Podcast Episode - Ask Suze & KT Anything: Don’t Feel Embarrassed or Scared


Estate Planning, Financial Advisor, Insurance, Investing, IRA, Long Term Care Insurance, Retirement, Saving


April 27, 2023

00:00:01

Music: Music In.

00:00:33

Suze: April 27th, 2023. Welcome everybody to the Women and Money Podcast and Everybody Smart enough to listen, today is Ask KT and Suze Anything

00:00:48

Suze: as I'm watching KT, what are you doing over there?

00:00:51

KT: I have so many questions.

00:00:54

Suze: You say that all the time.

00:00:55

KT: But today we have like a lot and I think I've been collecting but I, I made the, the opening questions are short, but they're all very interesting.

00:01:06

KT: Some of them are a little bit emotional rather than financial. I like mixing them up.

00:01:12

Suze: You do everybody in case you're wondering, how do you get to have your question answered on the Women and Money podcast?

00:01:22

Suze: Send it to KT. It's very simple. Just send in your question to ask

00:01:27

Suze: Suze S U Z E podcast at gmail dot com or better yet. You can also do that via the Women and Money community app. All you do is you go to Apple Apps or Google Play, download Women and Money app and you can send it in via there as well

00:01:49

Suze: also, you know, KT we have a fabulous community on the women and money.

00:01:53

KT: Yeah, they really respond to, I mean, on our anniversary, how many wishes did we get, like 900 people?

00:02:01

Suze: A lot of them, a lot of likes or whatever. And I saw you looking on there today

00:02:07

Suze: and did you take a question from there?

00:02:10

KT: Yeah, I did, Suze. I kind of was attracted to the name Linboha. So Linboha, if you're listening, I'm going to ask your question first.

00:02:22

Suze: All right. So, but wait, you know what today is?

00:02:25

KT: Yeah, Colo comes home, everybody. We're so excited. He's coming in from Colombia this morning. As soon as we're done with this podcast, we're going to go greet him with a delicious cup of coffee. I call it, we call it his shot, his shot. We give him a little espresso. We have an espresso machine and he loves it. And the morning when he walks by, we say Colo come on in for a shot, a shot. All right.

00:02:53

KT: Alright, ready. So first question, Suze is from Linboha. Hi, Suze for gift I Bonds. Does the five year rule start when gifted or redeemed?

00:03:04

Suze: Do you know the answer to that? What is it?

00:03:07

KT: It's when it's gifted when you open it.

00:03:10

Suze: So everybody and just so you know KT, I answered this person directly.

00:03:14

KT: So Linboha already has the answer?

00:03:17

Suze: Yes. So you have to look under where it says replies and you see that I answered this person. Listen for those of you who have been purchasing I bonds and you purchased an I Bond  by gifting it to somebody

00:03:33

Suze: that is one way that you could have locked in the 7.12% interest or the 9.62% at the time and kept it in a gift box. And then when you were ready to actually gift it to and transfer it to the person who you bought it for. I did a whole podcast on gifting I Bonds. Still a wonderful thing to do if it's something that you want to do.

00:04:00

Suze: But the five year time clock because remember when you buy an I Bond, the very first year you can't touch it. And then for the next four years, there is a three month interest penalty. That time clock starts the day that you purchased it for somebody else, even if you just kept it in your gift box in your, account. All right KT.

00:04:25

KT: Suze, next question. Still on the same topic of I Bonds. This is from Judy. Suze. I'm still confused. Should I or should I not?

00:04:36

Suze: Wait, wait, wait, stop everybody. So when KT did that thing, should I remodel or not? It was on Shakespeare and I know that I was teasing her and I was egging her on to maybe play with me with it because she forgot the or not.

00:04:57

KT: Did you know when I studied Shakespeare when I was in school? I loved Shakespeare.

00:05:02

KT: I was in art school in the...

00:05:05

Suze: How come I am with you for 22 years and this is the first time I'm hearing about this?

00:05:08

KT: Oh, you didn't know about me in Shakespeare. I have books of the full works of Shakespeare in our locker in our storage locker.

00:05:16

KT: It's a big book. I should read the plays to you. I love Shakespeare. So, so Judy wrote...

00:05:23

Suze: Where did wait, where did How now Duke dead come from?

00:05:32

KT: I don't like that one, Shakespeare. All right. So Judy wrote, I'm still confused. Should I or should I not redeem the I Bonds I bought at what you just mentioned 7.12% and 9.62%. So she's asking you because she's confused.

00:05:51

Suze: It's confusing because I'm not liking the new interest rates that I Bonds are offering. I think in the long run there could be better investments out there, but people are taking that to mean that I want you to redeem and get out of I Bonds. I do not, I do not, I do not listen to me if you purchased I bonds in the past,

00:06:16

Suze: especially starting when they were at 7.12% about a year or so ago. At the 9.62% a while ago. I want you to just stay in there. You are not to redeem them. Do you hear me? Yes, your renewal will be the 6.89 when your six months was up, the annualized yield. Yes, your renewal will be after the 6.89 is up the 3.79,

00:06:44

Suze: which comes out to be about 5.4%. Don't have a problem with that. But now you're into years that you have owned some of your I Bonds and it is possible if inflation continues down

00:07:00

Suze: and you wait long enough, even though there's a three month interest penalty to get out, inflation may be low enough that the interest penalty is gonna be hardly anything. So, no, you are to keep them Judy and don't you touch them, they are worth their weight in gold.

00:07:19

KT: Ok, next question, Suze is from Lynn. My husband and I are turning 58. He wants to buy a boat and cruise around during our retirement.

00:07:29

KT: I think we should actually shop around for long term care insurance. Suze, what do you think? And then, then she wrote a little note that they're both in good health right now.

00:07:40

Suze: That should have been your quizzie. Listen, I can tell you because KT and I own a boat. When you look at a boat, it's breaking, something is breaking when you are just looking at it

00:07:54

Suze: A boat really is a thing that you can enjoy cruising around on as long as it's not broken, as long as it doesn't need a repair. As long as a pump hasn't gone as long as something like that. However,

00:08:08

Suze: if it is a choice between sinking your money into a boat, especially because boats are expensive right now because they are hard to get versus protecting everything that you have. So you can sail off into the sunset with long term care insurance, protecting your assets. Are you kidding me?

00:08:31

Suze: Just knock some sense into that husband of yours? No way. Should he be buying a boat, if it is a choice between the two.

00:08:40

KT: And what age is the best age to buy Long term care insurance?

00:08:43

Suze: I'm telling you right now is the perfect age for them because

00:08:46

Suze: premiums change at about 59 there's a big difference between buying it in your fifties and then buying it in your sixties. Phyllis Shelton is the nation's expert and many of, you know, because you write me,

00:09:02

Suze: you contact her, you talk to her, she helps you or one of her people help you. They do not charge you. We have gotten so many thank you letters. It's not even funny. So go on to the Women and Money app and you will find under long term care how you contact her just that simple. She's so fabulous. And by the way, we do not get a referral fee.

00:09:30

KT: Suze. Next question is from Annie. My mom who is 92 and failing recently told me that my sister... ready for this one, convinced her to change her will and leave everything to my sis instead of the two of us. My mom is afraid to change it again and hurt my sister's feelings. Oh, God.

00:09:53

KT: I'm the one who takes care of my mom every day. Suze, what should I do?

00:10:00

KT: Oh, that's such a hard. No, these are these things happening.

00:10:04

KT: Well, they happened to me. Do you remember this?

00:10:07

Suze: That my nephew convinced my mother who he thought had a whole lot of money. He thought my mother had a lot of money because I wanted her to think that my daddy made enough money to support her. I never wanted her to feel bad that it was the daughter and I was spending money on her. So she thought that her husband was able to support her

00:10:36

Suze: in her life after he died. And my nephew called my mother and said, can you... Granny, can you please change your trust to leave everything to me? But make sure that you don't tell Suze about it. And my mother told me... exact same story, KT. True story. My mother told me

00:11:02

Suze: And I said mom, you can do anything you want since I knew there was nothing to be left. What a surprise upon her death. So believe it or not, I totally can relate to this one.

00:11:14

KT: What do you think Annie should do?

00:11:16

Suze: So, first of all, Annie, what amount of money... That's the reason I told this story that I just did. What amount of money are we talking about?

00:11:26

Suze: Does your mommy have a lot? Does your sister really know? Is there really very little money? Are you gonna use up all the money to take care of her? So in the end there won't be anything. You have to think about that number one. Number two, you can't be mad at your mom. You can't be hurt because maybe your mother looks at you

00:11:51

Suze: and goes, oh, Annie, you're fine. You have money or you're capable or whatever. And maybe she feels so sorry for your sister because maybe your sister is a loser, obviously because she asked your mother to do that. But she looks at your sister and feels really bad about something that maybe happened. We'll never know. There's no way that we're ever gonna know. But here's what I want to tell you

00:12:20

Suze: the fact that you're able to take care of your mother every day

00:12:26

Suze: and your mother knows that it's an incredible, incredible honor and really worth all the money in the world that you get to do that

00:12:38

Suze: Don't make your mom feel bad just now, you know about your sister and maybe one day you can sit down with your sister and say, you know, mom told me what you did. Why did you do that?

00:12:53

Suze: Maybe if you need the money as much as she does, that you can say I need that money too and talk about it with her, with your sister, not with the mother. But if you do not talk about this with your sister, you will harbor such resentment for the rest of your life. So if I were you, I would take this time to say sis, we need to talk.

00:13:23

KT: Ok. This is from Lorna. Dear Suze and KT I hope you're both doing well. My name is Lorna. I've been a fan since the CNBC days. Wow. My husband and I would watch you on Saturday nights and have never looked back. That means that they loved everything you did.

00:13:41

Suze: Hopefully all of you are watching the Suze Ormn show on Amazon's Freevee. So Freevee because  all 600 episodes are there

00:13:53

Suze: fabulous, fun to watch. Fun to relive the Can I afford it segments. And the best part about it is it's free. You don't have to pay to stream them. All right.

00:14:04

KT: Ok. So here's what Lorna said. Years ago, my attorney set up an irrevocable insurance trust to hold term life insurance, if anything ever happened to us for our son,

00:14:17

KT: We do have all the must have documents, although we never set up the revocable trust and we are confused as to what we should do. So here's my question. Should I keep my irrevocable insurance trust and replace it with the revocable trust or keep both? Good question.

00:14:38

Suze: That should have been your quiz. Right. Do you even know what an irrevocable Life insurance trust is?

00:14:46

KT: I don't know what a life insurance trust is. You can't change it...

00:14:49

Suze: All right. So, you know the word irrevocable. All right, Sweetheart. I still love you.

00:14:55

KT: So, what should she do?

00:14:57

Suze: So, here's the thing, everybody.

00:15:00

Suze: Life Insurance when you own it. And let's say it's in your name as the owner. Maybe you're the insured and your children, maybe they're the beneficiaries and you die. Then it is part of your estate

00:15:18

Suze: and a lot of you have a whole lot of life insurance. So it depends on how much life insurance you happen to have and your other assets. Now, a spouse, two spouses can leave any amount of money to each other that they want. So, KT we could have

00:15:39

Suze: a billion dollars, which I hope we do one day. But anyway, a billion dollars, I could leave it to you. You could leave it to me. No estate taxes whatsoever. But currently the maximum that one of you can leave to beneficiaries other than a spouse is about $12.9 million.

00:16:04

Suze: So between you and your spouse, you can leave close to $25 million. That is a lot of money. However,

00:16:15

Suze: in the year 2025 that is just two years from now. Take out your little Suze notebooks and write this down.

00:16:26

Suze: The estate tax limit

00:16:29

Suze: is going to sunset. That means the laws that allowed it to go up to where it is right now, go away. And it is possible that the estate tax limit will be under $6 million at that point in time.

00:16:47

Suze: So if you had a life insurance policy, let's say you had term insurance, you were young and it was $2 million on each of you. That's $4 million and you have a home and you have all these other things. And let's say the two of you happened to be killed in a car crash or something like that happened

00:17:08

Suze: And you left it to your children or beneficiaries, you would be over the estate tax limit

00:17:15

Suze: because of the insurance. If you own insurance in an irrevocable life insurance trust, the owner is the trust, the beneficiary is the trust, which could be the children or whoever you want it to be, you would still be the insured. But if both of you died, it is not in your estate.

00:17:42

Suze: So you could have a whole lot of life insurance, plus your assets held in a different trust like a revocable trust

00:17:51

Suze: and there'd be no estate taxes on it at that point. So therefore, I would keep both of them.

00:18:00

Suze: We'll see what happens in 2025 it's just something that you should all keep your eyes on. All right.

00:18:09

KT: Do you think they're going to lower it?

00:18:10

Suze: I have no idea what this Congress is going to do on any level.

00:18:17

KT: Ok. Enough politics for me.

00:18:19

Suze: Yeah, we do not tell, tell everybody the rule no politics in this house household ever. Ok.

00:18:28

KT: This would not do us any good, no politics ever.

00:18:33

KT: So, this is from Kimberly. Hi, Suze. I have a Roth 401k through work who matches 100%. That's great. Kimberly. Up to 6% which I'm taking full advantage of.

00:18:53

KT: Do I also need to open a Roth contributory IRA personally? Or just stick with my work 401k?

00:19:00

Suze: Yeah. The reason Kimberly I would want you to also open up a contributory Roth is because it works very different than a Roth 401k.

00:19:13

Suze: A contributory Roth where you can contribute up to $6500 a year. If you're under 50 $7500 a year, if you are 50 or older is because any money that you originally put in to a Roth IRA,

00:19:33

Suze: you can take out without any taxes or penalties regardless of your age or how long that money has been in there. That's number one, number two however, when you have a Roth 401k,

00:19:48

Suze: yes, I know it may have been in there for eight years, 10 years, 20 years. But when you retire and then you take that Roth 401k and you roll it or transfer it to a Roth IRA. The time clock will start all over again, that five year time clock that I always talk about will start all over again

00:20:14

Suze: unless you already have a Roth IRA in force. And then it just takes on the time limit of the Roth IRA that you started.

00:20:25

Suze: So for many reasons, I would like you to also do a Roth IRA more things that you can invest in more diversification, more liquidity. And if you have enough money, you can max out the Roth 401k at work and your Roth IRA. Now you are saving a whole lot of money. Hey KT.

00:20:50

KT: Ok. Next question. Hi, Suze and KT. I am 41. I have two young boys, six year old and 20 month old. I am a recent widow. I'm updating my beneficiaries to both of my sons. But I think I recall you mentioning in a podcast that if you're a single parent who has young children,

00:21:14

KT: you should also include an adult as a beneficiary so they can receive the money right away in case something happens to me. Otherwise they would wait until they're adults, right?

00:21:26

Suze: 18, or 21 depending on the state.

00:21:29

KT: Um, so she's asking, you know, should I have my two boys

00:21:34

KT: and an adult or just one adult as the beneficiary, so they can give the money to the boys.

00:21:41

Suze: No, no, no. Listen to me. You did not hear me ever say, leave a beneficiary to get all the money to then give it to your kids. You can't trust anybody. I don't care who that person is. I'll never forget there was a woman

00:22:02

Suze: who I was very close with. She worked at a TV place and her husband died and the husband left the money for their kids. They had gotten divorced. Right. So ex-husband left the money for the kids with somebody else who ran away with all the money

00:22:23

Suze: in the hopes that this person was going to take care of the kids. No, no, no. What you did hear me say is the following. You need to set up a living revocable trust. You would be the owner of the trust. You would be the trustee of the trust.

00:22:43

Suze: So therefore you would have a successor trustee and leave specific instructions for that successor trustee

00:22:55

Suze: as to what should be done with that money upon your death. And then it's all documented. You will also need a will because it's with a will that you assign who is going to be the guardian of those children. So that when you die, they're still very young who is going to take care of them.

00:23:20

Suze: And that guardian is appointed via a will. If you do not appoint somebody when that will goes through or your estate goes through probate. A judge has the authority to appoint what's called a probate guardian. Anybody they want, so you don't want to see that happen.

00:23:41

Suze: So that's exactly what you need to do. You know, you're still very vulnerable right now. Obviously, we have the must have documents that you can absolutely order by going to Suze, S U Z E, Suze Orman dot com slash offer and you can download them there and go through them.

00:24:04

Suze: But maybe in your particular situation since you want to be really clear on everything that you do, maybe if you have the money, you should consult an attorney and make sure that the attorney sets it all up correctly for you. But you are not. And I repeat, you are not to leave the money for your children to a beneficiary because remember

00:24:31

Suze: that person besides maybe not giving it to them can also die. Something could happen to them if you leave it to that person, I just want to go on about this for a second because the other things that I've seen happen is that you've left it to your sister, your sister who absolutely loves your children more than life itself and will take care of them financially with the money that you left them.

00:24:57

Suze: Your sister

00:24:59

Suze: doesn't really have a will or anything. Your sister is then killed in a car crash and this money that she has for the benefit of your kids, but nobody knows that, but your sister, now goes to her children or her husband and they go your kids' inheritance. So, no, no, no, no, no. All right.  You look so sad.

00:25:26

KT: No, because those are such, that's a real sad scenario. She has two little boys, tiny baby.

00:25:34

Suze: That's why a living revocable trust, really KT is so important.

00:25:39

KT: People don't realize you can keep changing it through your lifetime.

00:25:44

KT: As times and situations change, we change ours all the time.

00:25:49

Suze: As a recent widow, just be careful. Just keep your money safe and sound right now. Yeah.

00:25:56

KT: Ok. Hi, KT and Suze. Thank you for your podcast and putting a smile on my face.

00:26:03

KT: I like that, Diane. So I have a question. My non working spouse has an old Roth IRA and traditional IRA with an advisor.

00:26:14

KT: As far as I can tell the A U M fees are around 1.4%. That's the annual maintenance fee, right? The, the fee for the advisor which basically negates the 6500 max contribution to his traditional IRA allowed annually. What are the logistics of moving these IRAs to a Vanguard or Fidelity account?

00:26:40

KT: The advisor has made it difficult to leave but does my spouse need to open an account at Vanguard first then sign paperwork at both places?

00:26:51

Suze: Yeah. So here's the thing, everybody,

00:26:55

Suze: when you have a financial advisor that's making it difficult to leave. What all of you need to remember... This is your money, this is not your advisor's money. The advisor and the firm have no in most cases control over your money. A really good advisor would help you. Would help you because they would want you to feel comfortable. And if you want to leave, they would say, ok, and make it easy for you to leave.

00:27:25

Suze: So that's another reason that you should be leaving this person just so, you know, you simply would go to Vanguard or fidelity or any institution that you want to open up an IRA with

00:27:37

Suze: and it will be a transfer, it will go from the account that you have wherever it is directly to that account. Also, the company that you open it up with, tell them that your advisor is giving you trouble. Can they just contact that advisor? Nothing needs to be signed with that advisor or whatever and it will just go. Now to take your power,

00:28:05

Suze: I would not be silent about this. I would call the advisor and I would say listen and listen closely. I don't like that you have been making it difficult for me. I am transferring my account. You are going to get paperwork from such and such and you better make this easy and fast or I am going to lodge a complaint against you. Do you hear me?

00:28:29

Suze: You take your power, girlfriend, stop being afraid of somebody just because they have this title, a financial advisor. They are no different than any of you. Also, KT just handed me your email and the other part of the question that she didn't read is will your investments need to be sold

00:28:51

Suze: and repurchased with the new broker? No, they will transfer by what's called in kind, meaning whatever you have in your account will transfer the exact same way that you have it. So in the new firm that you're with, you will own the exact same things that's called transfer in kind. All right, KT

00:29:14

KT: OK. Next is from Angela

00:29:17

KT: Dear Suze. I believe I have made a huge mistake by getting involved with L I R P S. That is life insurance retirement plans. Everybody.

00:29:31

KT: One for me and one for my son. The concept was presented to me as a way to pull out money to pay off student loans when the time came.

00:29:41

KT: My son was in high school when I started these. He is now 24. I am 56 to date. I have paid $39,000 and it has been a struggle if I had simply put aside that money, I could have paid off one of my son's student loans by now. If I cancel, I will only recoup a very small fraction of what I put in. I don't know what to do. Take the loss and get out or keep paying into it?

00:30:10

KT: And then Angela wrote this Suze, which I want you to tell her not to feel this way. She said, I feel incredibly stupid, embarrassed and scared. I would appreciate any advice you have. Listen, Angela, let me share something with you. When I met Suze, I lived in Hong Kong and I was sold a life... whole life insurance policy as a means of having a retirement account when the time came.

00:30:38

KT: And I was, you know, relatively young when I bought into it. The day I met Suze Orman, she made me cancel it, sell out, take the loss and she said for the amount of money, KT that you're putting in every year, I'm going to show you what you can invest in and recoup it even double that and she did.

00:30:59

Suze: So here's the thing, Angela...

00:31:00

KT: Don't feel stupid, right.

00:31:02

Suze: You shouldn't feel incredibly stupid, embarrassed and scared

00:31:06

Suze: because millions of people I'm sure have been told that life insurance retirement plans are the way to go. Now, if you are extremely wealthy,

00:31:20

Suze: and you're worried about estate taxes and things like that. Ok? But these L I R Ps e ssentially work under the guise that you put money in. They're tax deferred. And the way that you take money out is through a loan

00:31:37

Suze: and you don't have to pay taxes on it because it's a loan. So you've put $39,000 in, I would not continue to fund this on any other level because it has been a struggle. But you are also not to live your life with, I could have, should have, would have, this is what you did.

00:32:00

Suze: So the real question becomes... now, what do you do?

00:32:06

Suze: Obviously you need to meet with this sales person. Notice I said sales person anyway,

00:32:13

Suze: and you need to find out what happens if you just don't make any more contributions or pay any more premiums whatsoever. What happens? That's number one. Number two,

00:32:30

Suze: if you decide that you want to take this money out and you want to take it out as a loan,

00:32:38

Suze: you need to make sure that you understand how your policy works because most policies work this way. Listen carefully, everybody

00:32:49

Suze: you put in a lot of money. Now you want to take out a lot of money as a loan, but a loan has interest on it. Even if it's what's called a net 0% loan,

00:33:04

Suze: there is interest within the policy. You have to believe me on this. So you have to make sure that you leave enough money within this policy that it generates enough interest to pay the fees and the interest on this policy. Otherwise, if you don't,

00:33:27

Suze: then the amount of money that you left in will get smaller and smaller as it pays for everything. And then what happens? It's gone and the policy then is gone. Once the policy is gone, it's no longer there. Now you very probably will owe income tax on the loan because now the loan really isn't a loan anymore because the policy is over

00:33:55

Suze: Now that may have sounded complicated, but that is exactly how these policies work. So therefore, when you sit down and talk to this person,

00:34:08

Suze: you have to make sure that you understand what your choices are

00:34:14

Suze: to either get your money out but never have the policy expire

00:34:20

Suze: and, or leave it like it is and see what happens to the money

00:34:26

Suze: or you take it out and that is it, you just close it out and it's gone. All right now you know. KT, I have...

00:34:37

KT: What time is it, Suze? That went fast, right? Thursdays always go fast for me.

00:34:44

KT: I don't know why. Maybe I'm excited because Colo's coming home.

00:34:48

Suze: I was gonna say, or it would have been sweet if you said because I get to sit here in the studio and look at you and the faces you make and I just love spending time with you. But then we spend almost 24 hours a day together. So I guess it's not a big treat. All right, sweetheart. Quizzie time is simply where I ask KT and all of you a question. Think about it

00:35:13

Suze: and see if you know how to answer it because these are questions that you really should know how to answer.

00:35:21

Suze: This is from Kristen. She says we've only opened Roth IRAs but received a traditional IRA from my hubby's mom. On her passing. It's $33,000. Should we convert it right away?

00:35:40

Suze: Half now and half next year or leave it there? The hubby is 52. Think about it. So she just has inherited with her hubby, $33,000 from hubby's mom

00:35:59

Suze: that had $33,000 in a traditional IRA.

00:36:06

Suze: They've now inherited it and they want to convert it

00:36:11

Suze: to their Roth IRAs and their questions are, should we convert it right away? Half now and half next year or leave it there?

00:36:23

KT: And how old is he?

00:36:25

Suze: 52? Da da, da, da, da da.

00:36:32

KT: I would do, I think I would do half now and half later.

00:36:36

Suze: Final answer?

00:36:37

KT: Maybe.

00:36:39

Suze: What do you mean maybe?

00:36:40

KT: But is there... can you, is there a, um, a time limit on how much time you have? No. Is there a time limit? Ok. I got it wrong.

00:36:51

Suze: Very easy. You can't convert it at all

00:36:54

Suze: When you inherit a traditional IRA. Well, this is what Kristen wanted to know when you inherit an IRA. You cannot transfer it to a Roth at all. It goes into a traditional inherited account in your hubby's name. And depending how old mommy was when she died,

00:37:20

Suze: you will have essentially 10 years max to wipe this account clean. All right.

00:37:29

KT: So you 10, within 10 years, you have to take that money out.

00:37:32

Suze: Yeah. And you can, you should be taking it out yearly

00:37:35

Suze: and when you take it out, you're gonna owe income taxes on it. So why then put it in a Roth to begin with. I mean, you can, if you want to take that money and put it into a contributory Roth as you take it out and pay taxes on it

00:37:51

Suze: as part of your contribution to your Roth IRA. But you cannot convert it on any level.

00:37:58

KT: Oh, I didn't know that.

00:37:59

Suze: Well, of course, you didn't do all of you get surprised when she says I didn't know that I'm not being sarcastic or mean with KT because the truth of the matter is 99% of you got that one wrong. I know it. So KT

00:38:18

Suze: you don't have to feel bad about that at all. All right.

00:38:22

Suze: So until Sunday's Suze School where I will tell all of you why I think there's a good chance oil could go back up. There's only one thing that we want you to say every single day. And it is as follows

00:38:38

Suze: today, wherever I go, I will create...

00:38:42

KT: A more peaceful, joyful and loving world.

00:38:46

Suze: And again, if you do that, you will become unstoppable. Talk to you soon. Bye.

00:38:59

Music: Music Out.

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