1 00:00:07,200 --> 00:00:10,479 S1: You can't serve God and money, but you can serve 2 00:00:10,480 --> 00:00:14,240 S1: God with money. Hi, I'm Rob West. Most of us 3 00:00:14,240 --> 00:00:17,000 S1: don't wake up wanting to serve money, but it's easy 4 00:00:17,000 --> 00:00:21,640 S1: for financial pressure and financial goals to quietly shape our lives. Today, 5 00:00:21,640 --> 00:00:24,360 S1: we'll look at how Scripture frees us to see money 6 00:00:24,360 --> 00:00:27,280 S1: not as something to chase, but as a tool God 7 00:00:27,280 --> 00:00:30,280 S1: gives us to accomplish his purposes. And then we'll take 8 00:00:30,280 --> 00:00:37,080 S1: your calls at 800 525 7000. That's 800 525 7000. 9 00:00:37,240 --> 00:00:40,880 S1: This is faith and finance. Live biblical wisdom for your 10 00:00:40,880 --> 00:00:46,760 S1: financial decisions. One of the most common questions I hear 11 00:00:46,760 --> 00:00:49,960 S1: is what's the biblical approach to money? And it's a 12 00:00:49,960 --> 00:00:53,240 S1: great question because the Bible talks about money. A lot 13 00:00:53,280 --> 00:00:59,280 S1: more than 2300 verses touch on wealth, possessions, generosity, and stewardship. 14 00:00:59,520 --> 00:01:02,950 S1: And one of the clearest principles is this money itself 15 00:01:02,950 --> 00:01:06,870 S1: is not the goal. It's a tool. First, scripture reminds 16 00:01:06,870 --> 00:01:11,390 S1: us that money is a gift. Ecclesiastes 519 says, everyone 17 00:01:11,390 --> 00:01:14,270 S1: also to whom God has given wealth and possessions and 18 00:01:14,270 --> 00:01:17,750 S1: power to enjoy them. This is the gift of God. 19 00:01:17,870 --> 00:01:21,990 S1: In other words, God isn't against provision or enjoyment when 20 00:01:21,990 --> 00:01:25,950 S1: he provides. We're meant to receive his gift with gratitude. 21 00:01:26,270 --> 00:01:29,350 S1: We see this clearly when Jesus feeds the 5000 in 22 00:01:29,350 --> 00:01:33,310 S1: Matthew 14. Not only does he meet their immediate need, 23 00:01:33,310 --> 00:01:37,069 S1: but Scripture tells us there were 12 baskets of leftovers. 24 00:01:37,110 --> 00:01:41,590 S1: The point isn't excess, it's that God's provision is generous. 25 00:01:41,590 --> 00:01:44,670 S1: He delights in caring for his people. But here's where 26 00:01:44,709 --> 00:01:48,030 S1: things get tricky. Money may be a gift, but it 27 00:01:48,030 --> 00:01:52,430 S1: also carries spiritual weight. It reveals what we trust. Paul 28 00:01:52,430 --> 00:01:55,470 S1: warns in first Timothy 610, the love of money is 29 00:01:55,470 --> 00:01:58,630 S1: a root of all kinds of evils. Notice he doesn't 30 00:01:58,630 --> 00:02:01,740 S1: say money itself is evil. It's the love of money. 31 00:02:01,740 --> 00:02:04,620 S1: When we look to it for security, identity, or peace 32 00:02:04,620 --> 00:02:08,500 S1: that leads us astray. Money is morally neutral, but how 33 00:02:08,500 --> 00:02:12,540 S1: we use it is deeply spiritual. Every spending decision, every 34 00:02:12,580 --> 00:02:16,820 S1: saving decision, every act of generosity asks a question what 35 00:02:16,820 --> 00:02:20,380 S1: am I trusting right now? God or money? And that 36 00:02:20,419 --> 00:02:24,020 S1: leads to the third truth money is meant for kingdom impact. 37 00:02:24,020 --> 00:02:27,620 S1: Ephesians 428 tells us we should work so that we 38 00:02:27,620 --> 00:02:30,540 S1: may have something to share with anyone in need. We 39 00:02:30,580 --> 00:02:34,460 S1: don't earn simply to accumulate. We earn so we can provide, 40 00:02:34,460 --> 00:02:38,820 S1: plan wisely and bless others. Think about that shift. Work 41 00:02:38,820 --> 00:02:44,579 S1: isn't just survival, it's participation in God's generosity. Saving isn't fear. 42 00:02:44,580 --> 00:02:49,060 S1: It's preparation. Investing isn't greed. It can be stewardship when 43 00:02:49,060 --> 00:02:54,340 S1: it supports future generosity and responsibility. And practically speaking, this 44 00:02:54,340 --> 00:02:58,330 S1: can show up in small, everyday ways. Choosing Using generosity 45 00:02:58,330 --> 00:03:01,650 S1: when budgets feel tight. Planning ahead so you're not burdened 46 00:03:01,650 --> 00:03:04,810 S1: by debt or creating margin so you're ready when God 47 00:03:04,810 --> 00:03:07,889 S1: places a need in front of you. Over time, those 48 00:03:07,889 --> 00:03:12,169 S1: small decisions shape both our finances and our hearts. In 49 00:03:12,169 --> 00:03:16,690 S1: other words, money becomes powerful when it flows outward rather 50 00:03:16,690 --> 00:03:21,530 S1: than being hoarded inward. Jesus himself said in Luke 1613, 51 00:03:21,570 --> 00:03:25,090 S1: you cannot serve God and money. But notice he doesn't 52 00:03:25,090 --> 00:03:29,090 S1: say money is useless. Instead, he makes clear that money 53 00:03:29,090 --> 00:03:33,090 S1: must be placed in its proper role. Servant, not master. 54 00:03:33,370 --> 00:03:36,490 S1: In his sermon, The Use of Money, John Wesley said 55 00:03:36,490 --> 00:03:40,010 S1: that money is an excellent gift of God, answering the 56 00:03:40,050 --> 00:03:43,330 S1: noblest ends in the hands of his children. It's food 57 00:03:43,330 --> 00:03:46,690 S1: for the hungry, drink for the thirsty, raymondh for the 58 00:03:46,690 --> 00:03:50,010 S1: naked it gives to the traveler and the stranger where 59 00:03:50,050 --> 00:03:53,090 S1: to lay his head. That's a beautiful picture of money 60 00:03:53,090 --> 00:03:57,440 S1: redeemed money used for eternal purposes. And here's the freeing 61 00:03:57,480 --> 00:04:01,680 S1: truth money is temporary. First Timothy six seven reminds us, 62 00:04:01,680 --> 00:04:04,360 S1: we brought nothing into the world, and we cannot take 63 00:04:04,360 --> 00:04:08,360 S1: anything out of the world. Every dollar we manage is temporary, 64 00:04:08,360 --> 00:04:11,320 S1: but how we use it can have an eternal impact. 65 00:04:11,520 --> 00:04:15,160 S1: When we remember that we hold money loosely, we enjoy 66 00:04:15,160 --> 00:04:18,920 S1: God's provision without being controlled by it. We plan wisely, 67 00:04:18,920 --> 00:04:22,359 S1: without placing our hope in wealth. And we give generously 68 00:04:22,360 --> 00:04:25,679 S1: because we know God is the true provider. So before 69 00:04:25,680 --> 00:04:30,360 S1: your next financial decision, whether it's spending, saving, investing, or giving, 70 00:04:30,400 --> 00:04:34,000 S1: try a different question. Lord, how can this money serve 71 00:04:34,000 --> 00:04:38,200 S1: you and others? Because money is never the destination. It's 72 00:04:38,200 --> 00:04:41,720 S1: simply a tool God places in our hands to accomplish 73 00:04:41,720 --> 00:04:45,720 S1: something far greater than ourselves. This is a key theme 74 00:04:45,720 --> 00:04:49,440 S1: I explore in my new devotional, Our Ultimate Treasure, a 75 00:04:49,440 --> 00:04:52,040 S1: 21 day journey that helps you use money as a 76 00:04:52,040 --> 00:04:55,479 S1: tool rather than a treasure, so it finds its proper 77 00:04:55,480 --> 00:04:58,430 S1: place in your life. You can get your copy or 78 00:04:58,470 --> 00:05:05,830 S1: order copies for your church or small group@faith.com. That's faith fi.com. 79 00:05:07,390 --> 00:05:12,430 S1: All right. Your calls are next, the number 800 525 7000, 80 00:05:12,470 --> 00:05:17,110 S1: that's 800 525 7000. I'm Rob West and this is 81 00:05:17,110 --> 00:05:21,109 S1: Faith and finance. Live biblical wisdom for your financial journey. 82 00:05:21,110 --> 00:05:22,070 S1: We'll be right back. 83 00:05:32,550 --> 00:05:35,670 S2: The opinions offered during this program represent the personal or 84 00:05:35,670 --> 00:05:40,030 S2: professional opinions of the participants given for informational purposes only. 85 00:05:40,230 --> 00:05:43,630 S2: Any information provided is not intended to replace advice from 86 00:05:43,630 --> 00:05:48,070 S2: a financial, medical, legal or other professional who understands your 87 00:05:48,070 --> 00:05:49,589 S2: specific situation. 88 00:05:56,700 --> 00:05:59,740 S1: Hey, thanks for joining us today on Faith and Finance Live. Well, 89 00:05:59,740 --> 00:06:01,619 S1: in just a moment, we're going to begin taking your 90 00:06:01,620 --> 00:06:04,900 S1: calls and questions. The calls have started coming in, but 91 00:06:04,900 --> 00:06:07,180 S1: at the moment at least still room for you. So 92 00:06:07,180 --> 00:06:09,340 S1: if you have a question today, go ahead and call 93 00:06:09,380 --> 00:06:14,460 S1: right now. Anything on your mind financially 800 525, 7000. 94 00:06:14,500 --> 00:06:16,300 S1: We'll head to the phones here in just a moment. 95 00:06:16,339 --> 00:06:21,740 S1: 800 525 7000. In the news today, money is a 96 00:06:21,740 --> 00:06:25,140 S1: common source of stress for couples, whether due to debt, 97 00:06:25,180 --> 00:06:29,419 S1: housing costs or even child care. While many expect financial 98 00:06:29,420 --> 00:06:34,339 S1: conversations to be tense or unproductive, new research actually shows 99 00:06:34,339 --> 00:06:37,500 S1: the opposite. A new study of more than 1600 married 100 00:06:37,500 --> 00:06:42,940 S1: individuals found that couples consistently felt closer and more aligned 101 00:06:42,940 --> 00:06:47,660 S1: after discussing money than they had anticipated. This disconnect often 102 00:06:47,660 --> 00:06:52,140 S1: comes from underestimating how much agreement they'll reach. People tend 103 00:06:52,140 --> 00:06:56,050 S1: to avoid these talks because money is, of course, deeply personal. 104 00:06:56,050 --> 00:07:00,370 S1: It's tied to values like security and freedom and trust. 105 00:07:00,370 --> 00:07:04,170 S1: Fear of judgment and past conflicts can also heighten anxiety. 106 00:07:04,210 --> 00:07:09,890 S1: Yet avoiding the conversation can really harm relationships. Open, respectful 107 00:07:09,890 --> 00:07:14,450 S1: dialogue helps couples understand each other's perspectives. Of course, look 108 00:07:14,450 --> 00:07:19,530 S1: to find compromises and even build stronger financial unity. So 109 00:07:19,570 --> 00:07:23,930 S1: approaching the discussion with curiosity, not a desire to win 110 00:07:24,210 --> 00:07:29,929 S1: and sharing personal money experiences can lead to greater connection, satisfaction, 111 00:07:29,930 --> 00:07:34,130 S1: and even long term stability. At its best, marriage reflects 112 00:07:34,170 --> 00:07:38,530 S1: a deeper spiritual reality the oneness of Christ and His Church. 113 00:07:38,530 --> 00:07:42,290 S1: We see that in Ephesians five, when couples steward finances 114 00:07:42,290 --> 00:07:46,610 S1: together with humility and shared purpose, their unity and money 115 00:07:46,610 --> 00:07:50,730 S1: can become a tangible expression of that gospel picture. So 116 00:07:50,730 --> 00:07:54,560 S1: rather than dividing, finances can draw them closer as they 117 00:07:54,680 --> 00:07:59,680 S1: pursue faithfulness, generosity and trust in God as their ultimate provider. 118 00:07:59,840 --> 00:08:02,160 S1: By the way, we have a great article that was 119 00:08:02,160 --> 00:08:06,440 S1: featured in our Faithful Steward magazine in one of the 120 00:08:06,440 --> 00:08:10,960 S1: earlier editions, although you'll find it@faith.com where Doctor Shane Hy.net 121 00:08:11,000 --> 00:08:15,240 S1: lays out five money dates. That's right, an opportunity for 122 00:08:15,240 --> 00:08:18,160 S1: you to have some fun on a date with your spouse, 123 00:08:18,200 --> 00:08:21,680 S1: be it at a local park or maybe an art 124 00:08:21,680 --> 00:08:25,400 S1: gallery or even cooking at home. But where, in addition 125 00:08:25,400 --> 00:08:28,360 S1: to framing out what the fun looks like, there's actually 126 00:08:28,360 --> 00:08:31,880 S1: a specific money conversation tied to each one that can 127 00:08:31,880 --> 00:08:36,720 S1: foster good, healthy discourse because communication is so key in 128 00:08:36,760 --> 00:08:39,360 S1: all aspects of marriage. But certainly in this area of 129 00:08:39,360 --> 00:08:43,079 S1: money management, it's why we encourage money dates. Beyond that, 130 00:08:43,080 --> 00:08:47,160 S1: the data says, well, you having understanding of your spouse 131 00:08:47,200 --> 00:08:49,520 S1: is key. What was money like growing up? How does 132 00:08:49,520 --> 00:08:52,400 S1: that inform how they view or handle money today? And 133 00:08:52,510 --> 00:08:54,990 S1: then thirdly, and this is really key and it's it's 134 00:08:54,990 --> 00:08:57,950 S1: where the Faith V app can help. If you have 135 00:08:57,950 --> 00:09:01,710 S1: cushion built into your monthly plan. The research said it's 136 00:09:01,710 --> 00:09:04,990 S1: really less about how much you make that leads to 137 00:09:05,270 --> 00:09:08,750 S1: financial harmony, and it's more about whatever you make that 138 00:09:08,750 --> 00:09:11,870 S1: you're living on less than that, that you have cushion. 139 00:09:12,070 --> 00:09:16,350 S1: And that led to really healthy and productive conversations around money. 140 00:09:16,390 --> 00:09:18,829 S1: Think about that. And maybe it's time to check out 141 00:09:18,830 --> 00:09:20,950 S1: the Faith VI app to get your budget dialed in. 142 00:09:20,950 --> 00:09:24,630 S1: But a budget specifically that you're going to actually use 143 00:09:24,630 --> 00:09:27,750 S1: and that has some margin built in. Just head to 144 00:09:27,790 --> 00:09:32,469 S1: discover.com to learn more about the brand new Faith VI 145 00:09:32,470 --> 00:09:36,390 S1: app that's being updated weekly, has some incredibly powerful features, 146 00:09:36,390 --> 00:09:41,510 S1: and you and your spouse can use it together. discover.v.com. 147 00:09:41,670 --> 00:09:44,390 S1: All right, we've got the phone lines building. We're nearly full. 148 00:09:44,390 --> 00:09:46,150 S1: So we're going to go ahead and dive in. We'll 149 00:09:46,190 --> 00:09:48,510 S1: begin in Tennessee today. Robert. Go ahead. 150 00:09:48,750 --> 00:09:52,300 S3: Robert, I know you're not a big fan of annuities, 151 00:09:52,300 --> 00:09:55,020 S3: but I've got a very diverse portfolio. I've got about 152 00:09:55,020 --> 00:10:00,620 S3: 1.3 million. Between IRAs and a 401 K got about 200,000. 153 00:10:00,660 --> 00:10:06,099 S3: I keep liquid, but my question is when a annuity 154 00:10:06,100 --> 00:10:08,780 S3: becomes due, if you never take out a five year annuity, 155 00:10:08,820 --> 00:10:11,179 S3: you never make any withdrawals. You just let it keep rolling. 156 00:10:11,380 --> 00:10:13,660 S3: If you roll that when it matures completely in five 157 00:10:13,660 --> 00:10:15,500 S3: years and you roll that to another one, do you 158 00:10:15,500 --> 00:10:17,500 S3: have to pay taxes on it? When you roll it? 159 00:10:18,140 --> 00:10:21,420 S1: Yeah. The short answer is no. You typically do not 160 00:10:21,460 --> 00:10:26,140 S1: owe taxes if you roll it directly into another qualified annuity. 161 00:10:26,580 --> 00:10:29,860 S1: If done properly, it's called a 1031 exchange from the 162 00:10:29,860 --> 00:10:34,140 S1: IRS code section 1035. So you move directly from one 163 00:10:34,140 --> 00:10:37,660 S1: annuity to the other. And the IRS allows this without 164 00:10:37,700 --> 00:10:42,980 S1: triggering taxes. And so your gains continue to grow. Tax deferred. 165 00:10:43,460 --> 00:10:46,140 S1: The key rule is that it has to go insurance 166 00:10:46,140 --> 00:10:48,820 S1: company to insurance company. It can't come to you first, 167 00:10:48,820 --> 00:10:51,650 S1: even briefly. If they send you a check and you 168 00:10:51,650 --> 00:10:55,849 S1: redeposit it, it becomes taxable. Kind of like an IRA rollover. 169 00:10:56,370 --> 00:10:59,210 S1: When would you owe taxes? Well, if you take the 170 00:10:59,210 --> 00:11:03,050 S1: money out, withdraw it, or partially cash it out during 171 00:11:03,050 --> 00:11:07,290 S1: the rollover. And remember gains come out first and are 172 00:11:07,290 --> 00:11:10,770 S1: taxed as ordinary income. You're going to want to watch 173 00:11:10,770 --> 00:11:14,490 S1: any surrender charges. If you're still in the five year 174 00:11:14,490 --> 00:11:17,930 S1: surrender period there may be fees. And just make sure 175 00:11:17,929 --> 00:11:20,850 S1: you look at is the new annuity actually better? Is 176 00:11:20,850 --> 00:11:24,730 S1: it better guarantees? Are there lower fees. But bottom line 177 00:11:24,730 --> 00:11:27,170 S1: is you should not have a taxable event if you 178 00:11:27,170 --> 00:11:32,170 S1: do a 1035 exchange. And I hear you in that, um, 179 00:11:32,210 --> 00:11:35,610 S1: although annuities aren't my first choice, especially as a, a 180 00:11:35,770 --> 00:11:39,370 S1: sole investment or retirement strategy as a part of a 181 00:11:39,370 --> 00:11:44,530 S1: well diversified portfolio where an annuity providing a guarantee, um, 182 00:11:44,650 --> 00:11:46,969 S1: you know, can be one piece of that, that can 183 00:11:46,970 --> 00:11:47,930 S1: make a lot of sense. 184 00:11:47,970 --> 00:11:49,809 S3: Okay. Well, I appreciate you taking my question. 185 00:11:50,200 --> 00:11:54,440 S1: Absolutely. Robert. Call anytime, sir. Lord bless you. Uh, let's see, Lucia, 186 00:11:54,480 --> 00:11:56,160 S1: go right ahead in Illinois. 187 00:11:57,000 --> 00:12:00,960 S4: Um, yes, my question is, um. Uh, well, I've been 188 00:12:01,400 --> 00:12:05,240 S4: able to save enough to leave for later for the 189 00:12:05,240 --> 00:12:10,400 S4: next 4 or 5 years. Um, or, um, because I'm, um, 190 00:12:10,440 --> 00:12:13,240 S4: we don't have any debt. We don't have any mortgage 191 00:12:13,240 --> 00:12:17,120 S4: or car debts or anything. So my question is, should 192 00:12:17,120 --> 00:12:20,280 S4: I just spend the money that I've been able to 193 00:12:20,320 --> 00:12:23,800 S4: save to live for the next year before I start 194 00:12:23,800 --> 00:12:27,640 S4: pulling out of my, um, retirement benefits? Or is it 195 00:12:27,640 --> 00:12:31,200 S4: better to leave those savings and start pulling right now? 196 00:12:31,760 --> 00:12:34,560 S1: Yeah, it's a great, great question. I'm glad you have 197 00:12:34,559 --> 00:12:38,160 S1: the flexibility to choose which would be the better path forward. 198 00:12:38,200 --> 00:12:40,400 S1: Let me just understand what you have. How much savings 199 00:12:40,400 --> 00:12:41,360 S1: have you built up? 200 00:12:42,320 --> 00:12:45,920 S4: Uh, it's around 300,000. 201 00:12:46,160 --> 00:12:48,600 S1: Okay. And that's just in a high yield savings account. 202 00:12:48,600 --> 00:12:49,550 S1: Or where is it? 203 00:12:49,790 --> 00:12:52,030 S4: It is, it is like in a city, like it's 204 00:12:52,030 --> 00:12:54,829 S4: making a little bit of. Huh? Okay. Yeah. 205 00:12:54,870 --> 00:12:57,069 S1: Great. And then what do you have in your retirement? 206 00:12:57,390 --> 00:13:00,990 S4: It is, um, it is a teacher retirement system. So 207 00:13:01,429 --> 00:13:05,110 S4: I can start putting out right now or not. It's 208 00:13:05,110 --> 00:13:09,190 S4: like around 5000 per month. Okay. 209 00:13:09,790 --> 00:13:12,190 S1: And the longer you delay it, I would imagine the 210 00:13:12,190 --> 00:13:13,750 S1: more you're going to get. Is that right? 211 00:13:13,790 --> 00:13:14,750 S5: Yes, yes. 212 00:13:14,830 --> 00:13:17,510 S1: Okay. And we're not talking about Social Security. This is 213 00:13:17,510 --> 00:13:19,110 S1: a retirement plan from work. 214 00:13:19,510 --> 00:13:19,870 S5: Okay. 215 00:13:20,110 --> 00:13:22,829 S1: Right. And so Social Security would be in addition. 216 00:13:23,030 --> 00:13:26,590 S4: No, I will have not Social Security at all. 217 00:13:27,070 --> 00:13:28,189 S1: Oh, you will not have it. 218 00:13:28,230 --> 00:13:28,949 S5: Okay. No. 219 00:13:28,990 --> 00:13:30,750 S1: And are you still working now? 220 00:13:30,910 --> 00:13:32,829 S4: Uh, but I'm going to retire at the end of 221 00:13:32,830 --> 00:13:33,709 S4: the school year. 222 00:13:33,750 --> 00:13:37,709 S1: Okay. And so once you retire, then the only thing 223 00:13:37,710 --> 00:13:40,670 S1: you're going to have to depend on is the 5000 224 00:13:40,710 --> 00:13:44,189 S1: a month. And then whatever you do with the 300,000 225 00:13:44,230 --> 00:13:45,390 S1: in savings, is that right? 226 00:13:45,429 --> 00:13:45,910 S5: Yes. 227 00:13:46,470 --> 00:13:48,820 S1: Okay. And what are your monthly bills going to be? 228 00:13:48,860 --> 00:13:51,179 S1: Have you put your retirement budget together? What do you 229 00:13:51,179 --> 00:13:51,700 S1: think you need? 230 00:13:51,740 --> 00:13:52,260 S5: Yes. 231 00:13:52,940 --> 00:13:58,580 S4: It's around for my monthly bills. It's like around three $4. 232 00:13:59,340 --> 00:14:01,060 S1: Around 3 to 4000 a month. 233 00:14:01,860 --> 00:14:04,780 S4: No, 3 to $400 is my only. 234 00:14:04,780 --> 00:14:05,059 S5: Thing. 235 00:14:05,540 --> 00:14:07,059 S1: Is all you need per month. 236 00:14:08,780 --> 00:14:11,980 S4: For my bills. Like around 2000 per month. 237 00:14:12,059 --> 00:14:14,900 S1: 2000. Got it. Okay. That's helpful. I'm going to take 238 00:14:14,900 --> 00:14:17,059 S1: a break. I'll give you my thoughts right after we return. 239 00:14:17,100 --> 00:14:25,420 S1: Stay right there, Lucia. We'll be right back. Great to 240 00:14:25,420 --> 00:14:27,540 S1: have you with us today on Faith and Finance Live. 241 00:14:27,540 --> 00:14:30,340 S1: I'm Rob West. We're taking your calls today. We've got 242 00:14:30,380 --> 00:14:34,420 S1: just one line open 800 525, 7000. Before the break, 243 00:14:34,420 --> 00:14:37,620 S1: we were talking to Luisa in Illinois. She's close to 244 00:14:37,660 --> 00:14:41,500 S1: retirement from the school system. She will not have Social Security. 245 00:14:41,540 --> 00:14:44,780 S1: She's been able to save a pretty sizable savings nest egg. 246 00:14:44,780 --> 00:14:49,010 S1: About $300,000. That's in some CDs right now. And then 247 00:14:49,010 --> 00:14:52,210 S1: once she starts taking her retirement from the school system, 248 00:14:52,210 --> 00:14:55,610 S1: she'll get 5000 a month. And she believes that for 249 00:14:55,610 --> 00:14:58,490 S1: up to five years, by delaying every year, she'll get 250 00:14:58,490 --> 00:15:02,810 S1: a thousand more per year. AM I understanding that correctly, Luisa? 251 00:15:03,490 --> 00:15:03,770 S5: Yeah. 252 00:15:03,770 --> 00:15:04,610 S4: That's correct. 253 00:15:04,770 --> 00:15:07,770 S1: Okay. And that will cap out at some point. If 254 00:15:07,770 --> 00:15:11,050 S1: that's true, and especially given your expenses are pretty modest, 255 00:15:11,090 --> 00:15:14,890 S1: you think around 2000 a month. First of all, you're 256 00:15:14,890 --> 00:15:17,770 S1: in a really strong position. But if and I would 257 00:15:17,770 --> 00:15:20,690 S1: double check this because that sounds like a lot. But 258 00:15:20,690 --> 00:15:23,530 S1: the bottom line is that increase is huge. I mean, 259 00:15:23,530 --> 00:15:26,090 S1: if you're going to get an extra 12,000 a year 260 00:15:26,090 --> 00:15:31,170 S1: every year, you wait. That's a guaranteed lifelong increase. That's hard. 261 00:15:31,290 --> 00:15:33,450 S1: It's going to be hard to replicate that kind of 262 00:15:33,450 --> 00:15:37,290 S1: return safely anywhere else. And so if you were to 263 00:15:37,330 --> 00:15:41,450 S1: delay one year, you need about 24,000 from savings to 264 00:15:41,490 --> 00:15:45,890 S1: cover your expenses. In exchange, you get 12,000 more per 265 00:15:45,960 --> 00:15:48,520 S1: year for the rest of your life. Your break even 266 00:15:48,560 --> 00:15:53,200 S1: on that is two years. Uh, after that, you're ahead permanently. Um, 267 00:15:53,480 --> 00:15:57,080 S1: so I think this is the strategy. It's to use savings. 268 00:15:57,200 --> 00:16:01,240 S1: The CDs, um, to cover living expenses for a period 269 00:16:01,240 --> 00:16:04,840 S1: of time and delay taking the pension to increase the 270 00:16:04,840 --> 00:16:09,480 S1: monthly benefit because again, you're converting the savings into a 271 00:16:09,480 --> 00:16:14,000 S1: larger guaranteed income stream. And because your expenses are low, 272 00:16:14,360 --> 00:16:17,760 S1: the 2000 a month versus the 5000 in income and 273 00:16:17,760 --> 00:16:23,000 S1: you have significant reserves, you're not stretching, you're just really optimizing. 274 00:16:23,000 --> 00:16:25,640 S1: The only reason why you might not want to delay 275 00:16:26,200 --> 00:16:29,720 S1: taking the retirement benefits is if you had a major 276 00:16:29,720 --> 00:16:34,280 S1: health concerns, which could lead to a shorter life expectancy 277 00:16:34,680 --> 00:16:38,760 S1: or just a really strong desire to preserve your savings, 278 00:16:39,120 --> 00:16:42,200 S1: or just because you want peace of mind to to 279 00:16:42,240 --> 00:16:46,670 S1: maximize the income. Um, but maybe one middle ground is 280 00:16:46,670 --> 00:16:49,950 S1: just to delay, maybe 1 to 2 years. Not any 281 00:16:49,950 --> 00:16:52,950 S1: longer than that. So you get that boost in income. 282 00:16:53,070 --> 00:16:56,830 S1: But then, you know, you stop any kind of continued 283 00:16:56,830 --> 00:17:00,390 S1: withdrawal on the savings. Still keep it working for you. 284 00:17:00,550 --> 00:17:03,190 S1: But then, you know, you're living off of the retirement 285 00:17:03,190 --> 00:17:06,990 S1: income that's now higher, maybe 7000 a month instead of five. 286 00:17:07,230 --> 00:17:09,990 S1: And you're putting, you know, maybe up to 5000 a 287 00:17:09,990 --> 00:17:12,830 S1: month back into savings because you don't need it. And 288 00:17:12,830 --> 00:17:15,670 S1: you could rebuild your savings at that point. So I 289 00:17:15,670 --> 00:17:17,869 S1: might consider waiting 1 to 2 years. 290 00:17:17,910 --> 00:17:18,430 S5: Okay. 291 00:17:18,830 --> 00:17:20,950 S4: Okay. Yeah. Sounds good. 292 00:17:20,950 --> 00:17:21,310 S5: Thanks. 293 00:17:21,350 --> 00:17:24,830 S1: Okay. You're very welcome. Call any time. Lord bless you. Louisa, 294 00:17:25,350 --> 00:17:27,750 S1: let's go to Chicago. Evan, how can I help? 295 00:17:28,470 --> 00:17:29,390 S6: Hello? Can you hear me? 296 00:17:29,750 --> 00:17:30,510 S1: I sure can. 297 00:17:31,310 --> 00:17:35,230 S6: Okay, so my question is, essentially, I have some margin 298 00:17:35,230 --> 00:17:38,669 S6: in my budget. It's about $1,000 a month. I already 299 00:17:38,670 --> 00:17:42,310 S6: have a maxed out emergency fund. Already have paid off 300 00:17:42,310 --> 00:17:45,780 S6: all consumer debt except the home. So the question is, 301 00:17:45,780 --> 00:17:50,740 S6: should I increase my investing? Increase my giving or pay 302 00:17:50,740 --> 00:17:54,260 S6: off the home faster? That's essentially what I'm wrestling with. 303 00:17:54,300 --> 00:17:56,940 S1: Yeah, I love it. Uh, and you said you have 304 00:17:56,940 --> 00:17:59,300 S1: about a thousand a month extra. Is that right? 305 00:17:59,340 --> 00:18:00,140 S6: About. Yeah. 306 00:18:00,420 --> 00:18:03,219 S1: Yeah. I mean, this is a great place to be. Evan, 307 00:18:03,220 --> 00:18:05,380 S1: first of all, I mean, well done that you are 308 00:18:05,380 --> 00:18:08,700 S1: living well within your means that you've paid off all 309 00:18:08,700 --> 00:18:11,940 S1: your consumer debt except the mortgage, and that you have 310 00:18:11,940 --> 00:18:14,700 S1: a desire to give more. And I think that's awesome. 311 00:18:14,700 --> 00:18:18,340 S1: Are you already giving, you know, proportionately right off the top. 312 00:18:18,340 --> 00:18:20,900 S1: So this would be additional giving. Is that what you're thinking? 313 00:18:21,619 --> 00:18:25,460 S6: Yeah. So I already do the 10% tithe. Um, but 314 00:18:25,460 --> 00:18:27,740 S6: I don't, I, and I have a little bit extra 315 00:18:27,780 --> 00:18:31,379 S6: I give each month just $100 extra, but that's kind of, 316 00:18:31,660 --> 00:18:34,340 S6: it feels like it's pre-planned. It doesn't feel like it's 317 00:18:34,580 --> 00:18:35,980 S6: out of the generosity. 318 00:18:36,380 --> 00:18:39,100 S1: Yeah, yeah, no. That's great. And what are you already 319 00:18:39,100 --> 00:18:43,260 S1: doing in your, uh, in terms of long term savings 320 00:18:43,330 --> 00:18:45,010 S1: and investments for retirement. 321 00:18:45,850 --> 00:18:48,250 S6: Yeah, I. I am also a school teacher, so I 322 00:18:48,290 --> 00:18:50,570 S6: have a pension. Um, but then on top of that, 323 00:18:50,570 --> 00:18:55,530 S6: I save 10% into a 457 B plan. So it's 324 00:18:55,530 --> 00:18:58,770 S6: kind of just those two routes of retirement income. 325 00:18:58,810 --> 00:19:01,369 S1: But that's great because when you put the pension alongside 326 00:19:01,369 --> 00:19:04,570 S1: the 10% that you're doing into the 457 B, if 327 00:19:04,609 --> 00:19:06,770 S1: you do that, you know, throughout your life, you're going 328 00:19:06,770 --> 00:19:09,890 S1: to be in pretty good shape, which I love. Um, 329 00:19:10,210 --> 00:19:13,410 S1: and in terms of the mortgage, what is that interest rate? 330 00:19:14,250 --> 00:19:17,330 S6: Right now it's a 6% interest rate. We just closed 331 00:19:17,330 --> 00:19:18,570 S6: on it like a month ago. 332 00:19:18,930 --> 00:19:23,210 S1: Got it. Okay. Very good. And you have at least 20% equity. 333 00:19:24,490 --> 00:19:27,050 S6: No, we do not. We got about 5% equity. 334 00:19:27,450 --> 00:19:31,290 S1: Okay. So you're paying a PMI private mortgage insurance on 335 00:19:31,290 --> 00:19:33,290 S1: top of the 6% interest. 336 00:19:33,890 --> 00:19:38,170 S6: Yeah. But it's only like $40 a month. I don't 337 00:19:38,170 --> 00:19:41,690 S6: know if that's cheap for PMI. It just feels very manageable. 338 00:19:42,000 --> 00:19:44,760 S1: Yeah. What is the balance on the mortgage? 339 00:19:45,960 --> 00:19:47,360 S6: Uh. 239. 340 00:19:47,800 --> 00:19:50,159 S1: Okay. Yeah, I mean, so that's pretty inexpensive. I mean, 341 00:19:50,160 --> 00:19:52,920 S1: it's still $600 a year that you would rather not 342 00:19:52,920 --> 00:19:55,440 S1: spend if you didn't have to, but, um, you know, 343 00:19:55,480 --> 00:19:59,399 S1: it's pretty reasonable just given the size of the mortgage. So, 344 00:19:59,440 --> 00:20:01,360 S1: you know, again, I think you're in a great spot. 345 00:20:01,400 --> 00:20:04,400 S1: I mean, I love the fact that you're giving proportionately 346 00:20:04,400 --> 00:20:07,320 S1: right up front. I think the extent to which, you know, 347 00:20:07,359 --> 00:20:09,960 S1: you all are sensing, hey, we'd love to do more. 348 00:20:10,240 --> 00:20:12,119 S1: I'd love for you to lean into that and align 349 00:20:12,119 --> 00:20:15,960 S1: your money with God's priorities and really pray through, Lord, 350 00:20:15,960 --> 00:20:17,760 S1: what would you have us to do? What does it 351 00:20:17,760 --> 00:20:21,879 S1: look like for us to give faithfully and joyfully first, 352 00:20:21,880 --> 00:20:24,040 S1: and the extent to which we want to kind of 353 00:20:24,080 --> 00:20:27,360 S1: feel our giving and move, not from a pressure situation 354 00:20:27,359 --> 00:20:30,399 S1: like God expects something to you, but a privilege to 355 00:20:30,440 --> 00:20:33,800 S1: recognize that I have the ability as an overflow of 356 00:20:33,800 --> 00:20:36,919 S1: God's grace that's been extended to me. It's a privilege 357 00:20:36,920 --> 00:20:40,080 S1: to be able to participate in God's activities. I'd lean 358 00:20:40,080 --> 00:20:42,430 S1: into that and really think about what that might look like. 359 00:20:42,470 --> 00:20:44,310 S1: In fact, I'm going to send you a copy of 360 00:20:44,310 --> 00:20:48,109 S1: Randy Alcorn's classic The Treasure Principle for you and your 361 00:20:48,109 --> 00:20:50,230 S1: wife to read through. I think that'll be an encouragement 362 00:20:50,230 --> 00:20:51,950 S1: to you. So I don't think you can ever go 363 00:20:51,950 --> 00:20:55,550 S1: wrong there. Um, and I would really just decide that 364 00:20:55,550 --> 00:20:57,350 S1: you're going to commit a period of time to ask 365 00:20:57,350 --> 00:20:59,030 S1: the Lord, what does it look like for us to 366 00:20:59,070 --> 00:21:03,350 S1: give faithfully right now? Beyond that, I think you the 367 00:21:03,390 --> 00:21:07,430 S1: are already saving pretty significantly. And so I think that's 368 00:21:07,430 --> 00:21:09,710 S1: a great thing. And the idea that you would get 369 00:21:09,710 --> 00:21:14,270 S1: a guaranteed 6% on your mortgage, um, you know, is excellent. 370 00:21:14,270 --> 00:21:16,950 S1: And that's going to give you greater long term freedom 371 00:21:16,950 --> 00:21:21,109 S1: down the road and free up $500 a year that 372 00:21:21,150 --> 00:21:23,070 S1: you're not having to spend on PMI, which is not 373 00:21:23,070 --> 00:21:24,910 S1: going to do anything for you. So I think the 374 00:21:24,910 --> 00:21:29,310 S1: balance of what's left after you increase your giving, I 375 00:21:29,310 --> 00:21:35,270 S1: would split between additional investments and prepaying that mortgage, which 376 00:21:35,270 --> 00:21:36,909 S1: I think would be a great option. And then if 377 00:21:36,910 --> 00:21:39,150 S1: you have other medium or short term goals that come 378 00:21:39,150 --> 00:21:41,730 S1: up along the way, we can address them as they 379 00:21:41,730 --> 00:21:44,050 S1: come up. I hope that helps. Stay on the line. 380 00:21:44,050 --> 00:21:53,489 S1: We'll send you the treasure principle. Thanks for joining us 381 00:21:53,490 --> 00:21:56,410 S1: today on Faith and Finance Live. Hey, uh, between now 382 00:21:56,410 --> 00:22:00,010 S1: and the end of May, we're looking for another 200 383 00:22:00,010 --> 00:22:02,410 S1: folks to join us as partners here at Faith fi. 384 00:22:02,450 --> 00:22:05,250 S1: What is a partner? Well, as a listener, supported ministry 385 00:22:05,250 --> 00:22:08,290 S1: partners are those folks that are in the boat with us, 386 00:22:08,290 --> 00:22:12,570 S1: helping us reach more people to manage God's money God's way. 387 00:22:12,609 --> 00:22:15,810 S1: We're so thankful for them and their work to support 388 00:22:15,810 --> 00:22:18,250 S1: the ministry. And as a way of saying thanks, we 389 00:22:18,250 --> 00:22:20,490 S1: would send you as a partner, not only a quarterly 390 00:22:20,490 --> 00:22:23,530 S1: ministry update on all the new things we're working on 391 00:22:23,530 --> 00:22:27,330 S1: and stories of impact, but also any new resource we 392 00:22:27,369 --> 00:22:31,169 S1: create for editions of our magazine Faithful Steward. All of 393 00:22:31,170 --> 00:22:35,010 S1: our new studies, devotionals, and our brand new field guides 394 00:22:35,010 --> 00:22:38,730 S1: where we tackle one specific question that we know Christians 395 00:22:38,730 --> 00:22:41,560 S1: think about related to their faith and their money, and 396 00:22:41,560 --> 00:22:44,159 S1: help you think about it through a biblical lens. Work 397 00:22:44,160 --> 00:22:48,800 S1: through it with practical application worksheets and tell you stories 398 00:22:48,800 --> 00:22:51,320 S1: about others who have gone before you. We call them 399 00:22:51,320 --> 00:22:54,600 S1: field guides. We're tackling the first question how much is 400 00:22:54,600 --> 00:22:57,479 S1: enough this summer? And then next fall we'll come out 401 00:22:57,480 --> 00:22:59,920 S1: with our second field guide on how do you prepare 402 00:23:00,119 --> 00:23:02,520 S1: the next steward. If you'd like to know more about 403 00:23:02,520 --> 00:23:05,639 S1: becoming a partner and you love the ministry, we'd invite 404 00:23:05,640 --> 00:23:12,080 S1: you to head to faith.com/give. That's faith f i.com/give. All right, 405 00:23:12,080 --> 00:23:14,560 S1: back to the phones we go. Let's go over to Georgia. Diane. 406 00:23:14,560 --> 00:23:15,280 S1: How can I help? 407 00:23:15,600 --> 00:23:18,080 S7: Yes. First praise be to God for your ministry and 408 00:23:18,080 --> 00:23:20,440 S7: helping us all to be a good steward. My question 409 00:23:20,440 --> 00:23:24,680 S7: is concerning an individual retirement account. I have received several 410 00:23:24,680 --> 00:23:28,760 S7: letters for that. It's inactive from different agencies that would 411 00:23:28,760 --> 00:23:31,920 S7: help me catch them, but of course with a fee. However, 412 00:23:31,920 --> 00:23:36,680 S7: I have the original customer receipt. My question for you, sir, 413 00:23:37,160 --> 00:23:40,670 S7: is how's the best way for me to cash this 414 00:23:41,990 --> 00:23:45,710 S7: and transfer it to either another traditional, or can I 415 00:23:45,750 --> 00:23:48,830 S7: transfer it to a Roth. And the maturation date on 416 00:23:48,830 --> 00:23:52,429 S7: this is 1990. So it is old. So what is 417 00:23:52,430 --> 00:23:53,510 S7: your recommendation, sir? 418 00:23:53,830 --> 00:23:56,550 S1: Yeah. So it may have been turned over to the 419 00:23:56,550 --> 00:24:00,990 S1: state as unclaimed property due to inactivity. Did they say 420 00:24:00,990 --> 00:24:02,429 S1: what steps have been taken? 421 00:24:03,750 --> 00:24:07,109 S7: Um, on the notifications. There's no steps have been taken 422 00:24:07,109 --> 00:24:10,070 S7: so far. I'm to notify them and let them help us. 423 00:24:10,109 --> 00:24:12,470 S7: Help me catch this. But of course. Okay. 424 00:24:13,310 --> 00:24:13,510 S5: So. 425 00:24:13,550 --> 00:24:15,830 S1: Got it. Yeah. So you want to go ahead and 426 00:24:15,830 --> 00:24:18,350 S1: do that because you don't want to, uh, have this 427 00:24:18,350 --> 00:24:21,350 S1: transferred out often to the state treasurer. And then you'd 428 00:24:21,390 --> 00:24:24,950 S1: have to go through unclaimed property to get it back. Um, 429 00:24:24,950 --> 00:24:28,150 S1: you want to try to avoid cashing it out because 430 00:24:28,190 --> 00:24:30,109 S1: not only is there a fee, it's going to all 431 00:24:30,150 --> 00:24:34,390 S1: become taxable to you. And if you're under 59.5, there's 432 00:24:34,390 --> 00:24:36,750 S1: going to be a penalty. But in either case, it's 433 00:24:36,750 --> 00:24:39,139 S1: going to be a taxable event when you take it out. 434 00:24:39,140 --> 00:24:42,260 S1: So when you move it, rather than cash it out 435 00:24:42,619 --> 00:24:46,980 S1: through a direct transfer. That way you can reclaim the funds. 436 00:24:46,980 --> 00:24:50,780 S1: You'd open a new IRA at perhaps a brokerage firm 437 00:24:50,780 --> 00:24:53,980 S1: like Fidelity or Schwab, and then you do a trustee 438 00:24:54,020 --> 00:24:57,699 S1: to trustee transfer from where it is now. Whatever custodian 439 00:24:57,900 --> 00:25:01,540 S1: has contacted you to the new custodian where you'd open 440 00:25:01,540 --> 00:25:06,020 S1: your new IRA. Is it a traditional IRA? Currently. 441 00:25:06,580 --> 00:25:11,859 S7: I'm not sure, sir, because this was purchased in 1987. 442 00:25:12,580 --> 00:25:16,660 S1: Okay. And it should say that on the letter. Go ahead. 443 00:25:17,180 --> 00:25:20,660 S7: Oh, my certificate for customer receipt. It just has an 444 00:25:20,660 --> 00:25:26,340 S7: individual retirement account. And, um, it has regular little X's 445 00:25:26,340 --> 00:25:27,619 S7: over regular, so. 446 00:25:27,660 --> 00:25:30,940 S1: Okay. Got it. Yeah. So it's probably a traditional IRA, 447 00:25:30,940 --> 00:25:33,300 S1: which means it's pre-tax. So when you put the money 448 00:25:33,300 --> 00:25:37,050 S1: in back in 1990, you got a current year tax 449 00:25:37,050 --> 00:25:39,410 S1: deduction for the money. And so you're going to want 450 00:25:39,410 --> 00:25:44,330 S1: to open a new IRA at either an institution of 451 00:25:44,330 --> 00:25:47,490 S1: your choosing. Unless you already have an advisor who's managing 452 00:25:47,530 --> 00:25:49,330 S1: other investments for you. Do you. 453 00:25:50,410 --> 00:25:51,050 S7: Know sir. 454 00:25:51,369 --> 00:25:54,450 S1: Okay. So I would go to either Fidelity or Schwab. 455 00:25:54,450 --> 00:25:56,650 S1: Either would be great. They both get high ratings on 456 00:25:56,650 --> 00:26:00,530 S1: customer service. They're very low cost. You'd open an IRA. 457 00:26:00,570 --> 00:26:02,810 S1: It's easy to do on their website. It'll take you 458 00:26:02,850 --> 00:26:04,850 S1: five minutes and you're going to want to open a 459 00:26:04,850 --> 00:26:07,929 S1: traditional IRA. And once you do that, you're going to 460 00:26:07,930 --> 00:26:11,649 S1: get an account number. And then you would contact the 461 00:26:11,850 --> 00:26:14,210 S1: current custodian that sent you the letter and say that 462 00:26:14,210 --> 00:26:17,370 S1: you want to do a, a direct rollover or a 463 00:26:17,369 --> 00:26:20,770 S1: trustee to trustee transfer. You'll provide them the the new 464 00:26:20,770 --> 00:26:23,570 S1: name of the institution that you've opened the account at 465 00:26:23,609 --> 00:26:26,530 S1: the account number and then they'll transfer it over. Now, 466 00:26:26,530 --> 00:26:29,530 S1: once it comes into the new IRA, you can then 467 00:26:29,570 --> 00:26:33,330 S1: invest it. You could also add money to it, and 468 00:26:33,330 --> 00:26:37,520 S1: you could put in up to $500 for. Even for 469 00:26:37,520 --> 00:26:40,000 S1: last tax year. If you haven't filed your return yet, 470 00:26:40,000 --> 00:26:43,320 S1: but certainly for this year. And then if you're over 50, 471 00:26:43,760 --> 00:26:46,959 S1: you could put in an extra 100 up to 8600. 472 00:26:47,280 --> 00:26:49,560 S1: But that would allow you to keep this money invested. 473 00:26:49,560 --> 00:26:51,520 S1: And then you just have to pick a, you know, 474 00:26:51,560 --> 00:26:54,600 S1: a high quality mutual fund or ETF. And if you 475 00:26:54,600 --> 00:26:57,399 S1: don't know which one to pick, our friends at sound 476 00:26:57,440 --> 00:27:00,720 S1: mind investing could help you. But the bottom line is 477 00:27:00,720 --> 00:27:03,920 S1: I'd get it out of there. Get it into an IRA. Now, 478 00:27:03,920 --> 00:27:07,480 S1: if you wanted to do a conversion to a Roth IRA, 479 00:27:07,520 --> 00:27:11,359 S1: you could you would make create a taxable event because 480 00:27:11,359 --> 00:27:14,160 S1: you'd be going ahead and paying the tax now for 481 00:27:14,160 --> 00:27:17,480 S1: the benefit of letting that money grow tax free in 482 00:27:17,520 --> 00:27:20,400 S1: the future. You may or may not decide to do that. 483 00:27:20,400 --> 00:27:21,960 S1: A lot of that's going to come down to, do 484 00:27:21,960 --> 00:27:24,560 S1: you have the money to pay the tax now without 485 00:27:24,560 --> 00:27:27,560 S1: taking anything out of the account? If so, that's not 486 00:27:27,560 --> 00:27:30,400 S1: a bad idea like the Roth IRA a lot. If not, 487 00:27:30,440 --> 00:27:33,040 S1: I'd probably just leave it in the traditional and get 488 00:27:33,040 --> 00:27:33,920 S1: it invested. 489 00:27:34,119 --> 00:27:37,910 S7: Okay, even at rossett. I'm 65 or 66. Excuse me. 490 00:27:38,550 --> 00:27:38,990 S5: Okay. 491 00:27:39,310 --> 00:27:39,590 S1: Yeah. 492 00:27:39,630 --> 00:27:39,870 S7: I mean. 493 00:27:40,710 --> 00:27:43,030 S1: It's not. I mean, the real sweet spot of the 494 00:27:43,030 --> 00:27:44,750 S1: Roth is when you got a long time for it 495 00:27:44,750 --> 00:27:45,350 S1: to grow. 496 00:27:45,470 --> 00:27:45,910 S5: Mhm. 497 00:27:45,950 --> 00:27:50,030 S1: Um, and I think in this case, it's probably, um, 498 00:27:50,270 --> 00:27:52,830 S1: if you're no longer working. Are you fully retired? 499 00:27:52,990 --> 00:27:53,909 S7: Uh. No, sir. 500 00:27:54,270 --> 00:27:57,270 S1: Okay. So if you're still working, I wouldn't convert this 501 00:27:57,270 --> 00:27:59,550 S1: to a Roth this year because it's just going to 502 00:27:59,590 --> 00:28:02,990 S1: add more taxable income and probably in a higher bracket. 503 00:28:03,310 --> 00:28:06,990 S1: Perhaps once you retire, um, that might be the time, 504 00:28:06,990 --> 00:28:09,550 S1: especially if you haven't started Social Security yet, that might 505 00:28:09,550 --> 00:28:11,830 S1: be the time to convert it because then it could 506 00:28:11,830 --> 00:28:14,910 S1: grow tax free. You'd keep it invested. You don't have 507 00:28:14,910 --> 00:28:18,790 S1: required minimums down the road at 73, but if all 508 00:28:18,790 --> 00:28:20,950 S1: you did was move it from where it is now 509 00:28:20,950 --> 00:28:24,030 S1: and kept it in a traditional IRA and got it invested, 510 00:28:24,030 --> 00:28:27,110 S1: that would be a win because, you know, the status 511 00:28:27,109 --> 00:28:29,870 S1: you have right now with inactivity is one that's going 512 00:28:29,910 --> 00:28:33,590 S1: to cause them to essentially transfer it out to unclaimed property, 513 00:28:33,590 --> 00:28:35,020 S1: and we don't want that to happen. 514 00:28:35,060 --> 00:28:38,900 S7: No, sir. No, sir. Yeah. Thank you for your help today. 515 00:28:38,940 --> 00:28:43,060 S1: All right. Absolutely. Diane. Call anytime to Indiana. Rob. Go ahead. 516 00:28:43,420 --> 00:28:45,060 S8: Hey, Rob. How are you doing? 517 00:28:45,300 --> 00:28:46,780 S1: I'm doing great. Thanks for your call. 518 00:28:47,300 --> 00:28:50,300 S8: Good. Uh, the question I've got, I'm actually calling for 519 00:28:50,300 --> 00:28:54,940 S8: my daughter. She's got a two year old daughter, my grandbaby, 520 00:28:55,700 --> 00:29:00,260 S8: and they've got $1,000. They're looking to set aside approximately 521 00:29:00,260 --> 00:29:04,300 S8: every year, you know, until she gets, you know, whatever, 18, 522 00:29:04,340 --> 00:29:07,580 S8: 20 years old. And, uh, I'm just trying to help 523 00:29:07,580 --> 00:29:10,180 S8: her make a wise decision on where to put the 524 00:29:10,180 --> 00:29:14,860 S8: money to work and was hoping you can offer, um, 525 00:29:14,900 --> 00:29:17,780 S8: you know, a place to invest it and how to 526 00:29:17,780 --> 00:29:21,300 S8: set it up because I know going forward, um, you know, 527 00:29:21,300 --> 00:29:24,580 S8: like when they were younger, I got them. 529 but 528 00:29:24,580 --> 00:29:28,820 S8: just in case, let's just say she doesn't go to college. Um, 529 00:29:28,820 --> 00:29:30,980 S8: you know, I know you got to be careful with, 530 00:29:31,020 --> 00:29:32,979 S8: you know, let's just say putting the money in the 531 00:29:33,050 --> 00:29:36,530 S8: child's name. And I think they're just trying to get 532 00:29:36,530 --> 00:29:40,209 S8: the money working for them. But yeah, uh, you know, 533 00:29:40,250 --> 00:29:42,969 S8: just knowing. I know you've got, uh, I think a 534 00:29:42,970 --> 00:29:45,490 S8: son in college now, right? And I do, you know, 535 00:29:45,530 --> 00:29:48,570 S8: just trying to make the, the wisest choice. Uh, yeah, 536 00:29:48,610 --> 00:29:52,570 S8: I would probably say the college thing. Um, you know, 537 00:29:52,610 --> 00:29:55,090 S8: at this point, I don't think is, you know, I 538 00:29:55,130 --> 00:29:59,090 S8: know they're pretty sure they're not doing. 529 but any input? 539 00:29:59,370 --> 00:30:01,610 S1: Yeah. Happy to. Here's what I would do if they 540 00:30:01,610 --> 00:30:03,770 S1: don't want to have this earmarked for college. And I 541 00:30:03,770 --> 00:30:06,410 S1: can certainly understand why they don't. I would want to 542 00:30:06,410 --> 00:30:09,010 S1: keep it in their name. And that way they could 543 00:30:09,010 --> 00:30:11,690 S1: choose when to hand it off to their daughter when 544 00:30:11,690 --> 00:30:15,010 S1: she's spiritually and financially ready for it, rather than a 545 00:30:15,010 --> 00:30:18,490 S1: custodial account where she automatically gets it at 18. So 546 00:30:18,490 --> 00:30:21,969 S1: I'd tell them to go to the Schwab Intelligent Portfolios, 547 00:30:22,250 --> 00:30:25,570 S1: open a joint account in their name. Husband and wife. 548 00:30:26,050 --> 00:30:28,530 S1: They would, in their minds, earmark it for their daughter, 549 00:30:28,530 --> 00:30:31,130 S1: but it's not a custodial account. And then they could 550 00:30:31,130 --> 00:30:33,480 S1: put in the thousand a month and get it invested. 551 00:30:33,520 --> 00:30:35,360 S1: Hang on the line. I'll give you a bit more detail. 552 00:30:35,360 --> 00:30:44,280 S1: We'll be right back. Well, Bob Dole is here today. 553 00:30:44,280 --> 00:30:46,800 S1: And good news. You know, we started out really strong 554 00:30:46,840 --> 00:30:50,000 S1: on the markets on this news that the president was 555 00:30:50,000 --> 00:30:53,280 S1: saying that they're pushing hard for a deal and it 556 00:30:53,280 --> 00:30:57,360 S1: looks pretty favorable. And he wants the Straits open immediately. But, uh, 557 00:30:57,480 --> 00:30:59,880 S1: looks like a lot of this, uh, as the day 558 00:30:59,880 --> 00:31:02,920 S1: went on, the trading day, Bob, uh, we turned red here. 559 00:31:02,960 --> 00:31:04,280 S1: What do you make of all that? 560 00:31:04,880 --> 00:31:08,959 S9: Yeah, not a surprise. The president wants to get the 561 00:31:08,960 --> 00:31:13,760 S9: strait open. He wants to end the war and declare victory. And, uh, 562 00:31:14,120 --> 00:31:17,560 S9: the enemy, as it were, is not so sure. Uh, 563 00:31:17,560 --> 00:31:19,560 S9: they want to go, uh, they want to do some 564 00:31:19,560 --> 00:31:22,800 S9: more damage and damage his reputation some more. So we're 565 00:31:22,800 --> 00:31:26,760 S9: going to have a lot of this back and forth. Rob. Uh, and, um, 566 00:31:26,800 --> 00:31:29,800 S9: the market's going to, you know, to and fro depending 567 00:31:29,800 --> 00:31:31,430 S9: on who said what recently? 568 00:31:31,830 --> 00:31:35,110 S1: Yeah. Uh, what do you think about the fed? I know, uh, 569 00:31:35,110 --> 00:31:38,670 S1: you know, Federal Reserve Chairman Powell was making some comments 570 00:31:38,670 --> 00:31:41,790 S1: today about the inflation outlook and whether or not not 571 00:31:41,790 --> 00:31:44,550 S1: only are we not going to see declines, but there 572 00:31:44,550 --> 00:31:47,830 S1: was talk of maybe rate hikes because of the oil. 573 00:31:47,950 --> 00:31:49,830 S1: What do you make of his comments? 574 00:31:50,310 --> 00:31:53,910 S9: Well, I think he's being realistic when uh, the um 575 00:31:54,830 --> 00:31:58,950 S9: topic of cuts comes up as you know, January 1st. 576 00:31:58,990 --> 00:32:01,510 S9: There were two and a half cuts assumed in the 577 00:32:01,510 --> 00:32:06,550 S9: futures market, and now there's a half a increase as 578 00:32:06,550 --> 00:32:09,510 S9: investors have moved so fast in the other direction. I 579 00:32:09,550 --> 00:32:13,230 S9: hope they don't raise rates, uh, in, in front of 580 00:32:13,230 --> 00:32:16,830 S9: all this. But it is clear, bottom line, that inflation 581 00:32:16,830 --> 00:32:20,190 S9: is not solved and the risk is it creeps back 582 00:32:20,190 --> 00:32:24,310 S9: in on a more secular basis, which creates headaches for 583 00:32:24,310 --> 00:32:27,030 S9: the fed as they try to fight their, uh, their 584 00:32:27,070 --> 00:32:30,030 S9: twofold mandate, which are at war with each other. That is, 585 00:32:30,700 --> 00:32:34,420 S9: keep the unemployment rate down and keep the inflation rate down. 586 00:32:34,700 --> 00:32:37,780 S1: Yeah, no question about it. Bob, you said what it 587 00:32:37,780 --> 00:32:40,420 S1: would take for us to see another real leg up 588 00:32:40,420 --> 00:32:42,660 S1: here in terms of the bull market. And it was 589 00:32:42,660 --> 00:32:45,420 S1: a pretty tall order in your deliberations this week. 590 00:32:46,140 --> 00:32:48,540 S9: Yeah, I argued it was almost a tongue in cheek 591 00:32:48,540 --> 00:32:52,740 S9: comment that if the war has to end, uh, Europe 592 00:32:52,940 --> 00:32:55,740 S9: has to come back. The easy money, which they're largely there. 593 00:32:55,900 --> 00:32:58,340 S9: Japan has to have easy money and stop talking about 594 00:32:58,380 --> 00:33:01,380 S9: raising rates. And then our new fed chair has to 595 00:33:01,420 --> 00:33:03,580 S9: listen to the president and cut rates by a couple 596 00:33:03,620 --> 00:33:07,140 S9: hundred basis points. If we get all that, the immediate 597 00:33:07,140 --> 00:33:09,900 S9: reaction is going to be a nice positive move to 598 00:33:09,900 --> 00:33:12,820 S9: the upside, how sustainable it will be, who knows? 599 00:33:13,220 --> 00:33:16,940 S1: Yeah, that's exactly right. But as we come back to earth, Bob, 600 00:33:16,940 --> 00:33:19,780 S1: we're still in a high risk bull market, right? 601 00:33:20,460 --> 00:33:23,900 S9: Yes we are. Although as we said when this war started, 602 00:33:23,900 --> 00:33:27,020 S9: the bull market part of that is certainly on pause, uh, 603 00:33:27,020 --> 00:33:31,010 S9: with oil close to $100 a barrel and some measures 604 00:33:31,010 --> 00:33:33,890 S9: higher than that. The bull market can't resume. So the 605 00:33:33,890 --> 00:33:37,290 S9: best we can hope for is sidewise action. But the 606 00:33:37,290 --> 00:33:42,050 S9: longer $100 oil exists, the more damage it begins to 607 00:33:42,090 --> 00:33:45,250 S9: do on the global economy and therefore earnings would be 608 00:33:45,290 --> 00:33:49,250 S9: at risk. And therefore, um, stocks will really struggle. So 609 00:33:49,290 --> 00:33:51,450 S9: I think the best we can hope for now is uh, 610 00:33:52,210 --> 00:33:56,170 S9: you know, some, some sidewise action and the war could, uh, 611 00:33:56,170 --> 00:33:58,610 S9: if sustained, could create more downside. 612 00:33:59,050 --> 00:34:01,370 S1: Yeah. Very good. All right, sir, thank you for your time, 613 00:34:01,370 --> 00:34:02,090 S1: as always. 614 00:34:02,410 --> 00:34:03,250 S9: All the best. 615 00:34:03,490 --> 00:34:06,530 S1: All right. That's Bob Dahl. He's CEO and CIO at 616 00:34:06,530 --> 00:34:09,930 S1: Crossmark Global Investments. Head over to Crossmark global.com. You can 617 00:34:09,930 --> 00:34:12,690 S1: sign up for his weekly commentary. I rely on it 618 00:34:12,690 --> 00:34:15,450 S1: each week. It's called Dolls Deliberations. All right, back to 619 00:34:15,450 --> 00:34:18,290 S1: the phones. We go to Indianapolis, Brent. Go ahead. 620 00:34:18,770 --> 00:34:22,330 S10: Hello. Uh, very good to be on your program. Um. 621 00:34:22,330 --> 00:34:28,880 S10: Thank you. I have, uh, a, uh, service contract with 622 00:34:28,880 --> 00:34:33,680 S10: a HBA company after having installed a furnace and air 623 00:34:33,680 --> 00:34:39,480 S10: conditioner in December of 25, and I have the manufacturer's 624 00:34:39,480 --> 00:34:46,000 S10: warranty of ten years on compressor, condenser and evaporator. And, uh, this, uh, 625 00:34:46,600 --> 00:34:51,680 S10: service contract is a ten year plus warranty. And under 626 00:34:51,680 --> 00:34:56,160 S10: that is one year money back guarantee, three year, uh, 627 00:34:56,520 --> 00:35:01,839 S10: lemon guarantee and three year performance guarantee, and then ten 628 00:35:01,880 --> 00:35:07,000 S10: year on parts and warranty or labor warranty. So I'm wondering, 629 00:35:07,000 --> 00:35:12,480 S10: is that contract the service contract, is that worth keeping 630 00:35:12,480 --> 00:35:14,520 S10: or should I not have that? 631 00:35:14,560 --> 00:35:17,360 S1: Yeah. And it's 592. You said. 632 00:35:17,400 --> 00:35:17,960 S5: A month. 633 00:35:18,000 --> 00:35:22,359 S1: Okay. So about 500 a year. And does that cover 634 00:35:22,400 --> 00:35:23,960 S1: annual maintenance visits? 635 00:35:24,640 --> 00:35:28,790 S10: It covers, uh, spring and fall maintenance visits. 636 00:35:28,950 --> 00:35:30,910 S1: Yeah, yeah. Got it. Okay. 637 00:35:30,950 --> 00:35:34,710 S10: The thing about it is, when they they still charge 638 00:35:34,710 --> 00:35:37,350 S10: a service charge when they come out, so. Oh, really? 639 00:35:37,390 --> 00:35:39,030 S10: Kind of. Yeah. 640 00:35:39,070 --> 00:35:41,910 S1: Yeah. Yeah. Well, I mean, I think you've kind of 641 00:35:41,910 --> 00:35:44,109 S1: answered your own question there. I mean, I think with 642 00:35:44,110 --> 00:35:47,910 S1: a brand new system under warranty, especially if the, the 643 00:35:47,950 --> 00:35:52,629 S1: service contract still has, uh, service visits that you've got 644 00:35:52,670 --> 00:35:54,830 S1: to pay for out of pocket. You know, I was 645 00:35:54,830 --> 00:35:56,989 S1: going to say if maybe an annual maintenance visit was 646 00:35:56,989 --> 00:36:01,509 S1: even $100 a year, you know, that's $200 a year, 647 00:36:01,630 --> 00:36:05,589 S1: which brings your 492 down to 292. And so you're, 648 00:36:05,630 --> 00:36:08,469 S1: you know, you're paying for zero hassle and, and peace 649 00:36:08,469 --> 00:36:11,790 S1: of mind. But if you've got labor and parts covered, 650 00:36:11,950 --> 00:36:14,310 S1: it just seems like you'd be far better off taking 651 00:36:14,310 --> 00:36:17,950 S1: that $500 a year, putting it in savings. And, you know, 652 00:36:17,989 --> 00:36:21,070 S1: once you build that up to, you know, even $1,000, 653 00:36:21,070 --> 00:36:24,029 S1: I think you just reclaim that in your budget and 654 00:36:24,030 --> 00:36:28,340 S1: just rely on that manufacturer ten year parts and labor 655 00:36:28,340 --> 00:36:30,779 S1: plus the lemon. You know, on top of that, which, 656 00:36:30,820 --> 00:36:32,580 S1: if that's the case, you're going to know it before 657 00:36:32,620 --> 00:36:35,260 S1: that year's up. I mean, it just seems like that's 658 00:36:35,260 --> 00:36:38,379 S1: an unnecessary expense at this point. And and a pretty 659 00:36:38,380 --> 00:36:39,580 S1: significant one at that. 660 00:36:39,620 --> 00:36:43,580 S10: Yeah, I agree and I'm very thankful for your program. 661 00:36:43,580 --> 00:36:45,580 S10: And thank you so much for taking the time to 662 00:36:45,620 --> 00:36:46,380 S10: take my call. 663 00:36:46,860 --> 00:36:49,300 S1: I'm happy to do it. Brent. Call anytime, sir. And 664 00:36:49,540 --> 00:36:52,300 S1: thanks for being on the program. Uh, down to Florida. Margot. 665 00:36:52,300 --> 00:36:52,900 S1: Go ahead. 666 00:36:53,180 --> 00:36:57,900 S11: Hi. Um. Good morning. Good afternoon. Rob. I really appreciate 667 00:36:57,900 --> 00:37:01,700 S11: your program. I wanted to say, um, I am I've 668 00:37:01,739 --> 00:37:04,020 S11: been at my job, my current job for 44 years 669 00:37:04,020 --> 00:37:07,259 S11: and I'm going part time this, this current week actually, 670 00:37:07,660 --> 00:37:12,660 S11: and I am going to be retiring, um, in August, 671 00:37:12,700 --> 00:37:14,779 S11: not until August, but I'm going to stay part time 672 00:37:14,780 --> 00:37:17,900 S11: until August, but I have a 401 K and I 673 00:37:17,900 --> 00:37:21,780 S11: need to, I roll over a portion of it until 674 00:37:21,820 --> 00:37:24,819 S11: I believe I can just roll over a portion of 675 00:37:24,820 --> 00:37:28,370 S11: it until August so that I can take a distribution 676 00:37:28,370 --> 00:37:32,090 S11: in order to supplement Social Security, because I just started 677 00:37:32,090 --> 00:37:34,050 S11: Social Security. I'm 65. 678 00:37:35,450 --> 00:37:35,890 S5: Okay. 679 00:37:36,010 --> 00:37:36,370 S11: Um. 680 00:37:38,250 --> 00:37:38,489 S5: Yeah. 681 00:37:38,489 --> 00:37:40,609 S1: So are you wondering, should you leave it there or 682 00:37:40,610 --> 00:37:41,450 S1: roll it out? 683 00:37:42,650 --> 00:37:46,850 S11: Yeah. Should I, should I just take. Perhaps it's about 500,000. 684 00:37:46,890 --> 00:37:50,290 S11: So should I take like 100,000 and roll just a 685 00:37:50,290 --> 00:37:52,129 S11: portion of it over now so that I can take 686 00:37:52,130 --> 00:37:57,529 S11: distributions or should I? Uh, I am contributing to it still. 687 00:37:57,570 --> 00:37:58,969 S11: So I don't want to close. I don't want to 688 00:37:58,969 --> 00:38:00,050 S11: take all of it and. 689 00:38:00,090 --> 00:38:00,490 S5: Okay. 690 00:38:00,530 --> 00:38:01,690 S11: And put it in the IRA. 691 00:38:02,250 --> 00:38:05,810 S1: Yeah. And, um, you said you're going to go part 692 00:38:05,850 --> 00:38:08,330 S1: time and when do you plan to fully retire and 693 00:38:08,330 --> 00:38:09,290 S1: separate from service? 694 00:38:09,290 --> 00:38:12,410 S11: Completely in August of this year. 695 00:38:12,770 --> 00:38:13,290 S5: Okay. 696 00:38:13,650 --> 00:38:16,410 S1: Yeah. And so what I would probably do is, you know, 697 00:38:16,450 --> 00:38:21,009 S1: just wait until that point, um, the, the IRA that 698 00:38:21,010 --> 00:38:23,489 S1: you have that you could roll it into who's managing 699 00:38:23,489 --> 00:38:25,200 S1: that currently in power. 700 00:38:25,600 --> 00:38:28,400 S11: And yeah, that was the next question. Should I use 701 00:38:28,600 --> 00:38:30,879 S11: empower to roll it over with, or should I pick 702 00:38:30,920 --> 00:38:34,360 S11: a fidelity Vanguard or something like Schwab? 703 00:38:34,840 --> 00:38:38,040 S1: Well, I think the key question is less about the custodian. 704 00:38:38,080 --> 00:38:40,799 S1: I mean, you certainly want to pick one that's respected 705 00:38:40,800 --> 00:38:44,040 S1: and not going to charge you a necessary fees. But 706 00:38:44,040 --> 00:38:46,560 S1: it's really about the money management who is actually going 707 00:38:46,600 --> 00:38:49,960 S1: to pick the investments, especially with a half million dollar 708 00:38:50,000 --> 00:38:53,719 S1: plus portfolio. That's a lot of money that you've accumulated. 709 00:38:54,120 --> 00:38:56,600 S1: Are you wanting to pick those investments yourself, or do 710 00:38:56,600 --> 00:38:58,160 S1: you want to have somebody do that for you? 711 00:38:59,120 --> 00:39:01,720 S11: Absolutely not. I don't want someone to do it for me. 712 00:39:01,760 --> 00:39:02,120 S5: Yeah. 713 00:39:02,160 --> 00:39:04,280 S1: And I would encourage you to head that direction. So, 714 00:39:04,800 --> 00:39:06,879 S1: you know, what I would probably do is, is head 715 00:39:06,880 --> 00:39:12,800 S1: to find a c k.com. There's some wonderful certified kingdom advisors. Uh, 716 00:39:12,800 --> 00:39:15,320 S1: you know, that are likely in your area there in Florida. 717 00:39:15,800 --> 00:39:18,840 S1: Go ahead and start interviewing. I'd probably leave the whole 718 00:39:18,840 --> 00:39:22,200 S1: 401 K where it is until you fully separate from 719 00:39:22,200 --> 00:39:26,310 S1: service between now and August. Make your decision on who 720 00:39:26,310 --> 00:39:28,310 S1: is that advisor you're going to work with, or you've 721 00:39:28,310 --> 00:39:30,390 S1: got a good rapport and you feel like you're a 722 00:39:30,390 --> 00:39:33,430 S1: good fit for his or her practice, and you understand 723 00:39:33,430 --> 00:39:35,310 S1: how they're going to manage it and how often you're 724 00:39:35,310 --> 00:39:37,790 S1: going to meet and communicate and all those things, how 725 00:39:37,790 --> 00:39:40,790 S1: they get paid. And then once you've made that decision, 726 00:39:40,790 --> 00:39:43,589 S1: once you separate from service, I'd roll the whole thing 727 00:39:43,590 --> 00:39:47,390 S1: over and they can coordinate the monthly checks that are 728 00:39:47,390 --> 00:39:50,109 S1: coming out of the, you know, 401 K versus now 729 00:39:50,110 --> 00:39:52,709 S1: the IRA to make sure you've got the spending money 730 00:39:52,710 --> 00:39:55,069 S1: you need, maybe you take two months worth the the 731 00:39:55,070 --> 00:39:57,430 S1: month before you roll it over or something just so 732 00:39:57,430 --> 00:40:00,870 S1: there's not a disruption. And then at that point, the 733 00:40:00,870 --> 00:40:03,870 S1: advisor would take over and managing that half a million, 734 00:40:03,870 --> 00:40:05,310 S1: but I don't see any need to go ahead and 735 00:40:05,310 --> 00:40:08,550 S1: get it out of there, especially if you haven't selected 736 00:40:08,550 --> 00:40:11,350 S1: the advisor that's ultimately going to be making the decisions. 737 00:40:11,950 --> 00:40:13,710 S11: Oh, I think I was going to take some out 738 00:40:13,710 --> 00:40:17,950 S11: because I needed a distribution now to supplement Social Security 739 00:40:17,950 --> 00:40:19,750 S11: and my part time. 740 00:40:20,270 --> 00:40:20,710 S5: Yeah. 741 00:40:20,750 --> 00:40:22,469 S1: Got it. But I would just do that from the 742 00:40:22,540 --> 00:40:25,780 S1: 401 K and just leave it all there. Take whatever 743 00:40:25,780 --> 00:40:28,340 S1: you need on a monthly basis from the 401 K. 744 00:40:28,620 --> 00:40:32,299 S1: To supplement your income and then make sure you get 745 00:40:32,300 --> 00:40:34,740 S1: enough so that if you have a couple of weeks 746 00:40:34,739 --> 00:40:38,140 S1: disruption as you're transferring it over to that new IRA 747 00:40:38,140 --> 00:40:40,460 S1: with the new advisor who's going to manage it, I 748 00:40:40,460 --> 00:40:44,219 S1: would just do all of that rollover the full 401 749 00:40:44,219 --> 00:40:49,180 S1: K once you separate from service after August. 750 00:40:49,620 --> 00:40:51,420 S11: Oh, okay. Okay. 751 00:40:51,460 --> 00:40:52,739 S5: Yeah, yeah, I don't I don't. 752 00:40:52,739 --> 00:40:55,900 S1: See any need to do a partial rollover at this point, 753 00:40:55,900 --> 00:40:58,540 S1: especially if you haven't landed on who's going to manage it. 754 00:40:58,540 --> 00:41:00,980 S1: Leave it where it is, take the distributions as you 755 00:41:00,980 --> 00:41:04,299 S1: need them, whatever amount you need, go ahead and start 756 00:41:04,300 --> 00:41:07,660 S1: interviewing and making that selection on the advisor. And then 757 00:41:07,660 --> 00:41:10,339 S1: once you make that selection, then as soon as you 758 00:41:10,340 --> 00:41:14,620 S1: retire completely, we roll it over to that new IRA, 100% 759 00:41:14,620 --> 00:41:17,219 S1: of the portfolio. We close out the 401 K, and 760 00:41:17,219 --> 00:41:19,980 S1: now you're taking your monthly distributions from the IRA at 761 00:41:20,020 --> 00:41:20,660 S1: that point. 762 00:41:21,380 --> 00:41:24,330 S11: Okay. All right. Well, thank you very much. I appreciate 763 00:41:24,330 --> 00:41:24,850 S11: your help. 764 00:41:25,050 --> 00:41:28,450 S1: You are so welcome, Margot. Call anytime. Again that website. 765 00:41:28,450 --> 00:41:33,250 S1: Find a c k a.com. Uh, Marion, Tennessee. I apologize 766 00:41:33,250 --> 00:41:34,770 S1: we didn't get to you today. I'd love to take 767 00:41:34,770 --> 00:41:37,330 S1: your question. Unfortunately, I'm out of time. Let's see if 768 00:41:37,330 --> 00:41:39,210 S1: the team can get you scheduled to be fixed up 769 00:41:39,210 --> 00:41:41,730 S1: tomorrow on the broadcast. I would love to have you 770 00:41:41,730 --> 00:41:44,250 S1: on then. And thanks for your call today, folks. That's 771 00:41:44,250 --> 00:41:45,969 S1: going to do it for us. Big thanks to my 772 00:41:45,969 --> 00:41:48,930 S1: team today, the amazing men and women that serve this 773 00:41:48,930 --> 00:41:51,890 S1: program each day and make me sound a lot better 774 00:41:51,890 --> 00:41:55,930 S1: than I am. Josh, Tara, Taylor, Omar, and everybody here 775 00:41:55,930 --> 00:41:59,210 S1: at Faith fi, including our content team, our marketing team, 776 00:41:59,650 --> 00:42:03,330 S1: station relations, all the various functions that are behind the 777 00:42:03,330 --> 00:42:06,650 S1: scenes that you don't experience every day. They make it 778 00:42:06,650 --> 00:42:09,810 S1: all possible. Faith and finance is a partnership between Moody 779 00:42:09,850 --> 00:42:12,609 S1: Radio and Faith fi. If you'd like to support Faith VI, 780 00:42:12,650 --> 00:42:17,930 S1: consider becoming a partner when you head to faith fi.com/give. 781 00:42:18,090 --> 00:42:19,730 S1: Come back and join us tomorrow. We'll see you then. 782 00:42:19,730 --> 00:42:20,210 S1: Bye bye.