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.com/podcasts...
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 - Pay off your credit card debt. 17:46 - Are other types of debt just as bad? 21:05 - Establish an emergen...
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 stock or pay more attention to the tax bill? 8:45 - What can you do about RMDs? 13:37 - Should I consider...
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’ll have access to more options. 5:35 - RMDs can be a nightmare if they are still with former employers....
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 you need to do a Roth conversion? 3:54 - Who can do a Roth conversion? 4:54 - What are the conversion li...
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’s the first strategy? 10:58 - What if you’re still working? 12:44 - When should you consider a Roth conv...
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 this episode: 0:27 - The Chiefs are headed in the right direction! 2:03 - Mailbag: What should I know about r...
What strategies and pieces go into a retirement plan? Let’s talk through the puzzle of retirement planning today and how to solve it. Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-149-retirement-planning-as-a-jigsaw-puzzle What we discuss on this episode: 0:29 - Did David like doing jigsaw puzzles as a kid? 2:06 - How do you start the puzzle of retirement planning? 4:50 - What is the framework of a good retirement plan? 8:35 - How are you sortin...
Were you late to saving enough for retirement? Let’s talk through five areas where you may be able to make up the difference as a retirement savings late bloomer. Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-148-5-opportunities-for-late-bloomers What we discuss on this episode: 0:28 - What should David do with all his Halloween candy? 3:45 - What should late bloomers do? 5:02 - Add to catch-up contributions. 7:16 - Kids are coming off the payro...
Are you ready to give significantly but wondering what that will do to your taxes? Understanding your options ahead of time can go a long way when it comes to taxes. Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-147-who-pays-the-gift-tax What we discuss on this episode: 0:34 - David has a new grandson! 4:08 - Let’s talk about the gift tax. 5:48 - Do you give money to a 501(c)(3) organization? 7:38 - You can give through a qualified charitable co...
Who or what is listed as the beneficiary on your IRA? We get into various reasons for and against having a trust and how the most recent rules might affect how your estate plan is currently set up. Read more and get additional financial resources here: https://www.coveryourassetskc.com/episode-146-should-your-trust-be-your-ira-beneficiary What we discuss on this episode: 0:28 - David brainstorms future podcast ideas. 1:39 - Who needs a trust? 4:03 - When is it a bad idea to have an IRA as the be...
What tax consequences should you prepare for? We talk through the different accounts you may have and what kind of taxes to expect in retirement for each one. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-145-tax-consequences/ What we discuss on this episode: 0:33 - Taxes are one of David’s favorite topics. 2:51 - What do you need to know about tax-deferred accounts? 6:14 - Roth accounts are taken out tax-free. 8:42 - What are taxable accounts? 11:4...
Are you and your spouse not seeing eye-to-eye when it comes to saving (or spending) in retirement? David shares his thoughts on how to improve the situation for this person and two others seeking financial advice. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-144-mailbag-how-can-i-convince-my-husband-weve-saved-enough/ What we discuss on this episode: 1:16 - Mailbag: Can I use my home equity line as an emergency fund? 5:11 - Mailbag: How can I convi...
There is a lot of buzz going around about infrastructure bills. How could they impact you? We talk about “how the sausage is made” in bills like these as well as how you can prepare for them. Read and get additional financial information: https://coveryourassetskc.com/episode-143-do-the-new-infrastructure-bills-impact-your-financial-plan/ What we discuss on the episode: 1:04 - Financial discussions in Congress right now 3:26 - American Jobs Plan 6:06 - American Families Plan 11:37 - How will thi...
We can all procrastinate at times. But when it comes to our finances we need to plan ahead. David shares key areas in your finances you don’t want to put off addressing. Read and get additional financial information: https://coveryourassetskc.com/episode-142-financial-matters-you-dont-want-to-put-off-2/ What we discuss on the episode: 0:29 - David has golf plans 1:30 - What financial matters do people put off? 3:41 - Should you defer taxes? 6:07 - When should you eliminate debt? 9:59 - How impor...
If you have the option to contribute to a Roth 401(k), should you do it? In retirement, how can you be sure you won’t run out of money? David answers these questions and one more in today’s podcast. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-141-mailbag-should-i-contribute-to-a-roth-401k/ Bank Tree Calendar: https://www.bankrate.com/retirement/calculators/401-k-retirement-calculator/ What we discuss on this episode: 0:28 - Who doesn’t like the Ch...
Are you ready to become a millionaire? Let’s talk about how to make smart investments and make that goal a reality. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-140-401k-millionaires/ Bankrate Calculator: https://www.bankrate.com/retirement/calculators/401-k-retirement-calculator/ What we discuss on this episode: 0:27 - Do you have a million dollars in your 401(k)? 1:54 - Is a million dollars in a 401(k) common or attainable? 3:18 - Everybody is di...
In celebration of Social Security’s recently passed birthday, let’s talk about four things you should know about it. How can you plan for Social Security as a part of your retirement plan? Read more and get additional financial resources here: https://coveryourassetskc.com/episode-139-happ…-social-security/ What we discuss on this episode: 0:33 - Happy Birthday to… Social Security! 2:28 - About 65 million Americans draw on Social Security. 4:38 - Get an estimate of what your Social Security bene...
Before you buy an annuity (or rule one out), what do you need to know? David outlines three questions that will help you determine whether or not an annuity aligns with your goals and financial plan. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-138-3-questions-to-ask-before-you-buy-an-annuity/ What we discuss on this episode: 1:32 - What type of annuity is it? 4:48 - How much does this annuity cost? 8:57 - What happens to my money when I die? 12:08...
Gas prices are up, buying a car is much more expensive, and groceries cost more. Is this something you should be concerned about? David shares more information about inflation and whether or not he thinks this is transitory. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-137-is-inflation-transitory-or-here-to-stay/ What we discuss on this episode: 1:40 - Is inflation a big deal? 3:42 - What are the latest numbers telling us? 5:15 - How do you decide ...
After listening to prior podcasts, listeners sent in questions for David to dive in deeper. We covered three questions in last week’s episode and cover two more today on today’s podcast. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-136-mailbag-how-much-money-to-set-aside-for-medical-care/ What we discuss on this episode: 1:19 - Mailbag: How do I know how much to save for medical expenses? 7:19 - Mailbag: Should I rollover my pension into an IRA and...
When you get closer to the age of required minimum distributions, you may wonder what you need to do now to prepare. David answers two questions from the mailbag in this week’s podcast. Read more and get additional financial resources here: https://coveryourassetskc.com/episdoe-135-mailbag-what-should-i-do-now-to-reduce-future-rmd-taxes/ What we discuss on this episode: 0:26 - It’s the dog days of summer in Kansas City. 1:48 - This is part one of our mailbag questions. 2:38 - Mailbag: How can I ...
Worried your money won’t last through your retirement? Just how much do you need and when can you retire? David talks through all of these things you must know if you are close to retirement. Read more and get additional resources here: https://coveryourassetskc.com/episode-134-the-3-things-you-must-understand-if-retiring-in-3-5-years-part-3/ What we discuss on this episode: 2:19 - How long will your money last? 8:32 - How long will you live? 13:04 - What if the math isn’t on your side to retire...
As you get closer to retirement, you likely want to make sure everything is in order, including your estate plan. David discusses what paperwork you should have in place and up-to-date. Read more and get additional financial resources here: https://coveryourassetskc.com/podcasts/ What we discuss on this episode: 3:09 - Should you have a trust? 5:42 - Do you have good beneficiary designations? 9:53 - What are the two kinds of beneficiary designations? 15:39 - What if you aren’t able to speak for ...
What happens with your taxes in retirement? This is the first of our three-part series for what to do and how to prepare if you are three to five years away from retirement. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-132-3-things-you-must-understand-if-youre-retiring-in-3-5-years-part-1/ What we discuss on this episode: 0:40 - Celebrating the 4th with family, fun, and fireworks. 3:10 - Why is the three to five year timeline before retirement so i...
529 plans are a great way to save away money for kids’ college. But it does take a little bit of time to understand the ins and outs of them. David talks us through the top five things to keep in mind with 529s. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-131-5-things-grandparents-parents-need-to-know-about-529-plans/ What we discuss on this episode: 0:44 - What’s the weather? 2:36 - What do you need to know about 529 plans? 3:57 - In many cases, ...
Are you doing more summer vacation planning than financial planning? You’re not alone. Let’s talk about how you should view retirement planning in relation to your vacation plans. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-130-only-1-in-4-americans-have-done-this/ What we discuss on this episode: 0:43 - Why vacation planning? 4:15 - Why does this relate to retirement planning? 6:34 - The first step is to estimate how long your retirement will las...
Is something going wrong if your IRAs aren’t making as much as you think they should? Or, how can you save for an upcoming wedding? David answers four questions from the mailbag. Read more and get additional financial resources here: https://coveryourassetskc.com/episdoe-129-mailbag-why-arent-my-iras-making-much-money/ What we discuss on this episode: 1:02 - It’s mailbag time! 2:03 - Mailbag: How should we save or invest for a wedding? 5:49 - Mailbag: Should I sell stock or keep my taxes low? 9:...
Wondering if you need term life insurance? You probably do, so how and where should you get it? Find out on today’s podcast! Read more and get additional financial resources here: https://coveryourassetskc.com/episode-128-how-to-find-and-buy-term-life-insurance/ What we discuss on this episode: 0:33 - David got to be young at heart with some family recently. 2:54 - How do you get the best and cheapest term life insurance for you? 7:15 - How do you get life insurance? 11:38 - Who should get term ...
If you understand the three worlds of money, you will have a better understanding of how financial planning works. So today, we’ll remove the financial terms and extra jargon in order to focus on the three worlds of money: banking, insurance, and Wall Street. They serve significantly different purposes, and it’s important to understand how each fit into your financial world. Read more and get additional financial resources here: https://coveryourassetskc.com/episode-127-the-3-worlds-of-money/ Wh...
