Bill Reichenstein, Ph.D.
Professor Emeritus of Investments | Baylor University
Waco, TX, UNITED STATES
Dr. Reichenstein researches Social Security benefits, how retirees can lengthen the longevity of financial portfolios and other tax issues
Media
Publications:
Documents:
Videos:
Audio/Podcasts:
Biography
Dr. William Reichenstein, CFA, is Professor Emeritus of Investments at Baylor University. He is Head of Research at Social Security Solutions, Inc, a firm that developed software to help individuals decide when to begin Social Security benefits (www.ssanalyzer.com) and Income Solver, Inc., a firm that helps retirees tax-efficiently withdraw funds from their financial portfolio (www.incomesolver.com).
He has published more than 180 articles and several books, including In the Presence of Taxes: Applications of After-tax Asset Valuations, FPA Press (August 2008) and with William Meyer Social Security Strategies, 3rd Edition.
His recent work concentrates in two areas. First, when should individuals begin Social Security benefits? Second, how can we add value to client accounts using the tax code? His research advocates calculating an individual’s after-tax asset allocation that compares after-tax fund across savings vehicles (e.g., 401(k), Roth IRA, and taxable accounts). His research also has implications for the asset-location decision among other issues.
He is a member of Wall Street Journal’s “The Experts” panel.
Areas of Expertise (6)
Social Security
Financial Planning
Retirement Investing
Tax-based Investment Strategies
Finance
Wealth Management
Accomplishments (1)
Reader's Choice Award - Financial Analysts Journal Graham & Dodd Awards of Excellence (professional)
2013-02-14
The Graham and Dodd Awards were created in 1960 to recognize excellence in research and financial writing and to honor Benjamin Graham and David L. Dodd for their enduring contributions to the field of investment analysis.
Education (2)
University of Notre Dame: Ph.D.
St. Edward's University: B.A.
Media Appearances (18)
Avoid the 'Social Security Torpedo' and 3 Other Tips to Slash Your Tax Bill in Retirement
Barron's online
2024-07-21
William Reichenstein, Ph.D., Emeritus Professor of Finance at Baylor, is quoted in this article about how to avoid the social security “tax torpedo” and other tips to reduce taxes in retirement.
How Roth Conversions Can Reduce Sting Of Social Security, Medicare Hikes
Financial Advisor online
2022-07-20
Baylor Emeritus Finance Professor and Social Security expert William Reichenstein, Ph.D., shares advice in this article about how married couples could significantly lower their joint lifetime income taxes and reduce their joint lifetime Medicare premiums by doing Roth conversions while both are alive.
4 Key Social Security Claiming Strategies For Widows
Financial Advisor online
2022-06-29
William Reichenstein, Ph.D., Professor Emeritus of Finance at Baylor and an expert on Social Security benefits issues, offers four claiming strategies, which he said should provide guidance for financial advisors when determining the best strategy to maximize a widow’s surviving lifetime benefits.
William Reichenstein: Avoiding Tax Headaches in Retirement
Morningstar online
2022-04-26
AUDIO: William Reichenstein, Ph.D., professor emeritus of investments, discusses tax-efficient withdrawals, Social Security-filing decisions and how to dodge the 'tax torpedo' in this podcast.
New Strategy Links Social Security, IRA Withdrawals, Minimizes Taxes In Retirement
Financial Advisor online
2021-11-01
William Reichenstein, Ph.D., professor emeritus of investments, is featured in this article explaining a strategy Reichenstein assisted in developing that lowers an individual’s taxes in retirement.
Social Security Changes Coming in 2022
U.S. News online
2021-10-13
William Reichenstein, Ph.D., Professor Emeritus of investments, is quoted in this article on upcoming Social Security changes.
New Strategy Links Social Security, IRA Withdrawals, Minimizes Taxes In Retirement
Financial Advisor online
2021-10-01
William Reichenstein, Ph.D., emeritus professor of investments, is referenced in this article on how social security payments and withdrawals from tax-deferred accounts can be coordinated throughout retirement to lower an individual’s taxes.
Research Roundup
Retirement Income Journal online
2021-09-30
William Reichenstein, Ph.D., emeritus professor of investments, explains “tax torpedos” that strike certain unwary Social Security recipients and how to avoid them.
A Woman’s Guide to Making the Most of Social Security
The New York Times online
2021-07-02
William Reichenstein, Ph.D., professor emeritus of investments at Baylor, is quoted in this article about how getting the most out of Social Security is crucial for many older single women, as well as for divorced women and widows.
Popular Stocks That Hedge Funds Are Buying
WalletHub online
2021-03-11
William Reichenstein, Ph.D., professor emeritus of finance, provides tips for individual investors and discusses the sectors that are expected to grow the most in the coming years in this article about what hedge fund managers are buying, selling and holding, especially during these times of economic uncertainty.
That Extra Penny in Retirement Income Can Really Cost You
The Wall Street Journal online
2020-10-15
Baylor Social Security and retirement expert William Reichenstein, Ph.D., professor emeritus of finance, is quoted in this article about how retirees' qualified charitable deductions can reduce the income that determines their Medicare bracket.
Social Security Changes Coming in 2021
U.S. News & World Report online
2020-10-14
Social Security expert Bill Reichenstein, Ph.D., emeritus professor of finance at Baylor, is quoted in this article about important adjustments coming in 2021 that could affect the Social Security payments you receive or how much you pay into the system.
Should You Consider Early Retirement in a Recession?
The Wall Street Journal online
2020-10-08
Social Security expert Bill Reichenstein, Ph.D., emeritus professor of finance at Baylor, is quoted in this article about strategies for workers offered buyouts to adjust their financial plan to minimize potential damage.
How to Prepare for a No-to-low 2021 Social Security COLA
The Street online
2020-07-27
Bill Reichenstein, Ph.D., CFA, Professor Emeritus of Investments, provides research estimates on the 2021 Social Security Cost-of-Living Adjustment (COLA), Hold-Harmless Provision and Pay Part B Premiums.
Business Review - Tailored for Success
KWBU-FM radio
2020-02-13
On this episode of Business Review, Professor Emeritus of Investments William Reichenstein, Ph.D., discusses how finding employment after the age of 50 is sometimes difficult due to being over qualified.
What the Social Security COLA for 2020 Means For You
U.S. News & World Report online
2019-10-15
Social Security expert William Reichenstein, Ph.D., Professor Emeritus of Investments, is quoted in this article about Social Security changes coming in 2020.
Why it may pay off to double up tax deductions this year
The Wall Street Journal
2016-12-16
Taxpayers worried about the potential loss of tax savings from itemized deductions from tax reform next year may want to consider doubling up this year. In a double-up strategy, a taxpayer–single or married–would combine (that is, double up) itemized deductions in the same year and then take the standard deduction in the adjacent year. My wife and I have used this tax-saving strategy for more than a decade. And based on proposed tax reforms, some taxpayers could benefit from the strategy this year...
Why you should base asset allocations on aftertax dollars
The Wall Street Journal
2016-09-05
There is wide agreement that the choice of asset allocation is an investor’s most important decision. But I offer a little disagreement on how to go about it: You should calculate your asset allocation using an aftertax framework, not the traditional approach. Consider an investor, Ann, who has $200,000 in a taxable account (a.k.a., brokerage account), $200,000 in a Roth IRA, $600,000 in a tax-deferred account like a 401(k) or traditional IRA. The taxable account and Roth contain stocks, while the tax-deferred account contains bonds...
Articles (2)
Tax-Efficient Withdrawal Strategies
Financial Analylsts Journal2015 The authors considered an individual investor who holds a financial portfolio with funds in at least two of the following accounts: a taxable account, a tax-deferred account, and a tax-exempt account. They examined various strategies for withdrawing these funds in retirement. Conventional wisdom suggests that the investor should withdraw funds first from the taxable account, then from the tax-deferred account, and finally from the tax-exempt account. The authors provide the underlying intuition for more tax-efficient withdrawal strategies and demonstrate that these strategies can add more than three years to the portfolio’s longevity relative to the strategy suggested by the conventional wisdom.
Two Key Concepts for Wealth Management and Beyond
Financial Analysts Journal2012 Asset allocation is profoundly influenced by at least two underappreciated concepts. First, tax-deferred accounts—for example, 401(k)s—are like partnerships in which the investor owns (1 – tn) of the partnership principal and the government owns the remainder, where tn is the marginal tax rate when the funds are withdrawn. Second, the government shares in both the return and the risk of assets held in taxable accounts. The authors discuss these concepts’ implications for wealth management.
