Uploaded September 2026 | Updated September 2026, 1 day ago
Money market funds are holding roughly $7.9 trillion, and the number on the statement looks fine: about 3.74% on a 3-month Treasury bill. But that number is nominal. Dustin Tibbitts of Jazz Wealth walks through what a cash balance has historically kept after inflation and taxes, and where that arithmetic stands as of August 2026.
Schedule a call with us today at jazzwealth.com/chatwithjazz
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. All investing involves risk, including the potential loss of principal. Past performance is not indicative of future results. Please consult with a qualified financial, legal, or tax professional before making any financial decisions.
This material is provided for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold any security. The 3-month Treasury bill yield reflects data as of August 28, 2026, as reported in the Federal Reserve H.15 release; CPI reflects the 12-month change through July 2026 as reported by the U.S. Bureau of Labor Statistics; money market fund assets are approximate aggregate industry figures reported by the Investment Company Institute and do not represent investment performance. Yields are shown before taxes, fees, and expenses, are subject to change, and may not reflect actual investor returns.
The after-tax, inflation-adjusted example is a hypothetical illustration for educational purposes only and does not represent actual client accounts or actual investment results. It assumes a 3.74% nominal yield, a 24% federal ordinary-income tax rate, no state or local tax, and 3.40% inflation held constant for one year. Different assumptions would produce different outcomes. Tax consequences vary by investor and account type; investors should consult their tax professional regarding their specific circumstances. Steward Partners, its affiliates, and its Wealth Advisors do not provide tax advice.
Money market funds are securities and are not FDIC-insured bank deposits. An investment in a money market fund is not guaranteed, and it is possible to lose money. Treasury securities are subject to interest-rate risk and may fluctuate in value if sold before maturity. Historical decade comparisons are based on approximate annualized 3-month Treasury bill returns less CPI over each window, a limited sample, and exclude fees, taxes, and transaction costs. Historical observations are provided for illustrative purposes and should not be interpreted as forecasts, probabilities, or predictions of future market performance.
Investment advisory services are offered through Steward Partners Investment Advisory, LLC ("SPIA"), an SEC-registered investment adviser. SPIA and Steward Partners Global Advisory, LLC are affiliates and collectively referred to as Steward Partners.
Money market funds are holding roughly $7.9 trillion, and the number on the statement looks fine: about 3.74% on a 3-month Treasury bill. But that number is nominal. Dustin Tibbitts of Jazz Wealth walks through what a cash balance has historically kept after inflation and taxes, and where that arithmetic stands as of August 2026.
Schedule a call with us today at jazzwealth.com/chatwithjazz
The views expressed herein are those of the author and do not necessarily reflect the views of Steward Partners or its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. All investing involves risk, including the potential loss of principal. Past performance is not indicative of future results. Please consult with a qualified financial, legal, or tax professional before making any financial decisions.
This material is provided for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold any security. The 3-month Treasury bill yield reflects data as of August 28, 2026, as reported in the Federal Reserve H.15 release; CPI reflects the 12-month change through July 2026 as reported by the U.S. Bureau of Labor Statistics; money market fund assets are approximate aggregate industry figures reported by the Investment Company Institute and do not represent investment performance. Yields are shown before taxes, fees, and expenses, are subject to change, and may not reflect actual investor returns.
The after-tax, inflation-adjusted example is a hypothetical illustration for educational purposes only and does not represent actual client accounts or actual investment results. It assumes a 3.74% nominal yield, a 24% federal ordinary-income tax rate, no state or local tax, and 3.40% inflation held constant for one year. Different assumptions would produce different outcomes. Tax consequences vary by investor and account type; investors should consult their tax professional regarding their specific circumstances. Steward Partners, its affiliates, and its Wealth Advisors do not provide tax advice.
Money market funds are securities and are not FDIC-insured bank deposits. An investment in a money market fund is not guaranteed, and it is possible to lose money. Treasury securities are subject to interest-rate risk and may fluctuate in value if sold before maturity. Historical decade comparisons are based on approximate annualized 3-month Treasury bill returns less CPI over each window, a limited sample, and exclude fees, taxes, and transaction costs. Historical observations are provided for illustrative purposes and should not be interpreted as forecasts, probabilities, or predictions of future market performance.
Investment advisory services are offered through Steward Partners Investment Advisory, LLC ("SPIA"), an SEC-registered investment adviser. SPIA and Steward Partners Global Advisory, LLC are affiliates and collectively referred to as Steward Partners.
