Your Money & Your Life Podcast

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Understanding 2020 Medicare Premiums and IRMAA Surcharges

It was recently announced that the Medicare Part B monthly premiums and the annual deductible would be higher in 2020, so how is this amount calculated? We turn to Don Cash to explain Medicare premiums, IRMAA surcharges, and how it breaks down into different tiers.

 

Show Notes and Additional Resources: https://doncashpodcast.com/podcast/understanding-2020-medicare-premiums-and-irmaa-surcharges/

 

On This Episode: 

0:32 – We made it through Thanksgiving (maybe a little heavier).

1:43 – In the News: It’s IRMAA Medicare season and more people are getting letters saying they’ll be paying a surcharge. Don explains.

6:16 – The five different tiers for surcharge levels.

7:44 – Where do people run up against these charges?

9:58 – Final thoughts from Don on IRMAA

11:39 – Time for Cash Connection

11:50 – Mailbag question: I’m in my mid-50s and I don’t have much saved for retirement at all. But I own my own business and I’m having a huge year so I’ll have some profits to invest. Can you give me some places to start?

14:11 – Getting to Know Don: What is your ideal way to relax after a long day or week of work?

Common Misunderstandings When It Comes to Social Security

Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the most common misunderstandings about Social Security, provide some background on the program, and forecast possible changes that could be coming.

 

Show Notes and Additional Resources: https://doncashpodcast.com/podcast/common-misunderstandings-when-it-comes-to-social-security/ 

 

On This Episode: 

0:56 – Happy Thanksgiving!  

2:23 – In the News: Social Security announced benefits would increase by 1.6% to cover cost of living. What are some of the common misunderstandings around Social Security?

3:37 – Here are the five most common misconceptions that Don hears.

4:25 – Let’s talk about the idea that Social Security is going broke. It’s been around since the beginning.

8:20 – How Social Security works exactly.

10:54 – Here’s how the ages break down for claiming Social Security.  

13:58 – A fact about cost of living increases and how it all began.

14:45 – How we work with clients to determine the best strategies to maximize benefits.

15:31 – Most people do need to pay taxes on their Social Security benefits.

16:02 – How has the current program evolved over the years and is it going broke?

16:56 – 5 ways that Social Security could change to generate more money.

19:35 – Getting to Know Don: Any new renovations going on at your house?

How Legal Documents Impact Your Finances and Retirement - Part 2

Americans believe it’s important to have a will, but less than half have one. Not only do many Americans lack a basic will, they often lack very important legal documents. On part two of this series, Don will discuss how his family handles these documents and the process of getting his children updated.

 

Show Notes: https://doncashpodcast.com/podcast/how-legal-documents-impact-your-finances-and-retirement-part-2/

 

Today's Rundown: 

0:36 – Baseball season not going any better for Don than football.

2:05 – What we talked about during part 1 of this series.

2:45 – Don fills us in on how the estate planning is going for his family.  

3:24 – Don had to make changes with his children getting older.

4:03 – Typically, the husband will name the wife as the executor of the will.

4:53 – Where do your children’s spouses fit into the plan?

5:33 – Remember that not all of your assets get passed on through the will.

6:25 – Here’s how Don got to thinking about getting his adult children to think about legal documents.

8:50 – How often should people be updating these types of documents.

10:36 – Cash Connection time

10:40 – Mailbag question: I keep hearing that if President Trump is impeached, the stock market will crash. What do you think I should do?

11:57 – Trivia Question: Who are the only two presidents to be impeached?

15:00 – Getting to Know Don: Any television shows that you’re into right now?

How Legal Documents Impact Your Finances and Retirement - Part 1

Americans believe that it is important to have a will, but less than half have one. Not only do many Americans lack a basic will, they often lack very important legal documents like a power of attorney, an advanced healthcare directive (living will) or HIPPA authorization forms. We will begin this discussion in part 1 of 2.

On this episode: 

1:30 – Don Cash, a NY Jets fan, shares what the acronym J-E-T-S stands for in 2019.

2:26 – A recent survey found most Americans find it’s important to have a will but less than half actually have one. Why is that?

3:45 – We’re creatures of habit so if no one is talking about these things, they are easily ignored.

5:42 – What are some reasons you need to update your legal documents?

7:50 – A couple more things people should think about: gifting assets, protecting the children, clear up conflicts.

9:07 – For many folks, the 401k, IRA, or life insurance is the biggest asset and it doesn’t get passed on based on will. Instead it goes off beneficiary form. 

9:40 – It’s a tough issue to tackle which is why we work to help clients on these circumstances.

10:43 - Not only do we avoid this for our own finances, but we also don’t help our children. 

12:02 - Mailbag question: I have to pay an extra premium for Medicare because my income is too high. My wife passed away a few years ago but my income hasn’t really changed. Am I stuck with this penalty?

14:02 - There is an appeal you can file if the surcharge is due to 1 of 8 life-changing events.

Medicare Surcharge and Appeal Form: https://www.ssa.gov/forms/ssa-44-ext.pdf

Caring. Com Estate Planning Survey:https://www.caring.com/caregivers/estate-planning/wills-survey/

Show notes: https://doncashpodcast.com/podcast/how-legal-docume…etirement-part-1/

What Can We Learn About Retirement from Flying?

You’ve likely never thought about it before, but there’s a lot we can learn about retirement from flying. Yes, many of the same processes and principles that are used by pilots and planes can be applied to our financial plan. We’ll take you through those on this episode.

Today's rundown:

1:08 – Setting up today’s conversation on flying and retirement.

2:45 – The first thing pilots do is log their flight plan.

4:57 – Turbulence affects people in different ways.

7:28 – Even pilots have help along the way.

8:31 – Going through the different phases of investing.

12:46 – Mailbag question: I’m retiring in six months and I’m wondering what will happen if we have another crash before I get to the finish line. Do you think I’ll be ok?

15:54 – Getting to Know Don: What’s a movie or play you’ve seen recently that you really enjoyed?

Get the full show notes and additional resources by visiting our website here: https://doncashpodcast.com/podcast/what-can-we-learn-about-retirement-from-flying/

What Can We Learn From Interest Rates?

We read and hear a lot about interest rates as the move up and down, but how much do you know the rates and how they’re established? Find out how the Federal Reserve operates and what the changing rates mean for the economy and your finances.

Today's rundown: 

2:00 – We’re talking interest rates today.

2:17 – It’s amazing how much influence the Federal Reserve has on the market today.

2:38 – Don asks a trivia question.

4:04 – How the Federal Reserve controls short-term interest rates.

5:24 – Why lower the rates now?

6:02 – The Federal Reserve has this basic objective.

6:38 – Show does this affect the consumer?  

7:58 – Here’s the bigger story though.  

8:54 – There’s been some demand for long-term bonds.

11:16 – Can the inverted yield curve predict a recession?

12:32 – Cash Connection question: I own my own business and haven’t paid much into Social Security even though I’ve had a nice income. Should I be worried?

16:42 – Getting to Know Dan: What universally well-known movie have you never seen?

To get the full show notes and additional resources, go here: https://doncashpodcast.com/podcast/what-can-we-learn-from-interest-rates/

Use the 3rd & 4th Quarter to Get Your Finances Organized

The second half of the year can be a great time to evaluate your portfolio and take the necessary steps to get your finances organized. If you don’t know where to start, we’ll give you a checklist of items you should be focused on during the 3rd and 4th quarter.

Check out the full show notes by clicking here. Read the rest of this entry »

Should You Be Worried About Large Drops in the Stock Market?

A recent dip the in the stock market has stirred up some concern and worry amongst investors. Is it a sign that something worse might be up ahead or is this just another bump in the road?

Check out the full show notes by clicking hereRead the rest of this entry »

Should New Technology Influence Your Investment Strategy?

From a man walking on the moon half a century ago to self-driving cars by the end of the year, technology is always changing. So should our investment strategy change alongside it? It's a question we can't avoid anymore so we'll dive into it.

To see the full show notes, click here.  Read the rest of this entry »

How The SECURE Act Might Impact Your Retirement Planning

The SECURE Act passed in the House and brought with it 29 provisions that would change some of the decisions and actions you’ll take when planning for retirement. What are some of the top things you should be aware of? We'll discuss that in this episode.

Check out the full show notes by clicking here. 

Take a look at what you can expect: 

2:05 - One of the provisions in the SECURE Act would raise the required minimum distribution age to 72.

7:08 - The new bill removes the age limitation on IRA contribution.

8:18 - The option for a stretch IRA for heirs has been removed, which is one of the negative sides of the bill.

11:21 - Contact your senators to let them know about your thoughts, especially about the stretch IRA being removed.

12:20 - Getting to Know You: What is Don’s greatest accomplishment? 

15:15 - Cash Connection: Are all long-term care insurance policies so expensive?

“Fake News” Impacting Your Financial Life

The term “fake news” has become synonymous with the political climate of the past few years. But the phenomenon has spread to other parts of our culture as well. What about fake news in the financial space? We’ll look at some recent news headlines to see if they qualify to be labeled as “fake news”.

Recent Headlines: Last Month’s Volatility & Brexit

Major US stock indexes fell more than 6% in May, so we'll take a quick look back at last month and discuss what brought about these changes. And to continue with the news topics, we'll talk about recent updates on Brexit, and get Don's opinion on how we should take all of these news events into account in regards to our financal plans. We'll close out with an email question about the pros and cons of gifting assets.

Plan Your Summer Vacation & Your Retirement

If you’re heading out on a road trip this summer, there’s a long checklist of items that you want to be sure you haven’t forgotten. And in retirement planning, some of those exact same items need to be addressed. Let’s look at some of the items that should appear on both your road trip checklist and your retirement planning checklist...

5 Key Retirement Planning Mistakes

When it comes to retirement planning, it's easy to make a mistake that you can't undo. And oftentimes, it just comes down to the fact that you don't know what you don't know. So this week, Don sheds some light on the top 5 mistakes he has seen people make throughout the planning process.

College Planning And The Looming Debt Crisis

Outstanding student loans currently total 1.5 trillion dollars, and according to a recent news event they may have a hand in our next major recession. We'll find out Don's thoughts on the debt crisis, and how we should take this into account when planning for our children and grandchildren's future college education.

Presidential Candidates & Future Tax Rates

On this first episode of the "Your Money & Your Life" podcast, we'll get to know Don a bit better and find out how his background in the field has shaped his investing and holistic planning philosophies. After that, we'll dive into our first topic. Don will help us unpack the key points of the new tax code, and we'll learn how the upcoming election may affect both our future tax rates and our retirement accounts.

Coming Soon - Introducing The Your Money & Your Life Podcast

Coming soon you'll be able to get great financial and retirement planning guidance from Certified Financial Planner Donald Cash in Red Bank, NJ on his new podcast, Your Money & Your Life. You'll get to hear two new episodes each month as Don helps you navigate the complexities of the financial world.

The first episode launches in April and don't forget to subscribe on iTunes and your favorite podcast apps.