Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Why I Quit My CPA
Thu, 13 Mar 2025
For this Ask KT & Suze Anything edition, Suze answers more questions about Roths, RMDs, Social Security spousal benefits and more! Jumpstart financial wellness for your employees: https://bit.ly/SecureSave Protect your financial future with the Must Have Docs: https://bit.ly/3Vq1V3GGet your savings going with Alliant Credit Union: https://bit.ly/3rg0YioGet Suze’s special offers for podcast listeners at suzeorman.com/offerJoin Suze’s Women & Money Community for FREE and ASK SUZE your questions which may just end up on the podcast. Download the app by following one of these links: CLICK HERE FOR APPLE: https://apple.co/2KcAHbH CLICK HERE FOR GOOGLE PLAY: https://bit.ly/3curfMISee omnystudio.com/listener for privacy information.
Chapter 1: How are current interest rates affecting investments?
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.
4.25.
4.25.
4.25. We are strong.
We are strong. We are one.
Hi, everybody. Welcome to the Women & Money Podcast, and everyone's smart enough to listen. This is KT here, and I'm opening this on March 13th for Susie, who is in the studio with me, but she's still suffering from sinuses and who knows what else. Listen to this nose. Listen to her. Hello, hello.
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Chapter 2: Why is Suze losing her voice?
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.
I don't even know why. I'll answer the questions for everyone.
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.
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.
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.
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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Chapter 3: When should you consider refinancing your mortgage?
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.
Okay. So I've got some great questions here. And this one says, hi, Susie and KT. I've been listening to you for a year and a half, and you have made me feel much more control of my situation. And this is from Michelle. She said, Susie, we bought our forever house in May, 2023. To be in a better school district, we went from a 2.5% interest rate to now having a 6% interest rate.
Our new house costs significantly more than the old one, so our mortgage payment has more than doubled. We did plan for this. All right, that's the key to this email, Susie. We did plan for this. We saved to comfortably staying afloat and figured we would be able to refinance in one to two years. My question for you is, at what point would we refinance when rates get to 5% or lower?
What would make a difference?
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.
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.
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.
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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Chapter 4: What lesson did Pamela learn about Roth IRAs?
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.
In fact, that's how I did answer it. All right, next KT. All right.
Next is from Pamela. And it's not a question, but it's something I want. It's a lesson. And Susie, you taught her this lesson. Ready? Hi, KT.
I taught you any lessons.
Me? Oh, my God. We don't have enough time and podcast for the rest of our life for me to answer that.
Because people sure like my Roth IRA podcast.
I don't want to talk about March 6th.
All right, fine. No problem.
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Chapter 5: Why is it important to verify financial advice?
So I left your Susie school on March 6th. Oh, that's fascinating.
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?
I'm going to go listen to that over and over again.
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.
Go on. I loved your Susie school on March 6th. I only got one question wrong. So I was like showing off Pamela. Pamela got one question wrong. KT got like 50% wrong. now she said i also want to be honest you got you got i got like 70 percent wrong yeah you got three right out of 18 that's not true it is true it is not don't listen to everybody uh-huh
I also wanted you to know that when I was getting my taxes done a month ago, the CPA told me I couldn't withdraw from my contributions in my Roth IRA without a penalty. I've had my Roth IRA for 10 years. I will be 58 in June. I told him that is not true. I didn't want him doing my taxes, Susie. So I walked out the door. She left immediately. I'm so proud of her.
She said, I can't even take credit. I learned this all from you. I want to help my 28 year old son and 31 year old daughter with everything I've learned from you. Thank you so very much, Pamela. Oh, is that great? Yeah. She had the courage, everyone to get up. And walk out. Yeah.
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.
Mm-hmm.
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Chapter 6: Is purchasing a lifetime annuity a good idea before Social Security?
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.
Just because they have a few initials after their name doesn't mean squat.
The point of that whole experience is that you've got to really know and you can't just trust one.
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.
Okay. This is from- Wait. Aren't you proud of me? I didn't call him what I was going to say. He asked. Yes. Thank you. Especially with that nasally nose of yours. The next is from- Do I snore with it?
No. Oh, that's good to know. Okay. Go on.
All right. The next question is from Deb Johnny. Don't you love that name? Deb Johnny.
Do you think her mom's name is Deb and her daddy's name is Johnny and they named her Deb Johnny?
Maybe. You never know. I just think it's a pretty name. She said, hi, Susie. I hope this is a quick one. I'm in my mid fifties. I've recently retired. I have about $3 million in assets. I'm single with no dependents. I have 650,000 in my 401k of which 500,000 is traditional. The rest is Roth.
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