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Intro / Outro: All right, Suzie KT. Are you ready for today's podcast? Yeah,

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Intro / Outro: of course, we're ready because we are unstoppable. Yeah. Baby

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Intro / Outro: Music In.

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Suze: September 7th, 2023.

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KT: Wait! Suze is lying...it's really we're recording this but it's really not September 7th.

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KT: You're gonna listen to this on September 7th. But today

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KT: is like a week before we're in Florida and we're recording

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KT: this in Florida because when you listen to this, what

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KT: you're about to hear on September 7th, Suze and I

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KT: are going to be eating a ton of pasta in Italy.

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Suze: I don't eat carbs.

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KT: You're gonna love it. They have, um, they have gluten

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KT: free pasta

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KT: we'll be in Italy.

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Suze: Yeah. But do you know what tomorrow is

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Suze: In pretend world that we're in? It's September 8th.

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KT: Oh, we're going to be in Italy and it's our

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KT: anniversary wedding, wedding anniversary. We have lots of anniversaries as

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KT: you all know. Those of you are very familiar with

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KT: KT and Suze... 

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Suze: But it will be our 13th.. wedding anniversary we were married in South Africa...

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KT: But the 21st anniversary of being the forever..

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Suze: 22nd.

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KT: 22nd. Forever anniversary.

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Suze: She's not good with any kind of numbers.

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KT: I was never good with numbers. Ok, let's get to it, Suze.

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KT: Here we go.

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Suze: Did you welcome them to the women in Money?

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KT: That's your job.

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Suze: So, but really everybody, welcome to the Women and Money podcast.

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Suze: This is the Ask KT and Suze Anything edition if

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Suze: you want, you can write in a question to: Ask

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Suze: Suze Podcast...

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KT: ... at gmail dot com.

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Suze: Well, at least you knew the last end of it, right.

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Suze: If you write in a question,

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Suze: KT may choose it to be on the podcast when

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Suze: I will answer it. However, as many, many, many of,

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Suze: you know, I read all these emails and more likely

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Suze: than not, I answer them directly to you if it

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Suze: kind of makes sense that I should do so. So

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Suze: you never know you might want to take advantage of that.

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Suze: All right, KT!

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KT: So here's the first one and she said, remember I'm

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KT: the one that selects them and I selected this because

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KT: it says Suze Slap Down required. Please help. This is

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KT: from Brooke. Hi, KT and Suze. I love the podcast

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KT: very much and look forward to it every week. I

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KT: only wish it was every day. You don't watch what

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KT: you wish for.

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KT: So Brooke goes on to tell us all of my

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KT: ducks are in a row. No debt, emergency fund, retirement

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KT: will and trust. But I require a Suze Slap down

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KT: in one area.

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KT: I have about $150,000 sitting in my retirement account and

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KT: it is not invested. I know that I should have

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KT: been value cost averaging into VTI, but I kept hearing

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KT: that the market was going to crash and now the

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KT: market is high and I am paralyzed. Suze, please tell

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KT: me what to do next. I really appreciate it and

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KT: adore you both. Now, wait, listen to this: PS - this

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KT: is the part I'm gonna watch your face get really red.

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KT: My financial advisor is telling me to get a structured annuity,

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KT: but I have listened enough to know that it's a

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KT: bad idea. You have taught me so much.

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Suze: A structured annuity? A structured annuity usually happens when you've gotten a

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Suze: settlement from an accident or something. And it's a very

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Suze: large settlement and rather than,

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Suze: and invest in it and doing all these things, you

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Suze: can take that settlement income, tax free and put it

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Suze: in what's called a structured annuity. So you get monthly

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Suze: payments for the rest of your life. They structure it

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Suze: for you. So I don't even know what your financial

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Suze: advisor is thinking about. But Brooke, this is just for you.

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Suze: Listen closely. (The sound of a slap)

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KT: What was that? 

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Suze: A Slap down!

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KT: I thought you were like kid a bug or something. I thought that was a mosquito.

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Suze: No, that was a slap down. She asked for...

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KT: Wait, ready. This is a slap. (KT slaps herself)

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Suze: Wait, don't hit yourself.

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KT: Wait, that's a slip.

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Suze: This was a slap. (Suze hits the table) the Anyway. Stop enough. I'm so sorry. Right.

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Suze: It's what happens when you're in Italy. Not. All right.

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Suze: Here's what I would say to you,

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Suze: which is

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Suze: the one word that jumped out at me from your

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Suze: email was the word paralyzed.

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Suze: So you obviously are somebody who's afraid to invest in

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Suze: the stock market. Ok. No problem, given that interest rates

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Suze: are currently so high.

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Suze: I'm afraid that if you were to invest right now,

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Suze: chances are the markets could really go down and then

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Suze: you would just be so upset. So let's take the

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Suze: high road. There is nothing wrong. Given that your money

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Suze: has been sitting there for a number of years making

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Suze: absolutely nothing. There is nothing wrong within your retirement account

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Suze: to take the $150,000 and divide it into two sums,

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Suze: $50,000 that you're just going to leave in a high

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Suze: yield money market fund should be making about 4.5% interest

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Suze: for you right now. So wherever you are, make sure

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Suze: you look for their government money market fund and just

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Suze: leave $50,000 in there.

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Suze: Now, also where you are invested with your retirement account,

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Suze: I have no doubt that they offer treasury bills, notes

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Suze: and bonds. So with the $100,000 that is left,

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Suze: I want you to put $20,000 in a three month

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Suze: T bill, $20,000 in a six month T bill $20,000

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Suze: in a two year treasury note $20,000 into a 10

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Suze: year treasury note and another $20,000 into a 30 year

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Suze: treasury bond.

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Suze: So you will have money coming due every few months,

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Suze: every few years. If interest rates continue to go up

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Suze: the money that you put into the three month and

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Suze: the six month, even possibly the two year, you'll be

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Suze: able to reinvest at a higher interest rate.

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Suze: Interest rates start to go down. You have a good

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Suze: sum of money, $40,000 locked in to the higher interest rates.

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Suze: And if interest rates start to go down, the value

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Suze: especially of the 30 year bond will absolutely skyrocket on you.

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Suze: And as time goes on,

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Suze: if you like what you're seeing or you like how

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Suze: it feels, then you could add a little bit $10,000

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Suze: to each one of these from the 50,000 that you

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Suze: have in a money market account.

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Suze: So if in fact, interest rates start to go down Brooke,

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Suze: I would probably then take that $50,000 and put it

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Suze: in another 30 year treasury bond. That's what I would do.

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Suze: You have nothing to be afraid of. You can never

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Suze: lose any money here. You have money coming to 

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Suze: you when you need it and that is your plan

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Suze: and now you're not paralyzed.

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KT: There you go. Ok. Next question is from...

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Suze: Wait,  that's all you say. There you go. You didn't

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Suze: think that was brilliant.

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KT: I thought that was brilliant, but I just want to

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KT: make sure she got the order, right? Maybe you can

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KT: say it one more time.

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Suze: She can listen to it again. She, she's got it.

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Suze: She got it.

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KT: Because that's like five investments.

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Suze: Wait, can I just tell you a little story or do we not have time for a little story?

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KT: Make it short.

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Suze:  Right. So, so funny where she said that she wished

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Suze: that we would have this podcast every single day. I'll

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Suze: never forget when the Oprah producer, Diane Hudson and everybody

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Suze: at back at the time, executive producer, they wanted me

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Suze: to have my own show every single day on money.

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Suze: And I said to them, no, no, you can't do that.

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Suze: People can't take money every single day. Especially way back

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Suze: then I said, if we do that, they're gonna hate you,

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Suze: they're gonna hate me. Once a week is at most,

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Suze: in my opinion that people can really dive deep into

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Suze: a money issue, which I proved true on the Suze

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Suze: Orman show, which was on

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Suze: the air for 13 years. But now everybody all 600

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Suze: some odd episodes you can watch for free streaming on Freevee.

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Suze: You should watch it. It's fun.

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KT: Amaon baby. All right. Next question is from Ed and Cathy. Thank you both

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KT: so much for the invaluable service you offer the world.

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KT: I like they say the world. I like that. Especially

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KT: since we're in Italy. My question has to do with CDS.

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KT: When choosing where to purchase a CD. Some CDS are

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KT: not call protected. I intend to choose those that are

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KT: call protected as I have in the past had a

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KT: CD called in

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KT: and I lost the opportunity to continue making a better

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KT: rate on it. Please comment. Suze, I picked this one

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KT: in particular because I want you to explain what a

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KT: call is and what call protected is. 

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Suze: Do you want that to be your quizzie?

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KT: No, no, just educate us.

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Suze: So when interest rates are high, everybody as they are

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Suze: now and probably even going higher, believe it or not,

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Suze: which is why when you're staging into like a 30

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Suze: year bond or whatever, do it with small amounts of

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Suze: money until they've really reached their top or a 10

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Suze: year treasury note, do it that way. However, when interest

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Suze: rates are high like this, a lot of banks, credit unions,

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Suze: whatever it may be

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Suze: like to know that if interest rates start to go

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Suze: down rather than having locked in 5% for X amount

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Suze: of time

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Suze: that they can call that bond or that CD from

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Suze: UK T they can take it back, they can pay

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Suze: you all the money that you put in. You don't

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Suze: lose any money, but you lost the interest rate because

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Suze: now they can take that money and lend it out again,

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Suze: maybe at four or 3%. So it doesn't cost them

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Suze: as much. So their carrying charges have gone down.

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Suze: But when you get your money back and you go

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Suze: to reinvest it, you can't get that 5% because interest

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Suze: rates now are low. So, many CDs, especially those that

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Suze: are offered through brokerage firms have what's called a callable

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Suze: CD where the issuer can call it back any time

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Suze: they want

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Suze: A non callable CD means if you get a CD

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Suze: for five years, all five years, you're gonna get that

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Suze: interest rate. Nobody can call it and take that CD

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Suze: away from you.

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KT: So which one is better? 

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Suze: Absolutely a non callable one. Do not, do not, do not

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Suze: in this interest rate environment, ever get a callable bond

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Suze: or

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Suze: certificate of deposit.

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KT: So that's good to know. So when people listening, go

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KT: to buy one, make sure...

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Suze: That it is not, callable. I don't care if it's even

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Suze: offering you a higher interest rate right now. Unless it's

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Suze: for a very short period of time, but a short

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Suze: period of time, they're not gonna offer it.

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KT: Don't get one. Ok. Next question is from Mary.

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KT: Thank you for the wonderful advice over the years, Suze.

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KT: I'm 62. I was married for 36 years and divorced

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KT: in 2019. So how can I find out what I

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KT: might get under my ex's social security versus mine? We

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KT: are not on speaking terms and she said his choice.

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KT: I know what I would get under mine. But the

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KT: only way I seem to find to learn what it

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KT: would be under his is by filing for social security

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KT: and then they'll check. So this, she doesn't want to

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KT: do that. She said, can you start the process for

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KT: social security and then decide to wait to actually start collecting, can you?

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Suze: How old is she?

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KT: 62.

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Suze: Yeah. You want to know what you could do, girlfriend,

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Suze: believe it or not, Mary

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Suze: is, and this is something, listen closely. I am sure

229
00:13:47,539 --> 00:13:52,020
Suze: most of you don't have a clue about. You could

230
00:13:52,030 --> 00:13:55,119
Suze: file and start getting

231
00:13:55,840 --> 00:14:01,199
Suze: your social security or his. They'll tell you whichever one's higher. 50%

232
00:14:01,210 --> 00:14:04,840
Suze: of his or 100% of yours. Let's say you filed

233
00:14:04,849 --> 00:14:08,530
Suze: and you started to get your social security at 62.

234
00:14:08,539 --> 00:14:10,919
Suze: Now you're all freaking out because you're all like Suze said,

235
00:14:10,929 --> 00:14:13,630
Suze: never touch it before 70 na na na. All right.

236
00:14:13,640 --> 00:14:14,530
Suze: Listen to me

237
00:14:15,150 --> 00:14:20,140
Suze: and for one year you get those payments, you have

238
00:14:20,150 --> 00:14:24,729
Suze: 12 months from the time that you started to collect

239
00:14:24,739 --> 00:14:30,070
Suze: social security to decide you don't want it anymore. And

240
00:14:30,080 --> 00:14:32,479
Suze: then all of a sudden you give all the money

241
00:14:32,489 --> 00:14:36,200
Suze: back but you give it back without interest.

242
00:14:36,469 --> 00:14:41,609
Suze: So you could take those social security payments, put it

243
00:14:41,619 --> 00:14:46,960
Suze: in a money market fund right now, making 4.5% interest,

244
00:14:46,969 --> 00:14:51,900
Suze: earn all the interest on that month in and month out.

245
00:14:52,539 --> 00:14:57,390
Suze: And then at the end, go back to social security,

246
00:14:57,799 --> 00:15:01,770
Suze: give him all the money back with no interest and

247
00:15:01,780 --> 00:15:03,539
Suze: then you will have known what you would have gotten

248
00:15:03,549 --> 00:15:06,429
Suze: not only from your ex spouse, but you would have

249
00:15:06,440 --> 00:15:09,869
Suze: made a little extra money as well. I know, KT's looking at me.

250
00:15:10,380 --> 00:15:13,250
KT: So, wait, I'm gonna ask you. So, I'm gonna ask

251
00:15:13,260 --> 00:15:15,130
KT: you a question. She's probably still wondering

252
00:15:15,429 --> 00:15:18,270
KT: if she did that great idea because she'll make a couple thousand dollars possibly.

253
00:15:20,150 --> 00:15:22,830
Suze: Well, not that much but she, well, it depends how much

254
00:15:22,840 --> 00:15:25,340
Suze: her social security is going to be. She could, she could,

255
00:15:25,349 --> 00:15:29,179
Suze: but that extra, but she will know then what her

256
00:15:29,190 --> 00:15:33,169
Suze: ex's benefit would be because they will give her and

257
00:15:33,179 --> 00:15:35,039
Suze: they will tell her and then it will be a

258
00:15:35,049 --> 00:15:41,059
Suze: combination of either 50% of his or 100% of hers. However,

259
00:15:41,429 --> 00:15:47,280
Suze: she could also call social security, make an appointment with them.

260
00:15:47,429 --> 00:15:50,780
Suze: I happen to know the number by heart for many reasons,

261
00:15:50,789 --> 00:15:52,880
Suze: but it's 1 800 772 1213.

262
00:15:54,929 --> 00:15:58,640
Suze: I love, I always love the 1213. Ok. Right. Don't

263
00:15:58,650 --> 00:15:59,440
Suze: ask me why I remember it.

264
00:15:59,890 --> 00:16:05,859
KT: Wait, let's do it one more time. 800 772 1213. that

265
00:16:05,869 --> 00:16:10,489
Suze: You can call there, make an appointment, everybody. And as

266
00:16:10,500 --> 00:16:13,099
Suze: long as you were married for at least 10 years,

267
00:16:13,109 --> 00:16:16,940
Suze: which is in this case, she was, right. And you know,

268
00:16:16,950 --> 00:16:18,859
Suze: your former spouse's name,

269
00:16:19,309 --> 00:16:22,820
Suze: the date and place of birth of not only him

270
00:16:22,830 --> 00:16:28,429
Suze: but possibly even his parents, possibly his parents name and

271
00:16:28,580 --> 00:16:32,679
Suze: his social or her social security number.

272
00:16:33,169 --> 00:16:39,140
Suze: You can probably find out what you wanna find out. Remember,

273
00:16:39,200 --> 00:16:44,140
Suze: you can claim, even if your ex has remarried, you

274
00:16:44,150 --> 00:16:48,679
Suze: can claim even if your ex hasn't retired and isn't

275
00:16:48,690 --> 00:16:52,099
Suze: receiving social security benefits and

276
00:16:52,739 --> 00:16:55,659
Suze: you just need to know that, but your ex does

277
00:16:55,669 --> 00:17:00,729
Suze: have to be at least 62 years of age. And

278
00:17:00,739 --> 00:17:05,339
Suze: at that point, no matter when you claim, you would

279
00:17:05,349 --> 00:17:11,310
Suze: get 50% of his or her social security benefit at

280
00:17:11,319 --> 00:17:18,040
Suze: their full retirement age, even though they might not be collecting.

281
00:17:18,050 --> 00:17:19,579
Suze: Next question, KT

282
00:17:19,838 --> 00:17:22,208
KT: So I have one more thing to add to that,

283
00:17:22,218 --> 00:17:24,917
KT: if she were to do that and, and find out

284
00:17:24,928 --> 00:17:26,457
KT: and then take it for a year and give the

285
00:17:26,468 --> 00:17:30,687
KT: money back. Does that jeopardize what she does at the

286
00:17:30,698 --> 00:17:31,499
KT: age of 70?

287
00:17:31,519 --> 00:17:32,568
Suze: Not on any level.

288
00:17:32,578 --> 00:17:35,029
KT: OK. That's all I wanted to make sure Suze.

289
00:17:35,038 --> 00:17:38,629
Suze: I think it's a brilliant, I still, I know maybe

290
00:17:38,638 --> 00:17:41,848
Suze: you'll get mad at me. I still don't understand

291
00:17:42,319 --> 00:17:46,250
Suze: how social security allows you to do that but not

292
00:17:46,260 --> 00:17:49,719
Suze: charge you any interest on that money. It's like getting

293
00:17:49,729 --> 00:17:53,179
Suze: an interest free loan from them as long as you

294
00:17:53,189 --> 00:17:56,780
Suze: can pay it back within 12 months. Years ago, KT,

295
00:17:56,790 --> 00:17:59,469
Suze: I wrote about this in one of my books and

296
00:17:59,479 --> 00:18:00,530
Suze: it's never changed.

297
00:18:00,939 --> 00:18:03,599
Suze: It's always been this way. It's just absolutely crazy. Anyway,

298
00:18:03,699 --> 00:18:03,969
Suze: go on.

299
00:18:04,099 --> 00:18:09,129
KT: OK. Next question is from Nanette. I, I love that name.

300
00:18:09,500 --> 00:18:10,010
Suze: I knew you did...

301
00:18:10,609 --> 00:18:12,938
KT: and then you call her Nan for short. I like

302
00:18:12,949 --> 00:18:16,069
KT: that too. Like some people are called Nanny...

303
00:18:16,400 --> 00:18:18,260
Suze: Oh just read the email.

304
00:18:20,349 --> 00:18:23,989
KT: Hi, Suze. I'm 63 years old and I have an opportunity to

305
00:18:24,000 --> 00:18:28,050
KT: take a cash option out of my pension. My company

306
00:18:28,060 --> 00:18:32,709
KT: stopped contributing to the pension on July 1st 2018, I

307
00:18:32,719 --> 00:18:36,199
KT: have the option to take a lump sum of around

308
00:18:36,209 --> 00:18:43,780
KT: $69,000 and a monthly pension benefit of $213 a month

309
00:18:43,790 --> 00:18:47,859
KT: until I die. Or I can start taking my

310
00:18:47,935 --> 00:18:52,264
KT: pension when I'm 65 years old at a monthly benefit

311
00:18:52,275 --> 00:18:58,125
KT: of $732 a month until I die. I'm still employed.

312
00:18:58,135 --> 00:19:01,714
KT: I will not retire until I'm 65. Could you please

313
00:19:01,724 --> 00:19:03,165
KT: help me with this decision?

314
00:19:03,680 --> 00:19:06,849
KT: I'm gonna guess you're going to go for the 732.

315
00:19:06,859 --> 00:19:08,689
Suze: You're gonna guess that should, that have been your quizzie?

316
00:19:09,750 --> 00:19:10,770
KT: Probably, I... would I get it right?

317
00:19:11,010 --> 00:19:16,849
Suze: It depends, but probably ding. Right. So, Nanette, here's the

318
00:19:16,859 --> 00:19:21,229
Suze: one thing that I don't know is, are you money strapped?

319
00:19:21,369 --> 00:19:25,310
Suze: Are you healthy? Whatever... because if you get what my

320
00:19:25,319 --> 00:19:29,909
Suze: key here was, they stopped contributing to the pension

321
00:19:31,020 --> 00:19:38,109
Suze: 2018, what that meant was they kind of wanted you,

322
00:19:38,150 --> 00:19:41,010
Suze: the pension was too rich. They wanted all of you

323
00:19:41,020 --> 00:19:44,170
Suze: out of the pension. So even though I know it

324
00:19:44,180 --> 00:19:48,438
Suze: sounds good to have a $69,000 lump sum of money

325
00:19:48,449 --> 00:19:53,099
Suze: all of a sudden and $213 a month. If you

326
00:19:53,109 --> 00:19:57,859
Suze: took that $69,000 and you did an ira rollover with it,

327
00:19:57,869 --> 00:19:58,869
Suze: let's just say,

328
00:19:59,239 --> 00:20:01,438
Suze: and you put it in treasuries to keep it safe

329
00:20:01,449 --> 00:20:08,349
Suze: and sound. You would make approximately $2760 a year on

330
00:20:08,359 --> 00:20:13,829
Suze: that at about 4.5% interest or that is approximately, I

331
00:20:13,839 --> 00:20:19,669
Suze: think $230 a month, you add that to your pension

332
00:20:19,699 --> 00:20:22,890
Suze: of $213 a month.

333
00:20:23,500 --> 00:20:29,219
Suze: That would give you a total of $443. Not bad,

334
00:20:29,719 --> 00:20:35,449
Suze: except if you just waited two more years,

335
00:20:36,430 --> 00:20:43,829
Suze: you would get $732 a month, which is $289 more

336
00:20:43,839 --> 00:20:48,679
Suze: per month than the other way, which is 65% more

337
00:20:48,689 --> 00:20:53,468
Suze: on your money. And then if we reverse calculated it,

338
00:20:53,479 --> 00:20:56,550
Suze: you should see KT as she's looking at me, you

339
00:20:56,560 --> 00:20:59,369
Suze: would look at it like how much money would you

340
00:20:59,380 --> 00:21:02,349
Suze: need in your IRA

341
00:21:02,760 --> 00:21:11,270
Suze: generating 4.5% a year to give you $732 a month,

342
00:21:11,280 --> 00:21:15,589
Suze: which is $8784. I believe a year.

343
00:21:16,189 --> 00:21:20,020
Suze: You would need, if my calculations here are correct, you

344
00:21:20,030 --> 00:21:27,849
Suze: should all double check them about $195,000 in your ira

345
00:21:27,859 --> 00:21:29,159
Suze: rollover

346
00:21:30,569 --> 00:21:36,209
Suze: at 4.5% to give you about $8700 a year of interest.

347
00:21:36,359 --> 00:21:40,150
Suze: So I have to tell you in this particular situation,

348
00:21:40,260 --> 00:21:44,160
Suze: if you do not need that 69,000, if you don't

349
00:21:44,170 --> 00:21:48,750
Suze: have any beneficiaries whatsoever, everything else is good

350
00:21:49,219 --> 00:21:53,910
Suze: and you're gonna retire at 65 I would so just

351
00:21:53,920 --> 00:21:59,310
Suze: take the $732 a month hands down. They don't want

352
00:21:59,319 --> 00:22:02,819
Suze: you to take that. But that's what I would take.

353
00:22:03,260 --> 00:22:05,349
Suze: Why are you looking at me like that?

354
00:22:05,359 --> 00:22:07,819
KT: Because it, because of the what if sin life, that's

355
00:22:07,829 --> 00:22:10,569
KT: why this is a very important decision.

356
00:22:11,069 --> 00:22:13,800
KT: And you said right up front, if only you knew

357
00:22:13,810 --> 00:22:18,449
KT: a little bit more about Nanette's personal needs financially and

358
00:22:18,459 --> 00:22:20,280
KT: healthwise because...

359
00:22:20,290 --> 00:22:21,500
Suze: and if it's family that needs the money.

360
00:22:21,510 --> 00:22:24,839
KT: Right, it's that 69,000 upfront

361
00:22:25,089 --> 00:22:26,699
KT: that's already in her hands.

362
00:22:26,709 --> 00:22:30,060
Suze: But I have a gut. Remember it's not in her hands,

363
00:22:30,069 --> 00:22:34,819
Suze: KT that 69,000 then is rolled over to an IRA

364
00:22:34,829 --> 00:22:40,060
Suze: rollover if she goes because that's how it works, right?

365
00:22:40,069 --> 00:22:42,660
Suze: Otherwise it's all taxable to her in one year.

366
00:22:43,089 --> 00:22:46,699
Suze: So because it's part of her pension, it's rolled over

367
00:22:46,709 --> 00:22:50,079
Suze: to an Ira rollover and any money she takes out

368
00:22:50,089 --> 00:22:53,879
Suze: of there is totally taxable to her. So it's not

369
00:22:53,890 --> 00:22:58,810
Suze: like she would have access to $69,000 tax free. She

370
00:22:58,819 --> 00:23:00,609
Suze: would have to pay taxes on it. So it wouldn't

371
00:23:00,619 --> 00:23:04,760
Suze: even be that, which makes the case even more. So

372
00:23:04,770 --> 00:23:05,819
Suze: I have to tell you

373
00:23:06,239 --> 00:23:11,880
Suze: without knowing enough about you. I would absolutely go with

374
00:23:11,890 --> 00:23:15,629
Suze: the 732 also. I just have to say something to you. KT,

375
00:23:16,140 --> 00:23:19,560
Suze: normally a person doesn't just go for a life only

376
00:23:19,569 --> 00:23:23,770
Suze: option like this unless they really don't have any beneficiaries

377
00:23:23,780 --> 00:23:25,839
Suze: and they're not thinking about that. So, I have a

378
00:23:25,849 --> 00:23:27,530
Suze: feeling Nannette, that,

379
00:23:27,920 --> 00:23:31,709
Suze: you know, you don't have any beneficiaries if I'm right

380
00:23:31,719 --> 00:23:35,410
Suze: on that. Oh, you should. So take the 772. It's

381
00:23:35,420 --> 00:23:38,810
Suze: not even funny. Sorry. 732.. 0h, well, see, now I

382
00:23:38,819 --> 00:23:42,130
Suze: screwed up my numbers, the 732. It's not even funny.

383
00:23:42,140 --> 00:23:42,880
Suze: All right.

384
00:23:43,939 --> 00:23:45,649
KT: Ok, next question is from Libby

385
00:23:46,540 --> 00:23:47,199
Suze: Libby.

386
00:23:47,699 --> 00:23:53,270
KT: Hi, Suze and KT. You mentioned Roth SEP IRAs in your recent podcast.

387
00:23:53,390 --> 00:23:56,859
KT: Are they subject to the five-year rule? I can find

388
00:23:56,869 --> 00:24:00,030
KT: very little about them on the internet. Thanks for all

389
00:24:00,040 --> 00:24:05,170
KT: you do. So let's remind everybody a Roth SEP IRA is

390
00:24:05,180 --> 00:24:06,000
KT: brand new.

391
00:24:06,099 --> 00:24:10,179
Suze: It's brand new and yes. However, whenever you see the

392
00:24:10,189 --> 00:24:10,609
Suze: word

393
00:24:10,689 --> 00:24:14,699
Suze: Roth in front of anything, they are always subjected to

394
00:24:14,709 --> 00:24:18,209
Suze: the five year rule. And if you don't know what

395
00:24:18,219 --> 00:24:21,399
Suze: that is, you have to listen to the podcast of

396
00:24:21,410 --> 00:24:22,579
Suze: the past.

397
00:24:22,589 --> 00:24:25,010
KT: We have lots of them about Roth.

398
00:24:25,449 --> 00:24:29,030
Suze: We have now over 500. Do you know September 3rd

399
00:24:29,040 --> 00:24:31,359
Suze: was our 500th. 

400
00:24:31,369 --> 00:24:32,619
KT: 500th. Congratulations.

401
00:24:32,670 --> 00:24:33,069
Suze: Thank you.

402
00:24:33,329 --> 00:24:34,699
KT: 500. Wow.

403
00:24:36,060 --> 00:24:37,780
Suze: Am I in 250 of them?

404
00:24:37,969 --> 00:24:38,649
Suze: I have no idea.

405
00:24:39,060 --> 00:24:43,949
KT: Actually, we added me in like maybe after a couple of years.

406
00:24:43,959 --> 00:24:46,520
Suze: I don't remember. But why did it take us so long.

407
00:24:46,530 --> 00:24:48,699
KT: I don't know. It's been fun for you, right?

408
00:24:49,599 --> 00:24:50,920
Suze: Wanna know the truth

409
00:24:51,959 --> 00:24:55,400
Suze: without you. I probably would have stopped the podcast a

410
00:24:55,410 --> 00:24:56,129
Suze: while ago.

411
00:24:57,780 --> 00:24:58,869
KT: Oh, don't say that Suze. That's not true.

412
00:24:59,410 --> 00:25:00,229
Suze: It's so true.

413
00:25:00,329 --> 00:25:03,030
KT: It's not true, everybody, she would keep rolling on.

414
00:25:03,670 --> 00:25:05,419
Suze: I don't know if that's true. Everybody.

415
00:25:05,430 --> 00:25:08,650
KT: All right. Here we go. From Nicky. We're never gonna stop.

416
00:25:11,569 --> 00:25:11,639
Suze: No KT, No Suze.

417
00:25:12,569 --> 00:25:18,949
KT: (singing) Never gonna let you go. Gonna hold you in my arms forever. Hi, KT and Suze. I've been a

418
00:25:18,959 --> 00:25:20,429
KT: faithful listener.

419
00:25:20,800 --> 00:25:23,448
Suze: Wait, did you do that because it's our anniversary tomorrow?

420
00:25:23,459 --> 00:25:25,699
KT: No, because we're never going to stop. But I can't

421
00:25:25,709 --> 00:25:28,729
KT: wait for an anniversary again. What are we going to do?

422
00:25:28,739 --> 00:25:29,770
KT: We're in Italy.

423
00:25:31,000 --> 00:25:33,209
Suze: Buy me a new gold chain.

424
00:25:33,640 --> 00:25:35,280
KT: Oh, for her little necklace. This one gets stuck...

425
00:25:36,859 --> 00:25:38,060
Suze: On my scar

426
00:25:38,069 --> 00:25:43,540
KT: On her little, yeah. Gets stuck on her little neck scar. Ok. Ready? Hi,

427
00:25:43,550 --> 00:25:46,459
KT: KT and Suze, again from Nikki. I've been a faithful

428
00:25:46,469 --> 00:25:47,550
KT: listener of your show.

429
00:25:47,560 --> 00:25:49,680
Suze: What does that mean again from Nikki? Has she written

430
00:25:49,689 --> 00:25:50,250
Suze: it before?

431
00:25:50,260 --> 00:25:54,089
KT: No, I said again because we just interrupted the intro.

432
00:25:54,310 --> 00:25:57,250
KT: All right. So next question, Suze is from Nikki.

433
00:25:58,010 --> 00:26:02,339
KT: Ready? My husband and I each purchased a 10,000 I

434
00:26:02,349 --> 00:26:07,579
KT: bond in May of 2022. Our daughter, our daughter is

435
00:26:07,589 --> 00:26:11,479
KT: starting college in September and we have agreed to provide

436
00:26:11,489 --> 00:26:16,739
KT: $5000 in assistance for educational expenses for the school year.

437
00:26:17,089 --> 00:26:20,880
KT: I read somewhere that the interest earned on I bonds

438
00:26:20,890 --> 00:26:26,020
KT: is not taxable if you use it for educational expenses.

439
00:26:26,030 --> 00:26:26,899
KT: Is that true?

440
00:26:26,969 --> 00:26:28,339
Suze: Well, it could be, it depends on their income...

441
00:26:28,349 --> 00:26:32,489
KT: Would it make sense... Would it make sense to cash out

442
00:26:32,500 --> 00:26:34,599
KT: all or part of one of the bonds

443
00:26:34,699 --> 00:26:38,329
KT: to use for her educational expenses? We are in a

444
00:26:38,339 --> 00:26:43,969
KT: higher tax bracket with over 200 K in annual income. Nikki and Robert.

445
00:26:44,689 --> 00:26:50,050
Suze: It' aint gonna work for you, girl. So, my dear Nikki and Robert.

446
00:26:52,520 --> 00:26:57,569
Suze: Nope, this doesn't apply to you because your annual income

447
00:26:57,579 --> 00:27:02,649
Suze: is $200,000. I don't know if that's your A G

448
00:27:02,660 --> 00:27:04,979
Suze: I or your gross. But the truth of the matter

449
00:27:04,989 --> 00:27:10,359
Suze: is if you are married filing  jointly, the max is

450
00:27:10,369 --> 00:27:10,510
Suze: one

451
00:27:10,599 --> 00:27:15,989
Suze: $167,800 to be able to take money out of an

452
00:27:16,000 --> 00:27:20,569
Suze: I Bond and use it for a qualified educational expense with

453
00:27:20,579 --> 00:27:24,380
Suze: no taxes. By the way, if you're single, that amount

454
00:27:24,390 --> 00:27:28,530
Suze: is $106,850 is the max.

455
00:27:28,869 --> 00:27:33,169
Suze: And if you happen to be married, filing single, you can't

456
00:27:33,180 --> 00:27:38,119
Suze: do it at all. So, in this particular situation, you're

457
00:27:38,130 --> 00:27:41,660
Suze: not going to be able to do it. All right, KT, next.

458
00:27:41,670 --> 00:27:44,069
KT: Ok. Next question is from Kelly...

459
00:27:44,619 --> 00:27:47,119
Suze: Wait, am I impressing you today with my knowledge.

460
00:27:47,130 --> 00:27:49,540
KT: Your numbers are off the charts. I mean you're so smart.

461
00:27:49,689 --> 00:27:51,479
Suze: It's what happens when you're in Italy.

462
00:27:54,520 --> 00:27:57,160
KT: I'm not, I was going to start to sing something,

463
00:27:58,770 --> 00:27:58,900
Suze: What were you going to sing? 

464
00:27:58,910 --> 00:28:01,399
KT: An Italian song. I'm not going to sing it.

465
00:28:01,449 --> 00:28:03,579
Suze: Come on, just give me one.

466
00:28:03,790 --> 00:28:11,900
KT: (KT starts singing "Mambo Italiano") Right. Hi KT and Suze,

467
00:28:11,989 --> 00:28:15,859
KT: I analyzed how much guaranteed income I will have in

468
00:28:15,869 --> 00:28:20,280
KT: retirement at 67. Good for you, Kelly, that you even

469
00:28:20,290 --> 00:28:24,560
KT: did this. She's 61 and I think I will fall

470
00:28:24,569 --> 00:28:29,459
KT: short of about $500 a month to cover my basic expenses.

471
00:28:29,750 --> 00:28:32,979
KT: I would feel more secure if I could guarantee just

472
00:28:32,989 --> 00:28:38,880
KT: that much more future income. I currently have about 380,000

473
00:28:38,890 --> 00:28:42,670
KT: saved about one third of that's in a Roth. Reading

474
00:28:42,680 --> 00:28:43,219
KT: your book...

475
00:28:43,439 --> 00:28:43,900
Suze: I was gonna say, I bet she read my book.

476
00:28:44,949 --> 00:28:47,270
KT: She did but listen to what she wants to do.

477
00:28:47,280 --> 00:28:49,719
KT: This is a little, I'm not sure if you'll like it,

478
00:28:49,810 --> 00:28:51,619
KT: reading your book and listening to your

479
00:28:51,706 --> 00:28:57,796
KT: podcast. I understand you recommend income annuities only.

480
00:28:58,265 --> 00:29:00,276
Suze: Yes. Only for her situation.

481
00:29:01,916 --> 00:29:05,645
KT: Ok. Hold on. When I search for those online, I

482
00:29:05,656 --> 00:29:11,706
KT: am finding fixed variable deferred and immediate but nothing called

483
00:29:11,715 --> 00:29:13,575
KT: income annuity.

484
00:29:13,661 --> 00:29:16,192
KT: Is there a link you could share to direct me

485
00:29:16,202 --> 00:29:20,232
KT: to the right place so I don't get this thing wrong. Also, Suze,

486
00:29:20,241 --> 00:29:23,901
KT: do you advise immediate or deferred? I don't need the

487
00:29:23,911 --> 00:29:28,052
KT: money for six ish years. First of all, good for you, Kelly.

488
00:29:28,062 --> 00:29:29,452
KT: I'm real proud of you.

489
00:29:29,462 --> 00:29:33,102
Suze: What I'm talking about in the ultimate retirement guide for

490
00:29:33,112 --> 00:29:35,541
Suze: 50 plus, which is my last book.

491
00:29:35,921 --> 00:29:37,141
KT: You should all read it.

492
00:29:37,151 --> 00:29:41,751
Suze: That's now four years old, right? But so relevant still

493
00:29:42,109 --> 00:29:46,489
Suze: is that a lot of people want to cover their

494
00:29:46,500 --> 00:29:52,239
Suze: actual expenses and sometimes when they add up their social security,

495
00:29:52,250 --> 00:29:56,119
Suze: their pension, their interest, whatever it may be like, Kelly

496
00:29:56,130 --> 00:30:02,589
Suze: did she finds she's about $500 a month short. So therefore,

497
00:30:02,689 --> 00:30:07,319
Suze: if she were to get an immediate annuity, it could

498
00:30:07,329 --> 00:30:10,780
Suze: possibly depending what interest rates are at the time,

499
00:30:10,979 --> 00:30:14,229
Suze: have to put in X amount of money to get

500
00:30:14,239 --> 00:30:18,849
Suze: that $500 a month. Kelly, since you do not need

501
00:30:18,859 --> 00:30:23,310
Suze: this for six-ish years, I would not be doing it yet.

502
00:30:23,319 --> 00:30:25,569
Suze: You don't have to do it yet,

503
00:30:26,170 --> 00:30:30,939
Suze: but just keep watching interest rates because when interest rates

504
00:30:30,949 --> 00:30:33,510
Suze: start to go up and there's gonna come a time

505
00:30:33,520 --> 00:30:36,819
Suze: when they've topped out, I don't know when that will be,

506
00:30:36,939 --> 00:30:41,119
Suze: that is the time that you really want to do it.

507
00:30:41,579 --> 00:30:45,859
Suze: And it's called an immediate annuity. I would not be

508
00:30:45,869 --> 00:30:49,829
Suze: doing a deferred annuity in this situation at all. I

509
00:30:49,839 --> 00:30:54,760
Suze: would be doing an immediate annuity, which simply means as

510
00:30:54,770 --> 00:30:58,300
Suze: soon as you put a lump sum into this annuity,

511
00:30:58,780 --> 00:31:03,589
Suze: they guarantee you an income for the rest of your

512
00:31:03,599 --> 00:31:07,829
Suze: life no matter how long you happen to live, which

513
00:31:07,839 --> 00:31:10,949
Suze: is what might make you feel secure, which is the

514
00:31:10,959 --> 00:31:13,609
Suze: goal of money. So it's called an

515
00:31:13,839 --> 00:31:17,969
Suze: immediate annuity, but don't do it yet, girlfriend, try to

516
00:31:17,979 --> 00:31:21,780
Suze: postpone it as long as possible because hey, we don't know,

517
00:31:21,790 --> 00:31:24,270
Suze: interest rates could be going up here for quite a

518
00:31:24,280 --> 00:31:27,989
Suze: while yet. We don't know or they could have hit

519
00:31:28,000 --> 00:31:31,349
Suze: their top and that's why you put little by little

520
00:31:31,359 --> 00:31:34,250
Suze: amounts all over the place. All right. Yes.

521
00:31:34,520 --> 00:31:38,630
KT: Ok, Suze. Next question from Sarah. I love your show.

522
00:31:38,640 --> 00:31:42,869
KT: Have your books. Have your must haves and follow your advice.

523
00:31:43,510 --> 00:31:45,119
KT: I like that. Your must haves.

524
00:31:46,050 --> 00:31:49,939
KT: I have a quick question for you. I had LTC

525
00:31:49,949 --> 00:31:54,540
KT: insurance through my employer when I was laid off. The

526
00:31:54,550 --> 00:31:58,500
KT: only insurance that was portable was my health insurance.

527
00:31:58,510 --> 00:32:00,060
Suze: I read this one, by the way.

528
00:32:00,579 --> 00:32:02,119
KT: I know you're going to send her to Phyllis.

529
00:32:02,209 --> 00:32:03,069
Suze: I did send send her to Phyllis.  

530
00:32:03,569 --> 00:32:07,380
KT: Allright, we'll tell you in a minute who Phyllis is. Everything else,

531
00:32:07,390 --> 00:32:11,619
KT: extra life insurance and LTC went away. They said I

532
00:32:11,630 --> 00:32:15,520
KT: couldn't take it with me. I paid into those accounts

533
00:32:15,530 --> 00:32:18,890
KT: for almost five years and now I'm thinking, should I

534
00:32:18,900 --> 00:32:23,719
KT: even bother with contributing through my next employer? It seems

535
00:32:23,729 --> 00:32:25,839
KT: like a waste of money if you don't stay with

536
00:32:25,849 --> 00:32:28,119
KT: the company up until retirement.

537
00:32:28,510 --> 00:32:30,989
KT: What are your thoughts, Suze? I'm shopping for a new

538
00:32:31,000 --> 00:32:34,479
KT: policy since I'm 59. I want to capture a decent

539
00:32:34,489 --> 00:32:37,640
KT: rate before I hit 60. Thank you so much for

540
00:32:37,650 --> 00:32:38,719
KT: all you guys do.

541
00:32:38,729 --> 00:32:40,359
Suze: All right. So do you remember at the beginning of

542
00:32:40,369 --> 00:32:42,650
Suze: this I said that I go through these and I

543
00:32:42,660 --> 00:32:49,079
Suze: read them and it's really impossible, everybody to keep up

544
00:32:49,089 --> 00:32:53,199
Suze: on every single thing that's out there.

545
00:32:53,880 --> 00:32:57,670
Suze: So, and to be an expert on every single part

546
00:32:57,680 --> 00:33:00,790
Suze: of it. So sometimes when it comes to student loans

547
00:33:00,800 --> 00:33:05,410
Suze: and information there, if it's a question that I cannot answer.

548
00:33:05,430 --> 00:33:08,729
Suze: I'll send it to Mark Kantowitz who is absolutely the

549
00:33:08,739 --> 00:33:13,180
Suze: nation's expert. If in fact, it's a question like this

550
00:33:13,209 --> 00:33:17,800
Suze: on long term care, then I send it to Phyllis

551
00:33:17,810 --> 00:33:18,770
Suze: Shelton

552
00:33:19,270 --> 00:33:24,520
Suze: Phyllis at got LTC dot com. That's where I send

553
00:33:24,530 --> 00:33:28,760
Suze: it to. And Phyllis always gets back to the person

554
00:33:28,770 --> 00:33:32,380
Suze: because in my opinion, she is the expert on long

555
00:33:32,390 --> 00:33:36,739
Suze: term care insurance and has helped thousands of you for

556
00:33:36,750 --> 00:33:38,699
Suze: free and KT as well.

557
00:33:38,795 --> 00:33:44,025
KT: I, I got, I bought my policy through Phyllis. It's unbelievable.

558
00:33:44,155 --> 00:33:51,375
Suze: But here's the thing again, it's Phyllis Phyllis at got

559
00:33:51,385 --> 00:33:58,305
Suze: ltc - long term care insurance. LTC I dot com.

560
00:33:58,564 --> 00:34:05,055
Suze: I sent this email from Sarah to Phyllis and while

561
00:34:05,064 --> 00:34:06,744
Suze: KT was reading it

562
00:34:06,959 --> 00:34:10,629
Suze: and I went on to my little iphone and I got

563
00:34:10,639 --> 00:34:14,370
Suze: the response because Phyllis copies me on every single thing

564
00:34:14,379 --> 00:34:18,429
Suze: she sends directly to you. So I would like to

565
00:34:18,439 --> 00:34:25,290
Suze: read to you right now exactly what Phyllis wrote to

566
00:34:25,300 --> 00:34:29,239
Suze: Sarah because then you'll understand what happens on the Women

567
00:34:29,250 --> 00:34:32,389
Suze: and Money podcast and how we really are here to

568
00:34:32,399 --> 00:34:33,129
Suze: help you.

569
00:34:33,580 --> 00:34:37,629
Suze: Hi, Sarah. I'm really glad you asked Suze about this.

570
00:34:37,639 --> 00:34:42,469
Suze: I am her person for all inquiries related to LTC

571
00:34:42,479 --> 00:34:50,070
Suze: insurance and I can tell you that your employer was 100% wrong.

572
00:34:50,520 --> 00:34:55,279
Suze: Your policy was portable. All you have to do is

573
00:34:55,290 --> 00:34:59,989
Suze: call the insurance company with your policy number and they

574
00:35:00,000 --> 00:35:04,408
Suze: would have billed you directly instead of through payroll deduction

575
00:35:04,419 --> 00:35:05,649
Suze: with your employer.

576
00:35:06,159 --> 00:35:09,908
Suze: You don't say how long it has been since this happened,

577
00:35:10,030 --> 00:35:13,719
Suze: but I would still call the insurance company and tell

578
00:35:13,729 --> 00:35:19,179
Suze: them what happened, that your employer gave you incorrect information.

579
00:35:19,500 --> 00:35:24,409
Suze: In fact, if you give me a contact at your employer,

580
00:35:24,419 --> 00:35:27,729
Suze: I will be happy to call and explain this so

581
00:35:27,739 --> 00:35:31,100
Suze: that no one else will lose a policy.

582
00:35:31,989 --> 00:35:34,879
Suze: So I want you to think about that. I want

583
00:35:34,889 --> 00:35:38,919
Suze: you to think about that. So Phyllis, we love you.

584
00:35:39,040 --> 00:35:43,100
Suze: I know that you wrote Sarah directly. So Sarah got

585
00:35:43,110 --> 00:35:48,638
Suze: this information directly and there you go, KT...

586
00:35:49,080 --> 00:35:49,959
KT: It's time...

587
00:35:49,969 --> 00:35:51,949
Suze: But we kind of went over with that. But you

588
00:35:51,959 --> 00:35:53,109
Suze: did your little quizze,

589
00:35:53,929 --> 00:35:56,270
Suze: you had a little quizzie with that. Yeah. And well,

590
00:35:56,280 --> 00:35:58,810
Suze: I'll save the quizzie that I have for you till

591
00:35:58,820 --> 00:36:01,820
Suze: next time. When we record again, where will we be?

592
00:36:03,159 --> 00:36:05,979
Suze: Maybe we will be in Spain.

593
00:36:07,040 --> 00:36:11,020
KT: Oh Yeah. Does everyone know we're going back to the camino?

594
00:36:11,679 --> 00:36:12,790
Suze: I think we told them that.

595
00:36:13,070 --> 00:36:15,949
KT: Oh my God, that's gonna be so great, right?

596
00:36:15,959 --> 00:36:17,969
Suze: So anyway, so

597
00:36:18,989 --> 00:36:20,030
KT: Adios.

598
00:36:21,429 --> 00:36:23,850
Suze: Adios is not Italian.

599
00:36:23,949 --> 00:36:29,669
KT: No, arrivederci is "And until we meet again" and is Italian and Adios is.. or hasta luego -

600
00:36:32,719 --> 00:36:33,770
KT: see you later.

601
00:36:33,780 --> 00:36:38,280
Suze: Anyway. So until next time, there's really only one thing

602
00:36:38,290 --> 00:36:40,229
Suze: that we want you to say every

603
00:36:40,409 --> 00:36:46,820
Suze: single day and it goes like this today, wherever I go, I will

604
00:36:46,830 --> 00:36:52,520
Suze: create a more peaceful, loving, joyful world. And if you

605
00:36:52,530 --> 00:36:54,689
Suze: do that, what happens, KT?

606
00:36:54,870 --> 00:36:59,379
Suze: You will be unstoppable. Bye bye now.

607
00:37:00,010 --> 00:37:00,250
Intro / Outro: Music Out.