Five Fact Friday – September 25, 2020

This week’s links:
Reading –
Watching –
Tech –
Legal –
Retirement –

Podcast Episode related to this week’s FFF:

Replay of “Retiring in a Recession”:


Transcript Below:

You’re familiar with his famous sweaters and his trolley, but do you know why Fred Rogers decided to tap an unknown jazz pianist to create the most sophisticated kind of jazz piano music for his kid’s show? Well, I’ve got a link that shows you that cause I’m Victor Medina and this is five fact Friday.

Hey everybody, welcome back to five fact Friday I’m your host, Victor Medina. This is the only video newsletter produced by your favorite legal and financial retirement planning firm, yes, Medina Law Group and Palante Wealth listen we’ve got five great links for you this week.

But before I jump into that, I wanted to let you know about a special resource that we created based on an outdoor presentation that we hosted a few weeks ago, because it was gonna rain the day that we’re gonna host it. We actually moved to a webinar platform and created a digital virtual presentation, probably unlike anything that you’ve seen. And so if you’re interested in the topic about how to retire in a recession and specifically talking about different income tax planning strategies, I’ve got a link for you. All you have to do is go back to the email and register to watch the webinar that covers those topics.

So let’s jump into the links for this week. The first link is what I’m reading and the link has to do with the fact that it is getting later in the season. And in a few weeks, we’re going to do away with daylight savings time. In fact, one of the reasons why I’m wearing a vest and sporting a winter beard, it’s getting colder out. In fact, you should let me know what you think about the beard. My wife has already put in a vote it’s not positive. The article actually covers why we should make daylight savings time permanent and I’ll tell you, I’ve got to be in support of that. There’s nothing makes me happier than working a long day here in the office then still having time to go home and put something on the grill as it is. If I go grill after November, I’m gonna need one of those miners hat with the lights and kind of shining around to get anything cooked out there.

So the next link that is in there is what I’m watching it’s actually the link that I referenced at the beginning of the video. You know, Fred Rogers, the guy behind Mister Rogers neighborhood tapped an unknown jazz pianist named Costa to create incredible music for his show. It was his intent not to make just kids music, but to make great music and so there’s a video by a guy named Charles Cornell that examines the music that was pre created for Mister Rogers Neighborhood and it’s fantastic music. I mean, it’s fantastic jazz piano generally, but he tears it apart in a way that gets you to understand really the sophistication that went into creating this music. Costa was there to play live with all of the recordings so there was no song that was ever quite the same. I encourage it to follow link. In fact, if you’d like what you see there, Charles Cornell’s a pretty talented musician in his own, right. He produces some pretty funny videos and some that actually go pretty deep into music.

The next link is what’s new in tech and I’ve got to go back to my old stomping grounds Apple. Apple has gone ahead and released a series of new products, the iPad era and the Apple watch. Maybe we’ll cover those in an upcoming video, but I wanted to focus on their release of their new operating system for their mobile devices, iOS 14 and iPadOS 14. Now there are a number of changes in there, like the ability to create widgets and change your home screen. But the one that I wanted to focus on today was their improvements to privacy. Now your device will let you know any time an app has copied information or turned on the microphone or the video without you knowing about it. In fact, they’re gonna be little icons that show up anytime any of these apps are doing that kind of work. And there are some companies that says that it’s gonna make it more difficult for people to provide their services. What they really mean, it’s gonna be more difficult to track you and use your information to sell your advertising. Now you may or may not like that, depending on how much time you spend on Instagram scrolling and buying things. Now that we’re stuck in the pandemic, I will tell you the Amazon Prime people and the people who handle shipping generally seem to be visiting our house way more often than pre-pandemic. So maybe watching the advertising is a good thing, but those privacy changes are things that you’re gonna be able to adjust to your own device.

The next link is what’s new in legal and New Jersey recently passed a budget that has some changes to income taxes. In fact, it’s famously being held up as the millionaire’s tax. So if you’re one of the people that’s making more than a million dollars, you’re gonna pay higher income taxes. But what I wanna highlight for this video is actually a wrinkle, which is that if you make less than $150,000 as a married couple and you have a dependent child or less than $75,000 with a dependent child, there’s actually a new tax credit of $500. So this may not be you most of our clients are retired people, but if you’ve got kids or grandkids where this might be important, you might wanna send them along this video so that they can learn about the $500 tax rebate that is coming their way.

Our last link for this week is what’s new in retirement and it’s one of my favorite subjects to talk about, which is how women are challenged in retirement and what we can do about it. The link is specific to the impact of COVID-19 in the fact that women who are being either underemployed or unemployed, face new challenges in retiring in this pandemic and as you all know, this is a topic that is near and dear to my heart.

Last year, we published a book called Make It Last empowering women in retirement, because there are specific challenges that women face in retirement that are often go overlooked or under appreciated when it comes to their planning. For instance, women tend to outlive men and are going to need to have money that lasts longer than planning for a traditional couple. And also women often took a backseat in the career to raise children and that has put them behind the in terms of their savings and what they can do in retirement. So special challenges, but challenges that we are uniquely positioned to address. So if you’d like to explore more about that, what you can do is you can send us a note and we would be happy to share with you a copy of the book that I published last year just let us know about it and you will send it out. In fact, if you’re part of a group of women who are all facing similar questions about retirement, it would be my pleasure to show up as a speaker, either on a digital presentation like this, or in some fashion for you to be able to present these topics and for every member of your group, we will donate a copy of the book so that they have that reference material for themselves.

All right, so let’s go and recap for this week. The first link on what I’m reading is why we should make daylight savings time permanent. What’s I’m watching is the video on Mister Rogers Neighborhood and it’s music. What’s new in tech is Apple’s new operating system and specifically the new privacy controls that are in there. What’s new and legal is New Jersey budget that increases the millionaires tax but also creates a tax rebate for people with children and then finally, what’s new in retirement. What women are facing in terms of challenges COVID-19 as they encounter retirement. So as a reminder, don’t forget, we also have the special webinar for retiring in a recession with really specific income tax planning strategies that you’re gonna wanna go over as well as our offer to donate a copy of a book empowering women retirement either to you if you’re interested in the topic or to a group that you represent, especially if you’d like to have me in as a speaker. Those are the links for this week don’t forget to lobby your vote for whether or not I keep or ditch the winter beard and we’ll catch in a couple of weeks on the next five fact Friday.