Cover Your Assets KC Podcast

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 

Episode 195: Why You Should Care About RMDs

Every listener should care about RMDs, regardless of your age. If you inherit an IRA, you’ll have a required minimum distribution, even before you reach the age of 72. One thing you always want to avoid are penalties! David gives a breakdown on what to expect with RMDs and how to calculate yours.
 
Here’s what to add to your financial to-do list:
Everyone should know and care about RMDs. (3:38)
How do you calculate your RMDs? (6:40)
Why do the RMDs keep going up? (14:19)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 194: Financial Year-End Checklist

With a couple months left before 2022 comes to a close, David has a list of things to focus on and take care of in your financial life. Whether you are retired or full-time employed, these are things you won’t want to overlook before the year ends. Don’t wait until the last minute! Now is a great time to work on these things.
 
Here’s what to add to your financial to-do list:
Max out your IRA or 401(k). (5:46)
Pay attention to your RMDs. (9:48)
Think about qualified charitable distributions. (14:21)
Check your beneficiaries. (16:40)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com 

Episode 193: Retirement Income Challenges You Might Not Expect

When you retire, there are a few things that could throw your plan off track. Without a good plan, you could get nervous as things change in the market.
Following rules of thumb may be a good place to start, but as time goes on, some of these rules may change. Are you prepared for these unexpected challenges?
Here’s what we discuss on today’s show:
Why we should pay attention to these challenges. (2:17)
If your income plan remains intact when the market goes down. (4:47)
Utilize the three-bucket approach. (7:15)
How to face the challenge of minimizing taxes in retirement. (11:47)
For additional resources or to contact David, visit us online: http://coveryourassetskc.com