Cover Your Assets KC Podcast

Mailbag: What to Focus on When You’re Nearing Retirement

Retirement planning can feel like a whirlwind, flooded with choices, tight timelines, and the pressure to “get it right.” In this special mailbag episode, David answers real questions from listeners who are navigating this very moment. One is preparing to retire and feeling overwhelmed; the other is already retired and sorting through the complexities of Roth conversions.
 
Here’s some of what we discuss in this episode:
📬 Structuring reliable retirement income from Social Security, pensions, and withdrawals
📆 Why it’s crucial to have a retirement plan before you stop working
🚫 The IRS’s 5-year rule for Roth conversions  
💡 The importance of budgeting in retirement
 
Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: Smart Estate Planning & Tax Strategies for a Secure Legacy

Taxes don’t stop when your paycheck does, and they certainly don’t skip your heirs. In this episode, David tackles two common listener questions that reveal just how much tax strategy plays into smart retirement and estate planning. If you’ve been worried about how much your kids will owe in inheritance taxes or if you’re sitting on a pile of tax-deferred savings, David offers practical tips on ways to help you avoid getting a surprise tax bill.
Here’s some of what we discuss in this episode:
🧾 Estate taxes: Do you need to worry?
💡 When a life insurance policy may be a smart estate tool
🏦 Roth conversions before RMDs—smart or not?
👀 Why your $1M IRA isn’t fully yours
📉 Gifting strategies to help reduce your taxable estate now
 
Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

What to Do (And Not Do) When the Market Drops

The headlines are loud, the markets are messy, and your gut might be telling you to do something — anything — right now. But what should you actually do when your portfolio takes a hit?
Instead of guessing what’s next or obsessing over breaking news, David walks you through four critical questions every investor should ask during turbulent times. From re-evaluating your plan and risk tolerance to exploring rebalancing and tax-loss harvesting opportunities, this episode gives you practical ways to stay grounded and focused. Don’t miss this important conversation as David covers what to do and not do in an unpredictable market.
 
Here’s some of what we discuss in this episode:
📉 Why now is the time for a gut-check, not a panic move
⚖️ How to re-align your risk tolerance with reality
🔁 Smart moves: rebalancing and tax-loss harvesting
📺 What unhelpful behaviors to avoid
🧠 Why the best strategy might be to do nothing
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: Should I Set Up a Trust to Save My Kids Inheritance Taxes?

We’re back with another mailbag episode! In this week’s edition, we’re tackling 3 great questions from listeners like you. These episodes are some of David's favorites, as they provide a chance to dive deep into key topics and explore the finer details.
Ted is curious about how to manage the wealth he'll leave behind for his children. Roger is wondering if setting up a trust is the best way to help minimize the tax burden on his kids when they inherit his accounts. There are valuable lessons for everyone in this conversation, so don’t miss out on what you can learn today!
 
Here are the questions we tackle in today’s show:
❓ “How can I determine how much money I can leave behind for my kids without compromising my retirement?”
❓ "My job might have layoffs with a severance package equal to a year's salary. Am I foolish for hoping to get laid off?"
❓“Should I set up a trust to help my kids save money on taxes when they inherit my investment accounts?”
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

7 Things To Know About Required Minimum Distributions

Each year, David gets a lot of questions from his clients about required minimum distributions. Some are just beginning to take them, while others have been withdrawing for years but still have specific concerns. In this episode, he breaks down the 7 key things you need to know about RMDs.
We’ll start with the basics, like what they are, when you need to start taking them, and which retirement accounts are affected. Then, we’ll dive into some of the trickier aspects, like how to calculate your RMD, what happens if you don’t take it on time, and more.
The goal of this episode is for you to walk away learning at least a few things you didn’t know before. So, tune into this informative discussion today to see what you can learn!
Here are the questions we discuss in this episode:
1️⃣ What is an RMD and when do I start taking them?
2️⃣ When should I start thinking about them?
3️⃣ How do I know which retirement accounts are included?
4️⃣ I have a bunch of retirement accounts. Do I take an RMD from each one?
5️⃣ What happens if I just say “no?”
6️⃣ But I don’t need all of that money. Can I escape somehow?
7️⃣ How exactly do I calculate my RMD?
 
Check out the survey here: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Inside the Advisor’s Office: What People Are Actually Concerned About

Ever wonder what other people talk about with their financial advisors? A new survey of nearly 400 experienced advisors reveals the biggest concerns and challenges, their clients are facing today. Today we’re breaking down the four biggest concerns clients have about retirement and how to overcome them.
Here’s some of what we discuss in this episode:
📉 Outliving Your Assets – Why a written plan is crucial for financial security.
💰 Generating Reliable Income – How to create a paycheck-like cash flow in retirement.
📉 Market Crash Protection – Strategies to safeguard your investments.
🏥 Healthcare Costs – The reality of long-term care expenses and how to prepare.
 
Check out the survey here: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Financial Planning Essentials: Social Security and Life Insurance

Today ​we ​are ​covering ​two ​different ​listener ​questions. ​James ​is ​asking ​about ​starting ​Social ​Security ​at ​62. ​You ​might ​be ​amazed ​how ​many ​times ​I ​get ​that ​question ​in ​my ​office. ​And ​then ​Barry ​wants ​to ​talk ​through ​life ​insurance, ​seems ​to ​think ​he ​has ​a ​lot ​of ​it ​and ​wants ​to ​know ​whether ​he ​should ​cancel ​some ​of ​it. These are two core areas of planning so let’s talk through how they should come to a decision.
 
Here’s some of what we discuss in this episode:
We’ll take you through the process for how we determine Social Security claiming strategies.
Why it might not be the best idea for this person to take Social Security at 62 to pay off their mortgage.
The questions you want to answer before getting rid of a life insurance policy.
The different insurance products that you might look into.
 
Check out the life insurance calculator: https://www.bankrate.com/insurance/life-insurance/life-insurance-calculator/
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Retirement Lessons from Andy Reid: Super Bowl-Worthy Financial Strategies

Well, the Kansas City Chiefs are going to the Super Bowl again. Their coach Andy Reid probably won’t be retiring anytime soon, but let’s still see what we can learn about retirement planning from these quotes from the Chiefs coach.
Here are the quotes we discuss in this episode:
“Every play is an opportunity. Make every snap count.”
“We don’t focus on the scoreboard; we focus on the next play.”
“Adjustments are not a sign of weakness; they are a sign of strategy.”
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Is It Time to Fire Your Broker? Let’s Discuss That and Social Security

Today’s show is a little different than normal. Instead of diving into one topic, we’re going to tackle two separate planning items thanks to a couple questions from Bobby and Roy. Both questions involve important decisions that will impact retirement so let’s jump in.
Here’s some of what we discuss in this episode:
The different ages that matter for Social Security benefits and what you need to know.
The reasons why he might want to wait to claim.
Why your ‘underperfomance’ might just be good diversification.
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414

Am I Ahead Or Behind On My Retirement Savings?

We’ve all seen stats about how much the average American has saved for retirement. But let’s be honest- being “average” when it comes to retirement savings isn’t likely to provide the lifestyle you want in your golden years. Instead, David will share some practical benchmarks you can use to measure your progress. He’ll also share some actionable steps to set yourself up for long-term success!
Here’s some of what we discuss in this episode:
Benchmarks for retirement savings based on age and income
Where this money should be held
The importance of starting early
A great time to start is right now!
New Years Resolutions Episodes
https://coveryourassetskcpodcast.podbean.com/e/episode-155-2022-financial-resolutions-part-1/
https://coveryourassetskcpodcast.podbean.com/e/financial-resolutions-part-2/
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.