Cover Your Assets KC Podcast

Episode 185: Planning For Retirement’s Uncertainties

What kinds of things do you need to plan for? While you might not know what the future holds, you can be financially prepared for it.
 
Key Points:
0:40 - We can’t wait for some fall football!
2:19 - What retirement uncertainties are there?
4:04 - What is your life expectancy?
6:02 - Future tax rates are unknown but should be considered.
10:30 - What about the solvency of Social Security.  
12:42 - How do you plan for healthcare needs?  
14:52 - What about inflation?
 
More About Today's Episode:
How do you construct a plan for retirement when you have to account for unpredictable factors? We’ll talk through five things that can come up during retirement. The best way to start is by having a really good, written plan.
No one knows how long they will live. So, David recommends making a plan that has your money lasting until you’re 100 to be safe. Another thing to look out for is if one spouse dies earlier than expected and leaves the surviving spouse without everything in place. Do some “what-if” strategizing with your retirement plan.
Future tax rates can make a big impact on your finances, but we can’t be sure what they will be. We can try to predict what they will be. Right now, they are historically low, so it is probably best to assume they will go up. David shares what the tax brackets could look like. Don’t forget that this bracket would change if one spouse passes away and you go from married filing joint to filing single.
What changes to Social Security might change your retirement plan? David thinks it’s likely that they will raise the full retirement age. The amount that comes out of your paycheck may raise as well.
Another unknown is what kind of healthcare needs you’ll have. Ask, what if one spouse needs several years of care? What happens to the other spouse financially? 
Finally, inflation is something we’ve been talking about a lot lately in the news. Your plan has to include some amount of inflation. Over the course of retirement, potentially 25-35 years, inflation has to be built in as it is bound to go up over that time. Talk with a financial advisor to make sure all of these uncertainties are adequately covered in your financial plan.
 
For additional financial resources, visit us online: http://coveryourassetskc.com 

Episode 184: Mailbag: Should I Convert My IRA Rollover Into a Roth?

What should you do with those retirement savings? Whether you are leaving a job or navigating big expenses in retirement, David is here to answer a few questions from the mailbag.
 
Key topics on this episode: 
1:32 - Mailbag: Should I spend money on home updates in retirement?
8:24 - Mailbag: Should I convert my IRA rollover into a Roth?
 
For additional financial resources, visit us online: http://coveryourassetskc.com 

Episode 183: Do You Concur? Picking Sides In Important Financial Debates

From credit cards to Social Security, David shares his thoughts and advice regarding these common financial concepts. Which of these do you agree or disagree with?
 
What we discuss on this episode: 
1:45 - Should you always pay off your house ASAP?
4:07 - Nobody needs life insurance in retirement?
6:59 - Should you never use credit cards?
8:37 - Buy mutual funds or ETFs instead of individual stocks?
12:27 - Start Social Security as soon as you can?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 182: Financial Jargon

Wondering what you need to know about a bear market, a mutual fund, or a recession? David tackles these sometimes confusing topics and shares the essentials you should know.
 
What we discuss on this episode:
0:46 - The Chiefs are getting up and running again!
1:20 - Let’s talk about some financial jargon.
2:05 - What should you know about bear and bull markets? 
6:07 - Why is diversification important?
12:10 - A lot of people are talking about a recession.
15:13 - What’s the difference between mutual funds, ETFs, and target date funds?
20:17 - 401(k) vs. Roth IRA vs. IRA?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 181: Are You Too Old for a Roth Conversion?

Is now the right time to do a Roth conversion? David talks about which questions to ask before making the move.
 
What we discuss on this episode:
1:53 - Am I too old for a Roth conversion?
3:52 - What’s my tax rate?
9:07 - When will I start to need money from my IRA?
11:07 - Do I have non-IRA money to pay the tax?
15:19 - Taxes are low now but 2025 is right around the corner.
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 180: Is It Too Late to Sell My Stocks?

Is now the time to sell or time to stay put with your investments? David shares what to look for to determine when we’ve hit the bottom and when to invest.
 
What we discuss on this episode:
0:24 - It’s the dog days of summer!
1:38 - What do the experts say about the market?
4:26 - Is it too late to sell?
13:11 - Should we continue to buy even as it goes down?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 179: Mailbag: When Can I Offset Gains with Losses?

Following some of our recent podcast topics, David answers a few questions from listeners wanting to get more information. Then, David shares his thoughts on untrustworthy advisors and what to do to avoid them.
 
What we discuss on this episode:
0:41 - David loves listener questions.
1:13 - Mailbag: What is the IRS requirement about the wash sale rule?
4:36 - Mailbag: When can I offset gains with losses?
14:03 - What does David think of advisors that take advantage of clients?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 178: Roth Conversions in a Bear Market?

Should you be considering a Roth conversion right now? David talks about the unique opportunities that a bear market provides.
 
What we discuss on this episode:
1:20 - Let’s talk about one of David’s favorite topics!
1:48 - What is a Roth conversion?
5:08 - Why would someone want to do a Roth conversion?
7:06 - How does a bear market impact a Roth conversion?
9:03 - Don’t wait for a market recovery.
14:16 - Should you take advantage of the opportunity?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 177: Making Investment Losses Work FOR You

What’s the silver lining in a down market? David shares what might be a benefit to you, despite the losses you may currently face.
 
What we discuss on this episode:
0:49 - Listener feedback is always welcome.
1:49 - How should we look at taking losses in our portfolio?
3:12 - What are the basic types of accounts and which one are we talking about? 
7:41 - Why talk about it now?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts

Episode 176: Advice for the Almost Retired

Is the economy making you nervous right now as you near retirement? What can you do right now to keep your investments and your sanity intact?
 
What we discuss on this episode:
0:27 - Are you almost retired and worried about the market?
2:30 - Do you have a plan for your money right now?
8:20 - People sell out of fear. What can you do instead?
19:43 - What should you do now?
 
Get additional financial resources here: https://www.coveryourassetskc.com/podcasts