Cover Your Assets KC Podcast

Episode 140: 401(k) Millionaires

Are you ready to become a millionaire? Let’s talk about how to make smart investments and make that goal a reality.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-140-401k-millionaires/
 
Bankrate Calculator: https://www.bankrate.com/retirement/calculators/401-k-retirement-calculator/
 
What we discuss on this episode: 
0:27 - Do you have a million dollars in your 401(k)?
1:54 - Is a million dollars in a 401(k) common or attainable?
3:18 - Everybody is different. 
4:41 - Start early.
9:23 - Make sure you’re consistent with contributions.
11:19 - Don’t be too risk adverse.
13:43 - Find ways to make money while you sleep.

Episode 139: Happy Birthday, Social Security

In celebration of Social Security’s recently passed birthday, let’s talk about four things you should know about it. How can you plan for Social Security as a part of your retirement plan?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-139-happ…-social-security/
 
What we discuss on this episode: 
0:33 - Happy Birthday to… Social Security!
2:28 - About 65 million Americans draw on Social Security.
4:38 - Get an estimate of what your Social Security benefits may be.
6:38 - What’s the average retired person’s income from Social Security?
9:55 - What is full retirement age?
12:42 - Are there reasons to not wait until age 70?

Episode 138: 3 Questions to Ask Before You Buy An Annuity

Before you buy an annuity (or rule one out), what do you need to know? David outlines three questions that will help you determine whether or not an annuity aligns with your goals and financial plan.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-138-3-questions-to-ask-before-you-buy-an-annuity/ 
 
What we discuss on this episode: 
1:32 - What type of annuity is it?
4:48 - How much does this annuity cost?
8:57 - What happens to my money when I die?
12:08 - So, are annuities good or bad?

Episode 137: Is Inflation Transitory or Here to Stay?

Gas prices are up, buying a car is much more expensive, and groceries cost more. Is this something you should be concerned about? David shares more information about inflation and whether or not he thinks this is transitory.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-137-is-inflation-transitory-or-here-to-stay/ 
 
What we discuss on this episode: 
1:40 - Is inflation a big deal?
3:42 - What are the latest numbers telling us?
5:15 - How do you decide if it is temporary or permanent changes?
11:40 - What can we do with this information?
14:18 - Should you be worried?

Episode 136: Mailbag - How Much Money To Set Aside for Medical Care?

After listening to prior podcasts, listeners sent in questions for David to dive in deeper. We covered three questions in last week’s episode and cover two more today on today’s podcast.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-136-mailbag-how-much-money-to-set-aside-for-medical-care/ 
 
What we discuss on this episode: 
1:19 - Mailbag: How do I know how much to save for medical expenses?
7:19 - Mailbag: Should I rollover my pension into an IRA and buy an annuity?
9:43 - What kind of annuity do you plan to buy?

Episode 135: Mailbag - What Should I Do Now To Reduce Future RMD Taxes?

When you get closer to the age of required minimum distributions, you may wonder what you need to do now to prepare. David answers two questions from the mailbag in this week’s podcast.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episdoe-135-mailbag-what-should-i-do-now-to-reduce-future-rmd-taxes/ 
 
What we discuss on this episode: 
0:26 - It’s the dog days of summer in Kansas City.
1:48 - This is part one of our mailbag questions.
2:38 - Mailbag: How can I reduce my future tax bill in retirement?
6:17 - How can you pay less in taxes before being locked in?
11:42 - Mailbag: How can we avoid probate on our home?

Episode 134: The 3 Things You Must Understand If Retiring in 3-5 Years, Part 3

Worried your money won’t last through your retirement? Just how much do you need and when can you retire? David talks through all of these things you must know if you are close to retirement.
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-134-the-3-things-you-must-understand-if-retiring-in-3-5-years-part-3/ 
 
What we discuss on this episode: 
2:19 - How long will your money last?
8:32 - How long will you live?  
13:04 - What if the math isn’t on your side to retire at 65?
18:05 - What are the key takeaways? 

Episode 133: The 3 Things You Must Understand If You're Retiring In 3-5 Years, Part 2

As you get closer to retirement, you likely want to make sure everything is in order, including your estate plan. David discusses what paperwork you should have in place and up-to-date.
Read more and get additional financial resources here: https://coveryourassetskc.com/podcasts/
What we discuss on this episode: 
3:09 - Should you have a trust?  
5:42 - Do you have good beneficiary designations?
9:53 - What are the two kinds of beneficiary designations?
15:39 - What if you aren’t able to speak for yourself later on?

Episode 132: 3 Things You Must Understand If You're Retiring In 3-5 Years, Part 1

What happens with your taxes in retirement? This is the first of our three-part series for what to do and how to prepare if you are three to five years away from retirement.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-132-3-things-you-must-understand-if-youre-retiring-in-3-5-years-part-1/ 
 
What we discuss on this episode: 
0:40 - Celebrating the 4th with family, fun, and fireworks.
3:10 - Why is the three to five year timeline before retirement so important?
5:05 - Your Social Security is likely to be taxed.
7:40 - Should you take a pension lump sum or monthly payments?
12:31 - The widow’s tax is rarely discussed but important.
16:52 - Talk to your advisor about all of these.

Episode 131: 5 Things Grandparents & Parents Need to Know About 529 Plans

529 plans are a great way to save away money for kids’ college. But it does take a little bit of time to understand the ins and outs of them. David talks us through the top five things to keep in mind with 529s.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-131-5-things-grandparents-parents-need-to-know-about-529-plans/ 
 
What we discuss on this episode: 
0:44 - What’s the weather?
2:36 - What do you need to know about 529 plans?
3:57 - In many cases, you get a tax deduction for contributing.
6:59 - 529 plans aren’t just for college.
8:43 - It’s not only for tuition.
10:24 - You can change the beneficiary.
11:59 - What about the gift tax?