Why would you get life insurance after the age of 65? David shares three good reasons why you might consider using this financial tool. Key Points: 0:34 - David has been spending some time on the golf course! 4:08 - Why should we consider life insurance after 65? 5:00 - Some use life insurance for income replacement. 8:03 - Some policies can help cover long-term care needs. 11:04 - Having enough liquidity to pay estate taxes. 13:57 - How does David include this in the planning process? More Abou...
Sep 01, 2022•18 min•Ep. 186
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...
Aug 25, 2022•20 min•Ep. 185
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...
Aug 11, 2022•18 min•Ep. 184
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://...
Aug 04, 2022•16 min•Ep. 183
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 mut...
Jul 28, 2022•24 min•Ep. 182
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...
Jul 21, 2022•19 min•Ep. 181
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...
Jul 14, 2022•21 min•Ep. 180
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 finan...
Jul 07, 2022•23 min•Ep. 179
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: htt...
Jun 23, 2022•20 min•Ep. 178
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...
Jun 16, 2022•18 min•Ep. 177
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...
Jun 09, 2022•24 min•Ep. 176
No one wants to make a mistake when it comes to their hard-earned money! David talks through common mistakes people make with an IRA and how to avoid them. What we discuss on this episode: 0:32 - Let’s talk about common IRA mistakes. 2:28 - Worried about the five year rule? 5:37 - Is your 401(k) diversified before you retire? 7:56 - Are you being strategic about RMDs? 13:17 - There’s no do-over on the 60-day rollover. 18:05 - There is no 60-day rollover on inherited IRAs. Get additional financia...
May 26, 2022•22 min•Ep. 175
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 on your mind. What we discuss on this episode: 0:36 - How is David celebrating his upcoming birthday...
May 19, 2022•26 min•Ep. 174
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. 8:44 - 55 percent of American workers plan to continue working in retirement. 10:27 - 25 percent of Am...
May 12, 2022•21 min•Ep. 173
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 potential advisor they should include me in the discussion? 10:23 - Mailbag: Was it a mistake to start taking...
May 05, 2022•22 min•Ep. 172
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 last? Get additional financial resources here: https://www.coveryourassetskc.com/podcasts...
Apr 28, 2022•18 min•Ep. 171
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 work? 17:01 - What are bonds vs. stocks? 21:27 - What are the rules with capital gains and losses? Get ad...
Apr 21, 2022•29 min•Ep. 170
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 RMDs? Get additional financial resources here: https://www.coveryourassetskc.com/podcasts...
Apr 14, 2022•15 min•Ep. 169
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 - By 62, what options do you have? 12:11 - At 65 you’re eligible for Medicare. 13:02 - What’s important abou...
Apr 07, 2022•21 min•Ep. 168
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 return documents? 10:50 - Birth certificates and Social Security cards are tough to replace. 13:22 - Will...
Mar 31, 2022•20 min•Ep. 167
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? 9:51 - Do you have financial goals? 12:45 - Do you have a will in place? 16:30 - Who will speak for you i...
Mar 24, 2022•28 min•Ep. 166
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? 12:28 - What does a “series” mean when promoted by an advisor? 16:12 - Does a financial advisor need a ...
Mar 17, 2022•23 min•Ep. 165
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 else?” 9:36 – “How do I reduce the risk in my portfolio?” 13:27 – “How does a 401(k)-rollover work?” Get...
Mar 10, 2022•18 min•Ep. 164
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 additional financial resources here: https://www.coveryourassetskc.com/podcasts...
Mar 03, 2022•20 min•Ep. 163
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 you’ll spend in retirement is hard to predict. 11:00 - Are proper allocations arguably the most impor...
Feb 24, 2022•21 min•Ep. 162
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? 10:45 - David shares a client example of a rollover. Get additional financial resources here: https:/...
Feb 17, 2022•18 min•Ep. 161
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 - What happens with a downturn and with a recession? 9:33 - What will healthcare costs look like in 20 ...
Feb 10, 2022•20 min•Ep. 160
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 - Where do we go from here? Get additional financial resources here: https://www.coveryourassetskc.com...
Feb 03, 2022•23 min•Ep. 159
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 more likely to reach your goal. 15:20 - Success breeds more success. 17:41 - Recognize that you will have...
Jan 27, 2022•27 min•Ep. 158
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 net worth statement? Get additional financial resources here: https://www.coveryourassetskc.com/podca...
Jan 20, 2022•19 min•Ep. 157
