Cover Your Assets KC Podcast

Whether you're facing a layoff, planning a financial gift for a new grandchild, or dealing with an inheritance, today’s podcast offers valuable insights and actionable advice. Beyond helping you save for retirement, as a financial advisor, David answers countless financial questions that come up over the course of his clients’ lives. Find out what he has to say when answering three questions from the mailbag!

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

• Mailbag: How to handle unexpected layoff?

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

As we grow older (and wiser), it's natural to reflect on the decisions we've made and consider what we could have done differently in the past. In today’s episode, we delve into the top five retirement regrets of people in their seventies, inspired by a recent YouTube video created by someone else in their 70s. David shares his insight and advice for anyone in their fifties or sixties looking to avoid these common financial pitfalls.

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

• People wish they had retired earlier.

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

When it comes to planning for retirement, many people turn to target-date maturity funds for their set-it-and-forget-it appeal. In fact, if you have a 401k or an IRA rollover, chances are you have a target-date maturity fund. These are designed to automatically adjust your investment mix as you approach retirement, gradually shifting from a higher allocation of stocks to a more conservative mix of bonds and cash. This sounds ideal, but is it?

In this episode, David and Walter discuss an interesting article by The Washington Post that questions whether these funds truly deliver on their promises.

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

• The popularity of target-date funds and how they work

The Washington Post Article:

https://www.washingtonpost.com/business/2024/07/23/target-date-funds-retirement-savers-explainer/

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

When it comes to your investments, there are a lot of avenues you can take. How can you know you’re taking the best one for you? David answers three questions from listeners who are asking about accounting for taxes in retirement, putting money in a 401(k) or elsewhere, and managing an inherited IRA.

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

• Roth IRAs and preparing for rising taxes.

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Procrastination is a common temptation, but when it comes to your finances, it can have serious consequences. Whether you're in your twenties, thirties, or already nearing retirement, it's never too early or too late to start planning. By addressing these key areas and avoiding procrastination, you can secure a more stable and enjoyable financial future.

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

• The dangers of financial procrastination.

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

When your heirs inherit a Roth IRA, they are not required to take distributions, which allows the account to continue growing tax-free for up to ten years. This flexibility can be a significant financial boon, especially if your heirs are in their prime earning years and want to defer withdrawals until they are in a lower tax bracket. The question is, should you do a Roth conversion now?

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

• Is inheriting a Roth IRA a real positive?

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

If you’ve listened to David for long, you’ve heard his affinity for the Roth, but does that apply to everyone? When it comes to planning for retirement, high earners need to decide whether to contribute to a Roth account or a traditional IRA. But first, who is considered a high earner? And why does a Roth matter?

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

• The two ways to get money into a Roth.

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

When planning for retirement, most people focus on the rate of return their investments will yield. However, there's an often overlooked risk that can significantly impact your financial future: the sequence of returns. In this podcast episode, David explains why the order in which you earn returns can arguably be more important than the rate itself.

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

• What is sequence of return risk, and why is it important in financial planning?

Download the Sequence of Returns PDF HERE!

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

The choices we make with our money often come down to more than mere numbers. David answers three questions from listeners who are facing different situations in life and looking for what to do next. From wanting to retire ASAP to coming into a financial windfall, it’s important to have a strategy in place to make sure the money works toward your goals.

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

• Mailbag: Can I retire right now?

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Are you ready for a retirement income literacy quiz? David recently took the quiz himself to see how he did and puts Walter on the spot for a few of the questions. After you listen and take the quiz yourself, you can identify what you do know and what you don’t!

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

• How much a negative single year return in your retirement portfolio impacts.

Income Literacy Quiz:

https://theamericancollege.qualtrics.com/jfe/form/SV_5u6YaBWQWFjxkY6

https://www.coveryourassetskc.com/episode-186-life-insurance-after-65-three-good-reasons

https://www.coveryourassetskc.com/episode-128-how-to-find-and-buy-term-life-insurance

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.