Your Money & Your Life Podcast

Surviving The Sandwich Generation

Are you caught in the middle of caring for both aging parents and a young family, or even, adult children and grandchildren? It can be a difficult time full of stress. In today’s episode of Your Life, Your Money, Don shares a few examples of what this can look like and how to navigate it. 
 
Show notes and additional resources: https://doncashpodcast.com/?p=236 
 
Today's rundown: 
0:57 - The “sandwich” generation consists of people taking care of both their aging parents and grown children.
3:12 - Everyone’s situation is different, but it can often feel like one sibling takes on the most responsibility.
5:13 - How do you handle the stresses of being caught in the sandwich generation?
5:53 - Don’t do it all yourself.
6:43 - Assess your own situation for the future.
7:13 - On the other side, parents may feel a lot of pressure to help their children succeed.
9:29 - Cash Connection: Is it a good idea to sell your home and move into a retirement community?
14:09 - How are Don’s New Year’s resolutions going?

RMDs: Are You Billy Or Are You Bruce?

Feeling confused about what the SECURE Act means for you and your RMDs? Don will talk you through what you need to know and help you figure out whether you’ll need to take RMDs sooner or later.
 
Show notes and additional resources: https://doncashpodcast.com/podcast/rmds-are-you-billy-or-are-you-bruce/ 
 
Today's rundown: 
1:38 - The SECURE Act is making people feel insecure about their RMDs.
2:57 - Are you more like Billy Joel or like Bruce Springsteen?
7:44 - How does Don help clients navigate these changes?
10:08 - Cash Connection Question: Can you explain the widow’s tax?
13:41 - Is there anything that can be done ahead of time to prepare for this tax?
17:02 - Getting to Know You: How does Don start the day?

2019 Financial Year in Review

Before we turn the page and move into the new decade, let’s take a look back at a busy 2019. We saw a strong market, interest rate cuts, the passing of the SECURE Act, and more, but there are also some signs for concern heading into 2020.
 
Show notes and additional resources: https://doncashpodcast.com/?p=220 
 
Today's rundown: 
0:35 – Hard to believe it’s already 2020.
1:33 – What does Don see in store for 2020 from a financial perspective?
4:39 – People ask frequently about what’s going to happen in the stock market.
5:11 – Think about what was happening one year ago (December 2018) and the predictions we heard.
7:52 – Here’s what hasn’t changed financially in the last year.
8:21 – There are a few things to be concerned about heading into 2020.
11:52 – Cash Connection Question: My dad is 91 and remarried about 15 years ago. Both my dad and stepmother are in assisted living and thankfully have long-term care plans that cover the cost. He has told us he’s leaving all his assets to his kids. Someone told me in New Jersey that you can’t leave everything to your kids. Is that true?
14:45 – What does Don’s planning process look like when it comes to estates?
16:57 – Getting to Know Don: What is something people would be surprised to know about you?

SECURE Act Update Heading Into 2020

We’ve been keeping an eye on the SECURE Act for months now and recent legislation passed by Congress will make it effective starting in 2020. Get an overview of the adjustments and find out why Don believes this is the most important change to retirement accounts in nearly 15 years.
 
Show Notes and Additional Resources: https://doncashpodcast.com/podcast/secure-act-update-heading-into-2020/ 
 
Today's Rundown: 
0:27 – Christmas time is here!
1:52 – In the News: Congress passed a $1.4 trillion spending bill in December to avert a government shutdown. Included in this was the SECURE Act. Can you give us an update on what this means to listeners.
3:25 – We reviewed the SECURE Act earlier this summer but there hasn’t been much to update since then.
4:12 – The 3 biggest changes in the SECURE Act
5:20 – Some important notes to know.  
6:56 – Don sees some big problems potentially.
7:48 – Will everyone have to deal with these issues?
9:00 – The current tax code reverts in the year 2025 so the next few years are important.
10:21 – Cash Connection: I keep getting these fake emails from people claiming to be Nigerian bankers wanting to send me money. I know it’s fake but my friend opened an email that looked to be from American Express and ended up opening a link to a virus. How can I protect myself from all the scams out there?
15:25 – Getting to Know Don: Do you have any new year’s resolutions?

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.pdfCaring. 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/