Cover Your Assets KC Podcast

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?

Episode 126: What’s Your Retirement Income Literacy?

Ready to put your retirement income knowledge to the test? Take this quiz and follow along on today’s podcast to see how you do.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-126-whats-your-retirement-income-literacy/ 
 
Take the quiz here: https://www.surveymonkey.com/r/2020-retirement-income-survey 
 
What we discuss on this episode: 
0:56 - Could you pass this retirement income literacy quiz?
3:14 - What’s the most you can afford to withdraw each year to have a 95% chance that your assets will last for 30 years?
5:12 - What is the average life expectancy of the average 65-year-old male?
6:33 - When do you have to start taking RMDs?
8:22 - Can a working retiree contribute to an IRA or Roth IRA?
9:53 - What medical expenses will traditional Medicare cover?
11:22 - Nationally, who pays the majority of long-term care expenses?
12:50 - Who provides the majority of long-term care services?
16:09 - Is your 401(k) at risk if the company sponsoring the plan goes bankrupt?
18:24 - How did you do?

Episode 125: Mailbag - Should I take Social Security Early?

Is paying off the house a worthwhile reason for taking Social Security early? Can life insurance create retirement income? David answers five very different questions from the mailbag in today’s episode.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-125-mailbag-should-i-take-social-security-early/ 
 
What we discuss on this episode: 
1:34 - Mailbag: Should I take Social Security early to help pay off the house? 
7:12 - Mailbag: Can you use life insurance to create income in retirement?
8:48 - Mailbag: How much should I leave as a legacy vs. enjoying now?
12:08 - Mailbag: When should I reinvest my money?
16:51 - Mailbag: How much long-term care coverage do we need?

Episode 124: 4 Terms from the Financial Dictionary

Ready to learn some financial terms? David unpacks four financial terms and how they may relate to your financial plan.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/ep-124-4-terms-from-the-financial-dictionary/ 
 
What we discuss on this episode: 
1:59 - What is overbought in the stock market?
6:16 - What is P/E ratio?
12:11 - What is a quitclaim deed?
14:33 - What is regressive tax? 

Episode 123: Do Retirees Really Need Life Insurance?

Ironically, life insurance is a young man’s game. The perception among many people is that the need for a policy dramatically decreases or become completely unnecessary as you get older. But is that really the case? Today, we’ll explore the ins and outs of life insurance and its various uses when it comes to planning.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-123-do-retirees-really-need-life-insurance/ 
 
What we discuss on this episode: 
1:36 – Perception of life insurance
2:35 – Why does it get a bad reputation?  
4:07 – Determining whether someone needs it   
5:44 – How much coverage do you need
7:31 – Other strategic uses for life insurance  
12:15 – How often is David using life insurance for clients?