Cover Your Assets KC Podcast

David tackles two listener questions from folks standing right on the doorstep of retirement. He explores how timing a large vacation and a sick-leave payout could affect taxes and savings options, and then looks at whether it makes sense to retire before Medicare kicks in, given healthcare costs and subsidies. Throughout, David discusses how the “last mile” decisions could make a difference in retirement confidence. Here’s some of what we discuss in this episode: 🧠 Lump Sum Decisions Matter: 📉 Tax Bracket Creep 🏥 Healthcare Changes Everything 🧩 Multiple Strategies Exist 🧭 Final Stretch Planning Counts   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

What happens when a 22-year-old suddenly inherits a significant sum with no guardrails in place? In this episode, David and Walter unpack a listener scenario involving an uncle worried about his nephew’s financial future after an unexpected inheritance. They explore the potential risks of unrestricted wealth, the possible role of trusts, and how family members or advisors can step in to provide guidance. Here’s some of what we discuss in this episode: 🔥 Why young heirs sometimes burn through inheritances quickly 🛑 The potential risk of having no financial guardrails 🧠 How maturity and financial education can help shape outcomes 🤝 When to bring in a financial advisor or third party 📈 Turning a lump sum into a long-term financial asset Listen to Protecting Your Heirs from Themselves   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

What happens to your money after you’re gone isn’t always as simple as passing it down. David walks through a reality many families don’t talk about, and why planning ahead can make a meaningful difference. This isn’t just about protecting assets; it’s about protecting people. With the right structure and conversations, you can turn an inheritance into something that lasts.   Here’s some of what we discuss in this episode: 🔑Inheritance Behavior: Many heirs either spend everything or save everything 🧠 Plan With Intention: Structure can help turn a windfall into a long-term resource 🏦 Large Estate Tools: Foundations can help reduce taxes and involve heirs 📜 Trust Strategies: Spendthrift and incentive trusts add a level of protection and guidance 🗣️ Clear Communication: Sharing your wishes ahead of time can make a lasting impact   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

For many, the annual financial review is just a routine- show up, review the numbers, and leave. But what if that hour could be very valuable for your financial life? If you’re not leaving with clarity and confidence, you might be missing out. David explains how to turn your review into a meaningful conversation by asking the right questions, focusing on your plan, and actively participating. Here’s some of what we discuss in this episode: 🔍 Identifying Bad Reviews: If it’s all one-sided, something’s wrong ✅ Good Reviews: Start with your goals, not your advisor’s agenda 💬 Collaboration: Ask what you want out of the meeting for a better meeting outcome 💡 Review Your Plan: Know your goals and keep track of progress 🗣️ Spouse Involvement: Make sure both partners are heard in the conversation   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Two listener questions spark a conversation about the emotional and practical sides of retirement planning. David talks about strategies for easing back into the market after sitting on the sidelines and how retirees can think about taxes when withdrawing from IRAs, brokerage accounts, and Roth accounts. These are the kinds of questions many investors face as they transition into retirement, and without the right guidance, the wrong answers may negatively affect your plan. Here’s some of what we discuss in this episode: 😱Market Re-Entry: Fear of missing gains vs. fear of crashes 📉 Market History: Declines happen but recoveries follow* 📆 Dollar-Cost Averaging: Gradual investing can help reduce** timing risk 🧠 Risk Tolerance: Your emotional response matters in downturns 🧾 Retirement Taxes: Withdrawal strategy could affect tax outcomes *Past market performance may not be used to predict or project future results **Diversification does not ensure a profit or guarantee against market loss   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

When you hire someone to help with your money, you probably assume they’re legally required to act in your best interest. But here’s the catch: not all financial professionals are held to the same standard. In this episode, David breaks down the often-confusing distinction between brokers and fiduciaries, and why it matters for your retirement confidence. Here’s some of what we discuss in this episode: ⚖️ The legal difference between brokers and fiduciaries 🥩 Why the butcher vs. dietitian analogy matters for your money 🕵️ How to research your advisor on BrokerCheck & SEC sites 🛡️ Why fiduciary duty offers stronger retirement protection 📜 The questions every retiree should ask before hiring an advisor Resources for this episode: BrokerCheck https://brokercheck.finra.org/ Investment Adviser Public Disclosure https://adviserinfo.sec.gov/   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

In this mailbag episode, David answers two practical listener questions about managing unexpected financial opportunities. One listener recently paid off their mortgage and now has an extra $3,000 per month to invest, while another is navigating the tax implications of inheriting an IRA. David walks through several potential options for putting extra cash to work- ranging from CDs and brokerage accounts to fixed annuities- while also clarifying the complex withdrawal rules tied to inherited retirement accounts. Here’s some of what we discuss in this episode: 🏠 Ideas of what to do with extra monthly cash after paying off your mortgage 📈 Investment options beyond retirement accounts, including brokerage accounts and ETFs 🏦 The pros and cons of CDs, money markets, and fixed annuities 🧾 How inherited IRAs are taxed and the potential impact of the 10-year withdrawal rule ⚖️ Why timing withdrawals carefully could help reduce your overall tax bill   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Financial media loves simple answers: always do this or never do that. But real financial planning doesn’t work that way. Most of the biggest decisions people face in retirement live in the gray. David pulls back the curtain on the sensational advice dominating YouTube and financial media. Instead of chasing rigid rules, he explains why thoughtful coordination across multiple planning areas could potentially produce better outcomes. Here’s some of what we discuss in this episode: ⏱️ Roth Timing Window: Converting before RMDs increase income 📊 Tax Bracket Planning: Filling lower brackets strategically 🧩 Annuity Purpose: Guarantees vs market exposure 🔍 Annuity Fine Print: Caps, riders, surrender terms 🏠 Mortgage Tradeoffs: Interest rate vs emotional security   Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting your interests first and disclosing conflicts. Insurance services have a best interest standard which requires recommendations to be in your best interest. Advisors may receive commission for the sale of insurance and annuity products   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Inheriting a home often comes with a lot of anxiety, especially around taxes. Many heirs assume selling means a massive tax bill, but that concern is often misplaced. In this episode, David breaks down what really happens when you inherit a house, why taxes are usually less painful than expected, and what non-tax issues can complicate the decision. If you’re facing an inherited property, or expect to someday, this conversation brings clarity where many people feel overwhelmed. Here’s some of what we discuss in this episode: 🏠 Inherited Home Anxiety: Why taxes are often overestimated 📊 Stepped-Up Basis: How value resets at inheritance ⏳ Sale Timing Matters: When waiting changes the outcome ⚠️ Beyond the Numbers: Additional issues you need to know  👨‍👩‍👧 Family Dynamics: Navigating shared decisions For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

The amount of life insurance you need changes significantly as your life and responsibilities evolve. David shares practical considerations for thinking through coverage needs at different stages of life, from early adulthood through retirement years. Rather than focusing on one-size-fits-all answers, David offers general tips to help listeners think more clearly about how life insurance might fit into a broader financial picture. Here’s some of what we discuss in this episode: 🛡️ Coverage Basics: General considerations for determining an appropriate amount of life insurance 🧩 Life Factors: How income, family responsibilities, and financial obligations may influence coverage needs 📈 Peak Responsibility Years: Common planning considerations during working and family-raising years ⏳ Later-Life Coverage: How life insurance needs often shift in the late 50s and early 60s 👪 Legacy Planning: Using life insurance thoughtfully when considering heirs and long-term goals   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Feeling behind on retirement savings can be overwhelming, but it doesn’t mean you’re out of options. In this episode, David walks through five practical steps to help you regain clarity and momentum, whether you’re early in your career or approaching retirement. From tracking spending habits to maximizing workplace retirement plans, this episode focuses on actions you can actually control.   Here’s some of what we discuss in this episode: 🧮 How to determine if you’re truly “behind” 📊 Getting a clear snapshot of your net worth 💳 Identifying spending patterns that are holding you back 🔁 Maximizing your workplace retirement savings 📝 Why having a written retirement plan can change everything   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Today, David is breaking down some of the year’s biggest headlines and what they may mean for your plan moving forward. 2026’s headlines might look different, but the same drama will likely exist. So, what can you do? Aim to control your plan, your savings habits, and your long-term strategy. That’s what can help turn a chaotic year into a confident retirement path.   Here’s some of what we discuss in this episode: 🌍 Tariffs: market volatility and uncertainty spikes 📈 Inflation: persistent pressure on household budgets 🏦 High-Yield Savings: interest rates and cash decisions 🧾 Tax Changes: implications of the Big Beautiful Bill 🛟 Emergency Funds: lessons from the government shutdown 🔮 Looking Ahead: planning with perspective into 2026   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Most people ask good retirement questions, but not always the right ones. In Part 2 of this series, David Dickens shares five more “better questions” pulled straight from real client meetings, revealing how small shifts could lead to better retirement decisions. From Social Security timing to mortgage payoff strategies and more, we’ll explain how reframing the way you ask the question might change the quality of the answer. This episode is straightforward and addresses many of the nuances retirees might miss when they think in terms of black-and-white choices. Here’s some of what we discuss in this episode: 🧓 Social Security Isn’t 62 vs. 70 🏠 Mortgage Payoff Decisions Need Context 📉 You Can’t Avoid Risk — But You Might Be Able to ‘Right-Size’ It 🔒 Does Cash Help Provide Safety? 📅 Meeting Frequency Isn’t the Point   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Sometimes the smartest move in retirement planning isn’t knowing all the answers. It’s about learning to ask better questions. In this episode of Cover Your Assets KC, David walks through five common financial questions people ask, and then explains how to reframe them to get better results. From “How much money do I need to retire?” to “Where can I pay the lowest fees?”, we’ll explain how slight shifts in perspective can help lead to stronger, more personalized decisions. Here’s some of what we discuss in this episode: 🩺 Long-Term Care Choices: Self-insure, insure, or blend options — it’s not just a yes/no decision. 📈 Chasing Returns: Why diversification matters when it comes to long-term performance. ⚖️ Fees vs. Value: Why “cheapest” isn’t the same as “best” when hiring a financial advisor. 🕰️ Tax Timing: Don’t just lower taxes this year — plan to reduce them for life. 🧠 Smart Strategies: Roth conversions, HSAs, and charitable distributions for lifelong tax efficiency.   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Most people think financial planning is about calculators, spreadsheets, and strategies. But that’s only half the story. The fact is, your feelings about money can have just as much impact on your retirement as the numbers do. Today, David explores the emotional side of planning and how your legacy goals can be shaped by what you feel, not just what you know. Here’s some of what we discuss in this episode: 🧩 Whole-Person Planning: Why you want your plan to align your money with your mindset ⚖️ Simple or Complex?:  Simplicity in investments can be smarter than complexity 💳 Debt Decisions: Navigating emotional comfort around carrying debt in retirement 📉 Market Emotions: Managing anxiety and confidence through volatility 🎯 Risk Tolerance: How feelings shape your comfort with market ups and downs   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Before we get started, please note that when we use the terms ‘safe,’ ‘safety,’ or ‘safe money’ in today’s discussion, we’re referring generally to strategies designed to help manage risk, not to any product or investment that is guaranteed or free from loss or any other risks. All investments involve risk, including possible loss of principal. While some products may offer a level of protection against market losses, they may involve numerous other risks, such as interest rate risk, liquidity risk, inflation risk, credit risk, and more. Listeners should consider their own financial situation and consult a qualified professional before making any financial decisions. Bonds used to be the ‘boring’ part of a portfolio; considered conservative, steady, and not very exciting. But with yields at multi-decade highs, a lot of people are asking: is now the time to give bonds a bigger role in your investment strategy? David breaks down whether now may be a good time to add more bonds to your portfolio and how today’s higher yields impact both risk and opportunity. Bonds can provide income, balance, and confidence but they’re not one-size-fits-all. Before you ‘go all in,’ make sure the mix fits your long-term plan. Here’s some of what we discuss in this episode: 💡 Bond Basics: understanding risk, liquidity, and yield (the “SLY” principle) 💥 Interest Rate Risk: why longer bonds can lose value as rates rise 📉 Short vs. Long Bonds: when short-term holdings might make more sense ⚖️ The Rule of 100: a timeless framework for balancing growth and protection 🔁 The 60/40 Portfolio Revisited: how higher yields change the conversation   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Most people don’t feel wealthy. But what if your day-to-day habits are quietly building serious financial strength? A recent article from Kiplinger outlined five surprising signs that you might be richer than you think, and none of them involve yachts or private jets. In this episode, David walks through each sign and explains why they might matter for both today and your long-term future. Here’s some of what we discuss in this episode: 🚨 An emergency fund can be a real sign of wealth 📉 Living below your means helps to build long-term security 📈 Investing systematically and strategically 🏠 Rental properties and side gigs can create income streams ⏳ A long-term focus helps you stay confident through downturns Kiplinger Article: 7 Signs You’re Secretly Getting Rich (and Don’t Even Know It) https://www.kiplinger.com/personal-finance/signs-youre-secretly-getting-rich-and-dont-even-know-it For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

We’re back with another mailbag edition of the show! This week, we tackle two thoughtful financial planning questions from listeners. First up: a retiree who received a federal tax refund wonders if it’s a smart strategy or a sign to adjust withholdings. David explains the pros and cons of overpaying taxes in retirement, why minimizing refunds often makes more sense, and how to create a smoother retirement income stream. Then, a parent asks how to help their 18-year-old daughter start off on the right financial foot. Here’s some of what we discuss in this episode: 🔍 Tax strategies for withholding in retirement  🧾 A case for keeping refunds small  📅 Creating a steady income 🎓 Helping young adults start strong  🚫 The risks of credit card debt Previous mailbag episode: https://coveryourassetskcpodcast.podbean.com/e/mailbag-should-you-fund-your-business-with-ira-money/   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Today is a listener question edition of the show and we’re diving into two relatable retirement planning scenarios that may mirror your own concerns. First up: a listener wants to quit his corporate job to start a business. David shares how age, funding source, and risk tolerance play important roles in that decision, and why raiding your IRA might not be your best move. Then, they respond to a retiree who recently realized their pension doesn’t adjust for inflation. We’ll explain how to assess inflation risk, use the "Rule of 72," and help balance your IRA investment strategy for long-term purchasing power. Here’s some of what we discuss in this episode: 🚀 Starting a business near retirement? Weigh the risk very carefully. 🏛️ IRA withdrawals come with taxes and potential penalties so plan before you pull. 🧮 Use the Rule of 72 to see how inflation could cut your buying power. 📈 IRAs should typically be invested for growth if you won’t need them soon.   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Big tax law changes always bring big rumors. But before you assume Social Security is now tax-free or that you’re getting a $40K deduction just for breathing, let’s set the record straight on what this new bill didn’t actually do. This episode, David breaks down 6 of the most common myths floating around about the new “One Big Beautiful Bill Act.” Here are the myths we discuss in today’s show: Myth #1: “Social Security is no longer taxed.” Myth #2: “This new law means tax cuts for everybody.” Myth #3: “The tax brackets are permanent now, so I don’t need to worry.” Myth #4: “A $15M estate tax exemption means estate planning doesn’t matter anymore.” Myth #5: “Car loan interest is now fully deductible.” Myth #6: “I can skip itemizing and still get a huge deduction for giving to charity.”   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

A new tax bill has officially passed (you’ve probably heard it mentioned as the “Big Beautiful Bill”). And while most headlines are focused on politics, we’re focused on what it means for your retirement. The choices you make in the next year or two could have a significant impact on how much you keep and how much goes to Uncle Sam. Today, David breaks down key parts that are most likely to affect retirees. Here’s some of what we discuss in this episode: 🧾 Why that viral Social Security headline needs clarification 📊 How a boosted standard deduction could potentially save you hundreds or even thousands 🧠 The Byrd Rule workaround Congress used to make it happen 🏠 Why SALT deduction changes matter more in high-tax states 🙌 How non-itemizers can now deduct up to $2,000 in giving 📅 Why 2028 is an important year to keep on your planning radar For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Markets crash. Taxes shift. Congress waffles on Social Security. You can’t control any of that. And stressing over it won’t help. What will? Focusing on the four things that can actually help move the needle in retirement. Today, David walks through four key factors you can control and how they could make a lasting difference in your financial future. From managing market risk and creating lifetime income to building tax-smart wealth and planning beyond Social Security, David explains how to stay calm, focused, and strategic, no matter what headlines come your way. Here’s some of what we discuss in this episode: 📉 Controlling your exposure to market risk 💰 Building income streams you can’t outlive 🧾 Choosing where your wealth lives (and how it’s taxed) 🧓 Preparing your plan to be less reliant on Social Security   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.  

This Father’s Day, give your family something that lasts: financial confidence. In this special episode, David outlines three essential financial steps every dad should prioritize, whether you’re chasing toddlers or preparing for retirement. From building a strong financial base to adjusting your budget as life changes, these timeless moves can help set your family up for long-term independence. Here’s some of what we discuss in this episode: 📊 The budgeting mistake retirees often make 📉 The one type of insurance dads often overlook 🧾 Living wills and beneficiary tips 🍼 How young dads can avoid future debt traps 🏠 The estate planning steps some dads forget   Check out the Bankrate Insurance Calculator: https://www.bankrate.com/insurance/life-insurance/life-insurance-calculator/    For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Health Savings Accounts (HSAs) might just be the most powerful and overlooked tool in your financial toolbox. Today, David is breaking down six key things everyone should know about HSAs, from eligibility and contributions to how they can grow over time and work across job changes. Here’s some of what we discuss in this episode: 🩺 Who qualifies and who doesn’t 💰 Maximize annual contributions the smart way 📈 Using an HAS as an investment 🧳 What happens if you change jobs 💳 Tax-free withdrawals for medical expenses    

Retirement planning can feel like a whirlwind, flooded with choices, tight timelines, and the pressure to “get it right.” In this special mailbag episode, David answers real questions from listeners who are navigating this very moment. One is preparing to retire and feeling overwhelmed; the other is already retired and sorting through the complexities of Roth conversions.   Here’s some of what we discuss in this episode: 📬 Structuring reliable retirement income from Social Security, pensions, and withdrawals 📆 Why it’s crucial to have a retirement plan before you stop working 🚫 The IRS’s 5-year rule for Roth conversions   💡 The importance of budgeting in retirement   Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.   For additional resources or to contact David, visit us online at http://creativeoneadvisorsgroup.com or call 913-317-1414.

Taxes don’t stop when your paycheck does, and they certainly don’t skip your heirs. In this episode, David tackles two common listener questions that reveal just how much tax strategy plays into smart retirement and estate planning. If you’ve been worried about how much your kids will owe in inheritance taxes or if you’re sitting on a pile of tax-deferred savings, David offers practical tips on ways to help you avoid getting a surprise tax bill. Here’s some of what we discuss in this episode: 🧾 Estate taxes: Do you need to worry? 💡 When a life insurance policy may be a smart estate tool 🏦 Roth conversions before RMDs—smart or not? 👀 Why your $1M IRA isn’t fully yours 📉 Gifting strategies to help reduce your taxable estate now   Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

The headlines are loud, the markets are messy, and your gut might be telling you to do something — anything — right now. But what should you actually do when your portfolio takes a hit? Instead of guessing what’s next or obsessing over breaking news, David walks you through four critical questions every investor should ask during turbulent times. From re-evaluating your plan and risk tolerance to exploring rebalancing and tax-loss harvesting opportunities, this episode gives you practical ways to stay grounded and focused. Don’t miss this important conversation as David covers what to do and not do in an unpredictable market.   Here’s some of what we discuss in this episode: 📉 Why now is the time for a gut-check, not a panic move ⚖️ How to re-align your risk tolerance with reality 🔁 Smart moves: rebalancing and tax-loss harvesting 📺 What unhelpful behaviors to avoid 🧠 Why the best strategy might be to do nothing   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

We’re back with another mailbag episode! In this week’s edition, we’re tackling 3 great questions from listeners like you. These episodes are some of David's favorites, as they provide a chance to dive deep into key topics and explore the finer details. Ted is curious about how to manage the wealth he'll leave behind for his children. Roger is wondering if setting up a trust is the best way to help minimize the tax burden on his kids when they inherit his accounts. There are valuable lessons for everyone in this conversation, so don’t miss out on what you can learn today!   Here are the questions we tackle in today’s show: ❓ “How can I determine how much money I can leave behind for my kids without compromising my retirement?” ❓ "My job might have layoffs with a severance package equal to a year's salary. Am I foolish for hoping to get laid off?" ❓“Should I set up a trust to help my kids save money on taxes when they inherit my investment accounts?”   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Each year, David gets a lot of questions from his clients about required minimum distributions. Some are just beginning to take them, while others have been withdrawing for years but still have specific concerns. In this episode, he breaks down the 7 key things you need to know about RMDs. We’ll start with the basics, like what they are, when you need to start taking them, and which retirement accounts are affected. Then, we’ll dive into some of the trickier aspects, like how to calculate your RMD, what happens if you don’t take it on time, and more. The goal of this episode is for you to walk away learning at least a few things you didn’t know before. So, tune into this informative discussion today to see what you can learn! Here are the questions we discuss in this episode: 1️⃣ What is an RMD and when do I start taking them? 2️⃣ When should I start thinking about them? 3️⃣ How do I know which retirement accounts are included? 4️⃣ I have a bunch of retirement accounts. Do I take an RMD from each one? 5️⃣ What happens if I just say “no?” 6️⃣ But I don’t need all of that money. Can I escape somehow? 7️⃣ How exactly do I calculate my RMD?   Check out the survey here: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Ever wonder what other people talk about with their financial advisors? A new survey of nearly 400 experienced advisors reveals the biggest concerns and challenges, their clients are facing today. Today we’re breaking down the four biggest concerns clients have about retirement and how to overcome them. Here’s some of what we discuss in this episode: 📉 Outliving Your Assets – Why a written plan is crucial for financial security. 💰 Generating Reliable Income – How to create a paycheck-like cash flow in retirement. 📉 Market Crash Protection – Strategies to safeguard your investments. 🏥 Healthcare Costs – The reality of long-term care expenses and how to prepare.   Check out the survey here: https://www.fa-mag.com/news/retirement-planning-survey-2024-80450.html For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Today ​we ​are ​covering ​two ​different ​listener ​questions. ​James ​is ​asking ​about ​starting ​Social ​Security ​at ​62. ​You ​might ​be ​amazed ​how ​many ​times ​I ​get ​that ​question ​in ​my ​office. ​And ​then ​Barry ​wants ​to ​talk ​through ​life ​insurance, ​seems ​to ​think ​he ​has ​a ​lot ​of ​it ​and ​wants ​to ​know ​whether ​he ​should ​cancel ​some ​of ​it. These are two core areas of planning so let’s talk through how they should come to a decision.   Here’s some of what we discuss in this episode: We’ll take you through the process for how we determine Social Security claiming strategies. Why it might not be the best idea for this person to take Social Security at 62 to pay off their mortgage. The questions you want to answer before getting rid of a life insurance policy. The different insurance products that you might look into.   Check out the life insurance calculator: https://www.bankrate.com/insurance/life-insurance/life-insurance-calculator/   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Well, the Kansas City Chiefs are going to the Super Bowl again. Their coach Andy Reid probably won’t be retiring anytime soon, but let’s still see what we can learn about retirement planning from these quotes from the Chiefs coach. Here are the quotes we discuss in this episode: “Every play is an opportunity. Make every snap count.” “We don’t focus on the scoreboard; we focus on the next play.” “Adjustments are not a sign of weakness; they are a sign of strategy.”   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Today’s show is a little different than normal. Instead of diving into one topic, we’re going to tackle two separate planning items thanks to a couple questions from Bobby and Roy. Both questions involve important decisions that will impact retirement so let’s jump in. Here’s some of what we discuss in this episode: The different ages that matter for Social Security benefits and what you need to know. The reasons why he might want to wait to claim. Why your ‘underperfomance’ might just be good diversification. For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414

We’ve all seen stats about how much the average American has saved for retirement. But let’s be honest- being “average” when it comes to retirement savings isn’t likely to provide the lifestyle you want in your golden years. Instead, David will share some practical benchmarks you can use to measure your progress. He’ll also share some actionable steps to set yourself up for long-term success! Here’s some of what we discuss in this episode: Benchmarks for retirement savings based on age and income Where this money should be held The importance of starting early A great time to start is right now! New Years Resolutions Episodes https://coveryourassetskcpodcast.podbean.com/e/episode-155-2022-financial-resolutions-part-1/ https://coveryourassetskcpodcast.podbean.com/e/financial-resolutions-part-2/ For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Join David for part two of our series on 2024 stocking stuffers for financial freedom. In this episode, we explore five actionable financial tips to help you wrap up the year and prepare for a prosperous 2025. From managing debt effectively to considering Roth conversions and utilizing Qualified Charitable Distributions, this episode will give you some areas to focus on. Here’s some of what we discuss in this episode: The number of people that carry credit card debt is pretty shocking. Consider Roth conversions to help reduce taxes in the future. QCDs are a ​fantastic ​way ​to ​not ​pay ​taxes ​on ​money ​that ​is ​otherwise ​definitely ​going ​to ​come ​out ​of ​your ​IRA. Why you need to be reviewing your plan annually. Don’t forget your Roth contributions! For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

The holiday season is here, and while you’re stuffing stockings for your loved ones, don’t forget to stuff your own financial stocking with tips that can bring you closer to a secure retirement. Today, we’re unwrapping 10 bite-sized, actionable ideas to help you save smarter, invest better, and plan for the future you deserve. From maximizing your retirement contributions to revisiting your estate plan, learn how to make the most of your financial situation as we approach 2025. We have plenty of stocking stuffer ideas so stay tuned for part two of the discussion next episode. Here’s some of what we discuss in this episode: Have you maxed out your retirement contributions for 2024? The benefits of consolidating old retirement accounts and the best way to it. Two clients stories about estate planning. Why would you want to harvest losses for your next tax return?   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

The election is finally behind us and it’s hard to believe that we didn’t have a long, drawn-out process to determine the winner. Now that Trump is returning to the White House, it’s time to start looking at what policies his administration is considering and what those decisions could mean for your portfolio. Here’s some of what we discuss in this episode: Could the proposed tariffs be inflationary for the US economy? What does David think will happen with the tax cuts set to expire at the end of 2025? Is less regulation a good thing? How quickly will changes start to take effect? For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Building a nest egg or inheriting one can involve a lot of moving parts. You want to be strategic and make wise decisions to prepare you for the future and protect your assets against the possibility of a market crash. In today’s podcast, David answers three questions from the mailbag, all facing different financial situations.   Here’s some of what we discuss in this episode: Mailbag: When to stop contributing to a 401(k) and pay off debt instead.  Mailbag: How worried should I be about a market crash? Mailbag: How does a trust work?   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

As we approach the end of the year, it's crucial to ensure your financial health is in top shape. In today’s podcast, David provides an essential checklist to help you optimize your financial strategy. Whether you're a retiree or still in the workforce, these practical tips will guide you towards a prosperous 2025. Here’s some of what we discuss in this episode: Fully funding your retirement accounts. Remember to make a Roth IRA contribution with money earned, even as retirees. Rebalance before year end. Consider a taxable brokerage account for things you can sell at a tax loss. If you have an FSA, use it or lose it! Resources for this episode: https://www.coveryourassetskc.com/episode-177-making-investment-losses-work-for-you   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Following the news of the rate cuts last week with the Fed, you may be wondering what that means. Is that a good thing? How could it impact your daily life? David breaks down what it means now and what has happened after rate cuts in the past. Based on that, he shares some financial possibilities for the near future and what the market outlook is. For investors, this short and sweet podcast packs a lot of valuable info in. Before you make any bold moves, David suggests a cautious approach as we wait and see what these rate cuts do to our economy.   Here’s some of what we discuss in this episode: The Federal Reserve announced that they were cutting the Overnight Fed Funds Rate by half a percent. Is the Fed rate cut a good thing or a bad thing? What does the history or Fed rate cuts tell us?   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414. What’s the key takeaway in all this for investors?

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? Mailbag: How to financially set up new grandchild? Mailbag: What taxes to plan for with inheritance?   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. Some wish they had spent more when they first retired. Retirees wish they took better care of their health. People wish they had taken up a hobby. Many wish they had traveled more.   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 performance of target-date funds over recent years What the 2025 portfolio looks like today The differences between Vanguard, Schwab, and Fidelity funds Understanding the drawbacks of these funds   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. How much to contribute to a 401(k) and when to pivot. Managing inherited IRAs.   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. Deferring taxes could be costly in the future. Eliminating debt is like eliminating rust on your car. Setting up legal and estate documents protects your family. Delaying Social Security is a personal decision. Having a plan allows you to enjoy and understand your financial life.   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? What are the primary investment asset types to inherit? Should older parents do Roth conversions to benefit their children’s inheritance?   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. How taxes make a big difference on the decision. Why a Roth conversion can be a solid strategy. Who this advice most commonly applies to.   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? How does the order of investment returns impact retirement outcomes? What are some strategies to mitigate sequence of return risk?   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? Mailbag: Should I rollover my 401(k)? Mailbag: What should I do with settlement money?   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. How to improve your retirement security. The best strategy with Social Security benefits. The average life expectancy for Americans. Leveraging life insurance. Working part-time in retirement.   Income Literacy Quiz: https://theamericancollege.qualtrics.com/jfe/form/SV_5u6YaBWQWFjxkY6 Life Insurance Episodes: 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.