Your Money & Your Life Podcast

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: 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: 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: 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: 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 – https://www.nbcsandiego.com/nbc-7-responds-2/grandma-im-in-jail-scammers-targeting-elderly-san-diegans/3229084/#:~:text=It%20comes%20in%20as%20an,someone%20claiming%20to%20be%20family.&text=The%20scammers'%20game%20is%20to,hospitalized%2C%20arrested%20or%20even%20kidnapped. Fake Microsoft Pop up virus alert – https://www.pcrisk.com/removal-guides/12308-virus-alert-from-microsoft-scam Home Title Theft – https://www.forbes.com/advisor/mortgages/real-estate/home-title-theft/ Get in touch with Don and learn more: https://doncashpodcast.com/

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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: Get in touch with Don and learn more: https://doncashpodcast.com/

This episode will help explain what ESG investing is and how it impacts your retirement planning. Plus, are these investments actually helping the environment and why is the government getting involved? Don Cash will sort out a lot of the facts on this topic so you’ll be more informed. Here’s some of what we discuss in this episode: Get in touch with Don and learn more: https://doncashpodcast.com/

What we want to do in this episode is make sense of what exactly is happening with Social Security and which concerns are legit and which ones might be overblown. This isn’t the first time Social Security has had to make adjustments since it was originally introduced in 1935, and we’ll take you through what has changed over the past nearly 90 years. Here’s some of what we discuss in this episode: Additional Resources: Proposed SS changes - https://www.ssa.gov/OACT/solvency/ The Social Security Trust fund - https://www.ssa.gov/news/press/factsheets/WhatAreTheTrust.htm Get in touch with Don and learn more: https://doncashpodcast.com/

Tax season is officially here for 2023 and while many of us will slowly ease into it, now is the time to start thinking about what you need to accomplish over the next few months. In this episode, Don is going to help you prepare for tax season by explaining the key documents that you’ll want to be on the lookout for, highlighting the financial planning conversations you need to be having with your advisor, and sharing a few tips for finding the right CPA. Here’s some of what we discuss in this episode: Additional resources to help you with tax season: Groundhog Day - https://www.cnn.com/2023/02/02/us/groundhog-day-punxsutawney-phil-2023-trnd/index.html Tax forms for 2022 filing - https://www.fool.com/taxes/the-13-most-common-tax-forms/ Tax Forms for retirees - https://advancedretirementstrategies.com/retiree-tax-document-checklist-what-documents-do-i-need-to-file-taxes/ Key Filing dates for 2022 Tax season - https://www.usatoday.com/story/money/taxes/2023/01/09/irs-taxes-file-efile-2023/11018054002/ IRA contribution rules - https://www.kiplinger.com/retirement/retirement-plans/traditional-ira/603958/traditional-ira-contribution-limits-for-2022 Get in touch with Don and learn more: https://doncashpodcast.com/