Cover Your Assets KC Podcast

Episode 205: 10 Point Checklist For Retirement Preparedness, Part 1

Another year is upon us and it’s a great time to ask yourself 10 questions to assess how ready you are for retirement. If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.
This week, we’ll cover the first five points in the checklist and then review the next five items in next week’s podcast with part 2. From determining your retirement income needs to guarding against some of the unknowns ahead, David shares what you’ll want to think about when it comes to your retirement plan.
And here are the next three resolutions to focus on this year:
Do I know how much income I need each month? (3:39)
What order should I withdraw from my accounts? (9:00)
When is the ideal time to take Social Security? (12:51)
Have I addressed longevity risk? (18:37)
Am I prepared to handle market volatility? (21:50)
For additional resources or to contact David, visit us online:
http://coveryourassetskc.com
Or call: 913-317-1414

Episode 204: 2023 Financial Resolutions, Part 2

In continuation of our conversation about financial resolutions (or goals) for this year, we talk about the next three key things to focus on. After establishing your written goals, calculating your net worth, and getting the right size emergency fund in place, what’s next? David talks us through what to do and why. He also shares resources and information about the US debt clock as well as how much life insurance you should have to cover your most important assets.
If you missed the first episode of this series, you can find it here:
https://www.coveryourassetskc.com/episode-203-2023-financial-resolutions-part-1
And here are the next three resolutions to focus on this year:
Systematize your savings. (2:00)
Eliminate bad debt. (8:40)
Cover your assets. (14:19)
https://www.usdebtclock.org/
https://www.bankrate.com/insurance/
For additional resources or to contact David, visit us online:
http://coveryourassetskc.com
Or call: 913-317-1414

Episode 203: 2023 Financial Resolutions (Part 1)

To make sure you have a strong start to the new year, David shares six financial resolutions you should make in this two-part series. Many of these things David recommends doing every year, which can really add up over time.
Here are the first three resolutions to focus on this year:
Establish or update your written goals. (4:28)
Calculate your net worth. (9:22)
Right-size your emergency fund. (16:17)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com

Episode 202: The Secure Act 2.0

Now that Congress just passed the Secure Act 2.0, we wanted to talk about what changes to plan for. While in many ways it made things complicated, David breaks it down so you know how it could impact your financial plan. Some of these provisions start now while others won’t be implemented for years. Either way, it is good to understand what is happening and keep these changes in mind for the future.
 
Here are some changes you’ll want to know about:
The required minimum distribution age changed. (4:10)
The catch-up contribution limits increased. (7:15)
Certain people must make catch-up contributions in a Roth 401(k). (8:42)
The penalties around RMDs are changing. (11:53)
What strategies should you consider before RMD age? (14:25)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com

Episode 201: Mailbag - Maxing Out My Retirement Contributions

As we wrap up the year, we dig into the mailbag to see what questions listeners have for David. We start with a question about saving for retirement in a 401(k) and how to max it out. More than meeting the company match, what’s the most you can put away? Then, David addresses concerns about future taxes when saving for retirement.
Here are the last two listener questions for 2022:
Mailbag: What does it mean to max out a retirement account? (2:01)
Mailbag: Should I save tax-deferred or tax-free or in another investment? (8:13)
Happy New Year!       
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 200: Stock Market Knowledge

Sometimes you hear about a term or idea when it comes to the stock market, but don’t know enough about it. David talks us through some of these concepts so you can better understand the stock market and how it might relate to your financial decisions and financial plan.
 
Here are four life events you’ll want to be prepared for:
What’s the difference between a bid, ask, and bid-ask spread? (2:37)
Which of the different trading strategies should you follow? (7:38)
Is there a big difference between the Nasdaq, Dow, and S&P 500? (10:25)
Why is volume important to investing in the market? (16:04)
What should I know about beta? (23:26)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 199: Running the Retirement Planning Marathon

As some of us look toward setting goals in the new year, you might have running a race on your list. How are you doing when it comes to running the marathon of planning and saving for the future? Today, we talk about how running a race like a marathon has a lot of parallels with retirement planning.
 
Here are four life events you’ll want to be prepared for:
Training and preparation are required. (1:34)
Diversify your planning. (8:50)
The proper diet is key. (9:39)
Don’t start out too fast. (15:00)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 198: Making Good Decisions Amidst Major Life Events

Let’s explore four major life events you might face that could cause you to make significant financial decisions. Instead of going with your knee-jerk emotions, David explains how you can approach these situations with reason and wisdom. He breaks down what questions you’ll want to consider and how to set yourself up for a strong financial future.
 
Here are four life events you’ll want to be prepared for:
A job change may cause you to reevaluate. (3:03)
Divorce has major financial implications. (7:44)
Receiving an inheritance is often a new experience to face. (11:30)
The death of a spouse is incredibly hard but critical to plan for. (15:49)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 197: Mailbag: How Do I Use the Rule of 72?

After the last few podcasts and a few client meetings, David shares some recent listener questions he has received. These specific situations will cover things like Roth conversions, the rule of 72, inherited IRAs, and making wise financial decisions. As always, if you have a question for David, be sure to reach out!
 
Here are the listener questions David answers on today’s podcast:
I’m 62, retired, and considering a series of Roth conversions before I turn 72. Can you explain how to use the rule of 72? (2:46)
I recently inherited but don’t need the money now. What are the rules about withdrawals? (13:28)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 196: The Positive Side of Inflation

What could possibly be the benefits of inflation? Since the increased living costs have been hard to handle lately, David helps us look at the bright side of inflation on today’s show. From the higher dollar amount you can contribute to your IRA to changes in the tax brackets, David shares the numbers you’ll want to know.
 
Here’s what to add to your financial to-do list:
There is a big Social Security benefit cost of living increase. (1:35)
You can increase your contributions into your retirement accounts. (4:13)
Federal tax brackets are changing. (6:24)
With higher interest rates, do we have better places for safe money? (13:29)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com