMPLEs rises to $17,000
• People born before 1977 can put in an additional $4,000 “catch up” contribution
• For people ages 60-63, the catch-up amount is $5,250

IRAs

• Contribution limit for traditional IRAs and Roth IRAs increases to $7,500, up $500 from 2025
• People born before 1977 can put in an additional $1,100 “catch up” contribution
• Income ceilings on Roth IRAs go up: contributions phase out for 2026 at adjusted gross incomes of $242,000 to $252,000 for couples filing jointly, and $153,000 to $168,000 for single filers and heads-of-households
• Tax deduction phaseouts for traditional IRAs are at higher income levels in 2026: from AGIs of $129,000 to $149,000 for couples covered by workplace retirement plans; $81,000 to $91,000 for single filers and household heads covered by such plans; if only one spouse is covered by a plan, the phaseout for deducting contributions for the uncovered spouse starts at $242,000 of AGI and ends at $252,000 of AGI
• The Qualified Charitable Distribution (QCD) cap is $111,000, up $3,000 from 2025; people 70 ½ and older can transfer up to $111,000 from an IRA directly to charity; QCDs count as part or all of your yearly Required Minimum Distribution (RMD), but they are not taxable and are not added to your AGI or modified AGI

Gift Ideas for College Planning Families

This time of year, many of us are trying our best to be thoughtful and giving to both to our own families and those in need. This is a wonderful thing!

In the article that follows, our colleague Donna Cournoyer shares some ideas about what parents can give to college-bound children, and what college-preparing high schoolers might consider for their parents.

Hint: It’s not what you think.

Your first thoughts might be: 529 contributions, cash, a new laptop, a university sweatshirt, money for books, dorm supplies, part-time job earnings, and more.

While all these items are important for both college students and their parents, I have something other things in mind—and they are free.

Time

The gift of time is a wonderful thing, always.

For college planning families, making the time to sit down together and focus on your college plan during this busy holiday season is truly valuable.

It is usually a time when both parents and students have a bit of time off from their regular work and school commitments and the world slows down to celebrate. (After the hectic lead up to your holiday schedule!)

Midway through the school year is also a good point for students to refocus on what is coming up in spring; SAT/ACT, college visits, creating the college list, and much more.

Making the effort to set a time for a detailed discussion as a family, rather than hope to be able to fit some time in this season, can be very beneficial to preparing for upcoming college planning items to be sure you stay focused and on track, and less stressed.

Consideration

When you are making your way through the college planning process, be sure to consider other points of view.

Students: Your parents are doing their best to provide a college education for you that comes at a cost. It is not easy to save and navigate both financing and finding the right fit for you at a college where you will connect and flourish. While it is often stressful to plan for college, try to be considerate of the commitment your parents are making to set you up for success.

Parents: Your students are likely as stressed as you, but in a different way. We all know the pressures related to what peers are doing; to getting good grades; to getting accepted; and generally to performing well in high school.

Your students will have ups and downs and may need a bit of a break or extra consideration at times as they try to do their best.

Perfection is not usually necessary to be a good candidate for college admission. Being considerate of your approach as you work together will go a long way toward facilitating this long-term process and having it unfold as smoothly as possible.

Dedication

Showing up for the process is key. Doing your best amid the emotional and complex process of college planning helps you both in the long run.

Parents and Students should commit to items that need to be taken care of, including:

• researching colleges
• estimating costs
• finding a college with the right “fit”
• scheduling open-house visits
• contacting admissions reps
• putting in study time
• attending college fairs
• getting involved
• working on college essays
• beginning and completing college applications
• considering majors
• thinking about post-college study or work

This is just a sample of what goes into college planning, and it can seem like a lot!

Start early and break down your planning into small, digestible steps and dedicate yourself to keeping up with the plan, within reason. Again, this will go a long way in the long run.

Patience

Finally, patience. We all know by now that this college process is one of the biggest investments and life events for families.

The more you find ways to stay calm, and be consistent in your preparation and approach, the more you can enjoy the excitement of this hard-earned and well-deserved milestone!

High school years are packed with more activities and events than ever before. Combine that with the fast-paced, news-bombarded world we live in, and it is important to take a breath. Literally.

Do whatever works best for you to gain peace of mind and remain calm - and keep it going.

Students and parents: You are both doing your best. Try to keep that in mind when unexpected things come up or when pressure builds. It is inevitable, but not unsurmountable.

Keeping a peaceful approach may seem optimistic, but if you try your best to keep your patience with each other and remember not to aim for perfection, or sweat the small stuff, you do have a perfect chance of making it to and through your college years!

Super Agers

Dr. Eric Topol’s Super Agers: An Evidence-Based Approach to Longevity is an exploration of what it means to age well.

Known for his ability to make complex medical concepts accessible, Topol examines the biological, genetic, and lifestyle factors that contribute to exceptional longevity.

One of the book’s greatest strengths is its balance between evidence and actionable advice. Topol delves into topics like genomics, immune system resilience, and the role of artificial intelligence in personalized health, but he consistently ties these concepts back to everyday habits that readers can implement.

Topol organizes the science of healthy aging around five key dimensions or pillars that work together to extend health span rather than just lifespan: Lifestyle+, Cells, Omics (personal biological data that lays the foundation for individualized medicine), Artificial Intelligence, and Drugs & Vaccines.

Unsurprisingly, Lifestyle+ is the foundational pillar and includes exercise (with an emphasis on strength training), nutrition, sleep and environment.

Topol emphasizes that many extra healthy years can be gained through consistent physical activity, Mediterranean-style eating, restorative sleep, and minimizing harmful environmental exposures. Social connection is also part of Lifestyle+, because isolation accelerates aging.

For those curious about how to improve your health span and age with vitality, Topol’s book is a good resource.

Best regards,

Rob, Susan, Donna & Alex