Cover Your Assets KC Podcast

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?

Episode 96: Would My Taxes Go Up If Biden Becomes President?

Are your taxes going up if Biden gets elected? David talks through some of the numbers and examples of how his tax plan could impact you.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-96-would-my-taxes-go-up-if-biden-becomes-president/ 
 
What we discuss on the show: 
0:40 - Will my taxes go up if Biden is elected?
2:01 - What do people typically fear will happen if Biden is elected?
5:24 - What will happen to the taxes of people not in the top 2 percent?
8:00 - David shares a client example of inherited money for a retired couple and their taxes.
11:03 - What is the stepped up cost basis?
14:40 - What should you plan for?

Episode 95: 3 Things Your Heirs Should Know

You may have spent plenty of time planning for your legacy, but do your heirs know what they need to know? What conversations should you be having with them now?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-95-3-things-your-heirs-should-know/ 
 
What we discuss on this show: 
1:48 - What should you be thinking about with the next generation?
2:52 - #1: Make sure that you have a healthcare directive or living will.
5:39 - #2: Have a will and make sure your heirs know about it.
7:54 - People with a trust think they can set it and forget it.
10:13 - Communication is important.
11:10 - #3: Name a financial power of attorney and executor. 

Episode 94: Millennials In Retirement

Even though it’s still a little way off, how can Millennials best prepare for retirement? What kinds of strategies should they implement as a part of their financial plan?
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-94-millennials-in-retirement/ 
 
What we discuss on this show: 
0:34 - What should Millennials be doing to save and prepare for retirement?
2:06 - Be focused and working on your career.
3:57 - Tip #1: Save at least 10 percent of what you make.
7:34 - Tip #2: Plan for Social Security to start at 70 instead of 65.
9:58 - Tip #3: Diversify investments with real estate. 
15:53 - Tip #4: Consider the Roth 401(k).
23:33 - Does David work with Millennials?

Episode 93: Stuff You Should Know In The Financial World

Did you know…? From the global bond market to living benefits, we share what kind of stuff should you know when it comes to your financial decisions on today’s podcast.
 
Read more and get additional financial resources here: https://coveryourassetskc.com/episode-93-stuff-you-should-know-in-the-financial-world/ 
 
What we discuss on the show: 
0:34 - Fall sports are back!
2:26 - The global bond market is about twice the size of the global stock market.
5:09 - Income tax rates are currently close to historical lows.
7:54 - Living benefits on life insurance are a long-term care solution.
11:54 - You probably have more risk in your portfolio than you realize.
13:13 - The biggest impediment to making good financial decisions is your own emotions.