Cover Your Assets KC Podcast

Episode 50: Variables That Shape Your Retirement Plan

What should you be considering when building a retirement plan? Instead of following a cookie cutter plan, know what you need to factor in to ensure your retirement plan suits your needs.
Show notes: https://coveryourassetskc.com/ep-50-variables-that-shape-your-retirement-plan/
Today's rundown: 
1:53 - How much income do I need in retirement?
4:50 - What will push me into a different tax bracket in retirement?
7:08 - How long will I live?
8:48 - When should I start taking Social Security?
10:58 - How much money should be at risk when in retirement?

Episode 49: Are You Working With The Right Financial Advisor?

Are you looking for an advisor and wonder what to ask? Or are you already working with a financial advisor but aren’t sure if it’s the right fit? Just what should a financial advisor be helping you with most?
On this episode: 
0:47 - What kind of service should you get with a financial advisor?
1:28 - Are there any warning signs to look for a new advisor?
2:12 - Is it possible to outgrow your advisor?
3:25 - What can go bad if you stay with the wrong advisor?
4:20 - How do you know if a potential advisor is a good fit for you?
Show notes and additional resources: https://coveryourassetskc.com/ep-49-are-you-working-with-the-right-financial-advisor/

Episode #48: I've Got A Will, Isn't That Enough?

When you think about the next generation and your family, you might also think about your assets being passed down. From your heirloom dining room table to your financial investments, does a will cover everything? How can you make that transition process as simple as possible (and avoid probate)?
On this episode: 
1:24 - I’ve got a will, isn’t that enough?
2:35 - What is probate? What usually goes through probate?
3:42 - Set up a beneficiary designation on your assets.
6:21 - IRAs and 401(k)s typically have a beneficiary designated, but what have you done with your bank account?
9:22 - What does a will do?   
9:47 - Make sure you have powers of attorney. Who can speak for you?
11:05 - Sign a HIPAA authorization.
11:42 - Have a living will.
14:48 - A lot of these decisions can be emotional if done while in crisis mode.
Show notes and additional resources: https://coveryourassetskc.com/ep-48-ive-got-a-will-isnt-that-enough/

Episode #47: Answering the Most Common 401k FAQs

One of the most-used investment vehicles for retirement is the 401(k) because many employees have the option offered by their company. We want to help you understand the 401(k) by answering many of the common questions we get from contribution amounts to rollovers to investing options.
On this episode: 
0:20 – Let’s address some frequent 401(k) questions.
0:29 – Should employees take advantage of the free advice companies sometimes offer?
1:22 – 401(k) loans: good idea or bad idea?
2:35 – When does an IRA rollover make sense?
3:58 – What are target date funds and are they a good option for investors?
4:38 – David shares a client story from 2010 that relates to target date funds.
5:39 – How much should you be contributing to your IRA?
6:26 – Roth vs Traditional IRAs
7:45 – The answers to every question are personal and have to be a part of your plan.
Show notes: https://coveryourassetskc.com/episode-47-answering-the-most-common-401k-faqs/

Episode #46: 4 Important Tax Strategies To Implement Before The End Of The Year

As we enter into the fourth quarter of the year, you may be surprised to learn there are things you can do right now that have an impact on your taxes. Here are four strategies to implement right now.
Show Notes: https://coveryourassetskc.com/ep-46-4-important-tax-strategies-to-implement-before-the-end-of-the-year/
1:05 - Why now? Do we really have enough time to implement these tax strategies this year?
2:48 - #1 Tax strategy: Max out your 401(k) plan or at least up to the match. 
6:07 - #2 Tax strategy: If you have a high deductible plan, you need to contribute to an HSA.
9:41 - #3 Tax strategy: If you are over 70.5, you have to take out RMDs.
13:15 - #4 Tax strategy: Use your RMDs for your charitable donations.

Episode #45: Are You Missing Out On Contributing To A Roth IRA?

Maybe you’ve heard differences between a Roth and traditional IRA in the past, but how do you determine if a Roth is right for you? What are the short-term vs. long-term benefits?
On this episode:
0:33 - What’s the difference between a traditional IRA and a Roth IRA?  
2:11 - Why do so many people contribute more to traditional IRAs?
3:14 - Why can a Roth be powerful for someone saving for retirement?
4:45 - Who should contribute to a Roth instead of a traditional IRA?
5:50 - Who should contribute to a traditional IRA?
Check out the show notes and additional resources here: https://coveryourassetskc.com/episode-45-are-you-missing-out-on-contributing-to-a-roth-ira/

Episode #44: The 7-Step Retirement Plan You Can Build Yourself - Part 2

Have you created a retirement plan that covers all of the basics? More than just where your money is invested, do you have goals and a plan in place that accomplishes what you want it to? The seven-step retirement plan is something you can do to make sure you are headed in the right direction. This is part two of the series.
On this episode: 
1:09 - Recap of steps 1 through 4 of the seven step retirement plan.
2:39 - Step 5: Understand your catastrophic risks. Am I properly insured?
6:04 - Step 6: Have a basic estate plan, especially if you have kids.
8:50 - Step 7: Understand your taxes. 
Get the full show notes and additional resources here: https://coveryourassetskc.com/the-7-step-retirement-plan-you-can-build-yourself-part-1-2/

Episode #43: The 7-Step Retirement Plan You Can Build Yourself - Part 1

When creating a retirement plan, where do you start? And where are you headed? These seven simple steps will guide you through the process of building a retirement plan that works for you. This is part one of that series.
Today's rundown: 
1:33 - Introducing this first part of a series covering the seven step retirement plan.
1:55 - The four questions you need to ask yourself before starting the retirement plan.   
2:50 - Step 1: Create an annual statement of net worth so you can measure your progress.
6:17 - Step 2: Know how much you spend and what you spend it on.
7:55 - Step 3: Ask, “Where am I going?” and write down your financial goals.
10:40 - Step 4: Live below your needs and eliminate bad debt.
Get the full show notes and additional resources by clicking here. 

Episode #42: Saying One Thing But Doing Another With Your Investments

Do you follow through on your investment plans and goals? Maybe you think and say one thing, but then never get around to making it happen. Does your retirement plan reflect you and your values? Let’s make sure your goals and actions are aligned in this episode.
Check out the full show notes by clicking here.

Episode #41: 4 Reasons Why You Might Benefit From Roth Conversions

Have you considered doing a Roth conversion? Or did you even know they were an option? Here are four reasons to consider a Roth conversion and how they might fit in your tax strategy in the future.
Check out full show notes for this episode by clicking here.