Cover Your Assets KC Podcast

2024's Best Stocking Stuffer: Financial Freedom (PART 2)

Join David for part two of our series on 2024 stocking stuffers for financial freedom. In this episode, we explore five actionable financial tips to help you wrap up the year and prepare for a prosperous 2025. From managing debt effectively to considering Roth conversions and utilizing Qualified Charitable Distributions, this episode will give you some areas to focus on.
Here’s some of what we discuss in this episode:
The number of people that carry credit card debt is pretty shocking.
Consider Roth conversions to help reduce taxes in the future.
QCDs are a ​fantastic ​way ​to ​not ​pay ​taxes ​on ​money ​that ​is ​otherwise ​definitely ​going ​to ​come ​out ​of ​your ​IRA.
Why you need to be reviewing your plan annually.
Don’t forget your Roth contributions!
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

2024's Best Stocking Stuffer: Financial Freedom (PART 1)

The holiday season is here, and while you’re stuffing stockings for your loved ones, don’t forget to stuff your own financial stocking with tips that can bring you closer to a secure retirement. Today, we’re unwrapping 10 bite-sized, actionable ideas to help you save smarter, invest better, and plan for the future you deserve.
From maximizing your retirement contributions to revisiting your estate plan, learn how to make the most of your financial situation as we approach 2025. We have plenty of stocking stuffer ideas so stay tuned for part two of the discussion next episode.
Here’s some of what we discuss in this episode:
Have you maxed out your retirement contributions for 2024?
The benefits of consolidating old retirement accounts and the best way to it.
Two clients stories about estate planning.
Why would you want to harvest losses for your next tax return?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Trump's Victory & YOUR Portfolio

The election is finally behind us and it’s hard to believe that we didn’t have a long, drawn-out process to determine the winner. Now that Trump is returning to the White House, it’s time to start looking at what policies his administration is considering and what those decisions could mean for your portfolio.
Here’s some of what we discuss in this episode:
Could the proposed tariffs be inflationary for the US economy?
What does David think will happen with the tax cuts set to expire at the end of 2025?
Is less regulation a good thing?
How quickly will changes start to take effect?
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: How Does a Trust Work?

Building a nest egg or inheriting one can involve a lot of moving parts. You want to be strategic and make wise decisions to prepare you for the future and protect your assets against the possibility of a market crash. In today’s podcast, David answers three questions from the mailbag, all facing different financial situations.
 
Here’s some of what we discuss in this episode:
Mailbag: When to stop contributing to a 401(k) and pay off debt instead. 
Mailbag: How worried should I be about a market crash?
Mailbag: How does a trust work?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Review These 5 "To-Dos" Before Year-End

As we approach the end of the year, it's crucial to ensure your financial health is in top shape. In today’s podcast, David provides an essential checklist to help you optimize your financial strategy. Whether you're a retiree or still in the workforce, these practical tips will guide you towards a prosperous 2025.
Here’s some of what we discuss in this episode:
Fully funding your retirement accounts.
Remember to make a Roth IRA contribution with money earned, even as retirees.
Rebalance before year end.
Consider a taxable brokerage account for things you can sell at a tax loss.
If you have an FSA, use it or lose it!
Resources for this episode:
https://www.coveryourassetskc.com/episode-177-making-investment-losses-work-for-you
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Fed Rate Cuts are Good for Stocks…Right?

Following the news of the rate cuts last week with the Fed, you may be wondering what that means. Is that a good thing? How could it impact your daily life? David breaks down what it means now and what has happened after rate cuts in the past. Based on that, he shares some financial possibilities for the near future and what the market outlook is.
For investors, this short and sweet podcast packs a lot of valuable info in. Before you make any bold moves, David suggests a cautious approach as we wait and see what these rate cuts do to our economy.
 
Here’s some of what we discuss in this episode:
The Federal Reserve announced that they were cutting the Overnight Fed Funds Rate by half a percent.
Is the Fed rate cut a good thing or a bad thing?
What does the history or Fed rate cuts tell us?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
What’s the key takeaway in all this for investors?

Mailbag: How To Handle An Unexpected Layoff

Whether you're facing a layoff, planning a financial gift for a new grandchild, or dealing with an inheritance, today’s podcast offers valuable insights and actionable advice. Beyond helping you save for retirement, as a financial advisor, David answers countless financial questions that come up over the course of his clients’ lives. Find out what he has to say when answering three questions from the mailbag!
 
Here’s some of what we discuss in this episode:
Mailbag: How to handle unexpected layoff?
Mailbag: How to financially set up new grandchild?
Mailbag: What taxes to plan for with inheritance?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Retirees In Their 70s Regret These 5 Things

As we grow older (and wiser), it's natural to reflect on the decisions we've made and consider what we could have done differently in the past. In today’s episode, we delve into the top five retirement regrets of people in their seventies, inspired by a recent YouTube video created by someone else in their 70s. David shares his insight and advice for anyone in their fifties or sixties looking to avoid these common financial pitfalls.
 
Here’s some of what we discuss in this episode:
People wish they had retired earlier.
Some wish they had spent more when they first retired.
Retirees wish they took better care of their health.
People wish they had taken up a hobby.
Many wish they had traveled more.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Are Target-Date Maturity Funds Right for Your Retirement Plan?

When it comes to planning for retirement, many people turn to target-date maturity funds for their set-it-and-forget-it appeal. In fact, if you have a 401k or an IRA rollover, chances are you have a target-date maturity fund. These are designed to automatically adjust your investment mix as you approach retirement, gradually shifting from a higher allocation of stocks to a more conservative mix of bonds and cash. This sounds ideal, but is it?
In this episode, David and Walter discuss an interesting article by The Washington Post that questions whether these funds truly deliver on their promises.
 
Here’s some of what we discuss in this episode:
The popularity of target-date funds and how they work
The performance of target-date funds over recent years
What the 2025 portfolio looks like today
The differences between Vanguard, Schwab, and Fidelity funds
Understanding the drawbacks of these funds
 
The Washington Post Article:
https://www.washingtonpost.com/business/2024/07/23/target-date-funds-retirement-savers-explainer/
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 
 
 

Mailbag: Roth IRAs and 401(k)s

When it comes to your investments, there are a lot of avenues you can take. How can you know you’re taking the best one for you? David answers three questions from listeners who are asking about accounting for taxes in retirement, putting money in a 401(k) or elsewhere, and managing an inherited IRA.
 
Here’s some of what we discuss in this episode:
Roth IRAs and preparing for rising taxes.
How much to contribute to a 401(k) and when to pivot.
Managing inherited IRAs.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.