1 00:00:40,418 --> 00:00:45,830 Suze: January 21st 2024. Welcome everybody to the Women and Money 2 00:00:45,840 --> 00:00:50,450 Suze: podcast as well as everybody smart enough to listen, Suze 3 00:00:50,459 --> 00:00:55,709 Suze: O here and today is Suze school. I guess you 4 00:00:55,720 --> 00:00:58,939 Suze: all knew that, right? So you best get out your 5 00:00:58,950 --> 00:01:01,029 Suze: Suze notebooks today. 6 00:01:01,810 --> 00:01:04,779 Suze: It's not that today is going to be that complicated, 7 00:01:04,949 --> 00:01:07,589 Suze: but you never know when I'm going to say something 8 00:01:07,819 --> 00:01:09,639 Suze: and you hear it and you think you're going to 9 00:01:09,650 --> 00:01:13,500 Suze: remember it and you just forget it for some reason, 10 00:01:13,819 --> 00:01:16,730 Suze: kind of like KT, but do not tell her. I 11 00:01:16,739 --> 00:01:18,110 Suze: said that, ok, 12 00:01:18,680 --> 00:01:23,099 Suze: Today is also the game between the Kansas City Chiefs 13 00:01:23,150 --> 00:01:27,169 Suze: and the Buffalo Bills. In case you're wondering, I am 14 00:01:27,180 --> 00:01:30,510 Suze: for the Kansas City Chiefs. I had the great pleasure 15 00:01:30,519 --> 00:01:33,209 Suze: of a week ago being able to be on the 16 00:01:33,220 --> 00:01:37,039 Suze: interview with them, right as the game was starting with 17 00:01:37,050 --> 00:01:40,349 Suze: Dan Israel who broadcast from the stadium 18 00:01:40,709 --> 00:01:43,830 Suze: and there we go. And I got to tell everybody 19 00:01:43,839 --> 00:01:45,459 Suze: what I thought and what I thought was going to 20 00:01:45,470 --> 00:01:48,949 Suze: happen and thank God I was right. So let's hope 21 00:01:48,959 --> 00:01:52,360 Suze: they win tonight. I'm not as sure tonight as I 22 00:01:52,370 --> 00:01:53,910 Suze: was last week 23 00:01:55,260 --> 00:01:59,190 Suze: I want today to be a day where I clarify 24 00:01:59,199 --> 00:02:02,080 Suze: things and I tell you about things. I really, really, 25 00:02:02,089 --> 00:02:04,160 Suze: really want you to know about. 26 00:02:05,180 --> 00:02:08,720 Suze: It seems that last week when I did a Suze 27 00:02:08,729 --> 00:02:14,399 Suze: School on investment accounts versus retirement accounts, a few of 28 00:02:14,410 --> 00:02:18,399 Suze: you got confused. So I would like to just clear 29 00:02:18,410 --> 00:02:20,359 Suze: things up today. 30 00:02:21,639 --> 00:02:27,529 Suze: Obviously, as you all know, I love Roth retirement accounts 31 00:02:27,538 --> 00:02:30,880 Suze: of any kind. Bar none. 32 00:02:31,600 --> 00:02:35,940 Suze: So what should be the order of how you invest 33 00:02:35,949 --> 00:02:37,660 Suze: in a retirement account? 34 00:02:38,649 --> 00:02:42,029 Suze: Are your Suze notebooks out? You should all write this down. 35 00:02:42,160 --> 00:02:45,229 Suze: I don't care how much credit card debt you have, 36 00:02:45,240 --> 00:02:47,610 Suze: how little amount of money you have in an emergency 37 00:02:47,619 --> 00:02:52,070 Suze: savings account. I don't care about your situation that way 38 00:02:53,369 --> 00:02:59,388 Suze: when it comes to investing in an employer matched retirement 39 00:02:59,399 --> 00:03:03,910 Suze: account at work, it will be either a 403b if 40 00:03:03,919 --> 00:03:09,270 Suze: it's nonprofit 401k, if it's for profit or a TSP 41 00:03:09,279 --> 00:03:11,948 Suze: for a federal or military worker, 42 00:03:13,270 --> 00:03:19,679 Suze: there are two different types of retirement accounts that employers 43 00:03:19,690 --> 00:03:25,728 Suze: should be offering. One is a traditional retirement account that 44 00:03:25,740 --> 00:03:30,089 Suze: is funded with pre-tax money. The other is a Roth 45 00:03:30,100 --> 00:03:35,369 Suze: retirement account that is funded with after tax money. 46 00:03:36,100 --> 00:03:40,320 Suze: A lot of you wrote in saying " Suze. I understand 47 00:03:40,330 --> 00:03:44,399 Suze: very well that you want us to fund the Roth 48 00:03:44,410 --> 00:03:50,360 Suze: retirement account at work. However, my employer 49 00:03:50,979 --> 00:03:56,750 Suze: matches the traditional 401k and puts money into there." And 50 00:03:56,759 --> 00:04:00,470 Suze: by the way, when I say 401k, I'm now referring 51 00:04:00,479 --> 00:04:03,759 Suze: to all the retirement accounts at work. Ok. Just so, 52 00:04:03,770 --> 00:04:08,229 Suze: you know, therefore you are afraid or you don't want 53 00:04:08,240 --> 00:04:12,190 Suze: to fund a Roth retirement account at work because you 54 00:04:12,199 --> 00:04:14,820 Suze: don't think your employer will match. 55 00:04:15,550 --> 00:04:20,219 Suze: That is not true. So let's clear this up once 56 00:04:20,230 --> 00:04:25,459 Suze: and for all, if you are funding and putting money 57 00:04:25,510 --> 00:04:31,529 Suze: into your Roth 401k plan at work and they match 58 00:04:31,540 --> 00:04:35,440 Suze: your contribution to whatever point they do, 59 00:04:36,309 --> 00:04:41,109 Suze: they will put that in a traditional 401k for you. 60 00:04:41,399 --> 00:04:44,500 Suze: It's not like they will not give it to you 61 00:04:44,510 --> 00:04:50,339 Suze: at all. Also starting this year, an employer does have 62 00:04:50,350 --> 00:04:51,269 Suze: the ability 63 00:04:51,750 --> 00:04:57,570 Suze: to put that match into your 401k Roth at work. 64 00:04:57,738 --> 00:05:00,670 Suze: And if they're not doing that, you should talk to 65 00:05:00,678 --> 00:05:04,890 Suze: your HR people and get them to do that for you, 66 00:05:04,899 --> 00:05:08,130 Suze: your employer should change how they're doing it and they 67 00:05:08,140 --> 00:05:13,000 Suze: really should put their match in the Roth 401k 403b 68 00:05:13,269 --> 00:05:16,470 Suze: or TSP. If for whatever reason they choose because it's 69 00:05:16,480 --> 00:05:20,890 Suze: voluntary on their part, they choose, they don't wanna do that, ok? 70 00:05:21,178 --> 00:05:24,510 Suze: But you still have to sign up for the point 71 00:05:24,519 --> 00:05:25,390 Suze: of the match. 72 00:05:26,540 --> 00:05:28,470 Suze: Now, listen to me closely 73 00:05:29,290 --> 00:05:35,549 Suze: under all circumstances. You should be choosing the Roth retirement 74 00:05:35,559 --> 00:05:41,969 Suze: account at work for yourself. If your employer matches up 75 00:05:41,980 --> 00:05:44,750 Suze: to the point of the match. 76 00:05:45,609 --> 00:05:51,470 Suze: Besides having a 401k at work, you can also have 77 00:05:51,480 --> 00:05:55,190 Suze: an IRA for yourself as well. 78 00:05:55,940 --> 00:06:00,399 Suze: And that could be a traditional IRA or a Roth IRA. 79 00:06:01,269 --> 00:06:05,630 Suze: If you qualify for a Roth IRA, 80 00:06:07,209 --> 00:06:12,589 Suze: you should absolutely. After the point of the match at work, 81 00:06:13,440 --> 00:06:16,059 Suze: if you don't have a whole lot of money, 82 00:06:16,720 --> 00:06:19,690 Suze: you should then do what you should be funding a 83 00:06:19,700 --> 00:06:24,899 Suze: Roth IRA up to the max. It is $7000, if 84 00:06:24,910 --> 00:06:30,100 Suze: you are under 50. $8,000 if you are 50 older, 85 00:06:30,750 --> 00:06:35,010 Suze: because a Roth IRA is so fabulous. 86 00:06:35,820 --> 00:06:39,859 Suze: You can only fully fund a Roth IRA. 87 00:06:40,600 --> 00:06:48,738 Suze: If your modified adjusted gross income is under $146,000 a year. 88 00:06:48,750 --> 00:06:49,899 Suze: If you are single, 89 00:06:51,019 --> 00:06:58,079 Suze: $230,000 a year, this is for 2024 $230,000 a year. 90 00:06:59,220 --> 00:07:01,820 Suze: if you are married finally jointly 91 00:07:02,470 --> 00:07:07,730 Suze: and only $10,000 a year, If you are married finally single. 92 00:07:08,269 --> 00:07:11,970 Suze: Now it is true. The full amounts that you can 93 00:07:11,980 --> 00:07:16,890 Suze: put in the seven or $8000 depending on age will 94 00:07:16,899 --> 00:07:18,010 Suze: go down 95 00:07:19,109 --> 00:07:22,109 Suze: the more you make. So you can only put in 96 00:07:22,119 --> 00:07:23,410 Suze: the full amounts 97 00:07:24,119 --> 00:07:27,619 Suze: if you make under what I just said, once you 98 00:07:27,630 --> 00:07:36,619 Suze: make over $161,000 are you writing this down? $161,000 of 99 00:07:36,630 --> 00:07:43,359 Suze: modified adjusted gross income as a single or $240,000 of 100 00:07:43,369 --> 00:07:48,109 Suze: modified adjusted gross income as married. Finally and jointly, you 101 00:07:48,119 --> 00:07:51,609 Suze: no longer qualify for a Roth IRA. 102 00:07:52,480 --> 00:07:56,320 Suze: If you happen to be in that situation and you 103 00:07:56,329 --> 00:08:03,000 Suze: do not qualify for a Roth IRA. Listen closely, but 104 00:08:03,029 --> 00:08:12,730 Suze: your company offers a Roth 401k 403b or TSP. You 105 00:08:12,739 --> 00:08:18,500 Suze: are to fully fund the Roth at work up to 106 00:08:18,510 --> 00:08:21,940 Suze: the max as much as you can possibly put in it. 107 00:08:22,290 --> 00:08:29,420 Suze: That's $22,500, if you are under 50 $30,000 if you 108 00:08:29,429 --> 00:08:32,520 Suze: are 50 or older, you actually can put more in 109 00:08:32,530 --> 00:08:35,228 Suze: it than that. But just let's leave it at that 110 00:08:35,239 --> 00:08:36,109 Suze: for now. 111 00:08:37,590 --> 00:08:42,210 Suze: If you can afford to fund both a Roth 401k 112 00:08:42,219 --> 00:08:48,718 Suze: at work and a Roth IRA for yourselves, you absolutely 113 00:08:48,729 --> 00:08:53,580 Suze: should do it. Bar none. Again, there is no better 114 00:08:53,590 --> 00:08:58,729 Suze: way to save money for the future than a Roth 115 00:08:58,739 --> 00:08:59,968 Suze: retirement account. 116 00:09:00,559 --> 00:09:03,440 Suze: Now, many of you are confused because you keep saying 117 00:09:03,450 --> 00:09:05,659 Suze: to me, "but Suze, I make so much money. I 118 00:09:05,669 --> 00:09:08,989 Suze: really enjoy the tax, write off and on and on 119 00:09:09,000 --> 00:09:11,020 Suze: and on." I get that everybody. 120 00:09:11,669 --> 00:09:17,130 Suze: I am forever going to stand by. I believe that 121 00:09:17,140 --> 00:09:19,890 Suze: in the future, given the debt that we carry in 122 00:09:19,900 --> 00:09:23,530 Suze: the United States of America, that we are coming to 123 00:09:23,539 --> 00:09:26,119 Suze: a really serious point with it. 124 00:09:27,000 --> 00:09:31,140 Suze: And therefore you want to know what you see is 125 00:09:31,150 --> 00:09:32,140 Suze: what you get 126 00:09:32,809 --> 00:09:36,069 Suze: and what you see in your Roth retirement accounts when 127 00:09:36,080 --> 00:09:38,260 Suze: you go to take it out, that is what you 128 00:09:38,270 --> 00:09:40,789 Suze: are going to get because you get to withdraw it 129 00:09:40,799 --> 00:09:45,669 Suze: tax free. You die, your beneficiaries get to withdraw it 130 00:09:45,679 --> 00:09:50,909 Suze: tax free. So if you really care about preserving that 131 00:09:52,239 --> 00:09:56,320 Suze: boy, that's what I would be doing if I were 132 00:09:56,330 --> 00:10:00,320 Suze: you for those of you. Let me clarify the next 133 00:10:00,330 --> 00:10:07,169 Suze: thing you have been contributing to a traditional 401k at work. 134 00:10:08,070 --> 00:10:12,210 Suze: And now you're wondering, should you be transferring the traditional 135 00:10:12,219 --> 00:10:17,179 Suze: 401k to a Roth 401k in one lump sum? And 136 00:10:17,190 --> 00:10:21,880 Suze: the answer to that is no, because when you convert 137 00:10:22,460 --> 00:10:26,929 Suze: from a traditional 401k or even IRA to a Roth 138 00:10:26,940 --> 00:10:28,118 Suze: retirement account, 139 00:10:28,719 --> 00:10:33,130 Suze: you will pay ordinary income taxes on any amount that 140 00:10:33,140 --> 00:10:36,210 Suze: you convert. So if you have a lot in there 141 00:10:36,219 --> 00:10:39,520 Suze: and you convert all at once, it's gonna put you 142 00:10:39,530 --> 00:10:43,330 Suze: in a higher income tax bracket. So therefore 143 00:10:44,650 --> 00:10:49,109 Suze: leave the money in your traditional 401k like it's there 144 00:10:49,119 --> 00:10:54,459 Suze: right now. But your new contributions, tell your HR person, 145 00:10:54,679 --> 00:11:01,309 Suze: they should start going into your Roth 401k 403b or TSP. I 146 00:11:02,940 --> 00:11:05,989 Suze: hope I have made that clear to you 147 00:11:06,809 --> 00:11:10,039 Suze: If you are still young and you are working. So 148 00:11:10,049 --> 00:11:13,840 Suze: maybe you're in your forties, maybe early fifties that's still young. 149 00:11:14,049 --> 00:11:15,429 Suze: And you have money 150 00:11:16,260 --> 00:11:21,789 Suze: in a traditional 401k or even a traditional IRA 151 00:11:22,979 --> 00:11:28,539 Suze: consult with your tax advisor to see how much of 152 00:11:28,549 --> 00:11:33,090 Suze: that money you could convert to a Roth 153 00:11:34,460 --> 00:11:38,770 Suze: without increasing your tax bracket because you could do it 154 00:11:38,780 --> 00:11:43,599 Suze: little by little over the years when you are converting, 155 00:11:43,609 --> 00:11:47,669 Suze: you do not write this down, have to convert everything 156 00:11:47,679 --> 00:11:52,119 Suze: you have all at once. Now, obviously, if all you 157 00:11:52,130 --> 00:11:56,750 Suze: have is maybe 1000 or 2000 or even $5000 maybe 158 00:11:56,760 --> 00:11:58,900 Suze: you convert it all at once. 159 00:11:59,710 --> 00:12:03,140 Suze: But it's just something for you to consult with a 160 00:12:03,150 --> 00:12:05,809 Suze: tax person about. 161 00:12:06,849 --> 00:12:10,909 Suze: Next - whole life insurance. 162 00:12:11,630 --> 00:12:14,580 Suze: A lot of you are new listeners to the Women 163 00:12:14,590 --> 00:12:17,650 Suze: and Money podcast and I welcome all of you with 164 00:12:17,659 --> 00:12:23,059 Suze: all my heart and you are now just learning about 165 00:12:23,070 --> 00:12:27,010 Suze: why I don't like whole life insurance. 166 00:12:27,859 --> 00:12:32,289 Suze: And now you're confused because many of you have whole 167 00:12:32,299 --> 00:12:36,589 Suze: life insurance policies that either your mother took out for 168 00:12:36,599 --> 00:12:39,210 Suze: you when you were younger or you thought you should 169 00:12:39,219 --> 00:12:41,679 Suze: do it because an insurance agent happened to talk you 170 00:12:41,690 --> 00:12:45,380 Suze: into it and you don't have anybody that's dependent upon 171 00:12:45,390 --> 00:12:48,039 Suze: you and you really don't know what to do with 172 00:12:48,049 --> 00:12:51,840 Suze: it or you do have people who are dependent upon you, 173 00:12:51,849 --> 00:12:54,039 Suze: but you're paying way too much for it. 174 00:12:54,549 --> 00:12:58,468 Suze: So let's just clear up what you do with an 175 00:12:58,479 --> 00:13:05,849 Suze: insurance policy that you do not want anymore. First of all, insurance, 176 00:13:05,859 --> 00:13:08,770 Suze: as you have heard me say, many times was never 177 00:13:08,780 --> 00:13:12,090 Suze: meant to be there for your entire life. 178 00:13:12,770 --> 00:13:16,750 Suze: It was meant to be there during your younger years. 179 00:13:17,320 --> 00:13:21,549 Suze: So before you had time to save up any money. 180 00:13:22,080 --> 00:13:26,520 Suze: You could protect those that were financially dependent upon you, 181 00:13:26,530 --> 00:13:32,968 Suze: your spouse, your kids, maybe even possibly your elderly parents. 182 00:13:33,919 --> 00:13:36,640 Suze: But it was only supposed to be there for a 183 00:13:36,650 --> 00:13:39,718 Suze: specific period of time. 184 00:13:40,539 --> 00:13:46,659 Suze: So many insurance companies offer what's called whole life, which 185 00:13:46,669 --> 00:13:51,359 Suze: is there for your whole life. But if the insurance 186 00:13:51,369 --> 00:13:55,669 Suze: company is going to pay you a death benefit and 187 00:13:55,679 --> 00:13:59,859 Suze: they know you're expected to live X amount of years 188 00:14:00,530 --> 00:14:05,280 Suze: because they all have actuarial people that figure it out. Exactly. 189 00:14:06,140 --> 00:14:10,468 Suze: You will pay them monthly, whatever it is that they 190 00:14:10,479 --> 00:14:15,309 Suze: have figured out. So that by the time you do die, 191 00:14:16,440 --> 00:14:19,580 Suze: they will have made 2 to 3 times on you 192 00:14:19,590 --> 00:14:23,159 Suze: versus the death benefit. So if your death benefit is 193 00:14:23,190 --> 00:14:28,099 Suze: $100,000 over all the years that you're projected to live, 194 00:14:28,109 --> 00:14:32,349 Suze: they will probably have earned $300,000. So that when they 195 00:14:32,359 --> 00:14:36,299 Suze: pay you out, they have still made money on you 196 00:14:37,130 --> 00:14:43,010 Suze: whole life insurance, variable life insurance, universal life insurance are 197 00:14:43,020 --> 00:14:46,929 Suze: all insurances that just let me go on record. I 198 00:14:46,940 --> 00:14:51,030 Suze: do not like in the majority of cases, 199 00:14:51,710 --> 00:14:57,190 Suze: the premiums that insurance people get are astronomical. 200 00:14:57,840 --> 00:15:02,109 Suze: They usually will get 80 to 90% even if it's 70% 201 00:15:02,219 --> 00:15:05,940 Suze: of what your first year premiums are. So there is 202 00:15:05,950 --> 00:15:10,380 Suze: much in terms of financial incentives for you to be 203 00:15:10,390 --> 00:15:14,200 Suze: sold this policy. Now there are some times where it 204 00:15:14,210 --> 00:15:17,530 Suze: will make sense. But the majority of the times it 205 00:15:17,539 --> 00:15:18,380 Suze: does not. 206 00:15:18,849 --> 00:15:24,900 Suze: My favorite life insurance policy is term insurance. It is 207 00:15:24,909 --> 00:15:29,299 Suze: good for a specific period of time. It can be 208 00:15:29,309 --> 00:15:34,400 Suze: for one year, five years, 10 years, 20 years or 209 00:15:34,409 --> 00:15:39,539 Suze: 30 years. And during those times, your premiums remain the 210 00:15:39,549 --> 00:15:42,669 Suze: same if you lock it in for like 30 years 211 00:15:42,679 --> 00:15:45,299 Suze: or 20 years or whatever, it may be. 212 00:15:46,130 --> 00:15:52,619 Suze: Normally one only carries insurance until their younger kids are 213 00:15:52,630 --> 00:15:56,140 Suze: about 23 to 25 years of age when they can 214 00:15:56,150 --> 00:15:59,440 Suze: then go out and be financially independent on their own. 215 00:15:59,690 --> 00:16:05,320 Suze: Or at least until maybe you're 65 years of age. 216 00:16:05,909 --> 00:16:09,440 Suze: But it is usually 10 times cheaper than what a 217 00:16:09,450 --> 00:16:14,830 Suze: whole life insurance policy will cost you. So you get 218 00:16:14,840 --> 00:16:15,799 Suze: a term policy 219 00:16:16,820 --> 00:16:21,150 Suze: maybe $25 a month, maybe $100 a month versus maybe 220 00:16:21,159 --> 00:16:24,659 Suze: three or $400 a month for a whole life. And 221 00:16:24,669 --> 00:16:26,479 Suze: then what you would do is rather than buying a 222 00:16:26,489 --> 00:16:30,070 Suze: whole life, take the difference because if you can afford 223 00:16:30,179 --> 00:16:35,080 Suze: the whole life premiums and the term premiums are 100 224 00:16:35,890 --> 00:16:41,789 Suze: and the whole life premiums were 400 then invest the $300. 225 00:16:42,299 --> 00:16:46,130 Suze: Where in a Roth retirement account pay down your credit 226 00:16:46,140 --> 00:16:49,669 Suze: card debt, put it in an emergency savings account dollar 227 00:16:49,679 --> 00:16:52,700 Suze: cost average into the stock market. But get your money 228 00:16:52,710 --> 00:16:58,609 Suze: to grow for you versus the insurance company. Now, what 229 00:16:58,619 --> 00:17:03,349 Suze: happens if you already have a whole life universal or 230 00:17:03,359 --> 00:17:05,510 Suze: variable life insurance policy. 231 00:17:06,290 --> 00:17:11,989 Suze: If you still need insurance because you have somebody financially 232 00:17:12,000 --> 00:17:18,469 Suze: dependent upon you before you cancel any insurance policy, 233 00:17:19,260 --> 00:17:23,489 Suze: go and get a term policy and get it in 234 00:17:23,500 --> 00:17:30,420 Suze: place and issued. I personally like select quote.com. They'll give 235 00:17:30,430 --> 00:17:34,780 Suze: you the quotes for the five cheapest insurance premiums that 236 00:17:34,790 --> 00:17:39,239 Suze: will cover you just something you should check out. But 237 00:17:39,250 --> 00:17:44,599 Suze: once you get your term insurance policy in place, that 238 00:17:44,609 --> 00:17:46,589 Suze: is when you cancel 239 00:17:46,920 --> 00:17:53,060 Suze: your other whole life universal or variable life policies. Not 240 00:17:53,069 --> 00:17:57,179 Suze: before that your insurance agent might say to you if 241 00:17:57,189 --> 00:18:00,410 Suze: you cancel, it's going to be taxable to you. I 242 00:18:00,420 --> 00:18:04,989 Suze: doubt highly that your cash value of your insurance policy 243 00:18:05,000 --> 00:18:06,540 Suze: is worth more, 244 00:18:07,329 --> 00:18:09,829 Suze: then the premiums that you paid in. 245 00:18:10,339 --> 00:18:13,438 Suze: So therefore, that's not gonna be a problem for the 246 00:18:13,449 --> 00:18:16,609 Suze: majority of you. What do you do with the cash 247 00:18:16,619 --> 00:18:21,520 Suze: value that you may get from your whole life insurance policy? Well, 248 00:18:21,530 --> 00:18:25,150 Suze: depending on how long it's been in force, that could 249 00:18:25,160 --> 00:18:28,219 Suze: be money that goes into a Roth IRA that could 250 00:18:28,229 --> 00:18:31,000 Suze: be money that pays down your credit card debt. That 251 00:18:31,010 --> 00:18:34,280 Suze: again can be money that goes into an emergency savings account. 252 00:18:34,290 --> 00:18:37,020 Suze: Maybe that allows you to buy an Alliant credit union 253 00:18:37,030 --> 00:18:39,438 Suze: CD at my alliant.com 254 00:18:39,880 --> 00:18:46,219 Suze: where you can get depending on the maturity 5.3 to 5.4%. 255 00:18:46,579 --> 00:18:51,020 Suze: Are you kidding me at times like this? So I 256 00:18:51,030 --> 00:18:56,239 Suze: hope you are clear now about thoughts on retirement accounts 257 00:18:56,589 --> 00:19:02,660 Suze: as well as insurance policies. Now, one other thing that 258 00:19:02,670 --> 00:19:05,020 Suze: I do need to talk to you about 259 00:19:05,589 --> 00:19:08,819 Suze: many of you who are members of the women and 260 00:19:08,829 --> 00:19:12,900 Suze: money community app, which is free. You download it on 261 00:19:12,910 --> 00:19:17,140 Suze: Apple Apps or Google Play. You will know that a 262 00:19:17,150 --> 00:19:19,229 Suze: few days ago I was on the island. 263 00:19:19,670 --> 00:19:21,889 Suze: I woke up at 430 in the morning with this 264 00:19:21,900 --> 00:19:27,290 Suze: horrific toothache. We flew off the island on last Wednesday, 265 00:19:27,359 --> 00:19:31,280 Suze: went immediately to my dentist to where he took x- 266 00:19:31,290 --> 00:19:33,439 Suze: rays and said, oh my God, Suze, you have a 267 00:19:33,449 --> 00:19:36,670 Suze: serious infection in there and you need a root canal. 268 00:19:37,199 --> 00:19:38,770 Suze: The very next morning 269 00:19:39,199 --> 00:19:42,770 Suze: we go and we get a root canal at one 270 00:19:42,780 --> 00:19:46,290 Suze: of the most fabulous Dennis. I forget what they're called, 271 00:19:46,329 --> 00:19:52,869 Suze: ordonis or whatever they are in. Boca. Fabulous. He does it. 272 00:19:53,069 --> 00:19:57,660 Suze: And we go to pay the bill. Now, I have 273 00:19:57,670 --> 00:20:03,040 Suze: been talking to you forever about dental savings plans 274 00:20:04,079 --> 00:20:08,958 Suze: and dental savings plans are not dental insurance. They don't 275 00:20:08,969 --> 00:20:13,270 Suze: work like dental insurance, but they are issued by most 276 00:20:13,280 --> 00:20:19,219 Suze: of the companies that also offer dental insurance. So they 277 00:20:19,229 --> 00:20:25,579 Suze: are offered by reputable companies for years. Now, KT and 278 00:20:25,589 --> 00:20:32,290 Suze: I both have carried a dental savings plan from Cigna. 279 00:20:33,229 --> 00:20:39,719 Suze: It sells for approximately $180 a year. For both of us. 280 00:20:40,109 --> 00:20:44,609 Suze: We chose Cigna because at the time, that's what our 281 00:20:44,619 --> 00:20:48,619 Suze: dentist was taking. That's what the dentist who did my 282 00:20:48,630 --> 00:20:54,688 Suze: root canal also takes so Cigna because we had it, 283 00:20:55,020 --> 00:20:59,329 Suze: when we would get a dental procedure, we would save 284 00:20:59,339 --> 00:21:02,449 Suze: approximately 50% 285 00:21:03,290 --> 00:21:10,040 Suze: on every procedure we had, whether it was x-rays, my 286 00:21:10,050 --> 00:21:14,979 Suze: root canal, teeth, cleaning, you name it a cap, a crown, 287 00:21:15,040 --> 00:21:19,280 Suze: all of it. So the savings are about anywhere from 288 00:21:19,290 --> 00:21:24,030 Suze: 10 to 50%. They also do braces, they do dentures, 289 00:21:24,040 --> 00:21:26,179 Suze: they cover everything. 290 00:21:27,550 --> 00:21:30,579 Suze: KT and I as you know, are very wealthy women, 291 00:21:31,180 --> 00:21:36,150 Suze: but it matters. You are never too rich to save money. 292 00:21:36,160 --> 00:21:40,290 Suze: Do you hear me? So if you go on to 293 00:21:40,300 --> 00:21:43,810 Suze: the women and money community app, you will see a 294 00:21:43,819 --> 00:21:47,790 Suze: picture of me in the chair about to get a 295 00:21:47,800 --> 00:21:48,770 Suze: root canal 296 00:21:49,609 --> 00:21:53,429 Suze: and you will see the actual credit card slip 297 00:21:54,369 --> 00:21:58,948 Suze: of what it cost me in Boca Raton, Florida 298 00:21:59,839 --> 00:22:02,399 Suze: at a really exclusive place. 299 00:22:03,359 --> 00:22:06,439 Suze: What it cost me to get a root canal 300 00:22:07,150 --> 00:22:14,780 Suze: and you will see that I paid $1166. And the 301 00:22:14,790 --> 00:22:19,079 Suze: reason that I paid that was because I had a 302 00:22:19,089 --> 00:22:21,209 Suze: dental savings plan 303 00:22:22,010 --> 00:22:25,790 Suze: when we asked, what would it have cost us if 304 00:22:25,800 --> 00:22:28,670 Suze: I didn't have a dental savings plan? 305 00:22:29,550 --> 00:22:32,569 Suze: And you'll see that it was written right on there. 306 00:22:33,319 --> 00:22:40,129 Suze: It's $2025. So the dental savings plan for this one 307 00:22:40,140 --> 00:22:50,989 Suze: trip alone saved $859 which is approximately 4.7 times what 308 00:22:51,000 --> 00:22:52,890 Suze: the plan costs. 309 00:22:53,449 --> 00:22:58,359 Suze: Now, KT also, last year chipped a tooth, she had 310 00:22:58,369 --> 00:23:02,708 Suze: to go get work. We have saved thousands of dollars 311 00:23:02,719 --> 00:23:03,589 Suze: this year 312 00:23:04,670 --> 00:23:10,329 Suze: on our dental work because we have a dental savings plan. 313 00:23:11,260 --> 00:23:15,030 Suze: And so I'm going to reiterate that you may have 314 00:23:15,040 --> 00:23:21,389 Suze: dental insurance, but you better look closely into it because again, 315 00:23:21,410 --> 00:23:27,150 Suze: it's usually $150 a month. Maybe they pay max $1500 316 00:23:27,160 --> 00:23:30,438 Suze: a year for your coverage. But you need to make 317 00:23:30,449 --> 00:23:36,270 Suze: sure that your dental insurance makes sense for you with 318 00:23:36,280 --> 00:23:38,280 Suze: a dental savings plan. 319 00:23:39,010 --> 00:23:41,909 Suze: Obviously, when you get the work done, you have to 320 00:23:41,920 --> 00:23:45,310 Suze: pay for it out of your own pocket. The savings 321 00:23:45,319 --> 00:23:49,510 Suze: comes from the fact that you're not paying more than 322 00:23:49,520 --> 00:23:52,160 Suze: you would have had to if you didn't have a 323 00:23:52,170 --> 00:23:57,119 Suze: dental savings plan. Now, dental savings plans, one of the 324 00:23:57,130 --> 00:24:00,750 Suze: best things about them and you need to remember this 325 00:24:01,170 --> 00:24:06,069 Suze: if I woke up with this toothache and I needed 326 00:24:06,079 --> 00:24:07,229 Suze: a root canal 327 00:24:07,520 --> 00:24:10,969 Suze: and let's say I didn't have a dental savings plan 328 00:24:10,979 --> 00:24:12,060 Suze: in place. 329 00:24:12,839 --> 00:24:17,260 Suze: There is no waiting period with a dental savings plan. 330 00:24:17,689 --> 00:24:20,640 Suze: So I could have gotten one that day and I 331 00:24:20,650 --> 00:24:23,640 Suze: could have seen the dentist the next day and I 332 00:24:23,650 --> 00:24:31,939 Suze: still could have saved $859. Now, not all dentists carry 333 00:24:31,949 --> 00:24:36,099 Suze: dental savings plans, many of them refused to take it 334 00:24:36,719 --> 00:24:39,889 Suze: because why should they do a service when they could 335 00:24:39,900 --> 00:24:43,770 Suze: get paid $2000? But if you have this little plan 336 00:24:43,780 --> 00:24:49,500 Suze: they're only gonna get $1000 recently. My own dentist, who 337 00:24:49,510 --> 00:24:52,208 Suze: we love so much. And I've been with now for 338 00:24:52,219 --> 00:24:53,609 Suze: over 20 years, 339 00:24:54,670 --> 00:25:00,329 Suze: he stopped taking dental savings plans because he decided, well, 340 00:25:00,339 --> 00:25:02,569 Suze: I might as well just not take em any more 341 00:25:02,579 --> 00:25:03,530 Suze: and make more money. 342 00:25:05,140 --> 00:25:08,430 Suze: You are never too rich to save money 343 00:25:09,260 --> 00:25:14,660 Suze: because he is no longer taking dental savings plans. Katie 344 00:25:14,670 --> 00:25:17,459 Suze: and I are switching dentists 345 00:25:18,260 --> 00:25:23,449 Suze: and we'll find another dentist who does take a dental 346 00:25:23,459 --> 00:25:24,810 Suze: savings plan. 347 00:25:25,939 --> 00:25:29,400 Suze: So a lot of you, if you just went to 348 00:25:29,410 --> 00:25:43,280 Suze: dental plans.com, dental plans, that's plural D-E-N-T-A-L-P-L-A-N-S .com. 349 00:25:44,239 --> 00:25:48,060 Suze: If you just go there, you can find out if 350 00:25:48,069 --> 00:25:51,488 Suze: your dentist happens to take it or not, 351 00:25:52,280 --> 00:25:56,540 Suze: you can also look for other dentists in your area 352 00:25:57,020 --> 00:25:58,459 Suze: that do take it 353 00:25:59,140 --> 00:26:02,438 Suze: and just see if it's a good dentist if it's 354 00:26:02,449 --> 00:26:03,959 Suze: not and if it's worth it. 355 00:26:04,650 --> 00:26:08,310 Suze: Now, I posted all of this on the Women and 356 00:26:08,319 --> 00:26:09,829 Suze: Money Community app 357 00:26:10,660 --> 00:26:15,040 Suze: and I suggest that all of you before you ever 358 00:26:15,050 --> 00:26:18,310 Suze: have any procedure done 359 00:26:19,599 --> 00:26:21,859 Suze: that when you go in or you call up and 360 00:26:21,869 --> 00:26:25,239 Suze: you say I need this done. I have a dental 361 00:26:25,250 --> 00:26:29,218 Suze: savings plan. How much is it going to cost? 362 00:26:30,099 --> 00:26:34,130 Suze: They need to tell you and if that amount makes sense, 363 00:26:34,709 --> 00:26:37,760 Suze: then you go ahead and do it because a lot 364 00:26:37,770 --> 00:26:40,569 Suze: of dentists say they take it and then they make 365 00:26:40,579 --> 00:26:44,689 Suze: up their own numbers and whatever ask before you do 366 00:26:44,699 --> 00:26:45,609 Suze: something 367 00:26:46,459 --> 00:26:50,650 Suze: you need to be aggressive with it. KT and I 368 00:26:50,660 --> 00:26:53,719 Suze: easily could have stayed with our dentist and paid what 369 00:26:53,729 --> 00:26:57,260 Suze: he was going to charge. But it's just, I can't 370 00:26:57,270 --> 00:27:00,739 Suze: do it. I don't have what it takes inside to 371 00:27:00,750 --> 00:27:04,188 Suze: pay more when I know we can pay less. 372 00:27:05,310 --> 00:27:07,530 Suze: And so I ask you just to look into it. 373 00:27:07,540 --> 00:27:10,899 Suze: I am not being paid to say this to you people. 374 00:27:10,939 --> 00:27:14,530 Suze: You will go on to Dental plans.com. You will see 375 00:27:14,540 --> 00:27:17,879 Suze: my picture there. But that's because I believe in this 376 00:27:17,890 --> 00:27:20,689 Suze: so much. I can't even tell you because as we 377 00:27:20,699 --> 00:27:22,188 Suze: all get older, 378 00:27:23,060 --> 00:27:26,800 Suze: our teeth start to need more and more work. When 379 00:27:26,810 --> 00:27:32,050 Suze: you are on Medicare, it doesn't necessarily provide for dental 380 00:27:32,060 --> 00:27:38,290 Suze: treatment and it can be expensive, insurance can be expensive. 381 00:27:38,329 --> 00:27:45,949 Suze: So a dental savings plan absolutely will save you money. Now, 382 00:27:45,959 --> 00:27:50,650 Suze: when I posted this on the Women and Money Community app, 383 00:27:52,189 --> 00:27:56,069 Suze: obviously, a lot of people started to buy a dental 384 00:27:56,079 --> 00:28:01,369 Suze: savings plan with dental plans.com and they realized, oh my God, 385 00:28:01,380 --> 00:28:04,609 Suze: this is coming from Suze. So they wrote me and 386 00:28:04,619 --> 00:28:08,609 Suze: they said, Suze, we see now that you've posted on 387 00:28:08,619 --> 00:28:13,180 Suze: your app. Why don't you tell your people that if 388 00:28:13,189 --> 00:28:17,390 Suze: they want to buy a dental savings plan? Because they're 389 00:28:17,400 --> 00:28:18,949 Suze: coming from you. 390 00:28:19,560 --> 00:28:22,938 Suze: If you go to dental plans.com and you decide to 391 00:28:22,949 --> 00:28:29,819 Suze: buy one and you just type in Suze, Suze 30 392 00:28:30,660 --> 00:28:33,560 Suze: it will save you 30% 393 00:28:34,250 --> 00:28:39,089 Suze: on what the annual cost will be again for KT 394 00:28:39,099 --> 00:28:44,069 Suze: and myself annually, not per month, but annually, the plan 395 00:28:44,079 --> 00:28:49,670 Suze: that we have cost $180 a year. 396 00:28:50,430 --> 00:28:54,810 Suze: It's a family plan. If we had children, it would 397 00:28:54,819 --> 00:29:00,449 Suze: have covered them as well. So, really, it's $90 for me, 398 00:29:00,459 --> 00:29:05,849 Suze: $90 for KT. Are you kidding me? I actually brought 399 00:29:05,859 --> 00:29:07,859 Suze: them back and I said, does that mean I get 400 00:29:07,869 --> 00:29:11,530 Suze: the 30% off too next year anyway, we'll see what happens. 401 00:29:11,540 --> 00:29:16,890 Suze: But I'm telling you about this because this just happened 402 00:29:16,900 --> 00:29:18,119 Suze: to me and 403 00:29:18,819 --> 00:29:21,660 Suze: I know it's gonna happen to all of you one day. 404 00:29:21,670 --> 00:29:25,109 Suze: It just happens, especially as you get older and root 405 00:29:25,119 --> 00:29:32,479 Suze: canals are expensive, broken teeth and replace scene. Bridges are expensive. 406 00:29:32,880 --> 00:29:36,060 Suze: So let's make this a year that we know how 407 00:29:36,069 --> 00:29:39,520 Suze: to save efficiently in our retirement accounts. 408 00:29:40,189 --> 00:29:44,449 Suze: We know how to save efficiently in life insurance policies 409 00:29:44,459 --> 00:29:52,839 Suze: and we know how to save seriously efficiently on dental procedures. 410 00:29:52,849 --> 00:29:57,609 Suze: All right, everybody until next Thursday, when Miss Travis will 411 00:29:57,619 --> 00:30:02,270 Suze: join us again on Ask KT and Suze Anything. There's really 412 00:30:02,280 --> 00:30:04,300 Suze: only one thing that I want you to remember when 413 00:30:04,310 --> 00:30:07,079 Suze: it comes to your money and it is this people 414 00:30:07,089 --> 00:30:08,439 Suze: first that means you, 415 00:30:08,859 --> 00:30:12,339 Suze: you do what's best for you for you, not what 416 00:30:12,349 --> 00:30:14,930 Suze: others tell you to do, but what's best for you. 417 00:30:14,939 --> 00:30:18,410 Suze: And you know it's true for you, then money then 418 00:30:18,420 --> 00:30:25,229 Suze: things and if you do that, you will be unstoppable.