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.
• How Medicare premiums might eat into your increase.
• Details on the triple tax benefit for New Jersey residents.
• The elimination of the New Jersey estate tax, which used to be a significant burden for many families.

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
• What exactly are “unrealized” capital gains?
• The concerns of ordinary Americans who may not have the financial resources to pay the tax on unrealized gains
• What does this mean for gifting to heirs?
• Seeking professional advice and staying informed

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
• How diversification benefits investors in months of extreme volatility
• Upcoming events that might rock the investment world
• The historical performance of the markets during elections in 2012, 2016 and 2020

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
• Having a plan and sticking to it during periods of market volatility
• The benefits of buying low and selling high during market drops
• How FOMO (fear of missing out) can lead to poor financial choices
• Not letting financial news dictate your decisions + focusing on consistent strategies

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
• Strategies to manage market volatility and avoid knee-jerk reactions during turbulent times
• Why maintaining a diversified portfolio is crucial for long-term stability
• Developing a plan that matches your goals, risk tolerance, and time horizon

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
• Jeffrey’s brothers nine-year legal battle to claim the retirement money
• The importance of regularly reviewing and updating your beneficiary designations

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
• Building a solid financial foundation through diligent saving, smart investing, and disciplined spending
• Celebrating milestones in your retirement journey and learning to enjoy the fruits of your labor
• Achieving financial independence and making empowered decisions on how to enjoy your retirement years
• Overcoming challenges in retirement planning like market volatility, inflation, and unexpected health issues

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
• Gift exclusions for tuition and medical bills
• Contributing to a tax-free Roth IRA for young family members as a gifting strategy
• The capital gains tax implications when gifting a house versus inheriting it
• A few state benefits that you could lose by gifting your home to your kids

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/