Cover Your Assets KC Podcast

Episode 152: 7 Roth Conversion Misconceptions

How much do you really know about Roth conversions? David walks us through common misconceptions and shares why Roth conversions may be worth considering before the end of the year.
 
Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-152-7-roth-conversion-misconceptions
 
What we discuss on this episode:
0:33 - Christmas is coming!
2:11 - How soon do you need to do a Roth conversion?
3:54 - Who can do a Roth conversion?
4:54 - What are the conversion limits?
6:00 - Can you convert a beneficiary IRA into a Roth?
7:58 - There is no penalty for doing a Roth conversion.
10:31 - When will you pay the taxes?
12:33 - Can you do a partial conversion?

Episode 151: 3 Ways to Reduce RMDs

Are required minimum distributions looming over you and your near future? David talks through three strategies to help you reduce your RMDs.
 
Read more and get additional financial resources here: http://www.coveryourassetskc.com/3-ways-to-reduce-rmds
 
What we discuss on this episode:
0:26 - What’s David’s favorite Thanksgiving pie?
3:18 - What are RMDs?
8:48 - How can you reduce the RMDs? What’s the first strategy? 
10:58 - What if you’re still working?
12:44 - When should you consider a Roth conversion?

Episode 150: Mailbag - Retiring Early, Risk, and Social Security

What moves should you take now to retire early? How do you know if you have enough or too much risk in your portfolio? Is it worth waiting until 70 for Social Security? David answers these questions in this week’s podcast.
 
Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-150-mailbag-retiring-early-risk-and-social-security 
 
What we discuss on this episode:
0:27 - The Chiefs are headed in the right direction!
2:03 - Mailbag: What should I know about retiring at 55?
7:29 - Mailbag: How much risk should I be taking?
14:03 - Mailbag: Should I wait until 70 for Social Security?

Episode 149: Retirement Planning as a Jigsaw Puzzle

What strategies and pieces go into a retirement plan? Let’s talk through the puzzle of retirement planning today and how to solve it.
 
Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-149-retirement-planning-as-a-jigsaw-puzzle
 
What we discuss on this episode:
0:29 - Did David like doing jigsaw puzzles as a kid?
2:06 - How do you start the puzzle of retirement planning?
4:50 - What is the framework of a good retirement plan?
8:35 - How are you sorting your pieces?
12:04 - What’s the endgame with your retirement plan?

Episode 148: 5 Opportunities for Late Bloomers

Were you late to saving enough for retirement? Let’s talk through five areas where you may be able to make up the difference as a retirement savings late bloomer.
 
Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-148-5-opportunities-for-late-bloomers
 
What we discuss on this episode:
0:28 - What should David do with all his Halloween candy?
3:45 - What should late bloomers do?
5:02 - Add to catch-up contributions.
7:16 - Kids are coming off the payroll.
9:20 - Less debt is best.
14:20 - Downsize your home.
16:37 - Add a twilight career.

Episode 147: Who Pays the Gift Tax?

Are you ready to give significantly but wondering what that will do to your taxes? Understanding your options ahead of time can go a long way when it comes to taxes.
 
Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-147-who-pays-the-gift-tax
 
What we discuss on this episode:
0:34 - David has a new grandson!
4:08 - Let’s talk about the gift tax.
5:48 - Do you give money to a 501(c)(3) organization?
7:38 - You can give through a qualified charitable contribution.
9:28 - How much can you give to your kids or grandkids?
12:24 - What exceptions to the rule should you keep in mind?

Episode 146: Should Your Trust Be Your IRA Beneficiary?

Who or what is listed as the beneficiary on your IRA? We get into various reasons for and against having a trust and how the most recent rules might affect how your estate plan is currently set up.
 
Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-146-should-your-trust-be-your-ira-beneficiary
 
What we discuss on this episode:
0:28 - David brainstorms future podcast ideas.
1:39 - Who needs a trust?
4:03 - When is it a bad idea to have an IRA as the beneficiary?
5:50 - Why does this matter right now?
9:14 - How has this changed since 2019?

Episode 145: Tax Consequences

What tax consequences should you prepare for? We talk through the different accounts you may have and what kind of taxes to expect in retirement for each one.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-145-tax-consequences/
 
What we discuss on this episode:
0:33 - Taxes are one of David’s favorite topics.
2:51 - What do you need to know about tax-deferred accounts? 
6:14 - Roth accounts are taken out tax-free.
8:42 - What are taxable accounts?
11:41 - What happens with CDs?
13:45 - Why is life insurance part of the discussion?
 

Episode 144: Mailbag - How Can I Convince My Husband We’ve Saved Enough?

Are you and your spouse not seeing eye-to-eye when it comes to saving (or spending) in retirement? David shares his thoughts on how to improve the situation for this person and two others seeking financial advice.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-144-mailbag-how-can-i-convince-my-husband-weve-saved-enough/ 
 
What we discuss on this episode: 
1:16 - Mailbag: Can I use my home equity line as an emergency fund?
5:11 - Mailbag: How can I convince my husband we’ve saved enough?
10:42 - Mailbag: How can I help my mother sort through her finances after my dad passed?

Episode 143: Do the New Infrastructure Bills Impact Your Financial Plan?

There is a lot of buzz going around about infrastructure bills. How could they impact you? We talk about “how the sausage is made” in bills like these as well as how you can prepare for them.
 
Read and get additional financial information: https://coveryourassetskc.com/episode-143-do-the-new-infrastructure-bills-impact-your-financial-plan/
 
What we discuss on the episode: 
1:04 - Financial discussions in Congress right now
3:26 - American Jobs Plan
6:06 - American Families Plan
11:37 - How will this affect you and your family?
15:27 - What about long-term capital gains rates?
18:02 - What’s happening with Roth conversions?
19:01 - What other changes are being proposed?
25:04 - What should you do now?