Cover Your Assets KC Podcast

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.

What To Do About Your Pension Buyout Options

If you have a pension, you have some choices to sort through when it comes time to use it. Should you take a monthly payment or a lump sum? It’s a big decision to make and not one to take lightly. While we’ve covered this topic in the past, a lot of things have changed between inflation and interest rates. We discuss six key factors to consider. Each of these factors should play a part in your decision to determine what’s best for you.
 
Here’s some of what we discuss in this episode:
What’s happening with the interest rates?
Are you prepared for future inflation?
How will it impact your taxes?
How is your health? 
How financially secure is your employer?
Do you want an income stream or asset that can be transferred?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

”I Just Inherited An IRA! Now What?”

Following the meeting with a client, we dive into what happens when someone inherits an IRA. The rules about inherited IRAs have changed a lot in the last few years and mistakes can be costly. Listen in as we review what changed since the SECURE Act was implemented. We'll also discuss some examples of how it can look to inherit an IRA, both for a spouse or a non-spouse beneficiary.
 
Here’s some of what we discuss in this episode:
The SECURE Act changed the rules.
There are two main categories of people who might inherit an IRA.
What you can do without the stretch IRA.
What are the exceptions to the rules?
David shares an example of how this can look. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Will I Owe Taxes When I Sell My Home?

When you go to sell your home, there’s a lot to keep in mind! After a few questions from clients, David sets the record straight on today’s podcast about what to expect regarding taxes when selling your house. Whether you are in retirement or in your 30s, you’ll want to use this as a starting point before you go to sell. 
 
Here’s some of what we discuss in this episode:
After the ownership and use test, how much of the gain can you exclude from tax?
Do home improvements reduce the taxable gain?  
How is it different if you inherit a home and then sell it?
What are the rules after one spouse dies?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Mailbag: Should I Pay Cash for My House in Retirement?

David does one of the things he loves to do best—helping listeners! We dive into the mailbag today to hear questions from people in all sorts of different points in their financial lives. We hear from a retiree ready to downsize, a younger listener trying to max out savings, and someone about to retire but shocked by required minimum distributions.  Do you relate to any of these situations?
 
Here are the questions David answers today:
Mailbag: Planning to downsize our house. Should we pay cash to avoid the high interest rates with a mortgage?
Mailbag: I maxed out my 401(k), where else can I save?
Mailbag: Can they really make me withdraw that much in RMDs?
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
 

Are There Universal Retirement Truths?

Although everyone is unique and has their own journey, today we talk through a list of five “universal truths” when it comes to retirement. David weighs in regarding how true each of these things may be for everyone. From needing an income plan in retirement to under-standing the statistical likelihood of one day needing long-term care, are you prepared? Planning ahead can be of great importance, especially on behalf of your beneficiaries, saving everyone from a lot of heartache and confusion down the line.
Regardless of your age, all of these are things to think through, whether they impact you a little or a lot. Everybody needs to do something. It doesn’t have to be complicated or expensive, but you need to have several key building blocks in place.
 
Here’s what we talk about on today’s show:
• Everybody needs an income plan. • Everybody needs a plan to address long-term care issues. • Nobody knows how long they are going to live. • Tax implications matter. • Estate planning isn’t just for the wealthy. 
 
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.