Cover Your Assets KC Podcast

Millennials: Retirement Questions That Every Generation Is Asking

For those in their mid-twenties to mid-forties, this episode is for you! In this final part of our three-part series, we look at the financial questions that millennials are asking. With plenty of working years ahead, the financial advice for millennials is very different than for retirees. From paying off student loans to saving toward retirement goals, David shares some ideas you might want to consider in the years ahead.
 
Here’s some of what we discuss in this episode:
Should I prioritize paying off my student loans?
How do you plan for the potential costs of having and raising children?
Will Social Security matter later on?
How can I take advantage of employer-sponsored retirement plans?
Are there alternatives we should consider?
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Gen X: Retirement Questions That Every Generation Is Asking

If you are between the ages of about 44 to 59 years old, you might be asking retirement questions about whether you have saved enough to retire or even if you can retire early. In part two of our three-part series, today we get into some really good information for Gen X as they begin to really buckle down and think about what retirement might look like and how to successfully prepare. Whether you are trying to catch up on saving or looking to leverage your investments, David has plenty of wisdom to share.
 
Here’s some of what we discuss in this episode:
Have I saved enough?
How do I know if I’m on track?
How can I catch up if I started saving too late?
How can I balance saving for retirement among other priorities?
How can I maximize investment returns without excessive risk?
What should I do with my 401(k) from a previous employer?
Should I pay off my mortgage before retiring?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Baby Boomers: Retirement Questions That Every Generation Is Asking

What financial questions are every generation asking? Over the course of this three-part series, there will be something for everyone! Every generation has a different set of scenarios and priorities they are facing.
Today, we’ll focus on six common financial questions Baby Boomers are asking (and then in future episodes we’ll dive into the questions Gen X and Millennials are facing). These are generic questions that David hears every day in his office, but remember that broad advice doesn’t always apply to your unique situation. Be sure to reach out to a financial advisor to find out the answers to these questions are for you.
 
Here’s some of what we discuss in this episode:
How much market volatility should I have as I approach retirement?
What’s the best approach to transition to retirement account withdrawals?
How does the rising costs of healthcare fit into a plan?
What’s the best way to pass on wealth to my heirs?
How can I maximize my Social Security benefits?
Should I downsize or relocate during retirement?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: Should My Dad Gift Money Now to Later Avoid Estate Tax?

As we wrap up the month of February with a few 60-degree days (not to mention a Super Bowl win!) we take the mailbag as David answers some listener questions. To start, Jason is wondering how to best handle his 401(k) after retiring. Then Megan wants to know the best way her dad can wisely gift money to avoid estate tax. David explains what the state tax exemption is and who to talk to in order to get the right answers on how best to proceed. Finally, we discuss the capital gains implications of Megan’s dad signing over his house.
 
Here’s some of what we discuss in this episode:
Mailbag: It’s cumbersome to withdraw from my 401(k). How can I manage it better?
Mailbag: Should my elderly dad start gifting money now to avoid estate tax after he passes?  
Mailbag: Should my parent sign over his house to beneficiaries?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

4 Financial Lessons From The Chiefs' Super Bowl Victory

Following the Super Bowl, we can’t help but bask in the glow of the Chiefs’ victory. David shares four financial insights and comparisons to Sunday’s game. For instance, Travis Kelce was shut down in the first half but had 8 catches and 92 yards in the second half. How does that relate to your financial plan? 
 
Here’s some of what we discuss in this episode:
Have a good plan and be open to mid-course corrections.
Have discipline and do the little things well.
Adversity will come your way, it’s really how you deal with it.
You don’t have to reinvent the wheel. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Mailbag: Should I Sell My Rental Property to Pay Off All My Debt?

Diving into the mailbag, David answers three questions about Social Security, 401(k) savings, and bad debt. Whether you are full retirement age, like Jacob who asks when to begin taking Social Security, or you are in your working years like Anna who is saving away in her 401(k), you’re sure to learn something from today’s show.
 
Here’s some of what we discuss in this episode:
Mailbag: I’ve reached full retirement age but don’t plan to retire anytime soon. When should I take my Social Security?
Mailbag: I’m loving the growth in my 401(k), but how long can it really last and when should I walk away?
Mailbag: Should I sell my rental property to pay off all my debt?
 
4 Simple Strategies to Increase Your Net Worth (Ep 65): https://www.podbean.com/ew/pb-z44z9-d4dade
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

3 Reasons You Should Use Life Insurance in 2024

Life insurance isn’t a fun topic to talk about, but it’s an important one. We talk through three reasons you should use life insurance and how to have a life insurance strategy in place--as soon as this week. Remember, with life insurance, you’re trying to protect against an unforeseen financial event.
 
Here’s some of what we discuss in this episode:
The income replacement of a breadwinner.
The rising cost of long-term healthcare.
Transferring wealth in the future to your heirs. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Making Your 2024 Count

For our first podcast of the new year, we are covering five things you can take care of this month to get your year off on the right track. Whether you have big financial plans for the year or simple financial tweaks, each of these five things are important and doable in January. 
 
Here’s some of what we discuss in this episode:
Calculating your financial net worth.
Getting the 401k company match.
Building an emergency savings account.
Avoiding debt.
Putting your savings system on autopilot.
 
How to calculate your net worth statement podcast:
https://www.coveryourassetskc.com/episode-107-2021-financial-resolutions-part-2
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Mailbag: Is It Bad To Be In Debt?

Because David loves listener questions so much, we wanted to end the year with a few more! For starters, Amy says she has never been in a hurry to pay off debt, never paid extra on her mortgage, uses a HELOC, doesn’t pay cash for cars, and doesn’t see a problem with it. Using debt has allowed her to use money for other things, including saving for retirement. Is that okay?
 
Here are the questions we discuss in this episode:
Mailbag: I’m not in a hurry to pay off debt, is that bad?
Mailbag: Due to a medical diagnosis, should I start Social Security right away?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: What Should I Do With My Raise?

Today, we do one of the things David does best—answer financial questions! No matter where you are in your financial journey, at least one of these listener questions may relate to your life. From end-of-year charitable donations and how they may (or may not) impact your taxes to deciding what to do with a raise, David shares what you need to keep in mind.
 
Here’s some of what we discuss in this episode:
Mailbag: Do charitable contributions still benefit me from a tax standpoint?
Mailbag: What should I do with money from my raise- retirement savings or pay down my mortgage?
Mailbag: Will I have to work forever if I don’t have a million dollars saved?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.