Featuring a 13-Minute Educational Video with Blair Tushaus
April 2026 has been a reminder that markets can move fast, headlines can change quickly, and trying to time every turn is a tough way to run a retirement plan.
In this market recap, I want to talk about what we have been seeing: the recent market run, geopolitical relief around the Strait of Hormuz, the 10-year Treasury sitting in an opportunity zone, and why I believe investors should be looking for ways to make their portfolios more efficient.
Since this video was recorded mid-month, April ultimately turned into a strong rebound month for equities. Nasdaq’s April 2026 review noted that the S&P 500 gained 10.5% for the month, while the Nasdaq-100 gained 15.7% and posted its strongest monthly performance in more than 23 years. (Nasdaq)
But here is the bigger point: a strong month does not mean risk disappeared. It means planning matters even more.
Over the last couple of weeks, the market has been moving higher. That feels good. It is always easier to open your statement when the numbers are green.
But the bigger lesson is not, “The market went up, so everything is fine.”
The bigger lesson is that nobody has a crystal ball.
When markets were falling, investors were asking: “Do I ride this out? Do I get out? When do I get back in?” Then, once the market started climbing, people started asking the opposite question: “Is this too much too fast? Are we due for a pullback?”
That is the problem with trying to time the market. You have to be right twice: when to get out and when to get back in.
That is exactly why I have been talking so much about defined outcome investments and buffer strategies. They may help take some of that guesswork off the table.
A client recently joked that maybe people should start calling me “Buffer Blair.”
I’ll take it!
The reason I talk about buffers so much is because they are designed to help “buff out” a stated amount of downside loss while still allowing for upside participation, subject to the terms of the investment.
These types of strategies may be especially useful for retirees and pre-retirees who cannot afford to be too conservative or too aggressive.
Let me explain what I mean…
If you are retired, or close to retirement, and your portfolio needs to last 20, 30, or more years, you may not be able to simply sit in cash forever. Inflation, spending needs, taxes, and longevity all matter.
But you also may not be able to take every bit of market risk head-on, especially if you are drawing income from the portfolio.
That is the gap buffers may help fill.
They are not magic. They are not risk-free. But they may create a more defined investing experience where the downside and upside are easier to understand in advance.
Investors still need to understand the fine print. Structured products and other defined-outcome-style investments can include caps, fees, liquidity limits, issuer credit risk, and other tradeoffs. Investor.gov notes that even products with “principal protection” language are not risk-free and can depend on the issuer’s creditworthiness. (Investor.gov)
We recently spoke with someone who had a strong portfolio, but she needed that money to last for the next 30 years.
That sounds like a good problem, but it is still a serious planning challenge.
She could not afford to be too safe because her money needed growth. But she also could not afford to be too risky because a major drawdown, especially while taking large portfolio withdrawals, could put pressure on the entire retirement plan.
That is the middle ground many retirees are trying to navigate.
If your portfolio is fully exposed to the market and we go through something like the dot-com bubble, a multi-year bear market, or a major pullback while you are withdrawing money, that can become bad news quickly.
This is why the conversation cannot just be about return. It has to be about risk, income, taxes, time horizon, and sequence of returns.
A big part of the market’s recent move has been tied to geopolitical relief.
The Iran conflict and the Strait of Hormuz have been major areas of concern. When markets started seeing signs of relief and potential reopening or easing in that region, oil and gas prices responded, and investors got some breathing room.
The Strait of Hormuz matters because it is one of the world’s most important energy chokepoints. The U.S. Energy Information Administration reported that in 2024, oil flows through the Strait averaged 20 million barrels per day, equal to about 20% of global petroleum liquids consumption. (U.S. Energy Information Administration)
So when there is tension there, markets pay attention. Energy prices pay attention. Inflation expectations may pay attention. And investors should pay attention, too.
But again, relief does not mean all risk is gone. It just means one pressure point may have eased for the moment.
Markets can still pull back. Headlines can still shift. And retirement plans still need to be built for more than one possible outcome.
Another area I am watching is the 10-year Treasury.
During the height of the recent turmoil, the 10-year Treasury moved higher, and we saw levels around the mid-4% range. U.S. Treasury daily yield curve data showed the 10-year Treasury at 4.26% on April 17, 2026 and 4.40% on April 30, 2026. (U.S. Department of the Treasury)
When rates are in that 4% to 5% range, opportunities can appear.
But here is the important part: not all yield is created equal.
A lot of investors are yield shopping right now. They are looking at CDs, high-yield savings, fixed income funds, or other yield-producing assets and asking, “Where can I get the highest rate?”
That is not a bad question.
It is just not the complete question.
The better question is: “What do I actually keep after taxes, fees, liquidity limits, and risk?”
CDs can have a role. I am not anti-CD.
But I do think investors often make a classic mistake by focusing only on the stated yield.
If you own CDs or other interest-producing investments in a taxable account, that income may create taxable interest. That matters for trust accounts, joint accounts, individual brokerage accounts, and even savings accounts.
The IRS lists interest on bank accounts, money market accounts, certificates of deposit, and corporate bonds as examples of taxable interest, and it says taxpayers must report taxable and tax-exempt interest on their federal income tax return. (IRS)
So the question is not just, “Can I get 4% or 5%?”
The question is, “How much of that do I keep?”
That is where portfolio efficiency comes in. There may be better options depending on your account type, tax bracket, liquidity needs, and risk tolerance.
I have talked about this more in a previous TWM article on tax-efficient alternatives to CDs and savings accounts, because this is one of those planning areas where the headline rate can distract investors from the real after-tax outcome.
The market and economy will always present opportunities.
Sometimes those opportunities are obvious in the moment. Other times, they only become obvious when we look back.
That is why I believe investors need to review their portfolios consistently. Not obsessively. Not emotionally. But consistently.
If rates move higher, there may be opportunities.
If rates move lower, there may be opportunities.
If markets sell off, there may be opportunities.
If markets rally, there may be opportunities.
The key is having a plan that allows you to respond strategically instead of reacting emotionally.
One thing I want to stress is that retirement planning is not just picking investments.
A real retirement plan should include:
Those pieces need to work together.
At Tushaus Wealth Management, that is why we talk so much about the full planning picture. It is not enough to ask, “What should I invest in?” We also need to ask, “How does this investment affect my taxes, my income, my estate plan, my healthcare plan, and my ability to stay retired with confidence?”
This is also how we describe our broader service model at TWM: investment management, financial planning, tax planning and preparation, and estate planning support designed around each client’s full financial life.
People often ask me, “Blair, what do you think happens over the next few weeks or months?”
Here is what I know: we are in a midterm year, and midterm years can bring volatility.
Volatility is not always one-directional. It can mean big moves up and big moves down.
So I would not be surprised to see strong rallies and sharp pullbacks. I would not be surprised to see investors get excited one week and nervous the next.
That does not mean we should be afraid.
It also does not mean we should get greedy.
It means we should expect the roller coaster and build a plan that does not depend on predicting every turn.
That is why I keep coming back to defined outcomes, buffers, and risk management. We want to stay invested where appropriate, but we also want to understand the downside before it shows up.
Before I sign off, I want to give a quick reminder on long-term care.
Traditional long-term care insurance can involve underwriting, ongoing premiums, and the risk that you pay into a policy for years and never use it.
That is one of the reasons some people avoid the conversation entirely.
But ignoring long-term care does not make the risk go away.
There are newer planning approaches that may combine investment features with long-term care benefits. Based on the specific solution, some may be designed to address concerns around underwriting, ongoing premiums, and “use it or lose it” premium dollars.
That does not mean every solution is right for every person. These strategies need to be reviewed carefully, and the details matter.
Hybrid long-term care products have become more popular in recent years. AARP explains that hybrid policies combine life insurance and long-term care benefits, and some linked-benefit policies may include fixed premiums and a return-of-premium feature, depending on the product. (AARP)
The planning point is simple: if long-term care is a concern, it is worth having the conversation before your options narrow.
April has reminded us that markets can recover quickly, geopolitical headlines can shift quickly, and opportunities can appear when investors are too busy focusing on fear. But retirement planning should not depend on guessing the next headline. It should be built around thoughtful risk management, tax efficiency, income planning, estate planning, and healthcare planning. If you are wondering what opportunities you may be missing in your portfolio, I invite you to book a complimentary 1-hour strategy session with our team at Tushaus Wealth Management.
The main takeaway is that markets can move quickly in both directions, which makes timing difficult. April showed a strong rebound, but that does not mean volatility is over. I believe the better approach is to build a plan that can handle multiple market outcomes.
Defined outcome investments may help investors set clearer expectations around downside risk and upside participation. They can be useful for retirees and pre-retirees who want market exposure but do not want to absorb every bit of downside volatility. The tradeoff is that these strategies often include caps, fees, terms, and other limits that need to be reviewed carefully.
A buffer investment is designed to absorb a stated amount of market loss over a defined period. For example, a buffer may be designed to absorb the first 10%, 15%, or 20% of losses, depending on the investment terms. Losses beyond the buffer may still affect the investor.
The 10-year Treasury is an important benchmark for interest rates, bond yields, borrowing costs, and overall market expectations. When yields are elevated, investors may see more income opportunities, but they also need to consider taxes, liquidity, and principal risk. Higher yield alone does not automatically mean a better retirement strategy.
CDs can be useful for certain cash needs, but they are not automatically the best option. Investors should consider the after-tax return, liquidity limits, account type, and whether the CD fits the broader plan. In taxable accounts, CD interest is generally taxable, which can reduce the return investors actually keep.
Tax efficiency matters because retirees do not spend pre-tax returns; they spend after-tax dollars. A portfolio may look strong on paper but still create avoidable tax drag if the account structure, income strategy, and investment selection are not coordinated. This is why portfolio planning and tax planning should work together.
Investors should avoid making emotional decisions based only on short-term headlines. Volatility can create both risk and opportunity. The right response depends on your income needs, time horizon, risk tolerance, tax situation, and whether your current portfolio still fits your retirement plan.
The best time to discuss long-term care is before you need it. Health changes, underwriting, age, and cost can all affect your options. A long-term care strategy should be reviewed as part of a broader retirement plan, especially for families who want to protect assets and reduce uncertainty for beneficiaries.
The information presented in this piece is the opinion of Tushaus Group, LLC and does not reflect the view of any other person or entity. The information provided is believed to be from reliable sources but no liability is accepted for any inaccuracies. This is for information purposes and should not be construed as an investment recommendation. Past performance is no guarantee of future performance. Tushaus Group, LLC is a Registered Investment Advisor.
Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. The S&P 500 is not the only index used as a benchmark for measuring the performance of a portfolio. Depending upon the holdings in your portfolio, your investment objectives, and your risk tolerance, it may be more appropriate to measure performance against a different benchmark. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark.