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Suze: December 4th, 2025. Welcome everybody to the Women and Money podcast,

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Suze: and everybody's smart enough to listen, right, KT?

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KT: Yes ma'am.

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KT: People write me and they say they love when I

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KT: call you Miss Travis. Miss Travis.

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KT: She calls me that when she's either mad or about

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KT: to correct me.

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Suze: Miss Travis, yes, you know what tomorrow is?

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KT: Tomorrow is Suze's half birthday. I don't know if all

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KT: of you celebrate a half birthday. I never did. I

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KT: don't even know what mine is, but Suze loves December 5th.

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KT: Tomorrow her half birthday. How are you gonna celebrate it?

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Suze: I'll

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Suze: be 74 and a half, tomorrow. I'll celebrate it like I do every year.

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Suze: My friend from grammar school, Leslie Lynn's full birthday is

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Suze: on December

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KT: 5th...

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Suze: So I write Leslie and I say happy birthday. She

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Suze: writes me and says Happy half birthday, and then we

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Suze: are complete.

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KT: rAll ight, all right, I can't wait to hear from

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KT: her too. I love that woman. Don't you though?

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KT: Yeah, she's one of Suze's...

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KT: And you've been, you've known each other since how old?

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Suze: Oh, early in grammar school, early, like, like forever,

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KT: She's a forever friend. OK, I'm starting with a thank you, and

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KT: this is post Thanksgiving, but it's a...

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Suze: Oh, wait a minute, I'm not done.

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KT: Oh, OK.

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Suze: So you know we didn't do a podcast on Sunday

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Suze: and all, but however, how was your Thanksgiving?

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KT: Delicious. Suze and Colo yet once again made the best

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KT: turkey stuffing or dressing, as many of you call it,

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KT: we ever had. But this year we had Thanksgiving with

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KT: my sister Lynn and lots of people and kids and...

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Suze: And bottom line, fabulous, fabulous, fabulous and all. And now

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Suze: we are back on the island. All right, KT.

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KT: OK, this is a post Thanksgiving thank you.

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KT: This is from Vicky, she said. Suze, I waited until

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KT: I was 70 to take my Social Security and received

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KT: an extra 30.7%, which was added to my 100%. The

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KT: wait felt like forever, but I did it, and I

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KT: am extremely happy.

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KT: I tried to talk my friends at work into this

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KT: about Social Security, and they thought different than me. They

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KT: did not want to wait, and most of my coworkers

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KT: took theirs at age 62.

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Suze: Such a mistake.

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KT: I know, and she said, Suze, thank you so much,

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KT: From Vicky. No questions here. She just wants to thank you.

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Suze: Well, she wants to...

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Suze: She listened to you.

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Suze: She wants to thank me. However, I have a feeling

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Suze: Vicky also wants me to say to everybody, since her

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Suze: coworkers didn't listen to her, the biggest mistake in most cases,

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Suze: in my opinion, when it comes to Social Security, is

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Suze: if you take it at 62.

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Suze: How many emails do I get saying, why did I

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Suze: take it at 62? I'm now 92. I never thought

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Suze: I would live this long. It doesn't cover anything. Just

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Suze: biggest mistake, Suze. So we're all living longer.

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Suze: We all will need more and more money cause things

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Suze: get more and more expensive. If you're gonna take Social Security,

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Suze: at minimum, wait till your full retirement age. Currently for

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Suze: most of you, 67. All right, KT.

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KT: All right, this is from Patricia.

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KT: She said my 92 year old organized mom invited me

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KT: to go over and look through her documents, financial accounts, passwords,

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KT: and the works. She said her documents include a will,

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KT: healthcare proxy, power of attorney, and living will.

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KT: And then she said, I bought the must-have documents thinking

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KT: we could update her will as it's dated 1996 and

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KT: my last name has also changed since then. I see

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KT: that I must create a trust. My mom only has

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KT: $20,000 in a high yield savings account which she added

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KT: my name to. She owns a co op worth $250,000

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KT: and a car worth $18,000.

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KT: So she pulls at least 1,000 out of her savings

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KT: each month. Should I hire an attorney to create her will,

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KT: or does it make sense to create a trust? So Suze,

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KT: tell Patricia what she really needs to do.

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Suze: So here's the thing. First, let me clear up everything

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Suze: about the must-have docs. It used to be when the

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Suze: must-have docs first came out over 25 years ago.

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Suze: You first had to create a will, then you had

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Suze: to create a trust, then you had to create the

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Suze: durable power of attorney for health care. You had to

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Suze: do each one individually, but you then had to do what?

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Suze: reenter the information to each and every one of them.

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Suze: So as time went on, people were also just doing

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Suze: the will. They weren't doing the trust. They were doing

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Suze: what they wanted, but not necessarily what they needed.

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Suze: So in the end, the must-have documents, once you fill

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Suze: in the information, it automatically populates all of the must-have

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Suze: documents for you, so you don't have to do one

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Suze: after the other after the other. Now, Patricia, just fill

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Suze: it out. No big deal. You don't want to do

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Suze: a living revocable trust. Fine, don't.

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Suze: But there is where you'll have your will. It will

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Suze: create one for you, so you don't need to hire,

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Suze: in my opinion, an attorney to do so. However...

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Suze: I just wanna make you aware of that mama has

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Suze: a co-op. Now, listen, not all co-ops allow their stock certificates,

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Suze: cause when you own a co-op, you have a stock

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Suze: certificate to be transferred into the name of a trust.

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Suze: So mama might not even be able to do it.

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Suze: You need to find that out. However, if mama dies,

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Suze: that co-op is going to go into probate.

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Suze: And you are going to have to file filing fees

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Suze: could be $200 to $1,000. Probate fees could be $3,000

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Suze: 10,000 dollars, whatever it may be. So there will be

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Suze: costs involved there. You just need to be aware of

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Suze: the downside if mama dies without a revocable trust, just

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Suze: that simple. However,

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Suze: KT, I wrote Patricia already and I told her all

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Suze: this because what I said to her was...

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Suze: The problem isn't about should you have a trust, not

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Suze: have a trust, a will. The problem is the money.

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Suze: She has $20,000 in an account. She's pulling out $1,000

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Suze: a month to meet her expenses. That means in another

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Suze: year and a half or so it's gone. Then what?

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Suze: Just something to think about. All right.

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KT: All right.

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Suze: And by the way, for those of you, you just

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Suze: heard me, I answered somebody directly. I've answered so many

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Suze: of you directly, it's not even funny.

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Suze: You can always write in your question to ask Suze podcast@gmail.com.

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Suze: That's S U Z E.

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Suze: And ask a question. Keep it short, because if they're long,

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Suze: we're just gonna skip over them truthfully. Although once in

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Suze: a while I answer them.

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KT: Not only that, can you please tell everyone listening if

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KT: they need the must-have documents where to get them?

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Suze: Oh, I forgot about that. So yes, for those of

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Suze: you who want the must-have documents, and you should all

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Suze: want them because you need them, a will, a living

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Suze: revocable trust, an advanced directive, durable power of attorney for

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Suze: health care, and financial power of attorney.

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Suze: $2,500 worth of state of the art documents currently $99

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Suze: good in all 50 states. Just go to must-havedocs.com and

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Suze: you can get them there. And of course when you

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Suze: get them there, once you have them, you can share

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Suze: them with every one of your family members. You give

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Suze: them the activation code they create it for themselves, so

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Suze: it's like a $2,500 gift to every single person you

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Suze: give it to. All right.

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KT: Yeah, great year-end gift.

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KT: So, Sandra wrote and she said, Suze, I'm retired age

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KT: 69 and a half. She is a half birthday girl too.

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KT: She said, I have a Charles Schwab account in the

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KT: amount of $107,000 and my husband has the same in

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KT: his own name.

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KT: Suze, we were advised to put it into individual annuities

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KT: and the remainder into individual life insurance IRA policies with

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KT: the goal to transfer taxable money over 5 years into

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KT: non-taxable income for a later date. I mean, they're 69

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KT: and a half, right?

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Suze: It's just stupid.

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KT: So we have a home valued at $650,000 with a

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KT: $230,000 mortgage.

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KT: My husband will retire in April and will receive a

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KT: healthy pension. What would be your advice in regards to

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KT: the annuities and life insurance policies? Wait, look at her face.

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Suze: Well, because I answered this with one simple thing, that

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Suze: emoji with a thumbs down. That's how I answered Sandra. Sandra,

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Suze: listen to me.

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Suze: Let's say you were lucky enough to come to me directly.

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KT: You should see your face everybody.

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KT: Go ahead. I'm sorry.

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Suze: We should be YouTubing this.

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KT: I know.

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Suze: I wish you could see. Like I'm up on my,

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Suze: my arms on my face.

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KT: It's like so ready to like blast it. All right, go ahead.

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Suze: Right, but I'm like holding myself up right on the

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Suze: arms of my chair, leaning into the mic with both

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Suze: hands like ready to choke, right? So let's just say

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Suze: you were lucky enough.

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Suze: To be sitting across the desk from me and you

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Suze: told me that here you are 6915. I imagine that

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Suze: your husband is pretty near that age as well somewhere

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Suze: and that you have a home worth $650,000 but you

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Suze: still have a $238,000 mortgage.

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Suze: And you had $214,000 among you. I don't know if

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Suze: it's in an IRA. I'm not exactly sure where it is.

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Suze: And you said, what should we do, Suze? And you

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Suze: have a pension. You have your fine. I would look

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Suze: at everything. I'd go, I'll tell you what I would

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Suze: do if I were you. If you could, that money's

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Suze: in a money market fund, for instance.

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Suze: I would take that money and pay off the mortgage

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Suze: on my home because why would I do that? Your

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Suze: mortgage goes away, therefore, your largest monthly expense goes away.

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Suze: You own your home outright. You have nothing to worry

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Suze: about at that moment in time. Nothing will make.

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Suze: You feel more secure than owning your own home outright,

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Suze: but no, this advisor wants you to put it in

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Suze: an annuity and possibly a life insurance policy just so

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Suze: in five years he can do it again or she

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Suze: can do it again and get another commission so you

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Suze: can have non-taxable income. Are you crazy? Are you crazy?

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Suze: I would actually, if I had an advisor that advised

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Suze: me to do that.

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Suze: At this point in your life, I would switch my

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Suze: account to another advisor. So, that's number one. Number two,

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Suze: I want you to seriously think about what I said

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Suze: to you. How would it make you feel?

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Suze: If you owned your home outright, now again, I don't

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Suze: know where this money is. I don't know if there's

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Suze: capital gains tax involved. You have to check all of

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Suze: that obviously with an accountant and everything like that, but

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Suze: I would make it your number one goal more than

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Suze: anything else to pay off your mortgage as soon as

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Suze: you can. Go on, KT.

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KT: OK, next question.

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Suze: Wait, I have a question.

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Suze: No, I'm very serious. Why are we getting hundreds of

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Suze: emails from people who have accounts? I'm very serious at

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Suze: Fidelity and Charles Schwab, and the number one piece of

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Suze: advice they are all being given is to get an annuity,

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Suze: get an annuity, get an annuity.

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Suze: For all of you, if you are in that situation,

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Suze: you must ask your financial advisor. If I get an annuity,

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Suze: how much commission are you going to make?

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Suze: You really have to understand how annuities work, everybody. I

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Suze: just don't get it. There are so many better things

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00:13:08,340 --> 00:13:11,260
Suze: that you could probably be doing with your money. Sometimes

228
00:13:11,260 --> 00:13:14,700
Suze: it makes sense, but most of the times it does not,

229
00:13:15,020 --> 00:13:18,380
Suze: especially if it's money in a retirement account. Are you

230
00:13:18,380 --> 00:13:19,520
Suze: kidding me? Go on.

231
00:13:20,390 --> 00:13:23,750
KT: My next question is from Amy. She said, I switched

232
00:13:23,750 --> 00:13:29,190
KT: jobs back in 2018 and never moved my 401k from

233
00:13:29,190 --> 00:13:33,510
KT: my previous employer since it was doing so well. I

234
00:13:33,510 --> 00:13:37,710
KT: also have a Roth 401k with my current employer. I

235
00:13:37,710 --> 00:13:41,429
KT: like the idea of not paying taxes on my 401k

236
00:13:41,429 --> 00:13:45,950
KT: in retirement. Would you recommend converting to a Roth now?

237
00:13:46,799 --> 00:13:50,659
Suze: So I imagine, Amy, you're asking me, do I recommend

238
00:13:50,659 --> 00:13:55,159
Suze: you converting to the Roth 401k at your new employer's

239
00:13:55,559 --> 00:13:58,989
Suze: rather than just a Roth? And here's two things I

240
00:13:58,989 --> 00:14:03,039
Suze: want you to understand. You would be far better off

241
00:14:03,039 --> 00:14:07,979
Suze: right now converting little by little to a Roth IRA.

242
00:14:08,940 --> 00:14:14,580
Suze: Rather than the Roth 401k at your new employer. Number one,

243
00:14:14,940 --> 00:14:18,359
Suze: there are more investment options in a Roth IRA than

244
00:14:18,359 --> 00:14:24,299
Suze: a Roth 401k. A Roth 401k when you absolutely retire

245
00:14:24,299 --> 00:14:27,960
Suze: from there and then take it and do a rollover

246
00:14:27,960 --> 00:14:29,059
Suze: to a Roth IRA.

247
00:14:29,830 --> 00:14:33,460
Suze: The time clock of the Roth 401k does not come

248
00:14:33,460 --> 00:14:36,919
Suze: with you. You start the time clock all over again.

249
00:14:37,000 --> 00:14:40,960
Suze: Remember that five-year rule. If you were to convert right

250
00:14:40,960 --> 00:14:45,320
Suze: now to a Roth IRA, the time clock starts now.

251
00:14:45,679 --> 00:14:49,080
Suze: So later on, when you have your Roth 401k that

252
00:14:49,080 --> 00:14:53,000
Suze: you are continuing to contribute to, and then you transfer

253
00:14:53,000 --> 00:14:57,169
Suze: that to a Roth IRA, you already met the five-year rule,

254
00:14:57,280 --> 00:14:59,010
Suze: most likely at that time.

255
00:14:59,450 --> 00:15:01,889
Suze: So that's what you should be doing.

256
00:15:03,020 --> 00:15:04,710
Suze: Now, the way you would be doing it, do a

257
00:15:04,710 --> 00:15:06,659
Suze: little bit this year. It's almost at the end of

258
00:15:06,659 --> 00:15:10,659
Suze: the year. A little next year. Consult with your CPA

259
00:15:10,659 --> 00:15:14,000
Suze: or tax accountant as to how much you could convert

260
00:15:14,119 --> 00:15:17,700
Suze: every year so that you don't go into a higher

261
00:15:17,710 --> 00:15:19,359
Suze: income tax bracket. All right, KT.

262
00:15:19,859 --> 00:15:21,929
KT: OK, Suze, this next question is...

263
00:15:21,940 --> 00:15:22,580
Suze: Are you having fun?

264
00:15:22,820 --> 00:15:23,119
KT: Yeah

265
00:15:23,219 --> 00:15:23,979
Suze: You don't look like it.

266
00:15:24,500 --> 00:15:28,140
KT: Well, because some of these questions are baffling me, especially

267
00:15:28,140 --> 00:15:28,840
KT: this one.

268
00:15:29,369 --> 00:15:30,780
Suze: This is from, let me just.

269
00:15:31,140 --> 00:15:31,780
Suze: Is this about a

270
00:15:31,780 --> 00:15:35,919
KT: Roth? No, no, no, no, I'm, I like Roth now, everybody,

271
00:15:36,219 --> 00:15:37,000
KT: I changed.

272
00:15:37,289 --> 00:15:38,890
Suze: If we ever get a dog, you know what I'm

273
00:15:38,890 --> 00:15:39,780
Suze: gonna call it? Roth

274
00:15:39,780 --> 00:15:42,950
KT: Roth, but you all like my Roth smoothies.

275
00:15:43,340 --> 00:15:43,659
Suze: They did, didn't they?

276
00:15:43,780 --> 00:15:44,770
KT: My frothy by

277
00:15:44,770 --> 00:15:47,070
Suze: Roth, she has in front of her.

278
00:15:47,820 --> 00:15:49,599
KT: Yeah, I'm drinking it right now. Frothy Rothy.

279
00:15:50,039 --> 00:15:50,200
Suze: I know.

280
00:15:50,280 --> 00:15:53,909
KT: Yep, I made, Oh look, you noticed, they're green.

281
00:15:54,179 --> 00:15:54,780
Suze: Wait a minute.

282
00:15:54,849 --> 00:15:55,719
KT: They're also the color of money.

283
00:15:56,229 --> 00:15:58,479
Suze: As Colo would say: "wait a minute."

284
00:15:59,059 --> 00:16:01,229
Suze: Does that mean you think I don't notice things?

285
00:16:01,340 --> 00:16:01,809
KT: Well, I didn't.

286
00:16:01,859 --> 00:16:03,940
KT: I didn't know if you noticed that one.

287
00:16:04,219 --> 00:16:05,580
Suze: How could I miss it?

288
00:16:06,020 --> 00:16:09,559
KT: Usually I shouldn't have any drinks on the recording table

289
00:16:10,789 --> 00:16:14,140
KT: with the equipment. OK, ready. This is from Bavani. This

290
00:16:14,140 --> 00:16:15,059
KT: is baffling me.

291
00:16:15,140 --> 00:16:15,940
Suze: I love that name.

292
00:16:16,179 --> 00:16:19,380
KT: I do too, but she, she said my husband passed

293
00:16:19,380 --> 00:16:23,539
KT: away 4 years ago. I downsized. Ready for this. This

294
00:16:23,539 --> 00:16:27,280
KT: is why I'm confused. I downsized by selling our home

295
00:16:27,280 --> 00:16:28,280
KT: in the country.

296
00:16:28,880 --> 00:16:33,919
KT: And buying a smaller one in the city. I have

297
00:16:33,919 --> 00:16:38,119
KT: about $30,000 in savings from the sale, and I have

298
00:16:38,119 --> 00:16:42,320
KT: been slowly using it. What can I or should I

299
00:16:42,320 --> 00:16:47,280
KT: do to make the money last? I'm almost 63. I

300
00:16:47,280 --> 00:16:50,599
KT: don't see how I can ever retire since I am

301
00:16:50,599 --> 00:16:52,880
KT: a one income household now.

302
00:16:53,799 --> 00:16:56,479
KT: You know, I'm looking at you confused. It seems like

303
00:16:56,479 --> 00:16:59,799
KT: if you move from the country into the city, your

304
00:16:59,799 --> 00:17:02,500
KT: expenses are gonna be higher in a city environment.

305
00:17:02,849 --> 00:17:05,520
Suze: But maybe she felt better in it that we don't know.

306
00:17:05,800 --> 00:17:10,329
Suze: What I don't know, Bavani, is, does that mean you bought, uh,

307
00:17:10,439 --> 00:17:13,319
Suze: and you, you say that you are buying a smaller

308
00:17:13,319 --> 00:17:16,800
Suze: one in the city. Does that mean that you have

309
00:17:16,800 --> 00:17:18,239
Suze: a mortgage on it?

310
00:17:18,859 --> 00:17:22,780
Suze: Or do you own it outright from the proceeds of

311
00:17:22,780 --> 00:17:26,069
Suze: the house that you had in the country? I don't

312
00:17:26,069 --> 00:17:30,659
Suze: know that. So this isn't a financial question, even though

313
00:17:30,660 --> 00:17:35,458
Suze: you may think it is. This is a question about

314
00:17:35,459 --> 00:17:39,179
Suze: you feeling at the age of 63 that there's no

315
00:17:39,180 --> 00:17:43,699
Suze: way you can ever retire and as long as you

316
00:17:43,699 --> 00:17:45,239
Suze: continue to think that way.

317
00:17:45,979 --> 00:17:49,180
Suze: That will be true. You have to remember that your

318
00:17:49,180 --> 00:17:51,859
Suze: words and your thoughts are more powerful than you have

319
00:17:51,859 --> 00:17:52,920
Suze: any idea.

320
00:17:53,880 --> 00:17:56,959
Suze: That if you think you can't, you never ever will.

321
00:17:57,579 --> 00:18:00,760
Suze: You have to say I will. You have to say

322
00:18:00,859 --> 00:18:03,780
Suze: I can. You have to say I want to. You

323
00:18:03,780 --> 00:18:06,060
Suze: have to see it. You have to envision it, and

324
00:18:06,060 --> 00:18:11,849
Suze: you have to go for it. Just that simple. There's

325
00:18:11,849 --> 00:18:16,060
Suze: always something you can do. There's a lot of elderly

326
00:18:16,060 --> 00:18:17,839
Suze: people seriously in a city.

327
00:18:18,479 --> 00:18:21,728
Suze: That need help, that can't take care of themselves anymore,

328
00:18:21,930 --> 00:18:24,800
Suze: that need help with somebody taking care of them, you,

329
00:18:24,810 --> 00:18:28,339
Suze: you'd be amazed at how many things you can do,

330
00:18:28,650 --> 00:18:31,810
Suze: but you have to think it, you have to say it,

331
00:18:31,969 --> 00:18:34,208
Suze: and then you have to do it. All right.

332
00:18:34,209 --> 00:18:37,129
KT: Hi, Suze and KT. I know you have given

333
00:18:37,400 --> 00:18:41,109
KT: us a ton of information on Roth's, but I'm hoping

334
00:18:41,109 --> 00:18:44,089
KT: you can answer one more question, please.

335
00:18:44,709 --> 00:18:46,219
Suze: Pop quizzy pop quizzy.

336
00:18:46,430 --> 00:18:46,630
KT: Oh wait.

337
00:18:46,869 --> 00:18:48,300
Suze: I don't even know it, but pop quizzy.

338
00:18:48,349 --> 00:18:51,719
KT: I have a tax deferred account from a previous employer,

339
00:18:51,910 --> 00:18:54,989
KT: and I want to gradually move the money into my

340
00:18:54,989 --> 00:18:55,948
KT: existing Roth.

341
00:18:56,420 --> 00:19:00,619
KT: Do you recommend having taxes withheld when you make a

342
00:19:00,619 --> 00:19:05,469
KT: conversion or waiting until you file taxes to pay?

343
00:19:05,780 --> 00:19:07,579
Suze: Pop quizzy, pop quizzy.

344
00:19:08,250 --> 00:19:09,069
KT: Well,

345
00:19:10,410 --> 00:19:11,709
KT: OK, hold on, everybody

346
00:19:12,010 --> 00:19:13,729
Suze: I love this so much You have no idea, everybody.

347
00:19:13,890 --> 00:19:18,530
KT: Do you recommend having taxes withheld when you make a

348
00:19:18,530 --> 00:19:23,829
KT: conversion or wait until you file taxes to pay?

349
00:19:24,089 --> 00:19:26,969
Suze: Remember, now, let me be clear for you, KT, you're

350
00:19:26,969 --> 00:19:30,930
Suze: taking money out of a pre-tax account. They are going

351
00:19:30,930 --> 00:19:31,770
Suze: to ask.

352
00:19:32,300 --> 00:19:35,079
Suze: Because taxes are going to be owed on that money,

353
00:19:35,420 --> 00:19:39,380
Suze: do you want them to withhold the taxes? There's a 20%

354
00:19:39,380 --> 00:19:43,380
Suze: withholding tax normally. Do you want them to withhold it?

355
00:19:44,229 --> 00:19:48,719
Suze: Or do you not and wait until next year to

356
00:19:48,719 --> 00:19:49,899
Suze: pay taxes on it.

357
00:19:51,589 --> 00:19:54,099
KT: I would probably wait so you can earn more interest

358
00:19:54,099 --> 00:19:54,979
KT: on that money.

359
00:19:55,349 --> 00:19:56,020
Suze: You sure?

360
00:19:56,430 --> 00:19:56,790
KT: No.

361
00:19:57,339 --> 00:19:57,540
Suze: Come on.

362
00:19:58,050 --> 00:19:58,469
KT: I'm not sure.

363
00:19:58,469 --> 00:20:03,139
Suze: This is like a multiple choice question. First answer is

364
00:20:03,140 --> 00:20:04,420
Suze: usually correct. You wanna keep it?

365
00:20:04,500 --> 00:20:05,310
KT: Yeah, keep it.

366
00:20:05,599 --> 00:20:07,150
Suze: Ding ding ding right?

367
00:20:07,569 --> 00:20:07,969
KT: Wouldn't you wanna wait?

368
00:20:08,949 --> 00:20:12,530
Suze: So everybody, here's what you need to be careful of here.

369
00:20:12,920 --> 00:20:15,910
Suze: I don't know exactly, Karen, how old you are.

370
00:20:16,520 --> 00:20:21,770
Suze: But if in fact you had them withhold taxes for you,

371
00:20:22,050 --> 00:20:26,189
Suze: let's say you have $10,000 in there, let's say that's true,

372
00:20:26,810 --> 00:20:30,569
Suze: and now you want to convert to a Roth, and

373
00:20:30,569 --> 00:20:32,810
Suze: they're asking you on a piece of paper you're gonna

374
00:20:32,810 --> 00:20:37,010
Suze: have to fill out, should you withhold taxes, and you

375
00:20:37,010 --> 00:20:37,869
Suze: say yes.

376
00:20:38,459 --> 00:20:44,060
Suze: They will withhold 20% or $2,000 in this case. 20%

377
00:20:44,060 --> 00:20:51,219
Suze: KT of $10,000 is $2,000. Now you will have $8,000

378
00:20:51,219 --> 00:20:52,939
Suze: that you are converting.

379
00:20:53,810 --> 00:20:59,930
Suze: However, you have $2,000 that needed to be converted or

380
00:20:59,930 --> 00:21:03,649
Suze: you're gonna owe ordinary income taxes on it that year, OK.

381
00:21:04,380 --> 00:21:08,939
Suze: But if you're not 59 and a half years of age at the

382
00:21:08,939 --> 00:21:12,500
Suze: time you're doing this, then you're gonna owe a 10%

383
00:21:12,500 --> 00:21:16,770
Suze: penalty on that money. So you absolutely never want to

384
00:21:16,770 --> 00:21:21,540
Suze: withhold taxes when you are converting. You want it all

385
00:21:21,550 --> 00:21:26,540
Suze: to convert custodian to custodian, just that simple, OK.

386
00:21:27,680 --> 00:21:28,708
KT: That's what I thought.

387
00:21:28,810 --> 00:21:31,270
Suze: I think I answered her too. I'm not sure.

388
00:21:31,770 --> 00:21:35,489
KT: Hi KT and Suze, this is from Andrew. I'm starting

389
00:21:35,489 --> 00:21:39,170
KT: a new job with the Florida Department of Transportation. I

390
00:21:39,170 --> 00:21:45,000
KT: have a question about the deferred compensation, a 457B plan.

391
00:21:45,400 --> 00:21:46,880
KT: The state requires...

392
00:21:47,560 --> 00:21:47,825
Suze: Do you know what that is?

393
00:21:47,825 --> 00:21:51,359
KT: No, no, you have to tell us. The state requires

394
00:21:51,359 --> 00:21:55,159
KT: a 3% pension contribution from my salary and offers a

395
00:21:55,160 --> 00:22:01,208
KT: traditional 457B, no Roth option. Suze, would it be better

396
00:22:01,209 --> 00:22:05,640
KT: for long-term growth and tax efficiency to invest in a

397
00:22:05,640 --> 00:22:11,439
KT: taxable brokerage account instead of the traditional 457B?

398
00:22:12,380 --> 00:22:15,979
KT: And then he's 27 years old. Ready for this. I

399
00:22:15,979 --> 00:22:19,579
KT: max out my Roth IRA. I have an emergency fund

400
00:22:19,819 --> 00:22:23,979
KT: and will earn a little over $100,000 this year.

401
00:22:24,130 --> 00:22:25,170
Suze: All right, what's his name?

402
00:22:25,500 --> 00:22:26,260
KT: Andrew.

403
00:22:26,459 --> 00:22:30,380
Suze: Andrew, listen to me, boyfriend.

404
00:22:30,859 --> 00:22:35,920
Suze: Unlike other retirement plans, and everybody, a 457B is just

405
00:22:35,920 --> 00:22:42,199
Suze: a deferred compensation plan that many companies, corporations, and so

406
00:22:42,199 --> 00:22:47,560
Suze: forth offer. Think of the words deferred compensation. They are

407
00:22:47,560 --> 00:22:52,130
Suze: deferring the compensation that they pay you. You get to

408
00:22:52,130 --> 00:22:55,079
Suze: choose how much up to the maximum limit.

409
00:22:55,339 --> 00:22:58,819
Suze: But you get to choose what that amount is. It

410
00:22:58,819 --> 00:23:03,079
Suze: goes into this account, and when it goes into this account,

411
00:23:03,420 --> 00:23:06,419
Suze: you don't pay taxes on it because it's not part

412
00:23:06,420 --> 00:23:11,280
Suze: of your taxable compensation. But here's how it differs, everybody,

413
00:23:11,619 --> 00:23:15,899
Suze: from a 401k or a 403B, which is this a

414
00:23:15,900 --> 00:23:21,369
Suze: 457B has no 10% penalties on withdrawals if you leave

415
00:23:21,369 --> 00:23:22,119
Suze: your job.

416
00:23:22,790 --> 00:23:26,040
Suze: And no matter how old you are, you leave at 35,

417
00:23:26,119 --> 00:23:29,680
Suze: you can withdraw the money penalty free, 45, 50, no penalties,

418
00:23:29,800 --> 00:23:34,910
Suze: number one. And when you do withdraw, you simply pay

419
00:23:34,910 --> 00:23:39,839
Suze: ordinary income tax on it, so it has the flexibility

420
00:23:39,839 --> 00:23:43,410
Suze: that you want to be able to get at that money.

421
00:23:43,479 --> 00:23:46,639
Suze: So believe it or not, a 457B is one of

422
00:23:46,640 --> 00:23:52,020
Suze: the most powerful retirement plans out there. Wanna know why?

423
00:23:53,180 --> 00:23:54,099
KT: No penalty.

424
00:23:54,260 --> 00:24:00,859
Suze: No, because he says here that he makes $100,000 a year,

425
00:24:00,939 --> 00:24:03,520
Suze: da da da da. So he's in about the 24%

426
00:24:03,900 --> 00:24:08,060
Suze: income tax bracket. He's putting that money in whatever he's

427
00:24:08,060 --> 00:24:08,729
Suze: putting in.

428
00:24:09,290 --> 00:24:12,728
Suze: Not paying 24% on it. So that's like he is

429
00:24:12,729 --> 00:24:17,839
Suze: making 24% on that money a year. He's compounding it.

430
00:24:18,319 --> 00:24:21,890
Suze: His dividends, everything he's investing in. If he put it

431
00:24:21,890 --> 00:24:25,770
Suze: in a regular investment account, he would have had to

432
00:24:25,770 --> 00:24:30,209
Suze: pay 24% tax on it. His dividends, his earnings, everything

433
00:24:30,209 --> 00:24:34,510
Suze: would be taxable. No, Andrew, go 457 all the way.

434
00:24:34,530 --> 00:24:35,229
Suze: Next KT.

435
00:24:35,349 --> 00:24:38,849
KT: That's great, Suze. Next is another man, Tristan.

436
00:24:39,359 --> 00:24:42,599
KT: He said he's a millennial man smart enough to listen

437
00:24:42,599 --> 00:24:47,800
KT: to your podcast every weekend, and Tristan said, Suze, I'm

438
00:24:47,800 --> 00:24:53,770
KT: a fan of SPYM over Vo and definitely over Spy SPY.

439
00:24:54,479 --> 00:24:56,599
KT: I just want to point this out to you so

440
00:24:56,599 --> 00:25:00,520
KT: you could advise your listeners. Thank you and KT for

441
00:25:00,520 --> 00:25:04,079
KT: all you do, inspiring the younger generation like us to

442
00:25:04,079 --> 00:25:06,680
KT: be brave in this world of finance.

443
00:25:07,130 --> 00:25:10,290
KT: Every night I fire up your podcast while I'm having

444
00:25:10,290 --> 00:25:13,560
KT: dinner as if I have you and KT sitting at

445
00:25:13,560 --> 00:25:18,849
KT: my table exchanging friendly banters and lifelong wisdoms just like

446
00:25:18,849 --> 00:25:20,479
KT: my own aunties.

447
00:25:21,089 --> 00:25:21,869
KT: That's sweet.

448
00:25:22,010 --> 00:25:26,089
Suze: KT, the reason Tristan's writing that seriously, and I wrote

449
00:25:26,089 --> 00:25:28,729
Suze: him back a little bit, is that on one of

450
00:25:28,729 --> 00:25:30,979
Suze: the podcasts not so long ago.

451
00:25:31,890 --> 00:25:35,969
Suze: I had recommended to all of you an ETF with

452
00:25:35,969 --> 00:25:41,569
Suze: the symbol SPLG, which is a 500 index ETF, and

453
00:25:41,569 --> 00:25:46,688
Suze: I did that because the expense ratio was at 0.02%,

454
00:25:46,969 --> 00:25:52,170
Suze: which was better than VOO. Then they changed it to

455
00:25:52,170 --> 00:25:55,969
Suze: be the symbol SPYM, and when they changed that,

456
00:25:56,310 --> 00:26:00,739
Suze: I got hundreds of emails saying, Suze, what is this?

457
00:26:00,790 --> 00:26:03,630
Suze: I can't get information on it. What's going on? I

458
00:26:03,630 --> 00:26:07,469
Suze: looked it up, and the expense ratio is 0.09%. What

459
00:26:07,469 --> 00:26:10,579
Suze: should I do? I looked it up immediately because I

460
00:26:10,579 --> 00:26:14,329
Suze: was in it as well, and when they first posted it,

461
00:26:14,750 --> 00:26:19,040
Suze: they posted it at a 0.09% expense ratio.

462
00:26:20,199 --> 00:26:23,810
Suze: And therefore I recommended to all of you get out

463
00:26:23,810 --> 00:26:28,010
Suze: of it and go to VOO, which is at a 0.03%

464
00:26:28,010 --> 00:26:35,589
Suze: expense ratio. However, right after that, right around there, it changed.

465
00:26:35,969 --> 00:26:40,089
Suze: I never bothered to look again, and they corrected it

466
00:26:40,089 --> 00:26:46,849
Suze: to be back at 0.02% expense ratio, which is actually

467
00:26:46,849 --> 00:26:49,800
Suze: better than VOO, which again

468
00:26:49,979 --> 00:26:55,920
Suze: is at 0.03%. So Tristan wanted me to make sure

469
00:26:56,140 --> 00:26:57,900
Suze: that all of you knew that.

470
00:26:58,630 --> 00:27:01,800
Suze: And so my utmost apologies to everybody. We did cut

471
00:27:01,800 --> 00:27:06,400
Suze: that part from the podcast right afterwards, as soon as

472
00:27:06,400 --> 00:27:10,270
Suze: I found it out. So that's the scoop what to do,

473
00:27:10,319 --> 00:27:11,669
Suze: and that's how that happened.

474
00:27:12,040 --> 00:27:12,560
KT: All right.

475
00:27:12,780 --> 00:27:13,708
Suze: Thanks, Tristan.

476
00:27:13,819 --> 00:27:16,629
KT: Thank you, Tristan. We will be your aunties anytime.

477
00:27:16,640 --> 00:27:16,660
Suze: All right.

478
00:27:17,760 --> 00:27:21,359
KT: All right. OK. So Susie, final question. You ready?

479
00:27:21,599 --> 00:27:21,899
Suze: No.

480
00:27:23,900 --> 00:27:26,938
KT: It starts with, I have two short questions, hopefully, but

481
00:27:26,939 --> 00:27:29,859
KT: I'm only gonna read one. My wife and I both

482
00:27:29,859 --> 00:27:35,619
KT: started a contributory Roth mid 2025. We plan on contributing

483
00:27:35,619 --> 00:27:39,938
KT: the maximum going forward. We want to convert our rollover

484
00:27:39,939 --> 00:27:45,099
KT: IRAs and SEP IRA to Roth's over the next few years.

485
00:27:45,699 --> 00:27:48,989
KT: Do we need to open a separate Roth IRA for

486
00:27:48,989 --> 00:27:54,109
KT: the conversion, or can we convert into the current Roth IRA?

487
00:27:54,270 --> 00:27:55,188
Suze: Pop quizzy again.

488
00:27:55,510 --> 00:27:58,910
KT: Do we need to open a separate Roth IRA for

489
00:27:58,910 --> 00:28:02,430
KT: the conversion, or can we convert into the current? Yeah,

490
00:28:02,510 --> 00:28:04,510
KT: I think you can convert into the current.

491
00:28:05,560 --> 00:28:07,319
Suze: You did. You're doing so good.

492
00:28:08,040 --> 00:28:10,500
KT: I'm telling you, I'm reading up on Roth. Is that correct?

493
00:28:10,599 --> 00:28:13,520
Suze: That's correct. And you just handed me this, and he

494
00:28:13,520 --> 00:28:18,959
Suze: says on here, 5-year clock starts on all Roth's 1/1/25.

495
00:28:19,040 --> 00:28:23,239
Suze: That's true, but conversion funds have separate 5-year clocks for

496
00:28:23,239 --> 00:28:27,130
Suze: each conversion. Is that true or false, KT?

497
00:28:27,359 --> 00:28:28,239
KT: Oh, I don't know.

498
00:28:28,560 --> 00:28:30,430
Suze: Oh yes, you do.

499
00:28:30,719 --> 00:28:32,020
KT: I think, yes.

500
00:28:33,540 --> 00:28:37,189
Suze: You sound so convincing. Can you imagine going to a

501
00:28:37,189 --> 00:28:41,250
Suze: financial advisor, listen to this, everybody, and go, do, do, do,

502
00:28:41,420 --> 00:28:45,819
Suze: do Roth conversions have their own separate conversion and time clock?

503
00:28:45,869 --> 00:28:47,540
Suze: And they go, I think yes.

504
00:28:48,530 --> 00:28:50,660
Suze: Try it like you know it. Like you're...

505
00:28:50,660 --> 00:28:51,449
KT: Absolutely!

506
00:28:52,180 --> 00:28:57,400
Suze: That's my girl, and she's absolutely correct. KT. Before we end,

507
00:28:57,500 --> 00:28:58,979
Suze: I just have to ask you something.

508
00:28:59,760 --> 00:29:03,069
Suze: Do you have any idea how many emails I got

509
00:29:04,109 --> 00:29:05,849
Suze: saying how much they loved...

510
00:29:06,729 --> 00:29:10,969
Suze: How vulnerable you are and when you cry and everything,

511
00:29:11,020 --> 00:29:16,400
Suze: they love that they love your sweetness, they love your vulnerability,

512
00:29:16,619 --> 00:29:18,000
Suze: they love your honesty.

513
00:29:19,150 --> 00:29:20,229
Suze: Fabulous.

514
00:29:20,550 --> 00:29:23,630
KT: But I feel great today, so ready for this? All

515
00:29:23,630 --> 00:29:26,430
KT: you have to do is remember this people first, then money,

516
00:29:26,550 --> 00:29:29,479
KT: then things, and you stay safe.

517
00:29:29,670 --> 00:29:32,130
Suze: See you soon, everybody. Bye-bye.