c1-advisors-v2

Mailbag: Inheritance Without Guardrails

Thu, 30 Apr 2026 18:59:05 GMT

Episode 295

Protecting Your Heirs from Themselves

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Equipping Points:

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

Resources for this episode:

Listen to Protecting Your Heirs from Themselves

Today's Takeaway:

Protecting Your Heirs from Themselves

Thu, 23 Apr 2026 10:00:03 GMT

Episode 294

Protecting Your Heirs from Themselves

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Equipping Points:

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

Resources for this episode:

Heirs Beware: 42% Spend Inheritance Within a Year, Study Finds

https://www.thinkadvisor.com/2026/04/07/heirs-beware-42-spend-inheritance-within-a-year-study-finds/

Texas Tech University and the University of Alabama Study:

https://openjournals.libs.uga.edu/fsr/article/view/4307/3937

Today's Takeaway:

Don't Waste Your Annual Financial Review

Thu, 09 Apr 2026 15:46:04 GMT

Episode 293

Don't Waste Your Annual Financial Review

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Equipping Points:

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

Today's Takeaway:

Mailbag: Out Of the Market Too Long & Taxes in Retirement

Thu, 12 Mar 2026 09:00:40 GMT

Episode 292

Mailbag: Out Of the Market Too Long & Taxes in Retirement

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Equipping Points:

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

Today's Takeaway:

Mailbag: Investing Extra Income and Handling an Inherited IRA

Thu, 05 Mar 2026 20:54:33 GMT

Episode 291

Mailbag: Investing Extra Income and Handling an Inherited IRA

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Equipping Points:

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

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

Today's Takeaway:

Retirement Gray Areas That Matter a Lot

Thu, 19 Feb 2026 18:30:39 GMT

Episode 290

Retirement Gray Areas That Matter a Lot

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Equipping Points:

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

Today's Takeaway:

Inherited a House — Are the Taxes Really That Bad?

Thu, 05 Feb 2026 10:00:12 GMT

Episode 289

Inherited a House — Are the Taxes Really That Bad?

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Equipping Points:

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

Today's Takeaway:

How Much Life Insurance Is Enough at Each Stage of Life?

Thu, 22 Jan 2026 10:00:25 GMT

Episode 288

How Much Life Insurance Is Enough at Each Stage of Life?

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Equipping Points:

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

Today's Takeaway:

5 Steps To Take If You’re Behind On Your Retirement Savings

Fri, 09 Jan 2026 18:47:13 GMT

Episode 287

5 Steps To Take If You’re Behind On Your Retirement Savings

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Equipping Points:

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

Today's Takeaway:

5 Major Events From 2025 That Impacted Retirement Plans

Thu, 18 Dec 2025 14:33:48 GMT

Episode 286

5 Major Events From 2025 That Impacted Retirement Plans

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Equipping Points:

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

Today's Takeaway:

Better Retirement Questions (Part 2): Five Smarter Ways to Think About Your Future

Thu, 04 Dec 2025 13:51:55 GMT

Episode 285

Better Retirement Questions (Part 2): Five Smarter Ways to Think About Your Future

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Equipping Points:

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

Today's Takeaway:

Why Better Questions Help Build Better Retirements

Thu, 20 Nov 2025 13:00:18 GMT

Episode 284

Why Better Questions Help Build Better Retirements

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Equipping Points:

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.

You’ll hear real examples from his client meetings and learn practical ways to clarify your goals, help protect your wealth, and plan smarter for the long run.

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.

Listen to past episodes about Roth and Traditional IRAs:

Roth IRAs as an Inheritance Strategy

Should You Contribute To A Roth or Traditional IRA?

Too Young for a Roth IRA?

Mailbag: Roth IRAs and 401(k)s

Are You Missing Out On Contributing To A Roth IRA?

Today's Takeaway:

Do Your Feelings Belong in Your Financial Plan?

Thu, 06 Nov 2025 11:00:04 GMT

Episode 282

Do Your Feelings Belong in Your Financial Plan?

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Equipping Points:

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

Today's Takeaway:

Is Now the Time to Invest More in Bonds?

Mon, 20 Oct 2025 20:05:36 GMT

Episode 282

Is Now the Time to Invest More in Bonds?

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Equipping Points:

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

Today's Takeaway:

5 Signs You’re Richer Than You Think

Thu, 02 Oct 2025 20:11:30 GMT

Episode 281

5 Signs You’re Richer Than You Think

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Equipping Points:

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.

David shares the habits that help separate financial stress from confidence, from keeping an emergency fund to living below your means. He also highlights why strategic investing, multiple income streams, and a long-term focus can be true markers of lasting wealth. You don’t need to feel rich to be on the right track- if you’re checking off some of these boxes, you’re likely quietly building wealth that lasts!

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

Today's Takeaway:

Mailbag: Setting Your Teen on the Right Financial Foot

Thu, 18 Sep 2025 09:01:20 GMT

Episode 280

Mailbag: Setting Your Teen on the Right Financial Foot

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Equipping Points:

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. David shares four practical strategies to help give young adults a strong foundation for the future. Don’t miss these valuable lessons for anyone planning ahead!

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://www.creativeoneadvisorsgroup.com/mailbag-should-you-fund-your-business-with-ira-money

Today's Takeaway:

Mailbag: Should You Fund Your Business With IRA Money?

Thu, 04 Sep 2025 16:45:59 GMT

Episode 279

Mailbag: Should You Fund Your Business With IRA Money?

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Equipping Points:

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.

This discussion will help provide a roadmap for navigating these complex financial landscapes, to help you make informed decisions that align with their retirement goals.

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.

Resources for this episode:

BrokerCheck

https://brokercheck.finra.org/

Investment Adviser Public Disclosure

https://adviserinfo.sec.gov/

Today's Takeaway:

Big Beautiful Bill Myths Debunked

Fri, 08 Aug 2025 16:01:46 GMT

Episode 277

Big Beautiful Bill Myths Debunked

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Equipping Points:

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.”

From estate tax confusion to misleading headlines about auto loan interest, we explain what’s real, what’s exaggerated, and what’s flat-out wrong. You’ll also learn which changes expire in a few years and who actually benefits from these adjustments. If you’re planning around this legislation, make sure your decisions are based on the facts!

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

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.”

Today's Takeaway:

The New Tax Law - What’s In It For Me?

Thu, 10 Jul 2025 17:25:37 GMT

Episode 276

The New Tax Law - What’s In It For Me?

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Equipping Points:

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.

While the bill spans hundreds of pages, David zeroes in on what could matter most: a major increase to the standard deduction that could dramatically reduce taxes on Social Security for many middle-income retirees, a long-overdue expansion of the SALT deduction, and the return of a valuable tax break for charitable giving, even if you don’t itemize. This bill opens a few opportunities, but not forever. The earlier you understand what changed (and what didn’t), the more confidently you can shape your retirement strategy around it.

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

�� Why SALT deduction changes could 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

Today's Takeaway:

The 4 Things You Can Control in Retirement

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 26 Jun 2025 18:33:32 GMT

Episode 275

The 4 Things You Can Control in Retirement

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Equipping Points:

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. You’ll also hear real client stories that highlight the importance of knowing your own behavior, building flexible income plans, and thinking beyond just your own retirement to your legacy.

Remember: You can’t control everything in retirement, but you’re far from powerless. The most confident retirees don’t have a crystal ball…they have a plan.

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

Today's Takeaway:

3 Financial Planning Essentials for Father’s Day

walter@thirdwheelmedia.com (Walter Storholt) — Fri, 13 Jun 2025 17:30:23 GMT

Episode 272

3 Financial Planning Essentials for Father’s Day

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Equipping Points:

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.

David also unpacks the often-overlooked benefits of life insurance and disability income coverage, plus why having them in place can make a difference when life doesn’t go as planned. He also breaks down the basics of estate planning, from naming guardians to making sure your legacy ends up in the right hands. After all, Fatherhood isn’t just about providing today, it’s about taking those key steps to protect tomorrow.

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

Today's Takeaway:

The 6 Things Everyone Should Know About An HSA

walter@thirdwheelmedia.com (Walter Storholt) — Thu, 29 May 2025 15:13:26 GMT

Episode 272

The 6 Things Everyone Should Know About An HSA

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Equipping Points:

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.

As David explains, an HSA offers a rare triple tax advantage, but these perks come with rules and a few caveats. You'll learn who qualifies, how much you can contribute, whether you can invest the funds, what happens if you change jobs, and what HSAs can (and can’t) be used for. Plus, we’ll tackle the big question: is an HSA the right move for everyone? And don’t miss the bonus tip that many people forget. It’s one that could impact your loved ones later.

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

Today's Takeaway:

Mailbag: What to Focus on When You’re Nearing Retirement

Thu, 15 May 2025 13:16:28 GMT

Episode 272

Mailbag: What to Focus on When You’re Nearing Retirement

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Equipping Points:

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.

David cuts through the noise with three essential priorities every soon-to-be retiree should focus on, offering a practical roadmap to help bring order and clarity to the process. He also breaks down often-misunderstood topics like budgeting in retirement and the IRS’s five-year rule for Roth conversions, explaining what’s actually required and how to avoid common pitfalls. Tune in for practical, real-world guidance on how to simplify your retirement planning, avoid costly missteps, and make choices that support the life you want to live.

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

�� Structuring reliable retirement income from Social Security, pensions, and withdrawals

�� Why it’s critical to have a retirement plan before you stop working

�� The IRS’s 5-year rule for Roth conversions

�� The importance of budgeting in retirement

Today's Takeaway:

Episode 271: Mailbag: - Smart Estate Planning & Tax Strategies for a Secure Legacy

Thu, 01 May 2025 17:57:06 GMT

Episode 271

Mailbag: Smart Estate Planning & Tax Strategies for a Secure Legacy

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Equipping Points:

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.

David walks through using life insurance to help shield his heirs from future estate taxes, and a concern over having nearly all his retirement savings in 401(k)s and IRAs. You’ll learn why estate tax thresholds are higher than most people realize and how to help maximize what you keep, and what your heirs receive. If you're nearing retirement or thinking about legacy planning, this episode is a must-listen to help you avoid costly mistakes and build a smarter financial future.

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.

Today's Takeaway:

Episode 270: What to Do (and Not Do) When the Market Drops

Wed, 09 Apr 2025 22:04:27 GMT

Episode 270

What to Do (and Not Do) When the Market Drops

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Equipping Points:

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 are the questions we tackle in today’s show:

�� 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

Today's Takeaway:

Episode 269: Mailbag: Should I Set Up a Trust to Save My Kids Inheritance Taxes?

Thu, 03 Apr 2025 16:53:49 GMT

Episode 269

Mailbag: Should I Set Up a Trust to Save My Kids Inheritance Taxes?

Equipping Points:

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?”

Today's Takeaway:

Episode 268: 7 Things To Know About Required Minimum Distributions

Thu, 20 Mar 2025 21:37:05 GMT

Episode 268

7 Things To Know About Required Minimum Distributions

Equipping Points:

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’s some of what 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

Today's Takeaway:

Episode 267: Inside the Advisor’s Office: What People Are Actually Concerned About

Thu, 06 Mar 2025 18:12:57 GMT

Episode 267

Inside the Advisor’s Office: What People Are Actually Concerned About

Equipping Points:

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 regular cash flow in retirement.

�� Market Crash Strategies – Strategies to help safeguard your investments.

�� Healthcare Costs – The reality of long-term care expenses and how to prepare.

Today's Takeaway:

Episode 266: Financial Planning Essentials: Social Security and Life Insurance

Mon, 24 Feb 2025 17:06:26 GMT

Episode 266

Financial Planning Essentials: Social Security and Life Insurance

Equipping Points:

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.

If you’ve ever wondered how we work through these major planning items with clients, today’s show will pull back the curtain a bit and really get into the details of the process. We’ll tell you what tools we use and what factors we want to consider when dealing with both life insurance and Social Security. So whether you’re specifically curious about these topics or not, this episode will give you some great insight into making big financial decisions.

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.

Today's Takeaway:

Episode 265: Retirement Lessons from Andy Reid: Super Bowl-Worthy Financial Strategies

Thu, 06 Feb 2025 14:56:36 GMT

Episode 265

Retirement Lessons from Andy Reid: Super Bowl-Worthy Financial Strategies

Equipping Points:

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.

This episode is a fun blend of sports and finance, offering a fresh perspective on how lessons from the football field can apply to your financial life. Whether you're a die-hard Chiefs fan or simply looking to improve your financial literacy, this episode is packed with insights that can help you make the most of every opportunity.

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.”