Cover Your Assets KC Podcast

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?

Episode 130: Only 1 in 4 Americans Have Done This

Are you doing more summer vacation planning than financial planning? You’re not alone. Let’s talk about how you should view retirement planning in relation to your vacation plans.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-130-only-1-in-4-americans-have-done-this/ 
 
What we discuss on this episode: 
0:43 - Why vacation planning?
4:15 - Why does this relate to retirement planning?
6:34 - The first step is to estimate how long your retirement will last.
8:39 - The second step is how much you’ll spend.  
12:36 - How much retirement income will you have?
14:07 - What happens when you put it all together?
17:12 - Keep updating and adjusting as needed.
 

Episdoe 129: Mailbag - Why Aren’t My IRAs Making Much Money?

Is something going wrong if your IRAs aren’t making as much as you think they should? Or, how can you save for an upcoming wedding? David answers four questions from the mailbag.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episdoe-129-mailbag-why-arent-my-iras-making-much-money/ 
 
What we discuss on this episode: 
1:02 - It’s mailbag time!
2:03 - Mailbag: How should we save or invest for a wedding?
5:49 - Mailbag: Should I sell stock or keep my taxes low?
9:29 - Mailbag: Why aren’t my IRAs making much money?
12:02 - Mailbag: Can I combine my old 401(k)s?

Episode 128: How To Find And Buy Term Life Insurance

Wondering if you need term life insurance? You probably do, so how and where should you get it? Find out on today’s podcast!
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-128-how-to-find-and-buy-term-life-insurance/ 
 
What we discuss on this episode: 
0:33 - David got to be young at heart with some family recently.
2:54 - How do you get the best and cheapest term life insurance for you?
7:15 - How do you get life insurance?
11:38 - Who should get term life insurance?
12:47 - Where should you get it?

Episode 127: The 3 Worlds of Money

If you understand the three worlds of money, you will have a better understanding of how financial planning works. So today, we’ll remove the financial terms and extra jargon in order to focus on the three worlds of money: banking, insurance, and Wall Street. They serve significantly different purposes, and it’s important to understand how each fit into your financial world. 
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-127-the-3-worlds-of-money/ 
 
What we discuss in this episode: 
0:32 - Happy June!
1:59 - What are the three worlds of money?
4:14 - What are the pros and cons of the banking world?
8:28 - Can mistakes really be made in the banking world?
9:45 - What should you know about the insurance world?
14:53 - What’s in the Wall Street world?
20:05 - Do David’s clients tend to be in one world too much?