Suze
Appearances
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
All right, listen up to me, everybody. Interest rates are not going to last. They're going down, down, down, down, down. So I want you to take advantage of the 12 to 17 month CD at myalliant.com. You have to look at it. So much higher than treasuries. I cannot even tell you. So currently, they are paying for amounts of $1,000 to $74,999, 4.25 APR for $75,000 and up. It is 4.30.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
You didn't list in this email, and first of all, both KT and I are very, very sorry for your loss. And the truth of the matter is that if you want to do some renovations, you didn't tell us any other alternatives that you have for cash, meaning a retirement account, an investment account, anything else. So I'm going to assume this is the only way that you can do it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
So if I were you, I would simply do, even though I don't suggest it right now because interest rates are so high, but I would seriously simply not refinance my home. I would try to do a home equity line of credit in the hope that they see that you have enough income and everything to qualify for that.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
when interest rates go back down again, if you want, you could then possibly refinance all of it back to maybe three and a half percent or who knows what. But here's something that I just want to say for all of you, if you ever do refinance in any situation, If you have, let's say, a 30-year mortgage, you have been paying on it now for seven years. You have 23 years left.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Now interest rates have come down and you've decided, all right, I want to refinance. And if you refinance for another 30 years, now you have totally obliterated the reason that you should really be refinancing. So if interest rates come down and you do refinance, and let's say you owe 23 years still on your mortgage, then you would refinance for 20 years.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Never refinance for longer than the period of time you currently have left on your mortgage. All right, KT, got any more for me or is that it? That was it. Are you sure? Yes. All right, because guess what I have for you? A quizzy. And everybody, this is a great quizzy. I love this quizzy. But it's not just for KT, as I say every week. It's for you as well. How would you answer this question?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Because there will be many of you out there who happen to be in this exact situation. Are you ready, KT? I'm ready. This is from Ashley, and I picked it because I bet there's a lot of our younger listeners that are in this exact situation. Hi, Susie and KT. You two are the best all in capitals. You helped me fund my first Roth, buy our first place in New York City, and start investing on my own.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
I'm I fired my financial advisor, whom I never heard from. Dollar cost averaging, yeah, baby. So here I am at another big life step, having a baby. Yay. It's so easy to calculate the cost of affording a home, but it's so hard, all in capitals, to find info on whether you're financially secure enough to take care of another tiny human. So sweet, Ashley.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And she says, this is all not only some of it in capitals, but bolded. I'm very worried about the financial stress of this step. even if it's an amazing one. Just the cost of daycare in our area right at Down KT is $3,500 a month. And my husband and I are willing to postpone kids till it makes sense financially. Adoption is always an option. Good for her. Good for you, Ashley. I have to tell you.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Love that. But here is Ashley's situation now, everybody that you have to write down. The monthly income is about $10,000 after taxes plus bonuses. And so therefore, it's about in my estimation, and I'm the one doing this, about $15,000 a month after taxes. they have $86,000 in an emergency fund. Their retirement investments are about $138,000.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
their monthly expenses are $6,000, including mortgage, insurance, food, and transport. Now, what I'm not exactly clear about with all this, everybody, is does that include the savings into retirement accounts and things like that? I'm not sure. But we will just take her word for it that it's $6,000.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
So the question is, KT, with all of that, do you think that she has enough money at this point in time to have a baby? Everybody, think about it. Please add in at least the cost of daycare. And she does not say how old she is, just so you know. Okay.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And the reason I'm doing that, Katie, is she also says their annual income before taxes is $237,000. So in the state of New York, you have cities.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
I feel comfortable with that $15,000.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
There is no right or wrong answer here. No, because we love babies and we think it's great. So let me tell you how I think about this and what I would tell you to do, Ashley. And again, I'm not going to approve or deny because you're the one, once again, that has to make this decision. But I just want to give you a little bit more information about how to make this decision.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Your income and bonuses, again, after tax, $15,000. We all know that. $86,000 in emergency savings, expenses, and things like that. All right, we all know your money. What is not in this equation is the cost of a child today. Forget daycare. Forget that. There are costs to having a child. And it comes out to be approximately $25,000 a year till about the age of 17 or 18.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And that does not include, by the way, saving for college. So what we have to do is we have to add $2,000 to your actual cost, not just 3,500 a month, but another 2,000 a month. So that's $5,500 added to what you say of 6,000. So let's just say your monthly expenses now are $12,000 a month. So here's what I would like you to do to see if you're figuring things correctly.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
If it is true that your expenses are $12,000 a month, and now you have approximately $15,000 a month of income, the difference there is $3,000 a month, correct, Ashley, for you to just get by with this child. Therefore, for the next six months, I want you to play having a child. In fact, what you should do is put away anywhere from three to $6,000 a month into a high yield money market account.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
If it were me, Ed, I would absolutely take that $10,000. Since you want to take it and invest it anyway in a brokerage account, I think that your money would be far better converting money to a Roth 403b where you will be also investing it, but you're going to be investing it tax-free. So yes, I would be doing that if I were you. but I would be checking it with my CPA. Yes, KT.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
and see how it feels that you have this child, and you have an additional, let's just say, $6,000 of expenses from what you have right now. Because I'm just going to assume that the difference between what your expenses are now and your income, you're putting away in savings. So let's just say you do increase by $6,000 a month. You put $6,000 a month away for one year and see how it feels.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Now you have to ask yourself the question, was that easy for you to do? You should set a date at the first of every month that you put that money away. Can you put it away on the first of every month? Or is it too hard for you to do that? Can you not afford it? Was there a month that you could not do it? Was your lifestyle changed dramatically because you had to do that?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And if it was changed, how did it change? Now, obviously your life's going to change when you have a baby. And you're going to be just like everybody else. You're going to experience love, at least this is what everybody else says, more than you've ever experienced love in your life. So it's going to be fabulous. However, can you easily afford it before the baby comes? Now here's the good news.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
If you're able to do that, let's say put $6,000 a month away for a year, now you have an additional $72,000, my love, to add to your emergency fund, which will then bring you to a total of $158,000. thousand dollars. And that's one year of living expenses is something goes wrong so that you can maintain everything, even if you can't work or whatever it may be.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
That is how I would decide if I were you, if you could easily afford a child without stress. KT, how was my answer? Ding, ding, ding, ding, ding. Thank you, girlfriend. All right, everybody. There's only one thing that we want you to remember, and it's this.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Then money.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Now you stay safe. See you soon. Bye-bye.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Hi, everybody. Suzy O here. Now, if you are looking for a way to start saving to get the most out of your money, I want you to go to myalliant.com. That's M-Y-A-L-L-I-A-N-T.com and look into opening an ultimate opportunity savings account. Put in at least $100 a month every single month for 12 consecutive months, Earn 3.10% interest on your money right now and get $100 at the end.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Are you kidding me? It's the best deal out there. Start saving right now.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
I thought she was going to say, I love answering questions from all these mixed up men. No, they're not.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Can I just butt in for one second? Yeah. Yeah. So here's what's interesting. A while ago, I was being interviewed by someone, and they wanted to know how the questions that are coming into this podcast differed from the questions that came in for the Susie Orman show in 2001 all the way up that I did, I think, to 2015.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
almost all the questions were, I'm in debt, I don't know what to do, I don't have any retirement, I need to claim bankruptcy, and on and on and on. Very few, seriously, very few were about, I have a million dollars here, six million dollars there, and on and on. Today, the majority of the questions, because most of those people now that are writing in are
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
listened to me from all of my books, watched me on TV all those years. And now they're all multimillionaires, the majority of them. They all own one or two homes outright. They are all doing so great I cannot even stand it. I'm so happy for them. Well, that's a tribute to your work. But that's a tribute, everybody, to you can go from less to more. You can have money in your life.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
There is nobody out there that is excluded from being able to do that. The only person that excludes you from doing that is yourself. All right, KT, go on.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And the community that Mike is talking about is the Women and Money Community. And if you simply go on Apple Apps or Google Play, you get to download the app for free. And it's on that app that I say a lot of things that I do not say or do on the podcast. You know, KT, I think I answered him. But let me just tell you, Mike, the most important thing I think you should do. Most important thing.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
You asked three years before RMD start, what should you do? Why in the world would you wait for three years before you take RMDs? Because you have to remember, that they changed the RMD laws. I think it was the Secure Act 2.0, and I think, KT, it was December of 2022. They changed the rules. Why are you laughing?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
No, don't say that. I don't like when you say that. Anyway, so they changed the rules. And these rules really apply to you, Mike, even more than me. Obviously, they changed the rule from RMD starting at the age of 72 to 73. But the big change is that starting in 2033, If you were born 1960 or later, RMDs don't start until you are 75. Now think about that. Here you are only 61.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
So that's 14 years from now. I don't care about three years before your RMDs and now we have a really big problem. Why don't you now? If you can start to convert money from a traditional IRA or a traditional 401k or wherever it is to a Roth IRA, a Roth 401k, why don't you make sure that you're doing backdoor Roths or whatever?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Because if you were to do that, then you wouldn't be building on the money that you have in these retirement accounts right now. You would actually be building your Roth retirement accounts. So when the time comes, guess what? Your RMDs won't be that big anyway, just so you know. So that's really what I would be doing.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
4.25. We are strong.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
There's all kinds of things that I could tell you to do that I'm sure I wrote you about, but that is the most important thing I want you to consider, all right? Because if you start planning now, you'll be very happy that you did 15 or 14 years from now. All right, KT.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
I just think I'm mad at myself that we have to take them. I told you before. You told us a couple podcasts that you made a mistake. I made a serious mistake. And I was yelling at the person I do all my money with. I was like, while we were discussing what my RMDs are going to be, when should we take them? Should we take them in like kind? What should we do with them? And things like that.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And I said, and why the heck didn't we convert in 2010 when we were able to convert all of it? Who cares if I would have paid taxes? I was allowed to pay taxes over 2011 and 2012, not 2010. And for all these years, I would have had all this growth because I did magnificently, truthfully, KT, for us during all those years. And I'm like, what was wrong with me? No, ready?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Another man.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
I love this question. Of course she did.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
I love- Why don't you answer it?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
She's so proud of her answer, everybody. Here's what I would tell you, Eric. There are more things than you realize when it comes to investing in art or wine. It's storing the wine. We have a very big wine collection. We do.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
She has a sip maybe every now and then. But that is besides the point.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
That's right. With a great dinner. Yes, but it cost me a lot of money to store those wines, just so you know. It costs us money today to store all the wines. And insure them. And insure them. All right, now... Let's move on to art. We invested in some art and we thought we were going to do great with it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And one of the pieces that we had evaluated the other day actually has gone down in value rather than up. And so when it also comes to art, you have to insure your art. So there is a cost to protecting these investments. And therefore, you better take that into consideration. So Eric, you better know what you're doing because chances are...
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
It might not be as great as an investment as you think after all the costs, especially if you don't have a reputable person to guide you.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Also, I have to say one other thing. Most people who invest in serious pieces of art, they invest because they love the art. They love it. They love looking at it. They want it around them. They don't necessarily care about selling it ever. They just kind of want it. But KT, I know we can go on here. Why don't you tell them about the art that you missed investing in? Come on, a quick story.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
And you didn't think you could really afford it at that time, right?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
But you didn't do it. I didn't do it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
Millions. Many, many millions.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
All right. So anyway, you probably shouldn't listen to KT. All right, go on. Okay, so next question. Stick with the wine. There was another thing she passed up that would have made her so wealthy. It's not even funny, but we can talk about that another time. Coffee.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Revisiting Can I Afford to Have a Baby?
The coffee story. Oh, God, it kills me.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
All right, listen up to me, everybody. Interest rates are not going to last. They're going down, down, down, down, down. So I want you to take advantage of the 12 to 17 month CD at myalliant.com. You have to look at it. So much higher than treasuries. I cannot even tell you. So currently, they are paying for amounts of $1,000 to $74,999, 4.25 APR for $75,000 and up. It is 4.30.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
I don't know, especially the last operation I had five years ago, how I would have gotten through it. And that's when the long-term care would have come in handy, trust me. So you have to think that way. So if you can easily afford it, keep it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
If you can't and you think you're going to drop it anyway a year from now or two years from now or three years from now because it's a struggle, then drop it now. Because there's nothing worse with paying for it and paying for it and paying for it. And then all of a sudden, you decide you can't afford it anymore. And now you wasted all that money. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Because of your uncle.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
The only pro of it is if you never get sick, if you never become incapacitated and everything, and then you die and obviously you own it in joint tenancy with right of survivorship to your spouse, that at that point when the spouse dies, it goes to the kids. That's it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Simple. But life isn't simple, my friend. A transfer on death deed doesn't help you if all of a sudden you own this home, you and your husband, and now one of you became incapacitated. You had a stroke, you had a car accident, and you needed to sell the house. but you own it in joint tenancy with right of survivorship. The question is, if your spouse is incapacitated, can you sell the house?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And the answer to that question is no, you cannot, because it takes two signatures on that deed to sell the house. And since your spouse now is incapacitated, you're going to have to go down to probate court. You're going to get a conservatorship assigned to him. That's going to cost you money.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And from that point on, every year, you have to check back with the court to make sure that what you're doing with his half of the money is legit. A transfer on death deed doesn't help you in any way. Same thing as a will. A will, obviously, you have to pay probate, but it doesn't help you in case of the what-ifs of life.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
It doesn't help you if you need to sign checks for your spouse or do all kinds of things. Therefore, I would go to musthavedocs.com. It will cost you $99 and you can get $2,500 worth of state-of-the-art documents, good in every single state. I would check it out.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Not only do you get a will and a trust, you get a durable power of attorney for healthcare and an advanced directive and a financial power of attorney. So while it's true that they're giving him this thing, they're preparing a will, which is fabulous, I will always tell you a will is not enough.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And therefore, I will believe it to the day that I die because I've seen it too many times what happens.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Oh, this one's simple, KT. So simple. Listen, if mommy has the money and she doesn't care, let mommy pay for it outright, obviously in a living revocable trust with you as the successor beneficiary. She is the primary beneficiary that it's held in trust for her benefit while she's alive. your benefit after she has died. The reason you want to do that is for a few reasons, truthfully.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And to do so, just go to, this is... Should we start over, everybody? No, no, no. Just keep going. All you need to know is this is the podcast where if you've written in a question to ask Suzy at suzepodcast at gmail.com, and if KT chooses it, then we answer it on this podcast. But guess what else, KT?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Let's say you buy it and it's 500,000. Let's just say that's what it is. And then all of a sudden it goes to 600,000, 700,000, 800,000, and then mama dies. Now it goes to you. You get a step up in cost basis on that house as if you had purchased it for $800,000. Then when you turn around and sell it, that's your cost basis. Plus you get $250,000 exemption as well.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
So mama should absolutely do it in her name, a living revocable trust with you and her beneficiaries. All right. In terms of selling your home, listen, if you have what it takes to be a landlord, which is a lot, just so you know, right, then keep your house and rent it out. But make sure you do the math on it. What would you get for that house after taxes?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And if invested at like 4%, how much would that come out to be every single year? And maybe you never know, you get more by selling it and investing it that way or the equal amount as if you're getting it when you are renting it. So just check it out and then you'll know which one you should do.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
It's so funny that so many of you write with this particular question where you feel like, hey, if you can't contribute to this retirement account or that retirement account, you have no other way to invest. And the truth of the matter is the majority of our money, it's not in retirement accounts.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
They're in investment accounts where you're buying stock and buying bonds and buying this and buying that. And it's fabulous. So you just simply start a regular account at any discount brokerage firm that you like. And when you buy something, and let's say you buy an ETF, and you're gonna keep it for a long time, while the money's in there, you're not paying taxes on it.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
So it will grow and it will grow and grow just like a retirement account. But in an investment account, when you do sell it, if it's after one year of holding it, you only pay capital gains. In a pre-tax IRA, you're gonna pay ordinary income tax. I can actually make a case that an investment account in the long run might even be better than a pre-tax IRA, just so you know. All right.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
An aristocrat is a stock that has raised its dividend for 25 years in a row. A king is a stock that has raised its dividend for 50 years in a row. If I were going to be investing at this point in time between one or the other, I would be investing in the aristocrats because I just think you'll get a little bit higher dividend and possibly some more growth than you would from the kings.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
But either way, it's fine. There are dividend aristocrat ETFs. One of them that I have recommended on this podcast for years now, symbol is NOBL. It's about $102 a share. And it's the Standard & Poor's ProShares 500 Dividend Aristocrat ETF. So all the stocks in there are aristocrats. So that's one of them. There are many of them. Just do a search and they'll all come up.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
But that's the one that I've been investing in. If you want conservative, I like other dividend stocks that are not aristocrats that are paying a higher dividend. But that's not your question. Although Pfizer would be the answer to that.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
All right, everybody. That brings us to the end of today's. You don't get a quizzy because you had three or four.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
All right. Ready? This is a quizzy. Ready, KT? If people want to go and see and play the Can I Afford It game that we have on my YouTube channel, what is the URL? Look at her little face.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
So that's again, youtube.com slash Suzy Orman. Go on, do it. Free, they're free. They're free. And then there's only a few of them, right? And then post on the board on the Women in Money app.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
If you liked it or not, because you never know when I'll actually do one where you can call in and that little emoji that you're going to see- We'll tell you if you're approved or denied in real time. So let me know. All right, everybody. Until Sunday, there's only one thing we want you to remember when it comes to your money. What is it, my little sweet?
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
So the way that it works is that, because a lot of you say you miss it, so you'll go there, go to YouTube, Y-O-U.com,
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Yes, indeed. So all of you stay safe. Bye-bye now.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Hi, everybody. Suzy O here. Now, if you are looking for a way to start saving to get the most out of your money, I want you to go to myalliant.com. That's M-Y-A-L-L-I-A-N-T.com and look into opening an ultimate opportunity savings account. Put in at least $100 a month every single month for 12 consecutive months, Earn 3.10% interest on your money right now and get $100 at the end.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
t-u-b-e dot com slash suzy orman s-u-z-e-o-r-m-a-n and you'll see it play there's only like four or five up there but you'll see what we did you will get to decide if i approved or i denied you push a little button and then we'll see if you're right or wrong so check it out everybody it's i think it's a lot of fun it is a lot of fun and i look so cute i can't tell you
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Are you kidding me? It's the best deal out there. Start saving right now.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
So it was a mixture of Roth and non-Roth contributions. Oh, so the non-Roth went into your Roth IRA. And then the non-Roth went into a rollover IRA separately. And now you want to do a backdoor. And the question is, should you?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
But should he KT?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Do you even know how to figure it out?
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
All right. So let's tell William what he needs to know. So what all of you need to know in terms of what am I talking about There is this crazy tax rule that says if you have any pre-tax retirement accounts, an IRA, an IRA rollover, a SEP IRA, a simple IRA, anything with the initials IRA, which means Individual Retirement Account, so that's in your name.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
If you have anything with those three letters, if you then decide to do a backdoor Roth IRA, you are going to have to pay taxes based on a pro rata rule. And let's just say, William, you wanted to contribute $7,000 this year to your Roth. And let's just say you have, we'll throw out a figure, $14,676, whatever it is, in all of your IRAs that you have.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
what you need to do then is you need to add those two together. $14,676 or whatever is really in your account, William, plus $7,000, what you want to contribute, and that comes to $21,676. then what you need to do is you need to divide the $7,000 that you want to put into the backdoor Roth by the $21,676. And that comes out to 32.3%.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Or if you then were to times 7,000 by that amount, $4,739 would be taxable. So is it worth it for you to do that? I don't know. Is it possible for you to take your rollover that you did and put it back into your 401k somehow or wherever you're working? If not, I have to tell you, you're just better off doing an IRA with all pre-tax money and then converting it and pay taxes on the whole thing.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
KT's like...
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
But you have to know the formula, everybody, in terms of how much will you pay in taxes if, in fact, you have to do a backdoor Roth. And you have to do a backdoor Roth if you're making more money on a modified adjusted gross income that's allowable for you to contribute to a Roth. Just that simple. It's...
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
What are those amounts, Katie?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Come on.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
No clue. No.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Anyway, for those of you who are single, if you make under $150,000 a year of modified adjusted gross income, you can contribute a full $7,000 to a Roth.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
4.25. We are strong.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
If you're over 50 years of age, you can contribute eight. Once your income starts to go up, the amount you can contribute goes down. And once you make over $165,000, you no longer can contribute to a Roth. Married filing jointly, it's $236,000 up to $246,000. So obviously, if you make more than that,
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
What you do to get into a Roth is you open up a non-deductible IRA and you simply convert to a Roth. But you can only do that if you do not have any other pre-tax IRAs. All right, Katie.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
If you really can't afford, my dear Amanda, to take much more of a hit, that says to me, this is money that maybe never originally belonged in the stock market. Remember, money in the stock market is only money that you will not need for at least five years or longer, because that's how long it usually takes to go from the top of a market to the bottom, back up to the top.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
If this is making you lose sleep at night, and I don't know how much money you have lost, because you don't say that anywhere in here. You just say it seems to be losing money daily. The question is really, if you gave them $250,000 sometime a year ago or whatever, has it gone up above the $250,000? And now let's say it went to $350,000 and now it's like at $325,000, $300,000, $275,000.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
The question is, are you now below what you initially invested? Or are you just losing money that was a profit? If you're just losing profit right now, I would tell you to absolutely stay there. As long as you know they're in good quality stocks. However, if it's your principle that you are now losing, I would probably come out. Because either way, you're going to lose sleep at night.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And you could take this money and you could put them in to treasuries or CDs and have it earn a nice four, four and a half percent interest for you right around there. And you could sleep at night. So it just depends. But I know I say don't let fear make rash decisions for you. But this seems to me that this isn't a rash decision.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
This is where you have been watching this go down over and over and over, right? So you have to do really what makes you sleep at night.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And I hope that made sense to you, Amanda.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Don't go near the Roth. Whatever you do, don't go near the Roth.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
It's fine with me. If you have $20,000 there in your savings plus 10 in emergency, I'm fine with you taking that money to pay off your car. Why? Because if you need money... Need it because you've lost your job or in an accident. You have your Roth there that you could easily take out that $10,000 or whatever it is. You could take it out then.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
But don't take it out first from there or ever, hopefully, because that's money that's compounding free for you. tax-free. So I would be taking it from the $20,000 or the $10,000 or whatever it is that you needed from saving.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
You are just so sweet, aren't you? She's the sweetest.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
Susan, I know it's hard to keep paying that, thinking you're never going to need it, whatever. But in your particular situation, if you can easily afford it, and maybe you can easily afford a projection of a 30% price increase, and you still could easily afford it, I would so keep it, I can't even tell you. But at 60, you know, you feel great, most likely, that you can do anything.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
March 20th, 2025. Welcome everybody to the Women in Money podcast, as well as everybody smart enough to listen. You sound a lot better, Susie.
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Ask KT & Suze Anything: Do You Know The Difference Between Aristocrat and King Stocks?
And I'm sorry to say I personally have experienced that that's not exactly true. I've had many major things actually, everybody go wrong with me. And they always turned out right. We fixed her. We fixed it, every single one of them, and there were many, trust me. But the truth of the matter is, if I didn't have KT...
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Ask KT & Suze Anything: Why I Quit My CPA
All right, listen up to me, everybody. Interest rates are not going to last. They're going down, down, down, down, down. So I want you to take advantage of the 12 to 17 month CD at myalliant.com. You have to look at it. So much higher than treasuries. I cannot even tell you. So currently, they are paying for amounts of $1,000 to $74,999, 4.25 APR for $75,000 and up. It is 4.30.
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Ask KT & Suze Anything: Why I Quit My CPA
into either the Standard & Poor's 500 Index Fund, the Vanguard Total Stock Market Index Fund, or just keep it simple for now to get her used to investing and the ups and downs of the market. That's what I would be doing if I were you. Next, KT.
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Ask KT & Suze Anything: Why I Quit My CPA
Like me, I'm going to be 74.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
I may your 24 years till that age be as great as mine.
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Ask KT & Suze Anything: Why I Quit My CPA
I would, depending, however, on what the tax ramification will be to you. Because even though the markets are down, that doesn't mean that you don't have a lot of money still in those positions. So therefore, after you have checked with a CPA, then you decide which investments that you have make the most sense. Like which ones do you want to keep that have gone down dramatically? And
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And then you would convert those. But it's definitely worth it to convert while the markets are down.
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Ask KT & Suze Anything: Why I Quit My CPA
I wasn't sure I was done. I know. Are you finished?
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Ask KT & Suze Anything: Why I Quit My CPA
But what's key about that is never do it all at once. Unless all you have in there is like $3,000, $5,000. If you have a lot of money in there, never convert to a Roth all at once. You'll be so sorry that you did, especially if it puts you in a really high tax bracket.
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Ask KT & Suze Anything: Why I Quit My CPA
It says you're quizzing.
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Ask KT & Suze Anything: Why I Quit My CPA
You cannot, if you have 15 different IRAs, then you aggregate all of them, the total that's in there for your RMD, and you can take it from anyone you want. It doesn't matter, but you have to do it on the total amount. But you cannot add into that amount what's in your tax-deferred annuity or your 450. Those are separate and have to do their own. What you could do is if you're retired and
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Ask KT & Suze Anything: Why I Quit My CPA
So we thought we would get through this podcast if I saved my voice because it just now came back after a while of me not even having one. Don't ask me why.
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Ask KT & Suze Anything: Why I Quit My CPA
and you want, you can roll them over like you could roll over possibly your tax deferred annuity into your IRA that you've had forever and aggregate it there so that you'd only have to figure out one RMD. So look into that to see if you can do that with your accounts.
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Ask KT & Suze Anything: Why I Quit My CPA
Yeah.
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Ask KT & Suze Anything: Why I Quit My CPA
Linda, listen, the biggest mistake that most people make is they always think that they are going to get 50% of their spouse's social security, no matter what. So if their spouse waits till they are 70, let's say, to get Social Security, you think you're going to get 50% of the amount that your spouse will get at 70, and that's not true.
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You only get 50% of what your spouse would have gotten at his or her full retirement age, which is currently 67%. Now, since you aren't going to have any Social Security, then what I would advise you to do is this. Let's just say that your husband is going to get $2,000 at the age of 70. Therefore, you're not going to get 50% of that $2,000.
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Oh, I love that. All right. So anyway, before we start though, Katie, with question and answers, which is very important, everybody, because your money is far more than what's happening in the market. It's these little things that you also need to know about, like converting a Roth, not converting it, all kinds of things. So we have to deal with those things as well. They're equally as important.
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You get 50% of what he would get at his full retirement age of 67. That means at 67, he would probably only be getting about $1,600 a month, which means you would get 50% of that, which is about $800 a month. Remember, you have to be 67, your full retirement age, to get the full 50% of the spousal benefit. So given that you and your husband are just one year apart, it's just so great.
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I can't tell you. So this is what I would do if I were you. Assuming that those numbers were your numbers and you have to do this with your own numbers. I I would have your husband claim at the age of 68, and that would be about $1,750 a month. I would have you claim 50% of the spousal benefit of his full retirement age, and I would have you do that at 67, which would give you about $800 a month.
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Ask KT & Suze Anything: Why I Quit My CPA
So you would get approximately $2,550 a month starting when he is 68 and you are 67. Given that he wasn't going to claim, let's just say till 70, that's two years of payments. that you wouldn't have been getting. Neither of you, because you have to claim, spouse has to claim, Linda, in order for you to get a spousal benefit.
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Ask KT & Suze Anything: Why I Quit My CPA
Therefore, in those two years, that would be close to $61,000 of money that you're entitled to that you wouldn't have claimed. I don't know. I think that's a big difference. And if I were you, that's what I would go for. Did that all make sense to you, Katie?
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And really, if you look at the difference between what they would have gotten, no, it's not worth it. in my opinion. They do better off doing what you just said.
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What's the answer? Don't look at me like that. No. No. So the answer is what?
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Ding, ding, ding. Yeah, I meant no, she can't do the other two.
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No, it's don't worry. Any money you have an employer-sponsored plan. I don't care what kind of money it is in there, then that doesn't count for the pro rata backdoor IRA. It's only traditional IRAs, IRAs, SEP IRAs, simple IRAs, anything that's an individual retirement account. All right, KT, I did it.
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Then things. And if you do that, stay safe, stay strong, stay healthy. Oh, then together we really will rise. Bye-bye.
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Ask KT & Suze Anything: Why I Quit My CPA
But I told you that last Sunday, I was going to tell you my interpretation of what's going on with the market. Wasn't able to, God willing, I will do so this Sunday. But here's the bottom line. Yeah, we're in for a rocky road. And I don't know which way that road is going to lead. And the reason is this.
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Ask KT & Suze Anything: Why I Quit My CPA
Hi, everybody. Suzy O here. Now, if you are looking for a way to start saving to get the most out of your money, I want you to go to myalliant.com. That's M-Y-A-L-L-I-A-N-T.com and look into opening an ultimate opportunity savings account. Put in at least $100 a month every single month for 12 consecutive months, Earn 3.10% interest on your money right now and get $100 at the end.
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Are you kidding me? It's the best deal out there. Start saving right now.
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Ask KT & Suze Anything: Why I Quit My CPA
The incredible uncertainty of making a decision, then it's unmade, this is going to happen, and then it's not going to happen, on and off, causes confusion. And when not only investors like you are confused, but businesses are confused, governments are confused. Everybody's confused. Everybody just stops and does nothing. And when you do nothing, it's because you're afraid.
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And what have I always told you? Fear is the greatest internal obstacle to wealth. So it's best to do nothing than something you don't understand in many cases. So I have no problem with just briefly saying, If you're in good quality, everything, as I've told you, just stay put.
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But Sunday, we'll go into greater detail after we figure out what happened this week in the market all the way through Friday. All right, KT.
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It all depends, seriously. And what it depends on is this. So listen closely. Many people make the mistake of they do a mortgage at a specific interest rate for, let's say, 30 years, like you probably did at 6%. Mm-hmm. And then you think, all right, when interest rates go down, you'll refinance. And let's say that happens four or five years from now. Then you refinance for another 30 years.
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So these four or five years that you have been paying on it, you've just lost all of that. So you think that you're ahead, but the truth of the matter is you're not. So rule number one, If you ever do refinance, you have to make sure you don't have the mortgage term longer than the current amount of years left on your mortgage.
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So if you have only 26 years left on your mortgage that you're refinancing, then refinance your new house for 25 years. All right. Not another 30, something like that. That's number one. Number two, it's hard for me to answer the question because I don't know if you're going to have points involved, not points involved, what the closing costs are going to be.
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So the way that you would figure this out is what is it going to cost you to totally refinance this house? And what will your current mortgage payments be? And what will the savings be if you were to do that between your new mortgage rate and your old? Then you divide that number, the difference, into the cost of refinancing.
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And then you'll know how long it's going to take you to make up for that figure. If it's going to be five, six, seven years, and you don't think you're going to be in the house that long, then it makes absolutely no sense to do it. If it's going to be like two years, and you know you're going to be in the house that long or longer, then you refinance. So that is how I would answer that question.
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Ask KT & Suze Anything: Why I Quit My CPA
In fact, that's how I did answer it. All right, next KT. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
I taught you any lessons.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Because people sure like my Roth IRA podcast.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
All right, fine. No problem.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Because I'm sitting here thinking about how did KT even know that the Roth IRA quiz was on March 6th? I went, did she listen to it?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Honestly, God, everybody, I had no idea she was just going to say what she was, because I don't know these questions she's reading.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
4.25. We are strong.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
He was so wrong. And the lesson from that is just because somebody is in a suit sitting behind a desk with some plaque that says they're this or that doesn't mean they know what they are talking about. Just a quick story, KT. Go ahead. I did a PBS special, the very first one ever. And that is when I said and introduced Roth IRAs for the very first time.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
and told everybody that they could take out their original contributions anytime they want without taxes or penalties, regardless of age or how long it's been in there. All these people, after it aired, wrote in to PBS and said, that's absolutely wrong. You have to take that off the air, blah, blah, blah, blah, blah. I was right. They were wrong.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Just because they have a few initials after their name doesn't mean squat.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
You have to check, double check, be clear, be crystal clear. And know. And know. And hey, if you didn't believe him or her, go to another one and see if they agree. But it's written everywhere. So he's just whatever. Go on.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
No. Oh, that's good to know. Okay. Go on.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Do you think her mom's name is Deb and her daddy's name is Johnny and they named her Deb Johnny?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
I think it's a really, really bad idea. Why? And the reason is this, Deb Johnny. right now you're in your mid fifties and KT just said, you want to do this because $2.8 thousand a month is going to pay for 50% of your expenses. That's your expenses today, girlfriend. That 2.8 is not going to change for the rest of your life. So what do you think it's going to be worth 20 or 30 years from now?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
What do you think your expenses are going to be 20 or 30 years from now? you need to keep up with inflation and you need growth. At this age, you do not need more income because you already have $3 million in assets.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
So the goal here is number one, to protect your assets, but keep up with the income for when you really need it, that you haven't invested in something that grows, dividend paying stocks, if I were you. But no, I would not be taking it now for my 401k. I think it would be the biggest mistake you could ever make. If you told me you were 69 and you wanted to do it, I'd think about it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
But not in the 50s. No. Go on, KT.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
What you should do if you do not already have an IRA, a SEP IRA, any individual retirement account, forget what you have at work. Work, Roth 401ks, traditional 401ks, whatever, they don't count. But if you do not have any additional IRA outside of work, then therefore you can just open up a non-deductible IRA and then convert it to a Roth. Just that simple. That's known as a backdoor Roth.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
So that you can do as long as you don't have another individual retirement account of any kind.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Anyway. So she wants your advice. All you have to do is go to Schwab, go to Vanguard. Vanguard is a fabulous brokerage firm. Vanguard, Fidelity, or Schwab. Either one doesn't matter, okay? But let's say you did Schwab, go and open up a Roth IRA for her fully funded to $7,000. Put it in their treasury money market fund or whatever it may be.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
And then have her dollar cost average into these stock markets. Because obviously, this stock market is not having a really great time this year so far. But it will again. Now, if I were you, I would have her do exchange traded funds, ETFs, so she has some diversification. So it's really just that simple. So if she puts in $7,000 at once, then you would have her put in approximately $583 a month
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
All right, listen up to me, everybody. Interest rates are not going to last. They're going down, down, down, down, down. So I want you to take advantage of the 12 to 17 month CD at myalliant.com. You have to look at it. So much higher than treasuries. I cannot even tell you. So currently, they are paying for amounts of $1,000 to $74,999, 4.25 APR for $75,000 and up. It is 4.30.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
I just don't have enough information, but I've just given you the information that you need to think about in making this decision. All right, next KT. Oh, I finally answered a question. She doesn't have a look on her face like,
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Yes, yes, yes.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Great, great, great for her. Because she also did it at a time when interest rates were very high. And her return was incredible. So sometimes everybody, it does make sense. You need to sit down with somebody and go through the pros and the cons of it in your particular situation, because every one of you is different.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So obviously, she's doing a backdoor Roth. And it's not a traditional IRA. It is an IRA that she's doing a non-deductible contribution to. So she's putting in $7,000 into that. She isn't going to take a tax deduction for it. And she's able then, KT, to convert it Because it doesn't matter your income, you can convert 100% of the money into a Roth and still qualify for that Roth.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So the question is, do you do it immediately? Listen, when you put it in the non-deductible IRA, just put it in an account that doesn't make any interest for a few days. And then when it feels right to you, convert it to a backdoor Roth. It's just that easy. It's not a big deal, my dear Maria. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Social Security is running out, so they're going to not tax Social Security. who only helps the rich, not the poor. I just don't understand it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
No, see, what you have to remember, Jerry, is that from the age of 67 to 70, your Social Security check increases not only by 8% a year, but also by the cost of inflation. And it's the CPI, the Consumer Price Index. And it seems like inflation is going up. So you're not going to be able to meet those returns by a CD or a treasury or anything that's safe. However, what is the goal of money?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
The goal of money is for you to feel secure. And if you feel more secure by taking your Social Security at full retirement age, then you should do exactly that. I do not have a crystal ball. I do not know what's going to happen with Social Security. I do not know what the government is going to do with it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
And the reason that I'm telling you that, everybody, is that before we begin the Ask KT and Suzy Anything portion of the Women in Money podcast, say hi to everybody, KT. Hi, everybody. Right? Is that obviously today is the day that tariffs are going to be announced. And so many of you have been writing in to go, Suzy, Suzy, what's going to happen when he announces? Are there tariffs?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
I cannot imagine in my wildest dreams that this government would make it that you do not get your Social Security check at 70 under the current laws. I can imagine that for future recipients, they change the full retirement age from 67 to 70. I just can't imagine it. I also cannot imagine that they're going to cut benefits.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
If they cut benefits, there will be the biggest revolt in the United States that there has ever been. So I just, I can't believe it. But then again, I can't believe a lot of things that are happening. So like I said, I don't have a crystal ball. So you have to do exactly what makes you feel secure. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Tell everybody how you're a sculptor. What are you?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Is it called a portrait or a bust?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Can you imagine trying to do my head?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So is she working?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Why?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Right. So it's taxable, right, KT?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
But not earned income.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Yeah. So no, KT happens to be right. Dingy, dingy, dingy, dingy. Oh, good. There's your quizzy.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Earned income means you work for it. You can't go to like Vegas and win money. And even though that money is taxable, consider that earned income, even though you are pulling down a lever. Maybe just push a button now.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Or maybe you don't do anything. But anyway, so no, it does not qualify as earned income. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Let me see that for a second, KT, and see what else she wrote, which is, I see. He also has $400,000 already in a SEP IRA. So if he were to do a backdoor Roth, he would have a pro rata rule. All right, I got it. All right, Kelly, you listen to me and listen to me closely now. You should absolutely do the SEP IRA. And you don't think about doing a backdoor Roth with him.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
You think about just simply taking an amount of money from the SEP IRA and converting it to a Roth. If you now put another $45,000 in there and and then you convert that. All right, so you pay taxes on that, but you're getting larger amounts of money into your Roth IRA. That's how people get a whole lot of money into a Roth. Because you're not limited to the $7,000 or the $8,000 a year.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Are there not? Take a pause. Take a breath. All right. President Trump has told you he's going to be announcing tariffs. At the time that we are recording this, he hasn't announced yet. But let me just talk to you a little bit about the stock market, regardless of what happens. Right now, it is down because people think he is going to be announcing tariffs. And
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
You're not limited by income. So you eventually could get all of his money into a Roth IRA simply by converting it. Talk to your accountant about that. All right, Katie.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
We have time for a few more.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Great. So yes, when you're in a situation where you inherit an IRA from a relative, not your spouse, you are a non-eligible designated beneficiary and all of you should know what that means by now. You have 10 years to wipe that account clean. So you should take whatever amount is in there divided by 10 and
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
and take out that amount of money every single year so the account really is wiped clean by the end of the 10th year. Otherwise, you're going to be hit with a tremendous tax bracket. But you should also work with a CPA because maybe you'll be in a lower tax bracket in a few years. So you could take out more then than right now.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So it's a little tricky, but don't just take out little amounts of money right now and get hit big in 10 years. All right. Last one, Katie.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Well, it depends because you don't tell us anything about this, Marcy, in terms of, listen, if you don't already have 35 years in Social Security and jobs that have paid into Social Security, then yeah, These years that you're working that don't pay into Social Security will absolutely hurt you because when you do apply, these years are going to be zero, zero, zero, zero.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
If you already have 35 years that you've paid into Social Security, these years will not hurt you. If you have not, then they will. All right, KT, is that a wrap?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
All right, everybody. So I can't wait to see what happens today with the tariffs. And I don't even know what to say anymore. All right, so KT, take us out.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
People first.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Then things. and you stay safe. Stay safe, stay strong, and just stay on your own path. All right, everybody, see you soon. Bye-bye now.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Hi, everybody. Suzy O here. Now, if you are looking for a way to start saving to get the most out of your money, I want you to go to myalliant.com. That's M-Y-A-L-L-I-A-N-T.com and look into opening an ultimate opportunity savings account. Put in at least $100 a month every single month for 12 consecutive months, Earn 3.10% interest on your money right now and get $100 at the end.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
And do you know how I talk to all of you about support and resistance levels? You need to know that this market is going to probably go on a roller coaster ride. It's already been on a roller coaster. Do you like roller coasters? I actually do. Susie loves them. I love them. I love them so much. But anyway, so just be prepared for it.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Are you kidding me? It's the best deal out there. Start saving right now.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
As I'm recording this with KT, the Standard & Poor's 500 Index is about 5,601. That is the level it is at. It's down 30 points so far on the day. A lot of you have been writing in and go, what is the next support level? The level that if it goes down to, it should bounce up. That level is 5,480 for those of you who just want to know. If it breaks that level,
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
it could absolutely go down another 5% to 5,367. Okay, so it could go down. But I expect that it will hold at 5,480. And it could then go up and its resistance will be 5,703. So for those of you who don't know what I'm talking about, a support level is when the market goes down to a certain point and the market supports it there and you want it to hold there.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
And if it breaks at that level, it then falls more. Resistance is it starts to go up and it hits a resistance level and it's very hard to go through that. So the next week or two, you're going to see bouncing all over the place. And for those of you who wrote in and wanted to know that, now you know. All right, KT, how are you, my dear?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Should that have been your quizzy? Yes.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
What do you think my resistance level is with you? Zero. You don't think I have a resistance level with you? Never. What does that mean? Does that mean that I just go off the wall no matter what? All the time. No, KT, that's not true. No. We don't have resistance levels. We just keep going higher and higher?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Oh, that's my girl. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Wait, I just want to say something before you ask questions. All right. As much as all of you care about the stock market, there are other things in your personal financial life that you need to pay attention to, which is usually what this particular podcast, Ask KT and Suzy Anything, is about. So just don't focus on one thing. You have to focus on Everything. All right, KT.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
S-U-Z-E.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Yeah. And there's other things there as well. And it seems to be quite popular. We just launched it a week or two ago. Can you believe that for all these years, I couldn't get my own YouTube channel back? Somebody had it and we didn't even know who had it. Anyway, that's besides the point. All right, Katie, ask away, my love.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Teresa, listen to me. For your son to be able to transfer it to a Roth IRA, the 529 account has to have been open for at least 15 years. For those of you who are wondering what Teresa is talking about, is that if you happen to have had a 529 account that has been open for at least 15 years, and let's just say Teresa had had this account for 15 years. And the beneficiary of it was her son.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
4.25. We are strong.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
And he had earned income in the year that he wanted to roll it over into the Roth. The Roth IRA has to be in the name of her son. And it has to be subject to the annual Roth IRA contribution limit for this year, which is $7,000 since he is under 50. And just so you know, there's a lifetime limit of $35,000 that can be rolled over for this. So it's very tricky, everybody.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
And listen, contributions and earnings from the last five years that you've put into the 529 are not eligible to be rolled over. So they gave you a benefit that is just so hard to use. It's not even funny. So I doubt many of you will be able to be qualified for it. All right, KT, next. Why are you looking like that?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Well, the reason that I get excited and animated, it's like... You're frustrated. If you're going to give everybody a benefit, like being able to transfer money from a 529 plan into a Roth... Make it so that it really applies to the majority of people. Don't make it so hard that even the 529 plan company doesn't know how it works. All right. All right.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Me too.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
You know... All of you have to weigh reducing income taxes against possible loss of principal. Any municipal investment, a bond or an ETF or mutual fund that is made up of municipal bonds, the interest on those bonds are absolutely federally tax-free, but they also have to be bonds that are in the state that you live in if you live in a state that is taxable.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So if you live in California, you would need an ETF or mutual fund that was made up of all municipal bonds of the state of California. I I don't think that's a great way for you to save taxes because normally the interest rate on municipal bonds are lower than what the actual taxable yields on treasuries and certificates of deposits happen to be.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Like if you look at the yield on the 12-month CD at Alliant Credit Union, which is an incredible yield right now, I think you would find, and you would do that, by the way, by going to myalliant.com, I think you would find that that yield after taxes may be even higher than your ETF or mutual fund made up of municipal bonds. And remember, an ETF or a mutual fund doesn't have a maturity date.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So you have no guarantee of getting back the amount of money that you originally put in. So the fact that you're even asking this question tells me about your sophistication level. And truthfully, I wouldn't be doing it if I were you. All right, what does that look for?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Am I being too verbose? No, just... Is verbose the right word?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
But KT, don't you want these people to be educated as to how it works?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Yeah, of course you don't.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
Yeah, but I need to know the amounts. What are the amounts?
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So, Nisha, the big mistake that all of you make is that you really think... that upon your death, that your spouse will need 50% less than what they were getting when you were alive. And I can tell you, over all the years that I've been doing this, that is not true. Because if both of you also qualify for Social Security, upon your death, Nisha, if you happen to die first...
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
your spouse is going to lose half of your pension in this case, and also your social security or your spouse's social security. One of those will go away, whichever one is lower. So their income will go down dramatically.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
And when one spouse dies, I call it the loneliness factor, where the spouse is lonely, so they actually spend more money when one of you is alive than when both of you are alive, because you go to visit your kids more, you go out to eat more, you're just lonely. So you have to take that into consideration now.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
The numbers that KT gave me that you could have a $500,000 lump sum rollover or an annuity of $3,300 per month or approximately $1,650 per month upon your death is So at $3,300 per month, that's a 7.9% return on your money, which is a great return. Now, if you have kids or anything like that, and it does go to your spouse, upon your spouse's death, all that money is gone.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So if both of you are killed in a car crash, it's immediately all gone. So I don't know. Do you have kids? Do you not? If you die, then your spouse's return goes down to 3.96%. Obviously, if you rolled it over and you invested it, you probably only would be getting maybe 3% or 4% on that money, but still have access to the principal.
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
April 2nd, 2025. Welcome everybody to the Women in Money podcast, as well as everybody smart enough to listen. Yes, I know. I said April 2nd. And most of you are listening to this because the podcast normally drops on April 3rd. But because we will be traveling tomorrow, we recorded it a day earlier. And it's actually 937 a.m.,
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Can I Start a Roth for My 3 Year Old?
So you're going to have to decide this one because I don't have enough information on it. But if you don't have any kids, if you know that your spouse will be absolutely okay with $1,650 a month after your death, because it's possible that your spouse could die before you as well. then the annuity might be a good choice.