Your Money & Your Life Podcast

Year End Roth IRA and Tax Planning

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/

2024 Election Aftermath: Planning & Tax Implications – No Tax on Social Security?

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
Links for today's show
Federal Tax Rates –
https://taxfoundation.org/data/all/federal/2024-tax-brackets/
The SALT Deduction –
https://suozzi.house.gov/media/in-the-news/trump-signals-hed-restore-full-salt-deduction-democrats-are-skeptical
https://www.cnbc.com/2021/11/19/house-democrats-pass-package-with-80000-salt-cap-through-2030.html
Taxation of Social Security Benefits –
https://taxfoundation.org/blog/social-security-benefits-tax-inflation/
The Social Security Trust Fund and Future Cuts-
https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html
The Debt Clock –
https://www.usdebtclock.org/
Get in touch with Don and learn more: https://doncashpodcast.com/

Mistakes To Avoid During Medicare Open Enrollment

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/

Weathering the Storm: Preparation and Navigating Homeowners and Flood Insurance

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
National Flood Insurance Program 
https://www.floodsmart.gov/get-flood-insurance?gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfA3xCHvd2i8V70upWfIhBR3h1ewIuse_3fNgV1GVKi7IHvZtC3rM6waAuZ6EALw_wcB
How to Prepare for a Storm
https://www.housebeautiful.com/lifestyle/organizing-tips/a28872132/how-to-prepare-for-a-hurricane/?utm_source=google&utm_medium=cpc&utm_campaign=mgu_ga_hbl_md_pmx_hybd_mix_us_281495960970879&gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfBk2KXH8X_geZxDfxAFL31PJVHy6FCC1VNArz7pR3cVz-XJCmjya1UaAiQdEALw_wcB
What’s my home elevation?
https://whatismyelevation.com/location/35.59507,-82.55426/Asheville--NC--United-States-
 
Get in touch with Don and learn more: https://doncashpodcast.com/

The 2025 Social Security Increase & New Jersey Triple Tax Benefit

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 Gain Taxes: Will You Have to Pay? Myths, Truths, and the Real Financial Blind Spots

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/

Summer Winds Give Way Toward Election Year Worries

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/

Financial News Making You Nervous? Do The Opposite!

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/