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

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://coveryourassetskc.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.