Your Money & Your Life Podcast

As the leaves turn and we embrace the fall season, it's the perfect time to turn the page on your financial planning and get updated on the latest news that could impact your retirement. In this episode, we’re going to update you on the projected Social Security cost of living adjustment (COLA) for 2025 and the trip tax benefit for those residing in New Jersey.

Here’s some of what we discuss in this episode:

• What the 2.5% increase means for your actual benefit each month.

Resources for this episode:

Historical Social Security Cost of Living Increases –

https://www.ssa.gov/oact/cola/colaseries.html

How the COLA is calculated –

https://www.ssa.gov/oact/cola/latestCOLA.html

The COLA for 2025-

https://www.cnbc.com/2024/09/11/social-security-cost-of-living-adjustment-for-2025-may-be-2point5percent.html

Medicare Part B Premiums and IRMAA surcharges for 2025 –

https://www.kiplinger.com/retirement/medicare/medicare-premiums-2025-projected-irmaa-for-parts-b-and-d

New Jersey Senior Freeze – Property Taxes

https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml

New Jersey Anchor Benefit –

https://www.nj.gov/treasury/news/2024/08132024.shtml#:~:text=Payments%20ranged%20from%20%24450%20to,the%20ANCHOR%20benefit%20this%20season.

New Jersey Estate and Inheritance Taxes –

https://www.nolo.com/legal-encyclopedia/new-jersey-inheritance-tax.html#:~:text=Class%20A%20beneficiaries%20are%20exempt,parent%20or%20grandparent

Get in touch with Don and learn more: https://doncashpodcast.com/

Unrealized capital gains taxes have been a hot topic in recent financial news, stirring up a mix of curiosity and concern among investors. While the current proposal targets individuals with a net worth of over $100 million, there's a lingering concern about the potential for these thresholds to be lowered over time.

So what are “unrealized” capital gains and how might they impact you? In today’s episode, Don will answer that question and share his expertise on the myths, truths, and potential financial blind spots surrounding this issue.

Here’s some of what we discuss in this episode:

• The proposed tax on “unrealized” capital gains + who it impacts

Resources for this episode:

9-11 Survivor Story –

https://www.wsj.com/opinion/cantor-fitzgerald-bids-adieu-to-a-9-11-survivor-50de961e?st=ZMY7sY&reflink=desktopwebshare_permalink

Taxing Unrealized Capital Gains –

https://mises.org/mises-wire/madness-taxing-unrealized-capital-gains?gad_source=1&gclid=CjwKCAjw_4S3BhAAEiwA_64YhvwW8eXaO4wHC0gH0OXASQ_oSMgVNb2fScsWgx7BHVT2-zq9WSDOBhoC4kcQAvD_BwE

Analysis of Harris’s Billionaire Minimum Tax on Unrealized Capital Gains –

https://taxfoundation.org/blog/harris-unrealized-capital-gains-tax/

Get in touch with Don and learn more: https://doncashpodcast.com/

As summer winds down and fall approaches, it's a great time to reassess the financial landscape and prepare for the months ahead. In this episode, Don and Marc discuss the past few months' tumultuous events, the unpredictable nature of news, and its effects on the economy. Stay tuned as they highlight how market volatility and economic shifts have shaped the current outlook and what that means for the rest of the year.

Here’s some of what we discuss in this episode:

• The significant political and economic events of the summer + market reactions

Get in touch with Don and learn more: https://doncashpodcast.com/

When it comes to investing, human biases often lead us astray. We have a natural tendency to react to recent news, a phenomenon known as recency bias. This can result in poor investment decisions, like selling stocks in a panic or buying into market hype. Listen in as Don and Marc talk about why it’s so important to recognize your biases, stick to your financial plan, and sometimes, do the opposite of what your instincts tell you (with the help of a financial advisor, of course).

Here’s some of what we discuss in this episode:

• How human biases can impact investing decisions

Resources for this episode:

George Costanza – Do The Opposite

https://youtu.be/CizwH_T7pjg?si=qEzNf3nJzj0CvK6R

Market Watch Article

https://www.marketwatch.com/story/the-stock-market-is-tanking-what-should-you-do-the-opposite-of-what-you-think-c2c92cd3

Cognitive Bias

https://www.sog.unc.edu/sites/www.sog.unc.edu/files/course_materials/Cognitive%20Biases%20Codex.pdf

Get in touch with Don and learn more: https://doncashpodcast.com/

Election years are always tumultuous, but the current political climate has reached new levels of unpredictability. As every election cycle seems to get more chaotic, how can you protect your portfolio? Tune in as Don explores how learning from historical events can help navigate these uncertain times.

Here’s some of what we discuss in this episode:

• How the political and market climate of 1968 offers insights for today’s investors

Get in touch with Don and learn more: https://doncashpodcast.com/

This week’s episode serves as a warning to those neglecting their estate plans. Few stories illustrate the importance of updating beneficiary designations more poignantly than that of Jeffrey Rolison and Margaret “Peggy” Sjostedt, who dated in the 80s and broke up just a few years later. Despite their relationship ending, Jeffrey never updated the beneficiary designation on his Procter & Gamble retirement account, and Margaret stood to inherit $1 million.

Listen in as Don shares a few things that we can learn from this unfortunate oversight…

Here’s some of what we discuss in this episode:

• The story of Jeffrey Rolison, who forgot to update his beneficiary designation

Wall Street Journal Article

https://www.wsj.com/personal-finance/inherited-retirement-savings-beneficiary-breakup-divorce-849e3ff2

Get in touch with Don and learn more: https://doncashpodcast.com/

As we approach the 4th of July, it's a perfect time to reflect on the concept of independence- not just in terms of our nation, but also in our personal financial lives. In today’s episode, Don and Marc chat about some of the fascinating parallels between the celebration of Independence Day and the journey of retirement planning. Stay tuned as we talk about building a solid foundation for your financial future, celebrating milestones, looking forward to a secure and fulfilling retirement, and more!

Here’s some of what we discuss in this episode:

• The importance of early and thorough retirement planning

Get in touch with Don and learn more: https://doncashpodcast.com/

With the rising costs of homeownership and the looming concerns of long-term care, it's no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…

Here’s some of what we discuss in this episode:

• The annual gift exclusion limit for tax-free gifts in 2024

Resources for this episode:

IRS Home sale exclusion –

https://www.irs.gov/taxtopics/tc701

IRS Gift Credit –

https://www.irs.gov/newsroom/estate-and-gift-tax-faqs

NJ Property Tax Freeze –

https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml

NJ ANCHOR benefit –

https://www.nj.gov/treasury/taxation/anchor/index.shtml

Get in touch with Don and learn more: https://doncashpodcast.com/

In today’s episode, Don shares the astonishing story of attempted real estate fraud involving one of America's most iconic homes: Graceland. Did you know that the legendary estate of Elvis Presley was nearly auctioned off due to a scam? Listen in as Don takes us through the shocking details and the lessons we can learn to protect our own properties.

Here’s some of what we discuss in this episode:

• The history of Graceland and its ownership since Elvis's passing

Resources for this episode:

Wall Street Journal – Judge Blocks Efforts to Auction Graceland

https://www.wsj.com/real-estate/elvis-presley-graceland-riley-keough-judge-blocks-auction-fc424898?st=38uynto4rjjlffc&reflink=desktopwebshare_permalink

History of Graceland

https://en.wikipedia.org/wiki/Graceland

Judicial Foreclosure states

https://retipster.com/judicial-non-judicial-foreclosure-states-list-map/

Home Title Alert

https://www.propertyfraudalert.com/select

Paid Service

https://www.hometitlelock.com/?gad_source=1&gclid=CjwKCAjwgdayBhBQEiwAXhMxtnBjUN38QZs4FeIk24dUxd3dEt6Lg3YaQeJYcBpS0830_ZocjwTteRoC-XwQAvD_BwE

Get in touch with Don and learn more: https://doncashpodcast.com/

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.

So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today's episode.

Here’s some of what we discuss in this episode:

• Medicare supplement plans for those retiring before 65 + potential pitfalls of forgoing these plans

Open Enrollment Season episode

https://doncashpodcast.com/podcast/medicare-mistakes-to-avoid-during-open-enrollment-season/

Get in touch with Don and learn more: https://doncashpodcast.com/