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 planning? (2:55) In your 20s and 30s, write down financial goals and focus on your career. (5:04) From...
Apr 13, 2023•20 min•Ep. 216
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 about this account in response to a listener question. Here are the listener questions David answers...
Apr 06, 2023•15 min•Ep. 215
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 episode, David outlines five big questions many retirees face when it comes to taxes. Stay tuned for some...
Mar 30, 2023•18 min•Ep. 214
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 likely to undergo some changes, but that doesn’t mean it’s going away for good. Seven common Social Se...
Mar 23, 2023•24 min•Ep. 213
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 retirement accounts are created equal. (1:15) The foundation of most people’s retirement plans is t...
Mar 16, 2023•26 min•Ep. 212
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 plenty of parallels. Par for the course, we put a few puns in there as well! You’re always going to ma...
Mar 09, 2023•24 min•Ep. 211
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 the S&P 500. (4:05) Don’t be fooled by an illusion of diversification. (5:59) The S&am...
Mar 02, 2023•20 min•Ep. 210
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 investments to grow tax-free. David explains the ins and outs of contributing to a Roth IRA, who can...
Feb 23, 2023•16 min•Ep. 209
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 portfolio. If you're feeling overwhelmed by the thought of consolidating your 401(k)s, don't worry. We'll ...
Feb 16, 2023•14 min•Ep. 208
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 episode, so whether you’re nearing retirement or already there, there’s sure to be something of value fo...
Feb 09, 2023•20 min•Ep. 207
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 retirement preparedness: Do I have a plan to combat inflation? (1:18) Am I prepared for the possibility of f...
Feb 02, 2023•23 min•Ep. 206
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 then review the next five items in next week’s podcast with part 2. From determining your retirement i...
Jan 26, 2023•28 min•Ep. 205
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 much life insurance you should have to cover your most important assets. If you missed the first episo...
Jan 19, 2023•22 min•Ep. 204
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. (16:17) For additional resources or to contact David, visit us online: http://coveryourassetskc.com...
Jan 13, 2023•22 min•Ep. 203
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 future. Here are some changes you’ll want to know about: The required minimum distribution age changed. (...
Jan 05, 2023•21 min•Ep. 202
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 does it mean to max out a retirement account? (2:01) Mailbag: Should I save tax-deferred or tax-free o...
Dec 21, 2022•20 min•Ep. 201
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) Which of the different trading strategies should you follow? (7:38) Is there a big difference between ...
Dec 15, 2022•28 min•Ep. 200
As some of us look toward setting goals in the new year, you might have running a race on your list. How are you doing when it comes to running the marathon of planning and saving for the future? Today, we talk about how running a race like a marathon has a lot of parallels with retirement planning. Here are four life events you’ll want to be prepared for: Training and preparation are required. (1:34) Diversify your planning. (8:50) The proper diet is key. (9:39) Don’t start out too fast. (15:00...
Dec 08, 2022•21 min•Ep. 199
Let’s explore four major life events you might face that could cause you to make significant financial decisions. Instead of going with your knee-jerk emotions, David explains how you can approach these situations with reason and wisdom. He breaks down what questions you’ll want to consider and how to set yourself up for a strong financial future. Here are four life events you’ll want to be prepared for: A job change may cause you to reevaluate. (3:03) Divorce has major financial implications. (...
Dec 01, 2022•21 min•Ep. 198
After the last few podcasts and a few client meetings, David shares some recent listener questions he has received. These specific situations will cover things like Roth conversions, the rule of 72, inherited IRAs, and making wise financial decisions. As always, if you have a question for David, be sure to reach out! Here are the listener questions David answers on today’s podcast: I’m 62, retired, and considering a series of Roth conversions before I turn 72. Can you explain how to use the rule...
Nov 17, 2022•21 min•Ep. 197
What could possibly be the benefits of inflation? Since the increased living costs have been hard to handle lately, David helps us look at the bright side of inflation on today’s show. From the higher dollar amount you can contribute to your IRA to changes in the tax brackets, David shares the numbers you’ll want to know. Here’s what to add to your financial to-do list: There is a big Social Security benefit cost of living increase. (1:35) You can increase your contributions into your retirement...
Nov 10, 2022•18 min•Ep. 196
Every listener should care about RMDs, regardless of your age. If you inherit an IRA, you’ll have a required minimum distribution, even before you reach the age of 72. One thing you always want to avoid are penalties! David gives a breakdown on what to expect with RMDs and how to calculate yours. Here’s what to add to your financial to-do list: Everyone should know and care about RMDs. (3:38) How do you calculate your RMDs? (6:40) Why do the RMDs keep going up? (14:19) For additional resources o...
Nov 03, 2022•18 min•Ep. 195
With a couple months left before 2022 comes to a close, David has a list of things to focus on and take care of in your financial life. Whether you are retired or full-time employed, these are things you won’t want to overlook before the year ends. Don’t wait until the last minute! Now is a great time to work on these things. Here’s what to add to your financial to-do list: Max out your IRA or 401(k). (5:46) Pay attention to your RMDs. (9:48) Think about qualified charitable distributions. (14:2...
Oct 27, 2022•21 min•Ep. 194
When you retire, there are a few things that could throw your plan off track. Without a good plan, you could get nervous as things change in the market. Following rules of thumb may be a good place to start, but as time goes on, some of these rules may change. Are you prepared for these unexpected challenges? Here’s what we discuss on today’s show: Why we should pay attention to these challenges. (2:17) If your income plan remains intact when the market goes down. (4:47) Utilize the three-bucket...
Oct 20, 2022•19 min•Ep. 193
When it comes to bonds, there is often a lot of misunderstanding. Most people assume they are safe, but lately the news has talked about the risk and demise of bonds. Which is it? Within your portfolio, you likely own bonds, whether you realize it or not. David explains the ins and outs of bonds and how they can benefit your portfolio. . Here’s why you might consider also investing somewhere else: What’s the deal with bonds? (1:42) The difference between bonds and bond funds. (4:17) How the inte...
Oct 13, 2022•24 min•Ep. 192
On a previous show, we mentioned a Mailbag episode coming up. Instead of a traditional Mailbag, we have a conglomerate episode to discuss the questions we have been getting about the market from clients and listeners, alike. In this episode, we discuss the stock market, how to determine what is overvalued vs. under-valued, and learn how you can use the Price Earning Ratio to look at individual stocks and the market value overall. Here’s why you might consider also investing somewhere else: Is th...
Oct 06, 2022•25 min•Ep. 191
If you’ve been watching the news, you may be following the hurricane on the East Coast this week. As the meteorologist talks through it, there are a lot of graphics to go along with the information to explain what to expect and how hurricanes work. Similarly, when retirement planning, we use a lot of ways to discuss what you should expect and how to prepare. Here’s why you might consider also investing somewhere else: Your retirement plan should work like the eyewall replacement cycle in a hurri...
Sep 29, 2022•24 min•Ep. 190
You may have heard some of these rules of thumb before but should they be followed? A rule of thumb may be used as a starting point, but is no replacement for a custom financial plan created with your unique needs and goals in mind. David talks today about which of these are good financial guidance or which of these rules could leave you astray. Here’s why you might consider also investing somewhere else: Find out if the rule of 100 is a good basic rule when it comes to taking risk. (2:47) How d...
Sep 22, 2022•21 min•Ep. 189
We talk a lot about investing in 401(k)s and Roth IRAs, but what about investing in something else? David gets questions about this topic from young and old alike, so today we’ll talk about some alternative options and why you might choose to do so. Here’s why you might consider also investing somewhere else: There is freedom in having these other investment options. (4:16) Be prepared for your taxes to change! Certain rules you don’t want to overlook . (8:44) Know how the step up in basis works...
Sep 15, 2022•20 min•Ep. 188
Once you’ve made the decision on some of these financial things, there’s no going back! Let’s talk through a few areas you want to make sure to carefully consider before making the decision. Key Points: 0:40 - What is David up to this weekend? 1:40 - What happens when you start Social Security? 5:23 - How rigid is the decision to elect spousal benefits on your pension? 7:43 - Get life insurance before you become uninsurable. 11:07 - Choose a retirement date wisely. For additional financial resou...
Sep 08, 2022•15 min•Ep. 187
