Afleveringen
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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’s some of what we discuss in this episode:
Should I prioritize paying off my student loans?How do you plan for the potential costs of having and raising children?Will Social Security matter later on?How can I take advantage of employer-sponsored retirement plans?Are there alternatives we should consider?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 or looking to leverage your investments, David has plenty of wisdom to share.
Here’s some of what we discuss in this episode:
Have I saved enough?How do I know if I’m on track?How can I catch up if I started saving too late?How can I balance saving for retirement among other priorities?How can I maximize investment returns without excessive risk?What should I do with my 401(k) from a previous employer?Should I pay off my mortgage before retiring?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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Zijn er afleveringen die ontbreken?
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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 every day in his office, but remember that broad advice doesn’t always apply to your unique situation. Be sure to reach out to a financial advisor to find out the answers to these questions are for you.
Here’s some of what we discuss in this episode:
How much market volatility should I have as I approach retirement?What’s the best approach to transition to retirement account withdrawals?How does the rising costs of healthcare fit into a plan?What’s the best way to pass on wealth to my heirs?How can I maximize my Social Security benefits?Should I downsize or relocate during retirement?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 to proceed. Finally, we discuss the capital gains implications of Megan’s dad signing over his house.
Here’s some of what we discuss in this episode:
Mailbag: It’s cumbersome to withdraw from my 401(k). How can I manage it better?Mailbag: Should my elderly dad start gifting money now to avoid estate tax after he passes? Mailbag: Should my parent sign over his house to beneficiaries?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 discipline and do the little things well.Adversity will come your way, it’s really how you deal with it.You don’t have to reinvent the wheel.For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 plan to retire anytime soon. When should I take my Social Security?Mailbag: I’m loving the growth in my 401(k), but how long can it really last and when should I walk away?Mailbag: Should I sell my rental property to pay off all my debt?4 Simple Strategies to Increase Your Net Worth (Ep 65): https://www.podbean.com/ew/pb-z44z9-d4dade
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 healthcare.Transferring wealth in the future to your heirs.For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 account.Avoiding debt.Putting your savings system on autopilot.How to calculate your net worth statement podcast:
https://www.coveryourassetskc.com/episode-107-2021-financial-resolutions-part-2
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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:
Mailbag: I’m not in a hurry to pay off debt, is that bad?Mailbag: Due to a medical diagnosis, should I start Social Security right away?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 contributions still benefit me from a tax standpoint?Mailbag: What should I do with money from my raise- retirement savings or pay down my mortgage?Mailbag: Will I have to work forever if I don’t have a million dollars saved?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 you.
Here’s some of what we discuss in this episode:
What’s happening with the interest rates?Are you prepared for future inflation?How will it impact your taxes?How is your health? How financially secure is your employer?Do you want an income stream or asset that can be transferred?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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:
The SECURE Act changed the rules.There are two main categories of people who might inherit an IRA.What you can do without the stretch IRA.What are the exceptions to the rules?David shares an example of how this can look.For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 can you exclude from tax?Do home improvements reduce the taxable gain? How is it different if you inherit a home and then sell it?What are the rules after one spouse dies?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 today:
Mailbag: Planning to downsize our house. Should we pay cash to avoid the high interest rates with a mortgage?Mailbag: I maxed out my 401(k), where else can I save?Mailbag: Can they really make me withdraw that much in RMDs?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 beneficiaries, saving everyone from a lot of heartache and confusion down the line.
Regardless of your age, all of these are things to think through, whether they impact you a little or a lot. Everybody needs to do something. It doesn’t have to be complicated or expensive, but you need to have several key building blocks in place.
Here’s what we talk about on today’s show:
• Everybody needs an income plan. • Everybody needs a plan to address long-term care issues. • Nobody knows how long they are going to live. • Tax implications matter. • Estate planning isn’t just for the wealthy.
For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 his clients and what to keep in mind about RMDs.
Here’s what we discuss on today’s show:
Why do we have required minimum distributions?Can I avoid RMDs?How can you plan for RMDs and what are the risks if you don’t plan?If you don’t need the RMDs to live on, what can you do instead?How has David helped someone plan for RMDs?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 save my healthcare receipts in my 30s to later get reimbursed by my HSA in retirement?Mailbag: Should I start Social Security sooner for those cost-of-living increases?Mailbag: Do I really need to redo my trust with an attorney?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 today’s show:
What a stretch IRA was and why it was important.The new rules from the SECURE Act totally changed the Stretch IRA strategy for leaving your IRA to a minor.Should you leave some of your IRA to your grandchildren?Is leaving your IRA to a minor still a good idea?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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 IRAs? (6:16)Can they withdraw early from the account? (8:03) Any Roth opportunities to gift adults in their 20s, 30s, and 40s? (16:32)For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it. From figuring out the right time to be debt-free and when to adjust your portfolio risk, to deciding when to plan for your Social Security benefits or healthcare coverage, this episode guides you through the ideal timeline for each. Tune in to find out how far away from retirement you should have answers to these pressing questions.
Here’s what we'll discuss on today’s show:
The best time to get rid of debt is now. (3:38) Am I behind on my savings? + The importance of systematically saving for retirement and starting early. (7:48)Do I have a structured plan to generate income in retirement? (15:00) When should I start drawing Social Security? (19:55) Should I stay in my home or sell it and downsize? (24:28)Updating your legal documents and planning for long-term care needs. (28:21)For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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