Your Money & Your Life Podcast Donald Cash
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- Business
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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.
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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/
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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/
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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/
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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/
Customer Reviews
Great information, from a real professional
My wife and I met Don Cash many, many years ago when we bought long-term care policies through him. We hadn’t been in contact again (except for the birthday cards he’s sent each of us every year since!), until recently, when I reached out to him to get help understanding the company issuing those policies sent us a notice explaining the multiple options the insurance company was offering us to avoid a tremendous hike in premiums beginning next year. I was totally confused by the choices they are offering, but Don was able to clarify the situation with one question. So, I started listening to his podcast, and I heard a lot of information my wife and I have discovered on our own over the past 10 years or so. My suggestion: listen to the podcasts from the beginning—especially of you think it’s too early for you to think about retirement, Social Security, Medicare, or long-term care insurance—and contact Don if you’re concerned at all about navigating the unfamiliar waters ahead. This guy can help you chart your course.