Cover Your Assets KC Podcast

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?  

Episode 122: How To Claim Social Security Benefits of an Ex-Spouse

Are you divorced and wondering about spousal Social Security benefits in retirement? David shares seven things you need to know about the benefits and what they might look like on today’s podcast.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-122-how-to-claim-social-security-benefits-of-an-ex-spouse/ 
 
What we discuss on this episode: 
0:49 - What happens to your Social Security after a divorce?
2:05 - How do you qualify for an ex-spouse’s Social Security?
4:18 - How much would you be entitled to?
7:28 - What if someone has been divorced a few times?
8:43 - What if your ex is not taking Social Security yet?
10:11 - Will my ex-spouse know that I’m claiming?
11:31 - What if the ex-spouse is deceased?
13:00 - How does someone apply for this benefit?

Episode 121: How Much Should You Invest in One Stock?

If you’ve found a good stock, how much is okay to invest in it? David answers this question from the mailbag, as well as three others related to when to retire and the stability of Social Security.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-121-how-much-should-you-invest-in-one-stock/ 
 
What we discuss on this episode: 
0:57 - Mailbag: Is it normal to work past 65 years old?
4:11 - Mailbag: Should you consider an early retirement package?
8:49 - Mailbag: Will Social Security be around the rest of my lifetime?   
11:27 - Mailbag: How much of your portfolio is okay to be invested in one stock?

Episode 120: What’s Changed with Inherited IRAs?

When financial planning, what do you need to know about inherited IRAs when it comes to leaving a legacy? What is most beneficial to your heirs in the future?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-120-whats-changed-with-inherited-iras/ 
 
What we discuss on this episode: 
2:34 - In the last few years a lot has changed with inherited IRAs.  
4:05 - Generally, you have up to 10 years to clear out an inherited IRA.
6:32 - What if you inherit an IRA from your spouse?
10:19 - What implications after the shift in rules?
12:37 - Is it better to inherit a Roth vs. a traditional IRA?
14:33 - How do you rollover an inherited IRA?

Episode 119: Basketball and Financial Planning

As March Madness came to a close, we wanted to have a little fun and talk about what basketball and financial planning had in common. Is your financial plan ready for its one shining moment?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-119-basketball-and-financial-planning/ 
 
What we discuss on this episode: 
2:08 - What can we learn about retirement planning from basketball, starting with the shot clock?  
7:24 - What’s the retirement equivalent of a double dribble?
12:26 - What fouls do you want to avoid in retirement planning?
17:08 - What’s success defined as?

Episode 118: Things You Should Never Assume In the Financial World

Are you assuming when it comes to your financial plan? Let’s talk about what common assumptions people have and how to properly plan and prepare for retirement.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-118-things-you-should-never-assume-in-the-financial-world/ 
 
What we discuss on this episode: 
4:37 - Do you assume you’ll spend less in retirement?
6:57 - Assume your taxes will be lower in retirement?
10:34 - Think you should get your kids through college before saving for retirement?
12:44 - Feel like you’ll never be able to retire?

Episode 117: Where Can I Find Mutual Funds with 10 Percent Returns?

On the lookout for mutual funds with high returns because you’ve heard it’s possible? David answers three questions from the mailbag in today’s show as you make financial decisions.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-117-where-can-i-find-mutual-funds-with-10-percent-returns/ 
 
What we discuss on this episode: 
1:22 - Mailbag: Will my Social Security and pension be enough?
6:07 - Mailbag: Where can I find returns that earn over 10 percent?
11:53 - Mailbag: Should I keep an inherited house as a rental property?
15:08 - What do you do with an emotional inheritance?