What should you be planning for as you reach 50? What is the best age to take Social Security? Today, we are going to go over some key ages to be aware of as you plan for and approach retirement.    Read and get additional financial information: https://doncashpodcast.com/podcast/important-ages-in-retirement/   What we discuss:  0:30 – What’s new? 3:15 – Important ages 4:50 – Turning 50   6:50 – Contributing a total of $7,000 7:44 – Exceeding 26,000 in 401k 10:01 – Turning 55 & 59 ½ 12:05 – Going into our 60s 18:03 – Waiting till 70 for Social Security 23:11 – Going into our 70s

Your Money & Your Life Podcast

Important Ages in Retirement

You’ve probably heard about the recent tax proposals in Congress. How will they affect your financial future if they pass? Today we will discuss these proposals, while also taking it back to 1981 to discuss bond rates.   Read and get additional financial information: https://doncashpodcast.com/podcast/bonds-interest-rates-and-tax-proposals/   What we discuss:  0:36 – Happy October! 4:07 – 1981 Articles 6:18 – Bond rates in 1981 7:34 – Bonds & CDs 10:01 – Investing hindsight 13:00 – What can cause an increase in interest rates? 15:47 – Proposed tax changes 18:56 – Not than many billionaires  

Bonds, Interest Rates, and Tax Proposals

What can get in the way of your financial success? Today we are talking about a few financial biases such as the fear of missing out and overconfidence. We will also discuss how to avoid these biases.   Read and get additional financial information: https://doncashpodcast.com/podcast/5-financial-biases-to-avoid/   What we discuss:  0:50 - How has the summer been? 2:11 - Why should we care about how behavioral finance? 5:41 - What financial biases do we have? 15:46 - Cash Connection: When should I file for Social Security benefits?

5 Financial Biases to Avoid

Today we have a special episode of the podcast for you. With the 20th anniversary of 9/11 approaching, Don invited special guest Kevin Haney onto the show to talk about how his work took a turn after September 11th and what it meant for his life.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/finding-a-new-path-and-perspective-after-9-11/   About our guest: https://www.growingfamilybenefits.com/about/    What we discuss on this episode:  0:21 - Today’s guest is Kevin Haney. 1:54 - What was Kevin’s personal story and experience after September 11th? 3:58 - Kevin originally was booked on flight 93 but changed it. 5:42 - What did Kevin do after that close call? 6:39 - When did Kevin find out what was happening? 9:46 - How did Kevin’s perspective change after that? 15:08 - What did Kevin transition into? 16:27 - What was it like to change careers mid-life? 19:14 - The same skill set didn’t all transfer over. How did he pivot? 21:13 - What advice would Kevin give other people looking to switch careers? 28:31 - What was it like selling insurance? 31:04 - What was Kevin learning? 33:20 - How did Kevin find out about Jesus? 38:33 - What was it like meeting Doreen? 42:19 - What’s Doreen’s unique family situation? 45:47 - What are Kevin’s plans for the future?

Finding a New Path and Perspective after 9/11

Today we’re excited to bring on special guest Brien Dunphy, who is a financial advisor that balances work with his family of 10 kids in New Jersey! If they can manage a family budget, so can you. Listen to Brien’s amazing story on today’s podcast.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/budgeting-time-and-money-with-ten-kids/    About our guest: https://www.briendunphy.com/    What we discuss on this episode:  0:18 - Introducing special guest: Brien Dunphy. 3:40 - How did Don and Brien meet? What’s Brien’s background? 9:00 - What did Brien learn during his master’s program? 11:38 - What systems had to be put in place after having kids? 14:03 - What is schooling like? 17:53 - How did Brien end up doing what he does now? 21:44 - What does it cost to run a household annually? 30:15 - What does daily life look like?   37:45 - What is Brien’s guilty pleasure?   39:38 - What did they learn from their daughter, Hope?  

Budgeting Time and Money - With Ten Kids!

Do you have the option of contributing to an HSA for medical expenses? Why does this matter? Don shares why an HSA can provide big benefits later on and in retirement.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/the-hidden-value-of-an-hsa/    What we discuss on this episode:  1:17 - Delta is making waves. 6:54 - What is the hidden value of an HSA? 9:28 - How is an HSA different from a typical health insurance plan? 11:56 - What are the benefits of an HSA? 13:36 - What are the rules? 16:16 - How do you get the money out in retirement?

The Hidden Value of an HSA

Is now still a good time to refinance your home? With record low interest rates, the past year has resulted in a lot of people choosing to refinance. If you haven’t done so already, have you missed your chance? On today’s episode of the podcast, Don talks through what kind of numbers to pay attention to as you determine what is best.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/is-it-still-a-good-time-to-refinance/    What we discuss on this episode:  1:42 - Don’s facing a car shortage. 4:24 - Should you refinance your home? 7:58 - Why are the rates low while inflation is high? 11:28 - So it is still a good time? 15:53 - Should retirees consider selling or downsizing? 21:04 - Don’t fall victim to recency bias. 

Is It Still A Good Time to Refinance?

Leaving an inheritance is often a goal, but how can it be done effectively? We talk through the different mistakes to avoid and the things to pay attention to when estate planning. Show notes & more resources: https://doncashpodcast.com/episodes/ Episode highlights: 0:38 - How does Don like to travel? 3:30 - Baby Boomers are starting to distribute record amounts of wealth. 5:29 - What’s the average inheritance? 6:04 - Some choose to gift to their children and grandchildren while they are alive. 9:21 - How did the SECURE Act impact inheritances? 10:54 - There are designated beneficiaries and non-designated beneficiaries.  15:55 - How does the beneficiary form differ from a will? 19:36 - Cash Connection: What’s the best way to help my 18-year-old with retirement savings?

Passing Down An Inheritance

Before you go wild with your funds as the country opens up again, what should you do with your recent savings? Don shares some strategies to make sure you accomplish your financial goals.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-to-do-with-your-pandemic-savings/    What we discuss on this episode:  0:42 - Happy 4th of July! 1:34 - What should you do with your pandemic savings? 4:23 - Where should you invest? 6:09 - What do you want your money to do? Are you planning to travel? 9:13 - Does Don anticipate a strong third quarter? 14:06 - What is happening with inflation right now? 16:10 - Getting to Know Don: What’s one thing that always makes your day better?

What To Do With Your Pandemic Savings?

The word rich gets thrown around all the time but who actually falls into that category? It’s certainly subjective but the government’s definition by directly impact your future taxes. Let’s look at some statistics and get a better idea of how taxes are generated and who is actually paying them.     Read more and get show links here: https://doncashpodcast.com/podcast/who-is-the-rich/    What we discuss on this episode:  0:48 – Are we post-COVID? 2:37 – Clarifying comments from previous episode on New Jersey 5:02 – Who is the rich? 7:70 – $40,000 dilemma 8:48 – Issue of the wealthy not paying enough in taxes 10:33 – How much puts you in the top 1% 12:15 – Income tax rates 15:48 – Cash Connection question on long-term care policy rate increase

Who is the Rich?

When should you consider moving to another state? Sometimes tax benefits may be a motivator when making this decision. Don talks about the tax ramifications when living in certain states.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/moving-to-a-tax-friendly-state/    What we discuss on this episode:  0:48 - School’s coming to an end! 2:22 - The pandemic has changed the way people do things. 4:19 - New Jersey is number one in lifetime total taxes paid. 6:52 - Why are people leaving certain states? 14:55 - Why does Florida appeal to retirees? 18:40 - It’s important to work with an advisor. 

Moving to a Tax-Friendly State

We’ve already seen tremendous inflation in housing, lumber and other areas since Covid hit. But will that soaring inflation continue?   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/new-inflation-numbers-what-do-they-mean/    What we discuss on this episode:  4:53 – Most recent concern about inflation 6:24 – What to be concerned about? 8:07 – Short-term or long-term inflation? 10:05 – Persistent inflation? 11:58 – Why did stock market drop? 13:42 – Don’t put all eggs in one basket 15:55 – Smooth out the ride 18:40 – Sensible but difficult in practice

New Inflation Numbers, What Do They Mean?

President Biden is approaching 100 days in office and is about to hold his first joint session in Congress. One of the things he’ll be talking about is the capital gains tax proposal. What do you need to know about this?   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/how-could-the-capital-gains-tax-affect-you/    What we discuss on this episode:  0:30 - Spring brings allergies and storms. 2:35 - Don’t forget about this year’s tax deadline. 3:53 - Biden is coming up on 100 days. 5:22 - What is the capital gains tax? 8:24 - How might this affect everyone? 15:27 - What about the step-up in basis?  21:06 - What is publication 590-B?

How Could the Capital Gains Tax Affect You?

Are you or someone you know considering living in a retirement community? What should you know ahead of time? What kind of costs might come with that?   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/what-you-need-to-know-about-continuing-care-retirement-communities/    What we discuss on this episode:  0:37 - Spring has sprung! 1:57 - Senior living communities struggling financially. 5:14 - What if you don’t like it? 6:24 - How has COVID affected these communities? 8:18 - Are people usually satisfied living in these communities? 10:15 - What suggestions does Don have when considering a CCRC? 12:24 - What questions should you ask and assess? 18:50 - Cash Connection: Collecting Social Security as a widow? 22:51 - Getting to Know You: What did Don do with some raffle winnings?

What You Need to Know About Continuing Care Retirement Communities

If you thought the last COVID relief bill was big, have you heard about the infrastructure bill and the potential tax increases to pay for it? On our last show we talked about the most recent stimulus package and what it entailed. This episode of the podcast we discuss the new infrastructure bill being proposed.   Read more and get additional financial resources here: https://doncashpodcast.com/podcast/infrastructure-bill-and-future-taxes/    What we discuss on this episode:  0:33 - March Madness is coming to an end. 3:05 - What potential tax increases are we looking at? 6:48 - How reliable are these renewable sources of energy? 8:04 - What other items are included in this bill? 10:36 - Who is paying for this bill? 22:47 - Getting to Know You: What’s the luckiest thing that’s happened to Don recently? 

Infrastructure Bill and Future Taxes

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.

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Your Money & Your Life Podcast

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