Suze: February 27, 2025. Welcome everybody to the Women and Money podcast,
Suze: as well as everybody smart enough to listen.
Suze: Today is what KT?
KT: February 27th.
Suze: Don't be smart. Don't be...
KT: February 27th...
Suze: this is the Ask KT and Suze, Anything
KT: I'll do anything for you, dear. OK, let's go.
Suze: No wait.
Suze: If you want, write into ask Suze SUZE podcast at gmail.com.
Suze: And if you have a question, that is, it comes
Suze: to us right here. KT looks through them, and if
Suze: you're lucky, she chooses it, and we answer it here
Suze: on the podcast. Now you have to listen to the
Suze: podcast to know if we've answered your question. Somebody wrote
Suze: the other day and said, Suze, I've been waiting. I
Suze: wanted to hear back from you. My question was never answered.
Suze: I went...
KT: Wait, I got another one today that said.
KT: Please give me a heads up when you're answering my
KT: questions so I can listen. I'm thinking I'm not gonna
KT: do that. Now you have to listen to everyone. I'm
KT: not gonna give you, give you a heads up warning,
KT: you know, emergency ding ding bell.
Suze: Early this morning I was looking at KT. I said,
Suze: What are you doing? She goes, I'm looking through to
Suze: just make sure I have the most interesting ones. So
Suze: let's see, let's see if you do, little one.
KT: All right, so here we go. This is from Irene. Hello,
KT: Suze and KT. I was
KT: listening to your podcast and decided to review my retirement portfolio,
KT: which I inherited from my husband 10 years ago. At
KT: that time, I was led to an investor by my
KT: husband's cousin a few months
KT: ago,
Suze: danger, danger. I can already tell you...
KT: wait a few months after my husband passed, as I
KT: review my portfolio, there was a $240,000 in an IRA today,
Suze: So 10 years ago, she deposited
Suze: $240,000 and how much is it worth today?
KT: Ready? The same account balance has grown to $266,283 in
KT: 10 years. So this is the question she's asking. Is
KT: this a normal growth rate? It seems so low for
KT: 10 years. I was told my account is set up
KT: as a moderate growth, more on the preservation side. So
KT: that's her question. Is it normal?
Suze: What do you think, KT?
KT: Sounds pretty low to me for 10 years?
Suze: So you'd be upset at that?
Suze: Very upset considering what the stock market's been doing in
Suze: the past 10 years.
Suze: All right, so my dear Irene,
KT: what do you think?
Suze: If you put 240 in 10 years ago and today
Suze: it's worth 266 or essentially 26,000.
Suze: Over 10 years, it's about a 1% annual average rate
Suze: of return.
KT: It's pretty low.
Suze: Pretty low? That's horrific. Truthfully, number one, even if you
Suze: are in a preservation mode just to preserve it.
Suze: I'm telling you that makes no sense whatsoever. Even if
Suze: this person had taken your money and put $120,000 in
Suze: and half of it and locked it up for 3%
Suze: for all those years and the other and invested it, right,
Suze: to kind of preserve it and protect against inflation and
Suze: over all those years you only made 7%, let's just
Suze: say you'd have $397,000 today.
Suze: So no matter how you look at it, you know,
Suze: because the truth is everybody over the past 10 years,
Suze: the Standard and Poor's 500 index has averaged 12%. So
Suze: when I say an annual average rate of return, one
Suze: year it might go up 10%, the other year it
Suze: might go down 20%, but over all those 10 years,
Suze: the average annual rate of return comes out to be
Suze: about 12%.
Suze: So if he had just put it in a Standard
Suze: and Poor's 500 index, I hate to tell you, you'd
Suze: have $745,000 at just a straight 6%, which is pretty moderate,
Suze: you'd have $429,000. So any way you want to look
Suze: at it.
Suze: At 1% is all he's made for you.
Suze: It's not somebody that you want to stick with. Now,
Suze: at least you made a little money. It's not like
Suze: you lost any money. However, if I were you, I
Suze: would think about taking this money away from him. Obviously
Suze: it's in an IRA because you inherited it. I'm now
Suze: looking at your email and it says it was in
Suze: an IRA. I would do an IRA transfer to another firm.
Suze: Cause you could just very easily take all of this
Suze: money and put it in a certificate of deposit or
Suze: a treasury and average 4.5 or so for probably the
Suze: rest of your life, so.
Suze: That's what I would be doing if I were you.
Suze: I'm so, so sorry. Oh, look at her thing. It
Suze: says my retirement portfolio. This is the subject area. My
Suze: retirement portfolio seems suspiciously wrong.
KT: That's why I picked it, the word suspiciously.
Suze: You know, I would go back and I would ask
Suze: this person what kind of fee was he taking for
Suze: all those 10 years on this money.
Suze: I will bet you any amount of money. He made
Suze: as much money as you did in fees. All right,
Suze: just saying, cause even if he made 1% a year, KT,
Suze: he made the exact same amount of money as she did.
KT: Beware
KT: of cousin's recommendations.
Suze: It's kind of true, everybody.
KT: Yeah, sometimes it's better not to work with family.
Suze: And what have I told you all? You are not to
Suze: do anything other than keep your money safe and sound
Suze: for 1 or 2 years, possibly 3, after suffering the
Suze: loss of a loved one. All right.
KT: So Suze, this next question is from Nanji. She said,
KT: I absolutely love you both and only wish I had
KT: known you years ago. I'm 72. I
KT: a $200,000 traditional IRA.
Suze: I wish
Suze: I had known you
Suze: years ago.
KT: As well as a tiny $20,000 Roth. So at the
KT: end of the day, what Nanji's asking is her Social
KT: Security and pensions more than cover all of her living expenses.
KT: She also has a five year emergency fund and CDs
KT: at Alliant.
KT: So she doesn't need these IRAs. In my case, does
KT: it make more sense to continue to convert as much
KT: as I can afford for the next few years? If
KT: I choose to make a qualified charitable contribution with my
KT: first and possibly second RMD.
KT: So there will be no taxes associated with them. Could
KT: I continue to convert for these few years as well?
Suze: OK,
Suze: now, Nanji, so.
Suze: First of all, you're old enough, you have to be
Suze: 70 and a half or older to do qualified charitable distributions,
Suze: and basically what that is, everybody, is if you have
Suze: a retirement account like an IRA that you've never paid
Suze: taxes on or a 401k, whatever it may be, you
Suze: can contribute up to $108,000 in 2025 anyway, it was
Suze: a little lower for 2024.
Suze: But you can do so directly from your IRA to
Suze: a charity, and that will count against your RMDs. Now, obviously, Nanji,
Suze: if you have only $200,000 in your IRA, your RMD,
Suze: your required minimum distribution is only going to be about $7500.
Suze: So the most you're going to be able to do
Suze: in a QCD that counts against your RMD will be $7500.
Suze: After you have done that.
Suze: Then if you want you can convert, but remember whether
Suze: you take RMDs or you give them away through a
Suze: QCD you have to do that before you can convert.
Suze: So if I were you, given that you're only 72
Suze: years of age right now.
Suze: And you don't have to start taking RMDs until 73.
Suze: I would be converting as much as you possibly can
Suze: this year right now before you have to take RMDs.
Suze: I would do so because you're not really in that
Suze: high of a tax bracket, so you should see a
Suze: CPA and decide
Suze: how much money can you convert this year right now
Suze: into a Roth IRA without really screwing up your taxes,
Suze: all right? That's number one. Number two, absolutely next year
Suze: after you do a QCD.
Suze: Then absolutely I would be converting. I would continue to
Suze: convert little by little to a Roth given you do
Suze: not need it. The more you get to convert, the
Suze: less your RMDs are going to be as well. All right.
KT: Suze, next question I have is from James.
KT: Suze, I saw you on a PBS special and have
KT: been listening ever since. I'm 58 and currently have an
KT: HSA with $80,000 saved that I do not use. I
KT: pay for my current qualified medical expenses out of pocket
KT: with the hope of letting the HSA investment grow. My
KT: understanding is that at age 65 and beyond I can
KT: withdraw money from the HSA tax-free.
KT: So long as the money is to be used to
KT: reimburse a medical expense, and the question is...
Suze: A qualified medical expense.
Suze: All right,
Suze: OK, I'm just making sure.
KT: So, well, James's question is this If I save all
KT: the receipts from my medical expenses over the next 7 years,
KT: could I submit them for reimbursement all at once? Or
KT: in other words, do the expenses expire?
Suze: So now, KT pop quizzy.
Suze: Pop quizzy here and the reason I'm giving KT a
Suze: pop quizzy here is I spent years educating so many
Suze: people on how HSAs work.
KT: She was the queen of HSAa.
Suze: I really was.
KT: Really, the queen was great.
Suze: Right? But KT went to seminar after seminar after seminar
Suze: that I gave on this for the Gulfstream Corporation. Therefore,
Suze: Pop quizzy if James has saved all his receipts from
Suze: his medical expenses over, let's say the next 7 years
Suze: if he saves them, can he submit them for reimbursement
Suze: all at once at age 65?
Suze: Can he?
KT: I believe yes, he can.
Suze: Ding ding ding ding. Yes. He doesn't have to wait
Suze: till age 65, just so you know. He can do
Suze: it any time he wants. So James, you know 65
Suze: has absolutely nothing to do with,
Suze: whether that's tax free or not, any qualified medical expense
Suze: for an HSA can be paid out tax free from
Suze: your account. You don't have to worry about that, but
Suze: after the age of 65, just so you know, if
Suze: you withdraw money for a non-qualified medical expense, you're only
Suze: going to have to pay ordinary income tax on it
Suze: before the age of 65, it's ordinary income tax and
Suze: a 20% penalty, but an HSA at any time.
Suze: Is tax-free for a qualified medical expense. No matter what
Suze: your age, you can save all of your receipts. They
Suze: call it the shoebox technique.
KT: I remember that
Suze: and you keep all your receipts in a shoebox.
Suze: You've paid for all of these things. You've let your
Suze: money grow tax free in an HSA. Then you submit
Suze: it to the company regardless of age, and they will
Suze: pay you your expenses never expire. Next.
KT: I loved that program you did.
Suze: For Gulfstream...
KT: Wasn't it great? She went all across America...
Suze: With the president of Gulfstream. Yeah.
KT: It was great and people learned so much.
KT: And, and I think you really liked the HSA program.
Suze: I liked
Suze: their HSA program tremendously.
KT: It was a big benefit.
KT: Ok, from Maria. Hi, Suze and KT. I listen to
KT: your podcast and I used to watch the TV show
KT: back in the day. I value your wisdom and advice.
KT: I'm a recent 50-year-old widow who retired very early and
KT: moved from the US to a foreign country.
KT: I'm receiving some income from the interest on bank CDs,
KT: but otherwise am frugally living off my savings till I
KT: can start a business. I realize I may be losing
KT: out on the full standard tax deduction of $14,600 because
KT: the interest I'm earning may only reach $4000 this year.
KT: Would this be a wise time to convert some of
KT: my IRA over to the Roth IRA instead?
Suze: Actually it would, so I think in 2025, Maria, that
Suze: the standard deduction may go up to about $15,200. They
Suze: have not decided yet, but if you were to do
Suze: that and because you only have $4000 this year of
Suze: interest coming in and that's really your only income and everything,
Suze: if I were you, I would so convert whatever money
Suze: you want.
Suze: In order to take advantage of the full standard deduction
Suze: and also if you don't mind paying
Suze: like 10% or so on the tax, you could actually
Suze: convert more. You could probably do another $4000 just so
Suze: you know, talk to your CPA about that. Yes.
KT: OK, next question.
Suze: You're a little smart cookie. Maria's a smart cookie.
KT: She, she retired at 50. I wonder what country she's in. Maria,
KT: I just met a girl named Suzi.
Suze: All right.
KT: Hi Suze and KT Suze, you like when I sing,
KT: don't you?
Suze: Truthfully, I do a lot. Yeah.
KT: Hi, Suze,
Suze: You know what I like more?
Suze: I like when we dance in the kitchen.
KT: Oh my goodness. Every now and then when I'm cooking,
KT: I put on little music when I'm cooking, and if
KT: a song comes on that I love, I turn it
KT: up so loud and Suze, wherever she is, comes running
KT: because it means KT wants to dance.
KT: This next question from Lilian. Hi, Suze and KT. Suze
KT: Fan here. I have two questions on POD, which is
KT: pay on death accounts, everyone, and life insurance beneficiaries. What
KT: happens if the person named as the paid on death
KT: also dies, for example.
KT: If I own a CD and the pay on death
KT: is my son, if both of us happen to pass
KT: away in an accident, what happens then? Wait, let me finish.
KT: And then she said, if I have a term life
KT: insurance policy for $100,000 and my beneficiaries are my son 50%,
KT: my cousin 50%.
KT: And a contingent beneficiary, my brother at 100. If my
KT: son and I pass in an accident, how is the
KT: life insurance payment calculated?
Suze: Should that be a quizzy too?
KT: No, I mean, that's pretty straightforward.
Suze: Oh, it is,
Suze: is it? So in the first case, what do you
Suze: think happens?
KT: Oh wait, let me just remind myself in the first case...
Suze: She has a CD that it's a pay on death
Suze: account to her son.
KT: But if they both die...
Suze: What happens?
KT: It goes to the contingent...
Suze: There is no contingent beneficiary. That's the life insurance policy
Suze: she's talking about.
KT: Oh, I don't know.
Suze: That's my girl.
KT: I don't know, but that is a really important...
Suze: Thing to know. So first of all, you all have
Suze: to know when you do a pay on death account.
Suze: There's very seldom will a bank allow you to do
Suze: an alternate, meaning something happens to your son, then you
Suze: get to name an alternate. That's not how pay on
Suze: death accounts normally work, just so you know. So in
Suze: your case where both you and your son pass away
Suze: in an accident, the money that is in that CD
Suze: will be governed by your estate, your will.
Suze: And if you don't have a will, it will go
Suze: into intestate succession. Every one of you has to understand
Suze: if you have not taken the time to do a
Suze: will on your own. You don't have a trust. You
Suze: don't have anything, and you die.
Suze: Oh, the state that you live in. Oh, they've already
Suze: written one for you. It's called intestate succession, and every
Suze: state has decided if you die without a will, your
Suze: money first goes to maybe your parents, maybe your spouse.
Suze: Maybe your children. Maybe it's divided between all three. You
Suze: better check it out, or better yet, you should get
Suze: a trust in a will, but that's besides the point.
Suze: So that's number one. Second, if you have a term
Suze: life insurance policy where your son is 50% and your
Suze: cousin is 50% and you both die.
Suze: Now what's going to happen is you have a contingent beneficiary,
Suze: your brother, who's to get 100%. The contingent beneficiary will
Suze: be getting your son's 50%. Your cousin will remain at 50%,
Suze: and that is how it is. So that's how it
Suze: would work. Next question, KT.
KT: All right, this is.
KT: Darlene, she said, Suze, can you explain the difference in
KT: a trust versus a ladybird deed? I live in North Carolina.
KT: My only real asset is my home. We would like
KT: to make it easy when we pass for our home
KT: to go to our son.
Suze: Yeah, so here's the thing, Darlene, you bet a ladybird deed.
Suze: Will make it absolutely easy for you to transfer your
Suze: home to your son.
Suze: The thing is with a ladybird deed, the only thing
Suze: that you could pass that way is real estate. That's it.
Suze: Obviously it's simple, doesn't cost a lot. It will obviously, KT,
Suze: avoid probate.
Suze: The disadvantages, however, is it only involves real estate. You
Suze: have no, just like I said a little bit ago, KT,
Suze: that the bank when it's a pay on death account,
Suze: they normally don't have alternatives if something happens. The same
Suze: is true with a ladybird deed.
Suze: They offer absolutely no flexibility for alternate beneficiaries. So if
Suze: her son dies before her, all right, now what are
Suze: we going to do? Also, they have the ability to
Suze: complicate title insurance and future transaction, things like that. I
Suze: will forever tell you.
Suze: Especially because you can get the must-have documents, a will,
Suze: a living revocable trust, an advanced directive and durable power
Suze: of attorney for healthcare, as well as a financial power
Suze: of attorney.
Suze: And you can get it by going to musthadocs.com. You
Suze: get them through Hay House, who has manufactured these, and
Suze: it's providing them for you, everybody. However, you are far
Suze: better off for the $99 they're going to charge you,
Suze: which is probably less than a ladybird deed, truthfully, that if
Suze: you put the house in trust.
Suze: It's held for your benefit during your lifetime, but upon
Suze: death it transfers to your son. Or if something happens
Suze: to you and your son like that other woman was
Suze: just asking, then your trust provides for alternate beneficiaries. Also,
Suze: you can include many other things as well, and you
Suze: can also make it easier for your son if you
Suze: have an advanced directive and durable power of attorney for
Suze: health care and all of those things, so.
Suze: Either one OK, but given that they don't allow you
Suze: to have an alternate with a ladybird, I most certainly
Suze: would be doing a living revocable trust instead, you know, KT,
Suze: people never think that somebody's going to die before them.
Suze: Ever. KT, have I already told the story about the woman?
KT: You did. Yeah, that sadly left her home to her niece
Suze: And her niece died before she did.
KT: And then she couldn't even live in her own home.
Suze: Well, she's living there, but she doesn't own her home anymore.
Suze: She can't sell it. I don't know if I've told
Suze: you that
Suze: tory or not, but it's horrific. Be careful, everybody. All right,
Suze: go on.
KT: OK, from Lynn, hello, the very kind KT and the
KT: financial sage Suze.
Suze: Why does everybody think you're so much kinder?
KT: I am. I'm very kind, not kinder
Suze: Tell them about my soft side.
KT: No.
Suze: What do you mean no?
KT: I'm not going to tell them
Suze: Why?
KT: Because that's like, you know, revealing the Wizard of Oz.
KT: Everyone thinks you're Suze Slapdown, but she isn't. She's Suze Softy.
KT: The kids call her Aunt Softie instead of Aunt Suze. OK, ready?
KT: I love starting my day listening to your podcast twice
KT: a week.
KT: Now that I have our must have documents signed, notarized,
KT: and funded and placed ready for this and placed in
KT: a waterproof and fireproof case, how should the house be
KT: titled in order to pass seamlessly to our beneficiary,
KT: who is our daughter and she's only 2.5 years old?
Suze: Yeah, baby girl.
KT: She's a baby girl.
Suze: I'm sure that if you did the must have documents,
Suze: it's provided that the executor and the successor trustee, everybody
Suze: will take care of the house and the child until
Suze: she's of age. However, I'm a little bit confused. You say,
Suze: cause KT just handed me your email.
Suze: That you have your must have documents. They're signed, notarized,
Suze: and funded.
Suze: If they are funded, what funded means is that you
Suze: have already changed the title of your house, your bank accounts,
Suze: your brokerage accounts into the title of the trust. If
Suze: you haven't done that, you have what's called an empty
Suze: trust because a trust, everybody is like a suitcase where
Suze: you put everything in it.
Suze: And then upon your death, the suitcase is just handed
Suze: to your beneficiaries, and they open it up and they
Suze: get everything that's in it.
Suze: Simple, but if you don't put anything in it and
Suze: you give them that suitcase and they open it up,
Suze: it's going to be empty. So to fund it or
Suze: to pack that suitcase, so to speak, you go, you
Suze: have got to change the title of all of your
Suze: assets from your individual name into the title of the trust.
Suze: Now if you go back to do the must have documents,
Suze: you just go back into them.
Suze: OK, easy for you to do. You know how to
Suze: do that. And you go to the review page where
Suze: you're now reviewing your trust. You'll see right under the
Suze: review it also says fund the trust. Click on there
Suze: and then just follow everything that it says for you
Suze: to do, and then you take it to your bank.
Suze: You take it to the title company. You take it
Suze: to your brokerage firm, and they change it for you.
Suze: The title of your trust is usually like our trust
Suze: is Suze Orman, trustee for the Suze Orman Living Revocable
Suze: Trust dated whatever date it was notarized.
Suze: And so it's just that simple. So you say it
Suze: was funded, but it's not because you would not be
Suze: asking me how should the house be titled in order
Suze: to pass seamlessly. So that, my friend, is how you
Suze: do it.
Suze: KT, are you ready for your quizzy?
KT: I'm always ready for a quizzy. I love quizzies and
KT: everyone listening, it's for you too.
Suze: You don't love all quizzies.
KT: I love quizzies. I just don't. I have a little
KT: trouble with the Roth. So Roth quizzes are a little challenging.
Suze: Yeah, so everybody, I just have to tell you something.
Suze: Today's podcast, I have prepared questions for KT about 18
Suze: of them.
Suze: About Roth IRAs, you remember a few weeks ago I
Suze: said I'm going to do this, and she's going to
Suze: answer everything.
KT: I'm not ready.
Suze: And I, I said this is what we're doing today.
Suze: And she said, Oh no, I've already picked the questions
Suze: for today. I said, but KT, we can do that
Suze: next week. Let's do this this week. Absolutely refused. I said,
Suze: Will you be ready next week? And what did you say?
KT: No.
Suze: No. Will you be ready in a month from now?
KT: Maybe.
Suze: But probably not.
KT: Probably not.
Suze: All right, so what am I gonna do? I'm going
Suze: to take those questions and on March 6th, I'm going
Suze: to read them and ask all of you the questions
Suze: that I was going to ask KT and let's see
Suze: if you can answer all of them, and I will
Suze: explain the correct answer of each one. So don't miss it.
Suze: All right. Therefore,
KT: I'm gonna put that in my calendar,
KT: March 6th.
Suze: I chose a little bit of a tricky one.
Suze: For your quizzy today,
KT: OK.
Suze: All right.
KT: Is it a Roth?
Suze: It's a Roth, but it's tricky.
KT: OK.
Suze: Listen closely.
KT: I'll listen very carefully.
Suze: All right, now before I begin, all right, I just
Suze: want to remind you that last year,
Suze: the phase out range for because this is about last year,
Suze: you can no longer contribute to a Roth IRA if
Suze: you made over $161,000. I just want you to remember
Suze: that you cannot. This year it went up to 165.
Suze: As the max, after that you can no longer contribute.
Suze: All right, so you ready? You remember what I just said?
KT: Max 160, more or less $160,000.
Suze: $161,000. You have to know that figure.
KT: All right, 161.
Suze: After that you can no longer contribute to a Roth.
Suze: All right, as an individual, OK OK.
Suze: This is from William.
Suze: Very simple. Ready. My income last year was just below
Suze: the max income for the Roth IRA of $160,480. How
Suze: much can I contribute to my Roth? He is 35
Suze: years of age.
KT: I think $7000 the max.
Suze: You're positive.
KT: Although, if this is tricky, I'm never positive, but...
KT: he, his income, his total income, right, was 160. The
KT: Roth is 161.
KT: So I would say, why can't he put in 7000.
Suze: The income ranges last year:
Suze: 146,000 anything under that you could contribute the max of 7000.
Suze: Once you get to 161,000, you no longer can contribute
Suze: at all. Between the 146 and the 161, it decreases.
Suze: You can only put in the $7000, if you're under 50,
Suze: $8000 if you're 50 or older.
Suze: If you make under the 146, so how much can
Suze: he put in if he's making only a few $100.
Suze: Under the max till he no longer qualifies?
KT: I'd have it it has to be calculated, Suze, because
KT: if he
KT: Yeah, it has to be calculated. I need a calculator
KT: to
KT: figure that out.
Suze: And how would you figure it out? What is the formula?
Suze: You don't know.
KT: I'd ask you, but, but here's the thing. No, he
KT: can't put in $7000. Let's put it that way.
Suze: But you
Suze: said your answer was 7000.
KT: I didn't know about the tricky part, which was the 140.
Suze: Do you see how she does it, everybody did I?
KT: Why didn't you say anything about that?
Suze: Because I said, uh, for because for years now I've
Suze: been telling you there's a range between this and that anyway, everybody...
KT: And how old is he? 35.
Suze: so take a guess. How much do you think he
Suze: could put in? Just take a guess. Don't try to
Suze: figure it
Suze: out.
KT: 3000.
Suze: The answer to that question is $243.
KT: That's it.
Suze: That's it. Do you want to know how I got it?
KT: Yea, what's the formula?
Suze: Alright everybody,
KT: It's not worth it.
Suze: Here's what you have to do if you make more
Suze: than the max limit, last year 146, this year 150.
Suze: If you make more than that, now what you have
Suze: to do is...
Suze: and this is what you would have to do, William,
Suze: in your case. Last year it was $146 to $161.
Suze: It's a $15,000 difference. You would have to subtract your
Suze: $160,480 from the $161,000.
Suze: Number one, that's $520 difference. That's how much you are
Suze: under the max. You then have to divide that by $15,000.
Suze: Why is that? Because it's a $15,000
Suze: range KT, from the 146 to the $161 and that
Suze: would give you 0.0347. Now you have to times $7000
Suze: which is the maximum
Suze: that anybody under the age of 50 can put into
Suze: a Roth that's the maximum contribution. You have to times
Suze: that by 0.0347 to give you the amount of money
Suze: in this example that you can put into a Roth
Suze: this year anyway, which would equal $243.
KT: So everybody listening.
KT: What she just explained to you, all right, is a
KT: little tricky.
Suze: Not tricky.
KT: It is tricky.
Suze: But everybody needs to know how do you figure out
Suze: if you make more than the minimum.
Suze: To put in the maximum,
Suze: how do you know how much you are allowed to
Suze: put in?
KT: Call Suze.
Suze: Call Suze. But that is the formula. You should I listen
Suze: to it all over again just so you know. All right, KT,
Suze: until this Sunday for another Suze School.
Suze: There's only one thing that we want you to remember
Suze: when it comes to your money, and what is it, KT?
KT: People first, then money, then things.
Suze: Now you
KT: stay, stay great,
Suze: stay safe, stay safe,
KT: stay healthy,
Suze: stay happy, stay healthy and stay listening to the Women
Suze: and Money podcast. Bye bye now.