Cover Your Assets KC Podcast

Episode 70: Are These Financial Views Fact or Fiction?

When it comes to your financial plan, are you basing it off of facts or fiction? Consider the decisions you’re making and where you’re getting your information. We'll help you do that on this episode.
 
Read more and get additional resources: https://coveryourassetskc.com/episode-70-are-these-financial-views-fact-or-fiction/ 
 
Today's rundown: 
0:29 - Fact or Fiction: Your Social Security is taxable.
2:22 - Fact or Fiction: Your taxes will likely be lower in retirement.
4:00 - Fact or Fiction: Term life insurance is better than whole insurance.
5:25 - Fact or Fiction: Medicare will cover most of your medical needs in retirement.
6:14 - Fact or Fiction: As you get older, you should gradually switch from stocks to bonds.

Episode 69: Financial Strategy On and Off the Court

In March, we usually spend a lot of time paying attention to basketball. While it’s not on right now, let’s talk though some of the strategy behind the game as it applies in our own lives.
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-69-finan…nd-off-the-court/ 
 
Today's rundown: 
0:52- How does the shot clock in basketball relate to financial planning?
2:54- Do you have a plan for what happens with Social Security?
4:31- If you have a pension, how much do you want the surviving spouse to have?
6:51- When somebody commits a foul in basketball, what does that do to the team?

Episode 68: Coronavirus - 3 Steps to Take as the Market Continues Downward

What can you do while the market goes downward? What kind of impact with the coronavirus make on your financial plan? Today we'll lay out three steps you can take in the midst of the volatility.
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-68-coron…ntinues-downward/ 
 
Today's rundown: 
0:28- Continuing the conversation about the coronavirus and economic uncertainty.
0:57- What does it mean to be uncomfortable financially right now?
3:28- Step 1: Don’t react emotionally.
6:26- Step 2: Understand exactly what you own.
7:26- Step 3: Review your plan and rebalance.

Episode 67: Coronavirus & Market Volatility - 3 Key Reasons Stocks Are Down

The market has fluctuated dramatically in recent weeks and we’ve seen much more down than up. What is causing this? Is it all about the coronavirus? Should we be concerned or do something different with our portfolios?
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-67-coronavirus-market-volatility-3-reasons-stocks-are-down/ 
 
Today's rundown: 
0:41 - People are worried about market volatility.
4:46 - Reason #1: The coronavirus has caused economic uncertainty.
6:57 - An oil trade war added to the economic uncertainty.
8:31 - Reason #2: Political uncertainty is occurring with the upcoming election.
10:39 - Reason #3: Excessive leverage
15:36 - What do you do if you’re nervous?

Episode 66: Everything You Need To Know About Roth Conversions

Have you heard about Roth conversions? Wonder if it’s the right thing for you? David talks through different scenarios related to Roth conversions to see if it’s something that could benefit you.  
 
Read more and get additional resources here: https://coveryourassetskc.com/episode-66-everything-you-need-to-know-about-roth-conversions/ 
 
Today's rundown: 
1:38 - What is a Roth conversion?
3:37 - What benefit does a Roth conversion provide?
8:33 - What are common mistakes when it comes to Roth conversions?
11:11 - What’s the right way to do a Roth conversion?
13:47 - Who should not do a Roth conversion?
17:02 - What does this process look like when working with David’s team?

Episode 65: 4 Simple Strategies to Increase Your Net Worth

Do you want your net worth to be higher? How can you increase it? You can do it by implementing these four simple strategies.
 
Check out the show notes and get additional resources here: https://coveryourassetskc.com/episode-65-4-simple-strategies-to-increase-your-net-worth/ 
 
Today's show rundown: 
2:19 - You may know the strategies to do, but you have to take action.
3:10 - Start by knowing what your net worth is.
4:15 - Step 1: Understand your debts.
11:21 - Step 2: Cut your expenses. 
13:40 - Step 3: Have an emergency fund.
16:01 - Step 4: Increase your income.

Episode 64: Don’t Make These Retirement Assumptions

It’s never a great idea to make assumptions and that’s especially true when it comes to your money and your retirement. Let’s identify the common assumptions people make with their financial planning that could end up really costing you in retirement.
 
Check out the show notes and get additional resources here: https://coveryourassetskc.com/ep-64-dont-make-these-retirement-assumptions/ 
 
Today's show rundown: 
0:20 – The first retirement assumption we hear is that you’re going to spend less money once you retire.
1:26 – A lot of people assume taxes are going to be lower in retirement but don’t bank on that.
2:19 – Did you realize you have a partner in your 401k and IRA? It’s the IRS.  
4:26 – Many people worry about putting their children through college before saving for their own retirement.
5:17 – Get a plan in place no matter what age you are.
8:13 – Mailbag question #1: Should I buy gold coins or gold bars? Or no gold at all?  
9:58 – Mailbag question #2: I’m in my late 50s and recently divorced and extremely worried about what retirement will look like with one Social Security benefit and half of the assets that I planned on having. Can I overcome a divorce this late in life?

Episode 63: The Dirty Little Financial Secrets

Ever wonder what it is they aren’t telling you when it comes to your financial decisions? What are those dirty little secrets in the financial world? And how can you strategize accordingly?
 
Show notes and additional resources: https://coveryourassetskc.com/episode-63-the-dirty-little-financial-secrets/ 
 
Today's rundown: 
0:58 - Nobody can predict the future.
2:06 - Most of the things we argue about aren’t all that important.
4:01 - It’s difficult to differentiate between skill and luck.
5:30 - The bolder the headline, the more people pay attention to it.
7:51 - Mailbag: Is it typical to spend a lot of money early in retirement and less later on?

Episode 62: SECURE Act Changes - Part 2: Inherited IRAs

What are the rules now when you inherit an IRA? How has the SECURE Act changed things, and what was a stretch IRA? It’s the second installment of our series on the SECURE Act and what it means for your retirement.
 
Show notes and additional resources: https://coveryourassetskc.com/episode-62-secure-act-changes-part-2-inherited-iras/ 
 
Today's rundown: 
0:47 - What are inherited IRAs and how does the SECURE Act change it?
3:09 - Other than a few exceptions, you will have to clear out your inherited IRA within 10 years.
4:00 - The money is taken out sooner and therefore taxed sooner.
4:48 - What are the exceptions to the rule?
6:39 - Minor children will have a ten-year timeframe once they meet majority.
7:12 - If you set up your IRAs to list your trust as your beneficiary, you’ll want to talk to an estate planning attorney right away.
10:48 - When you inherit money, that’s not a bad problem to have, but you’ll want some good advice on how to best handle it.

Episode 61: Six Key Changes in the SECURE Act, Part 1

Are you wondering what the SECURE Act means for you? Whether you are in your childbearing years or 70 and a half, the changes will impact you and your financial plan.
 
Read more about the SECURE Act here: https://coveryourassetskc.com/episode-61-six-key-changes-in-the-secure-act-part-1/ 
 
Today's Rundown: 
1:53 - Is the SECURE Act significant?
2:41 - There is no maximum age to contribute to an IRA.
4:38 - The required minimum distribution age is now 72.
7:44 - Are you making qualified charitable deductions in retirement?
9:49 - New parents can now take $5,000 or less out of your IRA or 401(k) without penalty based on the birth or adoption of a child.
10:48 - Taxable fellowships and stipends are now considered compensation.
11:43 - Inherited IRAs cannot be stretched out anymore, with a few exceptions.