Your Money & Your Life Podcast

Driverless Cars, Missed Medical Expenses & Tax Breaks

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 cars
The high cost of assisted living and long-term care + considerations for itemizing deductions on tax returns
Some missed opportunities that Don often sees when it comes to medical expenses
How deductions work for life care retirement communities
Alternate 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/
 

Little-known Tax deduction for your Valentine

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 market
What 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/
 

Successful Retirement Planning Is Like The Movie “Groundhog Day”

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 process
Getting burned by trying to predict the future when it comes to financial investments + the importance of financial preparedness
Learning from past financial mistakes and not repeating them
Adapting to changes in income, expenses, investment performance, health, and more
How small changes in financial planning can lead to big results
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Bad News Is Good News?

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 2022
Despite 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 rally
The unpredictability of the future and the impact of past events in shaping the future
The 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/

New Year’s Resolutions + Lessons From 2023

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 America
Mental health, social media addictions, and fitness tracking
Health, relationships, and recreational goals for people over 50
Setting S-M-A-R-T goals in the new year and learning from last year’s investing lessons
The 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/
 

3 Conversations To Have About Money Over The Holidays

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 made
Kids: Providing them with basic knowledge about tax issues, assets, key financial contacts + encouraging responsible financial habits
Young Adults: Establishing car and health insurance, contributing to retirement accounts, building an emergency fund + filling out important legal documents
Your 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/

Year End Planning: “In the Red Zone” (Part 2)

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 deductions
How 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/
 
 

Year End Planning: It’s Not Too Early (Part 1)

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/