1 00:00:22,579 --> 00:00:23,029 MUSIC: (MUSIC INTRO) 2 00:00:31,840 --> 00:00:35,860 Suze: June 16, 2022. 3 00:00:36,440 --> 00:00:39,710 KT: Hi Hi Suze, Good morning. It's a great day. 4 00:00:39,710 --> 00:00:42,330 Suze: Great. And let me tell you why it's a great 5 00:00:42,330 --> 00:00:47,059 Suze: day because this is the Ask KT and Suze Anything... 6 00:00:47,070 --> 00:00:49,220 KT: It's actually ask Suze and KT. 7 00:00:49,229 --> 00:00:51,760 Suze: No, I did that on purpose that way. 8 00:00:52,440 --> 00:00:55,140 KT: But tell everyone what's why it's a great day. 9 00:00:55,140 --> 00:00:57,940 Suze: It's a great day for a few reasons. And let's 10 00:00:57,940 --> 00:01:00,450 Suze: just start this way. As you know, 11 00:01:01,040 --> 00:01:04,649 Suze: this podcast is sponsored by the Alliant Credit Union. 12 00:01:05,140 --> 00:01:10,030 Suze: As you know, Alliant has also offered what KT to everybody. 13 00:01:10,040 --> 00:01:12,270 KT: The ultimate opportunity savings account. 14 00:01:12,280 --> 00:01:15,250 Suze: And what happens with the ultimate opportunity savings account, 15 00:01:15,940 --> 00:01:19,870 KT: You can earn $100 bonus if you just follow the 16 00:01:19,880 --> 00:01:22,929 KT: instructions which you'll all here at the end of this podcast. 17 00:01:22,930 --> 00:01:27,330 Suze: Right? But many of you, tens of thousands of you 18 00:01:27,340 --> 00:01:32,050 Suze: took advantage of the ultimate opportunity savings account that when 19 00:01:32,050 --> 00:01:35,649 Suze: we first offered this was giving .60% 20 00:01:36,040 --> 00:01:38,899 Suze: in terms of interest and at the time that was 21 00:01:38,900 --> 00:01:41,209 Suze: one of the highest interest rates out there. Right, KT. 22 00:01:41,209 --> 00:01:42,310 Suze: And then what happened 23 00:01:42,310 --> 00:01:45,209 KT: Suze went to .75%. 24 00:01:45,209 --> 00:01:48,930 Suze: That's right. And now what we want all of you 25 00:01:48,930 --> 00:01:53,620 Suze: to know is now it is at 1%. 26 00:01:54,940 --> 00:01:57,790 Suze: One of the reasons that we love Alliant Credit union 27 00:01:57,790 --> 00:02:02,630 Suze: so much is that they really are the credit union 28 00:02:02,630 --> 00:02:06,650 Suze: that has your best interest at heart. And as interest 29 00:02:06,650 --> 00:02:10,010 Suze: rates continue up here. Trust me, they'll take you up 30 00:02:10,020 --> 00:02:14,639 Suze: as well. So check out the ultimate opportunity savings account 31 00:02:14,639 --> 00:02:16,660 Suze: go to my alliant dot com. 32 00:02:16,840 --> 00:02:22,560 Suze: Look for who everybody and learn how you 33 00:02:22,639 --> 00:02:25,030 Suze: can not only get that interest rate but how you 34 00:02:25,030 --> 00:02:27,560 Suze: can get that $100 bonus as well. 35 00:02:27,940 --> 00:02:30,220 Suze: KT, What do you got for me today? 36 00:02:30,230 --> 00:02:33,590 KT: A lot of great, great, great questions. A real variety. 37 00:02:33,590 --> 00:02:35,950 KT: But I'm going to start with one of our favorite. Ready. 38 00:02:36,840 --> 00:02:40,290 KT: Hi Suze. This is from Angie. Hi Suze. I'm 55 39 00:02:40,290 --> 00:02:45,649 KT: years old and almost all of my savings 400,000 is 40 00:02:45,650 --> 00:02:50,240 KT: invested in mutual funds with fidelity. You like Fidelity, don't you, Suze? 41 00:02:50,250 --> 00:02:53,440 Suze: Yes. It's one of the discount brokers I like among many. 42 00:02:53,450 --> 00:02:57,290 KT: Okay with the recent nightmare in the stock market. I've 43 00:02:57,290 --> 00:03:01,560 KT: lost almost 25,000 over the last several months. 44 00:03:02,139 --> 00:03:03,359 KT: Angie, you're not alone. 45 00:03:04,040 --> 00:03:07,510 KT: Should one sell their funds and cash out to prevent 46 00:03:07,510 --> 00:03:09,260 KT: the bleeding or hold on. 47 00:03:09,639 --> 00:03:12,910 KT: I need the advice Suze. Every day. I feel that 48 00:03:12,910 --> 00:03:15,730 KT: I'm in a race for time and for my very 49 00:03:15,730 --> 00:03:16,859 KT: livelihood 50 00:03:17,240 --> 00:03:19,560 KT: and Suze for the first time in my life I 51 00:03:19,560 --> 00:03:21,859 KT: truly don't know what to do 52 00:03:22,630 --> 00:03:24,850 Suze: the first time in her life 53 00:03:25,840 --> 00:03:28,880 Suze: she's 55 that's the first time in her life. She 54 00:03:28,889 --> 00:03:35,420 Suze: doesn't know what to do. How fabulous is that Angie. Seriously? 55 00:03:35,430 --> 00:03:39,530 Suze: That for all 55 years you have absolutely known what 56 00:03:39,540 --> 00:03:42,660 Suze: to do. I have never known what to do. 57 00:03:42,840 --> 00:03:46,000 Suze: I never knew what to do, KT, until I was 50. 58 00:03:46,740 --> 00:03:48,160 Suze: I'm not laughing 59 00:03:48,160 --> 00:03:52,230 KT: because no one would read that and respond the way 60 00:03:52,230 --> 00:03:53,250 KT: you just did 61 00:03:53,640 --> 00:03:57,140 KT: telling her how great that this is the first time 62 00:03:57,140 --> 00:03:57,570 KT: you don't know. 63 00:03:57,570 --> 00:04:01,070 Suze: It's seriously great because here's the other thing that's seriously 64 00:04:01,070 --> 00:04:06,560 Suze: great Angie you have almost all of your savings, $400,000 65 00:04:07,240 --> 00:04:08,860 Suze: and it's lost 66 00:04:09,240 --> 00:04:14,660 Suze: Essentially $25,000 over the last several months. 67 00:04:15,840 --> 00:04:19,260 Suze: I don't know, girlfriend that's only like 6%. 68 00:04:20,140 --> 00:04:23,740 Suze: You've only lost maybe, 6 6.25% if we were going 69 00:04:23,740 --> 00:04:25,150 Suze: to be exact about it 70 00:04:26,140 --> 00:04:31,599 Suze: And the markets are down 17%, 22%, 30%. If you're 71 00:04:31,600 --> 00:04:35,150 Suze: looking at the Dow Jones, the Standard and Poor's the 72 00:04:36,310 --> 00:04:42,120 Suze: nothing you're doing fine. Right? Truthfully it's too late to 73 00:04:42,120 --> 00:04:44,050 Suze: sell if you want to sell 74 00:04:45,240 --> 00:04:50,460 Suze: obviously whatever you're investing in has held up pretty well. 75 00:04:50,940 --> 00:04:51,560 Suze: So 76 00:04:51,940 --> 00:04:56,570 Suze: I would probably just stay exactly where I was right 77 00:04:56,670 --> 00:04:57,360 Suze: now 78 00:04:57,740 --> 00:05:01,609 Suze: Without knowing exactly what you own. There's not really much 79 00:05:01,610 --> 00:05:04,529 Suze: more that I can say to you, but listen, I 80 00:05:04,529 --> 00:05:09,210 Suze: wish I was only down 6.25%. Alright. And I still 81 00:05:09,210 --> 00:05:10,089 Suze: don't know what to do. 82 00:05:10,089 --> 00:05:11,929 KT: Okay, 83 00:05:11,940 --> 00:05:15,460 Suze: wait, I want to I want to say something about this. 84 00:05:16,040 --> 00:05:20,150 Suze: I don't think there's a financial advisor out there today 85 00:05:20,940 --> 00:05:22,170 Suze: that knows what to do 86 00:05:22,640 --> 00:05:27,089 Suze: and I'm very serious about that. I watch CNBC every 87 00:05:27,100 --> 00:05:28,250 Suze: single day 88 00:05:29,140 --> 00:05:31,150 Suze: and I watch 89 00:05:31,839 --> 00:05:35,560 Suze: The advisors that go on there, especially like around the 90 00:05:35,560 --> 00:05:40,559 Suze: 12 to 1pm timeframe. I love this. They are arguing 91 00:05:40,940 --> 00:05:43,159 Suze: over no, I'm doing this. I'm doing that. No, I 92 00:05:43,160 --> 00:05:45,550 Suze: don't agree I would be buying, I would be selling. 93 00:05:45,560 --> 00:05:48,870 Suze: I've never seen anything like it. So can everybody just 94 00:05:48,880 --> 00:05:53,489 Suze: understand that we're in a time right now. We're really 95 00:05:53,500 --> 00:05:57,870 Suze: nobody knows for sure what to do. The best we 96 00:05:57,870 --> 00:06:00,350 Suze: can do is guess seriously. 97 00:06:00,540 --> 00:06:02,090 Suze: And that includes me, KT. 98 00:06:02,100 --> 00:06:04,909 KT: So if we don't know for sure what to do, 99 00:06:04,910 --> 00:06:08,170 KT: what would you recommend? Someone does nothing? 100 00:06:08,180 --> 00:06:09,270 Suze: Well it depends, 101 00:06:09,740 --> 00:06:10,000 KT: it 102 00:06:10,000 --> 00:06:12,150 Suze: depends if they are invested 103 00:06:12,839 --> 00:06:17,250 Suze: and what they're invested in. It depends how long 104 00:06:17,640 --> 00:06:21,790 Suze: until they actually need this money meaning they need to 105 00:06:21,790 --> 00:06:23,060 Suze: cash it out. 106 00:06:23,839 --> 00:06:26,750 Suze: It depends on so many things. 107 00:06:27,240 --> 00:06:30,560 Suze: That's why also KT, it's so hard to answer questions 108 00:06:30,560 --> 00:06:34,220 Suze: without knowing the intent of money. On Sunday, I think 109 00:06:34,220 --> 00:06:37,270 Suze: it was Sunday, you know, I said that the majority 110 00:06:37,270 --> 00:06:39,150 Suze: of our money right now, KT 111 00:06:39,839 --> 00:06:42,660 Suze: is in treasury bills and notes 112 00:06:43,540 --> 00:06:47,440 Suze: and why is that? And that's, you know, yes and 113 00:06:47,440 --> 00:06:50,650 Suze: I it's in, I bonds obviously to the max right? 114 00:06:50,650 --> 00:06:53,960 Suze: And a lot of our money is in municipal bonds 115 00:06:53,970 --> 00:06:57,990 Suze: that we've owned for many, many years right now and 116 00:06:58,000 --> 00:07:02,260 Suze: giving us a nice dividend. But our goal, KT 117 00:07:02,339 --> 00:07:04,510 Suze: is to really not have our money grow anymore, 118 00:07:04,520 --> 00:07:05,460 KT: preserve 119 00:07:05,740 --> 00:07:09,660 Suze: our goal is to preserve, protect and prosper 120 00:07:10,040 --> 00:07:11,860 Suze: always planted to name a book that 121 00:07:12,340 --> 00:07:16,950 Suze: so I just used it and the publishers would go, 122 00:07:16,950 --> 00:07:20,020 Suze: what does that mean? I go forget it. Okay. But 123 00:07:20,030 --> 00:07:22,920 Suze: so it depends what the goal is in the answer 124 00:07:22,920 --> 00:07:25,450 Suze: to what you just said. But anyway, Okay, 125 00:07:25,460 --> 00:07:29,090 KT: okay. Next question is from Danielle and this is a 126 00:07:29,090 --> 00:07:31,690 KT: good question to a lot of parents out there. Don't 127 00:07:31,690 --> 00:07:32,650 KT: know what to do. 128 00:07:32,840 --> 00:07:35,790 KT: My daughter starts college in the fall. I'll need to 129 00:07:35,790 --> 00:07:39,390 KT: withdraw funds from her. 5 29. The five 130 00:07:39,390 --> 00:07:39,910 Suze: withdraw it 131 00:07:41,140 --> 00:07:47,090 KT: 529 despite being in conservative funds is floundering in this market. 132 00:07:47,100 --> 00:07:50,610 KT: Is it still wise to withdraw the amount I need 133 00:07:50,610 --> 00:07:52,160 KT: to send her to school 134 00:07:52,340 --> 00:07:56,560 KT: while the market is dropping? I know I'm not supposed 135 00:07:56,560 --> 00:07:59,500 KT: to sell when it's low, but I had planned to 136 00:07:59,500 --> 00:08:02,320 KT: pay for college with this money. Help me make a 137 00:08:02,320 --> 00:08:03,460 KT: wise choice. 138 00:08:03,840 --> 00:08:04,780 KT: There you go. 139 00:08:04,790 --> 00:08:10,010 Suze: You know, I'll never forget. It was 2007 - 2008 somewhere. KT, 140 00:08:10,020 --> 00:08:14,770 Suze: we were doing the Oprah Winfrey show when everything was 141 00:08:14,780 --> 00:08:18,990 Suze: crashing and when I mean crashing, I mean crashing, we 142 00:08:18,990 --> 00:08:21,150 Suze: were down 50% 143 00:08:21,740 --> 00:08:28,130 Suze: We're only down maybe 17%, 20%, 30%. If you're in technology, 50%, 144 00:08:28,140 --> 00:08:34,589 Suze: everybody real estate was crashing. Everything was going to you 145 00:08:34,590 --> 00:08:37,670 Suze: know where all right, Katie doesn't like when I swear, 146 00:08:37,679 --> 00:08:40,760 Suze: I don't swear. So anyway, at least when she's around 147 00:08:41,140 --> 00:08:45,179 Suze: And there was a woman who had $400,000. I don't 148 00:08:45,179 --> 00:08:48,460 Suze: know if you remember this in her 529 plan 149 00:08:49,140 --> 00:08:54,530 Suze: And it had gone from $400,000 down to like $180,000. 150 00:08:54,540 --> 00:08:59,160 Suze: And her kid needed to go to school that year 151 00:08:59,740 --> 00:09:02,480 Suze: and she didn't like the answer that I gave her 152 00:09:02,559 --> 00:09:05,359 Suze: as well as Danielle may not like the answer that 153 00:09:05,360 --> 00:09:07,150 Suze: I'm about to give her, 154 00:09:07,990 --> 00:09:09,360 Suze: but here's the scoop, 155 00:09:10,140 --> 00:09:12,660 Suze: how many times have I said to you 156 00:09:13,240 --> 00:09:15,850 Suze: that money that you know you need 157 00:09:16,330 --> 00:09:19,150 Suze: In the next five years 158 00:09:20,240 --> 00:09:21,559 Suze: or less 159 00:09:22,340 --> 00:09:26,060 Suze: is not money that belongs in the stock market 160 00:09:27,240 --> 00:09:29,160 Suze: and you knew 161 00:09:29,640 --> 00:09:32,780 Suze: that your child was going to have to go to 162 00:09:32,780 --> 00:09:34,950 Suze: school this year. 163 00:09:35,640 --> 00:09:39,920 Suze: So last year you should have taken the money within 164 00:09:39,920 --> 00:09:43,160 Suze: the 529 plan that was invested 165 00:09:43,540 --> 00:09:47,179 Suze: and taken that money and maybe two years of money 166 00:09:47,190 --> 00:09:50,880 Suze: out of the stock market and just left it there 167 00:09:50,890 --> 00:09:53,950 Suze: so that you could pay for college, 168 00:09:54,640 --> 00:09:56,560 Suze: but you didn't do that 169 00:09:57,140 --> 00:10:00,580 Suze: and now you have four years to pay for at 170 00:10:00,580 --> 00:10:03,950 Suze: a time when nobody knows for sure these markets go 171 00:10:03,950 --> 00:10:06,970 Suze: down big, they go up big, they come back down big, 172 00:10:06,980 --> 00:10:10,850 Suze: you saw what happens yesterday, the day before you see 173 00:10:10,850 --> 00:10:15,100 Suze: it all the time. So at this point you have 174 00:10:15,100 --> 00:10:16,550 Suze: to play the safe bet 175 00:10:17,240 --> 00:10:21,290 Suze: because there is no way for us to know in September, 176 00:10:21,300 --> 00:10:23,679 Suze: is the market going to be up more or is 177 00:10:23,679 --> 00:10:26,479 Suze: it going to be down more? I personally think it 178 00:10:26,480 --> 00:10:27,650 Suze: will be down more. 179 00:10:28,150 --> 00:10:30,860 Suze: That is my personal projection, 180 00:10:31,340 --> 00:10:33,170 Suze: I think we could go up here for a little 181 00:10:33,170 --> 00:10:34,250 Suze: bit possibly 182 00:10:35,140 --> 00:10:40,300 Suze: and then it starts its downward trend again into August 183 00:10:40,309 --> 00:10:42,550 Suze: September possibly October 184 00:10:43,040 --> 00:10:46,350 Suze: For us to flush out this market. We could easily 185 00:10:46,350 --> 00:10:51,010 Suze: have to go down 35-40%. We're not even close to 186 00:10:51,010 --> 00:10:53,940 Suze: that right now. Um the standard and poor's or the 187 00:10:53,940 --> 00:10:54,760 Suze: Dow Jones. 188 00:10:55,540 --> 00:10:56,349 Suze: Therefore 189 00:10:56,940 --> 00:10:59,939 Suze: if it were me, I would be taking it out 190 00:11:00,020 --> 00:11:01,650 Suze: now on a day 191 00:11:02,240 --> 00:11:05,580 Suze: in here somewhere, we'll see one where the markets are up, 192 00:11:05,590 --> 00:11:08,900 Suze: I would just come out and that would be that 193 00:11:08,910 --> 00:11:10,970 Suze: and I would be happy that I had whatever money 194 00:11:10,970 --> 00:11:15,370 Suze: I had to pay for college. Oh KT what is 195 00:11:15,370 --> 00:11:16,339 Suze: that look for? 196 00:11:16,340 --> 00:11:19,429 KT: I feel terrible for Danielle with the answer you just 197 00:11:19,429 --> 00:11:21,760 KT: gave her. If I were Danielle, I would feel 198 00:11:22,140 --> 00:11:25,719 KT: Really bad because you know why if I'm a parent 199 00:11:25,730 --> 00:11:28,179 KT: and I have a little baby and I'm so excited 200 00:11:28,179 --> 00:11:31,390 KT: that I started at 529 when the kid was like 201 00:11:31,390 --> 00:11:34,179 KT: five years old and now they're ready to go to college. 202 00:11:34,190 --> 00:11:37,460 KT: So 15 years later here, I am 203 00:11:37,740 --> 00:11:39,829 KT: feeling silly that every month, 204 00:11:39,830 --> 00:11:43,620 Suze: 17 years later, right, a few months before the child 205 00:11:43,620 --> 00:11:46,700 Suze: has to go to school with money that she knew 206 00:11:46,700 --> 00:11:48,059 Suze: she was going to need. 207 00:11:48,240 --> 00:11:51,050 Suze: I'm not being hard on Danielle. I'm being honest with 208 00:11:51,050 --> 00:11:51,780 Suze: her KT 209 00:11:51,790 --> 00:11:54,520 KT: then everyone parents all need to know, they need to 210 00:11:54,520 --> 00:11:56,850 KT: look at this as another 211 00:11:57,240 --> 00:11:59,140 KT: protection that they have to, 212 00:11:59,150 --> 00:12:03,260 Suze: When you invest for something like a 529, plan 213 00:12:03,740 --> 00:12:07,830 Suze: and maybe you have enough to pay for it or 214 00:12:07,840 --> 00:12:09,950 Suze: you know, you're going to have to pay for it 215 00:12:09,960 --> 00:12:10,840 Suze: in cash 216 00:12:11,640 --> 00:12:15,209 Suze: in the next few months, KT, you can't leave your 217 00:12:15,210 --> 00:12:18,740 Suze: money in the stock market until then. I don't care 218 00:12:18,740 --> 00:12:21,660 Suze: if you take it out a year beforehand. Remember you 219 00:12:21,660 --> 00:12:25,030 Suze: have four years to go. So you can keep some 220 00:12:25,030 --> 00:12:26,850 Suze: of the money invested for growth. 221 00:12:27,240 --> 00:12:29,930 Suze: But some of the money has to be as you're 222 00:12:29,929 --> 00:12:33,290 Suze: approaching the date that you're going to need that cash, 223 00:12:33,290 --> 00:12:35,870 KT: you'll need to do a Suze School on that. 224 00:12:35,880 --> 00:12:39,469 Suze: Oh KT I've done I've said this many times, Danielle, 225 00:12:40,050 --> 00:12:40,699 KT: ... 226 00:12:40,700 --> 00:12:43,469 Suze: I'm sorry if that was hard advice on you, but it's 227 00:12:43,480 --> 00:12:45,860 Suze: honest advice so that 228 00:12:45,940 --> 00:12:49,559 Suze: The year three and 4, you don't make that mistake again. 229 00:12:49,940 --> 00:12:52,270 Suze: All right. But at least I did give you, I 230 00:12:52,270 --> 00:12:55,340 Suze: did KT. I gave her her answer. I would write, 231 00:12:55,570 --> 00:12:56,510 KT: oh 232 00:12:56,520 --> 00:12:57,160 Suze: God, 233 00:12:57,540 --> 00:13:00,489 Suze: Here's the thing. Everybody I know this is going to 234 00:13:00,490 --> 00:13:03,820 Suze: be Ask Suze and KT three questions podcast because we're 235 00:13:03,820 --> 00:13:08,250 Suze: gonna run out of time. But these are important discussions 236 00:13:08,640 --> 00:13:10,560 Suze: between the two of us 237 00:13:11,040 --> 00:13:15,360 Suze: because KT will always be that person who is you. 238 00:13:15,840 --> 00:13:18,860 Suze: It's hard for me now to be you 239 00:13:19,640 --> 00:13:20,240 Suze: because to 240 00:13:20,240 --> 00:13:21,580 KT: be compassionate. 241 00:13:21,590 --> 00:13:29,340 Suze: Yes. But somebody who doesn't have the knowledge to know 242 00:13:29,350 --> 00:13:34,630 Suze: what to do in every single situation. You Oh KT 243 00:13:34,630 --> 00:13:37,470 Suze: do not get mad at me for this. You still 244 00:13:37,470 --> 00:13:40,360 Suze: don't have the knowledge to know what to do 245 00:13:40,440 --> 00:13:44,560 Suze: in every single situation and partly that's my fault because 246 00:13:44,559 --> 00:13:46,050 Suze: I haven't forced you 247 00:13:46,440 --> 00:13:47,060 Suze: to know 248 00:13:47,440 --> 00:13:49,510 Suze: it's just sometimes it's like alright, just let me do 249 00:13:49,510 --> 00:13:53,050 Suze: it for you. It's all right, no problem. And you're like, okay, 250 00:13:53,440 --> 00:13:54,360 Suze: do it for me. 251 00:13:55,140 --> 00:13:57,730 Suze: And so it's hard for me to go back and 252 00:13:57,730 --> 00:14:00,390 Suze: know what it's like. Not to know if that made 253 00:14:00,390 --> 00:14:01,929 Suze: any sense. All right, just ask me another question. 254 00:14:02,720 --> 00:14:05,970 KT: This isn't a question. This is some happy news. Again. 255 00:14:05,970 --> 00:14:10,439 KT: Everybody from Angela, Angela Schmidt wrote, hi Suze and KT, 256 00:14:10,440 --> 00:14:16,059 KT: guess what? Alliant increased their savings account interest to 1%. 257 00:14:16,070 --> 00:14:20,470 KT: Woo hoo. She said best savings account out there. Thanks again. 258 00:14:20,470 --> 00:14:23,660 KT: Lots of love to you ladies. So Angela were happy 259 00:14:23,660 --> 00:14:23,850 KT: as 260 00:14:23,850 --> 00:14:27,260 Suze: well. We're also happy all of you stay tuned because 261 00:14:27,260 --> 00:14:30,580 Suze: somewhere over these next few months I know we're going 262 00:14:30,580 --> 00:14:31,560 Suze: to have another 263 00:14:31,640 --> 00:14:35,470 Suze: sweepstakes for all of those that are members of the 264 00:14:35,470 --> 00:14:38,660 Suze: Alliant Credit Union with the ultimate opportunity, savings account 265 00:14:38,840 --> 00:14:41,410 Suze: really. There's so many great things coming up. I can't 266 00:14:41,410 --> 00:14:43,550 Suze: wait for July that's all I'm gonna say, okay, go 267 00:14:43,550 --> 00:14:47,970 KT: on. This next one is from Samantha. Hi Suze and KT. 268 00:14:47,980 --> 00:14:51,500 KT: I hope you're doing well. I added two people Elaine 269 00:14:51,500 --> 00:14:56,210 KT: and Larry to my savings account as payable upon death. 270 00:14:56,220 --> 00:14:57,490 KT: Beneficiaries 271 00:14:57,940 --> 00:15:01,450 KT: Each to receive 50% upon my death, 272 00:15:01,740 --> 00:15:06,740 KT: sadly last year Larry died from cancer. If I die 273 00:15:06,740 --> 00:15:12,510 KT: before the remaining living. Beneficiary. Elaine, will she get 100% 274 00:15:12,520 --> 00:15:16,560 KT: or will she get 50% of the money and 50% 275 00:15:16,840 --> 00:15:19,270 KT: goes to Larry's heirs or estate. 276 00:15:19,270 --> 00:15:22,560 Suze: It's very possible it could go to Larry's heirs estate . 277 00:15:23,040 --> 00:15:26,030 Suze: especially if... oh you didn't ask me the question, 278 00:15:26,040 --> 00:15:29,370 KT: do I need to have Larry formally removed from the 279 00:15:29,370 --> 00:15:31,910 KT: account or take any other steps? 280 00:15:31,910 --> 00:15:35,930 Suze: Yeah, if I were you, I would absolutely have Larry 281 00:15:35,930 --> 00:15:40,150 Suze: come off that account. He is no longer alive and 282 00:15:40,160 --> 00:15:42,260 Suze: and I'm sorry about that by the way 283 00:15:42,440 --> 00:15:45,950 Suze: and I would actually have the other person, Elaine 284 00:15:46,540 --> 00:15:49,650 Suze: Be the one that gets 100% of it if that's 285 00:15:49,650 --> 00:15:53,350 Suze: what you want. I'm just going to say this however, 286 00:15:54,140 --> 00:15:58,660 Suze: if you had owned this in a living revocable trust 287 00:15:59,640 --> 00:16:02,410 Suze: where it was owned in trust? Obviously the trust is 288 00:16:02,410 --> 00:16:05,680 Suze: the beneficiary of it. All of this would have been 289 00:16:05,680 --> 00:16:09,050 Suze: taken care of for you in the trust, it would 290 00:16:09,050 --> 00:16:12,990 Suze: have designated if Larry died, this is what would happen 291 00:16:13,000 --> 00:16:16,300 Suze: if Elaine died. This is what would happen. You now 292 00:16:16,300 --> 00:16:19,160 Suze: change it all to Elaine. Elaine dies 293 00:16:19,240 --> 00:16:21,060 Suze: then where's the money going to go? 294 00:16:21,140 --> 00:16:23,060 Suze: Something happens to you again, 295 00:16:23,540 --> 00:16:26,820 Suze: you become incapacitated, you get ill, you have a stroke. 296 00:16:26,830 --> 00:16:29,370 Suze: A pay on death account will not help you at 297 00:16:29,380 --> 00:16:33,410 Suze: all and Elaine cannot help you because you haven't died. 298 00:16:33,420 --> 00:16:35,060 Suze: So how are you going to get access to that 299 00:16:35,060 --> 00:16:39,860 Suze: money when you're incapacitated if you are just same Suze 300 00:16:39,870 --> 00:16:43,360 Suze: Orman dot com slash offer. 301 00:16:43,440 --> 00:16:44,360 Suze: Check out 302 00:16:44,440 --> 00:16:48,260 Suze: the must have documents. Are you kidding me? 303 00:16:50,060 --> 00:16:51,570 KT: No, we're not kidding you. 304 00:16:52,240 --> 00:16:55,580 KT: So hey Suze, I started listening to your podcast in 305 00:16:55,580 --> 00:17:01,080 KT: March 2022. I'm now 72 I'll be taking R M. D. 306 00:17:01,080 --> 00:17:04,490 KT: For the first time. Is it better to take RMD 307 00:17:04,490 --> 00:17:07,490 KT: now or at the end of the year in a 308 00:17:07,490 --> 00:17:08,459 KT: bear market? 309 00:17:09,040 --> 00:17:11,859 Suze: This is a hard question to answer 310 00:17:12,440 --> 00:17:16,720 Suze: because I don't know if you're taking your required minimum 311 00:17:16,720 --> 00:17:17,860 Suze: distribution 312 00:17:18,340 --> 00:17:21,850 Suze: from stocks that you own within your retirement account, 313 00:17:22,240 --> 00:17:26,159 Suze: from bonds that you own within your retirement account or 314 00:17:26,160 --> 00:17:30,129 Suze: from cash that you have in your retirement account if 315 00:17:30,130 --> 00:17:32,790 Suze: you've sold any of the stocks over the past year 316 00:17:32,790 --> 00:17:35,340 Suze: or whatever and just left it in cash. 317 00:17:35,840 --> 00:17:40,139 Suze: So it's almost impossible for me to answer this question. 318 00:17:40,150 --> 00:17:43,840 Suze: It's also impossible for me to answer this question because 319 00:17:43,850 --> 00:17:47,090 Suze: I don't know where the market is going to be 320 00:17:47,100 --> 00:17:48,950 Suze: at the end of this year. 321 00:17:49,640 --> 00:17:52,300 Suze: If you think the market is going to be up 322 00:17:52,310 --> 00:17:54,230 Suze: at the end of the year, you'd be better off 323 00:17:54,230 --> 00:17:56,659 Suze: taking it at the end of the year versus now. 324 00:17:56,670 --> 00:17:58,850 Suze: So since we don't know, 325 00:17:59,640 --> 00:18:01,860 Suze: here's what I would do if I were you, 326 00:18:02,540 --> 00:18:04,900 Suze: you know how I always tell you if you're going 327 00:18:04,900 --> 00:18:08,230 Suze: to invest in the stock market right now with anything 328 00:18:08,230 --> 00:18:09,770 Suze: I tell you to buy 329 00:18:10,840 --> 00:18:14,330 Suze: no matter what it is, unless it's a treasury or 330 00:18:14,330 --> 00:18:15,270 Suze: an I Bond . 331 00:18:15,940 --> 00:18:18,890 Suze: I tell you to dollar cost average. So I don't 332 00:18:18,890 --> 00:18:21,250 Suze: care if you have $1,000 that you're eventually going to 333 00:18:21,250 --> 00:18:22,270 Suze: put in the market 334 00:18:22,640 --> 00:18:25,919 Suze: The most you would put in is maybe $50 a 335 00:18:25,920 --> 00:18:30,379 Suze: month or $100 a month or $100 every other month 336 00:18:30,390 --> 00:18:31,850 Suze: into what you want to buy. 337 00:18:32,340 --> 00:18:36,840 Suze: That's called dollar cost averaging. I would dollar cost average, 338 00:18:36,850 --> 00:18:41,360 Suze: my required minimum distribution out of my retirement account, 339 00:18:41,740 --> 00:18:44,510 Suze: figure out how much you're going to have to take 340 00:18:44,510 --> 00:18:46,270 Suze: out for the year. 341 00:18:46,640 --> 00:18:50,770 Suze: Let's say it's $5,000. Let's just say that's true. 342 00:18:51,560 --> 00:18:55,260 Suze: Then between now and then at the end of the 343 00:18:55,260 --> 00:18:57,050 Suze: year take out $1,000 a month. 344 00:18:57,740 --> 00:19:01,409 Suze: You'll meet your required minimum distribution amount and then no 345 00:19:01,410 --> 00:19:04,640 Suze: matter what happens, you will have chosen the correct time 346 00:19:04,650 --> 00:19:05,450 Suze: to do so 347 00:19:06,240 --> 00:19:06,790 KT: Oh my 348 00:19:06,790 --> 00:19:08,090 Suze: God, that was brilliant. That 349 00:19:08,090 --> 00:19:09,840 KT: was a really? That was brilliant. I was going to 350 00:19:09,840 --> 00:19:11,959 KT: say Suze. That's a really good answer. 351 00:19:12,300 --> 00:19:13,580 Suze: I've never given that answer before. 352 00:19:13,630 --> 00:19:15,350 KT: I know, but that was a great answer. 353 00:19:15,359 --> 00:19:19,070 Suze: Really. I've never been asked that question before. So I 354 00:19:19,080 --> 00:19:20,419 Suze: love that answer. 355 00:19:20,430 --> 00:19:22,889 KT: So here's a short question but I'm not sure if 356 00:19:22,890 --> 00:19:25,170 KT: there's enough information. Everyone. 357 00:19:25,340 --> 00:19:26,350 KT: It's from Nona 358 00:19:26,840 --> 00:19:28,820 KT: for how long can you collect survivor benefits? 359 00:19:29,560 --> 00:19:30,639 Suze: Oh... Nona. 360 00:19:33,040 --> 00:19:34,060 Suze: Who's Nona? 361 00:19:34,300 --> 00:19:34,609 KT: I don't know... 362 00:19:34,619 --> 00:19:36,540 Suze: ... Oh 363 00:19:36,540 --> 00:19:38,060 KT: Oh. My mommy, 364 00:19:38,070 --> 00:19:40,419 Suze: Yes. And what was yesterday? 365 00:19:40,590 --> 00:19:44,669 KT: My Mom's my mom would have been 94 years old. Yesterday, 366 00:19:44,670 --> 00:19:46,230 KT: June 15th. 367 00:19:46,240 --> 00:19:46,950 Suze: Yeah. 368 00:19:48,730 --> 00:19:49,290 Suze: Every... 369 00:19:49,290 --> 00:19:51,610 KT: Every year on her birthday. I cry because I miss her 370 00:19:51,609 --> 00:19:57,700 KT: so much yesterday sitting on the front porch crying and 371 00:19:57,700 --> 00:20:00,770 KT: Suze and Colo I was telling them how great she 372 00:20:00,770 --> 00:20:02,949 KT: was and how much we miss her. 373 00:20:04,130 --> 00:20:07,670 Suze: And I was telling Colo how her mother always used 374 00:20:07,670 --> 00:20:09,550 Suze: to say to me, Suze 375 00:20:10,440 --> 00:20:15,409 Suze: does Kath drive you crazy? Like she does me Suze 376 00:20:15,410 --> 00:20:19,919 Suze: tell me does she? So did you ask me this question? 377 00:20:19,930 --> 00:20:22,169 KT: I did. I don't know if you can answer it 378 00:20:22,170 --> 00:20:24,250 KT: because look at how short it is. We don't know 379 00:20:24,250 --> 00:20:25,800 KT: who the survivor is. Well 380 00:20:25,800 --> 00:20:29,629 Suze: it doesn't matter. How long can you collect survivor benefits? 381 00:20:29,640 --> 00:20:34,859 Suze: The answer to that is forever and a day. 382 00:20:35,740 --> 00:20:36,440 KT: If 383 00:20:36,450 --> 00:20:37,060 Suze: if 384 00:20:37,440 --> 00:20:42,460 Suze: that benefit happens to be less than what your benefit 385 00:20:42,470 --> 00:20:47,109 Suze: on your own once you qualify for Social Security happens 386 00:20:47,109 --> 00:20:47,670 Suze: to be. 387 00:20:48,040 --> 00:20:51,090 Suze: So if you happen to be collecting, let's just say 388 00:20:51,450 --> 00:20:55,820 Suze: $1000 a month of survivor's benefits. You haven't gotten remarried. 389 00:20:55,830 --> 00:20:59,520 Suze: Your everything is fine and you still are collecting this 390 00:20:59,520 --> 00:21:04,129 Suze: $1000 a month and now you turn 67 or you 391 00:21:04,130 --> 00:21:09,370 Suze: turn 70 and your own Social Security benefit would be 392 00:21:09,380 --> 00:21:14,170 Suze: $1300 a month. You would take your benefit at that time. 393 00:21:14,940 --> 00:21:18,850 Suze: If your benefit is not as high as the survivors benefit. 394 00:21:18,859 --> 00:21:22,260 Suze: Guess what? That's what you're going to be getting forever. 395 00:21:22,640 --> 00:21:25,810 KT: Oh good. So you knew the answer to that? Okay, 396 00:21:25,810 --> 00:21:28,449 Suze: next. Why is it a surprise for everybody that I know the answer 397 00:21:28,450 --> 00:21:29,129 Suze: to something 398 00:21:29,140 --> 00:21:32,560 KT: because I I wasn't sure if there was enough information there, 399 00:21:32,940 --> 00:21:36,450 Suze: I just make up these answers. Anyway, what do you know? (Laughs) 400 00:21:36,460 --> 00:21:40,470 KT: The next one is from Shannon. Hey Suze. This is one 401 00:21:40,470 --> 00:21:43,619 KT: more of a gathering information question for when I do 402 00:21:43,619 --> 00:21:45,170 KT: my action step. 403 00:21:45,840 --> 00:21:51,040 KT: I like this question when one completes a conversion from 404 00:21:51,040 --> 00:21:54,800 KT: a traditional to a Roth. Do you pay taxes at 405 00:21:54,800 --> 00:21:58,640 KT: the time of the conversion or do you receive a 406 00:21:58,640 --> 00:22:03,469 KT: statement from the financial institution when you file your taxes 407 00:22:03,480 --> 00:22:05,359 KT: for that calendar year? 408 00:22:05,540 --> 00:22:06,950 KT: Thank you in advance. 409 00:22:07,040 --> 00:22:08,810 KT: Ask me the question Suze. 410 00:22:08,990 --> 00:22:11,639 Suze: Let's do a pre quizzie.. 411 00:22:14,109 --> 00:22:16,440 KT: what do they call it? A bonus quizzie Okay. The 412 00:22:16,440 --> 00:22:20,460 KT: answer is yes. You pay taxes on the money you 413 00:22:20,460 --> 00:22:21,260 KT: convert 414 00:22:21,840 --> 00:22:24,560 KT: and the taxes would be due 415 00:22:25,040 --> 00:22:27,760 KT: No later or they have to be due on April 416 00:22:27,760 --> 00:22:29,959 KT: 15 of that time that 417 00:22:30,280 --> 00:22:30,740 Suze: the next 418 00:22:30,740 --> 00:22:31,270 KT: year. 419 00:22:32,140 --> 00:22:35,830 Suze: So everybody she is reading this answer that she wrote down. 420 00:22:36,570 --> 00:22:39,359 KT: This was my homework. When I picked the question I 421 00:22:39,359 --> 00:22:41,439 KT: said wait, Suze is going to say, well what do 422 00:22:41,440 --> 00:22:44,290 KT: you think KT? and I'm going to know because I 423 00:22:44,300 --> 00:22:45,320 KT: looked it up. 424 00:22:45,330 --> 00:22:49,390 Suze: Sometimes brokerage firms send things, sometimes they don't, you need 425 00:22:49,390 --> 00:22:51,270 Suze: to know that if you converted 426 00:22:51,340 --> 00:22:58,129 Suze: $10,000, you're gonna owe taxes on 100% of that $10,000. 427 00:22:58,140 --> 00:23:00,940 Suze: So no matter what you get from your brokerage firm, 428 00:23:00,950 --> 00:23:04,360 Suze: whether you do or you don't, that's the amount that 429 00:23:04,359 --> 00:23:06,910 Suze: you make sure. Either you put in on your taxes 430 00:23:06,920 --> 00:23:10,060 Suze: or your tax preparer, does it for you? 431 00:23:10,440 --> 00:23:10,760 Suze: Yeah. 432 00:23:11,240 --> 00:23:15,810 KT: Okay. Next question this is relatively I just got this yesterday. Suze. 433 00:23:15,810 --> 00:23:21,640 KT: So it might be time sensitive. Especially today. Hi, ladies Suze. 434 00:23:21,640 --> 00:23:25,360 KT: I listened to past podcast, but I need clarification on 435 00:23:25,359 --> 00:23:27,560 KT: Treasury two year notes. 436 00:23:27,840 --> 00:23:32,590 KT: The rate is currently 3.4%. Will the rate go up 437 00:23:32,590 --> 00:23:36,750 KT: again if the Fed raises rates? Is it a good 438 00:23:36,750 --> 00:23:39,660 KT: place for cash now? I know you like them. 439 00:23:40,640 --> 00:23:45,120 Suze: So the answer is yes. The rate should continue to 440 00:23:45,119 --> 00:23:48,730 Suze: go up depending not just on the feds, but what's 441 00:23:48,730 --> 00:23:51,520 Suze: happening in the bond market? It's a little bit more 442 00:23:51,520 --> 00:23:55,040 Suze: complicated because the Feds are also trying to sell their 443 00:23:55,040 --> 00:23:59,950 Suze: bond portfolio and do all kinds of things. Here's the thing. 444 00:24:00,540 --> 00:24:04,050 Suze: Two year Treasuries could absolutely go as high as 4%. 445 00:24:04,740 --> 00:24:05,670 Suze: So 446 00:24:06,040 --> 00:24:09,510 Suze: Given that that may be true, I'd be very thrilled 447 00:24:09,510 --> 00:24:14,419 Suze: to get 3.4 or 3, 4.5% on a two year treasury, 448 00:24:14,420 --> 00:24:18,670 Suze: which is the only riskless investment out there today. 449 00:24:19,540 --> 00:24:21,760 Suze: So I don't have a problem with that. 450 00:24:22,440 --> 00:24:26,170 Suze: Will interest rates continue up like I said, Probably. So 451 00:24:26,180 --> 00:24:28,900 Suze: rather than waiting since there's no way for us to 452 00:24:28,900 --> 00:24:32,030 Suze: really know. Take whatever amount of money you want to 453 00:24:32,030 --> 00:24:34,679 Suze: put into the two year Treasury at this rate, Put 454 00:24:34,680 --> 00:24:38,020 Suze: it in. Save some other money. If interest rates go up, 455 00:24:38,030 --> 00:24:41,460 Suze: put into another one and it's just that simple. 456 00:24:41,840 --> 00:24:42,250 KT: All right, 457 00:24:42,250 --> 00:24:44,660 Suze: Katie, we have a new trend that's happening. 458 00:24:45,840 --> 00:24:46,980 Suze: Do you want to know what it is 459 00:24:47,400 --> 00:24:48,490 KT: what is it now Suze? 460 00:24:48,490 --> 00:24:51,310 Suze: She has to get serious. She just put on her glasses. 461 00:24:51,320 --> 00:24:53,080 Suze: Why did you put on your glasses? 462 00:24:53,369 --> 00:24:55,570 KT: I can see you better when you ask me the quizzie, 463 00:24:55,590 --> 00:25:01,859 Suze: Like what you see today? All right. I've been acupuncture yesterday. 464 00:25:01,940 --> 00:25:04,760 Suze: It's like, and I still look like I've been acupuncture. Huh? 465 00:25:04,770 --> 00:25:07,119 KT: Well, it's been helping her arm a lot. 466 00:25:07,130 --> 00:25:08,859 Suze: A lot. Everybody 467 00:25:09,180 --> 00:25:10,120 KT: so happy. 468 00:25:10,130 --> 00:25:12,100 Suze: I just want to say if you suffer from what 469 00:25:12,100 --> 00:25:13,460 Suze: I have suffered through 470 00:25:14,500 --> 00:25:14,920 Suze: and 471 00:25:15,670 --> 00:25:15,980 KT: we've 472 00:25:15,980 --> 00:25:18,270 Suze: tried everything and I have to tell you, 473 00:25:18,640 --> 00:25:22,359 Suze: Right, this one, doctor Dr. Michelle on the island here. 474 00:25:22,740 --> 00:25:27,359 Suze: Oh my God, that's I can't even believe it. Anyway, okay, 475 00:25:28,440 --> 00:25:33,290 Suze: people are starting to write in and they're very tricky. 476 00:25:33,570 --> 00:25:35,060 Suze: They think 477 00:25:35,540 --> 00:25:38,330 Suze: that if they say this would make a good KT 478 00:25:38,330 --> 00:25:40,550 Suze: quizzie and do that 479 00:25:40,940 --> 00:25:44,470 Suze: because it's really their question and they pose it as 480 00:25:44,470 --> 00:25:47,239 Suze: a quizzie for you, that I'm going to choose it 481 00:25:47,240 --> 00:25:47,859 Suze: and use it. 482 00:25:48,240 --> 00:25:52,350 Suze: And guess what you did there. Right, Millie, you're one 483 00:25:52,350 --> 00:25:53,330 Suze: smart little. 484 00:25:54,070 --> 00:25:55,010 KT: She 485 00:25:55,010 --> 00:25:58,260 Suze: says, I think, oh, let's explain it to everybody 486 00:25:58,640 --> 00:26:01,240 Suze: because we have a lot of new people that join 487 00:26:01,240 --> 00:26:02,359 Suze: us every time 488 00:26:02,940 --> 00:26:08,040 Suze: the quizzie section is I ask KT a question and 489 00:26:08,050 --> 00:26:11,600 Suze: hopefully she can answer it. And it's also a question 490 00:26:11,600 --> 00:26:14,990 Suze: for all of you to see if you can answer 491 00:26:14,990 --> 00:26:16,169 Suze: it as well. 492 00:26:16,740 --> 00:26:20,000 Suze: Also I want to say for those of you who 493 00:26:20,000 --> 00:26:23,420 Suze: want to write in and ask a question you just 494 00:26:23,420 --> 00:26:26,920 Suze: do so to ask Suze podcast at gmail dot com 495 00:26:26,930 --> 00:26:30,270 Suze: or you can also download the women and money app 496 00:26:30,840 --> 00:26:33,379 Suze: where you can do that on Google play or Apple 497 00:26:33,390 --> 00:26:38,090 Suze: app and ask your question there. Sorry I got carried 498 00:26:38,090 --> 00:26:40,939 Suze: away here. Alright sorry darling. All 499 00:26:40,940 --> 00:26:41,270 KT: right. 500 00:26:41,840 --> 00:26:46,750 Suze: She says my husband retired early from the federal government 501 00:26:46,760 --> 00:26:47,659 Suze: this month. 502 00:26:48,040 --> 00:26:50,770 Suze: He's almost 59 503 00:26:51,240 --> 00:26:55,949 Suze: And will be receiving a supplement until he turns 62. 504 00:26:56,730 --> 00:26:59,450 Suze: I know how you feel about early retirement 505 00:26:59,940 --> 00:27:02,130 Suze: but he did it in order to care for his 506 00:27:02,130 --> 00:27:06,550 Suze: father who is terminally ill. He has a Roth IRA 507 00:27:06,560 --> 00:27:10,750 Suze: and wants to continue contributing so he can take advantage 508 00:27:10,760 --> 00:27:14,700 Suze: of the dip in the stock market. Alright, but I 509 00:27:14,700 --> 00:27:16,170 Suze: don't think he can 510 00:27:16,640 --> 00:27:19,270 Suze: now KT, he's not working 511 00:27:19,940 --> 00:27:23,230 Suze: and he's getting a little income from somewhere. She calls 512 00:27:23,230 --> 00:27:26,859 Suze: it a supplement so he's not working. 513 00:27:28,140 --> 00:27:32,300 Suze: So remember a Roth Ira can only be funded with 514 00:27:32,310 --> 00:27:36,560 Suze: earned income. However she says 515 00:27:37,040 --> 00:27:41,359 Suze: I am still working and will be for some time. 516 00:27:41,840 --> 00:27:46,060 Suze: I read somewhere that the working spouse can contribute to 517 00:27:46,060 --> 00:27:50,860 Suze: the non working spouses Roth Ira, is this correct? 518 00:27:51,340 --> 00:27:55,070 KT: Well the first part of the answer I think is yes, 519 00:27:55,080 --> 00:27:59,770 KT: she can contribute to a spousal Roth ira. 520 00:28:00,140 --> 00:28:03,670 KT: So they have to open a spousal Roth Ira on 521 00:28:03,670 --> 00:28:05,449 KT: the condition that they're both 522 00:28:05,840 --> 00:28:08,170 KT: joint filing joint taxes, 523 00:28:09,640 --> 00:28:10,790 KT: they have to file a 524 00:28:10,790 --> 00:28:13,780 Suze: joint, they must file a joint tax return, they can't 525 00:28:13,790 --> 00:28:18,209 Suze: be married filing separately. So your answer to this is 526 00:28:18,220 --> 00:28:20,949 Suze: can he or can he not 527 00:28:21,540 --> 00:28:25,700 Suze: Have a Roth IRA, $7,000 a year is put into 528 00:28:25,700 --> 00:28:26,919 Suze: yes or no? 529 00:28:26,930 --> 00:28:27,830 KT: Yes. 530 00:28:27,840 --> 00:28:30,080 Suze: There you go. Ding Ding Ding ding ding ding ding 531 00:28:30,080 --> 00:28:34,830 Suze: you smart little cutie. She then says her second question 532 00:28:34,840 --> 00:28:39,380 Suze: is and if so, which it is, would the contributions 533 00:28:39,380 --> 00:28:42,660 Suze: count towards my $7000 limit? 534 00:28:44,940 --> 00:28:48,010 KT: I don't think so. Suze. I don't I don't know. 535 00:28:48,020 --> 00:28:48,840 Suze: I don't know 536 00:28:48,840 --> 00:28:51,570 KT: that. I don't know. Does anyone out there know the answer? 537 00:28:51,580 --> 00:28:53,630 Suze: So here's the thing. Everybody 538 00:28:53,640 --> 00:28:54,860 KT: I knew half of that 539 00:28:54,870 --> 00:28:55,459 Suze: right? 540 00:28:56,140 --> 00:28:57,360 Suze: Technically 541 00:28:57,740 --> 00:29:03,050 Suze: you don't have to open a nonworking spousal Roth Ira. 542 00:29:03,440 --> 00:29:08,900 Suze: He just has to be a nonworking spouse. So therefore 543 00:29:08,910 --> 00:29:12,350 Suze: he can take money from their money. 544 00:29:12,840 --> 00:29:17,710 Suze: Put it in $7000 because he's 50 or older. She 545 00:29:17,720 --> 00:29:22,190 Suze: can put $7000 into her Roth Ira. So it's not 546 00:29:22,190 --> 00:29:26,030 Suze: like you have to open up a separate account that's 547 00:29:26,030 --> 00:29:31,560 Suze: named the non spousal working ira. Or Roth Ira. No, 548 00:29:31,640 --> 00:29:35,460 Suze: He can put it directly into his Roth IRA, she 549 00:29:35,460 --> 00:29:38,170 Suze: can continue to contribute $7,000 550 00:29:38,540 --> 00:29:42,080 Suze: into her Roth I. R. A. And that's how it is. 551 00:29:42,090 --> 00:29:44,290 KT: Are you sure that's how it is. 552 00:29:44,300 --> 00:29:47,670 Suze: I'm so positive. That's how it is. I can't even stand it. 553 00:29:47,750 --> 00:29:48,580 KT: That's how it is. 554 00:29:48,580 --> 00:29:51,670 Suze: That's how it is. All right. KT. 555 00:29:52,040 --> 00:29:54,050 Suze: Are you wondering what I'm going to talk about on Sunday. 556 00:29:54,740 --> 00:29:57,770 KT: You better tell everyone what happened with the Fed 557 00:29:58,240 --> 00:29:59,470 KT: and what it means? 558 00:29:59,800 --> 00:30:00,280 Suze: I've been 559 00:30:00,280 --> 00:30:02,730 KT: asking her all day, what does that mean? What does 560 00:30:02,730 --> 00:30:04,750 KT: it mean? What does it mean? Suze? Is this good? 561 00:30:04,750 --> 00:30:05,800 KT: Is this bad? 562 00:30:05,810 --> 00:30:09,330 Suze: Because yesterday I would not let her talk to me 563 00:30:09,330 --> 00:30:12,490 KT: at all at all. We didn't speak except what do 564 00:30:12,490 --> 00:30:14,550 KT: you want for lunch? 565 00:30:14,560 --> 00:30:18,720 Suze: Right. Because it's really important to listen to what happened 566 00:30:18,720 --> 00:30:19,560 Suze: yesterday 567 00:30:19,640 --> 00:30:23,710 Suze: With the Fed funds rate. They raised it .75%, which 568 00:30:23,710 --> 00:30:27,440 Suze: is really a big deal, KT. But Sunday I'll talk 569 00:30:27,450 --> 00:30:31,050 Suze: all about that and a few other things. So don't 570 00:30:31,050 --> 00:30:33,220 Suze: worry about it. I'll keep you informed. 571 00:30:33,220 --> 00:30:36,050 KT: I'm gonna listen. I'm gonna sit in everybody 572 00:30:37,340 --> 00:30:41,469 Suze: really. All right. We have to end this now. Alright? 573 00:30:41,470 --> 00:30:44,270 Suze: So everybody, there's really only one thing that we want 574 00:30:44,270 --> 00:30:46,820 Suze: for all of you. And what is that? KT? 575 00:30:46,820 --> 00:30:50,470 KT: Take advantage of that 1%. That's going on over at Alliant. 576 00:30:50,470 --> 00:30:54,570 KT: Credit Union at the ultimate opportunity savings account first. 577 00:30:54,570 --> 00:30:56,930 Suze: Make sure you listen to the rest of this podcast 578 00:30:56,930 --> 00:30:59,410 Suze: after we signed off. So you know how to take 579 00:30:59,410 --> 00:31:01,270 Suze: advantage of it and get 580 00:31:01,340 --> 00:31:03,680 Suze: That $100 bonus. 581 00:31:03,710 --> 00:31:06,440 KT: And then on top of that, we all want you 582 00:31:06,440 --> 00:31:10,310 KT: to be safe. Strong and secure. 583 00:31:10,310 --> 00:31:13,550 Suze: Alright, everybody. See you Sunday. Bye bye. 584 00:31:14,680 --> 00:31:14,860 MUSIC: (MUSIC OUT)