Cover Your Assets KC Podcast

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.

Episode 60: How To Plan For Long Term Care Needs

While it’s not a fun topic to consider, long term care is an important part of a financial plan. Do you know how you plan to address long term care needs?
 
Show notes and additional resources: https://coveryourassetskc.com/episode-60-how-to-plan-for-long-term-care-needs/ 
 
Today's rundown:
0:12 - How important is long term care?
1:10 - How realistic is it for someone to self-insure?
2:30 - What are the pros and cons of long term care insurance?
4:47 - How can you protect yourself against long term care expenses?
8:39 - Mailbag: What is the rule of 100?

Episode 59: The Good News and Bad News In Financial Situations

Do you want the good news or the bad news first? When it comes to financial situations, you hope to not have any bad news. In these four statements, David explains why the good news to follow isn’t really enough to soften the bad news.
 
Show notes and additional resources: https://coveryourassetskc.com/episode-59-the-good-news-and-bad-news-in-financial-situations/ 
 
Today's rundown: 
0:44 - The bad news is you have a lot of debt, but the good news is some of the interest you’re paying is tax deductible.
1:56 - The bad news is, the mutual fund hasn’t performed well but the fees are low.
2:58 - The bad news is you don’t have enough money to pay for nursing home care, but the good news is that Medicaid will step in.
3:42 - The bad news is your portfolio lost 40 percent, but the good news is that it will come back eventually.
6:46 - Mailbag: When forced into an early retirement at 57, should I find another job since my pension is not enough to live on?

Episode 58: 5 Financial New Year's Resolutions If You're Over 60

As you enter the new year, do you have these items on your list of resolutions and to-dos? For those over 60 years old, this list will help you gain the clarity and confidence in your financial direction.
 
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-58-5-financial-new-years-resolutions-if-youre-over-60/ 
 
Today's Rundown: 
1:29 - What resolutions to follow between 50 and 60 years old.
2:54 - Calculate your net worth statement every year.
4:54 - Update your financial plan.
6:38 - Make sure your estate plan is updated.
9:16 - Rebalance your portfolio.
14:06 - Evaluate your insurance coverages.

Episode 57: 5 Financial New Year's Resolutions If You're Under 50

If you’re under 50, this list of financial resolutions is the perfect way to start of your year. Having these financial details in place will give you a direction and peace of mind as you enter into the new decade.
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-57-5-financial-new-years-resolutions-if-youre-under-50/
Today's Rundown:
2:20 - Calculate a net worth statement every year.
6:39 - Eliminate bad debt.
10:50 - Increase your 401(k) contribution.
13:04 - Protect against disaster.
17:32 - Don’t ignore your estate plan.