Cover Your Assets KC Podcast

Episode 106: 2021 Financial New Year’s Resolutions, Part 1

As we kick off the new year, let’s look to some financial resolutions. Have you set resolutions for the year yet or are you feeling a bit of the 2020 burnout? These resolutions are really important to your financial future--so important, that this will be a two-part series. Hopefully by the end of January, you have all seven of these action steps nailed down.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-106-2021-financial-new-years-resolutions-part-1/ 
 
What we discuss on this episode:
1:25 - What are some financial New Year’s resolutions you can make?
4:05 - Resolution #1: Do you have an emergency fund?
8:54 - Resolution #2: Pay off your credit card debt.
14:10 - Is a car loan or mortgage okay to have?
16:21 - Resolution #3: Cover your assets!

Episode 105: No Democratic Sweep? Some Final Tax Strategies Of 2020

What can you still do before the year ends? David talks through four strategies that you’ll want to consider before the clock strikes midnight on December 31.
 
Read more and get additional financial resources here: 
https://coveryourassetskc.com/episode-105-no-democratic-sweep-final-tax-strategies-of-2020/
 
What we discuss on this show: 
0:23 - This is our final show of 2020. Ready for 2021!
3:43 - Biden will be taking over the presidency, but we don’t know yet about the Democratic sweep.
6:47 - Make sure you know where you stand from a gain/loss standpoint and consider tax loss selling.
8:57 - Are there long-term capital gains in your portfolio that you want to harvest?
13:09 - The Roth conversion deadline for 2020 is December 31. 
17:35 - What do you need to know about the gift tax?

Episode 104: Are You Counting On Social Security?

What will happen to Social Security? Can you plan on it as a part of your retirement plan? How can you set realistic expectations for what’s to come? We’ll talk about this important piece of income planning.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-104-are-you-counting-on-social-security/ 
 
What we discuss on this show: 
1:13 - Should you count on getting Social Security?
4:25 - When will Social Security run out of money?
8:47 - Will my benefits be reduced?
11:07 - Will Social Security be there for me?
17:00 - Most people ask David about Social Security.

Episode 103: Things Nobody Says About Their Financial Plan

Wondering what to do with your financial plan but don’t want to later regret it? Here’s a few things people never seem to come back and complain about.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-103-things-nobody-says-about-their-financial-plan/ 
 
What we discuss on this show: 
2:05 - What are some things nobody says?
2:35 - “I regret putting money into my Roth IRA every year.”
5:25 - “I should have spent more and saved less.”
7:36 - “The life insurance payout was insulting.”
12:08 - “Paying more taxes than I have to makes me feel patriotic.” 
14:35 - “I love the big market corrections.”

Episode 102: When’s a Good Time for a Roth Conversion?

We cover one of David’s favorite topics while answering three questions from the mailbag today. From Roth conversions, investment choices, and pension decisions, we’ve got you covered when it comes to retirement planning.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-102-whens-a-good-time-for-a-roth-conversion/ 
 
What we discuss on this show:
0:58 - Happy Thanksgiving!
2:31 - Mailbag: Is it a bad idea to do a Roth conversion on a high income?
7:50 - What would be considered “high income”?
9:36 - Mailbag: What do you think about investments that require you to keep your money locked in?
13:13 - Mailbag: Should you take a monthly income or lump-sum for your pension?

Episode 101: End-of-Year Financial Planning

A lot has happened this year, particularly in the past few weeks. As 2021 approaches, how do we need to prepare? What’s significant about changing from one year to the next? What financial moves do you need to make now?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-101-end-of-year-financial-planning/ 
 
2:17 - 2021 is around the corner.
4:07 - Tax moves you might want to make.
7:35 - What would happen if Biden increases the tax rate on long-term capital gains?
10:51 - What is the gift tax?
14:33 - Are you considering a Roth conversion?

Episode 100: How Much Can You Afford to Spend + More Mailbag

How do you know when you have enough saved for retirement? How do you know when there’s enough left over to do something else like travel or take on a home renovation? We’ll answer your mailbag questions on today’s episode.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-101-can-we-afford-to-do-this-and-still-have-enough-for-retirement/ 
 
What we discuss on the show: 
1:04 - Today’s advice was recorded before the election.
1:47 - Mailbag: Will I spend more money at the beginning of retirement and then less after that?
6:10 - How are you allocated?
7:34 - Mailbag: After a divorce in my 50s, will I still have enough for retirement?
11:41 - Mailbag: Can we afford a kitchen redo?
15:58 - How often do clients ask David for “permission” to do something?

Episode 99: Understanding and Implementing Wills & Trusts

Do you have a will or trust? What part do they play in your financial plan? What mistakes do you want to be sure to avoid when setting them up?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-99-understanding-and-implementing-wills-trusts/ 
 
What we discuss on this show:
2:40 - People often overlook estate planning.
3:24 - Why are wills and trusts important?
4:47 - How do you know if a will or trust is right for you?
6:55 - Is a trust just for money or other assets as well?
8:36 - Where do people make big mistakes with wills and trusts?
13:21 - What if your estate is going to both people and charities?
16:01 - Where should you get advice regarding a will or trust?

Episode 98: Can You Pass This Social Security Quiz?

Are you ready to put your knowledge of Social Security to the test? How does Social Security fit into your retirement plan? Take the quiz on today’s episode.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-98-can-you-pass-this-social-security-quiz/ 
 
What we discuss on this show: 
0:42 - David is putting co-host Walter to the test.
2:25 - What percent of Americans over age 65 receive Social Security?
3:36 - What’s the most common age for people to begin collected Social Security benefits?
6:02 - Once your Social Security is reduced, is it always reduced?
6:54 - Does the value of your wealth or income matter when claiming benefits?
8:58 - When do retirement benefits end?
11:25 - What makes a spouse benefit for Social Security spousal benefits?
13:20 - Will Social Security Administration pay benefits to college students who are beneficiaries?
15:16 - Can Social Security payments go to the estate of deceased beneficiaries?  
19:21 - Do Social Security benefits increase if you continue to work and contribute after retirement age?  

Episode 97: Can I Claim Ex-Husband’s Social Security Benefits + Other Questions

From Social Security benefits to long-term care coverage to incentivizing your children, we answer four questions from the mailbag today. David shares his advice for these listeners navigating different situations in their financial plan.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-97-can-i-claim-ex-husbands-social-security-benefits-other-questions/
 
What we discuss on this show: 
1:08 - Mailbag: How do you wisely handle sharing an unexpected inheritance with a child?
5:14 - Mailbag: Do I get half of my ex-husband’s Social Security benefit? 
10:24 - Mailbag: Does my policy have enough long-term care coverage?   
14:04 - Mailbag: Should I move my investments to cash?