Cover Your Assets KC Podcast
Bite-sized financial and retirement planning guidance from David Dickens in Kansas City. Dave Dickens is the President of KC Financial Advisors and is a Chartered Financial Analyst (CFA). He has more than 35 years of experience in the investment business.
Listen on:
Episodes
Thursday Jan 23, 2020
Thursday Jan 23, 2020
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?
Thursday Jan 16, 2020
Thursday Jan 16, 2020
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?
Thursday Jan 09, 2020
Thursday Jan 09, 2020
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.
Thursday Jan 02, 2020
Thursday Jan 02, 2020
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.
Thursday Dec 19, 2019
Thursday Dec 19, 2019
Whether you are nearing retirement or already in it, you may be ready to gift some of your money to future heirs even before you die. What kind of taxable event does giving a financial gift cause?
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-56-understanding-the-gift-tax/
Today's Rundown:
1:31 - Debunking the estate tax problem.
4:35 - What gift amount creates a taxable amount?
7:26 - How does a gift now impact your estate tax later?
9:13 - Does anything with the gift tax change when contributing to a 529, say for grandkids?
11:39 - Two gifts that avoid the gift tax and do some good.
Thursday Dec 12, 2019
Thursday Dec 12, 2019
It takes a lot to get David worked up, but we found some things within the financial industry that drives him and other good advisors crazy. Let’s find out what those are on today’s episode.
Show Notes and Additional Resources: https://coveryourassetskc.com/financial-things-that-drive-you-crazy/
Today's Rundown:
0:36 – When folks come in and you find all these hidden fees they knew nothing about.
2:04 – There are people in the industry that aren’t truly looking out for the best interests of their clients.
3:59 – People that make their sales pitches and try to push a one-size-fits-all approach to planning.
6:35 – When advisors try to use a lot of financial jargon and buzzwords that confuse and mislead.
8:04 – Financial plans that consist of pages and pages of information and aren’t really customized for a client.
Thursday Dec 05, 2019
Thursday Dec 05, 2019
Do you feel like you have a handle on what to expect when it comes to Social Security? Are you clear on what your benefits may be and when the best time is to start taking them? If not, this is a good place to start as we review the top five common Social Security misunderstandings.
Show Notes and Additional Resources: https://coveryourassetskc.com/episode-54-top-5-social-security-misunderstandings/
Today's Rundown:
2:51 - Misunderstanding #1 - Social Security is going broke.
7:28 - Misunderstanding #2 - Starting Social Security as early as possible is usually best.
8:50 - Misunderstanding #3 - Waiting as long as possible is the best route.
10:49 - Misunderstanding #4 - The Social Security Administration can help you make the right decision.
12:45 - Misunderstanding #5 - You don’t have to pay taxes on Social Security benefits, right?
Thursday Nov 21, 2019
Thursday Nov 21, 2019
Financial advisors hear a lot of crazy things when it comes to managing money. But do you want to know what they never hear? Have you said any of these things to your advisor?
Show Notes and Additional Resources: https://coveryourassetskc.com/ep-53-things-nobody-says-to-their-financial-advisor/
Today's Rundown:
0:56 - “I regret putting money into my Roth IRA.”
1:45 - What are the key benefits of having a Roth IRA?
2:49 - “I should have spent more and saved less over the years.”
4:14 - “Getting a life insurance payout was insulting.”
5:49 - “It makes me feel patriotic to pay more taxes than I have to.”
6:58 - “I love the market corrections, 2008 was my favorite year of all time!”
Thursday Nov 14, 2019
Thursday Nov 14, 2019
Did you recently inherit an IRA? What rules do you need to know and what options do you have in order to make the best decision for you and your family?
Show Notes: https://coveryourassetskc.com/episode-52-3-things-to-know-about-inherited-iras/
Today's Rundown:
1:22 - What do you need to know about a normal IRA?
2:48 - What if you inherit an IRA from a spouse?
3:47 - What happens with an inherited IRA from a parent or family member?
5:14 - How to create a beneficiary IRA.
6:06 - What are the RMDs on an inherited IRA?
9:03 - Is it possible to inherit an already inherited IRA?
11:45 - The SECURE Act proposed limits on inherited IRAs to a maximum of 10 years.
Thursday Nov 07, 2019
Thursday Nov 07, 2019
Perhaps you have several different investments and mutual funds. Does that mean you have proper diversification? Not necessarily!
Show Notes: https://coveryourassetskc.com/episode-51-keys-to-diversifying-your-portfolio/
Today's Rundown:
0:28 - How does the average person define diversification?
1:53 - What does diversification really look like?
3:12 - Is it possible to be too diversified?
5:00 - Three major things most people don’t have a real understanding of.