Cover Your Assets KC Podcast
Bite-sized financial and retirement planning guidance from David Dickens in Kansas City. Dave Dickens is the President of CreativeOne Advisors Group and is a Chartered Financial Analyst (CFA®). He has more than 35 years of experience in the investment business. Any references to KC Financial Advisors should now be understood as referring to CreativeOne Advisors Group. Investment advisory services are offered through CreativeOne Wealth, LLC, a Registered Investment Adviser. CreativeOne Advisors Group is a DBA of CreativeOne Wealth. Insurance services are offered through Licensed Insurance Professionals.
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Episodes
Thursday May 26, 2022
Thursday May 26, 2022
No one wants to make a mistake when it comes to their hard-earned money! David talks through common mistakes people make with an IRA and how to avoid them.
What we discuss on this episode:
0:32 - Let’s talk about common IRA mistakes.
2:28 - Worried about the five year rule?
5:37 - Is your 401(k) diversified before you retire?
7:56 - Are you being strategic about RMDs?
13:17 - There’s no do-over on the 60-day rollover.
18:05 - There is no 60-day rollover on inherited IRAs.
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday May 19, 2022
Thursday May 19, 2022
Housing is a really important topic for a lot of retirees because, for many of us, it’s the biggest asset we’ll ever own or manage. We want to get that part of our financial equation correct, so it’s no surprise it takes up a nice slice of the retirement planning conversation. On this episode, we’ll cover some common housing questions from retirees and hopefully hit on an issue that might also be on your mind.
What we discuss on this episode:
0:36 - How is David celebrating his upcoming birthday?
2:47 - Let’s talk about your home.
4:30 - Interest rates are low(er) right now.
7:58 - Is it wise to downsize?
11:02 - Should you get a home equity line of credit?
14:25 - Is it a good idea to sign over your home to an heir?
17:30 - How is your home set up within an estate plan?
19:54 - Are reverse mortgages a good idea?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday May 12, 2022
Thursday May 12, 2022
What’s the average amount some have saved? How many people plan to work in retirement? We talk through recent financial statistics to give you an idea of what matters and what isn’t a great marker of financial success.
What we discuss on this episode:
0:57 - Women have smaller overall retirement savings amounts.
5:25 - Experts estimate you’ll need $1.04 million to have a comfortable retirement.
8:44 - 55 percent of American workers plan to continue working in retirement.
10:27 - 25 percent of Americans increased savings as a result of the pandemic.
12:20 - The number of retired workers receiving Social Security benefits was almost 70 million in 2021.
17:07 - Retirees spent an average of $6,668 on healthcare in 2020.
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday May 05, 2022
Thursday May 05, 2022
What should you do when you have retirement savings but a lot of consumer debt? David shares his thoughts on debt and how to tackle in before answering three other listener questions.
What we discuss on this episode:
0:50 - David is looking forward to some upcoming travel and celebrations!
2:33 - Mailbag: Should I use my 401(k) to pay off my consumer debt?
6:42 - Mailbag: How do I show a potential advisor they should include me in the discussion?
10:23 - Mailbag: Was it a mistake to start taking Social Security at 62?
14:33 - Mailbag: Is diversifying with multiple IRAs a good idea?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday Apr 28, 2022
Thursday Apr 28, 2022
If you find yourself retiring sooner than you planned, what do you do? We talk through three steps you need to take if you find yourself retired earlier than expected.
What we discuss on this episode:
0:31 - What inspired today’s episode?
2:41 - What would you do if you became an accidental retiree?
4:00 - What do you spend now?
6:07 - Where will your income come from?
10:28 - Will your money last?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday Apr 21, 2022
Thursday Apr 21, 2022
Instead of pretending to understand these terms, let’s break it down and learn together what this financial jargon means and how it impacts you.
What we discuss on this episode:
0:33 - There’s always something to look forward to!
2:20 - What financial jargon should we know more about?
3:44 - What causes inflation?
8:08 - What does a recession look like?
13:36 - How does dollar-cost averaging work?
17:01 - What are bonds vs. stocks?
21:27 - What are the rules with capital gains and losses?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday Apr 14, 2022
Thursday Apr 14, 2022
What’s a QCD and how might it benefit you? David talks through the ins and outs of qualified charitable distributions on today’s show.
What we discuss on this episode:
1:18 - What is a QCD?
4:54 - How much can you give with a QCD?
5:34 - Can it be done from a 401(k)?
6:24 - Where can it go?
8:38 - How does it work at tax time?
10:05 - When should you do it?
11:32 - Is it only for people who have RMDs?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday Apr 07, 2022
Thursday Apr 07, 2022
After you blow out the candles, what do you need to know as you cross the threshold of certain birthdays in your life? David shares important ages when financial planning.
What we discuss on this episode:
0:30 - How do we feel about that final NCAA tournament game?
3:01 - What should you be aware of around 30 years old?
4:18 - What can you do at age 50?
7:17 - What happens at age 55?
9:14 - By 62, what options do you have?
12:11 - At 65 you’re eligible for Medicare.
13:02 - What’s important about 66 and 67?
14:31 - You can delay Social Security benefits until 70.
15:04 - RMDs start at 72.
18:16 - What age is most important?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday Mar 31, 2022
Thursday Mar 31, 2022
We all have important papers, but how do you know what you really need vs. what you can toss? David shares what to shred and what to hold onto when it comes to your financial records.
What we discuss on this episode:
1:45 - What should you do with investment statements?
4:37 - Should you keep bank statements?
7:08 - How long do you need your tax records?
8:39 - Do you need current year’s tax return documents?
10:50 - Birth certificates and Social Security cards are tough to replace.
13:22 - Wills and estate planning documents should be kept.
14:30 - Home improvement documents should be kept as long as you own the house.
16:59 - Receipts for valuable items you have should be kept.
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts
Thursday Mar 24, 2022
Thursday Mar 24, 2022
What financial documents do you most need, based on where you are in life? David points us toward the right ones you want to focus on in your life stage.
What we discuss on this episode:
0:28 - March Madness is here!
2:06 - Which financial documents do you need in which life stage?
3:46 - Do you have the right beneficiary designations listed?
8:49 - If you own a home, who is it set to go to?
9:51 - Do you have financial goals?
12:45 - Do you have a will in place?
16:30 - Who will speak for you if you can’t?
18:06 - Do you have a living will?
20:27 - What do you need ready in your 50s and into retirement?
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts