1 00:00:46,270 --> 00:00:51,139 Suze: May 16th, 2024. Welcome everybody to the Women and Money podcast. 2 00:00:51,180 --> 00:00:54,619 Suze: As well as everybody smart enough to listen. This is 3 00:00:54,630 --> 00:00:57,669 Suze: the KT and Suze edition. Notice how fast I'm going KT? 4 00:00:57,680 --> 00:00:57,990 Suze: You know why? 5 00:00:58,020 --> 00:01:02,830 KT: You know why she is so excited tonight is the night, everyone. 6 00:01:02,939 --> 00:01:04,080 Suze: That's not why I'm going... 7 00:01:05,509 --> 00:01:05,619 KT: Why are you going so fast? 8 00:01:05,628 --> 00:01:08,859 Suze: So you don't interrupt me in the introduction just that simple. 9 00:01:09,429 --> 00:01:11,939 KT: But tell them tonight is the night. 10 00:01:12,179 --> 00:01:14,289 Suze: Well, it's actually this afternoon... 11 00:01:14,539 --> 00:01:16,057 KT: But it is kind of tonight. 12 00:01:17,188 --> 00:01:24,289 Suze: (Suze makes a roaring sound) What is it? What's that? Lions and tigers and 13 00:01:25,019 --> 00:01:30,190 Suze: no bears, no bears. So it is true. In another 14 00:01:30,199 --> 00:01:36,260 Suze: few hours, we leave for South Africa and we're so 15 00:01:36,269 --> 00:01:38,080 Suze: excited about it. I can't tell you. 16 00:01:38,089 --> 00:01:39,559 KT: It's kind of like going home. 17 00:01:39,569 --> 00:01:42,440 KT: We, we haven't been in the country in many years 18 00:01:42,449 --> 00:01:45,660 KT: and we just love it there. We used to love it there. 19 00:01:45,830 --> 00:01:48,199 Suze: We went there all the time. I did so much 20 00:01:48,209 --> 00:01:49,040 Suze: work there. 21 00:01:49,449 --> 00:01:53,349 KT: And so this is just play. We're finally taking a vacation, everyone. 22 00:01:53,360 --> 00:01:54,669 Suze: I told KT 23 00:01:55,209 --> 00:01:58,699 Suze: that when we go somewhere now, I don't wanna work 24 00:01:58,709 --> 00:02:01,069 Suze: at all when I'm there. I don't want to give 25 00:02:01,080 --> 00:02:03,190 Suze: a little talk. I don't want to be on a TV. 26 00:02:03,199 --> 00:02:05,629 Suze: I don't want to be on anything. I just wanna 27 00:02:05,639 --> 00:02:09,258 Suze: go and not have to think about anything because if 28 00:02:09,270 --> 00:02:11,960 Suze: I know I have to do something, it's all I 29 00:02:11,970 --> 00:02:13,948 Suze: think about until it's done. 30 00:02:14,330 --> 00:02:17,240 Suze: And so it's not play for me. So you agreed 31 00:02:17,250 --> 00:02:18,110 Suze: to that, right? 32 00:02:19,080 --> 00:02:19,380 KT: Absolutely. 33 00:02:19,800 --> 00:02:23,508 Suze: All right. But this is the ask Suze and KT Anything addition. 34 00:02:23,720 --> 00:02:26,350 Suze: This is where if you want, you can write to 35 00:02:26,360 --> 00:02:31,550 Suze: Ask Suze Suze podcast at gmail.com and 36 00:02:32,070 --> 00:02:34,619 Suze: tell us what you want to know. And if KT 37 00:02:34,630 --> 00:02:38,479 Suze: chooses it, we will answer it on the podcast. Sometimes 38 00:02:38,490 --> 00:02:42,429 Suze: I answer you absolutely directly. But you got to listen 39 00:02:42,440 --> 00:02:46,329 Suze: to the podcast to see if in fact, we picked your, 40 00:02:46,610 --> 00:02:48,130 Suze: pick your questions. So 41 00:02:48,354 --> 00:02:51,475 Suze: to that end, let me just tell all of you 42 00:02:51,485 --> 00:02:56,875 Suze: what our plans are for while we are away because 43 00:02:56,883 --> 00:02:58,994 Suze: it's one thing, yes, we could just put on the 44 00:02:59,005 --> 00:03:01,985 Suze: best ofs. But if I don't have to put on 45 00:03:01,994 --> 00:03:04,255 Suze: a best of, I really don't want to. 46 00:03:04,550 --> 00:03:08,289 Suze: And given how many questions have come in over the 47 00:03:08,300 --> 00:03:09,660 Suze: past few months, 48 00:03:09,669 --> 00:03:12,610 KT: Especially Roths, everybody, right. 49 00:03:12,619 --> 00:03:16,899 Suze: We've decided that before we leave, we will do quite 50 00:03:16,910 --> 00:03:23,410 Suze: a few ask Suze and KT anything podcasts and then 51 00:03:23,419 --> 00:03:28,339 Suze: while we're gone, that's what Robert will be playing. So 52 00:03:28,350 --> 00:03:29,279 Suze: don't worry, 53 00:03:29,639 --> 00:03:33,740 Suze: we still have new stuff coming. It just won't be done. 54 00:03:35,740 --> 00:03:39,339 Suze: We're not exactly live but all right. I think it's time. 55 00:03:39,350 --> 00:03:46,580 KT: I'm ready to ask Suze and KT anything. So, as I 56 00:03:46,589 --> 00:03:50,839 KT: was saying, I received a mountain of questions for Roth 57 00:03:51,380 --> 00:03:54,279 KT: and I think the whole show again on Roth may 58 00:03:54,289 --> 00:03:57,429 KT: be a little bit sleepy. So, what I've done is 59 00:03:57,440 --> 00:04:00,529 KT: I have half the show on my Roth questions. The 60 00:04:00,539 --> 00:04:04,809 KT: next half will be just different topics that I picked 61 00:04:04,820 --> 00:04:05,419 KT: here and there. 62 00:04:05,429 --> 00:04:07,160 Suze: And did you do that in case not everybody cares about a Roth? How do you feel about it? Why? Why don't you tell us? 63 00:04:08,309 --> 00:04:16,428 KT: Or they feel like me about Roth? Confused, confused, confused. No, 64 00:04:16,440 --> 00:04:19,178 KT: I'm not, I'm not. I'm only kidding. I get it. 65 00:04:19,190 --> 00:04:21,820 KT: I can answer all of these questions. If you like. 66 00:04:21,829 --> 00:04:22,959 KT: You want me to try? 67 00:04:25,149 --> 00:04:28,390 KT: you should see her face. Do you want me to try? 68 00:04:28,940 --> 00:04:34,450 KT: Oh my goodness. She's speechless. She has an expression of shock. 69 00:04:34,570 --> 00:04:39,488 KT: All right, here we go. So can you convert to 70 00:04:39,500 --> 00:04:41,010 KT: Roth any time 71 00:04:41,480 --> 00:04:45,399 KT: What if I retire? But I'm not 59 and a half? Do I need 72 00:04:45,410 --> 00:04:48,500 KT: to have income from a job in order to qualify 73 00:04:48,510 --> 00:04:52,920 KT: for conversion from a traditional to a Roth? Suze, can 74 00:04:52,928 --> 00:04:56,660 KT: you convert and save in a Roth 401k in the 75 00:04:56,670 --> 00:04:57,660 KT: same year? 76 00:04:58,500 --> 00:05:02,929 KT: You want me to give them the short quote for it? Yes. Yes. Yes. Yes. Yes. 77 00:05:04,029 --> 00:05:07,279 KT: Alright. So, but summarize that. Just so people get it, 78 00:05:07,390 --> 00:05:11,279 KT: you summarize it. But did I get that right? Yes, 79 00:05:11,738 --> 00:05:13,409 KT: I learned about my Roth. 80 00:05:13,420 --> 00:05:16,250 KT: But you better summarize it in real language. 81 00:05:16,260 --> 00:05:19,510 Suze: So, of course, you can convert to a Roth any 82 00:05:19,519 --> 00:05:25,649 Suze: time if you want to. No problem whatsoever. What if 83 00:05:25,660 --> 00:05:28,390 Suze: I retire? But I'm not 59 and a half? 84 00:05:28,869 --> 00:05:32,730 Suze: You can still convert, makes no difference. Right. Do you 85 00:05:32,738 --> 00:05:34,928 Suze: need to have income from a job in order to 86 00:05:34,940 --> 00:05:40,289 Suze: qualify to convert from a traditional to a Roth? No, 87 00:05:40,299 --> 00:05:44,049 Suze: you don't need to have income to convert from a 88 00:05:44,059 --> 00:05:47,559 Suze: traditional to a Roth. And can you convert and save 89 00:05:47,570 --> 00:05:52,200 Suze: in a Roth 401k in the same year? Absolutely. 90 00:05:52,488 --> 00:05:56,739 KT: Right. Ok. Next question, I have a Roth IRA account 91 00:05:56,750 --> 00:06:00,399 KT: with Vanguard. It was opened 10 years ago, about three 92 00:06:00,410 --> 00:06:05,950 KT: years ago. I opened an additional Roth IRA at Fidelity. Now, 93 00:06:05,959 --> 00:06:09,570 KT: I'm trying to consolidate and simplify my accounts and I 94 00:06:09,579 --> 00:06:13,109 KT: would like to combine the accounts from Vanguard and move 95 00:06:13,119 --> 00:06:15,989 KT: them to Fidelity. Here's the question, 96 00:06:16,309 --> 00:06:21,230 KT: I understand my fidelity IRA will not qualify for the 97 00:06:21,238 --> 00:06:24,850 KT: five year rule. When I spoke with an investment advisor. 98 00:06:24,859 --> 00:06:27,700 KT: He told me that it's OK to close my Roth 99 00:06:27,709 --> 00:06:33,290 KT: IRA and transfer everything to fidelity in spite of having 100 00:06:33,299 --> 00:06:38,558 KT: fidelity open for only three years. Is his advice, correct? 101 00:06:39,760 --> 00:06:40,380 Suze: Well... 102 00:06:41,760 --> 00:06:46,239 KT: uh oh, I better not answer that. I know you 103 00:06:46,250 --> 00:06:49,170 KT: like fidelity, but you better answer this because I'm not sure. 104 00:06:50,119 --> 00:06:52,040 Suze: Yeah, baby. 105 00:06:53,130 --> 00:06:57,599 Suze: All right. So at least she's being honest. Now, listen, you had 106 00:06:57,609 --> 00:07:02,369 Suze: a Roth IRA with Vanguard that was open for 10 years. 107 00:07:02,589 --> 00:07:06,390 Suze: It was a Roth IRA got that 108 00:07:06,649 --> 00:07:11,750 Suze: then three years ago, you opened an additional Roth IRA 109 00:07:12,089 --> 00:07:17,720 Suze: at Fidelity. That one was only open for three years. 110 00:07:17,950 --> 00:07:23,869 Suze: So now you wanna combine your Fidelity account with your 111 00:07:23,880 --> 00:07:28,149 Suze: Vanguard account. Both of those were 112 00:07:28,839 --> 00:07:33,970 Suze: Roth IRAs. So whether you know it or not, they 113 00:07:33,980 --> 00:07:38,109 Suze: do a combination. You don't have to have each Roth 114 00:07:38,119 --> 00:07:43,220 Suze: IRA have a five year holding period. You just needed 115 00:07:43,230 --> 00:07:46,070 Suze: to open up one Roth IRA, which you did at 116 00:07:46,079 --> 00:07:51,100 Suze: Vanguard 10 years ago. And that means that all of 117 00:07:51,109 --> 00:07:53,010 Suze: your Roth contributions 118 00:07:53,535 --> 00:07:57,875 Suze: regardless of where they are held fall under the 10 119 00:07:57,885 --> 00:08:02,355 Suze: years ago that you opened it with Vanguard. So you 120 00:08:02,364 --> 00:08:06,834 Suze: don't have to worry about it at all. All your 121 00:08:06,845 --> 00:08:14,334 Suze: Roth IRAs currently are outside of the five year rule. OK. 122 00:08:14,355 --> 00:08:15,714 Suze: Would you have answered it like that. 123 00:08:15,725 --> 00:08:18,674 KT: No, I can't answer. I can't talk about Roth the 124 00:08:18,684 --> 00:08:19,394 KT: way you can. 125 00:08:20,290 --> 00:08:20,970 Suze: You think? 126 00:08:23,220 --> 00:08:24,839 KT: But this is from David. 127 00:08:24,970 --> 00:08:29,290 Suze: But wait, did you just learn something there? What was it? 128 00:08:29,299 --> 00:08:30,920 KT: About the 10 year rule. 129 00:08:30,929 --> 00:08:31,809 Suze: What about it? 130 00:08:32,130 --> 00:08:33,140 KT: Is that once you... 131 00:08:33,150 --> 00:08:34,210 Suze: You were not listening? 132 00:08:34,260 --> 00:08:36,729 KT: I was and this is the next question about the 133 00:08:36,739 --> 00:08:37,380 KT: same thing. 134 00:08:37,440 --> 00:08:38,489 Suze: But you weren't listening. 135 00:08:38,559 --> 00:08:39,659 KT: I was listening. 136 00:08:39,890 --> 00:08:44,169 Suze: So why does the account at Fidelity that was only 137 00:08:44,179 --> 00:08:49,880 Suze: opened three years ago now have a 10 year holding 138 00:08:49,890 --> 00:08:50,799 Suze: period on it? 139 00:08:51,869 --> 00:08:55,250 Suze: I knew it. I knew it. I knew it. I 140 00:08:55,260 --> 00:08:59,440 Suze: knew it. I so knew it. She doesn't listen to me. 141 00:08:59,450 --> 00:09:02,770 Suze: She doesn't care what I'm answering. She is not present 142 00:09:02,780 --> 00:09:05,690 Suze: as I am telling you everything. She's already reading the 143 00:09:05,700 --> 00:09:08,010 Suze: next question which goes to the fact 144 00:09:08,409 --> 00:09:13,859 Suze: you cannot multitask, multitasking is the ruination of perfection. And 145 00:09:13,869 --> 00:09:17,329 Suze: that was such a perfect answer. I can't even tell you. 146 00:09:17,390 --> 00:09:20,599 Suze: All right. Next question. KT I am not telling you 147 00:09:20,609 --> 00:09:24,179 Suze: the answer to that. You'll have to listen to the podcast. 148 00:09:27,219 --> 00:09:28,760 Suze: You find that funny. Do you? 149 00:09:29,650 --> 00:09:34,640 KT: She yells at me all day long. You OK, whatever 150 00:09:34,650 --> 00:09:38,419 KT: she does is like all day long. So it doesn't 151 00:09:38,429 --> 00:09:41,358 KT: bother me that much if any of you are worried 152 00:09:41,369 --> 00:09:45,830 KT: out there, don't worry after 23 years, hey, any of 153 00:09:45,840 --> 00:09:48,760 KT: you worried that Suze, like really squashes me 154 00:09:48,859 --> 00:09:54,919 KT: like a fly, don't. OK. Here's Dave... 155 00:09:54,929 --> 00:09:58,729 Suze: I could be so angry at her really angry. This, 156 00:09:58,739 --> 00:10:01,690 Suze: I'm kind of just playing this up everybody, but I 157 00:10:01,700 --> 00:10:05,320 Suze: can really be angry at her, you know, in a relationship, 158 00:10:05,539 --> 00:10:08,359 Suze: you can get angry at one another 159 00:10:08,820 --> 00:10:12,089 Suze: and I'm looking at her really angry and she just 160 00:10:12,099 --> 00:10:13,650 Suze: starts to laugh at me. 161 00:10:13,659 --> 00:10:18,820 KT: It's her expression and then it's like, doesn't look normal 162 00:10:18,830 --> 00:10:22,789 KT: when she's angry because she's basically a very happy person. 163 00:10:22,799 --> 00:10:26,478 KT: Very positive person. So when that angry face comes up 164 00:10:26,489 --> 00:10:27,669 KT: it's like what? 165 00:10:28,869 --> 00:10:33,109 KT: Ok, this is from David. Hi, Suze. In an email. 166 00:10:33,880 --> 00:10:36,909 Suze: So what is the secret to success of a long 167 00:10:36,919 --> 00:10:38,239 Suze: term relationship? 168 00:10:38,250 --> 00:10:41,469 KT: Laugh it off, laugh it off, baby, laugh it off. 169 00:10:42,539 --> 00:10:45,608 KT: This is from our friend David. He said hi, Suze. 170 00:10:45,619 --> 00:10:46,729 Suze: What makes him our friend? 171 00:10:46,739 --> 00:10:50,250 KT: I just love his name. Can I say his last 172 00:10:50,260 --> 00:10:57,939 KT: name because he's Italian. Accameta. I, I love your name. David. Ok. Hi, Suze. 173 00:10:58,340 --> 00:11:02,770 KT: You sent an email that was titled IRA distribution update 174 00:11:02,780 --> 00:11:07,880 KT: for 2024 where you say the same 10 year rule 175 00:11:07,890 --> 00:11:12,450 KT: applies for Roth IRAs Can you please clarify whether or 176 00:11:12,460 --> 00:11:15,569 KT: not the distributions are taxable? 177 00:11:16,659 --> 00:11:17,869 KT: You want me to answer that? 178 00:11:19,580 --> 00:11:20,799 KT: Yeah, I'm only kidding. 179 00:11:21,309 --> 00:11:28,329 Suze: All right. So David, a little bit of confusion here, obviously, 180 00:11:28,340 --> 00:11:34,280 Suze: I was talking about inherited IRAs and as you know, 181 00:11:34,289 --> 00:11:36,309 Suze: because of the Secure Act 182 00:11:36,780 --> 00:11:41,718 Suze: that passed back in 2019, December 20th, I believe it 183 00:11:41,729 --> 00:11:48,760 Suze: was anybody who died after 2019 and you leave an 184 00:11:48,770 --> 00:11:54,460 Suze: IRA to a beneficiary other than what's called an eligible beneficiary, 185 00:11:54,549 --> 00:11:58,369 Suze: meaning like your spouse or things like that. So now 186 00:11:58,380 --> 00:12:02,580 Suze: you're known as a non eligible beneficiary, which would probably 187 00:12:02,590 --> 00:12:05,719 Suze: be your child or somebody like that. 188 00:12:06,250 --> 00:12:12,260 Suze: You have 10 years to wipe that account clean. You 189 00:12:12,270 --> 00:12:17,400 Suze: can no longer take it over the beneficiary's entire lifetime 190 00:12:17,510 --> 00:12:23,229 Suze: called a Stretch Ira which you could before 2020. So 191 00:12:23,239 --> 00:12:27,659 Suze: you have 10 years to wipe it clean. 192 00:12:28,309 --> 00:12:33,500 Suze: What I was saying that applies also to a Roth IRA. 193 00:12:34,030 --> 00:12:39,409 Suze: Even though your Roth IRA distributions will be tax free. 194 00:12:40,140 --> 00:12:44,640 Suze: The truth of the matter is if you had an 195 00:12:44,650 --> 00:12:49,679 Suze: inherited Roth IRA, you would want to leave your distributions 196 00:12:49,690 --> 00:12:52,890 Suze: in there for the full 10 years till you had 197 00:12:52,900 --> 00:12:56,280 Suze: to take them out so that the money would grow 198 00:12:56,299 --> 00:13:00,140 Suze: tax free. So you would have even more money that 199 00:13:00,150 --> 00:13:02,640 Suze: you never paid taxes on after you took it out 200 00:13:03,400 --> 00:13:07,330 Suze: and you could take advantage of the tax-free growth of 201 00:13:07,340 --> 00:13:12,299 Suze: a Roth IRA in a traditional IRA that is inherited. 202 00:13:12,950 --> 00:13:15,750 Suze: You, of course, would want to take it out little 203 00:13:15,760 --> 00:13:18,549 Suze: by little over 10 years because if you wait till 204 00:13:18,559 --> 00:13:20,609 Suze: 10th year to take it out, 205 00:13:21,409 --> 00:13:24,830 Suze: now you're gonna owe ordinary income taxes on the growth 206 00:13:24,840 --> 00:13:28,630 Suze: of that money over 10 years. And now once again, 207 00:13:28,760 --> 00:13:32,270 Suze: you partnered with Uncle Sam to just make Uncle Sam 208 00:13:32,280 --> 00:13:37,669 Suze: more money than you truthfully. So that's what I was 209 00:13:37,679 --> 00:13:38,549 Suze: talking about. 210 00:13:38,559 --> 00:13:43,559 KT: Next question is from Marilyn. Hi, Suze. I have an IRA regular, 211 00:13:43,650 --> 00:13:45,659 KT: I can withdraw it without penalty. 212 00:13:45,669 --> 00:13:47,820 Suze: But what does she mean? KT when she says regular? 213 00:13:47,919 --> 00:13:49,239 KT: Regular Ira. 214 00:13:49,250 --> 00:13:50,109 Suze: Which means what? 215 00:13:52,289 --> 00:13:52,799 KT: What do you mean? 216 00:13:52,809 --> 00:13:54,849 Suze: What is it pre taxed or after taxed? 217 00:13:55,049 --> 00:13:56,520 KT: Well, that's her question. 218 00:13:57,530 --> 00:14:01,909 Suze: I asked you a question. Is a regular or traditional 219 00:14:01,919 --> 00:14:06,059 Suze: IRA pre-tax or after tax? 220 00:14:06,070 --> 00:14:06,289 KT: Pre-Tax 221 00:14:06,750 --> 00:14:07,988 Suze: That's my girl. Go on. 222 00:14:08,659 --> 00:14:12,739 KT: So, hello, Suze. I have an IRA regular I can 223 00:14:12,750 --> 00:14:17,010 KT: withdraw it without penalty because I'm 60. The interest rate 224 00:14:17,020 --> 00:14:21,700 KT: used to be higher but now it's 0.50% fixed. Does 225 00:14:21,710 --> 00:14:22,640 KT: that sound normal? 226 00:14:22,650 --> 00:14:24,780 Suze: They probably are in an annuity, does it say? 227 00:14:25,119 --> 00:14:28,679 KT: It said, it said it is in annuity service with, 228 00:14:29,090 --> 00:14:31,020 KT: you know, and then they name the firm and then 229 00:14:31,030 --> 00:14:31,359 KT: it said, 230 00:14:31,630 --> 00:14:33,729 KT: I asked them how much it would be if I 231 00:14:33,739 --> 00:14:38,400 KT: withdrew it. The rep said 10% and there's a 10% surrender, 232 00:14:38,500 --> 00:14:42,380 KT: which would be $1500 because the total I have in 233 00:14:42,390 --> 00:14:46,729 KT: it is 15,000 and change. What should I do? 234 00:14:47,229 --> 00:14:49,979 Suze: Do you all, do you understand? Everybody? Can I just 235 00:14:49,989 --> 00:14:54,549 Suze: say something to all of you? Right. Which is why 236 00:14:54,559 --> 00:14:59,210 Suze: in the world would you put an annuity 237 00:14:59,559 --> 00:15:06,510 Suze: within and IRA? That is the question at hand and 238 00:15:06,520 --> 00:15:09,770 Suze: there is only one answer to that question is you 239 00:15:09,780 --> 00:15:15,669 Suze: would never ever do so in 99% of the circumstances, 240 00:15:15,950 --> 00:15:20,400 Suze: you have an IRA, whether it's a Roth Ira or 241 00:15:20,409 --> 00:15:25,039 Suze: a traditional IRA or what's called a regular IRA that 242 00:15:25,049 --> 00:15:28,890 Suze: is known as a tax sheltered vehicle. 243 00:15:30,140 --> 00:15:36,500 Suze: What you own in that retirement account doesn't also need 244 00:15:36,510 --> 00:15:41,190 Suze: to be tax sheltered because you're already in a tax 245 00:15:41,200 --> 00:15:42,719 Suze: sheltered vehicle. 246 00:15:43,489 --> 00:15:48,330 Suze: An annuity if you buy it outside of an IRA 247 00:15:48,340 --> 00:15:54,099 Suze: is also tax sheltered. So you have purchased a tax 248 00:15:54,109 --> 00:16:01,869 Suze: sheltered investment within a tax sheltered vehicle. That makes absolutely 249 00:16:01,880 --> 00:16:09,700 Suze: no sense whatsoever. Especially since an annuity normally comes with 250 00:16:09,710 --> 00:16:12,659 Suze: what's known as surrender charges. 251 00:16:13,010 --> 00:16:15,119 Suze: Surrender charges are 252 00:16:15,900 --> 00:16:19,340 Suze: you will have to pay a percent of the amount 253 00:16:19,349 --> 00:16:23,549 Suze: of money that you put in every single year for 254 00:16:23,559 --> 00:16:28,510 Suze: a specific number of years. Usually that is 7 to 255 00:16:28,520 --> 00:16:30,179 Suze: 10 years 256 00:16:30,440 --> 00:16:35,859 Suze: and those surrender charges usually go from 10% to 7% 257 00:16:35,869 --> 00:16:39,169 Suze: to 6 to 5 to 4. So that over maybe 258 00:16:39,179 --> 00:16:44,859 Suze: 10 years it goes to zero. Why are there surrender charges? 259 00:16:44,869 --> 00:16:47,200 Suze: Do you know KT? Why do you think? 260 00:16:47,590 --> 00:16:50,419 KT: So everyone else can make your money from your money? 261 00:16:50,710 --> 00:16:56,219 Suze: That's true. True. But the reason is this, the annuity 262 00:16:56,229 --> 00:16:59,380 Suze: was sold to you by a financial advisor 263 00:16:59,900 --> 00:17:07,079 Suze: that financial advisor got a commission, a hefty commission to 264 00:17:07,089 --> 00:17:12,000 Suze: sell it to you. If you come out of that annuity, 265 00:17:12,739 --> 00:17:17,729 Suze: they wanna make sure the annuity company that they get 266 00:17:17,739 --> 00:17:22,290 Suze: the money that they paid to the financial advisor back 267 00:17:22,500 --> 00:17:24,849 Suze: and who is going to pay them back? Not the 268 00:17:24,859 --> 00:17:27,179 Suze: financial advisor, but you 269 00:17:27,770 --> 00:17:31,430 Suze: the person who bought the annuity and that is why 270 00:17:31,439 --> 00:17:36,390 Suze: there is usually a hefty surrender charge on it. So 271 00:17:36,400 --> 00:17:40,660 Suze: they kind of have you trapped, right? They entice you 272 00:17:40,739 --> 00:17:43,819 Suze: by giving you a high interest rate to come into 273 00:17:43,829 --> 00:17:47,030 Suze: this annuity. You'll make 5% a year, whatever it may 274 00:17:47,040 --> 00:17:50,400 Suze: be maybe then the year is up, they lower your 275 00:17:50,410 --> 00:17:55,349 Suze: interest rate, which is what they did here to 0.50%. 276 00:17:56,119 --> 00:18:00,739 Suze: And now you wanna take it out because you're not 277 00:18:00,750 --> 00:18:04,310 Suze: getting what you thought you were originally getting. And your 278 00:18:04,319 --> 00:18:06,939 Suze: rep says, oh, if you take it out there is 279 00:18:06,949 --> 00:18:10,140 Suze: a 10% surrender charge. 280 00:18:11,130 --> 00:18:17,729 Suze: Do you understand why? In many cases, I seriously hate annuities, 281 00:18:17,739 --> 00:18:21,310 Suze: not all annuities, but the majority of them, which is 282 00:18:21,319 --> 00:18:24,290 Suze: why I am going to be doing a susie school 283 00:18:24,300 --> 00:18:29,829 Suze: again on variable annuities because I recently have gotten two 284 00:18:29,839 --> 00:18:30,790 Suze: emails 285 00:18:31,130 --> 00:18:34,109 Suze: that are so upsetting and I'll read them to you 286 00:18:34,530 --> 00:18:39,609 Suze: so upsetting about all the money that these people lost, 287 00:18:39,619 --> 00:18:45,349 Suze: their parents lost in variable annuities and why they lost them. 288 00:18:45,689 --> 00:18:48,750 Suze: So sorry, I went on a Suze tangent there but 289 00:18:48,760 --> 00:18:51,800 Suze: that was a good little mini Suze School that you 290 00:18:51,810 --> 00:18:56,530 Suze: needed to know Marilyn if I were you, I would 291 00:18:56,540 --> 00:18:59,869 Suze: be just cutting my losses right here. 292 00:19:00,199 --> 00:19:05,239 Suze: Let's just say you don't want to spend the $1500 293 00:19:05,250 --> 00:19:08,420 Suze: of a surrender fee. Actually, your exact surrender fee would 294 00:19:08,430 --> 00:19:13,619 Suze: be $1572. But let's just say you don't want to 295 00:19:13,630 --> 00:19:22,890 Suze: spend that, ok? And you leave your $15,722.85 in this annuity. 296 00:19:23,380 --> 00:19:25,140 Suze: And let's just say, 297 00:19:25,689 --> 00:19:28,948 Suze: as you said in your email that the fixed rate 298 00:19:28,959 --> 00:19:33,639 Suze: is now 0.50%. Do you know that means that you 299 00:19:33,650 --> 00:19:39,469 Suze: would only earn $78.61 a year in interest. 300 00:19:40,189 --> 00:19:44,209 Suze: And let's say the surrender charge was just for another 301 00:19:44,219 --> 00:19:47,010 Suze: five years. Although I do think it's for another 10 302 00:19:47,020 --> 00:19:50,250 Suze: years since it was 10%. But anyway, let's just say 303 00:19:50,260 --> 00:19:53,949 Suze: the surrender charge was for another five years. And then 304 00:19:53,959 --> 00:19:57,530 Suze: you would have decided to take it all out in 305 00:19:57,540 --> 00:20:05,929 Suze: five years from now, you would have 16,000 $120 period. 306 00:20:06,829 --> 00:20:09,430 Suze: That's a whole $400 more 307 00:20:10,760 --> 00:20:14,589 Suze: in five years. All right. So let's say you do 308 00:20:14,599 --> 00:20:18,410 Suze: exactly what I told you to do. Surrender it and 309 00:20:18,420 --> 00:20:20,319 Suze: get out now. 310 00:20:20,949 --> 00:20:23,819 Suze: All right. So now you have a surrender charge of 311 00:20:23,829 --> 00:20:34,290 Suze: 1572 or $73 which leaves you only $14,151. All right. 312 00:20:34,939 --> 00:20:39,500 Suze: And then you do an IRA transfer, custodian to custodian 313 00:20:39,510 --> 00:20:42,569 Suze: transfer to either an Ira at 314 00:20:43,270 --> 00:20:48,180 Suze: Schwab Fidelity Alliant, whatever it may be, whatever you're comfortable 315 00:20:48,189 --> 00:20:48,579 Suze: with 316 00:20:49,660 --> 00:20:57,040 Suze: and you lock in just 4% for the next five years. 317 00:20:57,050 --> 00:21:04,560 Suze: Do you know that you would have $17,388 318 00:21:05,020 --> 00:21:12,520 Suze: even with that $1572 surrender charge? You are to run. 319 00:21:12,770 --> 00:21:15,699 Suze: You are not to walk, you are to run. You 320 00:21:15,709 --> 00:21:18,199 Suze: are to surrender this. You are to transfer it and 321 00:21:18,209 --> 00:21:20,160 Suze: everybody listening to me, 322 00:21:20,670 --> 00:21:24,750 Suze: you are to learn from Marilyn's story. If you decide 323 00:21:24,760 --> 00:21:28,670 Suze: to do any annuity, ask the question, how long is 324 00:21:28,680 --> 00:21:32,688 Suze: the surrender charge? How much is the surrender charge? Ask 325 00:21:32,699 --> 00:21:36,750 Suze: every question that you possibly can before you find yourself 326 00:21:36,760 --> 00:21:40,709 Suze: in a situation that you don't want to be in? 327 00:21:40,719 --> 00:21:44,688 Suze: All right, Katie. Ok. That should have been a Suze School. 328 00:21:45,050 --> 00:21:48,020 KT: Ok. Now I'm gonna move away from my Roth and 329 00:21:48,030 --> 00:21:54,300 KT: IRAs into some just basic, good old fashioned question very quickly. 330 00:21:54,859 --> 00:21:57,910 KT: All right, this is about credit card debt question from 331 00:21:57,920 --> 00:22:01,520 KT: Jane in the state of California. If something were to 332 00:22:01,530 --> 00:22:05,640 KT: happen to my husband, am I responsible for his credit 333 00:22:05,650 --> 00:22:08,900 KT: card debt? My name is not on his card and 334 00:22:08,910 --> 00:22:12,069 KT: I have not signed for anything in a contract with 335 00:22:12,079 --> 00:22:13,859 KT: him that went on the card. 336 00:22:14,449 --> 00:22:15,639 Suze: Why do you think the answer to that is? 337 00:22:15,650 --> 00:22:19,810 KT: The answer is absolutely yes. You're responsible because California is 338 00:22:19,819 --> 00:22:22,640 KT: a community property state. 339 00:22:22,839 --> 00:22:27,489 Suze: So KT yeah, ding ding ding and so in the 340 00:22:27,500 --> 00:22:30,390 Suze: state of California where you just heard KT say is 341 00:22:30,400 --> 00:22:31,889 Suze: a community property state, 342 00:22:32,430 --> 00:22:35,930 Suze: you most likely will be held responsible for your husband's 343 00:22:35,939 --> 00:22:40,770 Suze: credit card debt that was incurred during the marriage, even 344 00:22:40,979 --> 00:22:43,739 Suze: if your name is not on the card and you 345 00:22:43,750 --> 00:22:47,489 Suze: did not sign any contract related to the debt. Why 346 00:22:47,579 --> 00:22:52,879 Suze: this is because debts incurred by either spouse during the 347 00:22:52,890 --> 00:22:58,640 Suze: marriage are generally considered community debts and both spouses can 348 00:22:58,650 --> 00:23:02,640 Suze: be held liable for them. However, everybody listen to me. 349 00:23:03,239 --> 00:23:08,319 Suze: If your husband incurred those debts before the marriage or 350 00:23:08,709 --> 00:23:10,880 Suze: after a legal separation, 351 00:23:11,229 --> 00:23:15,540 Suze: guess what? They are considered his debts and you would 352 00:23:15,550 --> 00:23:19,780 Suze: not be responsible for those unless you specifically agreed to 353 00:23:19,790 --> 00:23:23,469 Suze: take on such debts. All right, there you go. Go 354 00:23:23,479 --> 00:23:24,050 Suze: on KT. 355 00:23:24,060 --> 00:23:28,010 KT: Ok. Next question is from Lee. Suze, can you explain 356 00:23:28,020 --> 00:23:32,770 KT: about indexed universal insurance? Right. Watch your face. Everybody. 357 00:23:34,739 --> 00:23:38,209 KT: I have heard you say you don't use insurance as 358 00:23:38,219 --> 00:23:41,359 KT: an investment vehicle, but from what I've been reading, it 359 00:23:41,369 --> 00:23:44,239 KT: may be a good vehicle for tax reduction. 360 00:23:44,530 --> 00:23:49,089 KT: We are both retired, have a comfortable pension income with 361 00:23:49,099 --> 00:23:51,389 KT: a healthy retirement accounts. 362 00:23:51,579 --> 00:23:52,939 Suze: So why would you want to ruin it? 363 00:23:54,680 --> 00:23:59,560 KT: By the way, you are absolutely correct about Roth IRAs 364 00:23:59,670 --> 00:24:04,250 KT: versus traditional. Anytime I have an opportunity to talk about such, 365 00:24:04,260 --> 00:24:09,060 KT: I shout from the rafters. Roth Roth Roth. Now, Lee, 366 00:24:09,069 --> 00:24:10,770 KT: you better shout something else. 367 00:24:11,000 --> 00:24:12,180 Suze: Now listen to me, Lee, 368 00:24:12,699 --> 00:24:18,379 Suze: right. If I am absolutely correct about Roth versus Traditionals 369 00:24:18,390 --> 00:24:22,050 Suze: and you shout it from the rafters, why would I 370 00:24:22,060 --> 00:24:28,899 Suze: not be absolutely correct about index universal life policies? Especially 371 00:24:28,910 --> 00:24:31,859 Suze: when you hear that they could be a good vehicle 372 00:24:31,869 --> 00:24:35,359 Suze: for tax reduction. I am not going to go into 373 00:24:35,410 --> 00:24:36,530 Suze: why they are 374 00:24:36,604 --> 00:24:39,094 Suze: horrific. I don't like them. I think you should stay 375 00:24:39,104 --> 00:24:41,625 Suze: away from them. At this point in time. I have 376 00:24:41,635 --> 00:24:45,655 Suze: done many podcasts in the past telling you stay away. 377 00:24:46,005 --> 00:24:48,224 Suze: I know that they're selling it to you under the 378 00:24:48,234 --> 00:24:51,284 Suze: pretense that you can get a tax free loan. Can 379 00:24:51,295 --> 00:24:55,135 Suze: you please underline the word loan? You don't want a loan, 380 00:24:55,145 --> 00:24:57,974 Suze: a loan means that it's paid back even though. It's 381 00:24:57,984 --> 00:25:00,385 Suze: at a 0% interest rate. Trust me, 382 00:25:00,890 --> 00:25:05,380 Suze: it ends up possibly getting you in trouble. Stay away. 383 00:25:05,390 --> 00:25:07,969 Suze: Let me see if I can hear you, Lee, shout it, 384 00:25:07,979 --> 00:25:10,479 Suze: shout it louder. Give me a little louder. Can you 385 00:25:10,489 --> 00:25:13,089 Suze: hear Lee? Can you hear? Can you hear Lee KT? 386 00:25:13,790 --> 00:25:16,129 Suze: I can't hear you, Lee. 387 00:25:17,119 --> 00:25:18,219 Suze: Oh, go on. 388 00:25:18,229 --> 00:25:23,060 KT: All right, Suze. Next question I have is about social security. Hi, Suze. 389 00:25:23,069 --> 00:25:27,698 KT: I'm going to be 61. This coming June. Happy Gemini. 390 00:25:29,000 --> 00:25:33,489 KT: I'm working part time and I have a pension through work. However, 391 00:25:33,500 --> 00:25:37,719 KT: if I apply for social security at age 62 I 392 00:25:37,729 --> 00:25:42,089 KT: can get about $550 a month. Can I apply for 393 00:25:42,099 --> 00:25:46,900 KT: social security and continue working part time? Which I make 394 00:25:46,910 --> 00:25:53,530 KT: about 48,000 to $52,000 a year. She makes that part 395 00:25:53,540 --> 00:25:56,060 KT: time until I am 67 396 00:25:56,410 --> 00:26:00,969 KT: and invest that 550 which is her social security in 397 00:26:00,979 --> 00:26:04,718 KT: a very good brokerage account. Well, what do you say? 398 00:26:04,729 --> 00:26:06,040 KT: What do you say to that one? 399 00:26:06,050 --> 00:26:09,829 KT: First of all? Can you do that? So part time? 400 00:26:10,500 --> 00:26:11,479 Suze: Well, 401 00:26:12,599 --> 00:26:15,609 Suze: you can do that if you want, but should you 402 00:26:15,619 --> 00:26:21,030 Suze: do that? Absolutely not. Why is that, first of all 403 00:26:21,040 --> 00:26:29,589 Suze: given that you are making part time? 48,000 to $52,000 404 00:26:29,599 --> 00:26:30,449 Suze: a year. 405 00:26:30,849 --> 00:26:34,510 Suze: What's going to happen is Social security is going to 406 00:26:34,520 --> 00:26:44,188 Suze: withhold $1 in benefit for every $2 over $22,320. So 407 00:26:44,199 --> 00:26:46,948 Suze: what does that mean to you? Let's just say you 408 00:26:46,959 --> 00:26:48,869 Suze: make $50,000 409 00:26:49,839 --> 00:26:56,770 Suze: that's $27,680 over the limit. So how do you figure 410 00:26:56,780 --> 00:27:03,420 Suze: this out? You divide $27,680 by two 411 00:27:04,229 --> 00:27:11,329 Suze: that gives you $13,840 and you divide that by 12. 412 00:27:11,859 --> 00:27:18,430 Suze: So you will be deducted $1153 from your social security 413 00:27:18,439 --> 00:27:22,169 Suze: check and you're only making about $500 you said in 414 00:27:22,180 --> 00:27:26,159 Suze: social security. So the truth of the matter is you 415 00:27:26,170 --> 00:27:28,449 Suze: just can't do it. 416 00:27:29,000 --> 00:27:31,119 Suze: All right. You know what that means, KT. 417 00:27:31,130 --> 00:27:32,149 KT: Time for my quizzy. 418 00:27:32,369 --> 00:27:38,010 Suze: That's right. So this one is an interesting one because 419 00:27:38,020 --> 00:27:42,219 Suze: sometimes there isn't a right or wrong answer. 420 00:27:42,939 --> 00:27:47,359 Suze: It's just an opinion that people have to take into 421 00:27:47,369 --> 00:27:51,609 Suze: consideration and then decide. So this is kind of, do 422 00:27:51,619 --> 00:27:56,270 Suze: you approve or do you deny? So everybody play along 423 00:27:56,280 --> 00:28:01,180 Suze: with KT as to how you would answer this. Hi, 424 00:28:01,189 --> 00:28:05,449 Suze: Suze and KT. I love to listen to wise women. 425 00:28:06,369 --> 00:28:11,689 Suze: My husband and I don't agree on whether to buy 426 00:28:11,699 --> 00:28:18,188 Suze: a home or rent. I am retired collecting pension, Social 427 00:28:18,199 --> 00:28:22,150 Suze: Security and he is about to retire in 3 to 428 00:28:22,160 --> 00:28:27,680 Suze: 5 months and plans to collect between his pension and 429 00:28:27,689 --> 00:28:31,780 Suze: his social security $9000 a month. 430 00:28:32,079 --> 00:28:37,540 Suze: So this couple, everybody is probably pretty well set financially. 431 00:28:37,589 --> 00:28:45,369 Suze: All right. They have approximately $100,000 saved. They have $850,000 432 00:28:45,449 --> 00:28:49,729 Suze: in an IRA in an annuity and in a Roth 433 00:28:49,739 --> 00:28:53,219 Suze: and they have no debt of any kind and they 434 00:28:53,229 --> 00:28:58,979 Suze: want to look to move to a friendlier senior state. 435 00:28:59,869 --> 00:29:05,239 Suze: We can relate to that. So I'm telling you their finances. Right. 436 00:29:05,250 --> 00:29:11,599 Suze: Because why this isn't necessarily a financial decision because they 437 00:29:11,609 --> 00:29:15,880 Suze: can really afford anything they want to know. Should they 438 00:29:15,890 --> 00:29:18,599 Suze: buy a home or should they rent 439 00:29:19,500 --> 00:29:22,609 Suze: next financial on them? Are you all writing this down? 440 00:29:22,619 --> 00:29:25,400 Suze: You're writing it down? KT? All right. I see that. 441 00:29:25,410 --> 00:29:28,459 Suze: That's why I asked you, they will sell their current 442 00:29:28,469 --> 00:29:37,050 Suze: home for approximately 450,000 to $500,000 with no capital gains tax. 443 00:29:37,829 --> 00:29:43,239 Suze: All right, they are in their seventies and they are 444 00:29:43,250 --> 00:29:46,410 Suze: not sure if they are up to the challenge of 445 00:29:46,420 --> 00:29:52,569 Suze: doing daily housekeeping maintenance and all of that at their age. KT, 446 00:29:53,459 --> 00:29:54,839 Suze: can you relate to that? 447 00:29:55,239 --> 00:29:55,640 KT: Yeah. 448 00:29:56,420 --> 00:30:00,930 Suze: It gets harder. Everybody, when you get older and so 449 00:30:00,939 --> 00:30:03,160 Suze: many times, KT and I look at each other and 450 00:30:03,170 --> 00:30:04,089 Suze: go really, 451 00:30:05,219 --> 00:30:09,719 Suze: really, there is a tremendous difference for the majority of us, 452 00:30:09,729 --> 00:30:15,640 Suze: everybody between 62 and 73. Would you agree with that? 453 00:30:16,569 --> 00:30:20,060 KT: Actually it's after 70 you start to feel it. Yeah. 454 00:30:20,069 --> 00:30:23,540 Suze: And so unless you keep yourself going to yoga every day, 455 00:30:23,550 --> 00:30:27,699 Suze: stretching every day being like Mrs Boo, Mrs Boo lives 456 00:30:27,709 --> 00:30:28,130 Suze: on our 457 00:30:28,260 --> 00:30:32,459 Suze: island and she's Norwegian and she is in incredible shape. 458 00:30:32,469 --> 00:30:34,420 Suze: She's in her eighties. You would think that she was 459 00:30:34,430 --> 00:30:37,130 Suze: in her forties? All right. But the majority of us 460 00:30:37,140 --> 00:30:40,390 Suze: you see walking around the island limping a little, walking 461 00:30:40,400 --> 00:30:44,560 Suze: a little slower than 10 years ago. But anyway, Jean 462 00:30:44,569 --> 00:30:49,430 Suze: goes on to ask with the cost of skyrocketing ho 463 00:30:49,439 --> 00:30:56,109 Suze: a fees that condos want and possible assessments as well. 464 00:30:57,079 --> 00:31:01,420 Suze: The question is this, since condos are out, 465 00:31:02,650 --> 00:31:09,430 Suze: how about a home? That's what my husband prefers. He 466 00:31:09,439 --> 00:31:13,750 Suze: believes that he will be able to handle the maintenance. 467 00:31:14,650 --> 00:31:21,790 Suze: I prefer a luxury senior community apartment and enjoy some 468 00:31:21,800 --> 00:31:26,439 Suze: of the money from the home sale, traveling and socializing. 469 00:31:26,530 --> 00:31:31,550 Suze: We will still have free flying privileges in retirement. What 470 00:31:31,560 --> 00:31:32,979 Suze: are your thoughts? 471 00:31:33,979 --> 00:31:38,650 Suze: Do you approve that we buy a home? Which is 472 00:31:38,660 --> 00:31:43,459 Suze: what my husband wants or do you approve that we 473 00:31:43,469 --> 00:31:49,869 Suze: move into a luxury senior community apartment? Think about it, 474 00:31:50,569 --> 00:31:54,560 Suze: think about it. So this really isn't a thing. Everybody 475 00:31:54,640 --> 00:31:57,900 Suze: about money, they have the money, depending on the house 476 00:31:57,910 --> 00:31:58,479 Suze: they buy 477 00:31:59,380 --> 00:32:00,880 Suze: to do anything they want. 478 00:32:02,790 --> 00:32:08,119 Suze: This is where decisions come in. When people first then money, 479 00:32:08,130 --> 00:32:13,300 Suze: then things apply. This is a decision as a financial 480 00:32:13,310 --> 00:32:19,260 Suze: advisor that you cannot just look at money, you have 481 00:32:19,270 --> 00:32:22,260 Suze: to look at the wants and the needs of the 482 00:32:22,270 --> 00:32:24,219 Suze: people that you are dealing with. 483 00:32:25,160 --> 00:32:28,810 Suze: So, Miss Travis, what would you say to Jean? 484 00:32:29,060 --> 00:32:33,390 KT: Suze, my choice is to go with the wife. She's smart. 485 00:32:33,400 --> 00:32:35,949 KT: She knows that he's not gonna want to mow the 486 00:32:35,959 --> 00:32:40,949 KT: grass every weekend. Do the gardening. Try to deal with maintenance. 487 00:32:40,959 --> 00:32:44,119 KT: Why bother? It takes a great deal of time to 488 00:32:44,130 --> 00:32:45,520 KT: take care of a home. 489 00:32:46,079 --> 00:32:48,390 Suze: There's more reasons KT than just that. 490 00:32:49,270 --> 00:32:50,469 KT: Ok. What are your reasons? 491 00:32:50,640 --> 00:32:54,880 Suze: And here's why Gene, I so want you to do 492 00:32:54,890 --> 00:32:59,099 Suze: exactly what it is that you want to do. First 493 00:32:59,109 --> 00:33:03,979 Suze: of all, in order to move in to many of 494 00:33:03,989 --> 00:33:10,060 Suze: these adult senior communities, you both have to be healthy. 495 00:33:10,959 --> 00:33:15,589 Suze: You can't move in. If one of you is seriously ill, 496 00:33:15,959 --> 00:33:19,219 Suze: you have to do it. In most cases. Not all 497 00:33:19,229 --> 00:33:22,189 Suze: before something has gone wrong 498 00:33:22,910 --> 00:33:30,770 Suze: medically. OK. Number one, number two, chances are actuarially speaking, 499 00:33:30,949 --> 00:33:36,050 Suze: men die before women do. I don't know why that is, 500 00:33:36,060 --> 00:33:40,550 Suze: but it's absolutely true. I'll never forget going into my 501 00:33:40,560 --> 00:33:45,000 Suze: mother's senior community where she lived and had an independent 502 00:33:45,010 --> 00:33:49,160 Suze: apartment there as well as KT's mother. 503 00:33:49,900 --> 00:33:53,810 Suze: 90% of the people, there were all women. There were 504 00:33:53,819 --> 00:33:57,010 Suze: very few men. You could count the men that were 505 00:33:57,020 --> 00:34:00,660 Suze: there on one hand and I got news for you. 506 00:34:00,670 --> 00:34:01,849 Suze: The men that were there. 507 00:34:02,369 --> 00:34:07,189 Suze: We're all very happy because they had, they were princes, 508 00:34:07,199 --> 00:34:10,909 Suze: they were like king kings there, surrounded by women. Your 509 00:34:10,919 --> 00:34:13,678 Suze: husband probably shouldn't hear this part of the answer though. 510 00:34:14,479 --> 00:34:18,879 Suze: The thing is the last thing you want j is 511 00:34:18,889 --> 00:34:22,149 Suze: for something to happen to your husband as he's aging 512 00:34:22,320 --> 00:34:24,590 Suze: and it can happen at any time 513 00:34:25,090 --> 00:34:32,360 Suze: at 65 at 68 at 70 71 or so on. That's 514 00:34:32,370 --> 00:34:36,280 Suze: number one. And that is not the time that you 515 00:34:36,290 --> 00:34:40,020 Suze: then want to have to sell the house, get everything 516 00:34:40,030 --> 00:34:45,080 Suze: ready and then move, do it. Now, do it. Now 517 00:34:45,090 --> 00:34:49,139 Suze: where you have community around you, both of our mothers 518 00:34:49,149 --> 00:34:50,580 Suze: loved it. 519 00:34:50,830 --> 00:34:54,300 Suze: There was happy hour and there were education classes and 520 00:34:54,310 --> 00:34:57,370 Suze: there were movies and there were swimming and there was 521 00:34:57,379 --> 00:35:01,839 Suze: golf and there were all of these things. They loved it. 522 00:35:02,100 --> 00:35:07,120 Suze: Absolutely loved it. And all of them also have, if 523 00:35:07,129 --> 00:35:11,290 Suze: something does go wrong, assisted living in most cases, as 524 00:35:11,300 --> 00:35:12,610 Suze: well as skilled. 525 00:35:13,370 --> 00:35:14,739 Suze: So therefore, 526 00:35:15,540 --> 00:35:20,479 Suze: you should really do it now. And I would hope 527 00:35:20,879 --> 00:35:25,149 Suze: that your husband would listen to this financially. Ok. You 528 00:35:25,159 --> 00:35:26,280 Suze: could afford either. 529 00:35:27,209 --> 00:35:30,739 Suze: But given the fact that you don't want to and 530 00:35:30,750 --> 00:35:33,750 Suze: that you have doubts and that you want to continue 531 00:35:33,760 --> 00:35:37,310 Suze: to travel and you just want everything to be taken 532 00:35:37,320 --> 00:35:40,489 Suze: care of and not have to watch him either shoveling snow. 533 00:35:40,500 --> 00:35:42,399 Suze: If that's where you happen to move or mowing a 534 00:35:42,409 --> 00:35:46,549 Suze: lawn or getting a new refrigerator or whatever goes wrong 535 00:35:46,560 --> 00:35:48,388 Suze: and something always goes wrong. 536 00:35:49,479 --> 00:35:53,909 Suze: Then hubby bear, listen to your wife here because in 537 00:35:53,919 --> 00:35:57,409 Suze: the long run, you're gonna be so happy that you did. 538 00:35:57,419 --> 00:35:59,159 Suze: All right, Miss Travis. Yes? 539 00:35:59,169 --> 00:36:01,260 KT: I have to just share this with everyone when my 540 00:36:01,270 --> 00:36:06,330 KT: mom moved. From New Jersey to Florida in her independent 541 00:36:06,340 --> 00:36:11,260 KT: living facility, which was really nice. She sat out under 542 00:36:11,270 --> 00:36:14,020 KT: a palm tree in her little back porch in her 543 00:36:14,030 --> 00:36:14,719 KT: apartment 544 00:36:15,090 --> 00:36:17,699 KT: and she looked at all of her Children and she said, 545 00:36:17,760 --> 00:36:20,928 KT: why didn't I do this five years ago? 546 00:36:22,050 --> 00:36:25,189 Suze: And that was a situation, by the way where KT's 547 00:36:25,199 --> 00:36:30,729 Suze: father had a stroke, had one of his legs amputated 548 00:36:30,739 --> 00:36:34,949 Suze: because of it and on and on and they needed, 549 00:36:34,959 --> 00:36:36,189 KT: They had to move. 550 00:36:36,199 --> 00:36:39,810 Suze: Yeah, they had to move. And so it was interesting. 551 00:36:40,080 --> 00:36:42,709 Suze: It was interesting. So anyway, 552 00:36:44,169 --> 00:36:46,569 Suze: his time are we all packed? 553 00:36:46,580 --> 00:36:49,120 KT: I am so packed. I am so ready. I can't 554 00:36:49,129 --> 00:36:50,639 KT: wait to get on that plane. 555 00:36:51,250 --> 00:36:53,179 Suze: I know we're gonna run a little bit over, but 556 00:36:53,189 --> 00:36:56,779 Suze: that's ok. Tell everybody how we bought matching outfits for 557 00:36:56,790 --> 00:37:01,229 Suze: all the girls. Yeah. So Suze goes online. She's a 558 00:37:01,239 --> 00:37:05,310 Suze: great online shopper. I'm not and we looked at, we 559 00:37:05,320 --> 00:37:09,790 Suze: both have pretty extensive weather wardrobes for all the travels 560 00:37:09,800 --> 00:37:11,820 Suze: we do in the world, but we didn't have any 561 00:37:11,830 --> 00:37:13,739 Suze: new safari clothing. 562 00:37:13,959 --> 00:37:16,979 KT: And when you're on safari, they ask you to wear 563 00:37:16,989 --> 00:37:20,239 KT: certain colors and not to wear, you know, like white 564 00:37:20,250 --> 00:37:24,330 KT: and black and blue jeans, things like that. So I said, Susie, 565 00:37:24,340 --> 00:37:27,719 KT: we don't have that much khaki and different colors and 566 00:37:27,830 --> 00:37:30,699 KT: she went online and found some great sites that were 567 00:37:30,709 --> 00:37:35,090 KT: extremely affordable. And I said $20 get these for all 568 00:37:35,100 --> 00:37:38,060 KT: the girls. I said, get this for all of us 569 00:37:38,370 --> 00:37:39,020 KT: and she bought it. 570 00:37:39,104 --> 00:37:41,004 KT: Couple of things that are still a surprise. So we're 571 00:37:41,014 --> 00:37:43,804 KT: not gonna talk about it yet for all of us 572 00:37:43,814 --> 00:37:47,965 KT: to wear on day one. Don't you love that? 573 00:37:48,094 --> 00:37:50,514 Suze: We're gonna be a pod, a pod. We call ourselves 574 00:37:50,524 --> 00:37:55,685 Suze: a pod because they're the dolphin women, two men and 575 00:37:55,695 --> 00:37:57,625 Suze: the men didn't want to play with us. They didn't 576 00:37:57,635 --> 00:38:00,445 Suze: want us to get him anything so fine. I didn't. 577 00:38:00,455 --> 00:38:03,924 Suze: All right until Sunday was Suze's school. 578 00:38:04,550 --> 00:38:09,780 Suze: And obviously I will be taping that right now after this, 579 00:38:09,790 --> 00:38:12,689 Suze: by the way, so that you have a new Suze 580 00:38:12,699 --> 00:38:13,928 Suze: school from me 581 00:38:14,189 --> 00:38:16,959 Suze: and then you're going to probably have Ask KT and 582 00:38:16,969 --> 00:38:19,919 Suze: Suze Anything. There's only one thing that we want you 583 00:38:19,929 --> 00:38:21,989 Suze: to remember when it comes to your money and what 584 00:38:22,000 --> 00:38:28,979 Suze: is it people first then lions, tigers then things and 585 00:38:28,989 --> 00:38:35,050 Suze: if you do that you will be unstoppable. See you soon. 586 00:38:35,060 --> 00:38:36,139 Suze: Bye bye.