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Music: Music (in).

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Suze: This is gonna be an interesting one. Everybody. June 15, 2023.

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Suze: Welcome everybody to the Women and Money podcast.

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KT: You know what today is?

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Suze: Yes, it's June 15.

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KT: But what's what's significant about the day my mommy's birthday, Mama T.

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KT: my mom's birthday and all the years I lived in

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KT: Hong Kong on June 15th was also the Dragon Boat

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KT: Festival and I used to love that. It was the

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KT: same day as my mom's birthday now. Happy birthday mama.

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Suze: But, but should we finish telling everybody where we are,

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Suze: what we're doing?

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KT: Yeah, we're, we're on the Women and Money podcast. You

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KT: should all know it by now. This is like episode 6000, right?

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Suze: But it's 400 something. Anyway,

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Suze: welcome everybody to the Ask KT and Suze edition, right? We're

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Suze: a little talkative this morning. What do you want to

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Suze: tell everybody? Come on.

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KT: Ok. So I have to share a story with you.

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KT: But first of all. If you have a question for

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KT: me about Suze, this is your big chance

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KT: because I think I should open it up and answer

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KT: anything you want to know about Suze Orman because there's

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KT: things about Suze that no one knows except me and

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KT: I'm just gonna share a little sample with you right now. Alright.

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KT: Ready

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KT: On June 10th. Today's the 15th and it's still on

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KT: my mind I don't know what to do with this.

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KT: I think if I sold it on ebay, I could

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KT: get a lot of money. On June 10th. Suze decided

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KT: to record something very, very personal significant and extremely important

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KT: to her. And she said to me it was in

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KT: the morning and she said, KT this is really, really

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KT: necessary and I said, she said I have something to

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KT: tell you

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KT: and I want you to absolutely follow these instructions. And

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KT: I said, wait a minute, we have to immortalize this, Suze.

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KT: Let me get my word just recently anyway. So I,

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KT: I took my phone out, put it on video and

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KT: I have a recording of this. Everyone. I'm not sure

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KT: what to do with it, but Suze forbid me absolutely

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KT: forbid me to make her or serve her any more popcorn,

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KT: Popcorn is what she eats when she watches her NBA finals.

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KT: And she said to me that she gained 10lbs. and

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KT: I said there's only been like, how many games of

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KT: these finals? Anyway, she was absolutely strict adamant and very serious.

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KT: And we recorded this. For those of you interested in

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KT: sharing it on the wall, which is where,

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KT: where everyone goes to see important information.

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Suze: Ok KT, we are not.

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KT: All right. All right. Let's start this. So no more

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KT: popcorn for Suze Orman. Her favorite snack by the way.

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KT: But we make it, we don't buy popcorn because it

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KT: has too much salt. So I make it the old fashioned way.

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KT: Healthy popcorn, the old fashioned one.

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Suze: Even though I know we are so off topic here

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Suze: right now. But the truth is she doesn't, but she

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Suze: doesn't understand how I even like popcorn because I won't

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Suze: put butter, real butter on it and I won't put

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Suze: salt on it.

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KT: She has olive oil butter, which is healthy until she

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KT: says there's not enough butter on it KT. All right, let's go. First.

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KT: First reading is from Lloyd and it's really, really a

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KT: long one, but I think one of this will be

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KT: one of Suze's favorite questions. I know just like I

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KT: know about popcorn. Ok. Ready? Hi, KT and Suze. Stop laughing. Hi,

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KT: KT and Suze. Thanks for all the helpful guidance that

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KT: you provide so many. I have a question regarding what

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KT: to do with a life insurance policy.

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KT: Ready? (Laughter)

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KT: You all know about Suze with her life in 1999

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KT: Lloyd purchased a universal variable life insurance policy with a

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KT: death benefit way with a death benefit of $350,000 and

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KT: an annual premium of 4600. At the time the policy

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KT: was purchased, he was 56 years old and he owned

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KT: a small business. Then he said

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KT: my wife and I both retired a few years ago

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KT: and we have investments of approximately 2.1 million plus our home.

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KT: We have no debt and we receive about 45,000 each

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KT: year from my wife's pension.

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Suze: Good for you...

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KT: and social security. My wife and I are now 80.

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KT: We are in decent health for our age. Our financial

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KT: advisor who did not sell us this policy

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KT: has informed us that the cost of insurance is starting

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KT: to eat into the policy's cash value.

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KT: The policy's cash value will be fully depleted in two years.

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KT: At that time, we would have to pay an estimated

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KT: 15,000 each year to maintain the policy. If we cash

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KT: out the policy now, we'll receive a check ready, Suze?

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KT: $31,000 or

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KT: we can contribute an additional 100,000 into the policy now.

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KT: Oh my God. Which should generate enough investment yield to

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KT: carry the policy another 15 years

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KT: and allow the 350,000 death benefit to still be paid. Ok. Ready,

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KT: ready for this everybody? From 1999 they had an annual

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KT: premium of 4600 right ready and now they want them

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KT: to pay either another 15,000 year or 100,000 which should

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KT: generate and carry them for 15 years. They're 80 years old.

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KT: They're both in great health. So

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KT: this is crazy, Suze. I, I can't understand. I mean,

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KT: is this what they're all like these people all like this?

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KT: But listen, everybody, can you imagine buying this in 1999? And,

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KT: and you're just told now the cash value is depleted

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KT: or will be?

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Suze: And so does he have a question?

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KT: So he said, I realized that life insurance should not

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KT: be treated as an investment, but we paid 110,000 in

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KT: premiums on this policy. I have a hard time getting

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KT: a check back for only 31,000 if we cash it

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KT: out now.

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KT: That's crazy. Everybody now

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Suze: I love that you chose this KT right? Because everybody

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Suze: have I not been sane forever and a day. Do not.

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Suze: And I repeat, do not buy a universal, a whole

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Suze: life or a variable life insurance policy. Do not do it,

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Suze: do not do it, do not do it. In the

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Suze: majority of cases.

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Suze: The only type of life insurance that I like is

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Suze: term insurance, which is good for a specific period of time.

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Suze: But to this day

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Suze: after I have been saying this for so many years,

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Suze: we've been reading emails like this for so many years.

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Suze: So many of you still write in and say, I

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Suze: think I need to buy a whole life insurance policy.

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Suze: I need to buy a variable life insurance policy or

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Suze: a universal life insurance policy and this is what happens.

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Suze: So Lloyd, you need to listen to me, ok?

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Suze: I know it's gonna kill you that you put in

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Suze: $110,000 over the past 24 years.

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Suze: But you should be happy that you're getting back at

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Suze: least $35,000. Let me just tell you something, ok?

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Suze: if you had taken that $4600 a year

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Suze: and invested it in the stock market in like an

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Suze: index fund and over the past 24 years,

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Suze: the index fund now has averaged about a 6.95% annual

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Suze: average rate of return. Ok.

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Suze: So that's what you would have made on your money.

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Suze: Do you know today you would have $284,000 not the

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Suze: $35,000 that the universal life policy is going to give

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Suze: you back.

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KT: 31

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Suze: I thought you said 35... oh 31. Oh God. All right.

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Suze: It is worse. So

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Suze: the question becomes at 30 if you're only gonna get

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Suze: $31,000 back,

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Suze: that's like a $255,000 difference from what you could have had.

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Suze: Where did that money go Lloyd? You have to ask yourself,

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Suze: where did it go? It went for commissions to the

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Suze: agent that sold it to you. It went to the

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Suze: company

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Suze: and they've made far more than that. All of you

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Suze: need to understand. Nobody's going to pay you $350,000 as

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Suze: a death benefit,

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Suze: if they haven't made at least 300 - $400,000 above that.

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Suze: And maybe more. Right. With term insurance, the insurance company

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Suze: doesn't expect to pay you because very few people die

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Suze: with a term insurance policy. It's just good for the

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Suze: term that you don't have any money in case something

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Suze: were to happen to you. Right? So you need to

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Suze: listen to me.

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Suze: I really, really want you to call it quits here.

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Suze: Stop doing something that never made sense. It's never going

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Suze: to make sense. So stop it. So if you just

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Suze: simply take that $31,000

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Suze: and you take it and let's just say you do

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Suze: put it in the stock market right now, which isn't

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Suze: a bad thing to do if you really want to

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Suze: know the truth and you added the $4600 more a

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Suze: year that you were paying. Forget the 15,000 they want,

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Suze: but you add the $4600 more in 10 years, you

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Suze: would have close to $130,000.

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Suze: So you could start to recoup this money, believe it

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Suze: or not. Why are you looking at me like that KT?

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KT: Because I'm just thinking that Lloyd put in already. They're

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KT: 80 years old. He put in 1999. He buys this,

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KT: they're 80 years old. Now they put in

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KT: 110,000. Now he's saying we can keep this going at

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KT: 15,000 year. Let's say he wants to keep it going

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KT: till they're 90 just in case. So that's another 110

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KT: plus 150 and 260,000 on a 350. It's not only that,

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KT: it makes no sense.

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KT: It's, it's just really, it's wrong, wrong, wrong.

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Suze: So let's right this wrong by you saying I'm stopping this.

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Suze: I'm not gonna do anything else. I'm not gonna pass

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Suze: it down to my kids and let them do this.

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Suze: You bite the bullet right now.

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Suze: As long as you know that you're in decent health,

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Suze: which you say you are in this email, cash it out,

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Suze: take that $35,000 invest it. If you want to add

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Suze: more money to it every year you can and really,

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Suze: in 10 or 15 years, you'll really have a whole

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Suze: lot more money. Seriously, don't you dare put one more

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Suze: penny in this losing proposition.

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Suze: Oh, and everybody listening to this right now, can you

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Suze: learn from Lloyd's seriously costly mistake? Go on KT.

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KT: Alright, next one is from Deborah. Hello, Suze. I decided to retire

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KT: early 10 years ago because I felt burnt out.

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KT: I was making $80,000 and I had a pension worth

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KT: 600,000 which I bought an annuity with. It's been 10

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KT: years and I've spent 300,000. I've currently gone back to

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KT: work making 85,000.

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KT: So, Suze, besides calling me stupid, what should I do

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KT: with the cash value of 300,000 left in my annuity?

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KT: Should I take it out of my annuity or move

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KT: it into a traditional market account with a firm like fidelity.

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Suze: Here's the problem, Deborah,

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Suze: it's not what you did with the money.

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Suze: It's that you retired

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Suze: too soon. You retired, not knowing that you were going

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Suze: to have to start taking money out to the tune

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Suze: of $30,000 a year from this annuity just for you

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Suze: to be able to live. So now you've had to

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Suze: go back to work making $85,000 a year.

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Suze: You know, KT didn't quite read all of this email

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Suze: because it's a little bit long, but she handed it

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Suze: to me and it says that you're 64 years old,

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Suze: you're healthy and you plan to retire in six years

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Suze: at 70.

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Suze: Here's the problem. You have to know that you're gonna

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Suze: retire not because of your age anymore. You're gonna retire

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Suze: because you have made and saved enough money to be

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Suze: able to afford to retire. So it's not, should you

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Suze: take out this $300,000 that's left in your annuity because

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Suze: I don't know what your annuity is invested in.

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Suze: Do you have a guaranteed interest rate on that annuity?

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Suze: That's a high interest rate and maybe you would be

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Suze: better off just leaving it there because it's safe and sound.

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00:15:23,989 --> 00:15:27,690
Suze: So I don't quite have enough information here, but I'm

230
00:15:27,700 --> 00:15:30,590
Suze: not as concerned with what are you gonna do with

231
00:15:30,599 --> 00:15:35,979
Suze: the $300,000 annuity? Because even if you did really great

232
00:15:35,989 --> 00:15:40,289
Suze: with it over the next 10 years, it's not gonna

233
00:15:40,299 --> 00:15:44,479
Suze: be worth $600,000 girlfriend. It's not gonna double necessarily in

234
00:15:44,489 --> 00:15:50,659
Suze: 10 years. And so the 600,000 wasn't enough. Then,

235
00:15:51,500 --> 00:15:55,590
Suze: how much do you need to continue to live? So

236
00:15:55,599 --> 00:16:00,590
Suze: that's what you really need to figure out. More important

237
00:16:00,599 --> 00:16:03,880
Suze: than what you're gonna do with this money. I would

238
00:16:03,890 --> 00:16:07,270
Suze: be telling you it's how are you going to cut

239
00:16:07,280 --> 00:16:13,369
Suze: your expenses dramatically so that you don't need as much

240
00:16:13,380 --> 00:16:17,440
Suze: money from your money as you have over the past

241
00:16:17,450 --> 00:16:18,690
Suze: 10 years.

242
00:16:19,070 --> 00:16:24,510
Suze: Because this is where we have the problem. So more

243
00:16:24,520 --> 00:16:29,830
Suze: than getting the most and depending totally on your cash.

244
00:16:29,840 --> 00:16:33,919
Suze: I want you to depend on yourself. Continue to work

245
00:16:33,929 --> 00:16:38,320
Suze: until you really can afford to retire and decrease your

246
00:16:38,330 --> 00:16:41,450
Suze: expenses as much as possible. Next KT.

247
00:16:41,849 --> 00:16:44,479
KT: Ok, Suzie, next question is from Rita.

248
00:16:44,890 --> 00:16:48,320
KT: I recently just paid my house off and I want

249
00:16:48,330 --> 00:16:52,849
KT: to leave it to my only child. I'm also single, Suze.

250
00:16:52,919 --> 00:16:57,419
KT: I've heard different things concerning my home. Transfer on death,

251
00:16:57,429 --> 00:17:00,479
KT: a will, a living trust. I don't have much. But

252
00:17:00,489 --> 00:17:04,150
KT: what I have, I want to leave to my only son.

253
00:17:04,530 --> 00:17:08,359
KT: Any advice you can give will be greatly appreciated. Rita.

254
00:17:08,410 --> 00:17:12,669
Suze: So Rita, as you know, hopefully, as well as everybody

255
00:17:12,680 --> 00:17:14,079
Suze: probably does

256
00:17:14,390 --> 00:17:19,040
Suze: the best way to own, especially a piece of real

257
00:17:19,050 --> 00:17:24,109
Suze: estate is in a living revocable trust so that it

258
00:17:24,119 --> 00:17:27,739
Suze: protects you while you're alive, you can use that money

259
00:17:27,750 --> 00:17:31,589
Suze: any way that you want for your own benefit and

260
00:17:31,900 --> 00:17:35,300
Suze: when you do die, then it will go to your

261
00:17:35,310 --> 00:17:39,900
Suze: son without probate in the best way possible. All right, KT.

262
00:17:39,910 --> 00:17:41,939
KT: Ok, Suze, next questions from Kathy.

263
00:17:42,949 --> 00:17:46,500
KT: Hi, Suze and KT, I am divorced. I was married

264
00:17:46,510 --> 00:17:53,089
KT: 16 years. My ex-husband is retired and collecting social security benefits.

265
00:17:53,280 --> 00:17:57,359
KT: when I retire at my full retirement age of 67,

266
00:17:57,699 --> 00:18:01,189
KT: and because I never remarried, will I get my full

267
00:18:01,199 --> 00:18:07,010
KT: retirement amount and 50% of his or will I get

268
00:18:07,020 --> 00:18:08,829
KT: whoever is higher?

269
00:18:08,839 --> 00:18:12,170
Suze: Now, you have to be very careful here and really

270
00:18:12,180 --> 00:18:14,569
Suze: understand this. All right,

271
00:18:15,560 --> 00:18:19,839
Suze: you are going to retire at your full retirement age

272
00:18:19,849 --> 00:18:21,159
Suze: of 67

273
00:18:22,380 --> 00:18:29,530
Suze: Whatever is higher, whether his is higher or yours is higher,

274
00:18:29,650 --> 00:18:33,640
Suze: you will get the higher of the two immediately. It

275
00:18:33,650 --> 00:18:38,349
Suze: does not matter if he has even started to collect

276
00:18:38,479 --> 00:18:43,280
Suze: his social security or not. It will be based on

277
00:18:43,380 --> 00:18:47,530
Suze: his full social security that he's due at the age

278
00:18:47,540 --> 00:18:48,849
Suze: of 67

279
00:18:49,050 --> 00:18:52,900
Suze: or whatever his full retirement age happens to be. So,

280
00:18:52,910 --> 00:18:56,739
Suze: whatever his primary insurance amount will be at his full

281
00:18:56,750 --> 00:19:01,540
Suze: retirement age, you will be entitled to either 50% of

282
00:19:01,550 --> 00:19:07,939
Suze: that or 100% of yours, whichever one is higher. You

283
00:19:07,949 --> 00:19:10,550
Suze: do not get both. All right.

284
00:19:10,910 --> 00:19:12,959
KT: So this is from Karen.

285
00:19:13,219 --> 00:19:16,520
KT: Hi, Miss Orman. Can you please share with me the

286
00:19:16,530 --> 00:19:21,719
KT: best materials, ready? Books, et cetera to learn how to

287
00:19:21,729 --> 00:19:25,859
KT: invest my money? I normally would not approach a person

288
00:19:25,869 --> 00:19:27,229
KT: of your status.

289
00:19:28,060 --> 00:19:28,849
Suze: Why is that?

290
00:19:28,859 --> 00:19:30,290
KT: She doesn't know about popcorn?

291
00:19:30,300 --> 00:19:32,619
Suze: I was just gonna say, I don't think my status

292
00:19:32,630 --> 00:19:33,409
Suze: is very high.

293
00:19:33,420 --> 00:19:37,569
KT: We're  getting older is making me brave. I love this one.

294
00:19:37,859 --> 00:19:41,909
KT: I would appreciate any information that you can share. I'm

295
00:19:41,920 --> 00:19:46,640
KT: 59 years young and making investments through work, but I

296
00:19:46,650 --> 00:19:49,829
KT: would like to learn more to make decisions on what

297
00:19:49,839 --> 00:19:53,949
KT: is best. Thank you for your time, Miss Orman, Karen.

298
00:19:53,959 --> 00:19:55,050
Suze: Can I tell you something KT?

299
00:19:55,060 --> 00:19:56,699
KT: I want to send her a book.

300
00:19:56,880 --> 00:19:59,609
Suze: Let me see. Let me see if her email address

301
00:19:59,619 --> 00:20:00,550
Suze: is on there.

302
00:20:00,640 --> 00:20:03,430
KT: Send her the retirement 50 plus book...

303
00:20:06,566 --> 00:20:10,656
Suze: Ok, so Karen, your email address  is on here. So we will send you a copy

304
00:20:10,666 --> 00:20:14,696
Suze: of the Ultimate Retirement Guide for 50 plus...

305
00:20:14,705 --> 00:20:17,785
KT: Because you're brave Karen. That's why I want to send

306
00:20:17,796 --> 00:20:18,336
KT: it to her.

307
00:20:18,806 --> 00:20:22,345
Suze: You're brave. However, for those of you who would like

308
00:20:22,355 --> 00:20:26,426
Suze: to buy the ultimate retirement guide for 50 plus, you

309
00:20:26,436 --> 00:20:31,775
Suze: can just go to Suze Orman dot com slash ultimate

310
00:20:31,994 --> 00:20:35,196
Suze: and listen to me, it's only $10

311
00:20:35,391 --> 00:20:40,321
Suze: for a New York Times best seller hardback edition and

312
00:20:40,332 --> 00:20:45,141
Suze: that includes shipping. So we have made it possible that

313
00:20:45,151 --> 00:20:48,131
Suze: all of you if you want that book can get

314
00:20:48,141 --> 00:20:50,541
Suze: it for far less than what you can get it

315
00:20:50,552 --> 00:20:55,082
Suze: at Amazon or at any bookstore. And then that includes shipping.

316
00:20:55,092 --> 00:20:57,582
Suze: But Karen, we will send it to you. Now, KT

317
00:20:58,182 --> 00:20:59,901
Suze: you take this email and it is on you.

318
00:20:59,911 --> 00:21:03,761
KT: You'll get an  email from me, Karen because you're brave.

319
00:21:04,599 --> 00:21:06,060
KT: All right, this next one...

320
00:21:06,069 --> 00:21:07,310
Suze: Do you think she eats popcorn?

321
00:21:08,410 --> 00:21:11,020
KT: No, she's just brave. All right...

322
00:21:11,359 --> 00:21:14,040
Suze: You have to be brave to eat popcorn, especially when

323
00:21:14,050 --> 00:21:17,129
Suze: KT makes it because she doesn't pop all the kernels.

324
00:21:17,140 --> 00:21:19,510
Suze: So you have to be careful because if you chew it...

325
00:21:19,979 --> 00:21:22,750
KT: No, you have to be real careful with popcorn anyway,

326
00:21:22,760 --> 00:21:23,819
KT: you can break it tooth.

327
00:21:23,829 --> 00:21:28,550
Suze: Should we just call this, this podcast? A pop, pop,

328
00:21:28,599 --> 00:21:29,139
Suze: pop pop,

329
00:21:31,074 --> 00:21:35,834
KT: This is our KT and Suze "pop-cast" and we've got a pop quizzie. We have a

330
00:21:35,844 --> 00:21:41,714
KT: pop up question. We're going to pop you everywhere. All right. Ready. Hello, Suze.

331
00:21:41,864 --> 00:21:43,185
KT: I hope this finds you.

332
00:21:43,194 --> 00:21:43,504
Suze: I don't think it's good to tell people you're gonna pop...

333
00:21:47,255 --> 00:21:53,005
KT: Hello, Suze, I... stop it. This is... be good. Hello, Suze.

334
00:21:53,015 --> 00:21:56,375
KT: I hope this finds you. Well, I'm writing to ask

335
00:21:56,385 --> 00:21:57,024
KT: a question.

336
00:21:57,500 --> 00:22:00,790
KT: I will just explain my background very quickly. I'm 50

337
00:22:00,800 --> 00:22:03,359
KT: years old. I have two kids. I have a fairly

338
00:22:03,369 --> 00:22:06,709
KT: good job I need and want to make triple what

339
00:22:06,719 --> 00:22:09,270
KT: I make though. Doesn't everybody?

340
00:22:10,130 --> 00:22:13,880
KT: I have a retirement fund saved but will not be

341
00:22:13,890 --> 00:22:17,669
KT: enough on its own. I have money in an educational

342
00:22:17,680 --> 00:22:21,129
KT: savings account. So my kids will each have 50,000 to

343
00:22:21,140 --> 00:22:24,609
KT: go to university, which is more than enough. I will

344
00:22:24,619 --> 00:22:27,790
KT: inherit some money from my parents one day, but would

345
00:22:27,800 --> 00:22:31,938
KT: rather have them here with me. I rent a home.

346
00:22:32,079 --> 00:22:34,750
KT: So now I was ready to buy at the beginning

347
00:22:34,760 --> 00:22:37,400
KT: of COVID and the prices skyrocketed.

348
00:22:37,729 --> 00:22:41,060
KT: Now, the interest rate is so high. It's not possible

349
00:22:41,069 --> 00:22:44,510
KT: at the moment. And then she goes on to say,

350
00:22:44,520 --> 00:22:47,139
KT: I don't know what to do about real estate. I

351
00:22:47,150 --> 00:22:52,379
KT: feel depressed about it. I've wasted so much money on rent. Well, Suze,

352
00:22:52,390 --> 00:22:53,439
KT: what should she do?

353
00:22:53,569 --> 00:22:57,130
Suze: I think you need to really think about the words

354
00:22:57,140 --> 00:23:04,099
Suze: that you are using. Fear, shame and anger.

355
00:23:04,449 --> 00:23:10,219
Suze: The three internal obstacles to wealth. You feel depressed and

356
00:23:10,229 --> 00:23:14,020
Suze: you feel depressed because on some level you feel shame, right?

357
00:23:14,160 --> 00:23:16,920
Suze: You didn't buy when maybe you could have bought whatever

358
00:23:16,930 --> 00:23:18,099
Suze: it may be.

359
00:23:18,699 --> 00:23:21,919
Suze: The other thing that I just have to say is

360
00:23:21,930 --> 00:23:28,270
Suze: that you have saved $50,000 for your kids to go

361
00:23:28,280 --> 00:23:34,760
Suze: to university and you have that plural, you have kids too, right?

362
00:23:35,020 --> 00:23:42,060
Suze: That's $100,000. It seems to me that maybe if you

363
00:23:42,069 --> 00:23:45,150
Suze: took that $100,000 and you combine that with something else,

364
00:23:45,160 --> 00:23:47,379
Suze: maybe you could buy a house right now,

365
00:23:47,739 --> 00:23:52,119
Suze: but you need to start putting yourself first and you

366
00:23:52,130 --> 00:23:56,409
Suze: have to stop feeling depressed that you've wasted so much

367
00:23:56,420 --> 00:23:59,458
Suze: money on rent. It's what you did. It's what you

368
00:23:59,469 --> 00:24:03,649
Suze: needed to do. Stop it, stop it right here. And

369
00:24:03,660 --> 00:24:07,300
Suze: right now also, I just have to say KT  did

370
00:24:07,310 --> 00:24:08,810
Suze: not read this part

371
00:24:09,229 --> 00:24:12,859
Suze: but the very end of this email you say, and

372
00:24:12,869 --> 00:24:16,760
Suze: this is probably the most important part of this email.

373
00:24:16,770 --> 00:24:18,159
Suze: How come you left it out, KT?

374
00:24:18,170 --> 00:24:20,280
KT: Because I just got to the question, I was trying

375
00:24:20,290 --> 00:24:22,819
KT: to shorten it. But you know what? You're right. Read

376
00:24:22,829 --> 00:24:23,739
KT: that to everyone, listen up.

377
00:24:24,079 --> 00:24:28,679
Suze: You say I am also with a man that I

378
00:24:28,689 --> 00:24:30,919
Suze: am not sure I can stay with.

379
00:24:31,219 --> 00:24:36,030
Suze: He can be really terrible at times. So I feel

380
00:24:36,040 --> 00:24:41,369
Suze: insecure about whether I can handle things on my own too.

381
00:24:41,510 --> 00:24:45,599
Suze: It's a bit of a mess I know. Anyway, thanks

382
00:24:45,609 --> 00:24:50,469
Suze: for reading this. Have a great day. You listen to

383
00:24:50,479 --> 00:24:54,629
Suze: me closely. I don't care that you rent. I don't

384
00:24:54,640 --> 00:24:57,449
Suze: care about the price of real estate. I don't care

385
00:24:57,459 --> 00:25:00,969
Suze: about any of that. I care about

386
00:25:01,410 --> 00:25:06,969
Suze: that you feel insecure about your situation that you can't

387
00:25:06,979 --> 00:25:11,199
Suze: handle things on your own. So therefore you stay with

388
00:25:11,209 --> 00:25:15,680
Suze: a man who can be really terrible at times. Sweetheart,

389
00:25:16,150 --> 00:25:20,560
Suze: you can't do that. You cannot think that you can't

390
00:25:20,569 --> 00:25:23,859
Suze: handle things on your own. You most certainly can

391
00:25:24,500 --> 00:25:28,060
Suze: when people get to the point where they write in

392
00:25:28,099 --> 00:25:32,530
Suze: to the Women and Money podcast, they usually write in

393
00:25:32,540 --> 00:25:35,420
Suze: because they are ready for a change and they are

394
00:25:35,430 --> 00:25:39,510
Suze: afraid to make that change and they need a little push.

395
00:25:39,520 --> 00:25:43,510
Suze: You can never ever put money before yourself.

396
00:25:44,280 --> 00:25:48,669
Suze: So therefore you should feel terrible. Not about the fact

397
00:25:48,680 --> 00:25:52,859
Suze: that you're renting and how much money you've wasted renting.

398
00:25:53,050 --> 00:25:58,010
Suze: You should feel terrible about being in a relationship with

399
00:25:58,020 --> 00:26:01,099
Suze: somebody that can be terrible to you. And what is

400
00:26:01,109 --> 00:26:05,290
Suze: that setting an example with your kids? What are they seeing?

401
00:26:05,300 --> 00:26:07,030
Suze: How did they feel about it?

402
00:26:07,439 --> 00:26:10,339
Suze: So if that means again, you have to take some

403
00:26:10,349 --> 00:26:13,800
Suze: of that $50,000 that the kids were getting to go

404
00:26:13,810 --> 00:26:18,329
Suze: to university. No, you take that money and you leave

405
00:26:18,339 --> 00:26:22,089
Suze: and you set yourself up so that you feel safe

406
00:26:22,099 --> 00:26:23,739
Suze: and are protected. What KT?

407
00:26:23,890 --> 00:26:27,060
KT: And maybe her parents can move in with her. That's

408
00:26:27,069 --> 00:26:30,750
KT: what she wants or maybe she can move in.

409
00:26:31,166 --> 00:26:34,816
KT: Yeah. But remember you're only 50. I met Susie when

410
00:26:34,826 --> 00:26:35,645
KT: I was 50.  So there you're so young..

411
00:26:37,145 --> 00:26:41,776
Suze: Please, I'm begging you. I am begging you. It's never

412
00:26:41,786 --> 00:26:43,286
Suze: too late. It's not too late.

413
00:26:43,326 --> 00:26:48,494
KT: OK. Next question is a KT question. Hello, KT, please

414
00:26:48,505 --> 00:26:53,196
KT: ask Suze to explain why the contribution limit for IRAs

415
00:26:53,645 --> 00:26:54,316
KT: is so

416
00:26:54,411 --> 00:27:00,121
KT: much lower than the employer sponsored plans for 401k and 457s.

417
00:27:01,571 --> 00:27:02,621
Suze: That's your pop quizzie.

418
00:27:02,972 --> 00:27:04,102
KT: I know that answer.

419
00:27:04,121 --> 00:27:05,842
Suze: Wait, wait, that is your pop quizzie.

420
00:27:06,212 --> 00:27:09,041
KT: OK, we're gonna pop, ready? Get it?

421
00:27:09,052 --> 00:27:13,822
Suze: Wait one second, everybody. So the quizzie is a question

422
00:27:13,832 --> 00:27:17,821
Suze: that I want all of you to be able to answer.

423
00:27:18,199 --> 00:27:21,569
Suze: And KT is your voice. She represents all of you

424
00:27:21,579 --> 00:27:23,929
Suze: out there truthfully. So how...

425
00:27:23,939 --> 00:27:27,369
KT: I'm gonna, I'm gonna take a good calculated guess here,

426
00:27:27,530 --> 00:27:34,280
KT: an employer sponsored plan is always a higher contribution because

427
00:27:34,290 --> 00:27:35,728
KT: it's a, a match.

428
00:27:38,380 --> 00:27:39,739
KT: They usually match.

429
00:27:39,839 --> 00:27:40,239
Suze: So what?

430
00:27:41,099 --> 00:27:43,489
KT: And then if they match and then you put in money,

431
00:27:43,500 --> 00:27:45,109
KT: then it's gonna be more.

432
00:27:45,119 --> 00:27:49,359
Suze: No, you can put like $22,500 or something like that

433
00:27:49,369 --> 00:27:53,150
Suze: into a 401k. If you're under 50. You can only

434
00:27:53,160 --> 00:27:58,270
Suze: put $6500 into an IRA. If you're under 50 why,

435
00:27:58,510 --> 00:27:59,790
Suze: what's the difference?

436
00:28:00,380 --> 00:28:04,239
Suze: This person wants to know, why can they only put

437
00:28:04,250 --> 00:28:09,689
Suze: $6500 into an IRA but over $20,000 into a 401k,

438
00:28:09,699 --> 00:28:10,750
Suze: forget the match.

439
00:28:12,290 --> 00:28:14,800
KT: I don't know. I don't know the answer to that.(Suze makes the wrong answer noise)

440
00:28:15,719 --> 00:28:17,229
KT: No, I don't know the answer.

441
00:28:18,000 --> 00:28:19,839
Suze: But if you don't know the answer, then I have

442
00:28:19,849 --> 00:28:20,760
Suze: to ding you.

443
00:28:20,869 --> 00:28:23,719
KT: Ok. What is it? The answer?

444
00:28:26,150 --> 00:28:29,500
Suze: So we can only guess at the answer. But the

445
00:28:29,510 --> 00:28:35,819
Suze: truth of the matter is Kimberly. Right. 401ks are far

446
00:28:35,829 --> 00:28:41,349
Suze: more regulated. They're under a law called ERISA, which is

447
00:28:41,359 --> 00:28:45,410
Suze: an employee retirement sponsored plan. All right. And it's a

448
00:28:45,420 --> 00:28:50,910
Suze: lot harder to get at your money in a 401k

449
00:28:51,209 --> 00:28:55,239
Suze: than it is an individual retirement account.

450
00:28:55,630 --> 00:28:58,199
Suze: And because you can have both,

451
00:28:59,020 --> 00:29:03,880
Suze: remember, you can have a 401k and an IRA preferably

452
00:29:03,890 --> 00:29:08,209
Suze: a Roth IRA, preferably a Roth 401k as well.

453
00:29:09,229 --> 00:29:13,150
Suze: The laws state that they then an employer can like,

454
00:29:13,160 --> 00:29:18,069
Suze: automatically enroll you up to at least 3% of your

455
00:29:18,079 --> 00:29:23,290
Suze: income into a 401k. So it can be automated, taken

456
00:29:23,300 --> 00:29:26,500
Suze: out of your paycheck. And that will allow you to

457
00:29:26,510 --> 00:29:31,739
Suze: almost force you to save more money. An IRA, you

458
00:29:31,750 --> 00:29:35,859
Suze: have to do on your own. So they made it

459
00:29:36,069 --> 00:29:40,150
Suze: that you could put more into an employer sponsored plan

460
00:29:40,709 --> 00:29:44,069
Suze: because therefore you are more apt to save more because

461
00:29:44,079 --> 00:29:46,880
Suze: the employer is helping you do it and they are

462
00:29:46,890 --> 00:29:52,099
Suze: matching you, in most cases. In an IRA, you have

463
00:29:52,109 --> 00:29:54,640
Suze: to do it on your own. So even if you

464
00:29:54,650 --> 00:29:58,439
Suze: could do $22,000 in an IRA,

465
00:29:59,000 --> 00:30:02,349
Suze: probably most of you won't because when you don't have

466
00:30:02,359 --> 00:30:07,109
Suze: anything automated, you kind of just don't do it. Alright, KT.

467
00:30:07,599 --> 00:30:07,619
Suze: I

468
00:30:07,630 --> 00:30:10,969
KT: have another Ira uh, question here. Do we have time?

469
00:30:11,170 --> 00:30:12,349
Suze: Is it a good one?

470
00:30:12,479 --> 00:30:15,170
KT: Yeah, I think it's pretty good. It kind of follows

471
00:30:15,180 --> 00:30:18,449
KT: this one. All right. So, hi, Suze and KT, this is

472
00:30:18,459 --> 00:30:23,170
KT: from Sue. I have several questions about IA conversions and

473
00:30:23,180 --> 00:30:27,449
KT: also RMDs required minimum minimum distributions.

474
00:30:27,819 --> 00:30:33,130
KT: I'll turn 68 this month. This year, I converted 15,000

475
00:30:33,140 --> 00:30:37,750
KT: from my IRA into my Roth and I'm covering the taxes.

476
00:30:37,760 --> 00:30:42,790
KT: I have 75,000 now left in that IRA. I know

477
00:30:42,800 --> 00:30:47,209
KT: each conversion starts its own five-year clock. But at my age,

478
00:30:47,219 --> 00:30:51,410
KT: what are the consequences of withdrawal if I had to?

479
00:30:51,619 --> 00:30:55,270
KT: I can't seem to find the answer pertaining to my age.

480
00:30:55,719 --> 00:30:59,099
KT: Am I also doing the right thing with this strategy?

481
00:30:59,109 --> 00:31:00,500
Suze: That should have been your quizzie. 

482
00:31:00,660 --> 00:31:02,239
KT: I know this is a good question.

483
00:31:02,430 --> 00:31:06,540
Suze: So it's a little bit confusing, but here's the good

484
00:31:06,550 --> 00:31:10,540
Suze: news for you. All right. So for everybody, what you

485
00:31:10,550 --> 00:31:14,489
Suze: have to understand is when you convert money from a

486
00:31:14,500 --> 00:31:21,780
Suze: traditional IRA into a Roth IRA your five-year clock,

487
00:31:22,160 --> 00:31:26,229
Suze: which means you have to hold it for five years

488
00:31:26,239 --> 00:31:30,869
Suze: before a 10% penalty. If you make a withdrawal before

489
00:31:30,880 --> 00:31:36,339
Suze: that time, will apply an ordinary income tax on the

490
00:31:36,349 --> 00:31:40,930
Suze: growth of it. For you Sue, because you're over 59

491
00:31:41,089 --> 00:31:41,750
Suze: a half.

492
00:31:42,239 --> 00:31:46,869
Suze: It's moot. It doesn't matter. The 10% penalty does not

493
00:31:46,880 --> 00:31:51,880
Suze: apply to you. And because you've already paid taxes on it.

494
00:31:52,010 --> 00:31:53,630
Suze: When you convert,

495
00:31:54,079 --> 00:31:58,069
Suze: the amount of money that you converted, you're not gonna

496
00:31:58,079 --> 00:32:01,910
Suze: owe taxes on that. It's the earnings that you will

497
00:32:01,920 --> 00:32:07,290
Suze: owe taxes on for five years. So it's not a

498
00:32:07,300 --> 00:32:11,229
Suze: big deal, but the original amount that you converted, you

499
00:32:11,239 --> 00:32:14,750
Suze: don't owe taxes on it and you don't owe a penalty.

500
00:32:15,285 --> 00:32:18,635
Suze: It will be the only the earnings that you will

501
00:32:18,645 --> 00:32:22,574
Suze: owe ordinary income taxes on. If you take it out

502
00:32:22,584 --> 00:32:31,055
Suze: before five years. KT that's it. Can I have some popcorn, please?

503
00:32:31,204 --> 00:32:35,535
KT: No, I'm gonna play that. I'm going to post that video everywhere. Instagram, Facebook, Twitter... The Wall, everywhere.

504
00:32:37,864 --> 00:32:39,954
Suze: You don't know how to use those things...

505
00:32:42,020 --> 00:32:44,359
Suze: Right? She won't go...

506
00:32:44,449 --> 00:32:47,560
KT: It's such a serious one too. She was so serious.

507
00:32:47,750 --> 00:32:49,739
KT: I was the kind of thing you do when you

508
00:32:49,750 --> 00:32:52,469
KT: want to tell people, ok, when I pass, this is

509
00:32:52,479 --> 00:32:56,459
KT: how I want you to take care of my estate

510
00:32:56,469 --> 00:32:57,430
KT: and my

511
00:32:57,849 --> 00:33:01,550
KT: services. But no, this was, don't give me any more popcorn. KT,

512
00:33:01,869 --> 00:33:03,089
KT: do you hear me?

513
00:33:03,900 --> 00:33:06,300
Suze: Alright KT, do you want to take us out?

514
00:33:06,719 --> 00:33:06,739
KT: Yeah.

515
00:33:06,750 --> 00:33:08,040
Suze: How do we do it?

516
00:33:08,050 --> 00:33:13,650
KT: Today, wherever I go, I will create a more peaceful,

517
00:33:13,910 --> 00:33:16,619
KT: joyful and loving world.

518
00:33:16,760 --> 00:33:18,349
Suze: Can I have some popcorn?

519
00:33:18,369 --> 00:33:18,390
KT: No.

520
00:33:18,650 --> 00:33:21,738
Suze: Please? Pretty please?

521
00:33:21,750 --> 00:33:25,630
KT: No, no, no, no, no. And because Suze, if you

522
00:33:25,640 --> 00:33:27,040
KT: don't eat popcorn,

523
00:33:27,319 --> 00:33:31,290
KT: I guarantee you you will be unpoppable! 

524
00:33:31,300 --> 00:33:33,050
Suze: Bye bye everybody. (Laughter)

525
00:33:36,520 --> 00:33:36,760
Music: Music (out).