Cover Your Assets KC Podcast

Retirees In Their 70s Regret These 5 Things

As we grow older (and wiser), it's natural to reflect on the decisions we've made and consider what we could have done differently in the past. In today’s episode, we delve into the top five retirement regrets of people in their seventies, inspired by a recent YouTube video created by someone else in their 70s. David shares his insight and advice for anyone in their fifties or sixties looking to avoid these common financial pitfalls.
 
Here’s some of what we discuss in this episode:
People wish they had retired earlier.
Some wish they had spent more when they first retired.
Retirees wish they took better care of their health.
People wish they had taken up a hobby.
Many wish they had traveled more.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Are Target-Date Maturity Funds Right for Your Retirement Plan?

When it comes to planning for retirement, many people turn to target-date maturity funds for their set-it-and-forget-it appeal. In fact, if you have a 401k or an IRA rollover, chances are you have a target-date maturity fund. These are designed to automatically adjust your investment mix as you approach retirement, gradually shifting from a higher allocation of stocks to a more conservative mix of bonds and cash. This sounds ideal, but is it?
In this episode, David and Walter discuss an interesting article by The Washington Post that questions whether these funds truly deliver on their promises.
 
Here’s some of what we discuss in this episode:
The popularity of target-date funds and how they work
The performance of target-date funds over recent years
What the 2025 portfolio looks like today
The differences between Vanguard, Schwab, and Fidelity funds
Understanding the drawbacks of these funds
 
The Washington Post Article:
https://www.washingtonpost.com/business/2024/07/23/target-date-funds-retirement-savers-explainer/
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 
 
 

Mailbag: Roth IRAs and 401(k)s

When it comes to your investments, there are a lot of avenues you can take. How can you know you’re taking the best one for you? David answers three questions from listeners who are asking about accounting for taxes in retirement, putting money in a 401(k) or elsewhere, and managing an inherited IRA.
 
Here’s some of what we discuss in this episode:
Roth IRAs and preparing for rising taxes.
How much to contribute to a 401(k) and when to pivot.
Managing inherited IRAs.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Avoiding Procrastination in Your Financial Life

Procrastination is a common temptation, but when it comes to your finances, it can have serious consequences. Whether you're in your twenties, thirties, or already nearing retirement, it's never too early or too late to start planning. By addressing these key areas and avoiding procrastination, you can secure a more stable and enjoyable financial future.
 
Here’s some of what we discuss in this episode:
The dangers of financial procrastination.
Deferring taxes could be costly in the future.
Eliminating debt is like eliminating rust on your car.
Setting up legal and estate documents protects your family.
Delaying Social Security is a personal decision.
Having a plan allows you to enjoy and understand your financial life.
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Roth IRAs as an Inheritance Strategy

When your heirs inherit a Roth IRA, they are not required to take distributions, which allows the account to continue growing tax-free for up to ten years. This flexibility can be a significant financial boon, especially if your heirs are in their prime earning years and want to defer withdrawals until they are in a lower tax bracket. The question is, should you do a Roth conversion now?
 
Here’s some of what we discuss in this episode:
Is inheriting a Roth IRA a real positive?
What are the primary investment asset types to inherit?
Should older parents do Roth conversions to benefit their children’s inheritance?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

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.