In this pre‑recorded episode of The One of a Kind Financial Show Daily (August 3, 2026), Certified Financial Planner Mike Milligan provides a market snapshot and a deep dive into the tax‑planning pillar of his financial planning framework. He outlines the day’s economic indicators—specifically the ISM Manufacturing PMI and Palantir Technologies’ Q2 earnings—explaining expected outcomes, potential surprises, and how they could affect market sentiment. Milligan then shifts to a comprehensive education on tax planning for retirees, differentiating it from tax preparation, and presenting four core questions that drive a tax strategy: account placement, timing of taxation, tax rate, and ultimate payer. He details the expanded set of levers available in retirement (Social Security timing, Roth conversions, qualified charitable distributions, capital‑gains harvesting, standard‑deduction stacking, and withdrawal sequencing) and emphasizes the high‑leverage “window” between the end of work and the start of required minimum distributions (RMDs) for converting traditional IRA assets to Roth assets at favorable rates. Throughout, he promotes his books, invites listeners to text “IDEAS” to a short‑code for a personal consultation, and provides contact information for his advisory firm. The episode blends market commentary, instructional tax strategy, and promotional calls‑to‑action, all framed in a conversational, supportive tone aimed at helping retirees build a “one‑of‑a‑kind” financial plan.
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Well, good morning. This is Mike Milligan, Certified Financial Planner, and this is the One of a Kind Financial Show Daily for Monday, August 3rd. Fair warning, I am prerecording all 5 shows this week from Norfolk, Virginia on Sunday because, uh, I'll be on the road this week. Monday, Tuesday, Wednesday, Boston, Thursday in Raleigh, North Carolina, and Friday, San Juan, Puerto Rico. It's conferences, masterminds, and meetings with some of the biggest names. In the retirement business. So the theme of this week is different. Every day I'm going to tell you what to look for in the market, walk you through the narrative if the expected happens, and warn you about the unexpected that could break through. And then I want to teach you one of the 5 pillars of the One of a Kind Financial Plan. Today's pillar is tax planning. Educate, coach, plan. Never miss a moment. Let's go.
Be one of a kind with Mike's Plan.
Here's what's on the radar for Monday, August At 10 o'clock Eastern, the ISM Manufacturing PMI for July drops. A number above 50 says the U.S. manufacturing sector is expanding. A number below 50 says it's contracting. It has been below 50 for most of the last 3 years, and the market has learned to expect that. Watch the prices paid component inside the report. That is the piece the Fed is watching to see if tariffs are still pushing goods And inflation up. After the closing bell on Monday, Palantir Technologies reports Q2 earnings at approximately 4:05 Eastern, and they're going to have a call at 5:00 PM Eastern. That one's on my radar to listen to, and it's one that if it is unexpected, expect a live drop-in on Tuesday's show. Wall Street consensus is around $1.81 a share. Or $1.81 billion in revenue, up roughly 80% year over year, and about $0.35 of adjusted earnings per share. The options market is pricing in about a 9 to 10% move on the print. And if you zoom out, this is the last major standalone AI software report of this earnings cycle after last week's Big tech CapEx blitz. Everything else on Monday is quieter. Marriott, Vertex Pharmaceuticals report, but that is a step day for a very heavy Tuesday. Here's what to expect. If ISM comes in near consensus, roughly around 49, prices paid sticky. Palantir beats revenue and raises full-year guidance for the current 71% growth outlook. The market treats it as AI software revenue being real. The story that started last Thursday with Microsoft continues. Semiconductors and AI software both would benefit. And then here's some unexpected news that could potentially happen. What if ISM prices paid comes in hot, say above 65? That would extend last week's Fed's hawkish stance. Or let's say Palantir posts sub-80% growth or lowers full-year guidance. That would confirm the enterprise software rotation has taken Palantir down nearly 30% from its high. And also watch any Fed speaker soundbite. Chair Wash— Chairman Wash just took the chair 5 days ago. Any speech interview this week reshapes the September hike odds. So it's going to be an interesting week. I'm going to leave it to you to watch the news for the day. And make your judgments. Just remember, though, news should not change where you are. The One of a Kind Financial Plan tells you how to live your life despite the news. And we're going to continue that in this next segment.
Be one of a kind with Mike's plan.
Today's pillar of the One of a Kind Financial Plan is tax planning. When I wrote the book that launched September 30th, 2025, it is available on Amazon. I made the case that you have to define why is money important to you. Then you have to build a vision for that called retirement chi, which I explained in the book. And then I'm writing a whole separate book on that we're launching later this week, all to get out of retirement déjà vu, that feeling that it's the same advisor giving the same advice. We want one of a kind, a one of a kind financial plan for your one of a kind life. As a sidebar, the book Retirement Déjà Vu launched on Amazon on July 31st. Go pick up yourself a copy of that there. But the 5 pillars of the one-of-a-kind financial planning, the one-of-a-kind financial planner, tax planning, retirement income, investments, long-term care, and legacy. So let's be specific about what tax planning is and what it's not. Tax planning is not tax preparation. Tax preparation is what happens between January and April for most people. You gather your paperwork, you hand it to somebody, they file the form, and you either write a check or get a check back in the form of paying your taxes or getting a refund. That is compliance. Tax planning is different than compliance. Tax planning is what happens the other, uh, the rest of the year. Tax planning asks 4 questions. First, in what account should my dollar live? Second, When should this dollar be taxed? Third, at what rate should this dollar be taxed at? And fourth, who eventually pays the tax on that dollar? You, your spouse, your kids, or charity? Here's why this matters for the retirement household in particular. In your working years, you had one lever: pre-tax salary deferral. In retirement, you have 5 levers, sometimes 6: Social Security timing, Roth conversions, qualified charitable distributions once you turn 70½, capital gains harvesting inside a 15% bracket window, standard deduction stacking, and the sequence in which account you draw from first. Almost every retiree I meet has been trained by— from their working years to defer taxes. Contribute to the 401, max out the IRA, get the deduction, push the tax down the road, That habit is beautiful when you are 45 and terrible when you're 68. Because at 73, maybe 75 if you were born after age— I mean, born after 1960, the government forces you to take a distribution, the required minimum distribution. And at that RMD age, the government does not care about your rate, cares about the rule. The One of a Kind Financial Plan attacks that problem in the years between when your work ends and when RMDs begin. And if we could do it before that, we would love to create tax strategy for people actually still working, whether that is your beneficiaries, your children, your grandchildren. We love tax planning for everyone. That window though, between when work ends and the RMDs is often a 5, 7, sometimes a 10-year window. And it's the highest leverage window in a retiree's tax life. Because your earned income has stopped, your Social Security may not have started, your bracket is temporarily and potentially artificially low. That is the window to convert traditional IRA dollars to Roth dollars at a known rate today rather than an unknown rate tomorrow. And here's the educational framework. Tax planning is not about paying less tax this year. It's about paying less tax over your lifetime and the lifetime of your beneficiaries. Sometimes those two are the same, sometimes they're opposite. Somebody who converts an IRA to a Roth at age 63 will voluntarily pay more taxes this year than they had to. They will pay less tax over their remaining lifetime, often meaningful less, often meaningfully less. That is what tax planning is. It's a lifetime scoreboard, not an annual scoreboard. And here's the never miss a moment, Ty. The window between retirement and RMDs is a moment. An RMD start, it is closed forever. You do not get another shot. Missing that window because nobody told you existed, that is the moment I do not want you to miss. We're not chasing returns as much as building a one-of-a-kind financial plan. Tax planning is one of the pillars that I— that the plan I created is built on. And there's many other tax strategies out there in order to— Decrease current tax planning. On the Ideas by Mike podcast, I've had many tax experts on before to talk about structures and loopholes, and I too also talk about that. So if you want more information on what tax planning looks like for you, I invite you to text the word ideas, I-D-E-A-S, to the number 600-700 and schedule a time where we could talk about is tax planning right for you. Because advisors who look past tax planning are looking past the biggest expense you'll ever pay.
Be one of a kind with Mike's Plan.
So Monday looks like this: you wake up, you watch ISM Manufacturing at 10, or check CNBC or Bloomberg to see how it reported. You wait for Peloton after the bell. You listen for Fed voice cutting through the tape, maybe as a headline. But more important, Ask yourself the tax planning question that retirees never ask. What tax bracket am I supposed to be in this year, and am I sitting inside of it or wasting it? It's August 3rd, folks. Plenty of time to do proper tax planning by the end of the year. If ISM comes in hot and Peloton beats, the market wants to keep the recovery going that started Thursday. If either one breaks the other way, expect the earnings week hangover to potentially catch up. Either way, the plan I write for you when I get back does not care what Palantir prints tonight. That's by design. And if you want to catch up with me while I'm traveling this week, always text the word ideas, I-D-E-A-S, to the number 600-700, and we'll carve out time for you. And that's it. That's the show for Monday, August 3rd. Tomorrow, we're going to look at AMD after the close and JOLTS in the morning. And we talk about the retirement income pillar. If you want to call the office and speak with somebody there, you can call them directly at 757-909-7151. That's a member of the team at One Oak Financial will take care of you. They're always there to help you never miss a moment and to build that one-of-a-kind financial plan for your one-of-a-kind life. This has been the One of a Kind Financial Show Daily for Monday, August 3rd. I'm Mike Milligan, Certified Financial Planning Professional, author of The One of a Kind Financial Plan and Retirement Déjà Vu. I'm the radio show host The One of a Kind Financial Show and the podcast host for Ideas by Mike and the One of a Kind Financial Show Daily. This podcast is for educational purposes only. It's not meant for you to make investment decisions based off. It's here to educate. And this— so this is for educational purposes only. I'm an investment advisory representative with Advisory Alpha LLC. Ideas by Mike doing business as One of Financial is an unaffiliated entity of Advisory Alpha LLC.
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