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:

• 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 –

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:

• 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.

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/