December 8, 2025 • 42 mins
Katherine Wolf says, “If hope is only rooted in an outcome, then your expectations will crush you.” Katherine knows this truth in a deeply personal way. At just 26, she suffered a massive stroke, yet God has used her journey to bring hope to countless others. On the next Faith & Finance Live with Rob West, she shares how that hardship has reshaped her life, her faith, and even her finances. Then it’s your calls. That’s Faith and Finance Live—biblical wisdom for your financial journey. That’s weekdays at 4pm Eastern/3pm Central on Moody Radio.
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Episode Transcript
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S1 (00:08):
If hope is only rooted in an outcome, then your
expectations will crush you. Hi, I'm Rob West. Those are
the words of Kathryn Wolfe, who knows this truth in
a deeply personal way. It just 26. She suffered a
massive stroke that forever changed her life. Yet God has
used her journey to bring hope to countless others. Today,
she shares how that hardship has reshaped her life, her faith,
(00:32):
and even her finances. And then it's on to your
calls at 805, two, five 7000. That's 805, two five, 7000.
This is faith and finance. Live. Biblical wisdom for your
financial journey. Boy, what a joy it is to have
Kathryn Wolfe with us on the program today. She's a
gifted communicator. She's the founder of the ministry Hope heals
(00:55):
and co-author with her husband, Jay, of the inspiring book
Hope heals. A true story of overwhelming loss and an
Overcoming love. Catherine. A privilege to have you with us today.
S2 (01:07):
Hi. There is so wonderful to be here. Thank you
for having me.
S1 (01:11):
I am so delighted. And you and I were just
chatting off air there for a moment. And I'll tell you,
my kids and my wife Julie were at Hope heals
the camp, uh, this summer, and they had an absolute ball.
We're going to have to talk about hope heals and
what you're doing through the ministry in a moment, but
I want to start by having you take us back.
(01:33):
Back in 2008, you were only 26 and caring for
your new baby when everything suddenly changed. Tell our audience
what unfolded in that moment.
S2 (01:43):
Absolutely. Out of nowhere, with no medical history, no family history,
no symptoms prior, nothing. I was completely typically able bodied
one moment and the next moment I had a massive
brainstem stroke due to a birth defect. I never knew
that I had called an AVM an arterio venous malformation,
(02:07):
and that caused the massive stroke that would then leave
me after a 16 hour brain surgery. Extremely impaired. I
live with profound disabilities. Today I use a wheelchair. I
can no longer drive a car. I'm deaf in one ear.
I do not have use of most of my right hand.
(02:30):
My face is paralyzed and I have many other, um,
significant health challenges. But, um, I did live, and I'm
doing great.
S1 (02:42):
Yeah, you sure are. And God is using you in
immense ways. Uh, your recovery, of course, has been a
long journey, and you've been very open about the challenges. Uh,
yet you've also shared that Jesus really met you, Catherine,
in that valley. How did you cling to your faith
when everything around you felt shattered?
S2 (03:01):
Absolutely. Oh, in in so many very, very clear ways, actually,
it was almost as if the stroke clarified the years
of learning the truth of Jesus for me. It was
the moment that the pedal hit the metal. It was
my moment of going, this is no longer a drill.
(03:24):
And all of the deep scripture I've been immersed in
throughout my life, all of the deep teachings of Jesus,
all of the the I mean, every sermon I've heard
my whole life. I received Christ as a four year
old child and had spent many years, imperfectly, for sure,
(03:46):
walking with the Lord. So, um, I have a lot
of material through the years to work on.
S1 (03:54):
Yes, ma'am. We all do. You share much of your
journey in your book Hope heals. For those who haven't
had a chance to read it yet, just give us.
And we've got about a minute till our first break here.
What is the main message you hope they walk away
with from that book?
S2 (04:08):
Oh yes. Hope heals is really the memoir story of
what happened to me and how we learned to cope
in this new reality. And the message that is loud
and clear throughout that book and my other two books,
is that suffering is never the end of the story,
(04:28):
but rather suffering is the beginning of a new story
set a different way. Hope. Hope is the powerful truth
of acknowledging as believers that all is not well in
our stories, but deeply believing that all is not lost
at the very same time.
S1 (04:50):
Mm. That is profound. Catherine, we are delighted that you're
here today. We're looking forward to continuing the conversation with
Catherine Wolf just around the corner. We'll talk about how
all of this intersects with your financial life. You know,
when it comes to medical difficulties and medical crises, they
can bring on incredible financial strain. Catherine will weigh in
(05:11):
on that. Plus, tell us about her incredible ministry. Hope
heals Catherine Wolff here today. She's the author of the
book Hope heals. And we've got a lot more to
come just around the corner. Stick around. I'm so glad
(05:34):
you're with us today on Faith and Finance Live. Our
guest today, Catherine Wolf. At just 26, she suffered a
massive stroke that forever changed her life. But God met
her there, and he has used her journey to bring
hope to countless others. Uh, Catherine, we were talking about
your book, Hope heals, and you've also written about what
(05:56):
you call treasures in the darkness. I'd love for you
to unpack that idea for our listeners today.
S2 (06:01):
Absolutely. You're right. My third book is entitled treasures in
the dark, and it is Reflections on Finding Hope, even
in the deep darkness in our stories. And this whole
idea is based on the beautiful truth of Isaiah 45 three,
that he gives hidden treasure in the darkness, which is
(06:23):
stored in secret places, so that we may know that
he is God, the God of Israel, the God who
summons us by name. And I love the thought that
if we have to be in the deep darkness in
our stories, and we all do at some point. Yes.
That the Lord has special treasure for us there. And
(06:49):
when we're in the darkness, we might as well get
the treasure out. Don't waste the pain and let that
treasure those riches inform the way that we live the
rest of our lives.
S1 (07:04):
Mhm. Well, one of those treasures for you certainly has
been the ministry that God gave you, uh, called Hope heals.
And I'd love for you to share a bit about that.
And as I mentioned at the top of the program,
my family has a special connection to it as well.
S2 (07:18):
Absolutely. Hope heals has been, um, among the greatest joys
of my life. I just can't believe it's real. Hope
heals is our 500 1C3 faith based nonprofit where we
get to build sacred spaces of belonging and belovedness for
(07:40):
people affected by disability and invite them into Enter Ability community.
We do this through a summer camp that your sweet
family volunteered at, where we have families apply to a
lottery and come for free from all over the country
to experience resources and relationships. And it's glorious. And then
(08:06):
we also have a coffee shop here in Atlanta that
employs people with disabilities to work. It's called mend. Mend
is universally accessible, meaning everything is incredibly wheelchair friendly, wonderful
for adaptive devices, and made for people with disabilities to
(08:28):
feel like they have a place to come and belong.
It's glorious. You should come.
S1 (08:33):
I'm going to. It's right here in Atlanta. So it's
in my backyard. I've got to get down there. And
let me just say, you mentioned my family went to
Hope heals your camp. Julie, my wife Mason, my now
freshman in college, and Abby, my junior in high school.
I think they're going to be there every year. I'm
going to have to go with them. They came home
just so overjoyed at how God met them there, and
(08:55):
just the chance they had to just pour into these
sweet children and families that had disabilities. And oh man,
it was incredible. Catherine. Well done.
S2 (09:05):
Oh goodness. It is. It is the joy of my life.
I can't believe we get to go, much less founded it.
It's glorious.
S1 (09:14):
I know it is. Well, I want to talk about
the financial aspect of these challenges because, you know, suffering
impacts every part of life as you're well aware, not
just our health.
S2 (09:25):
Absolutely, yes.
S1 (09:26):
And emotions, but even our finances. And I know you've
written about what you call invisible wheelchairs, those hidden struggles
that can hold people back, talk about financial hardship and
how that intersects with this.
S2 (09:39):
Well, in multiple ways. First of all, so many times
when disability is in the family story, or there is
an event that leads to disability. The finances can be ravaged.
It's a tragedy. So many times many, many people in
the disability community have split every dollar they have to
(10:02):
try to get their person well. It's it's tragic. So
there is a need for much financial wisdom and planning
and definitely, um, I talk a ton about the wheelchairs
and each one of our stories that you don't have
to have a physical disability to be bogged down and
(10:22):
in deep constraints of the story. And of course, financial
instability is, um, definitely one of those that deeply, deeply, um,
holding you back and a deep vortex in your life. Yeah. Um.
For sure. It's a it's a tragedy.
S1 (10:41):
For someone listening today. Catherine then finds themselves in that place,
and maybe they have their own financial strain as a
result of an event like this. What encouragement would you
offer to families who are dealing with medical debt specifically
right now?
S2 (10:56):
Um, I would say there are pain and problems and
hardships of all kinds as we live in a fallen
world and a broken human beings. No one is exempt
from hard things. And I think there is such a
beautiful camaraderie in that, that everybody's going through something hard.
(11:18):
And maybe it is financial, maybe it's relational, maybe it's medical.
We're all dealing with hard things, and God has given
us each other for the healing. We can cling to
the body of Christ, to look to him and hold
on even when it's so hard.
S1 (11:36):
Well, I know in your own life your entire life
was reshaped, no doubt. But that included finances in significant ways.
How have you? Kathryn surrendered that area to the Lord
and found his faithfulness there.
S2 (11:50):
Oh, goodness. In every way. You know, I see surrender
as this beautiful gateway to a relief. You know, so
many people see surrendering anything as binding you up. It's
holding you back. It's preventing something. But I see surrendering
(12:10):
something as a relief. As God, you take it all.
You take the wheel here. And I think that is
the way for us all to live.
S1 (12:19):
Yeah. I couldn't agree more. You know, plenty of people
listening today, Kathryn, feel their finances are shaky, even without
perhaps facing a major crisis. So I'd love for you
to finish today just by providing some encouragement to them
as they trust God in the midst of their uncertainty.
S2 (12:36):
Absolutely. Trusting God means that we don't have to live
afraid about what will happen. It means we can live
deeply into the reality that, yes, everything may not feel
okay in this moment, but ultimately everything is okay because
(12:57):
we know Jesus. In fact, it may feel really hopeless
in your life in this moment. But do not lose
hope because the good things of God are inside of
you when you are in Jesus. They're not external. So
as hard as our circumstances may be, they are not
(13:18):
what determines what is good in our story. The good
things of God are the things already inside of us
when we know him.
S1 (13:26):
Wow, what a great place for us to finish today. Well,
unfortunately we've come to the end of our time together.
But Catherine, what a gift it's been to have you
with us. Your story certainly shows us that God's power
is made perfect in And weakness, and we're so thankful
for your encouragement today. Lord bless you.
S2 (13:42):
Oh bless you. Thank you.
S1 (13:45):
Folks. If you want to check out Hope heals, go
to Hope heals.com. And if you're in the Atlanta area,
stop by Mend the Coffee Shop in Buckhead folks, this February,
we're thrilled to welcome Catherine as our speaker at our
conference for thousands of financial advisors. So if you work
with a certified Kingdom advisor, ask if they'll be there
(14:05):
to hear Catherine and many others who are equipping them
to serve you with excellence, they can learn more at
redeeming Money.com that's redeeming Money.com. All right, your calls are next.
The number 800 525 7000. Stick around.
S3 (14:33):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal or other professional who understands your
specific situation.
S1 (14:58):
Great to have you with us today on Faith and
finance live. I'm Rob West. Well, we're going to be
taking your calls and questions here in just a few moments.
So now is a great time to call. If you've
got a question and you want to get in on
the conversation today, just pick up the phone 800 525
7000 is the number to call. Again, that's 800 525 7000.
(15:19):
Whether you're thinking about paying off some debt, getting that
credit score up, maybe here in December, you're thinking about
some giving strategies, perhaps giving appreciated assets or funding a
charitable gift annuity. Or maybe you have some stocks outside
of a retirement plan that have done well. You'd like
to give them away to be used in kingdom advancement
without paying any tax? Well, there's a way to do that.
(15:41):
Maybe it's investments. Whatever you're considering today, call right now
with lines. Open that number again. 800 525 7000. Uh,
before we, uh, talk about what's making news today, I
do have a quick favor to ask of you. I
don't ask favors very often, but I've got one. Uh,
we're conducting a nationwide, uh, research project here at Kingdom
(16:03):
Advisor studying the impact of certified Kingdom advisors on their clients,
the planning outcomes, how they define success, how they work
with their clients versus their non peers. And I need
a few more clients of Certified Kingdom advisors willing to
participate in this study. We're about 200 surveys completed short
(16:27):
for that particular group. So if you are listening today
and you are a client of a certified Kingdom advisor.
You've hired a K. That person is providing either investment
management or financial planning for you. Perhaps you heard of
K on this program and you connected one with one locally,
and you've been working together for some time. Well, I
(16:48):
need to ask you if you'd be willing to participate
in this survey. Again, we're about 200 surveys short and
everything closes on Friday of this week. And so we
need we need a bunch of folks that would be
willing to jump in and spend just ten minutes taking
this survey. So if that's you, if you're a client
of a K, a certified Kingdom advisor, just head over
(17:10):
to Faith. That's faith. And thanks for your willingness to
do that. It it means a lot. Uh, in the
news today, a growing number of Americans are turning to AI,
artificial intelligence for financial guidance. And experts say that trend
comes with real risks. According to a 2024 experience survey,
(17:34):
1 in 3 respondents have used generative AI to learn
about money, with nearly all reporting positive experiences. But when
a simple investing question was asked to ChatGPT, such as
if I put $10,000 into Nvidia today, the chip maker,
(17:55):
what will it be worth in 2045? Well, the model
returned estimates ranging from $38,000 all the way to 164,000. Now,
financial professionals who reviewed the response said that not only
was the spread an issue, just how big of a
spread there was between those two numbers? AI tools can't
(18:15):
access real time stock prices or market conditions, and they
often ignore critical factors like volatility and taxes and dividends
and inflation that can turn projections into guesses dressed up
as formulas. Still, experts note AI has value. It excels
(18:35):
at explaining complex financial ideas, as long as users pair
its clarity with real data and sound tools before making decisions.
Of course, if you have financial questions, you can always
call the program here at 800 525 7000. I would
say beyond that, since we only have a couple of
minutes together when you call again, connecting with a certified
(18:59):
Kingdom advisor would be a better fit for somebody to
journey with you in your financial life. And here's what
I love about this. It really does underscore the value
I think, of a seeker. You know, long term AI
is going to continue to get better. It will occupy
a bigger and bigger part of our daily lives when
used properly. And it can be a helpful tool even
(19:21):
in financial planning. I think we will get to that point.
Here's what it can't do. I don't think it will
ever be able to think help you think about the
impact of your money journey on your faith. How will
the money you're passing on to your kids impact them?
How do you prepare them to be faithful stewards? How
do you set a finish line so you can give generously?
What does it look like to make sure that the
(19:42):
money that you have, that God has entrusted to you,
doesn't rival your heart for your devotion to him? Those
are the kinds of things that a k, a certified
Kingdom advisor who fears the Lord, understands the counsel of
Scripture will always be able to do that. AI can't.
So if you'd like to find a certified Kingdom Advisor
in your area, just head to find a find a.com.
(20:08):
All right, we're ready to start taking your calls and questions.
That number 800 525 7000. Let's begin in Florida today Tracy.
Go ahead.
S4 (20:18):
Yes. Thank you for taking my call. Um, this year, um, sometime,
sometime this year, I invested in a business that didn't
go as well as planned. And I had major car repairs.
So as a result of that, I accumulated large credit
card debt. I have American Express, two American Express cards,
(20:44):
one for 8000 over 8000 in the other is over 10,000.
And I have a third card that's over. Excuse me,
that's over 5000. So I wanted my question is, should
I American Express, they have a financial relief program. Should
(21:06):
I take that route or should I take the route? Um,
going through, um, debt consolidation. Should I do debt consolidation? Yeah.
S1 (21:19):
My preferred approach here, Tracy and I can understand this
happens when we have an event like this. My preferred
approach is not debt consolidation, where you take out a
new loan, it's debt management. My friends at the Christian
Credit Counselors would be great Christian credit counselors. Let's do this.
I'll explain. You know the benefits of that on the
(21:40):
other side of this break. But essentially, you'd have a
payment each month of somewhere between 2 and 3%, 500
to $750 a month on 25,000 in debt. But they'd
get that interest rate down dramatically. So stay on the line.
We'll talk a bit more in the next segment. We'll
be right back. Great to have you with us today
(22:04):
on Faith and Finance Live. I'm Rob West. We've got
some lines open. If you have a financial question call
right now 800 525 7000. Before the break we were
talking to Tracy in Florida. She's got three credit cards
because of a business that did not work out the
way she expected. The total of all the credit card
debt together is approaching $25,000. And she was wondering about
(22:28):
a debt consolidation. And Tracy, I'm not a fan of
debt consolidation, where you take out a new loan and
try to pay off the other loans. Oftentimes, even if
the rate comes down, it just extends the repayment period out.
And I would much prefer you just leave the debt
right where it is, slide it into a credit counseling program,
(22:48):
which each creditor offers, where the accounts will be closed
while they're in it. Um, the the payment will be
typically about 2 to 3% of the balance. So on
the full 25,000, you'd make one monthly payment to our
friends at Christian Credit Counselors. That's at least where I'd
recommend you go. So somewhere between probably 500 to $750
(23:09):
a month. But the really nice part is that payment
stays level. So you're sending a larger percent of the
balance every month. Secondly, the interest rates would be dropped.
So often that average rate of 22% is down somewhere
between 0 and 8% in the credit counseling program. And,
you know, that's going to allow you to pay this
(23:30):
off on average, about 80% faster. It will end up
improving your credit score over time because as those balances fall,
you know, it will show you as an on time payer.
It will also drop your credit utilization, meaning the amount
you have outstanding versus the total that you have available
to you. So, you know, that would be the way
(23:50):
that I would go. Christian credit counselors. But I want
to give you a chance to ask any follow up
questions on that.
S4 (23:58):
No, that's excuse me. I'm sorry. That sounds good. So
are you recommending credit card consolidation?
S1 (24:05):
Well, it's not. What? So normally when somebody says consolidation,
they're talking about taking a consolidation loan from a bank,
a new loan, and then paying off the credit cards
with that new loan. That's not what I would recommend. Instead,
I would go into a credit counseling Link program, and
you have to go through a nonprofit credit counseling agency.
And we've worked with our friends at Christian Credit Counselors
(24:30):
for decades. They've worked with thousands of our listeners, and
they just do a fabulous job. They're all Christ followers.
And that would be the program that I would recommend.
S4 (24:40):
Okay, okay. Sounds good. Thank you.
S1 (24:42):
Okay. Thanks for calling. Tracy. Uh, let's see, 800 525 7000.
We've got some lines open. If you have a question today,
go ahead and call right now. Tamarac, Florida I know
it well, Barbara. Go ahead.
S5 (24:54):
Yes. Hi. How are you.
S1 (24:57):
Doing? Great. Thanks for your call.
S5 (24:59):
Okay. The reason I was calling today is I get
Social Security. Now. I was wondering, do I just get
automatic raises every year, or do I have to ask
for them or. I don't get any raises? And also,
do I pay taxes on that amount? Yeah.
S1 (25:13):
Good question. So first part of that question is related
to something called a cost of living adjustments. Uh, And
you do get that automatically. So your Social Security benefit
does increase each year through cost of living adjustments. Every January,
benefits adjust based on inflation measured by the government. So
(25:36):
some years the increase is small, other years it's larger.
It's just all a function of the government's inflation gauge.
And then they use that to drive what are called
the Colas the cost of living adjustments. It comes automatically
even if you've, you know, only been on benefits for
one year. Um, one important note though is Medicare premiums,
(25:59):
if they're deducted from your check, can reduce how much
of the Cola you actually see because they rise most years.
The Medicare premiums uh, part B and D, and oftentimes
the increases in the Medicare premium are quite a bit
higher than the cost of living adjustment, so it may
(26:21):
almost entirely, if not more than that, erase the gains
you're getting. And it's because, you know, you're you're actually
getting hit. Even though you're getting the cost of living adjustment.
The Medicare premiums are going up as well. Does that
make sense?
S5 (26:35):
Yes. Um, it hasn't gone up so far because of
the Medicare, but it just happens automatically. I mean, with that,
to every.
S1 (26:43):
If you have it automatically deducted, yes, those increases on
Medicare would automatically come out. But so would the the
you know, the amount that's added to your check your
benefit by way of the cost of living adjustments. Both
would happen automatically.
S5 (27:00):
I guess for me to know I should call them.
S1 (27:03):
Yeah, that would be good. Or you can go online
my ssa.gov and you could see it all there and
you wouldn't have to wait. Uh, the second part was
your Social Security. Is it taxed? It can be. It
really depends on your total income, not just your benefit.
So the IRS looks at what's called combined income. It's
your adjusted gross income plus half of your Social security 50%
(27:26):
of your benefit. Are you a single filer or or
married filing.
S5 (27:30):
Jointly married filing. Okay.
S1 (27:34):
So if your combined income that is your adjusted gross
income on your tax return, plus half of your Social Security,
if the total of those two is under $32,000, then
you have no tax. If it's between 32 and 44,
then up to half of your Social Security would be taxable.
(27:56):
And if it's over 44 again, your combined income then
up to 85% of your benefit would be taxable. That
doesn't mean you lose 50 or 85%. It just means
that that percentage of your business is counted as taxable
income and taxed at your normal rate. Does that make sense?
S5 (28:18):
Um huh. So where was I? My husband's income and mine,
because we filed jointly, would be included with that. Um.
S1 (28:28):
That's correct. So that would be your adjusted gross income,
which is the the total of your income, like wages
and up to 50% of your social security, pensions, investments,
rental income. And then you subtract, uh, you know, your
deductions and then that produces what's called AGI. It's your
(28:49):
income after, uh, excuse me, it's not before deduction your
standard deduction, but it's it's, um, after adjustments. So, uh,
you know, business expenses, IRA contributions, HSA contributions, things like that,
that results in your adjusted gross income. If that AGI
number is below 32, none of your Social Security would
(29:13):
be taxable, but if it's 32 to 44,000, up to 50%
will over 4,485%.
S5 (29:21):
And also I wanted to ask you, if I get
a job, would I be able to still get the
same amount of Social Security that I'm getting?
S1 (29:28):
Yeah. As long as your full retirement age or older,
what is your age?
S5 (29:33):
70.
S1 (29:34):
Okay. Yeah. So you can earn as much as you
want and it will never impact your benefit. The only
thing that would happen is you may find that because
your your income is going up, the portion of your
Social Security that's taxable could also go up. So you
may pay more in taxes, but you would not see
a reduction in your benefit just because you're working. You
(29:55):
can earn as much as you want. Once your full
retirement age.
S5 (30:00):
Okay. And if I have questions I should ask the
tax person that prepares our taxes.
S1 (30:06):
I would, that's always a great idea. Absolutely.
S5 (30:10):
Okay. Thank you so much. That was.
S6 (30:12):
All right Barbara.
S1 (30:13):
Thank you for your call today. We appreciate it. Bye bye, folks.
We're taking your calls and questions here. We'll be back
with one more segment. Kevin, coming your way in Chicago.
We've got room for your questions as well. That number
800 525 7000. Again, if you're a client of a
certified Kingdom advisor, I'm asking for your help. I'm still
looking for a couple of hundred folks that are clients
(30:36):
of Case that would complete a survey. We've got to
close it down Friday, and I need a couple of
hundred more on the website. Faith. That's faith. Com back
with more questions after this. Stay with us. Delighted you're
(31:00):
along with us today on Faith and finance live. I'm
Rob West. I may have room for one, maybe two
more questions before we round out the broadcast today. If
you have a financial question, that number is 800 525 7000.
Let's go to Chicago. Kevin, thanks for your patience. Go ahead.
S7 (31:17):
Rob, thank you for taking my call. And thank you
for your wonderful show. Um, I am very familiar with, uh,
the charges for, uh, when you invest with Vanguard or
Fidelity Schwab. Or if you have somebody like Edelman or
Fisher Investments, uh, do your investing with you in terms
of their scales, but I never I haven't heard anything
(31:40):
about the Certified Kingdom advisors in terms of how how
do they charge? How do they get paid?
S1 (31:47):
Yeah, it's a great question, Kevin. And there really is
not one approach because remember, these these folks are not
employed by us. We're a not for profit here at
Faith Fine Kingdom Advisors. They're at Merrill Lynch and Edward
Jones and LPL and independent and UBS. I mean, they're
all over the industry. They just earn the designation by
(32:08):
meeting our high standards of training and character and competence
and pastor and client reference and all the other requirements
that really allows them to hold themselves out as being
a specialist and bringing biblically wise, professional financial advice. But
the way they charge is totally dependent upon them. And
so what you're going to get is a good cross-section
(32:29):
of just how financial advisors get paid. The most common
way these days, which would be true, I think, of
Fisher and, you know, other active money managers would be
an AUM fee assets under management, where the adviser charges
a yearly percentage, often around 1% of the assets under
management per year to manage the investments. And, you know,
(32:53):
that's the most common way. There's also commission based. So
that's usually a mix where they offer some financial products
that may generate a commission like an insurance product or
an annuity or even mutual funds. And then if they
do this, you know, the advisor would disclose upfront, you know,
(33:13):
the compensation. Others might provide a fee only advice. Let's
say they're just comprehensive financial planners and don't do any
investment management. You would often pay a fixed fee, either
hourly or flat, for advice and a financial plan, but
there's no commissions, um, you know, and no ongoing fees
there as well. So, you know, those are typically the
(33:36):
way advisors are going to be paid that are wealth managers,
where they're offering investment management and or financial planning. And
it's going to vary, which is why I think it's
important as you're interviewing any advisor. And this would include
a sikayet that you ask very clearly, how do you
get paid and let the advisor explain that? Does that
make sense?
S7 (33:56):
Absolutely. Thank you very much.
S6 (33:58):
All right.
S1 (33:59):
Thanks, Kevin. We appreciate your call today. By the way,
if you want to find a certified Kingdom advisor in
your area, just head to find a com. Uh. Chicago
is where we were. We're going to stay there and
talk to Paula. Go ahead.
S8 (34:13):
Hi. Uh, I have a question regarding Social Security. Um,
my husband passed away. His social security was less than mine,
but I wanted to wait until I was 70 to
get the full amount and try to work and get
more income to increase my Social Security payment. Um, I
was reading an article that says that if you took
your husband's Social Security, when you get ready to get yours,
(34:36):
it will not increase. So, um, I'll be 70 next year.
And if that's true, I don't know if I should
cancel his and take mine.
S1 (34:48):
Yes. Uh, yeah. So you're only your own retirement benefit.
Earns delayed credits up to age 70. So here's how
survivor's benefits work. Survivor's benefits max out at your full
retirement age, usually 66 or 67. So waiting past your
(35:09):
full retirement age does not increase the survivor benefit. Now
you can switch between survivor's benefits and your own retirement
benefit later if it helps maximize the total. This is
not available for spousal benefits where your spouse is living,
(35:30):
but for a survivor benefit, it is available. So a
common strategy is if your survivor benefit is larger than
your own, you can take your benefit early and then
switch to the full survivor benefit at your full retirement age.
If your own benefit will grow higher, then you can
take the survivor benefit first and then switch to your
(35:54):
own benefit at age 70, because your own benefit does
grow with delayed credits all the way up to age 70.
Does that make sense?
S8 (36:03):
Okay, it makes sense. But I don't know what the
870 is.
S1 (36:07):
Age 70. Age 70?
S6 (36:10):
Yeah, 70 years old.
S8 (36:12):
Okay, that's what I was doing. And then when I
read the article, I was like, what? I'm not going
to be able to.
S6 (36:18):
So have you started.
S1 (36:19):
Taking your own benefit?
S8 (36:22):
No, I'm taking his because his was much less than mine.
S6 (36:26):
Okay. So you're taking his his.
S1 (36:28):
Full survivor benefit, correct?
S8 (36:31):
Yes.
S6 (36:32):
Okay.
S1 (36:33):
And what is your age now?
S8 (36:36):
I'll be. I'm 69. I'll be 70 next year.
S6 (36:39):
Okay.
S8 (36:39):
At the end of the year.
S1 (36:41):
Okay, great. Yes. Uh, so you you should be able
to switch, uh, to your own benefit, uh, at age 70. Now,
are you? So you're you're pretty sure that yours will
be higher. Is that right?
S8 (36:54):
Yes.
S6 (36:55):
Okay.
S1 (36:56):
Yeah. So if you're 69 getting survivor's benefits, you can
you can switch to your own benefit at age 70.
And that's been not only was probably that higher to
begin with, but it's been getting delayed retirement credits all
the way up to age 70. And so, you know,
at that point, if you switch over to your own,
(37:17):
then you could take your larger benefit from that point forward.
S8 (37:21):
Okay. That's what I was that's what I was doing
until I read the article. I thought maybe, um, okay.
And so when should I apply for the my benefit? Because, um,
my birthday is at the end of the year, and
I want to make sure that I have all of
my income.
S6 (37:40):
Yeah. You just need to get you just need to
get past.
S1 (37:42):
Your 70th birthday.
S8 (37:45):
Okay. Second, apply for it after the 70th birthday.
S6 (37:48):
That's right. And then.
S8 (37:50):
Before.
S6 (37:50):
Okay. No.
S1 (37:51):
And then, uh, well, in terms of when to actually
alert them, um, you know, I would, uh, you could
call them and see, I'm not sure if there's any benefit.
I mean, the key is you want to you start
the benefits at 70 years, your birthday or or older.
Whether or not you can begin that process early, you
(38:12):
may want to reach out to them and ask that question.
That's a good question. I'm not sure.
S8 (38:16):
Yeah, I'd rather do it later. That's what I was saying,
just in case they get the full income. Because if
I applied for six months before, then I won't get
the six months worth of additional income.
S6 (38:30):
That's right, because it's actually.
S1 (38:32):
One 1/12 of 8% every month. And so you do
want to wait until you are at your 70th birthday.
But from that point forward, there's no reason to wait.
S8 (38:41):
Okay. Thank you so.
S6 (38:43):
Much. All right.
S1 (38:44):
Thanks for your call today. We appreciate it. Uh. Let's see,
Texas is where Daryl is located. Go ahead. Sir.
S9 (38:51):
Hey. Yes, sir. Thank you for taking my call. I've
got a question. So I started your on Social Security
at 62, and I just turned 65 and they started
taking Medicare out of my Social Security. But I have
VA care. And so when I called in the Social
Security Administration, they stated to me that they don't consider
(39:11):
VA a legitimate health care. And so they took the
money out anyway, which I don't understand. And I called
back and they keep telling me the same thing, which
doesn't make sense to me because millions of vets are
on VA health care.
S1 (39:28):
Yeah, yeah, it's a good question. So, uh, Medicare premiums, um,
they don't. So when you turn 65 and you're already
receiving Social Security, they, you're automatically enrolled in A and
B part A is free, B has the monthly premium
and they automatically deduct it unless the person opts out.
(39:49):
Now VA care does not replace Medicare. Uh, the VA
encourages veterans to keep part B because it's not guaranteed
in every situation. Um, and so, you know, it gives you, uh,
Medicare is going to give you the ability to receive
care outside of VA. But if you don't want Medicare
Part B, you can request to drop it. Uh, but again,
(40:14):
you know, it's it's generally not recommended from the VA
because if you change your mind later, you would face
late enrollment penalties for the rest of your life. Uh,
and you may have some gaps outside in your coverage
outside of VA. So you just need to to look
at that before you make that decision.
S9 (40:33):
Okay. So what exactly is part B?
S1 (40:37):
Uh, part B on Medicare. Yeah. That covers the doctor's
visits and outpatient medical care. So that's, uh, you know,
doctor visits, specialist visits, outpatient tests, MRIs and x rays,
some preventative care, you know, if you needed medical equipment, um,
you know, those kinds of things.
S9 (40:57):
Okay. Okay. Well, I appreciate you taking my call and
explaining that for me.
S1 (41:02):
Uh, absolutely. And listen, I'm grateful for your service to
our country, and we appreciate you being a part of
the program. Call anytime. Lord bless you. Uh, 800 525 7000.
Let's go to, uh, quickly to Eric in Chicago. Go ahead.
S10 (41:18):
How are you doing?
S1 (41:19):
Good. Thanks.
S10 (41:20):
Can you hear me?
S1 (41:21):
Yes, sir.
S10 (41:21):
Okay. Uh, my question was, uh, I'm just 60. So, uh,
it's when I turn 62 and I filed for my benefit, uh,
when I turned, when I turned 65 and 70 with it.
With it. An increase to that?
S1 (41:41):
Yeah, it's a good question. So if you take it
at 62, you're going to lock in a permanent reduction
because that's the earliest stage you can file. So your
benefit at 62 is going to be about 30% lower
than waiting to full retirement age, which is going to be,
at this point, age 70 for you. Uh, so you
just need to to be aware of that, that that's,
(42:02):
you know, ultimately what, uh, what you're going to be doing,
you know, so if your full retirement benefit, you know,
was was a thousand, uh, a month at 67, it's
only going to be 700 to 750. And that reduction
is permanent. So I would I would delay that as,
as long as you can because you may need that
extra money down the road. And uh, and you can't
(42:23):
reverse that, uh, that reduction. Eric, thanks for your call today. Well, folks,
that's going to do it for us. Big thanks to
my team today. Josh Taylor to here on Omar. Plus,
everybody here at Faith by Faith in finance Live is
a partnership between Moody Radio and Faith fi. Hey, Faith
Fi is not yet funded. Between now and the end
of the year, every gift is doubled. Just had to give.
(42:46):
We'll thank you in advance for that. We'll see you
next time. Bye bye.
If hope is only rooted in an outcome, then your
expectations will crush you. Hi, I'm Rob West. Those are
the words of Kathryn Wolfe, who knows this truth in
a deeply personal way. It just 26. She suffered a
massive stroke that forever changed her life. Yet God has
used her journey to bring hope to countless others. Today,
she shares how that hardship has reshaped her life, her faith,
(00:32):
and even her finances. And then it's on to your
calls at 805, two, five 7000. That's 805, two five, 7000.
This is faith and finance. Live. Biblical wisdom for your
financial journey. Boy, what a joy it is to have
Kathryn Wolfe with us on the program today. She's a
gifted communicator. She's the founder of the ministry Hope heals
(00:55):
and co-author with her husband, Jay, of the inspiring book
Hope heals. A true story of overwhelming loss and an
Overcoming love. Catherine. A privilege to have you with us today.
S2 (01:07):
Hi. There is so wonderful to be here. Thank you
for having me.
S1 (01:11):
I am so delighted. And you and I were just
chatting off air there for a moment. And I'll tell you,
my kids and my wife Julie were at Hope heals
the camp, uh, this summer, and they had an absolute ball.
We're going to have to talk about hope heals and
what you're doing through the ministry in a moment, but
I want to start by having you take us back.
(01:33):
Back in 2008, you were only 26 and caring for
your new baby when everything suddenly changed. Tell our audience
what unfolded in that moment.
S2 (01:43):
Absolutely. Out of nowhere, with no medical history, no family history,
no symptoms prior, nothing. I was completely typically able bodied
one moment and the next moment I had a massive
brainstem stroke due to a birth defect. I never knew
that I had called an AVM an arterio venous malformation,
(02:07):
and that caused the massive stroke that would then leave
me after a 16 hour brain surgery. Extremely impaired. I
live with profound disabilities. Today I use a wheelchair. I
can no longer drive a car. I'm deaf in one ear.
I do not have use of most of my right hand.
(02:30):
My face is paralyzed and I have many other, um,
significant health challenges. But, um, I did live, and I'm
doing great.
S1 (02:42):
Yeah, you sure are. And God is using you in
immense ways. Uh, your recovery, of course, has been a
long journey, and you've been very open about the challenges. Uh,
yet you've also shared that Jesus really met you, Catherine,
in that valley. How did you cling to your faith
when everything around you felt shattered?
S2 (03:01):
Absolutely. Oh, in in so many very, very clear ways, actually,
it was almost as if the stroke clarified the years
of learning the truth of Jesus for me. It was
the moment that the pedal hit the metal. It was
my moment of going, this is no longer a drill.
(03:24):
And all of the deep scripture I've been immersed in
throughout my life, all of the deep teachings of Jesus,
all of the the I mean, every sermon I've heard
my whole life. I received Christ as a four year
old child and had spent many years, imperfectly, for sure,
(03:46):
walking with the Lord. So, um, I have a lot
of material through the years to work on.
S1 (03:54):
Yes, ma'am. We all do. You share much of your
journey in your book Hope heals. For those who haven't
had a chance to read it yet, just give us.
And we've got about a minute till our first break here.
What is the main message you hope they walk away
with from that book?
S2 (04:08):
Oh yes. Hope heals is really the memoir story of
what happened to me and how we learned to cope
in this new reality. And the message that is loud
and clear throughout that book and my other two books,
is that suffering is never the end of the story,
(04:28):
but rather suffering is the beginning of a new story
set a different way. Hope. Hope is the powerful truth
of acknowledging as believers that all is not well in
our stories, but deeply believing that all is not lost
at the very same time.
S1 (04:50):
Mm. That is profound. Catherine, we are delighted that you're
here today. We're looking forward to continuing the conversation with
Catherine Wolf just around the corner. We'll talk about how
all of this intersects with your financial life. You know,
when it comes to medical difficulties and medical crises, they
can bring on incredible financial strain. Catherine will weigh in
(05:11):
on that. Plus, tell us about her incredible ministry. Hope
heals Catherine Wolff here today. She's the author of the
book Hope heals. And we've got a lot more to
come just around the corner. Stick around. I'm so glad
(05:34):
you're with us today on Faith and Finance Live. Our
guest today, Catherine Wolf. At just 26, she suffered a
massive stroke that forever changed her life. But God met
her there, and he has used her journey to bring
hope to countless others. Uh, Catherine, we were talking about
your book, Hope heals, and you've also written about what
(05:56):
you call treasures in the darkness. I'd love for you
to unpack that idea for our listeners today.
S2 (06:01):
Absolutely. You're right. My third book is entitled treasures in
the dark, and it is Reflections on Finding Hope, even
in the deep darkness in our stories. And this whole
idea is based on the beautiful truth of Isaiah 45 three,
that he gives hidden treasure in the darkness, which is
(06:23):
stored in secret places, so that we may know that
he is God, the God of Israel, the God who
summons us by name. And I love the thought that
if we have to be in the deep darkness in
our stories, and we all do at some point. Yes.
That the Lord has special treasure for us there. And
(06:49):
when we're in the darkness, we might as well get
the treasure out. Don't waste the pain and let that
treasure those riches inform the way that we live the
rest of our lives.
S1 (07:04):
Mhm. Well, one of those treasures for you certainly has
been the ministry that God gave you, uh, called Hope heals.
And I'd love for you to share a bit about that.
And as I mentioned at the top of the program,
my family has a special connection to it as well.
S2 (07:18):
Absolutely. Hope heals has been, um, among the greatest joys
of my life. I just can't believe it's real. Hope
heals is our 500 1C3 faith based nonprofit where we
get to build sacred spaces of belonging and belovedness for
(07:40):
people affected by disability and invite them into Enter Ability community.
We do this through a summer camp that your sweet
family volunteered at, where we have families apply to a
lottery and come for free from all over the country
to experience resources and relationships. And it's glorious. And then
(08:06):
we also have a coffee shop here in Atlanta that
employs people with disabilities to work. It's called mend. Mend
is universally accessible, meaning everything is incredibly wheelchair friendly, wonderful
for adaptive devices, and made for people with disabilities to
(08:28):
feel like they have a place to come and belong.
It's glorious. You should come.
S1 (08:33):
I'm going to. It's right here in Atlanta. So it's
in my backyard. I've got to get down there. And
let me just say, you mentioned my family went to
Hope heals your camp. Julie, my wife Mason, my now
freshman in college, and Abby, my junior in high school.
I think they're going to be there every year. I'm
going to have to go with them. They came home
just so overjoyed at how God met them there, and
(08:55):
just the chance they had to just pour into these
sweet children and families that had disabilities. And oh man,
it was incredible. Catherine. Well done.
S2 (09:05):
Oh goodness. It is. It is the joy of my life.
I can't believe we get to go, much less founded it.
It's glorious.
S1 (09:14):
I know it is. Well, I want to talk about
the financial aspect of these challenges because, you know, suffering
impacts every part of life as you're well aware, not
just our health.
S2 (09:25):
Absolutely, yes.
S1 (09:26):
And emotions, but even our finances. And I know you've
written about what you call invisible wheelchairs, those hidden struggles
that can hold people back, talk about financial hardship and
how that intersects with this.
S2 (09:39):
Well, in multiple ways. First of all, so many times
when disability is in the family story, or there is
an event that leads to disability. The finances can be ravaged.
It's a tragedy. So many times many, many people in
the disability community have split every dollar they have to
(10:02):
try to get their person well. It's it's tragic. So
there is a need for much financial wisdom and planning
and definitely, um, I talk a ton about the wheelchairs
and each one of our stories that you don't have
to have a physical disability to be bogged down and
(10:22):
in deep constraints of the story. And of course, financial
instability is, um, definitely one of those that deeply, deeply, um,
holding you back and a deep vortex in your life. Yeah. Um.
For sure. It's a it's a tragedy.
S1 (10:41):
For someone listening today. Catherine then finds themselves in that place,
and maybe they have their own financial strain as a
result of an event like this. What encouragement would you
offer to families who are dealing with medical debt specifically
right now?
S2 (10:56):
Um, I would say there are pain and problems and
hardships of all kinds as we live in a fallen
world and a broken human beings. No one is exempt
from hard things. And I think there is such a
beautiful camaraderie in that, that everybody's going through something hard.
(11:18):
And maybe it is financial, maybe it's relational, maybe it's medical.
We're all dealing with hard things, and God has given
us each other for the healing. We can cling to
the body of Christ, to look to him and hold
on even when it's so hard.
S1 (11:36):
Well, I know in your own life your entire life
was reshaped, no doubt. But that included finances in significant ways.
How have you? Kathryn surrendered that area to the Lord
and found his faithfulness there.
S2 (11:50):
Oh, goodness. In every way. You know, I see surrender
as this beautiful gateway to a relief. You know, so
many people see surrendering anything as binding you up. It's
holding you back. It's preventing something. But I see surrendering
(12:10):
something as a relief. As God, you take it all.
You take the wheel here. And I think that is
the way for us all to live.
S1 (12:19):
Yeah. I couldn't agree more. You know, plenty of people
listening today, Kathryn, feel their finances are shaky, even without
perhaps facing a major crisis. So I'd love for you
to finish today just by providing some encouragement to them
as they trust God in the midst of their uncertainty.
S2 (12:36):
Absolutely. Trusting God means that we don't have to live
afraid about what will happen. It means we can live
deeply into the reality that, yes, everything may not feel
okay in this moment, but ultimately everything is okay because
(12:57):
we know Jesus. In fact, it may feel really hopeless
in your life in this moment. But do not lose
hope because the good things of God are inside of
you when you are in Jesus. They're not external. So
as hard as our circumstances may be, they are not
(13:18):
what determines what is good in our story. The good
things of God are the things already inside of us
when we know him.
S1 (13:26):
Wow, what a great place for us to finish today. Well,
unfortunately we've come to the end of our time together.
But Catherine, what a gift it's been to have you
with us. Your story certainly shows us that God's power
is made perfect in And weakness, and we're so thankful
for your encouragement today. Lord bless you.
S2 (13:42):
Oh bless you. Thank you.
S1 (13:45):
Folks. If you want to check out Hope heals, go
to Hope heals.com. And if you're in the Atlanta area,
stop by Mend the Coffee Shop in Buckhead folks, this February,
we're thrilled to welcome Catherine as our speaker at our
conference for thousands of financial advisors. So if you work
with a certified Kingdom advisor, ask if they'll be there
(14:05):
to hear Catherine and many others who are equipping them
to serve you with excellence, they can learn more at
redeeming Money.com that's redeeming Money.com. All right, your calls are next.
The number 800 525 7000. Stick around.
S3 (14:33):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal or other professional who understands your
specific situation.
S1 (14:58):
Great to have you with us today on Faith and
finance live. I'm Rob West. Well, we're going to be
taking your calls and questions here in just a few moments.
So now is a great time to call. If you've
got a question and you want to get in on
the conversation today, just pick up the phone 800 525
7000 is the number to call. Again, that's 800 525 7000.
(15:19):
Whether you're thinking about paying off some debt, getting that
credit score up, maybe here in December, you're thinking about
some giving strategies, perhaps giving appreciated assets or funding a
charitable gift annuity. Or maybe you have some stocks outside
of a retirement plan that have done well. You'd like
to give them away to be used in kingdom advancement
without paying any tax? Well, there's a way to do that.
(15:41):
Maybe it's investments. Whatever you're considering today, call right now
with lines. Open that number again. 800 525 7000. Uh,
before we, uh, talk about what's making news today, I
do have a quick favor to ask of you. I
don't ask favors very often, but I've got one. Uh,
we're conducting a nationwide, uh, research project here at Kingdom
(16:03):
Advisor studying the impact of certified Kingdom advisors on their clients,
the planning outcomes, how they define success, how they work
with their clients versus their non peers. And I need
a few more clients of Certified Kingdom advisors willing to
participate in this study. We're about 200 surveys completed short
(16:27):
for that particular group. So if you are listening today
and you are a client of a certified Kingdom advisor.
You've hired a K. That person is providing either investment
management or financial planning for you. Perhaps you heard of
K on this program and you connected one with one locally,
and you've been working together for some time. Well, I
(16:48):
need to ask you if you'd be willing to participate
in this survey. Again, we're about 200 surveys short and
everything closes on Friday of this week. And so we
need we need a bunch of folks that would be
willing to jump in and spend just ten minutes taking
this survey. So if that's you, if you're a client
of a K, a certified Kingdom advisor, just head over
(17:10):
to Faith. That's faith. And thanks for your willingness to
do that. It it means a lot. Uh, in the
news today, a growing number of Americans are turning to AI,
artificial intelligence for financial guidance. And experts say that trend
comes with real risks. According to a 2024 experience survey,
(17:34):
1 in 3 respondents have used generative AI to learn
about money, with nearly all reporting positive experiences. But when
a simple investing question was asked to ChatGPT, such as
if I put $10,000 into Nvidia today, the chip maker,
(17:55):
what will it be worth in 2045? Well, the model
returned estimates ranging from $38,000 all the way to 164,000. Now,
financial professionals who reviewed the response said that not only
was the spread an issue, just how big of a
spread there was between those two numbers? AI tools can't
(18:15):
access real time stock prices or market conditions, and they
often ignore critical factors like volatility and taxes and dividends
and inflation that can turn projections into guesses dressed up
as formulas. Still, experts note AI has value. It excels
(18:35):
at explaining complex financial ideas, as long as users pair
its clarity with real data and sound tools before making decisions.
Of course, if you have financial questions, you can always
call the program here at 800 525 7000. I would
say beyond that, since we only have a couple of
minutes together when you call again, connecting with a certified
(18:59):
Kingdom advisor would be a better fit for somebody to
journey with you in your financial life. And here's what
I love about this. It really does underscore the value
I think, of a seeker. You know, long term AI
is going to continue to get better. It will occupy
a bigger and bigger part of our daily lives when
used properly. And it can be a helpful tool even
(19:21):
in financial planning. I think we will get to that point.
Here's what it can't do. I don't think it will
ever be able to think help you think about the
impact of your money journey on your faith. How will
the money you're passing on to your kids impact them?
How do you prepare them to be faithful stewards? How
do you set a finish line so you can give generously?
What does it look like to make sure that the
(19:42):
money that you have, that God has entrusted to you,
doesn't rival your heart for your devotion to him? Those
are the kinds of things that a k, a certified
Kingdom advisor who fears the Lord, understands the counsel of
Scripture will always be able to do that. AI can't.
So if you'd like to find a certified Kingdom Advisor
in your area, just head to find a find a.com.
(20:08):
All right, we're ready to start taking your calls and questions.
That number 800 525 7000. Let's begin in Florida today Tracy.
Go ahead.
S4 (20:18):
Yes. Thank you for taking my call. Um, this year, um, sometime,
sometime this year, I invested in a business that didn't
go as well as planned. And I had major car repairs.
So as a result of that, I accumulated large credit
card debt. I have American Express, two American Express cards,
(20:44):
one for 8000 over 8000 in the other is over 10,000.
And I have a third card that's over. Excuse me,
that's over 5000. So I wanted my question is, should
I American Express, they have a financial relief program. Should
(21:06):
I take that route or should I take the route? Um,
going through, um, debt consolidation. Should I do debt consolidation? Yeah.
S1 (21:19):
My preferred approach here, Tracy and I can understand this
happens when we have an event like this. My preferred
approach is not debt consolidation, where you take out a
new loan, it's debt management. My friends at the Christian
Credit Counselors would be great Christian credit counselors. Let's do this.
I'll explain. You know the benefits of that on the
(21:40):
other side of this break. But essentially, you'd have a
payment each month of somewhere between 2 and 3%, 500
to $750 a month on 25,000 in debt. But they'd
get that interest rate down dramatically. So stay on the line.
We'll talk a bit more in the next segment. We'll
be right back. Great to have you with us today
(22:04):
on Faith and Finance Live. I'm Rob West. We've got
some lines open. If you have a financial question call
right now 800 525 7000. Before the break we were
talking to Tracy in Florida. She's got three credit cards
because of a business that did not work out the
way she expected. The total of all the credit card
debt together is approaching $25,000. And she was wondering about
(22:28):
a debt consolidation. And Tracy, I'm not a fan of
debt consolidation, where you take out a new loan and
try to pay off the other loans. Oftentimes, even if
the rate comes down, it just extends the repayment period out.
And I would much prefer you just leave the debt
right where it is, slide it into a credit counseling program,
(22:48):
which each creditor offers, where the accounts will be closed
while they're in it. Um, the the payment will be
typically about 2 to 3% of the balance. So on
the full 25,000, you'd make one monthly payment to our
friends at Christian Credit Counselors. That's at least where I'd
recommend you go. So somewhere between probably 500 to $750
(23:09):
a month. But the really nice part is that payment
stays level. So you're sending a larger percent of the
balance every month. Secondly, the interest rates would be dropped.
So often that average rate of 22% is down somewhere
between 0 and 8% in the credit counseling program. And,
you know, that's going to allow you to pay this
(23:30):
off on average, about 80% faster. It will end up
improving your credit score over time because as those balances fall,
you know, it will show you as an on time payer.
It will also drop your credit utilization, meaning the amount
you have outstanding versus the total that you have available
to you. So, you know, that would be the way
(23:50):
that I would go. Christian credit counselors. But I want
to give you a chance to ask any follow up
questions on that.
S4 (23:58):
No, that's excuse me. I'm sorry. That sounds good. So
are you recommending credit card consolidation?
S1 (24:05):
Well, it's not. What? So normally when somebody says consolidation,
they're talking about taking a consolidation loan from a bank,
a new loan, and then paying off the credit cards
with that new loan. That's not what I would recommend. Instead,
I would go into a credit counseling Link program, and
you have to go through a nonprofit credit counseling agency.
And we've worked with our friends at Christian Credit Counselors
(24:30):
for decades. They've worked with thousands of our listeners, and
they just do a fabulous job. They're all Christ followers.
And that would be the program that I would recommend.
S4 (24:40):
Okay, okay. Sounds good. Thank you.
S1 (24:42):
Okay. Thanks for calling. Tracy. Uh, let's see, 800 525 7000.
We've got some lines open. If you have a question today,
go ahead and call right now. Tamarac, Florida I know
it well, Barbara. Go ahead.
S5 (24:54):
Yes. Hi. How are you.
S1 (24:57):
Doing? Great. Thanks for your call.
S5 (24:59):
Okay. The reason I was calling today is I get
Social Security. Now. I was wondering, do I just get
automatic raises every year, or do I have to ask
for them or. I don't get any raises? And also,
do I pay taxes on that amount? Yeah.
S1 (25:13):
Good question. So first part of that question is related
to something called a cost of living adjustments. Uh, And
you do get that automatically. So your Social Security benefit
does increase each year through cost of living adjustments. Every January,
benefits adjust based on inflation measured by the government. So
(25:36):
some years the increase is small, other years it's larger.
It's just all a function of the government's inflation gauge.
And then they use that to drive what are called
the Colas the cost of living adjustments. It comes automatically
even if you've, you know, only been on benefits for
one year. Um, one important note though is Medicare premiums,
(25:59):
if they're deducted from your check, can reduce how much
of the Cola you actually see because they rise most years.
The Medicare premiums uh, part B and D, and oftentimes
the increases in the Medicare premium are quite a bit
higher than the cost of living adjustment, so it may
(26:21):
almost entirely, if not more than that, erase the gains
you're getting. And it's because, you know, you're you're actually
getting hit. Even though you're getting the cost of living adjustment.
The Medicare premiums are going up as well. Does that
make sense?
S5 (26:35):
Yes. Um, it hasn't gone up so far because of
the Medicare, but it just happens automatically. I mean, with that,
to every.
S1 (26:43):
If you have it automatically deducted, yes, those increases on
Medicare would automatically come out. But so would the the
you know, the amount that's added to your check your
benefit by way of the cost of living adjustments. Both
would happen automatically.
S5 (27:00):
I guess for me to know I should call them.
S1 (27:03):
Yeah, that would be good. Or you can go online
my ssa.gov and you could see it all there and
you wouldn't have to wait. Uh, the second part was
your Social Security. Is it taxed? It can be. It
really depends on your total income, not just your benefit.
So the IRS looks at what's called combined income. It's
your adjusted gross income plus half of your Social security 50%
(27:26):
of your benefit. Are you a single filer or or
married filing.
S5 (27:30):
Jointly married filing. Okay.
S1 (27:34):
So if your combined income that is your adjusted gross
income on your tax return, plus half of your Social Security,
if the total of those two is under $32,000, then
you have no tax. If it's between 32 and 44,
then up to half of your Social Security would be taxable.
(27:56):
And if it's over 44 again, your combined income then
up to 85% of your benefit would be taxable. That
doesn't mean you lose 50 or 85%. It just means
that that percentage of your business is counted as taxable
income and taxed at your normal rate. Does that make sense?
S5 (28:18):
Um huh. So where was I? My husband's income and mine,
because we filed jointly, would be included with that. Um.
S1 (28:28):
That's correct. So that would be your adjusted gross income,
which is the the total of your income, like wages
and up to 50% of your social security, pensions, investments,
rental income. And then you subtract, uh, you know, your
deductions and then that produces what's called AGI. It's your
(28:49):
income after, uh, excuse me, it's not before deduction your
standard deduction, but it's it's, um, after adjustments. So, uh,
you know, business expenses, IRA contributions, HSA contributions, things like that,
that results in your adjusted gross income. If that AGI
number is below 32, none of your Social Security would
(29:13):
be taxable, but if it's 32 to 44,000, up to 50%
will over 4,485%.
S5 (29:21):
And also I wanted to ask you, if I get
a job, would I be able to still get the
same amount of Social Security that I'm getting?
S1 (29:28):
Yeah. As long as your full retirement age or older,
what is your age?
S5 (29:33):
70.
S1 (29:34):
Okay. Yeah. So you can earn as much as you
want and it will never impact your benefit. The only
thing that would happen is you may find that because
your your income is going up, the portion of your
Social Security that's taxable could also go up. So you
may pay more in taxes, but you would not see
a reduction in your benefit just because you're working. You
(29:55):
can earn as much as you want. Once your full
retirement age.
S5 (30:00):
Okay. And if I have questions I should ask the
tax person that prepares our taxes.
S1 (30:06):
I would, that's always a great idea. Absolutely.
S5 (30:10):
Okay. Thank you so much. That was.
S6 (30:12):
All right Barbara.
S1 (30:13):
Thank you for your call today. We appreciate it. Bye bye, folks.
We're taking your calls and questions here. We'll be back
with one more segment. Kevin, coming your way in Chicago.
We've got room for your questions as well. That number
800 525 7000. Again, if you're a client of a
certified Kingdom advisor, I'm asking for your help. I'm still
looking for a couple of hundred folks that are clients
(30:36):
of Case that would complete a survey. We've got to
close it down Friday, and I need a couple of
hundred more on the website. Faith. That's faith. Com back
with more questions after this. Stay with us. Delighted you're
(31:00):
along with us today on Faith and finance live. I'm
Rob West. I may have room for one, maybe two
more questions before we round out the broadcast today. If
you have a financial question, that number is 800 525 7000.
Let's go to Chicago. Kevin, thanks for your patience. Go ahead.
S7 (31:17):
Rob, thank you for taking my call. And thank you
for your wonderful show. Um, I am very familiar with, uh,
the charges for, uh, when you invest with Vanguard or
Fidelity Schwab. Or if you have somebody like Edelman or
Fisher Investments, uh, do your investing with you in terms
of their scales, but I never I haven't heard anything
(31:40):
about the Certified Kingdom advisors in terms of how how
do they charge? How do they get paid?
S1 (31:47):
Yeah, it's a great question, Kevin. And there really is
not one approach because remember, these these folks are not
employed by us. We're a not for profit here at
Faith Fine Kingdom Advisors. They're at Merrill Lynch and Edward
Jones and LPL and independent and UBS. I mean, they're
all over the industry. They just earn the designation by
(32:08):
meeting our high standards of training and character and competence
and pastor and client reference and all the other requirements
that really allows them to hold themselves out as being
a specialist and bringing biblically wise, professional financial advice. But
the way they charge is totally dependent upon them. And
so what you're going to get is a good cross-section
(32:29):
of just how financial advisors get paid. The most common
way these days, which would be true, I think, of
Fisher and, you know, other active money managers would be
an AUM fee assets under management, where the adviser charges
a yearly percentage, often around 1% of the assets under
management per year to manage the investments. And, you know,
(32:53):
that's the most common way. There's also commission based. So
that's usually a mix where they offer some financial products
that may generate a commission like an insurance product or
an annuity or even mutual funds. And then if they
do this, you know, the advisor would disclose upfront, you know,
(33:13):
the compensation. Others might provide a fee only advice. Let's
say they're just comprehensive financial planners and don't do any
investment management. You would often pay a fixed fee, either
hourly or flat, for advice and a financial plan, but
there's no commissions, um, you know, and no ongoing fees
there as well. So, you know, those are typically the
(33:36):
way advisors are going to be paid that are wealth managers,
where they're offering investment management and or financial planning. And
it's going to vary, which is why I think it's
important as you're interviewing any advisor. And this would include
a sikayet that you ask very clearly, how do you
get paid and let the advisor explain that? Does that
make sense?
S7 (33:56):
Absolutely. Thank you very much.
S6 (33:58):
All right.
S1 (33:59):
Thanks, Kevin. We appreciate your call today. By the way,
if you want to find a certified Kingdom advisor in
your area, just head to find a com. Uh. Chicago
is where we were. We're going to stay there and
talk to Paula. Go ahead.
S8 (34:13):
Hi. Uh, I have a question regarding Social Security. Um,
my husband passed away. His social security was less than mine,
but I wanted to wait until I was 70 to
get the full amount and try to work and get
more income to increase my Social Security payment. Um, I
was reading an article that says that if you took
your husband's Social Security, when you get ready to get yours,
(34:36):
it will not increase. So, um, I'll be 70 next year.
And if that's true, I don't know if I should
cancel his and take mine.
S1 (34:48):
Yes. Uh, yeah. So you're only your own retirement benefit.
Earns delayed credits up to age 70. So here's how
survivor's benefits work. Survivor's benefits max out at your full
retirement age, usually 66 or 67. So waiting past your
(35:09):
full retirement age does not increase the survivor benefit. Now
you can switch between survivor's benefits and your own retirement
benefit later if it helps maximize the total. This is
not available for spousal benefits where your spouse is living,
(35:30):
but for a survivor benefit, it is available. So a
common strategy is if your survivor benefit is larger than
your own, you can take your benefit early and then
switch to the full survivor benefit at your full retirement age.
If your own benefit will grow higher, then you can
take the survivor benefit first and then switch to your
(35:54):
own benefit at age 70, because your own benefit does
grow with delayed credits all the way up to age 70.
Does that make sense?
S8 (36:03):
Okay, it makes sense. But I don't know what the
870 is.
S1 (36:07):
Age 70. Age 70?
S6 (36:10):
Yeah, 70 years old.
S8 (36:12):
Okay, that's what I was doing. And then when I
read the article, I was like, what? I'm not going
to be able to.
S6 (36:18):
So have you started.
S1 (36:19):
Taking your own benefit?
S8 (36:22):
No, I'm taking his because his was much less than mine.
S6 (36:26):
Okay. So you're taking his his.
S1 (36:28):
Full survivor benefit, correct?
S8 (36:31):
Yes.
S6 (36:32):
Okay.
S1 (36:33):
And what is your age now?
S8 (36:36):
I'll be. I'm 69. I'll be 70 next year.
S6 (36:39):
Okay.
S8 (36:39):
At the end of the year.
S1 (36:41):
Okay, great. Yes. Uh, so you you should be able
to switch, uh, to your own benefit, uh, at age 70. Now,
are you? So you're you're pretty sure that yours will
be higher. Is that right?
S8 (36:54):
Yes.
S6 (36:55):
Okay.
S1 (36:56):
Yeah. So if you're 69 getting survivor's benefits, you can
you can switch to your own benefit at age 70.
And that's been not only was probably that higher to
begin with, but it's been getting delayed retirement credits all
the way up to age 70. And so, you know,
at that point, if you switch over to your own,
(37:17):
then you could take your larger benefit from that point forward.
S8 (37:21):
Okay. That's what I was that's what I was doing
until I read the article. I thought maybe, um, okay.
And so when should I apply for the my benefit? Because, um,
my birthday is at the end of the year, and
I want to make sure that I have all of
my income.
S6 (37:40):
Yeah. You just need to get you just need to
get past.
S1 (37:42):
Your 70th birthday.
S8 (37:45):
Okay. Second, apply for it after the 70th birthday.
S6 (37:48):
That's right. And then.
S8 (37:50):
Before.
S6 (37:50):
Okay. No.
S1 (37:51):
And then, uh, well, in terms of when to actually
alert them, um, you know, I would, uh, you could
call them and see, I'm not sure if there's any benefit.
I mean, the key is you want to you start
the benefits at 70 years, your birthday or or older.
Whether or not you can begin that process early, you
(38:12):
may want to reach out to them and ask that question.
That's a good question. I'm not sure.
S8 (38:16):
Yeah, I'd rather do it later. That's what I was saying,
just in case they get the full income. Because if
I applied for six months before, then I won't get
the six months worth of additional income.
S6 (38:30):
That's right, because it's actually.
S1 (38:32):
One 1/12 of 8% every month. And so you do
want to wait until you are at your 70th birthday.
But from that point forward, there's no reason to wait.
S8 (38:41):
Okay. Thank you so.
S6 (38:43):
Much. All right.
S1 (38:44):
Thanks for your call today. We appreciate it. Uh. Let's see,
Texas is where Daryl is located. Go ahead. Sir.
S9 (38:51):
Hey. Yes, sir. Thank you for taking my call. I've
got a question. So I started your on Social Security
at 62, and I just turned 65 and they started
taking Medicare out of my Social Security. But I have
VA care. And so when I called in the Social
Security Administration, they stated to me that they don't consider
(39:11):
VA a legitimate health care. And so they took the
money out anyway, which I don't understand. And I called
back and they keep telling me the same thing, which
doesn't make sense to me because millions of vets are
on VA health care.
S1 (39:28):
Yeah, yeah, it's a good question. So, uh, Medicare premiums, um,
they don't. So when you turn 65 and you're already
receiving Social Security, they, you're automatically enrolled in A and
B part A is free, B has the monthly premium
and they automatically deduct it unless the person opts out.
(39:49):
Now VA care does not replace Medicare. Uh, the VA
encourages veterans to keep part B because it's not guaranteed
in every situation. Um, and so, you know, it gives you, uh,
Medicare is going to give you the ability to receive
care outside of VA. But if you don't want Medicare
Part B, you can request to drop it. Uh, but again,
(40:14):
you know, it's it's generally not recommended from the VA
because if you change your mind later, you would face
late enrollment penalties for the rest of your life. Uh,
and you may have some gaps outside in your coverage
outside of VA. So you just need to to look
at that before you make that decision.
S9 (40:33):
Okay. So what exactly is part B?
S1 (40:37):
Uh, part B on Medicare. Yeah. That covers the doctor's
visits and outpatient medical care. So that's, uh, you know,
doctor visits, specialist visits, outpatient tests, MRIs and x rays,
some preventative care, you know, if you needed medical equipment, um,
you know, those kinds of things.
S9 (40:57):
Okay. Okay. Well, I appreciate you taking my call and
explaining that for me.
S1 (41:02):
Uh, absolutely. And listen, I'm grateful for your service to
our country, and we appreciate you being a part of
the program. Call anytime. Lord bless you. Uh, 800 525 7000.
Let's go to, uh, quickly to Eric in Chicago. Go ahead.
S10 (41:18):
How are you doing?
S1 (41:19):
Good. Thanks.
S10 (41:20):
Can you hear me?
S1 (41:21):
Yes, sir.
S10 (41:21):
Okay. Uh, my question was, uh, I'm just 60. So, uh,
it's when I turn 62 and I filed for my benefit, uh,
when I turned, when I turned 65 and 70 with it.
With it. An increase to that?
S1 (41:41):
Yeah, it's a good question. So if you take it
at 62, you're going to lock in a permanent reduction
because that's the earliest stage you can file. So your
benefit at 62 is going to be about 30% lower
than waiting to full retirement age, which is going to be,
at this point, age 70 for you. Uh, so you
just need to to be aware of that, that that's,
(42:02):
you know, ultimately what, uh, what you're going to be doing,
you know, so if your full retirement benefit, you know,
was was a thousand, uh, a month at 67, it's
only going to be 700 to 750. And that reduction
is permanent. So I would I would delay that as,
as long as you can because you may need that
extra money down the road. And uh, and you can't
(42:23):
reverse that, uh, that reduction. Eric, thanks for your call today. Well, folks,
that's going to do it for us. Big thanks to
my team today. Josh Taylor to here on Omar. Plus,
everybody here at Faith by Faith in finance Live is
a partnership between Moody Radio and Faith fi. Hey, Faith
Fi is not yet funded. Between now and the end
of the year, every gift is doubled. Just had to give.
(42:46):
We'll thank you in advance for that. We'll see you
next time. Bye bye.
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