Cover Your Assets KC Podcast

When it comes to taking Social Security benefits, there’s often a question about whether to take them as soon as possible or to wait. Inspired by a few recent conversations in the office, David wanted to specifically discuss the Social Security benefits for those who are divorced, currently single, at retirement age, and able to get benefits based on an ex-spouse’s work records. Here’s what you’ll...

You might be surprised how many times the same financial questions come up, but the answers can depend on the person. David talks through commonly asked questions and concerns in the office and shares how to find the answer that is right for you. Stay tuned to see what you can learn from this week's mailbag episode!   Here’s what you’ll learn: Should I pay off my house early? (1:51) How do I finan...

After a few days with the grandkids, David is ready to talk about ways to give tax-free gifts to beneficiaries, now and in the future. How can you pass some of your legacy onto the next generation? Whether you are well into retirement or still have kids yet to leave the nest, there are a number of ways to do this. David shares three strategies and then discusses what possible downsides you’d want...

There are ways to invest tax-efficiently, and you don’t necessarily need a Roth or IRA, or 401(k) to do that. How so? David answers three questions from the mailbag today from listeners who are facing different investing decisions. From what to do with an inherited IRA to making wise financial decisions that can impact future generations, there are ways you can approach these situations strategica...

When you go to set up an IRA or financial account, one simple, critical step is designating a beneficiary. This very important detail is too often overlooked or skipped over, causing mistakes that are incredibly hard to fix once you’re gone. In today’s podcast, David outlines the four biggest mistakes he commonly sees with beneficiary designations and what you can do to fix them before it’s too la...

Your credit score can have a big impact on certain financial decisions such as buying a house or car. Today we talk through how your credit score, or FICO score, is calculated and how you can improve it. While the average credit score in America in 2022 was 714, aiming for higher scores can unlock better financial opportunities. In this episode, David will cover the scores you should be aiming for...

We all know that David likes Roths as a good vehicle for retirement and inheritance. But today we’re going to dive into why someone shouldn’t do a Roth conversion. Whether that’s based on the timing or circumstances, there are a few reasons a Roth conversion might not be the right fit for you.   Here are six reasons why you might not want to do a Roth conversion: I can’t stomach paying my taxes ea...

Whether you love them or hate them, annuities are just another financial tool that could help you meet your financial goals. Working with the right advisor who is neutral and unbiased will help you navigate your decisions around annuities. There are four types of annuities , so start by understanding what those are to then ask the question of whether they are the right fit for your financial plan....

What should you do next financially? The answer might depend on your age. David works with people of all ages and suggests a different set of strategies based on your life stage. Today, we’ll talk through the things you should be thinking about during each decade of adulthood to best prepare for retirement.    Here’s what you’ll want to know for each age: Does age matter when it comes to financial...

We all know how much David loves a Roth IRA, so when he said in a previous podcast that an HSA was even better, this caught a few people by surprise. When you contribute to an HSA or health savings account, you get a tax-free account with a tax deduction for putting money into. This account is only available if you have a high deductible healthcare plan though. David shares what you need to know a...

It’s tax time! If you haven’t gotten your taxes done yet, time is running out. This is a very busy time for David and his team as they help clients sort through their taxes for this year and strategies for the future. When you are retired, your taxes might look different than they did when you were in your working years. No one wants to pay more in taxes than they absolutely have to. In this episo...

Unfortunately, there’s a lot of misinformation that goes around when it comes to Social Security. This can lead to confusion and uncertainty among individuals planning for their retirement. Today, David debunks seven common myths he encounters when speaking with clients and prospective clients about Social Security. Will Social Security still be around by the time you retire? Social Security is li...

Not all retirement accounts are created equal. So, when you save for retirement, it’s important to know that you have the right account and plan for you. On today’s podcast, we will talk about the different kinds of accounts such as 401(k)s, IRAs, Roth accounts, and others. Spoiler alert: David shares one account that’s even better than a Roth IRA! Here’s what you’ll learn on today’s show: Not all...

With warmer weather on the horizon, you might be ready to start thinking about spring and summer hobbies. Besides financial planning (and Chiefs football), David’s favorite thing is going golfing. On today’s show we talk about what we can learn about financial planning from the game of golf. From getting a “hole in one” when investing in the market to hearing from the caddie for advice, there’s pl...

While terms like the Nasdaq and S&P 500 get tossed around in conversation or might be mentioned on the news, the average person doesn’t know a whole lot about them. To help you be more in the know, David shares six things that you might be surprised to learn about the S&P 500.   Here’s what you’ll learn on today’s show: The S&P 500 has 505 stocks in it. (2:01) Three of the biggest four ETFs track...

Were you thinking about contributing to a Roth IRA last year but never get around to it? Good news! It’s not too late to make your Roth IRA contributions for 2022. In fact, David encourages most people to make, and even max out, this contribution. So, if you haven’t made your 2022 Roth contributions, now’s your chance. If you’re looking for ways to invest, this is often a good place to allow your...

On this episode of Cover Your Assets KC, we’re taking on the conversation about the elusive Orphaned 401(k), which sounds like a lonely account that’s been forgotten about in the back of a financial institution’s filing cabinet. But what is it, really? We’ll get to the bottom of that and explore why it’s such a problem if you have any of these little lost lambs of retirement savings in your portfo...

On this episode of Cover Your Assets KC, we’re answering four listener questions on our latest “Mailbag” edition of the show. Join us as we touch on questions about Roth conversions for a 60-year-old, inherited money with forced withdrawals, using rental properties for retirement income, and concerns about being hassled to pay quarterly taxes in retirement. We’ll cover a lot of ground on this epis...

As a continuation of last week’s series on retirement preparedness, we talk through the remainder of the checklist of things you’ll want to take care of. This will not only give you a good place to kick off 2023, but also a good assessment on the direction of your financial plan. Are you feeling confident about your level of preparedness?   Here are the next five points on the checklist for retire...

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 th...

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 mu...

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...

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 futur...

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 do...

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)...