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Bill Reichenstein, Ph.D. - Baylor University . Waco, TX, US

Bill Reichenstein, Ph.D. Bill Reichenstein, Ph.D.

Professor Emeritus of Investments | Baylor University


Dr. Reichenstein researches Social Security benefits, how retirees can lengthen the longevity of financial portfolios and other tax issues



Bill Reichenstein, Ph.D. Publication Bill Reichenstein, Ph.D. Publication Bill Reichenstein, Ph.D. Publication Bill Reichenstein, Ph.D. Publication



loading image loading image William Reichenstein, Ph.D., finance management, Baylor University's Hankamer School of Business loading image


William Reichenstein 2.mp4 Social Security Strategies: Optimizing Retirement Benefits Adding portfolio value by considering the impact of taxes



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.

Industry Expertise (4)

Capital Markets

Investment Management

Financial Services


Areas of Expertise (6)

Social Security

Financial Planning

Retirement Investing

Tax-based Investment Strategies


Wealth Management

Accomplishments (1)

Reader's Choice Award - Financial Analysts Journal Graham & Dodd Awards of Excellence (professional)


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 (12)

Popular Stocks That Hedge Funds Are Buying

WalletHub  online


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.

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That Extra Penny in Retirement Income Can Really Cost You

The Wall Street Journal  online


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.

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Social Security Changes Coming in 2021

U.S. News & World Report  online


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.

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Should You Consider Early Retirement in a Recession?

The Wall Street Journal  online


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.

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How to Prepare for a No-to-low 2021 Social Security COLA

The Street  online


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.

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Business Review - Tailored for Success

KWBU-FM  radio


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.

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What the Social Security COLA for 2020 Means For You

U.S. News & World Report  online


Social Security expert William Reichenstein, Ph.D., Professor Emeritus of Investments, is quoted in this article about Social Security changes coming in 2020.

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A Plan to Save Social Security Without a Tax Hike on the Wealthy

Think Advisor  online


Q&A with Social Security expert William Reichenstein, Ph.D., Professor Emeritus of Investments in Baylor’s Hankamer School of Business, about his new research assessing Social Security reform proposals and his own plan to restore health to the system.

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Baylor Mourns Passing of Dr. James M. Tipton, Retired Finance Professor

Media and Public Relations  online


Baylor University is mourning the passing of James M. Tipton, Ph.D., retired professor of finance, insurance and real estate, who taught for 29 years in the Hankamer School of Business. Dr. Tipton passed away July 23.

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Why it may pay off to double up tax deductions this year

The Wall Street Journal  


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...

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Why you should base asset allocations on aftertax dollars

The Wall Street Journal  


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...

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International investments: Bite the bullet?

Bankrate  print


In order to get a better grasp on the risk and reward of international investments in a wishy-washy market, we asked William Reichenstein, CFA, Ph.D., to provide us with his insight. Reichenstein holds the Pat and Thomas R. Powers Chair in Investment Management at Baylor University. He is the author of "In the Presence of Taxes: Applications of After-Tax Asset Valuations," and he co-authored "Integrated Investments & the Tax Code" with William Jennings ...

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Articles (2)

Tax-Efficient Withdrawal Strategies

Financial Analylsts Journal

2015 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.

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Two Key Concepts for Wealth Management and Beyond

Financial Analysts Journal

2012 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.

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