Cover Your Assets KC Podcast

For those in their mid-twenties to mid-forties, this episode is for you! In this final part of our three-part series, we look at the financial questions that millennials are asking. With plenty of working years ahead, the financial advice for millennials is very different than for retirees. From paying off student loans to saving toward retirement goals, David shares some ideas you might want to consider in the years ahead.

Here’...

If you are between the ages of about 44 to 59 years old, you might be asking retirement questions about whether you have saved enough to retire or even if you can retire early. In part two of our three-part series, today we get into some really good information for Gen X as they begin to really buckle down and think about what retirement might look like and how to successfully prepare. Whether you are trying to catch up on saving o...

What financial questions are every generation asking? Over the course of this three-part series, there will be something for everyone! Every generation has a different set of scenarios and priorities they are facing.

Today, we’ll focus on six common financial questions Baby Boomers are asking (and then in future episodes we’ll dive into the questions Gen X and Millennials are facing). These are generic questions that David hears ev...

As we wrap up the month of February with a few 60-degree days (not to mention a Super Bowl win!) we take the mailbag as David answers some listener questions. To start, Jason is wondering how to best handle his 401(k) after retiring. Then Megan wants to know the best way her dad can wisely gift money to avoid estate tax. David explains what the state tax exemption is and who to talk to in order to get the right answers on how best ...

Following the Super Bowl, we can’t help but bask in the glow of the Chiefs’ victory. David shares four financial insights and comparisons to Sunday’s game. For instance, Travis Kelce was shut down in the first half but had 8 catches and 92 yards in the second half. How does that relate to your financial plan? 

Here’s some of what we discuss in this episode:

• Have a good plan and be open to mid-course corrections.
• Have discipli...

Diving into the mailbag, David answers three questions about Social Security, 401(k) savings, and bad debt. Whether you are full retirement age, like Jacob who asks when to begin taking Social Security, or you are in your working years like Anna who is saving away in her 401(k), you’re sure to learn something from today’s show.

Here’s some of what we discuss in this episode:

• Mailbag: I’ve reached full retirement age but don’t...

Life insurance isn’t a fun topic to talk about, but it’s an important one. We talk through three reasons you should use life insurance and how to have a life insurance strategy in place--as soon as this week. Remember, with life insurance, you’re trying to protect against an unforeseen financial event.

Here’s some of what we discuss in this episode:

• The income replacement of a breadwinner.
• The rising cost of long-term healthc...

For our first podcast of the new year, we are covering five things you can take care of this month to get your year off on the right track. Whether you have big financial plans for the year or simple financial tweaks, each of these five things are important and doable in January. 

Here’s some of what we discuss in this episode:

• Calculating your financial net worth.
• Getting the 401k company match.
• Building an emergency savings...

Because David loves listener questions so much, we wanted to end the year with a few more! For starters, Amy says she has never been in a hurry to pay off debt, never paid extra on her mortgage, uses a HELOC, doesn’t pay cash for cars, and doesn’t see a problem with it. Using debt has allowed her to use money for other things, including saving for retirement. Is that okay?

Here are the questions we discuss in this episode:

• Ma...

Today, we do one of the things David does best—answer financial questions! No matter where you are in your financial journey, at least one of these listener questions may relate to your life. From end-of-year charitable donations and how they may (or may not) impact your taxes to deciding what to do with a raise, David shares what you need to keep in mind.

Here’s some of what we discuss in this episode:

• Mailbag: Do charitable...

If you have a pension, you have some choices to sort through when it comes time to use it. Should you take a monthly payment or a lump sum? It’s a big decision to make and not one to take lightly. While we’ve covered this topic in the past, a lot of things have changed between inflation and interest rates. We discuss six key factors to consider. Each of these factors should play a part in your decision to determine what’s best for ...

Following the meeting with a client, we dive into what happens when someone inherits an IRA. The rules about inherited IRAs have changed a lot in the last few years and mistakes can be costly. Listen in as we review what changed since the SECURE Act was implemented. We'll also discuss some examples of how it can look to inherit an IRA, both for a spouse or a non-spouse beneficiary.

Here’s some of what we discuss in this episode:

When you go to sell your home, there’s a lot to keep in mind! After a few questions from clients, David sets the record straight on today’s podcast about what to expect regarding taxes when selling your house. Whether you are in retirement or in your 30s, you’ll want to use this as a starting point before you go to sell. 

Here’s some of what we discuss in this episode:

• After the ownership and use test, how much of the gain ca...

David does one of the things he loves to do best—helping listeners! We dive into the mailbag today to hear questions from people in all sorts of different points in their financial lives. We hear from a retiree ready to downsize, a younger listener trying to max out savings, and someone about to retire but shocked by required minimum distributions.  Do you relate to any of these situations?

Here are the questions David answers to...

Although everyone is unique and has their own journey, today we talk through a list of five “universal truths” when it comes to retirement. David weighs in regarding how true each of these things may be for everyone. From needing an income plan in retirement to under-standing the statistical likelihood of one day needing long-term care, are you prepared? Planning ahead can be of great importance, especially on behalf of your benefi...

Let’s talk about the mandatory withdrawals you’ll eventually have to take out of your accounts. Required minimum distributions are something to expect once you hit a certain age, but there are still plenty of ways to be strategic about them. Especially once you’re over 60 and in the retirement “red zone,” you’ll want to plan for your RMDs and what you can do about them. We talk through different strategies that David has used with ...

Is it really necessary to set up a trust? Fran shares what her age and assets are when she asks this important question. While David is not a lawyer, as a financial advisor he shares some of the reasons why or why not someone would want or need a trust when estate planning. Tune in as David answers this and two other questions from the mailbag on today’s show. 

Here are the listener questions David answers: 

• Mailbag: Should I...

We used to talk about stretch IRAs all the time, but now we hardly mention it. Why is that? Even though we rarely discuss it on the podcast, David regularly hears questions about stretch IRAs in his office from clients. In this episode, we’ll reflect on the stretch IRA’s former glory, and share how to leave an IRA to a beneficiary strategically now that the stretch IRA as we knew it, ceases to exist.

Here’s what you’ll learn on t...

Is there such thing as contributing to a Roth IRA too soon? After a number of clients have asked how to fund a Roth IRA for a grandchild or college-aged child, David wanted to share all about this option and gift toward the future.

Here’s what you’ll learn on today’s show:

• Is it possible to be too young to start a Roth IRA? (2:12)
• What qualifications do you need to open a Roth IRA? (4:30)
• Why should we pay attention to Roth ...