April 13, 2023 • 37 mins
On this episode of Ask Suze & KT Anything, Suze answers questions about waiting to take Social Security, transferring from a ROTH to an annuity, inherited IRAs, RMDs and more!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
MUSIC (00:01):
MUSIC IN.
Suze (00:33):
April 13th, 2023. Welcome everybody to the Women and Money
podcast and everybody smart enough to listen. This is the...
KT (00:46):
KT and Suze anything any way, any way anyhow.
Suze (00:52):
Do you know why? She's a little bit off there?
Let me just tell you. So we sit down to
do this podcast and she's on her iphone.
KT (01:04):
Wait, I'm on my iphone. I'm going. Hm. Oh hm.
Suze said, what are you doing? I said nothing and
I said, are you ready? And she said, yeah, she said,
what are you doing? What's this? Hm. Hm. And I said,
I'm looking up radish recipes.
Suze (01:20):
So that's what we're doing right now. Just so, you know,
radish recipes.
KT (01:26):
I have an abundant of radishes from my garden and
I don't really eat radishes.
Suze (01:31):
So I'm figuring out well, if you don't eat radishes,
I don't eat radishes. Why did we grow radishes?
KT (01:37):
Because Barbara puts them on avocado toast and it's delicious...
Suze (01:40):
Tell everybody who Barbara is.
KT (01:42):
My sister, my little sister.
Suze (01:45):
So because she has a little sister, everybody that eats radishes,
the little sister that happens to live in Colorado. We
in our garden there on the island, grow radishes. And
with that KT... a few things I just want to
say before we begin. So one week from today, guess
(02:07):
what we're doing, you should see her face
KT (02:11):
A week from today, what are we doing?
Suze (02:13):
We are replaying the webinar that I did a few
weeks ago where over 66,000 people watched it for one
full hour. And so many of you have requested it
that in fact, we will be replaying it again on
April 20th.
(02:33):
All you have to do is go to Suze Orman
dot com slash webinar. Sign up there. It's free. It
will air at 6pm East coast time, 3pm on Pacific time.
And I'm sure there will be replays. I just want
to say to everybody. However, since I did that webinar,
(02:56):
especially with a few stocks, P X D being one
of them,
it has skyrocketed since then. So just if you watch it,
take into consideration the advice that I was giving two
weeks ago has not changed, but that it's, it's a
little bit different. It's been, it's got to be tweaked,
(03:17):
but I can't tweak it because it's not live anymore.
KT (03:20):
But it's packed with great information if you missed it,
make sure you watch it again. All right.
Suze (03:28):
Well KT, if thy missed it. How do they watch it again?
KT (03:32):
Make sure you watch it.
Suze (03:34):
There we go. Radishes and all girlfriend.
KT (03:37):
I have a stack of questions in front of me. So, Suze,
first question is from ET. Hello, Suze.
Suze (03:45):
Is it from outer space? No, just an E T.
KT (03:57):
Ok. Ready? Do we still have to prepare a will,
even though our assets are only the CDs at Alliant?
We rent an apartment. We both have a paid for car.
I have my own account and my beneficiary is my daughter.
He has four kids from a previous marriage. They're all adults.
(04:20):
Thank you very much for your help.
Suze (04:23):
So ET, here's the simple answer which is as long
as all your beneficiaries
are not minors, you can just leave that money to
them via a pay on death account. And it's that
simple and you don't need a will. However, you might
want to listen to one of my podcasts on why
(04:44):
you should absolutely still have the must have documents. KT,
next question.
KT (04:51):
Ok, Suze, next question from Kimberley. Hi, Suze. What are
your thoughts on a second to die
life insurance policy?
Suze (05:02):
KT, there is nothing funny about a second to die policy.
KT (05:05):
Does it means you die twice. I don't get this. Wait,
what are your thoughts on a second to die life
insurance policy as a means to fund a special needs trust.
Once the parents of an autistic child have died. I don't know what a second to die life insurance policy is.
Suze (05:24):
Should this be your quizzie?
KT (05:26):
No, just tell me what is it.
Suze (05:28):
All right. So KT and everybody else... a second to
die life insurance policy really is also known as a
survivorship policy. It's this kind of type of,
of life insurance policy that covers two people but pays
out at the death of only after both of you
have passed away. A lot of people get second to
(05:50):
die policies when they have a huge estate that's above
the estate tax limits. However,
it's also a great idea to do exactly what this
person asked about because the benefit of using a second
to die life insurance policy to fund a special needs trust,
(06:11):
is that it can provide a lump sum of money
to the trust after both parents have passed away. And
this can ensure to help that their child who has
special needs, will have financial support for the rest of
his or her life. Now,
the truth is you may be thinking KT, well, why
don't they just each get a separate life insurance policy?
(06:34):
Why do they both need to have one life insurance policy?
And it only pays when they both die? And the
answer to that is, it's more affordable than individual life
insurance policies for each parent. So, here's the bottom line.
If you have a child
that is on SSI, you can't not leave them money
(06:57):
outright or they'll be kicked off of SSI an d
it will be a mess. So you create a special needs,
trust for them and you fund it in whatever way
you can.
But if you don't have the money to fund it
and you need to still take care of that child
or children. This is a great way to do it,
if you happen to be married. KT did that make
(07:21):
sense to you?
KT (07:22):
It does make sense. Now, I understand what it actually means.
So this next question from Regina, I'm titling it "to
remodel or not." Did you like that to remodel or not?
Suze (07:37):
I heard that KT I didn't somehow think that it
was as funny as you think it is. She has
the biggest smile on her face. What do you find so
cute about...
KT (07:46):
To remodel or not? OK. Ready. That's a Shakespearean title. I
am 55 years old.
Suze (07:53):
Wait, wait, stop. What does that mean? How is that Shakespearean? I want you to explain.
KT (07:59):
To remodel or not.
Suze (08:00):
What is it? What does it come from to what
or what? You don't know? All right and why me everybody.
All right. It's one of those days it started with
those radishes. OK, go on!
KT (08:13):
OK. I am 55 years old. I'm a homeowner. I
have 32,000 left to pay on my home. My only
other debt is 11,000 on a credit card with zero interest,
which I pay $485 a month. I have a one
year emergency fund, 11,000 in additional bank account savings
(08:37):
that include the Alliant savings account. I have three Roth
accounts mutual funds. She goes on and on. So she's
got all in with her TSP Roths about 150,000 plus
a traditional IRA with about 300,000.
Suze (08:55):
But wait, wait, stop, seriously, for a second. This is
a woman who's 55 years of age, right? She still
owes $32,000 on her home.
She still has $11,000 of credit card debt, which means
she still spends more than she should be even though
she has about, would you say four or $500,000 in
(09:20):
savings altogether? All right. Go on.
KT (09:23):
I would like to know. Well, first let me finish this,
the remodel is estimated to cost 15 to $20,000. I
would like to know if I should use the funds
from one of these accounts or apply for a HELOC.
So she said, Suze, I eagerly await your answer.
Suze (09:50):
So to remodel or not, whatever that means Shakespeare, right? But here's the thing, my dear Regina in this
type of an interest rate environment. The last thing you
would ever want to do is a home equity line
of credit. You have money in an account, especially Roth accounts.
And if I were you,
if you were going to remodel, I would do it
(10:10):
that way versus a home equity line of credit. However,
this is not the time that I would be remodeling.
So I would not be doing it. Why? Because inflation
is still here. Labor is still high. You still have
materials that are high. KT and I can tell you,
we just did a little remodel as well.
(10:31):
did we not, KT on a condo in Florida? And X turned
into three X. It never fails. So it's not that
all it's gonna cost you is 15 to 20,000 because
you said it's an estimated cost. By the time it's done,
it will be 40 or $50,000 and you still have
$11,000 of credit card debt. Once you have paid off
(10:54):
all your credit card debt,
um maybe we can consider if you should do what KT?
KT (11:01):
Remodel or not. There you go. Hi, Suze. I know
that you recommend we all wait to take social security
income at the max rate at age 70. This made
sense to me. However, now I'm reading that you have
to pay taxes on income over 25,000.
(11:21):
I'm sure you've considered this in your advice. But can
you explain why or how it's still beneficial to wait
till 70 to get the extra benefits.
Suze (11:33):
Is that a quizzie?
KT (11:35):
No.
Suze (11:36):
All right. So listen to me Vicky. Go back in
time in terms of one of the podcasts that I
did about social security and taxation. The truth of the
matter is if you make over a specific sum of money,
depending if you happen to be single or married or whatever,
you will owe taxes on a percentage of your social security.
(11:59):
The maximum percentage that you will ever owe taxes on
is usually 85%.
Therefore, it doesn't matter. I rather see you do what?
Get more money later on in life. A whole lot
more money. Not just a little bit, you would get
almost 76% more if you took it at 70 than
(12:22):
if you did at 62. That is a lot of money,
Vicky and all the taxes in the world. If you
are not in a high tax bracket,
it's not gonna matter to you. So just wait till 70. (Sigh)
KT (12:37):
Next question from Alana. Are you exhausted? We're not even
like a quarter through my list of questions...
Suze (12:45):
It's not that I'm exhausted. It's I'll tell you what
I am.
KT (12:49):
Tell me what you are. What are you?
Suze (12:51):
I've been reading so many emails because KT you know,
I go through the emails and as well as the
questions that many of you are asking on the Women
and Money Community app, which by the way you could
download for free by going to Apple Apps or Google Play,
search for women and Money and there's a fabulous community there.
(13:13):
But some of you are getting the worst information I
have ever read or heard in my life. It makes
me so concerned, so concerned because I am concerned about you.
You know, I just have to say this, I'll never
forget because it was just this month really,
(13:35):
you know, back in 2015, believe it or not, eight
years ago that I signed off on the Suze Orman
show and I'll never forget, at the very end, I
wanted to cry. I didn't want to cry because I
was signing off because it was my choice to end it.
(13:55):
I wanted to cry because I was like, and I
said this, who's gonna take care of all of you?
Where are you going to get correct information so that
you get the most out of your money? And then
when I hear things like that,
I know that it's not Vicky or whatever. It's somebody
(14:16):
told her that and now she's afraid and maybe would
have chosen to make a serious mistake by collecting social
security earlier. That's why you see me like that.
KT (14:28):
It's frustrating.
Suze (14:30):
No... it's more than frustrating. It makes me so sad.
KT (14:33):
Well, then you better keep doing this podcast.
Suze (14:36):
I guess so and you better doing it with me as long
as you're not too busy harvesting radishes. And looking up
recipes so that Barbara who doesn't even live here can
eat that. All right.
KT (14:55):
This is from Alana. Good morning, I'm interested in your thoughts of transferring $438,000 from a
Roth IRA to a market index annuity.
I'm 55. 10 year commitment promises 14% on the first year.
Then each year after I would get 50% of the
(15:16):
average of the stock market. I didn't, I didn't know
that that's how they work. Or at least this one works.
Suze (15:23):
You didn't listen last Sunday podcast, did you?
KT (15:27):
No, I didn't.
Suze (15:28):
And that's because you had a house full of your
loved ones there. But this is exactly what that was about.
You need to listen seriously to last Sunday's podcast. You
are not to do this. You are not to do this.
I don't care if your money was in a traditional
IRA and you were thinking about doing it into a
(15:48):
Roth IRA. That would be the biggest mistake of your
life because all 438,000 would be taxable to you if
it's in a Roth IRA because I never know for
sure if you have all of you have your terminology correct.
You are not to do this as well because there
are fees in, an indexed annuity. 14% who pays you 14%?
(16:14):
Some company that is suckering you in so that they
entice you. But yet you have to make a 10
year commitment till you are. 65 years of age.
Are you kidding me? You are just a few years
away from being able to take any money you want.
If it's in a Roth IRA, out without taxes or penalties,
(16:35):
you have the ability to do what, leave it to
your beneficiaries upon your death without any taxes or penalties.
All because 14% for the first year and after that,
you would get only 50% of the average stock market.
So if the market went up 10% you would get
only 5% of that?
(16:56):
You're never going to make your money back. You are
not to do it. This is one of the worst
market index annuities I've ever even heard of. Don't do it.
KT (17:06):
So Judy says, Suze, I read that I should get
out of I Bonds now, please tell me how this
is done. How do I cash them in? I need
specifics, please also, should I wait for three months? Meaning
July to do it or now I bought them last April, please, Suze,
(17:28):
I need your help now.
Suze (17:30):
Judy, I am begging you to listen to me. I
don't know where you read that you should get out
of I bonds now. But wherever you read that, can
you do me a favor
if it's an email or a text, block them from you,
if it was a newspaper article or a magazine, never
(17:51):
read that publication again. That is
100% incorrect advice, especially because you bought them last April,
you're gonna leave your money right there. Do you hear me?
Why do you want to get out? Remember your money
(18:12):
is compounding. It's still compounding at a nice rate. When
everything again is issued come, this May
probably it'll be about three, three and a half percent right around there. We'll see
what happens, but all your money then will be making
still a great average interest rate and you're just gonna
(18:33):
wait and listen till I tell you on this podcast
that you should get out of I bonds. But you
are not repeat with me, my dear Judy.
You are not going to take money out of I
bonds right now. If you want to make one of
the biggest mistakes of your life because you bought Last
April very different if you might be buying in the future.
(18:56):
But because you bought last April when rates were so great.
Oh my God. Right. Then if you wanted to get
money out, all you do is you contact Treasury direct
dot gov
and you redeem your I bond there, goes directly into
your bank account, whatever amount of money that you wanted
(19:18):
to redeem and you will owe a three month interest
penalty on it along with ordinary income taxes on the interest.
So just do me a favor, stop reading
whatever it was you were reading and just continue to
listen to the Women and Money podcast.
KT (19:41):
Next question says, hello, Suze and KT.
Suze (19:45):
And by the way, everybody so sorry to interrupt you,
my love. Right? But this Sunday, I will be doing
a podcast on if I think you should be buying
I bonds for this auction coming up in May or not.
And my philosophy of why I think what I'm thinking.
(20:07):
All right, KT.
KT (20:09):
Ok. Next question, Suze and KT. My father's retired and
has about $20,000 in an IRA. He does not have
a 401k. So he will turn 73 next year. What
happens if he does not take RMD? What is a penalty?
And how will he pay that penalty? Will he have
(20:31):
to send a check to the IRS?
Suze (20:38):
So here's the thing when they say RMD, that stands for required minimum distribution and when they say required,
it means it is required and you're lucky because in
2023 the law changed
and the penalty for not taking the required minimum distribution
(21:00):
in the year that you need to take it, has
been reduced from 50 five oh percent to 25%.
However, that penalty can be further reduced to 10% if
it's fixed during what they call the correction window. And
the correction window begins on the date that the tax
(21:22):
is imposed. So that's what you need to know. So
it's either the earliest or when you will receive a
notice of deficiency mailed to your father
And the tax is assessed by the IRS or the
last day of the second tax year after the tax
(21:43):
is imposed. That is the official ruling of how it works.
But what you need to know really is that you
need to make sure that he pays it. Because why
do you want to be penalized? You're not going to
get around it.
So you will go and if you don't know how
(22:05):
to figure it out, go to see a tax person
or whatever, it's not gonna be that much money because
there's only $20,000 in there. So, you know, maybe he'll
have to take out $2000 or whatever it may be,
but just make sure that he does it.
KT (22:24):
Ok. Next question is from Andy, hey, Suze and KT,
love you both so much.
My dad had a trust and he put everything in it,
this backfired on us because his IRA was left to
the trust. So we are being told we can't get
inherited IRAs and now have to pay taxes on the
(22:47):
money distributed by the end of five years. Should I
just name beneficiaries on my retirement accounts and CDs?
Suze (22:59):
The answer to that is no. Listen again, you can search on the Women and Money app
for past podcasts. I did a whole podcast on Inherited
IRAs and the new laws and why you absolutely, if
you have the correct
kind of trust can leave the trust as the beneficiary
and not have to take it out in just five years.
(23:22):
So all of you should know this
to be considered valid and legal under state law,
which typically means that you created the trust document, it's
been witnessed and it's been notarized which all of you know,
you need to do.
The trust must be irrevocable upon the plan owner's death.
(23:45):
That's number one, meaning that the listed beneficiaries, the people
who are gonna get the money that they can be
changed up to the point where the IRA owner passes away,
but not after that.
All beneficiaries must be easily identified and eligible and legally named.
(24:06):
That's what's called a see through trust.
That when you look at the trust, the document, you
can see right through it, so to speak as to who...
who is going to get this money. It's really just
that simple. So obviously,
your father did not have the right kind of trust. Therefore,
(24:31):
they're making all of you take the money at the
end of five years versus at the end of 10 years.
I just also want to say that if your father
died
at a time when he was old enough to have
to take required minimum distributions, since we just had this
question here, right? When you have a see through trust
(24:56):
that has many beneficiaries, let's say it's you and your
family members whatever
then rather than all of you having to do the
same thing. A lot of times what happens when it's
in a see-through trust, which is normally just a good
trust that's set up correctly. They're going to split all
the inherited IRA separately so that you each have your
(25:21):
own just so, you know, so do not be afraid
to have a trust as a beneficiary. However,
I will still tell you if you are married, your
primary beneficiary of any retirement account should be your spouse,
secondary beneficiary should be the living revocable trust. Because a
(25:45):
spouse has certain benefits that nobody else has. But again,
that's all in a past podcast for you,
KT (25:54):
Suze, next question from Jan. Hi, Suze. I've been listening
to your podcast regularly and my question during the Annuities podcast,
I heard money placed in an ETF or index market
fund withdrawn would be taxable as capital gain. Is there
a first in and last out rule that applies to this?
Suze (26:18):
So I don't know what annuity podcast you were listening
to Jan. But I never ever said that. What did
I say? Any money that's in a variable annuity or
an indexed annuity when you go to take money out
will be taxed to you as ordinary income. What I
(26:40):
said to you is it makes no sense to own
a variable annuity within a retirement account.
None whatsoever. Number one, but it makes no sense as
well to own a variable annuity outside of a retirement account.
Because if you bought those exact same mutual funds outside
(27:01):
of a retirement account or an exchange traded fund, outside
of a retirement account, you pay capital gains tax on
it once you've owned it for over one year if
you go to sell.
But if it's in an annuity outside of a retirement account,
when you go to withdraw money, it is always ordinary
(27:23):
income and it is not first in last out, it's
last in first out. So it's always interest my love.
It is never your principle coming out.
KT (27:38):
That's good.
Suze (27:39):
You know, there was a time I think in August
of '82 they may have changed it. It used to
be right first in first out. So I was selling
in the eighties, so many people into annuities at 14%.
So we could lock in 14% and they could take
(28:00):
out the 10% a year. But the 10% came in
from their principle because it was the first in first out.
So it was tax free.
And for 10 years, we took out money, tax free
and then the rest was all taxable. But oh, it
was the best thing until they got rid of them.
There were there so many great ways to make money
(28:21):
back then.
KT (28:21):
So this is an interesting question from Rob, dear Suze
and KT. I love your show. We love that. You
love the show, Rob.
You have told us that Treasury bills, notes and bonds
are backed by the full faith and credit of the
US government, when we buy them at treasury direct dot gov.
Suze (28:40):
I did not say that.
KT (28:42):
Well, wait, what about when I buy them through a
discount brokerage? Do I have to be mindful of SIPC limits?
Say at Fidelity?
Suze (28:51):
Now stop, stop. I don't want... I want to stop here, really.
Let me stop it here because I didn't say that Rob,
what I said was no matter where you buy a treasury,
it does not have to be from Treasury direct dot gov.
In fact, Treasury Direct dot gov is a real pain,
if you ask me to buy anything, you have to
buy series I bonds there because they're not sold anywhere else,
(29:15):
but I would not be buying treasury bill bonds or
notes from them because
again, they are just archaic. So the truth of the
matter is, all you have to know is all treasuries,
no matter where you buy them are backed by the
full faith and authority of the United States government. SIPC is
about what it's about if the brokerage firm that you
(29:37):
are with happens to go under, but you're gonna be
fine no matter what if you're in individual treasury
and KT and I can tell you we have a
serious sum of money at a brokerage firm. Many brokerage
firms actually that um we have individual treasuries far above
(29:58):
any SIPC insurance or anything like that. All right.
KT (30:02):
Suze, it's quizzie time!
Suze (30:05):
This is a really, really easy quizzie.
KT (30:09):
Ok, I'm ready. Is everyone else ready?
Suze (30:12):
Right. So this is where I ask all of you
a question. You need to think about it and answer
it because this is how we educate you to make
sure that you are listening to what I am trying
to teach you. So answer a question as if you
were me.
Hi, Suze and KT, love your podcast. I have a
(30:35):
Roth Ira at Vanguard. I would like to open a
new Roth IRA at Alliant Credit Union. Would my new
Roth at Alliant
have a new five year wait period to withdraw earnings. Also,
I assume I could have Vanguard, transfer some funds to
(30:56):
my new Roth IRA at Allilant, correct? So the real
question here, everybody is as you know, when it comes
to a Roth IRA,
you can withdraw any money that you originally put in
at any time without taxes or penalties, regardless of your age.
(31:18):
The money that, that money earns however, has to be
in there for at least five years and until you
are 59 a half years of age
for you to withdraw the earnings of that money tax free.
When you start a Roth IRA, whether it's with a dollar,
(31:42):
$10 whatever it may be, the five year clock starts,
this person, Susan, wants to know if she opens up now,
a new Roth IRA with Alliant, because obviously she wants to buy certificates of deposits. There will the five year clock start all over again?
KT (32:05):
Yes.
Suze (32:05):
Wait, you have to wait and think about it.
KT (32:08):
I did think about it.
Suze (32:09):
You're positive you thought about it?
KT (32:11):
Yeah. I mean, every time you open a new account,
if the clock gets reset.
Suze (32:17):
(Suze makes the buzzer sound) No, you are so wrong, so wrong. It's not even funny. Right.
Every time you convert from a traditional to a Roth,
that five year clock starts all over again. When you
are putting in money in a contributory Roth,
which is what this is. She's gonna open up a
(32:38):
new Roth at Alliant. She has one at Vanguard. She could
open up another one at Fidelity. It will all be
based on the very first Roth she ever opened up.
So the five year
clock started my dear Susan when you opened up the
Roth IRA at Vanguard.
KT (32:59):
Oh, I get it. But what if she takes money
from Vanguard and puts it into...
Suze (33:06):
She can do that? It has no effect.
It doesn't stop. There is no way you can manipulate
this int you being ok.
KT (33:14):
I'm listening. I thought for sure that that clock gets reset.
Suze (33:17):
And that's what I'm talking about everybody.
KT (33:20):
That's what she's talking. You should know this.
Suze (33:23):
No, that's not that you should or you shouldn't. There's,
that's not it.
There is information out there that KT would have honest
to God believed that she was right.
And then her sister would have asked her a question
and she would have said no, Lynn clocks gonna get reset,
the clock is gonna get reset. So, misinformation is passed
(33:46):
from one person to another person under the guise of
absolute correct inference. She anyway, but since we mentioned
Alliant and Roth IRAs, I wanted Alliant and all of
you may know this to create a retirement account, whether
(34:07):
it's a Roth or a traditional IRA where all you
could buy within them were certificates of deposits because I
didn't want you to be vulnerable to financial
people saying, oh, buy this, buy that. So if you
want safe money, they have fabulous interest rates going on
(34:28):
right now and you might wanna look, believe it or
not at their three and five year certificate of deposits
because I may be changing my theory from going really
short term
because interest rates are going up. I'm not sure treasuries
are gonna go a whole lot higher anymore. A lot
(34:51):
has changed after Silicon Valley Bank went belly up. So
if you're going to open up a Roth or a
traditional with Alliant Credit Union, then you would go to
My Alliant dot com
and check it out right there, if it's a retirement account.
If you're just interested, by the way in there, really
(35:13):
great interest rates for certificates to deposit outside of a
retirement account, just go to My Alliant A L L
I A N T dot com slash ultimate.
And that's how it works. And I have to tell you,
their three and five year certificates of deposit are a
(35:35):
good point point and a half, more than a three
and five year treasury, Everybody. So you might just want
to take advantage of that.
All right, KT.
KT (35:47):
That's a wrap, Suze.
Suze (35:48):
It's a wrap. So everybody until Sunday, when we are
going to do a Suze School, let me say that
again when I'm going to be doing a Suze School
on what I think about I bonds interest rates, things
like that also um Pioneer because as many of you know,
(36:09):
it's skyrocketed. Exxon is gonna think about buying it. I
have many comments for all of you. So
until then, however, there's only one thing that both KT
and I want you to say every single day, say
it KT:
KT (36:26):
Today, Wherever I go, I will create a peaceful, joyful
and loving world.
Suze (36:35):
That's my girl. And if you do that, we promise
you you will be unstoppable. Bye bye now.
MUSIC (36:45):
Music Out.
MUSIC IN.
Suze (00:33):
April 13th, 2023. Welcome everybody to the Women and Money
podcast and everybody smart enough to listen. This is the...
KT (00:46):
KT and Suze anything any way, any way anyhow.
Suze (00:52):
Do you know why? She's a little bit off there?
Let me just tell you. So we sit down to
do this podcast and she's on her iphone.
KT (01:04):
Wait, I'm on my iphone. I'm going. Hm. Oh hm.
Suze said, what are you doing? I said nothing and
I said, are you ready? And she said, yeah, she said,
what are you doing? What's this? Hm. Hm. And I said,
I'm looking up radish recipes.
Suze (01:20):
So that's what we're doing right now. Just so, you know,
radish recipes.
KT (01:26):
I have an abundant of radishes from my garden and
I don't really eat radishes.
Suze (01:31):
So I'm figuring out well, if you don't eat radishes,
I don't eat radishes. Why did we grow radishes?
KT (01:37):
Because Barbara puts them on avocado toast and it's delicious...
Suze (01:40):
Tell everybody who Barbara is.
KT (01:42):
My sister, my little sister.
Suze (01:45):
So because she has a little sister, everybody that eats radishes,
the little sister that happens to live in Colorado. We
in our garden there on the island, grow radishes. And
with that KT... a few things I just want to
say before we begin. So one week from today, guess
(02:07):
what we're doing, you should see her face
KT (02:11):
A week from today, what are we doing?
Suze (02:13):
We are replaying the webinar that I did a few
weeks ago where over 66,000 people watched it for one
full hour. And so many of you have requested it
that in fact, we will be replaying it again on
April 20th.
(02:33):
All you have to do is go to Suze Orman
dot com slash webinar. Sign up there. It's free. It
will air at 6pm East coast time, 3pm on Pacific time.
And I'm sure there will be replays. I just want
to say to everybody. However, since I did that webinar,
(02:56):
especially with a few stocks, P X D being one
of them,
it has skyrocketed since then. So just if you watch it,
take into consideration the advice that I was giving two
weeks ago has not changed, but that it's, it's a
little bit different. It's been, it's got to be tweaked,
(03:17):
but I can't tweak it because it's not live anymore.
KT (03:20):
But it's packed with great information if you missed it,
make sure you watch it again. All right.
Suze (03:28):
Well KT, if thy missed it. How do they watch it again?
KT (03:32):
Make sure you watch it.
Suze (03:34):
There we go. Radishes and all girlfriend.
KT (03:37):
I have a stack of questions in front of me. So, Suze,
first question is from ET. Hello, Suze.
Suze (03:45):
Is it from outer space? No, just an E T.
KT (03:57):
Ok. Ready? Do we still have to prepare a will,
even though our assets are only the CDs at Alliant?
We rent an apartment. We both have a paid for car.
I have my own account and my beneficiary is my daughter.
He has four kids from a previous marriage. They're all adults.
(04:20):
Thank you very much for your help.
Suze (04:23):
So ET, here's the simple answer which is as long
as all your beneficiaries
are not minors, you can just leave that money to
them via a pay on death account. And it's that
simple and you don't need a will. However, you might
want to listen to one of my podcasts on why
(04:44):
you should absolutely still have the must have documents. KT,
next question.
KT (04:51):
Ok, Suze, next question from Kimberley. Hi, Suze. What are
your thoughts on a second to die
life insurance policy?
Suze (05:02):
KT, there is nothing funny about a second to die policy.
KT (05:05):
Does it means you die twice. I don't get this. Wait,
what are your thoughts on a second to die life
insurance policy as a means to fund a special needs trust.
Once the parents of an autistic child have died. I don't know what a second to die life insurance policy is.
Suze (05:24):
Should this be your quizzie?
KT (05:26):
No, just tell me what is it.
Suze (05:28):
All right. So KT and everybody else... a second to
die life insurance policy really is also known as a
survivorship policy. It's this kind of type of,
of life insurance policy that covers two people but pays
out at the death of only after both of you
have passed away. A lot of people get second to
(05:50):
die policies when they have a huge estate that's above
the estate tax limits. However,
it's also a great idea to do exactly what this
person asked about because the benefit of using a second
to die life insurance policy to fund a special needs trust,
(06:11):
is that it can provide a lump sum of money
to the trust after both parents have passed away. And
this can ensure to help that their child who has
special needs, will have financial support for the rest of
his or her life. Now,
the truth is you may be thinking KT, well, why
don't they just each get a separate life insurance policy?
(06:34):
Why do they both need to have one life insurance policy?
And it only pays when they both die? And the
answer to that is, it's more affordable than individual life
insurance policies for each parent. So, here's the bottom line.
If you have a child
that is on SSI, you can't not leave them money
(06:57):
outright or they'll be kicked off of SSI an d
it will be a mess. So you create a special needs,
trust for them and you fund it in whatever way
you can.
But if you don't have the money to fund it
and you need to still take care of that child
or children. This is a great way to do it,
if you happen to be married. KT did that make
(07:21):
sense to you?
KT (07:22):
It does make sense. Now, I understand what it actually means.
So this next question from Regina, I'm titling it "to
remodel or not." Did you like that to remodel or not?
Suze (07:37):
I heard that KT I didn't somehow think that it
was as funny as you think it is. She has
the biggest smile on her face. What do you find so
cute about...
KT (07:46):
To remodel or not? OK. Ready. That's a Shakespearean title. I
am 55 years old.
Suze (07:53):
Wait, wait, stop. What does that mean? How is that Shakespearean? I want you to explain.
KT (07:59):
To remodel or not.
Suze (08:00):
What is it? What does it come from to what
or what? You don't know? All right and why me everybody.
All right. It's one of those days it started with
those radishes. OK, go on!
KT (08:13):
OK. I am 55 years old. I'm a homeowner. I
have 32,000 left to pay on my home. My only
other debt is 11,000 on a credit card with zero interest,
which I pay $485 a month. I have a one
year emergency fund, 11,000 in additional bank account savings
(08:37):
that include the Alliant savings account. I have three Roth
accounts mutual funds. She goes on and on. So she's
got all in with her TSP Roths about 150,000 plus
a traditional IRA with about 300,000.
Suze (08:55):
But wait, wait, stop, seriously, for a second. This is
a woman who's 55 years of age, right? She still
owes $32,000 on her home.
She still has $11,000 of credit card debt, which means
she still spends more than she should be even though
she has about, would you say four or $500,000 in
(09:20):
savings altogether? All right. Go on.
KT (09:23):
I would like to know. Well, first let me finish this,
the remodel is estimated to cost 15 to $20,000. I
would like to know if I should use the funds
from one of these accounts or apply for a HELOC.
So she said, Suze, I eagerly await your answer.
Suze (09:50):
So to remodel or not, whatever that means Shakespeare, right? But here's the thing, my dear Regina in this
type of an interest rate environment. The last thing you
would ever want to do is a home equity line
of credit. You have money in an account, especially Roth accounts.
And if I were you,
if you were going to remodel, I would do it
(10:10):
that way versus a home equity line of credit. However,
this is not the time that I would be remodeling.
So I would not be doing it. Why? Because inflation
is still here. Labor is still high. You still have
materials that are high. KT and I can tell you,
we just did a little remodel as well.
(10:31):
did we not, KT on a condo in Florida? And X turned
into three X. It never fails. So it's not that
all it's gonna cost you is 15 to 20,000 because
you said it's an estimated cost. By the time it's done,
it will be 40 or $50,000 and you still have
$11,000 of credit card debt. Once you have paid off
(10:54):
all your credit card debt,
um maybe we can consider if you should do what KT?
KT (11:01):
Remodel or not. There you go. Hi, Suze. I know
that you recommend we all wait to take social security
income at the max rate at age 70. This made
sense to me. However, now I'm reading that you have
to pay taxes on income over 25,000.
(11:21):
I'm sure you've considered this in your advice. But can
you explain why or how it's still beneficial to wait
till 70 to get the extra benefits.
Suze (11:33):
Is that a quizzie?
KT (11:35):
No.
Suze (11:36):
All right. So listen to me Vicky. Go back in
time in terms of one of the podcasts that I
did about social security and taxation. The truth of the
matter is if you make over a specific sum of money,
depending if you happen to be single or married or whatever,
you will owe taxes on a percentage of your social security.
(11:59):
The maximum percentage that you will ever owe taxes on
is usually 85%.
Therefore, it doesn't matter. I rather see you do what?
Get more money later on in life. A whole lot
more money. Not just a little bit, you would get
almost 76% more if you took it at 70 than
(12:22):
if you did at 62. That is a lot of money,
Vicky and all the taxes in the world. If you
are not in a high tax bracket,
it's not gonna matter to you. So just wait till 70. (Sigh)
KT (12:37):
Next question from Alana. Are you exhausted? We're not even
like a quarter through my list of questions...
Suze (12:45):
It's not that I'm exhausted. It's I'll tell you what
I am.
KT (12:49):
Tell me what you are. What are you?
Suze (12:51):
I've been reading so many emails because KT you know,
I go through the emails and as well as the
questions that many of you are asking on the Women
and Money Community app, which by the way you could
download for free by going to Apple Apps or Google Play,
search for women and Money and there's a fabulous community there.
(13:13):
But some of you are getting the worst information I
have ever read or heard in my life. It makes
me so concerned, so concerned because I am concerned about you.
You know, I just have to say this, I'll never
forget because it was just this month really,
(13:35):
you know, back in 2015, believe it or not, eight
years ago that I signed off on the Suze Orman
show and I'll never forget, at the very end, I
wanted to cry. I didn't want to cry because I
was signing off because it was my choice to end it.
(13:55):
I wanted to cry because I was like, and I
said this, who's gonna take care of all of you?
Where are you going to get correct information so that
you get the most out of your money? And then
when I hear things like that,
I know that it's not Vicky or whatever. It's somebody
(14:16):
told her that and now she's afraid and maybe would
have chosen to make a serious mistake by collecting social
security earlier. That's why you see me like that.
KT (14:28):
It's frustrating.
Suze (14:30):
No... it's more than frustrating. It makes me so sad.
KT (14:33):
Well, then you better keep doing this podcast.
Suze (14:36):
I guess so and you better doing it with me as long
as you're not too busy harvesting radishes. And looking up
recipes so that Barbara who doesn't even live here can
eat that. All right.
KT (14:55):
This is from Alana. Good morning, I'm interested in your thoughts of transferring $438,000 from a
Roth IRA to a market index annuity.
I'm 55. 10 year commitment promises 14% on the first year.
Then each year after I would get 50% of the
(15:16):
average of the stock market. I didn't, I didn't know
that that's how they work. Or at least this one works.
Suze (15:23):
You didn't listen last Sunday podcast, did you?
KT (15:27):
No, I didn't.
Suze (15:28):
And that's because you had a house full of your
loved ones there. But this is exactly what that was about.
You need to listen seriously to last Sunday's podcast. You
are not to do this. You are not to do this.
I don't care if your money was in a traditional
IRA and you were thinking about doing it into a
(15:48):
Roth IRA. That would be the biggest mistake of your
life because all 438,000 would be taxable to you if
it's in a Roth IRA because I never know for
sure if you have all of you have your terminology correct.
You are not to do this as well because there
are fees in, an indexed annuity. 14% who pays you 14%?
(16:14):
Some company that is suckering you in so that they
entice you. But yet you have to make a 10
year commitment till you are. 65 years of age.
Are you kidding me? You are just a few years
away from being able to take any money you want.
If it's in a Roth IRA, out without taxes or penalties,
(16:35):
you have the ability to do what, leave it to
your beneficiaries upon your death without any taxes or penalties.
All because 14% for the first year and after that,
you would get only 50% of the average stock market.
So if the market went up 10% you would get
only 5% of that?
(16:56):
You're never going to make your money back. You are
not to do it. This is one of the worst
market index annuities I've ever even heard of. Don't do it.
KT (17:06):
So Judy says, Suze, I read that I should get
out of I Bonds now, please tell me how this
is done. How do I cash them in? I need
specifics, please also, should I wait for three months? Meaning
July to do it or now I bought them last April, please, Suze,
(17:28):
I need your help now.
Suze (17:30):
Judy, I am begging you to listen to me. I
don't know where you read that you should get out
of I bonds now. But wherever you read that, can
you do me a favor
if it's an email or a text, block them from you,
if it was a newspaper article or a magazine, never
(17:51):
read that publication again. That is
100% incorrect advice, especially because you bought them last April,
you're gonna leave your money right there. Do you hear me?
Why do you want to get out? Remember your money
(18:12):
is compounding. It's still compounding at a nice rate. When
everything again is issued come, this May
probably it'll be about three, three and a half percent right around there. We'll see
what happens, but all your money then will be making
still a great average interest rate and you're just gonna
(18:33):
wait and listen till I tell you on this podcast
that you should get out of I bonds. But you
are not repeat with me, my dear Judy.
You are not going to take money out of I
bonds right now. If you want to make one of
the biggest mistakes of your life because you bought Last
April very different if you might be buying in the future.
(18:56):
But because you bought last April when rates were so great.
Oh my God. Right. Then if you wanted to get
money out, all you do is you contact Treasury direct
dot gov
and you redeem your I bond there, goes directly into
your bank account, whatever amount of money that you wanted
(19:18):
to redeem and you will owe a three month interest
penalty on it along with ordinary income taxes on the interest.
So just do me a favor, stop reading
whatever it was you were reading and just continue to
listen to the Women and Money podcast.
KT (19:41):
Next question says, hello, Suze and KT.
Suze (19:45):
And by the way, everybody so sorry to interrupt you,
my love. Right? But this Sunday, I will be doing
a podcast on if I think you should be buying
I bonds for this auction coming up in May or not.
And my philosophy of why I think what I'm thinking.
(20:07):
All right, KT.
KT (20:09):
Ok. Next question, Suze and KT. My father's retired and
has about $20,000 in an IRA. He does not have
a 401k. So he will turn 73 next year. What
happens if he does not take RMD? What is a penalty?
And how will he pay that penalty? Will he have
(20:31):
to send a check to the IRS?
Suze (20:38):
So here's the thing when they say RMD, that stands for required minimum distribution and when they say required,
it means it is required and you're lucky because in
2023 the law changed
and the penalty for not taking the required minimum distribution
(21:00):
in the year that you need to take it, has
been reduced from 50 five oh percent to 25%.
However, that penalty can be further reduced to 10% if
it's fixed during what they call the correction window. And
the correction window begins on the date that the tax
(21:22):
is imposed. So that's what you need to know. So
it's either the earliest or when you will receive a
notice of deficiency mailed to your father
And the tax is assessed by the IRS or the
last day of the second tax year after the tax
(21:43):
is imposed. That is the official ruling of how it works.
But what you need to know really is that you
need to make sure that he pays it. Because why
do you want to be penalized? You're not going to
get around it.
So you will go and if you don't know how
(22:05):
to figure it out, go to see a tax person
or whatever, it's not gonna be that much money because
there's only $20,000 in there. So, you know, maybe he'll
have to take out $2000 or whatever it may be,
but just make sure that he does it.
KT (22:24):
Ok. Next question is from Andy, hey, Suze and KT,
love you both so much.
My dad had a trust and he put everything in it,
this backfired on us because his IRA was left to
the trust. So we are being told we can't get
inherited IRAs and now have to pay taxes on the
(22:47):
money distributed by the end of five years. Should I
just name beneficiaries on my retirement accounts and CDs?
Suze (22:59):
The answer to that is no. Listen again, you can search on the Women and Money app
for past podcasts. I did a whole podcast on Inherited
IRAs and the new laws and why you absolutely, if
you have the correct
kind of trust can leave the trust as the beneficiary
and not have to take it out in just five years.
(23:22):
So all of you should know this
to be considered valid and legal under state law,
which typically means that you created the trust document, it's
been witnessed and it's been notarized which all of you know,
you need to do.
The trust must be irrevocable upon the plan owner's death.
(23:45):
That's number one, meaning that the listed beneficiaries, the people
who are gonna get the money that they can be
changed up to the point where the IRA owner passes away,
but not after that.
All beneficiaries must be easily identified and eligible and legally named.
(24:06):
That's what's called a see through trust.
That when you look at the trust, the document, you
can see right through it, so to speak as to who...
who is going to get this money. It's really just
that simple. So obviously,
your father did not have the right kind of trust. Therefore,
(24:31):
they're making all of you take the money at the
end of five years versus at the end of 10 years.
I just also want to say that if your father
died
at a time when he was old enough to have
to take required minimum distributions, since we just had this
question here, right? When you have a see through trust
(24:56):
that has many beneficiaries, let's say it's you and your
family members whatever
then rather than all of you having to do the
same thing. A lot of times what happens when it's
in a see-through trust, which is normally just a good
trust that's set up correctly. They're going to split all
the inherited IRA separately so that you each have your
(25:21):
own just so, you know, so do not be afraid
to have a trust as a beneficiary. However,
I will still tell you if you are married, your
primary beneficiary of any retirement account should be your spouse,
secondary beneficiary should be the living revocable trust. Because a
(25:45):
spouse has certain benefits that nobody else has. But again,
that's all in a past podcast for you,
KT (25:54):
Suze, next question from Jan. Hi, Suze. I've been listening
to your podcast regularly and my question during the Annuities podcast,
I heard money placed in an ETF or index market
fund withdrawn would be taxable as capital gain. Is there
a first in and last out rule that applies to this?
Suze (26:18):
So I don't know what annuity podcast you were listening
to Jan. But I never ever said that. What did
I say? Any money that's in a variable annuity or
an indexed annuity when you go to take money out
will be taxed to you as ordinary income. What I
(26:40):
said to you is it makes no sense to own
a variable annuity within a retirement account.
None whatsoever. Number one, but it makes no sense as
well to own a variable annuity outside of a retirement account.
Because if you bought those exact same mutual funds outside
(27:01):
of a retirement account or an exchange traded fund, outside
of a retirement account, you pay capital gains tax on
it once you've owned it for over one year if
you go to sell.
But if it's in an annuity outside of a retirement account,
when you go to withdraw money, it is always ordinary
(27:23):
income and it is not first in last out, it's
last in first out. So it's always interest my love.
It is never your principle coming out.
KT (27:38):
That's good.
Suze (27:39):
You know, there was a time I think in August
of '82 they may have changed it. It used to
be right first in first out. So I was selling
in the eighties, so many people into annuities at 14%.
So we could lock in 14% and they could take
(28:00):
out the 10% a year. But the 10% came in
from their principle because it was the first in first out.
So it was tax free.
And for 10 years, we took out money, tax free
and then the rest was all taxable. But oh, it
was the best thing until they got rid of them.
There were there so many great ways to make money
(28:21):
back then.
KT (28:21):
So this is an interesting question from Rob, dear Suze
and KT. I love your show. We love that. You
love the show, Rob.
You have told us that Treasury bills, notes and bonds
are backed by the full faith and credit of the
US government, when we buy them at treasury direct dot gov.
Suze (28:40):
I did not say that.
KT (28:42):
Well, wait, what about when I buy them through a
discount brokerage? Do I have to be mindful of SIPC limits?
Say at Fidelity?
Suze (28:51):
Now stop, stop. I don't want... I want to stop here, really.
Let me stop it here because I didn't say that Rob,
what I said was no matter where you buy a treasury,
it does not have to be from Treasury direct dot gov.
In fact, Treasury Direct dot gov is a real pain,
if you ask me to buy anything, you have to
buy series I bonds there because they're not sold anywhere else,
(29:15):
but I would not be buying treasury bill bonds or
notes from them because
again, they are just archaic. So the truth of the
matter is, all you have to know is all treasuries,
no matter where you buy them are backed by the
full faith and authority of the United States government. SIPC is
about what it's about if the brokerage firm that you
(29:37):
are with happens to go under, but you're gonna be
fine no matter what if you're in individual treasury
and KT and I can tell you we have a
serious sum of money at a brokerage firm. Many brokerage
firms actually that um we have individual treasuries far above
(29:58):
any SIPC insurance or anything like that. All right.
KT (30:02):
Suze, it's quizzie time!
Suze (30:05):
This is a really, really easy quizzie.
KT (30:09):
Ok, I'm ready. Is everyone else ready?
Suze (30:12):
Right. So this is where I ask all of you
a question. You need to think about it and answer
it because this is how we educate you to make
sure that you are listening to what I am trying
to teach you. So answer a question as if you
were me.
Hi, Suze and KT, love your podcast. I have a
(30:35):
Roth Ira at Vanguard. I would like to open a
new Roth IRA at Alliant Credit Union. Would my new
Roth at Alliant
have a new five year wait period to withdraw earnings. Also,
I assume I could have Vanguard, transfer some funds to
(30:56):
my new Roth IRA at Allilant, correct? So the real
question here, everybody is as you know, when it comes
to a Roth IRA,
you can withdraw any money that you originally put in
at any time without taxes or penalties, regardless of your age.
(31:18):
The money that, that money earns however, has to be
in there for at least five years and until you
are 59 a half years of age
for you to withdraw the earnings of that money tax free.
When you start a Roth IRA, whether it's with a dollar,
(31:42):
$10 whatever it may be, the five year clock starts,
this person, Susan, wants to know if she opens up now,
a new Roth IRA with Alliant, because obviously she wants to buy certificates of deposits. There will the five year clock start all over again?
KT (32:05):
Yes.
Suze (32:05):
Wait, you have to wait and think about it.
KT (32:08):
I did think about it.
Suze (32:09):
You're positive you thought about it?
KT (32:11):
Yeah. I mean, every time you open a new account,
if the clock gets reset.
Suze (32:17):
(Suze makes the buzzer sound) No, you are so wrong, so wrong. It's not even funny. Right.
Every time you convert from a traditional to a Roth,
that five year clock starts all over again. When you
are putting in money in a contributory Roth,
which is what this is. She's gonna open up a
(32:38):
new Roth at Alliant. She has one at Vanguard. She could
open up another one at Fidelity. It will all be
based on the very first Roth she ever opened up.
So the five year
clock started my dear Susan when you opened up the
Roth IRA at Vanguard.
KT (32:59):
Oh, I get it. But what if she takes money
from Vanguard and puts it into...
Suze (33:06):
She can do that? It has no effect.
It doesn't stop. There is no way you can manipulate
this int you being ok.
KT (33:14):
I'm listening. I thought for sure that that clock gets reset.
Suze (33:17):
And that's what I'm talking about everybody.
KT (33:20):
That's what she's talking. You should know this.
Suze (33:23):
No, that's not that you should or you shouldn't. There's,
that's not it.
There is information out there that KT would have honest
to God believed that she was right.
And then her sister would have asked her a question
and she would have said no, Lynn clocks gonna get reset,
the clock is gonna get reset. So, misinformation is passed
(33:46):
from one person to another person under the guise of
absolute correct inference. She anyway, but since we mentioned
Alliant and Roth IRAs, I wanted Alliant and all of
you may know this to create a retirement account, whether
(34:07):
it's a Roth or a traditional IRA where all you
could buy within them were certificates of deposits because I
didn't want you to be vulnerable to financial
people saying, oh, buy this, buy that. So if you
want safe money, they have fabulous interest rates going on
(34:28):
right now and you might wanna look, believe it or
not at their three and five year certificate of deposits
because I may be changing my theory from going really
short term
because interest rates are going up. I'm not sure treasuries
are gonna go a whole lot higher anymore. A lot
(34:51):
has changed after Silicon Valley Bank went belly up. So
if you're going to open up a Roth or a
traditional with Alliant Credit Union, then you would go to
My Alliant dot com
and check it out right there, if it's a retirement account.
If you're just interested, by the way in there, really
(35:13):
great interest rates for certificates to deposit outside of a
retirement account, just go to My Alliant A L L
I A N T dot com slash ultimate.
And that's how it works. And I have to tell you,
their three and five year certificates of deposit are a
(35:35):
good point point and a half, more than a three
and five year treasury, Everybody. So you might just want
to take advantage of that.
All right, KT.
KT (35:47):
That's a wrap, Suze.
Suze (35:48):
It's a wrap. So everybody until Sunday, when we are
going to do a Suze School, let me say that
again when I'm going to be doing a Suze School
on what I think about I bonds interest rates, things
like that also um Pioneer because as many of you know,
(36:09):
it's skyrocketed. Exxon is gonna think about buying it. I
have many comments for all of you. So
until then, however, there's only one thing that both KT
and I want you to say every single day, say
it KT:
KT (36:26):
Today, Wherever I go, I will create a peaceful, joyful
and loving world.
Suze (36:35):
That's my girl. And if you do that, we promise
you you will be unstoppable. Bye bye now.
MUSIC (36:45):
Music Out.
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