Your Money & Your Life Podcast

Get Your House in Order! Why You Need an Estate Plan

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/

Your Health Span vs Your Life Span

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/

Social Security Cost Of Living Changes For 2024 – What Does That Mean For You?

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/
 

Government Bonds Downgraded – What Does That Mean to Me?

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/

100th Episode Spectacular! Looking Back On Our Prior Shows

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/
 

Mailbag: Should I Sell The Family Farmland I Inherited? And More

We’re diving into the listener mailbag for today’s episode! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them on today’s show. Doug asks where he should invest the money from his new raise. Sherry asks if she should lease or sell the family farmland that she inherited from her uncle. Tune in and see what you can learn from these listener questions! 
 
Here’s some of what we discuss in this episode:
Mailbag: I just got a raise, but now I make too much money to put into my Roth. Where should I invest my money now? (3:20)
Mailbag: My daughter is getting married this year and I don’t want to pay a lot of taxes by withdrawing money from our retirement accounts to pay for the wedding. Any advice? (9:34)
Mailbag: I inherited 100 acres of land from my uncle. I’m sentimentally attached, but should I just sell it? (16:28)
 
Get in touch with Don and learn more: https://doncashpodcast.com/
 

Should I Move to Another State to Save Money on Taxes & Expenses?

Many retirees bounce around the idea of moving states in retirement with the goal of saving money on taxes and expenses. It makes sense on the surface but will it benefit you as much as you hoped?
Today we’ll dive into the numbers, talk through some of the costs that blindside people, and help you better understand what needs to be evaluated before you make the move.
 
Here’s some of what we discuss in this episode:
The migration trend and what’s behind the move to different states. (2:20)
Here are some of the advantages. (5:31)
What you should consider if you’re approaching retirement and considering a move. (6:59)
Costs that often blindside people. (13:15)
A few more factors to pay attention to. (17:40)
The 3 big taxes you need to assess before moving. (20:40)
 
Get in touch with Don and learn more: https://doncashpodcast.com/

Artificial Intelligence: Should We Be Afraid?

Join Don and Marc as they dive into the fascinating world of artificial intelligence. Discover the potential risks, benefits, and the ever-expanding reach of AI across various industries. From AI-generated music and artwork to robot-advisors and facial recognition, AI is revolutionizing the way we interact with technology. In this episode, we’ll explore the origins of AI the blurred lines between reality and AI, and ultimately answer the question: should you be worried?
 
Artificial Intelligence or AI, which is something that we are constantly hearing about. We will dive into it and talk about the potential risks as well as the benefits and some land minds to avoid as consumers and also investors in this technology.
 
Here’s some of what we discuss in this episode:
The idea of AI has been around for a long time, and this technology will only become more common. (3:36)
The “technology turn” during COVID + Chat GPT. (10:41)
AI should be used as a tool and not to replace people. (14:33)
How video and voice technology is rapidly advancing. (18:38)
What can we do to protect ourselves? (21:02)
Being smart with your investing strategy. (24:11)
 
Resources mentioned on the show: 
ChatGPT - https://openai.com/blog/chatgpt
Tom Cruise Video - https://www.youtube.com/shorts/l7FH_-GAlz8
 
Get in touch with Don and learn more: https://doncashpodcast.com/