Cover Your Assets KC Podcast

Housing is a really important topic for a lot of retirees because, for many of us, it’s the biggest asset we’ll ever own or manage. We want to get that part of our financial equation correct, so it’s no surprise it takes up a nice slice of the retirement planning conversation. On this episode, we’ll cover some common housing questions from retirees and hopefully hit on an issue that might also be...

What’s the average amount some have saved? How many people plan to work in retirement? We talk through recent financial statistics to give you an idea of what matters and what isn’t a great marker of financial success.   What we discuss on this episode: 0:57 - Women have smaller overall retirement savings amounts. 5:25 - Experts estimate you’ll need $1.04 million to have a comfortable retirement....

What should you do when you have retirement savings but a lot of consumer debt? David shares his thoughts on debt and how to tackle in before answering three other listener questions.   What we discuss on this episode: 0:50 - David is looking forward to some upcoming travel and celebrations! 2:33 - Mailbag: Should I use my 401(k) to pay off my consumer debt? 6:42 - Mailbag: How do I show a potenti...

If you find yourself retiring sooner than you planned, what do you do? We talk through three steps you need to take if you find yourself retired earlier than expected.     What we discuss on this episode: 0:31 - What inspired today’s episode? 2:41 - What would you do if you became an accidental retiree?  4:00 - What do you spend now? 6:07 - Where will your income come from? 10:28 - Will your money...

Instead of pretending to understand these terms, let’s break it down and learn together what this financial jargon means and how it impacts you.   What we discuss on this episode: 0:33 - There’s always something to look forward to! 2:20 - What financial jargon should we know more about? 3:44 - What causes inflation?  8:08 - What does a recession look like? 13:36 - How does dollar-cost averaging wo...

What’s a QCD and how might it benefit you? David talks through the ins and outs of qualified charitable distributions on today’s show.   What we discuss on this episode: 1:18 - What is a QCD? 4:54 - How much can you give with a QCD? 5:34 - Can it be done from a 401(k)? 6:24 - Where can it go? 8:38 - How does it work at tax time? 10:05 - When should you do it? 11:32 - Is it only for people who have...

After you blow out the candles, what do you need to know as you cross the threshold of certain birthdays in your life? David shares important ages when financial planning.   What we discuss on this episode: 0:30 - How do we feel about that final NCAA tournament game?  3:01 - What should you be aware of around 30 years old?    4:18 - What can you do at age 50? 7:17 - What happens at age 55? 9:14 -...

We all have important papers, but how do you know what you really need vs. what you can toss? David shares what to shred and what to hold onto when it comes to your financial records.   What we discuss on this episode: 1:45 - What should you do with investment statements? 4:37 - Should you keep bank statements?  7:08 - How long do you need your tax records? 8:39 - Do you need current year’s tax re...

What financial documents do you most need, based on where you are in life? David points us toward the right ones you want to focus on in your life stage.   What we discuss on this episode: 0:28 - March Madness is here! 2:06 - Which financial documents do you need in which life stage? 3:46 - Do you have the right beneficiary designations listed? 8:49 - If you own a home, who is it set to go to? 9:5...

What do all those letters and terms following an advisor’s name mean? We explain what you need to know and what’s important when it comes to designations in the financial industry.   What we discuss on this episode:   0:35 - What do all those financial advisor designations mean? 2:13 - What does IAR or RIA mean? 5:26 - What does the letter “C” stand for in these designations and why should I care?...

Today, we are answering some more mailbag questions from our listeners. How much can you spend without running out of money? How does a 401(k)-rollover work? We’ll answer these and more on today’s show.   What we discuss on this episode: 0:38 – How is David doing? 2:00 – “How much can I spend yearly without running out of money?” 5:55 – “I have all my money in an IRA; should I move it somewhere el...

How closely should you pay attention to what is happening with the Fed right now? David answers this and two other questions from the mailbag on today’s podcast   What we discuss on this episode: 0:54 - Should I care about what the Fed is about to do? 7:29 - Will my Social Security checks get smaller if I don’t withdraw soon?  13:18 - Will this downturn be similar to 2001 or 2008?    Get additiona...

Just what matters most when it comes to planning and saving toward your retirement? We compare notes between a number of experts and David weighs in on how and where to focus your efforts.   What we discuss on this episode: 0:23 - It’s still snowing! 1:59 - What is the most important part about retirement planning? 3:16 - Decide what you want to do with your time. 5:55 - Start now. 8:28 - How much...

Are you ready to do a rollover or dreading the need to do a required distribution? David explains some recent updates that may make this a bit easier for you.   What we discuss on this episode: 0:30 - Today we’ll talk about something for everyone.  1:09 - What recent changes have been made? 2:30 - Why does the life expectancy table change matter? 7:34 - How can you do an IRA rollover without issue...

There’s a lot we can’t know, so how do you plan for it? From taxes to market crashes, David talks through what you can do to make sure you aren’t caught off-guard when the unexpected happens.   What we discuss on this episode: 0:32 - Today’s podcast is from the road! 3:36 - If you knew the answers to the unpredictable it would be easier. 4:07 - When is the next market crash going to happen? 5:47 -...

Feeling a bit whiplashed from the stock market volatility? David discusses what just happened with the stock market and what we can do as we look toward the future.   What we discuss on this episode: 0:27 - This week’s Chiefs game was a shock. 1:30 - We’ve been seeing volatility in the stock market.  3:53 - What happened? 8:32 - Are the markets in a correction? 11:52 - Do corrections matter? 15:29...

Losing 100 pounds is a huge accomplishment, but it didn’t happen overnight! We talk about what it takes to achieve big goals, both with weight loss and with our financial plan.   What we discuss on this episode: 0:55 - Co-host Walter lost 100 pounds in 2021! 3:13 - What was the plan? 6:54 - What was the inspiration point for David to get into financial planning? 10:20 - Having a plan makes you mor...

If your finances seem to be in order, how important is it to have a monthly budget? Is life insurance necessary if you have no kids? What assets should you list on your net worth statements? David answers these questions today!   What we discuss on this episode: 1:28 - Do I need life insurance if I’m young and don’t have kids? 7:24 - Do I have to have a budget? 13:10 - What assets can I list on my...

What else can you do to get into good financial shape in the new year? We talk through three more financial resolutions you can make right now.   What we discuss on this episode: 0:59 - Increase your retirement savings. 4:52 - Save as much as you can, as early as you can. 9:25 - Protect your family from catastrophic risks.   Get additional financial resources here: https://www.coveryourassetskc.co...

How can you get your finances in better shape this year? David starts with three financial resolutions to make on this two-part series.   Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-155-2022-financial-resolutions-part-1   What we discuss on this episode: 0:27 - What resolutions have David and Walter made? 4:55 - Find out your net worth. 13:08 -...

What are some of the top questions David received this year? We revisit five questions from the mailbag before ringing in the new year.   Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-154-best-of-2021-listener-questions   What we discuss on this episode: 1:15 - Is it a good idea to put my son as a joint owner on our home? 5:20 - Should I sell my s...

How can you simplify your retirement and why does it matter? David shares why you may want to consolidate your retirement savings and the three ways it benefits you.   Read more and get additional financial resources here: http://www.coveryourassetskc.com/episode-153-one-easy-way-to-simplify-your-retirement   What we discuss on this episode: 2:37 - Way less information to keep track of. 4:32 - You...

How much do you really know about Roth conversions? David walks us through common misconceptions and shares why Roth conversions may be worth considering before the end of the year.   Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-152-7-roth-conversion-misconceptions   What we discuss on this episode: 0:33 - Christmas is coming! 2:11 - How soon do...

Are required minimum distributions looming over you and your near future? David talks through three strategies to help you reduce your RMDs.   Read more and get additional financial resources here: http://www.coveryourassetskc.com/3-ways-to-reduce-rmds   What we discuss on this episode: 0:26 - What’s David’s favorite Thanksgiving pie? 3:18 - What are RMDs? 8:48 - How can you reduce the RMDs? What’...

What moves should you take now to retire early? How do you know if you have enough or too much risk in your portfolio? Is it worth waiting until 70 for Social Security? David answers these questions in this week’s podcast.   Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-150-mailbag-retiring-early-risk-and-social-security     What we discuss on thi...