Your Money & Your Life Podcast
Financial and retirement planning guidance from Certified Financial Planner Donald Cash in Red Bank, NJ. Truly understanding what's happening inside your portfolio is so important to achieving retirement success. The planning process can be difficult if you tackle it alone, so make sure to listen to each episode to get great guidance and make the task much easier.
Episodes
Episodes
Thursday Nov 09, 2023
Year End Planning: It’s Not Too Early (Part 1)
Thursday Nov 09, 2023
Thursday Nov 09, 2023
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/
Thursday Oct 26, 2023
Medicare Mistakes To Avoid During Open Enrollment Season
Thursday Oct 26, 2023
Thursday Oct 26, 2023
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/
Wednesday Oct 11, 2023
Identity Theft: The Reality, Risks, and How to Stay Safe
Wednesday Oct 11, 2023
Wednesday Oct 11, 2023
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/
Thursday Sep 28, 2023
Get Your House in Order! Why You Need an Estate Plan
Thursday Sep 28, 2023
Thursday Sep 28, 2023
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/
Thursday Sep 07, 2023
Your Health Span vs Your Life Span
Thursday Sep 07, 2023
Thursday Sep 07, 2023
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/
Thursday Aug 24, 2023
Social Security Cost Of Living Changes For 2024 – What Does That Mean For You?
Thursday Aug 24, 2023
Thursday Aug 24, 2023
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/
Thursday Aug 10, 2023
Government Bonds Downgraded – What Does That Mean to Me?
Thursday Aug 10, 2023
Thursday Aug 10, 2023
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/
Thursday Jul 27, 2023
100th Episode Spectacular! Looking Back On Our Prior Shows
Thursday Jul 27, 2023
Thursday Jul 27, 2023
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/