Your Money & Your Life Podcast

In this eye-opening episode, Don and Marc tackle one of retirement's most overlooked traps: double taxation on retirement income. From after-tax 401k contributions to state tax rules that sneak up on unsuspecting savers, they break down how easily your hard-earned money can get taxed more than once, and what to do about it.   Here's some of what we discuss in this episode:

What if taxes on your Social Security benefits disappeared entirely? That's one of several proposals being floated in Washington, and in this episode, Don and Marc break down what it could mean for retirees. They explain how Social Security benefits became taxable, why outdated income thresholds are causing more people to pay taxes today, and explore the possible reforms being discussed.   Here's some of what we discuss in this episode:

With headlines full of tariffs and political drama, it's easy to miss a major win for New Jersey homeowners, especially retirees. In this episode of Your Money & Your Life, Don and Marc shine a spotlight on the 2025 NJ property tax relief programs that could save residents thousands of dollars. From the long-standing Property Tax Freeze program to the more recent ANCHOR rebate and the brand-new Stay NJ benefit, the guys break down who qualifies, how the programs work, and what's changed.    Here's some of what we discuss in this episode:

Tariffs, tariffs, tariffs- they're dominating the headlines. With new tariffs implemented across nearly 90 countries, market volatility has surged, investor anxiety is rising, and confusion is everywhere. Don brings clarity to the chaos by explaining what tariffs actually are, who really pays them, and why the market is reacting the way it is. Here's some of what we discuss in this episode:

Today we're piggybacking off last episode's conversation about market volatility and the emotion that sets in for investors. Is this time different than market corrections of years past? People feel inclined to panic during turbulent times, so Don will explore that fear by breaking down what's actually happening, investor fears, and what history can teach us about managing uncertainty. Here's some of what we discuss in this episode:

In this episode, Don Cash tackles the pressing question on everyone's mind: Should we panic about recent market drops? With the stock market experiencing sharp fluctuations and fears of a recession looming, he breaks down the economic landscape and provides a clear perspective on what really matters for investors.

In this episode, Don and Marc explore smart tax moves to consider before the April 15th deadline. They focus on ways to take advantage of accounts like IRAs and HSAs, as well as important deductions that often go overlooked. The conversation highlights opportunities to maximize savings for the 2024 tax year, covering everything from retirement contributions to charitable donations. They also explore how certain tax moves can help you minimize your taxable income, whether you're self-employed or planning for retirement. This episode offers practical tips for anyone looking to make the most of their tax situation before filing. Here's some of what we discuss in this episode: Tax forms to be on the lookout for in retirement Strategies for maximizing IRA contributions The benefits of SEP IRAs for self-employed individuals Health savings accounts (HSAs) and their tax benefits Tax considerations for charitable contributions and qualified charitable distributions (QCDs) Resources for this episode: HSA accounts – https://www.irs.gov/publications/p969 1099 forms – https://www.kiplinger.com/retirement/tax-forms-retirees-receive-and-what-they-mean Wall Street Journal Article on 2024 Tax Planning – https://www.wsj.com/personal-finance/retirement/retirement-taxes-contributions-withdrawals-guide-bc308053?st=MNY85o&reflink=desktopwebshare_permalink   Get in touch with Don and learn more: https://doncashpodcast.com/

We knew this year would bring plenty to talk about, and so far, it's certainly living up to that expectation. In this episode, Don and Marc dive into the key economic issues making headlines: government spending, tariffs, and the DOGE (Department of Government Efficiency). With a new administration in office, they break down important economic indicators like inflation and employment, and discuss how tariffs impact both inflation and global trade. They also take a closer look at the history of tariffs, their economic effects, and why the Federal Reserve has decided to keep interest rates steady. The conversation also covers the DOGE initiative, led by Elon Musk, the tensions surrounding the project, and the growing federal deficit and what it means for taxpayers. Tune in for a timely and thought-provoking conversation today! Here's some of what we discuss in this episode: Current key economic indicators and recent Fed actions The historical context of tariffs and their role in government revenue The Department of Government Efficiency (DOGE) and it's purpose The controversy over DOGE's authority and access to sensitive information The impact of Government spending on Americans Resources for this episode: The US Debt Clock https://www.usdebtclock.org/ Get in touch with Don and learn more: https://doncashpodcast.com/

Just this month, Los Angeles was ravaged by unprecedented, devastating wildfires. These catastrophic events have left thousands of homeowners grappling with total losses, denied claims, underinsurance, and unexpected coverage gaps. In the wake of these tragedies, it's important to ask: Could this happen to you? Are you truly covered, or do you just think you are? Here's some of what we discuss in this episode: The basics of homeowners insurance and what it typically covers Having separate flood insurance if you live in a flood-prone area Real-life examples of common insurance claims, like water leaks and fire damage Why it's important to review your insurance policy regularly Links for today's show: FAQ's on Homeowners Insurance – https://www.nj.gov/dobi/ins_ombudsman/om_hofaq.htm NJ Homeowners Risks – https://www.nj.com/cape-may-county/2025/01/insurance-companies-are-hiking-costs-dropping-nj-homeowners-more-often-due-to-climate-risks.html https://www.cbsnews.com/newyork/news/weather-disaster-home-insurance-new-jersey/ Check your home's elevation – https://whatismyelevation.com/   Get in touch with Don and learn more: https://doncashpodcast.com/

Happy 2025! It's hard to believe that 25 years have passed since the world braced itself for the so-called “Millennium Bug.” For those old enough to remember, it was a time filled with fear, speculation, and intense efforts to prevent potential chaos. This week, Don and Marc explore the parallels between then and now and reflect on the lessons learned from that era of uncertainty. Here's some of what we discuss in this episode: Reflecting on the Y2K and its parallels to today Lessons from the Dom-Com bubble The importance of diversification in investing Looking at history and learning from the past Potential changes on the horizon in 2025 Get in touch with Don and learn more: https://doncashpodcast.com/

As the holiday season approaches, many of us find ourselves gathering with loved ones, sharing stories, laughter, and sometimes, unexpected topics. In this holiday edition of the show, Don brings a fascinating mix of cheer and wisdom to the table by helping you with three vital financial conversations you can have with loved ones this holiday season. Here's some of what we discuss in this episode: What does Don think about the drones that have been over New Jersey? Why you should talk with aging parents about their financial and legal documents. The best approach to guiding children towards financial independence. How to frame discussions with your spouse. Don's favorite Christmas movies. Get in touch with Don and learn more: https://doncashpodcast.com/

December is here, so in this episode, Don and Marc take a moment to look ahead at what changes may be coming in 2025, particularly when it comes to IRA planning and potential tax shifts. Listen in as they break down the key factors to consider when deciding whether to convert your traditional IRA to a Roth IRA, including tax rates, the timing of your conversion, and how it fits into your overall retirement strategy. Throughout the conversation, Don shares some practical examples, such as how retired couples or those nearing retirement can benefit from converting at today's lower tax rates. The episode also covers important considerations like Medicare premiums and the potential for future changes to Social Security taxation.   Here's some of what we discuss in this episode: Converting traditional IRAs to Roth IRAs vs deferring taxes Ideal scenarios for conversions, such as being retired or working part-time before age 73 The potential impact of Roth conversions on Medicare premiums (IRMAA) The advantages of being married for Roth conversions Changes coming down the pike for 2025 to have on your radar   Get in touch with Don and learn more: https://doncashpodcast.com/

After months of political debates and campaign ads, the election season has finally come to a close. While some of our clients are celebrating the results, others are feeling disappointed. However, the reality is that many of the key financial issues we faced before remain unchanged. Taxes, investing, Medicare, long-term care, estate planning—these are the areas we'll continue navigating regardless of the election outcome. In today's episode, we're going to discuss what we might expect now that the Republicans have secured control of the Senate and likely the House of Representatives. We'll also dive into tax and planning considerations in the wake of the election and explore what lies ahead. Here's some of what we discuss in this episode: The possible extension of the Tax Cuts and Jobs Act State and local tax (SALT) proposals The potential elimination of taxes on Social Security benefits The Social Security solvency issue and proposed changes Get in touch with Don and learn more: https://doncashpodcast.com/

Medicare Open Enrollment is upon us! Running from October 15th to December 7th, this window allows you to make important changes to your healthcare coverage. So, what should you be on the lookout for and what mistakes should you avoid during this time? Today, we're excited to welcome the one and only Ray Martin, the owner of Martin & Associates Insurance Services in Irvine, California. who will help us navigate this process. He is the author of The Nuts & Bolts of Original Medicare, Medicare Advantage and Medicare Supplement Insurance, and is a true expert in the field. Tune in as he walks us through the ABCs of Medicare and shares valuable tips for making informed choices.   Here's some of what we discuss in this episode: What is Medicare Open Enrollment season and how does it affect most seniors? Changes in Medicare advertising regulations The difference between Medicare Advantage and traditional Medicare plans Benefit changes in Medicare Advantage and Part D plans due to the Inflation Reduction Act The impact of IRMAA on seniors and the potential for increased costs Key mistakes to avoid during Open Enrollment   Resources for this episode: Last Medicare show – https://doncashpodcast.com/podcast/the-abcs-of-medicare/   Medicare Part D – https://www.medicare.gov/drug-coverage-part-d   Medicare Advantage – https://www.medicare.gov/health-drug-plans/health-plans/your-health-plan-options   Medicare Plan Big Changes for 2025 – https://www.wsj.com/health/healthcare/medicare-plans-are-making-big-changes-for-2025-heres-how-to-navigate-them-5c81fd05?st=aafBaT&reflink=desktopwebshare_permalink   Get in touch with Don and learn more: https://doncashpodcast.com/

In the wake of Hurricanes Helene and Milton, many are grappling with the devastation these powerful storms have caused. Now, more than ever, it's crucial to understand how to safeguard our homes and finances against such natural disasters. In today's episode, Don offers a comprehensive guide on protecting your assets through homeowners and flood insurance. He and Marc also share some ways that you can support those affected by Hurricane Helene.   Here's some of what we discuss in this episode: Some ways to help those who have suffered in North Carolina The tax benefits of charitable contributions + how QCDs work Having proper homeowners' insurance + the two sections of a homeowners policy The difference between homeowners insurance and flood insurance When to apply for flood insurance to ensure coverage   Resources for this episode: Check out the Charity Navigator HERE Visit Samaritan's Purse   Get in touch with Don and learn more: https://doncashpodcast.com/

As the leaves turn and we embrace the fall season, it's the perfect time to turn the page on your financial planning and get updated on the latest news that could impact your retirement. In this episode, we're going to update you on the projected Social Security cost of living adjustment (COLA) for 2025 and the trip tax benefit for those residing in New Jersey.   Here's some of what we discuss in this episode: What the 2.5% increase means for your actual benefit each month. How Medicare premiums might eat into your increase. Details on the triple tax benefit for New Jersey residents. The elimination of the New Jersey estate tax, which used to be a significant burden for many families.   Resources for this episode: Historical Social Security Cost of Living Increases – https://www.ssa.gov/oact/cola/colaseries.html How the COLA is calculated – https://www.ssa.gov/oact/cola/latestCOLA.html The COLA for 2025- https://www.cnbc.com/2024/09/11/social-security-cost-of-living-adjustment-for-2025-may-be-2point5percent.html Medicare Part B Premiums and IRMAA surcharges for 2025 – https://www.kiplinger.com/retirement/medicare/medicare-premiums-2025-projected-irmaa-for-parts-b-and-d New Jersey Senior Freeze – Property Taxes https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml New Jersey Anchor Benefit – https://www.nj.gov/treasury/news/2024/08132024.shtml#:~:text=Payments%20ranged%20from%20%24450%20to,the%20ANCHOR%20benefit%20this%20season. New Jersey Estate and Inheritance Taxes – https://www.nolo.com/legal-encyclopedia/new-jersey-inheritance-tax.html#:~:text=Class%20A%20beneficiaries%20are%20exempt,parent%20or%20grandparent   Get in touch with Don and learn more: https://doncashpodcast.com/

Unrealized capital gains taxes have been a hot topic in recent financial news, stirring up a mix of curiosity and concern among investors. While the current proposal targets individuals with a net worth of over $100 million, there's a lingering concern about the potential for these thresholds to be lowered over time. So what are “unrealized” capital gains and how might they impact you? In today's episode, Don will answer that question and share his expertise on the myths, truths, and potential financial blind spots surrounding this issue.   Here's some of what we discuss in this episode: The proposed tax on “unrealized” capital gains + who it impacts What exactly are “unrealized” capital gains? The concerns of ordinary Americans who may not have the financial resources to pay the tax on unrealized gains What does this mean for gifting to heirs? Seeking professional advice and staying informed   Resources for this episode:   9-11 Survivor Story – https://www.wsj.com/opinion/cantor-fitzgerald-bids-adieu-to-a-9-11-survivor-50de961e?st=ZMY7sY&reflink=desktopwebshare_permalink   Taxing Unrealized Capital Gains – https://mises.org/mises-wire/madness-taxing-unrealized-capital-gains?gad_source=1&gclid=CjwKCAjw_4S3BhAAEiwA_64YhvwW8eXaO4wHC0gH0OXASQ_oSMgVNb2fScsWgx7BHVT2-zq9WSDOBhoC4kcQAvD_BwE   Analysis of Harris's Billionaire Minimum Tax on Unrealized Capital Gains – https://taxfoundation.org/blog/harris-unrealized-capital-gains-tax/   Get in touch with Don and learn more: https://doncashpodcast.com/

As summer winds down and fall approaches, it's a great time to reassess the financial landscape and prepare for the months ahead. In this episode, Don and Marc discuss the past few months' tumultuous events, the unpredictable nature of news, and its effects on the economy. Stay tuned as they highlight how market volatility and economic shifts have shaped the current outlook and what that means for the rest of the year.   Here's some of what we discuss in this episode: The significant political and economic events of the summer + market reactions How diversification benefits investors in months of extreme volatility Upcoming events that might rock the investment world The historical performance of the markets during elections in 2012, 2016 and 2020   Get in touch with Don and learn more: https://doncashpodcast.com/

When it comes to investing, human biases often lead us astray. We have a natural tendency to react to recent news, a phenomenon known as recency bias. This can result in poor investment decisions, like selling stocks in a panic or buying into market hype. Listen in as Don and Marc talk about why it's so important to recognize your biases, stick to your financial plan, and sometimes, do the opposite of what your instincts tell you (with the help of a financial advisor, of course).   Here's some of what we discuss in this episode: How human biases can impact investing decisions Having a plan and sticking to it during periods of market volatility The benefits of buying low and selling high during market drops How FOMO (fear of missing out) can lead to poor financial choices Not letting financial news dictate your decisions + focusing on consistent strategies   Resources for this episode: George Costanza – Do The Opposite https://youtu.be/CizwH_T7pjg?si=qEzNf3nJzj0CvK6R Market Watch Article https://www.marketwatch.com/story/the-stock-market-is-tanking-what-should-you-do-the-opposite-of-what-you-think-c2c92cd3 Cognitive Bias https://www.sog.unc.edu/sites/www.sog.unc.edu/files/course_materials/Cognitive%20Biases%20Codex.pdf   Get in touch with Don and learn more: https://doncashpodcast.com/

Election years are always tumultuous, but the current political climate has reached new levels of unpredictability. As every election cycle seems to get more chaotic, how can you protect your portfolio? Tune in as Don explores how learning from historical events can help navigate these uncertain times.   Here's some of what we discuss in this episode: How the political and market climate of 1968 offers insights for today's investors Strategies to manage market volatility and avoid knee-jerk reactions during turbulent times Why maintaining a diversified portfolio is crucial for long-term stability Developing a plan that matches your goals, risk tolerance, and time horizon   Get in touch with Don and learn more: https://doncashpodcast.com/

This week's episode serves as a warning to those neglecting their estate plans. Few stories illustrate the importance of updating beneficiary designations more poignantly than that of Jeffrey Rolison and Margaret “Peggy” Sjostedt, who dated in the 80s and broke up just a few years later. Despite their relationship ending, Jeffrey never updated the beneficiary designation on his Procter & Gamble retirement account, and Margaret stood to inherit $1 million. Listen in as Don shares a few things that we can learn from this unfortunate oversight… Here's some of what we discuss in this episode: The story of Jeffrey Rolison, who forgot to update his beneficiary designation Jeffrey's brothers nine-year legal battle to claim the retirement money The importance of regularly reviewing and updating your beneficiary designations   Wall Street Journal Article https://www.wsj.com/personal-finance/inherited-retirement-savings-beneficiary-breakup-divorce-849e3ff2   Get in touch with Don and learn more: https://doncashpodcast.com/

As we approach the 4th of July, it's a perfect time to reflect on the concept of independence- not just in terms of our nation, but also in our personal financial lives. In today's episode, Don and Marc chat about some of the fascinating parallels between the celebration of Independence Day and the journey of retirement planning. Stay tuned as we talk about building a solid foundation for your financial future, celebrating milestones, looking forward to a secure and fulfilling retirement, and more!   Here's some of what we discuss in this episode: The importance of early and thorough retirement planning Building a solid financial foundation through diligent saving, smart investing, and disciplined spending Celebrating milestones in your retirement journey and learning to enjoy the fruits of your labor Achieving financial independence and making empowered decisions on how to enjoy your retirement years Overcoming challenges in retirement planning like market volatility, inflation, and unexpected health issues   Get in touch with Don and learn more: https://doncashpodcast.com/

With the rising costs of homeownership and the looming concerns of long-term care, it's no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…   Here's some of what we discuss in this episode: The annual gift exclusion limit for tax-free gifts in 2024 Gift exclusions for tuition and medical bills Contributing to a tax-free Roth IRA for young family members as a gifting strategy The capital gains tax implications when gifting a house versus inheriting it A few state benefits that you could lose by gifting your home to your kids   Resources for this episode: IRS Home sale exclusion – https://www.irs.gov/taxtopics/tc701 IRS Gift Credit – https://www.irs.gov/newsroom/estate-and-gift-tax-faqs NJ Property Tax Freeze – https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml NJ ANCHOR benefit – https://www.nj.gov/treasury/taxation/anchor/index.shtml   Get in touch with Don and learn more: https://doncashpodcast.com/

In today's episode, Don shares the astonishing story of attempted real estate fraud involving one of America's most iconic homes: Graceland. Did you know that the legendary estate of Elvis Presley was nearly auctioned off due to a scam? Listen in as Don takes us through the shocking details and the lessons we can learn to protect our own properties.   Here's some of what we discuss in this episode: The history of Graceland and its ownership since Elvis's passing Details of the attempted fraud involving Graceland Information about the fake company, Naussany Investments & Private Lending Steps homeowners can take to protect themselves from similar fraudulent activities   Resources for this episode: Wall Street Journal – Judge Blocks Efforts to Auction Graceland https://www.wsj.com/real-estate/elvis-presley-graceland-riley-keough-judge-blocks-auction-fc424898?st=38uynto4rjjlffc&reflink=desktopwebshare_permalink History of Graceland https://en.wikipedia.org/wiki/Graceland Judicial Foreclosure states https://retipster.com/judicial-non-judicial-foreclosure-states-list-map/ Home Title Alert https://www.propertyfraudalert.com/select Paid Service https://www.hometitlelock.com/?gad_source=1&gclid=CjwKCAjwgdayBhBQEiwAXhMxtnBjUN38QZs4FeIk24dUxd3dEt6Lg3YaQeJYcBpS0830_ZocjwTteRoC-XwQAvD_BwE  

While you dream about the leisurely days ahead of you in retirement, it's also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We're going to walk you through the fundamentals in today's episode.   Here's some of what we discuss in this episode: Medicare supplement plans for those retiring before 65 + potential pitfalls of forgoing these plans The high expenses of long-term care services + the factors that led to rising premiums The advantages of older long-term care policies + options to modify coverage to reduce costs Life insurance and long-term care combination policies Reasons for long-term care insurance in retirement The importance of property and casualty insurance + the benefits of umbrella policies   Open Enrollment Season episode https://doncashpodcast.com/podcast/medicare-mistakes-to-avoid-during-open-enrollment-season/   Get in touch with Don and learn more: https://doncashpodcast.com/

As we approach the first week of May with tax season behind us, it's the perfect time to look ahead. With the Tax Cuts and Jobs Act set to expire at the end of 2025, some big changes are in store for the next two years from a tax standpoint. In today's episode, Don will dive into the changes you need to be aware of for 2024 and beyond.   Here's some of what we discuss in this episode: Changes in the capital gains rule for homeowners + potential planning mistakes with property ownership The evolution of the taxation of Social Security benefits over the years The importance of integrating Social Security decisions into an overall retirement plan Keeping an eye on federal and state estate taxes + the importance of comprehensive estate planning   Get in touch with Don and learn more: https://doncashpodcast.com/  

Did you know that roughly 50% of people over 50 lack essential legal documents, such as wills, power of attorney, and healthcare directives? The numbers are even more concerning for younger demographics, with 80% of those under 30 lacking any basic documents. With over $84 trillion in assets set to transfer to the next generation, ensuring your estate is in order has never been more important.   Here's some of what we discuss in this episode: The percentages of individuals across different age groups lacking essential estate planning documents The importance of powers of attorney and healthcare directives once one turns 18 Outdated legal documents, misplacing wills, and updating your estate planning materials as life changes Understanding IRA estate rules to avoid complications and tax liabilities Carefully selecting executors and trustees + sharing passwords and communicating intentions with family members   Get in touch with Don and learn more: https://doncashpodcast.com/

Spring has sprung, pollen is in the air, and we are in the middle of college basketball March Madness! With tax season also approaching, Don and Marc are here to talk about Health Savings Accounts (HSAs) and the wealth of opportunities they can provide for savers and investors. Listen in as they share some benefits of contributing to an HSA, including significant tax deductions and tax-free withdrawals for qualified medical expenses.   Here's some of what we discuss in this episode: How HSAs work + a little history The difference between the HSA-eligible health plan and the health savings account The tax benefits an HSA offers + some potential downsides to consider The nuances of HSAs for individuals over 65 + strategic approaches for managing HSA funds post-retirement Considering HSA depletion rules + keeping proper records   Resources: IRS Rules for HSAs – Publication 969  https://www.irs.gov/publications/p969   HSA benefits that may surprise you – https://irahelp.com/slottreport/hsa-benefits-may-surprise-you/   5 HSA rules you need to know – https://irahelp.com/slottreport/5-hsa-rules-you-need-know/   Get the most out of your HSA – Wall Street Journal – https://www.wsj.com/buyside/personal-finance/what-is-an-hsa-dff3eb55?st=rxd75zyho7lfd45&reflink=desktopwebshare_permalink   Get in touch with Don and learn more: https://doncashpodcast.com/

In our last episode, we teased a discussion about long-term care insurance deductions and health savings accounts but ran out of time. Don't worry though, because today we're diving deep into these important topics.   Here's some of what we discuss in this episode: Don's recent conference in Arizona + self-driving cars The high cost of assisted living and long-term care + considerations for itemizing deductions on tax returns Some missed opportunities that Don often sees when it comes to medical expenses How deductions work for life care retirement communities Alternate ways to deduct medical expenses for self-employed individuals using Schedule 1 on the 1040 form   Resources for this episode: Tax forms –1040 form https://www.irs.gov/pub/irs-pdf/f1040.pdf Schedule 1 – Income & Adjustments https://www.irs.gov/pub/irs-pdf/f1040s1.pdf Schedule A – https://www.irs.gov/pub/irs-pdf/f1040sa.pdf Standard Deductions and Tax Brackets – 2023 https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 Long-Term Care Insurance Tax Deductions – https://apps.irs.gov/app/vita/content/00/00_25_005.jsp Waymo Driverless Cars – https://waymo.com/   Get in touch with Don and learn more: https://doncashpodcast.com/  

Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine's Day is here. It's a busy time of year, and while “Be my little tax deduction” isn't the most romantic thing to say to your spouse this holiday, we're going to discuss a tax deduction you can make for your Valentine before April 15th in today's show.   Here's some of what we discuss in this episode: The randomness and unpredictability of Groundhog's Day, the Super Bowl, and the stock market What is a spousal IRA contribution and how does it differ from a normal IRA contribution? How can spousal IRA contributions benefit retirees and pre-retirees in terms of tax deductions and retirement savings? The implications of IRA contributions for individuals over age 73 + alternative retirement savings options for self-employed individuals   Resources for this episode: Wall Street Journal Article – Spousal IRAs https://www.wsj.com/personal-finance/retirement/theres-still-a-way-to-double-your-retirement-tax-breaks-before-filing-0f689dc1?st=cssro7zcnwkzp8r&reflink=desktopwebshare_permalink   Income limits for IRA deductions https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work   Get in touch with Don and learn more: https://doncashpodcast.com/  

In celebration of the holiday this week, we thought we'd have a little fun and see what the movie “Groundhog Day,” starring Bill Murray and Andy MacDowell, can teach us about successful retirement planning. Just like Bill Murray's character, Phil, is forced to relive the same day over and over and learn from his mistakes, retirement planning is an ongoing journey that calls for adaptability, continuous learning, and a commitment to positive change.   Here's some of what we discuss in this episode: The cyclical process of retirement planning + the role of annual rituals and reviews throughout the process Getting burned by trying to predict the future when it comes to financial investments + the importance of financial preparedness Learning from past financial mistakes and not repeating them Adapting to changes in income, expenses, investment performance, health, and more How small changes in financial planning can lead to big results   Get in touch with Don and learn more: https://doncashpodcast.com/

It's that time again when the world attempts to foresee the twists and turns the coming months might bring. As the air buzzes with predictions and forecasts, it's worth stepping back and glancing at the rearview mirror of history. In it, you'll see that predicting the future isn't as easy as it seems.   Here's some of what we discuss in this episode: Despite positive economic indicators and predictions, the stock market and investors suffered in 2022 Despite concerns such as a softening job market, high office vacancies, and geopolitical tensions in the Middle East, the end of 2023 saw a surprising global market rally The unpredictability of the future and the impact of past events in shaping the future The overwhelming nature of the news + having a financial plan, purpose, and philosophy for your money   Don's formula for clarity and confidence in financial planning: C > I + E + P x M (Cognitive Thinking greater than Instinct + Emotion + Perception multiplied by Media)   Episode Resources Bad News For the Economy is Good News for the Stock Market https://www.cnbc.com/2023/11/03/bad-news-for-the-economy-is-good-news-for-the-stock-market-as-long-as-it-doesnt-get-too-bad.html%20   The Future is Bright If You Know Where To Look https://www.wsj.com/tech/ai/the-future-is-bright-if-you-know-where-to-look-98874b3d?st=qz6edtiza4mgqna&reflink=desktopwebshare_permalink%20The%20Future%20Is%20Unpredictable%20Even%20When%20It%E2%80%99s%20Certain%20   The Future Is Unpredictable Even When It's Certain https://www.wsj.com/articles/the-future-is-unpredictable-even-when-its-certain-2024-political-cycle-71996049?st=nqlq0lflg6nwlg5&reflink=desktopwebshare_permalink   Get in touch with Don and learn more: https://doncashpodcast.com/

The new year is upon us, so we thought we'd take this time to reflect on the past year and chat about starting the new year on the right footing. Join Don and Marc as they discuss a wide array of topics, ranging from health concerns to retirement, relationships, and unexpected global events that took place in 2023.   Here's some of what we discuss in this episode: Some interesting facts on New Year's resolutions in America Mental health, social media addictions, and fitness tracking Health, relationships, and recreational goals for people over 50 Setting S-M-A-R-T goals in the new year and learning from last year's investing lessons The unpredictability of the stock market and the danger of making predictions based on the news   Get in touch with Don and learn more: https://doncashpodcast.com/  

As we gather around festive tables and share the joy of the season with our loved ones, the holidays provide the perfect backdrop for meaningful conversations. In today's episode we're going to explore the three important money conversations that you should consider having during the holidays.   Here's some of what we discuss in this episode: Parents: Breaking the “no talk rule” about money with your parents, keeping legal documents updated, checking for signs of cognitive decline + ensuring appropriate living arrangements are being made Kids: Providing them with basic knowledge about tax issues, assets, key financial contacts + encouraging responsible financial habits Young Adults: Establishing car and health insurance, contributing to retirement accounts, building an emergency fund + filling out important legal documents Your Partner: Conversations about finances, spending, and saving money + focusing on shared goals for the future, such as living arrangements and lifestyle preferences   Get in touch with Don and learn more: https://doncashpodcast.com/

We're back to wrap up this two-part episode on year-end planning for 2023. As 2024 approaches, it is the perfect time of year for these conversations. If you missed part one, you can catch up on the conversation here! In this episode, we'll chat about several topics including the looming expiration of the current tax code in 2026, the increasing national debt, and the potential rise in tax rates. Don will also share how those in need of long-term care can leverage their IRA assets to minimize taxes, talk about the often-overlooked 0% capital gains tax bracket, discuss the importance of proactive tax planning, and more.   Here's some of what we discuss in this episode: How might changes in the tax code impact financial planning, considering the current national debt? Some ways that long-term care expenses can be leveraged for significant tax deductions How does the 0% capital gains tax bracket work? What is the gifting limit, and how can it be strategically utilized for educational or medical expenses?   Get in touch with Don and learn more: https://doncashpodcast.com/    

Join us for a two-part episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. With the holidays right around the corner, it is the perfect time of year for these conversations. Listen in as we cover a range of topics, from IRA and 401k contribution limits to Roth IRA conversions and charitable giving options.   Here's some of what we discuss in this episode: Medicare open enrollment, Social Security COLA changes for 2024 + and the new Medicare Part B premium Changes to the Required Minimum Distribution (RMD) age Making qualified charitable distributions (QCDs) from IRAs and their benefits in reducing taxable income What are the contribution limits for retirement accounts like 401(k)s and IRAs? Initiating financial decisions early to avoid potential year-end complications   Wall Street Journal Article: https://www.wsj.com/lifestyle/travel/airline-customer-service-scam-twitter-x-e1879760?mod=Searchresults_pos1&page=1   Get in touch with Don and learn more: https://doncashpodcast.com/

It's Medicare open enrollment season, so in today's episode, we're going to dive into some of its complexities and share the common mistakes you want to avoid during this critical period. Listen in as Don and Marc discuss the differences between traditional Medicare, Medicare Supplements and Medicare Advantage plans, and stress the importance of understanding Medicare drug plans.   Here's some of what we discuss in this episode: The key differences between traditional Medicare, Medicare Supplements and Medicare Advantage plans What is Medicare Open Enrollment and when does it occur? What are the potential downsides of Medicare Advantage plans? The importance of reviewing annual letters of notification from your Part D drug plan.   Wall Street Journal Article: https://www.wsj.com/health/healthcare/medicare-advantage-enrollment-risks-923e7952 Previouis Medicare Episodes: https://yourmoneyyourlife.podbean.com/e/abc-s-of-medicare/ https://yourmoneyyourlife.podbean.com/e/ep-61-abc-s-of-medicare/   Get in touch with Don and learn more: https://doncashpodcast.com/

In a world where technology is integral to our daily lives, identity theft remains a significant concern. While we may be aware of the risks, it's easy to let our guard down, often not realizing the gravity until we become victims ourselves. Join Don and Marc as they delve into the world of identity theft, shedding light on the risks and often-overlooked vulnerabilities that put us at risk.   Here's some of what we discuss in this episode: What is a data breach and how is it different than identity theft? What are common scams and red flags to watch out for in identity theft? The role strong passwords play in protecting your personal information What is home title theft, and how can it be prevented? Some services that can provide extra protection against identity theft   Additional Resources:  What is Identity Theft https://www.usa.gov/identity-theft   Common Types of ID Theft https://www.experian.com/blogs/ask-experian/20-types-of-identity-theft-and-fraud/   Grandma I'm in Jail Fake Phone Calls –

As we move towards the end of the year, we're looking over checklists for items that need some attention, and while it's not specific year-end planning, now is a great time to address your estate plan. The fact is only 33% of Americans have an estate plan and only 43% have a will. Those numbers might be shocking, but the reality is many people just aren't giving this critical piece of planning enough attention. So as you get things in order for the end of the year, let's spend some time talking about why you need an estate plan.   Here's some of what we discuss in this episode: What does a financial will do as opposed to a power of attorney and living will. The role the power of attorney plays and why it's arguably the most important document when you are living. The five different types of power of attorneys and what they cover. What happens if you get sick or disabled without a power of attorney? The purpose of the living will and the purpose of the last will and testament.  Links for this episode:  Probate - https://trustandwill.com/learn/types-of-non-probate-assets Last Will and Testament – https://www.investopedia.com/terms/l/last-will-and-testament.asp Living Will and Power of Attorney https://www.mchughandmacri.com/blog/2017/02/the-difference-between-a-living-will-and-power-of-attorney/ Percentage of Americans without Estate Plan https://www.aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html https://www.cnbc.com/2022/04/11/67percent-of-americans-have-no-estate-plan-heres-how-to-get-started-on-one.html Spouse disinherited by accident https://nypost.com/2005/01/31/pension-pickle-broke-widower-loses-1m-to-in-law/  Wall Street Journal Article – Estate Planning - https://www.wsj.com/personal-finance/estate-planning-will-money-family-heirs-8f2eb6e8?st=tyfkq2ei0nprc1z&reflink=desktopwebshare_permalink   Get in touch with Don and learn more: https://doncashpodcast.com/

We are all familiar with the term life span and the concern inflation and social security changes may impact living a long life. Today, we are going to talk about “health span” and what we need to think about as we live longer, and hopefully healthier, in retirement. Here's some of what we discuss in this episode: The average lifespan is about 79 for women and 73 for men, which dropped for the first time in 25 years. What are the leading causes of death today compared to the year 1900. How your health span factors into planning and determining how much money you need. What we encourage our clients to do in order to maintain that health span.   Get in touch with Don and learn more: https://doncashpodcast.com/

In this episode, we're taking a look at the new Social Security cost of living changes for 2024. Join Don and Marc as they decode the Consumer Price Index (CPI) and its impact on Social Security and retirement planning. They uncover the intricate world of CPI categories, from CPI-U to CPI-W, and how they determine Social Security cost of living adjustments. Here are some questions we answer in this episode: What is the COLA in relation to Social Security benefits? How is the COLA calculated and what index is used? Why does the reported CPI increase sometimes feel inaccurate? What is the impact of different CPI indices on Social Security benefits? Resources for this episode:  https://en.wikipedia.org/wiki/Consumer_price_index https://www.bls.gov/cpi/factsheets/common-misconceptions-about-cpi.htm https://www.ssa.gov/oact/cola/latestCOLA.html https://www.bls.gov/opub/hom/cpi/presentation.htm https://www.ssa.gov/oact/cola/colaseries.html https://www.bls.gov/news.release/cpi.t05.htm https://www.investopedia.com/terms/c/chain-linked-cpi.asp#:~:text=Chain%2DWeighted%20CPI%20Example&text=Smith%20buys%20two%20pounds%20of,has%20risen%20to%20%246%20%2F%20lb. https://www.ssa.gov/policy/docs/policybriefs/pb2008-03.html   Get in touch with Don and learn more: https://doncashpodcast.com/  

On August 1, the Fitch Ratings agency downgraded the US debt from its top rating of AAA down a notch to AA+. This is the second time this has happened. Ironically, that was also in August but twelve years again 2011. At that time, the Standard and Poor's downgraded US treasury debt from AAA to AA+.   So why is this happening now and what does it mean to us as we save for and in retirement?   Here's some of what we discuss in this episode: Don will provide some background and a big picture view on what's happening with these ratings. Why does this downgrade seem like it's getting less of a reaction? Could we continue to slip even further with more downgrades in the future? The stock market's response over the next decade was still very positive after the last downgrade. As an investor, what are the different lessons we can take from last time? What does the downgrade of 10 banks mean for me? Where do we go from here and what will Don be watching in the future?   Get in touch with Don and learn more: https://doncashpodcast.com/

Welcome to our 100th episode of Your Money & Your Life! Today we're taking a nostalgic look back at the past five years, from personal milestones to macro-economic events, such as the fluctuating real estate market and interest rates. We even rewind to some previous episodes, examining how our predictions on technology's role in investment strategies held up, and discussing the unforeseen impact of COVID-19 on our lives and finances.   Here's some of what we discuss in this episode: Don and Marc reflect on the past five years + podcast episodes from the beginning of the show. (0:43) The podcast during COVID-19 + Don's role as an advisor during that time. (8:26) The impact of inflation in 2023. (14:54) The slight easing of inflation + The Debt-To-GDP ratio. (18:43) The importance of following time-tested planning principles and not making emotional financial decisions. (23:26)   Get in touch with Don and learn more: https://doncashpodcast.com/  

We're diving into the listener mailbag for today's episode! We've received some excellent listener questions recently, and we're going to dive into a few of them on today's show. Doug asks where he should invest the money from his new raise. Sherry asks if she should lease or sell the family farmland that she inherited from her uncle. Tune in and see what you can learn from these listener questions!    Here's some of what we discuss in this episode: Mailbag: I just got a raise, but now I make too much money to put into my Roth. Where should I invest my money now? (3:20) Mailbag: My daughter is getting married this year and I don't want to pay a lot of taxes by withdrawing money from our retirement accounts to pay for the wedding. Any advice? (9:34) Mailbag: I inherited 100 acres of land from my uncle. I'm sentimentally attached, but should I just sell it? (16:28)   Get in touch with Don and learn more: https://doncashpodcast.com/  

Many retirees bounce around the idea of moving states in retirement with the goal of saving money on taxes and expenses. It makes sense on the surface but will it benefit you as much as you hoped? Today we'll dive into the numbers, talk through some of the costs that blindside people, and help you better understand what needs to be evaluated before you make the move.   Here's some of what we discuss in this episode: The migration trend and what's behind the move to different states. (2:20) Here are some of the advantages. (5:31) What you should consider if you're approaching retirement and considering a move. (6:59) Costs that often blindside people. (13:15) A few more factors to pay attention to. (17:40) The 3 big taxes you need to assess before moving. (20:40)   Get in touch with Don and learn more: https://doncashpodcast.com/

Join Don and Marc as they dive into the fascinating world of artificial intelligence. Discover the potential risks, benefits, and the ever-expanding reach of AI across various industries. From AI-generated music and artwork to robot-advisors and facial recognition, AI is revolutionizing the way we interact with technology. In this episode, we'll explore the origins of AI the blurred lines between reality and AI, and ultimately answer the question: should you be worried?   Artificial Intelligence or AI, which is something that we are constantly hearing about. We will dive into it and talk about the potential risks as well as the benefits and some land minds to avoid as consumers and also investors in this technology.   Here's some of what we discuss in this episode: The idea of AI has been around for a long time, and this technology will only become more common. (3:36) The “technology turn” during COVID + Chat GPT. (10:41) AI should be used as a tool and not to replace people. (14:33) How video and voice technology is rapidly advancing. (18:38) What can we do to protect ourselves? (21:02) Being smart with your investing strategy. (24:11)   Resources mentioned on the show:  ChatGPT - https://openai.com/blog/chatgpt Tom Cruise Video - https://www.youtube.com/shorts/l7FH_-GAlz8   Get in touch with Don and learn more: https://doncashpodcast.com/  

We're back to discuss the ongoing battle over the debt ceiling in this episode. We'll review recent federal budgets and expenses and compare these numbers to recent history. We'll also dive into the impact of the COVID-19 relief spending, address some concerns about inflation, and share our thoughts about this situation as a whole.   Here's some of what we discuss in this episode: What's the recent debt ceiling update? (3:26) What's driving the debates around this topic and what may occur in the next week. (5:35) U.S. spending since the pandemic. (7:28) Getting this spending back into check. (9:54) What is the "Fear Index" and how does it relate to all of this? (13:55) How people are spending money outside of Washington. (17:57)   Get in touch with Don and learn more: https://doncashpodcast.com/

In today's episode, we're going to dive into the pressing issues of the U.S. debt ceiling and Federal Reserve rate hikes. We'll begin by unraveling the concept of the federal debt ceiling, examining its history, and shedding light on the federal government's current and prospective spending plans. Ultimately, we'll discuss what all the recent buzz on this topic might mean for investors and whether there is cause for alarm.    Here's some of what we discuss in this episode: Should we be concerned about the debt ceiling conversations in America? (2:21) What exactly is the debt ceiling? (4:36) What happens if the debt ceiling isn't raised? (7:42) Looking back at recent interest rate raises in comparison to today. (14:57) So, what should investors do? (18:00) What is the issue with higher bank rates? (20:50) History repeats itself and diversification is important. (22:05)   Get in touch with Don and learn more: https://doncashpodcast.com/

Many of us have heard of typical investment risks, such as market risks, liquidity risks, credit risks, and concentration risks. But what is reinvestment risk? In today's episode, we'll explain what reinvestment risk is and how the fear of recent events might be driving this risk.   Here's some of what we discuss in this episode: Don discusses the fees for credit transactions that are becoming more frequent. (2:56) What is reinvestment risk? (5:27) The two classes of CD and bond buyers right now. (13:26) How bonds should act as a stabilizer in a portfolio. (15:01) How rebalancing, patience, discipline and understanding play a huge part in a sound investment strategy. (18:53) Get in touch with Don and learn more: https://doncashpodcast.com/

What many people are starting to realize is that taxes in retirement might actually be more than they were when they were working. We've been taught our entire lives to defer taxes by contributing to an IRA and 401(k), but that ends up leaving retirees with more to pay down the road. What's important to know is that the taxman will cometh at some point, and it could be for more than you are paying today. Today we'll share some tax planning strategies that you should consider and point out a couple key areas in retirement where planning will be critical.   Here's some of what we discuss in this episode: As we finish our taxes for 2022, what should people be looking at for 2023. (2:34) Where are the blinds spots for people in terms of taxes? (4:30) How will the government pay off the rising debt we're facing. (8:05) One of the biggest strategies right now is utilizing a Roth. (12:20) An example of how longterm care and medical bills play into tax planning. (14:28) Why understanding the seven tax brackets are important. (20:01)   Get in touch with Don and learn more: https://doncashpodcast.com/

The biggest news in the financial world this month has been the failure of major banks like Silicon Valley Bank and Signature Bank. There didn't seem to be any concerns about their stability even a few weeks ago, but things fell apart quickly. So the obvious question is what happened and how will this impact me? In this episode, Don will provide a breakdown of what went wrong with SVB and how this might impact other banks across the country. Plus, we'll touch on how this all relates to investing and retirement planning. Here's some of what we discuss in this episode: A high-level look at banking and investing. (4:14) What does the FDIC protect? (6:00) What exactly happened with SVB? (10:34) Should we worry that other banks have done something similar? (16:37) How does this all tie back into retirement planning? (17:51)   Get in touch with Don and learn more: https://doncashpodcast.com/