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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.
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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.
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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.
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How much should you really be saving or already have tucked away toward retirement? As a follow-up to our three-part series where we focused on the retirement questions of every generation, David gets down to percentages and dollar amounts you’ll need to answer this common question.
Here’s some of what we discuss in this episode:
If we’re living longer, do I need to save more?How much of my current income do I need to replace with my retirement savings?How much should I already have saved?What percentage of my income should I be saving?For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.
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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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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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