Opher Ganel
Baltimore
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Articles by Opher Ganel
How Financial Advice Can Be Right, Yet Dangerously Wrong for You
What this article covers Financial advisors and experts weigh in on why accurate financial information isn’t always safe to act on — and how to recognize when advice that sounds right for everyone may be wrong for you. If you’re anything like me, anytime you need to make a significant financial decision, especially one you aren’t already intimately familiar with, you start researching. What’s the best mortgage rate you can get? What’s the best auto loan interest rate you can get?
High-Earning New Yorker? You’re Probably Overpaying State Income Tax
What this article covers Financial planners, tax professionals, and advisors who work with high-earning New Yorkers explain the four decisions that do the heaviest lifting on state and local taxes — and the costly mistakes that even sophisticated filers make. If you live in New York and have a decent income, you know that New York taxes are expensive. Really expensive.
Just Had a Baby? Steps Financial Advisors Say Help Most
What this article covers Financial advisors share the moves that actually help new parents reduce stress, protect their family, and build stability during one of life’s most financially and emotionally demanding transitions. When my then-wife and I brought our first child home from the hospital, both our moms were there to help us settle in. Then, when evening came, they left. We looked at each other with matching “deer in headlights” expressions, realizing it was all up to us now.
Is a Reverse Mortgage Right for You? Advisors Weigh In
What this article covers Financial advisors weigh the real pros, cons, and emotional complexities of reverse mortgages — and offer a practical framework for deciding whether tapping home equity is the right move for your retirement. It can be a financial lifeline for struggling retirees. Or it can turn out to be an expensive trap.
High Massachusetts State Taxes? The Mistake Many High Earners Make
What this article covers Massachusetts advisors explain how one-time income events — RSU vests, business sales, large Roth conversions — can unexpectedly trigger the state’s 4% millionaire tax surcharge, and why proactive timing is the only reliable way to avoid the damage. Massachusetts has one of the country’s heaviest state tax burdens.
Life Insurance for Seniors: Smart Protection or Costly Mistake?
What this article covers Financial advisors don’t agree on whether seniors need life insurance — and that disagreement reveals something useful. Here’s a practical framework for deciding whether coverage makes sense for your situation, and what questions to ask before you buy. Life insurance is a tricky subject. It forces us to confront something most people prefer not to think about: our mortality. And as we get older, the issue feels much less theoretical.
Retirement Mistakes That Can Cost More Than Market Crashes
What this article covers Financial advisors explain the subtle tax, withdrawal, Medicare, and Social Security traps that can permanently reduce retirement income and flexibility — and why avoiding them requires a more coordinated approach than most DIY investors expect. I’ve been a financial DIYer for decades, pretty much my entire adult life. And for most of those decades, it felt pretty straightforward. Save as much as I can, while also enjoying life in the present.
Do Money Habits That Build Wealth Actually Limit Retirement?
What this article covers Financial advisors explain why the saving habits that build wealth often make retirement harder to enjoy — and how to recalibrate so you can spend with confidence without sacrificing long-term security. It took some doing. After 20+ years in academia, a notoriously underpaid career choice, followed by a brief stint as an employee in a small engineering services company, I started my own one-person consulting practice.
The Best Recession Prep? It’s Not About the Markets
What this article covers Financial advisors explain why recession-proofing your finances has little to do with predicting markets — and everything to do with reducing fragility, building margin, and making good decisions before economic stress arrives. Every once in a while, recession fears dominate headlines. And many people obsess over this kind of doomsday-peddling.
High-Earning New Yorker? You’re Probably Overpaying State Income Tax
If you live in New York and have a decent income, you know that New York taxes are expensive. Really expensive. According to the Tax Foundation, New York has the highest per-capita state and local tax collection of any state, at $12,685, more than 78% higher than the national average. And that’s just the average New York tax burden. For high earners, it’s far higher, especially when you stack federal, state, and, if you live in the five boroughs, New York City (NYC) taxes.
Should You Pay Off Your Mortgage Before Retiring? What Financial Advisors Say
Ask ten financial advisors whether you should pay off your mortgage before retiring, and you’re likely to get ten different answers — and all of them might be right, depending on your situation.
Behind on College Savings Benchmarks? Financial Advisors Explain What Actually Determines Your Outcome
If you’ve ever pulled up a college savings calculator and felt an immediate knot in your stomach, you’re not alone — and you’re probably not as far behind as you think. The benchmarks that investment firms publish are useful planning tools, but they’re built on assumptions that rarely match any real family’s situation, and they say nothing about what actually determines whether families reach a good outcome.
How High Earners in California Reduce Their State Tax Bill (Without Leaving the State)
California’s top state income tax rate of 13.3% doesn’t discriminate — it applies to wages, bonuses, investment gains, and business sale proceeds alike. But while every high earner in California faces the same tax code, not all of them pay the same amount. The ones who keep more aren’t doing anything illegal, and they don’t have access to secret strategies unavailable to others.
What Financial Advisors Say Most Families Miss About Caring for an Aging Parent’s Finances
Most people don’t think of themselves as a financial caregiver until suddenly they are one. Whether it’s a parent who can no longer manage investments after losing a spouse, or a sibling whose finances have quietly become unmanageable, stepping into this role is rarely something families plan for. And that’s exactly the problem.
You Don’t Have to Be a Millionaire to Owe a Millionaire Tax — Here’s How to Protect Yourself
The phrase “millionaire tax” conjures a clear mental image: someone with a yacht, a second home, and a net worth that most people will never approach. But the reality of how these taxes actually work is far more complicated and far more likely to affect people who don’t fit that picture at all. In states like California, Massachusetts, New York, and Washington, these taxes are triggered by a single year of income exceeding $1 million, regardless of your net worth or what you normally earn.
Moving to a No Income Tax State: Is It Really Worth It?
If you live in a high-tax state like California, New York, or Maryland, the idea of moving somewhere with no state income tax like Florida or Texas probably sounds like an obvious financial win. And for some people, it genuinely is. But the mistake most people make isn’t moving to a no-income-tax state, it’s treating a complex, life-altering decision as if it has a simple, single-variable answer.
Is a Financial Advisor Worth It? The Bigger Question Is What It Costs You Not to Have One
You can manage your own investments. Millions of people do — and some do it quite well. But “can you do it yourself?” has never been the most important question. The better question is: What might it cost you not to have help?
10 Tips That Could Help Reduce Your Maryland Income Tax
If you live in Maryland, you’re already paying some of the highest taxes in the country, but chances are, you’re paying even more than you have to. Most residents only think about taxes when it’s already too late to do anything about them: at filing time, when the decisions are already made and the opportunities are gone. The good news? With the right deductions, credits, and a little proactive planning throughout the year, you could keep thousands more of your hard-earned dollars.
You’ve Saved $1 Million. Do You Really Need a Financial Advisor Now?
You’ve hit $1 million… now what? That milestone puts you ahead of most Americans your age, but it also changes the game in ways you might not expect. The biggest risk is no longer saving too little; it’s making less-than-optimal decisions with what you’ve built. So should you stick with the DIY approach that got you here, or is it time to bring in professional help? The answer isn’t as simple as your net worth.
Could This Hidden Money Leak Sink Your Retirement Plan?
You can do everything “right” with saving and investing and still fall short of your retirement goals. The real threat isn’t one big mistake, but a series of small, easy-to-miss decisions that quietly drain your future wealth over time. Here’s how those leaks happen and how to stop them before they cost you years of retirement. If you’re like most people who think ahead, including me, you focus on how much you save for retirement. Then, you focus on investing for growth (without taking crazy risks).
The Most Dangerous Years of Retirement
About the Author Opher Ganel, Ph.D. My career has had many unpredictable twists and turns. A MSc in theoretical physics, PhD in experimental high-energy physics, postdoc in particle detector R&D, research position in experimental cosmic-ray physics (including a couple of visits to Antarctica), a brief stint at a small engineering services company supporting NASA, followed by starting my own small consulting practice supporting NASA projects and programs.
Does Your 401(k) Cost More Because of Your Employer?
Why your employer’s retirement plan may cost you nearly 30% of your savings (and what to do about it) It won’t make you wealthy overnight, or even in a decade. However, a well-funded 401(k) plan can very well get you to work optional status over a career, or even in 20 years or less, as mine did for me. That is, if fees don’t quietly eat away much of your retirement plan balance along the way. Retirement researchers often highlight a striking rule of thumb.
Which Account Type Really Wins for Pre-Retirees?
Traditional, Roth, HSA, or taxable account – which maximizes after-tax income and legacy? Now that I’m mostly retired and have most of our nest egg in traditional tax-deferred accounts, I find myself wondering if I made a mistake. With Required Minimum Distributions (RMDs) looming, will those decades of tax deferral come back to haunt me? We did maximize our Health Savings Account (HSA), but should I have put less into tax-deferred accounts and more into Roth or taxable instead?
How Employers Made Funding Retirement Entirely Our Problem
It used to be employers’ problem. Now it’s ours… Until the start of the 401(k) plan, in the 1980s, most American workers relied on three things for retirement: Social Security, funded jointly by employees and employers, each paying in an amount that started at 1% of employee wages in the 1930s, and is now 6.2% each. Defined benefit pensions, funded by employers, with payouts based on employees’ length of employment with the specific employer, and their final salary.
Roth Conversion: Smart Tax Strategy or Overly Expensive Bet?
About the Author Opher Ganel, Ph.D. My career has had many unpredictable twists and turns. A MSc in theoretical physics, PhD in experimental high-energy physics, postdoc in particle detector R&D, research position in experimental cosmic-ray physics (including a couple of visits to Antarctica), a brief stint at a small engineering services company supporting NASA, followed by starting my own small consulting practice supporting NASA projects and programs.
Social Security Timing? Avoid the Trap Retirees Can Run Into
You’re asking the wrong question; ask this instead! I see it everywhere, and I’m sure you’ve seen it too. “Delay claiming Social Security to age 70. It’ll grow your guaranteed benefits by 24%!” If you’re asking, “When should I claim Social Security to get the most money?” delaying is often good advice, and sometimes even excellent advice. But it can lead you into a trap that even smart retirees fall into. When to claim is the wrong question to ask first.
How to Safely Spend More Money in Retirement
About the Author Opher Ganel, Ph.D. My career has had many unpredictable twists and turns. A MSc in theoretical physics, PhD in experimental high-energy physics, postdoc in particle detector R&D, research position in experimental cosmic-ray physics (including a couple of visits to Antarctica), a brief stint at a small engineering services company supporting NASA, followed by starting my own small consulting practice supporting NASA projects and programs.
10 Retirement Planning Pitfalls That Derail Even Smart People
About the Author Opher Ganel, Ph.D. My career has had many unpredictable twists and turns. A MSc in theoretical physics, PhD in experimental high-energy physics, postdoc in particle detector R&D, research position in experimental cosmic-ray physics (including a couple of visits to Antarctica), a brief stint at a small engineering services company supporting NASA, followed by starting my own small consulting practice supporting NASA projects and programs.
Still Renting? You’re Not Behind. You’re Using Gen Z’s New Financial Playbook
A practical guide to turning delayed homeownership into long-term financial freedom A stalled dream? For many young adults today, the “American Dream” feels just like that, a dream. Median home prices are 5.6× the median household income, higher than ever in modern history. As a result, saving for a 20% down payment can take over a decade. Meanwhile, mortgage rates still hover over 6%, pushing monthly payments up, and “locking in place” the 52% of homeowners sitting on sub-4% mortgage rates.
Gen Z’s American Dream: Why Old Financial Rules Fail and How to Win Anyway
Gen Z’s Update to Their Parents’ Playbook Turns Small Wins into Lasting Wealth Scroll through social media and you’ll find a flood of financial bad news, not to say doom and gloom, when it comes to Gen Z.
Gen Z’s American Dream: Why Old Financial Rules Fail and How to Win Anyway
Gen Z’s update to their parents’ playbook turns small wins into lasting wealth Press enter or click to view image in full size Scroll through social media and you’ll find a flood of financial bad news, not to say doom and gloom, when it comes to Gen Z.
Revenge Saving: Your Practical Protest Against a Rigged Game
In the immediate aftermath of the COVID pandemic, many (if not most) of us went on a spending spree driven by pent-up demand and fueled by financial injections from the government. We spent a lot, especially on things COVID prevented: trips, eating out, and mall shopping, to name a few. The motto of that time may as well have been “YOLO, on steroids.” Then reality came knocking on our metaphorical doors.
Should You Fire Your Parents’ Financial Advisor When They’re Gone?
You just inherited $500k or more, part of a $124 trillion (!) coming wealth transfer. Here’s what to consider when deciding how you want the money managed. It may well be the greatest wealth transfer in human history. And it’s happening during our lifetime… An enormous wave of wealth transfer, $124 trillion, is coming.
You're Fired! Should You Dump Your Parents' Financial Advisor After Inheriting?
It may well be the greatest wealth transfer in human history. And it's happening during our lifetime... A new Harris poll quotes a projection from wealth-management firm Cerulli Associates, estimating that by 2048, a staggering $124 trillion in personal assets will change hands.
Gen Z’s Bold Money Experiment: Will It Build Wealth or Break Them?
It’s the 15th of the month, and a Gen Z woman’s semi-monthly pay lands. Let’s call her Emily. Before you can spell out “personal finance,” Emily’s banking app automatically moves 10% of her net pay into a high-yield savings account at her online bank, and Coinbase withdraws her $50 semi-monthly automatic investment and buys Bitcoin for her. Wondering if she can afford to splurge on drinks with friends that evening, she texts her older sister for advice.
Your Practical Protest Against a Rigged Game
In the immediate aftermath of the COVID pandemic, many (if not most) of us went on a spending spree driven by pent-up demand and fueled by financial injections from the government. We spent a lot, especially on the things COVID prevented: trips, eating out, and mall shopping, to name a few. The motto of that time may as well have been "YOLO, on steroids." Then reality came knocking on our metaphorical doors.
Gen Z’s Bold Money Experiment: Will It Build Wealth or Break Them?
It’s the 15th of the month, and a Gen Z woman’s semi-monthly pay lands. Let’s call her Emily. Before you can spell out “personal finance,” Emily’s banking app automatically moves 10% of her net pay into a high-yield savings account at her online bank, and Coinbase withdraws her $50 semi-monthly automatic investment and buys Bitcoin for her. Wondering if she can afford to splurge on drinks with friends that evening, she texts her older sister for advice.
Looming Shortage Makes Finding Financial Advisors Harder. What Can You Do?
Frankly, I’ve never had a financial advisor (other than an accountant). It’s not that I think advisors aren’t helpful, but, not to beat my drum, I’ve done just fine on my own. That was then. When I was in the accumulation phase. All I needed was a budget and a plausible investment plan, and neither seemed too hard to do for myself. Now, I expect to reach “work-optional” status in a few months, and that’s when I expect things to be more complicated.
Retiring Mortgage-Free? These 7 Hidden Traps Could Gut Your Nest Egg
I’m fast approaching retirement, or as I prefer to say, “work-optional status.” And my mortgage is nowhere near paid off. This got me thinking – should we follow conventional wisdom and pay off our mortgage now, or keep paying it into retirement? If you’ve paid any attention to personal finance advice, this one should be very familiar: “Don’t enter retirement before you pay off your mortgage!” And, honestly, it seems to make a lot of sense.
How a Little-Known Tax Strategy Using QLACs Can Help Control RMDs
Are you approaching retirement, or as I prefer, work-optional? I am. And I’m happy to report that all the years spent building our retirement portfolio worked out ok. But… and isn’t there always a “but” with these things? I thought having a decent-sized nest egg would make things easier once I stopped earning wages. So, I maxed out my 401(k) for well over a decade, made catch-up contributions whenever I could, used every tax advantage I was legally allowed, and invested aggressively for growth.
Why My Roth Money Is 100% Bitcoin & Why You May Want to Follow Suit
I confess. Until a couple of years ago, I was a crypto skeptic. No, that’s not strong enough. I didn’t think Bitcoin was all smoke and mirrors. I was sure of it! Then I started reading what a semi-retired investment banker had to say about it. Dave Coker said he’s been buying Bitcoin every week for years.
Why My Roth Money Is 100% Bitcoin & Why You May Want to Follow Suit
Until a couple of years ago, I was a crypto skeptic. No, that’s not strong enough. I didn’t think Bitcoin was all smoke and mirrors. I was sure of it! Then I started reading what a semi-retired investment banker had to say about it. Dave Coker said he’s been buying Bitcoin every week for years.
How a Little-Known Tax Strategy Helps Control RMDs
Are you approaching retirement, or as I prefer, work-optional? And I’m happy to report that all the years spent building our retirement portfolio worked out ok. But… and isn’t there always a “but” with these things? How just enough success can backfire I thought having a decent-sized nest egg would make things easier once I stopped earning wages.
What Are Tariffs? Three Ways They Can Hurt Your Wallet
Assuming you haven’t been hiding under a rock throughout the first part of 2025, you’ve heard the word on the news or seen it online. All. The. Time. Tariffs. The president even coined a patriotic name for the kickoff date of his tariff barrage – April 2, 2025 – “Liberation Day.” But what are tariffs? Tariffs are nothing more than an import duty or tax that the government charges on imported goods.
Money: What Are Tariffs? 3 Ways They’ll Hurt Your Wallet
And possibly your everyday… Assuming you haven’t been hiding under a rock for the past few months, you’ve heard the word on the news or seen it online. All. The. Time. Tariffs. The president even coined a patriotic name for the kickoff date of his tariff barrage — April 2, 2025 — “Liberation Day.” But what are tariffs? Tariffs Explained Tariffs are nothing more than an import duty or tax that the government charges on imported goods.
What Is Stagflation?
Stagflation and tariffs. You’ve probably heard both terms if you’ve been paying attention to economic news lately… Here’s what they are and why you should worry. The word “stagflation” is a combination of two words – “stagnation” and “inflation” – which is pretty much what it is. This (thankfully infrequent) condition is when the economy is stagnant while prices keep going up. Two opposing forces usually affect our economy: unemployment and inflation.
Do Annuities Make Sense for Your Retirement Plan?
I’m finally in the home stretch. After four and a half decades, I’m perhaps two to three years from becoming “work optional” and downshifting my career from full-time to half-time or less. At that point, besides writing online, I’ll only work when I find an interesting project that lets me work with people I like, with compensation a far second consideration (if even that).
What Is Stagflation? Grave Impacts of New Tariffs Worry Pros
Should you worry about this, and if so, what can you do to prepare? You’ve probably heard both terms if you’ve been paying attention to economic news lately… Stagflation and tariffs. Here’s what they are and why you should worry. What is stagflation? It’s a combination of two words — stagnation and inflation — which is pretty much what it is. This (thankfully infrequent) condition is when the economy is stagnant while prices keep going up. Why is stagflation unusual?
Money: Ways Annuities Can Help Your Retirement Plan
Not all annuities are bad for your financial health I’m finally in the home stretch. After four and a half decades, I’m perhaps two to three years from becoming “work optional” and downshifting my career from full-time to half-time or less. At that point, besides writing online, I’ll only work when I find an interesting project that lets me work with people I like, with compensation a far second consideration (if even that).
3 Simple Ways to Boost Your Retirement Budget
Saving for retirement is hard. Just ask people who are approaching retirement age. The median net worth of Americans ages 60 to 64 is under $164k, enough to supplement your Social Security benefits with an underwhelming $480 a month. That figure is per William Bengen’s “4 percent rule,” based on research he published in 1994 using market data from 1926 and on.
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