Cover Your Assets KC Podcast

Should Wealthy Taxpayers Make Roth Contributions?

If you’ve listened to David for long, you’ve heard his affinity for the Roth, but does that apply to everyone? When it comes to planning for retirement, high earners need to decide whether to contribute to a Roth account or a traditional IRA. But first, who is considered a high earner? And why does a Roth matter?
 
Here’s some of what we discuss in this episode:
The two ways to get money into a Roth.
How taxes make a big difference on the decision.
Why a Roth conversion can be a solid strategy.
Who this advice most commonly applies to.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Sequence of Returns: The Largest Risk You Haven’t Considered

When planning for retirement, most people focus on the rate of return their investments will yield. However, there's an often overlooked risk that can significantly impact your financial future: the sequence of returns. In this podcast episode, David explains why the order in which you earn returns can arguably be more important than the rate itself.
 
Here’s some of what we discuss in this episode:
What is sequence of return risk, and why is it important in financial planning?
How does the order of investment returns impact retirement outcomes?
What are some strategies to mitigate sequence of return risk?
 
Download the Sequence of Returns PDF HERE!
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: Can I Retire Spur Of The Moment?

The choices we make with our money often come down to more than mere numbers. David answers three questions from listeners who are facing different situations in life and looking for what to do next. From wanting to retire ASAP to coming into a financial windfall, it’s important to have a strategy in place to make sure the money works toward your goals.
 
Here’s some of what we discuss in this episode:
Mailbag: Can I retire right now?
Mailbag: Should I rollover my 401(k)?
Mailbag: What should I do with settlement money?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Taking the Retirement Income Literacy Quiz

Are you ready for a retirement income literacy quiz? David recently took the quiz himself to see how he did and puts Walter on the spot for a few of the questions. After you listen and take the quiz yourself, you can identify what you do know and what you don’t!
 
Here’s some of what we discuss in this episode:
How much a negative single year return in your retirement portfolio impacts.
How to improve your retirement security.
The best strategy with Social Security benefits.
The average life expectancy for Americans.
Leveraging life insurance.
Working part-time in retirement.
 
Income Literacy Quiz:
https://theamericancollege.qualtrics.com/jfe/form/SV_5u6YaBWQWFjxkY6
Life Insurance Episodes:
https://www.coveryourassetskc.com/episode-186-life-insurance-after-65-three-good-reasons
https://www.coveryourassetskc.com/episode-128-how-to-find-and-buy-term-life-insurance
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Retirement Savings: Am I Ahead Or Behind?

How much should you really be saving or already have tucked away toward retirement? As a follow-up to our three-part series where we focused on the retirement questions of every generation, David gets down to percentages and dollar amounts you’ll need to answer this common question.
 
Here’s some of what we discuss in this episode:
If we’re living longer, do I need to save more?
How much of my current income do I need to replace with my retirement savings?
How much should I already have saved?
What percentage of my income should I be saving?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Millennials: Retirement Questions That Every Generation Is Asking

For those in their mid-twenties to mid-forties, this episode is for you! In this final part of our three-part series, we look at the financial questions that millennials are asking. With plenty of working years ahead, the financial advice for millennials is very different than for retirees. From paying off student loans to saving toward retirement goals, David shares some ideas you might want to consider in the years ahead.
 
Here’s some of what we discuss in this episode:
Should I prioritize paying off my student loans?
How do you plan for the potential costs of having and raising children?
Will Social Security matter later on?
How can I take advantage of employer-sponsored retirement plans?
Are there alternatives we should consider?
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Gen X: Retirement Questions That Every Generation Is Asking

If you are between the ages of about 44 to 59 years old, you might be asking retirement questions about whether you have saved enough to retire or even if you can retire early. In part two of our three-part series, today we get into some really good information for Gen X as they begin to really buckle down and think about what retirement might look like and how to successfully prepare. Whether you are trying to catch up on saving or looking to leverage your investments, David has plenty of wisdom to share.
 
Here’s some of what we discuss in this episode:
Have I saved enough?
How do I know if I’m on track?
How can I catch up if I started saving too late?
How can I balance saving for retirement among other priorities?
How can I maximize investment returns without excessive risk?
What should I do with my 401(k) from a previous employer?
Should I pay off my mortgage before retiring?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Baby Boomers: Retirement Questions That Every Generation Is Asking

What financial questions are every generation asking? Over the course of this three-part series, there will be something for everyone! Every generation has a different set of scenarios and priorities they are facing.
Today, we’ll focus on six common financial questions Baby Boomers are asking (and then in future episodes we’ll dive into the questions Gen X and Millennials are facing). These are generic questions that David hears every day in his office, but remember that broad advice doesn’t always apply to your unique situation. Be sure to reach out to a financial advisor to find out the answers to these questions are for you.
 
Here’s some of what we discuss in this episode:
How much market volatility should I have as I approach retirement?
What’s the best approach to transition to retirement account withdrawals?
How does the rising costs of healthcare fit into a plan?
What’s the best way to pass on wealth to my heirs?
How can I maximize my Social Security benefits?
Should I downsize or relocate during retirement?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: Should My Dad Gift Money Now to Later Avoid Estate Tax?

As we wrap up the month of February with a few 60-degree days (not to mention a Super Bowl win!) we take the mailbag as David answers some listener questions. To start, Jason is wondering how to best handle his 401(k) after retiring. Then Megan wants to know the best way her dad can wisely gift money to avoid estate tax. David explains what the state tax exemption is and who to talk to in order to get the right answers on how best to proceed. Finally, we discuss the capital gains implications of Megan’s dad signing over his house.
 
Here’s some of what we discuss in this episode:
Mailbag: It’s cumbersome to withdraw from my 401(k). How can I manage it better?
Mailbag: Should my elderly dad start gifting money now to avoid estate tax after he passes?  
Mailbag: Should my parent sign over his house to beneficiaries?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

4 Financial Lessons From The Chiefs' Super Bowl Victory

Following the Super Bowl, we can’t help but bask in the glow of the Chiefs’ victory. David shares four financial insights and comparisons to Sunday’s game. For instance, Travis Kelce was shut down in the first half but had 8 catches and 92 yards in the second half. How does that relate to your financial plan? 
 
Here’s some of what we discuss in this episode:
Have a good plan and be open to mid-course corrections.
Have discipline and do the little things well.
Adversity will come your way, it’s really how you deal with it.
You don’t have to reinvent the wheel. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.