Cover Your Assets KC Podcast

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?

Episode 142: Financial Matters You Don’t Want to Put Off

We can all procrastinate at times. But when it comes to our finances we need to plan ahead.  David shares key areas in your finances you don’t want to put off addressing.
 
Read and get additional financial information: https://coveryourassetskc.com/episode-142-financial-matters-you-dont-want-to-put-off-2/
 
What we discuss on the episode: 
0:29 - David has golf plans
1:30 - What financial matters do people put off?
3:41 - Should you defer taxes?
6:07 - When should you eliminate debt?
9:59 - How important are your legal and estate documents?
13:14 - Should you delay Social Security?
16:41 - When do you put a plan in place?
 

Episode 141: Mailbag - Should I Contribute to a Roth 401(k)?

If you have the option to contribute to a Roth 401(k), should you do it? In retirement, how can you be sure you won’t run out of money? David answers these questions and one more in today’s podcast.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-141-mailbag-should-i-contribute-to-a-roth-401k/
 
Bank Tree Calendar: https://www.bankrate.com/retirement/calculators/401-k-retirement-calculator/
 
What we discuss on this episode: 
0:28 - Who doesn’t like the Chiefs?
2:24 - Mailbag: What if I don’t need my IRA at age 70?
7:59 - Mailbag: Should I put my retirement savings into a Roth 401(k)?
10:55 - Mailbag: Will I ever shake the scared feeling that I might run out of money?
 

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?