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 documentsThe importance of powers of attorney and healthcare directives once one turns 18Outdated legal documents, misplacing wills, and updating your estate planning materials as life changesUnderstanding IRA estate rules to avoid complications and tax liabilitiesCarefully 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 historyThe difference between the HSA-eligible health plan and the health savings accountThe tax benefits an HSA offers + some potential downsides to considerThe nuances of HSAs for individuals over 65 + strategic approaches for managing HSA funds post-retirementConsidering 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 carsThe high cost of assisted living and long-term care + considerations for itemizing deductions on tax returnsSome missed opportunities that Don often sees when it comes to medical expensesHow deductions work for life care retirement communitiesAlternate 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 marketWhat 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 processGetting burned by trying to predict the future when it comes to financial investments + the importance of financial preparednessLearning from past financial mistakes and not repeating themAdapting to changes in income, expenses, investment performance, health, and moreHow 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 2022Despite 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 rallyThe unpredictability of the future and the impact of past events in shaping the futureThe 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 AmericaMental health, social media addictions, and fitness trackingHealth, relationships, and recreational goals for people over 50Setting S-M-A-R-T goals in the new year and learning from last year’s investing lessonsThe 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 madeKids: Providing them with basic knowledge about tax issues, assets, key financial contacts + encouraging responsible financial habitsYoung Adults: Establishing car and health insurance, contributing to retirement accounts, building an emergency fund + filling out important legal documentsYour 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 deductionsHow 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 premiumChanges to the Required Minimum Distribution (RMD) ageMaking qualified charitable distributions (QCDs) from IRAs and their benefits in reducing taxable incomeWhat 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 plansWhat 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 informationWhat 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.  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/