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December 1, 2020 7:03 am
Matthew six Jesus tells us how we should pray, and how not to, do not heap up empty phrases as the Gentiles do, for they think that they will be heard for their many words. Jesus gives us the Lord's prayer as an example, we should bring our needs. God's giving over part of financial advisor and teacher Rob West shares that we must first today. Take your calls on anything at 805 five 7800 5257 praying for our daily bread on a place in the Lord's prayer which Jesus instructs his disciples. Give us this day our daily bread. Well, it's a very important verse that we tend to take for granted.
But we shouldn't. Jesus is of course teaching his disciples and us that God is our provider and were to ask him to provide for our needs and the most basic physical need, of course, is food. We want to think Pastor David Platt for writing about this and reminding us that that verse is intended to destroy our pride. How often do we ask God to provide us with the food and water that will need today and to thank him for doing so when we say those words in the Lord's prayer, do we really mean them. Perhaps yeah, unfortunately, sometimes we're just reciting the words what he think that is well I think it's because we forget that only God can provide us with the food and water.
We need to survive. He owns everything. We may think that our actions, earning and saving money. Provide those things but that's never the case. Even our ability to make money comes from God were only reminded that God is our real provider. When those things are taken from us and we begin to feel hunger and thirst, and this is more about the just me more than just about making money to buy food, don't you think, well, sure it is here we hunger for many other things in this world peace, love, purpose, healthy relationships, you name it. The Lord's prayer is an example of how we should pray for all of those things that you see Jesus wants us to go before our holy Father in prayer and ask for everything we need, humbly admitting that only he can provide them, and I suppose give us this day our daily bread had more impacts 2000 years ago, when famine was always a real possibility, but no question about it. It seems like an odd request.
In today's culture. For most living in the richest nation in history. Most of us. Of course there are exceptions, but the vast majority of us never worry about where our next meal is going to come from.
It seems especially odd when many of us actually need less food not more, and I think unfortunately the past few months, many Americans have come to realize that were maybe they didn't before and those of us who have plenty should probably be be very cognizant of that and look for opportunities for ministry, but it's still important to pray for God's daily provision on every level. What would you agree while it absolutely is important to pray for our daily bread. Even in America.
David says that what Jesus is really telling us in that verse is you need to pray because prayer will guard you against thinking that you can provide bread for yourself on your own, apart from God. In other words, it's a bulwark against prideful thinking that we or the things of this world provide what we need that Jesus knew that we are prone to that kind of thinking that's why those words are in the Lord's prayer, and that's why we should take them very seriously and this also underscores how dangerous materialism can be doesn't yes and we should take a hard look at how much were conforming to disturbing trends and even Western Christianity, but maybe we really believe that we can sustain our lives on our own without God and that's a reason many of us are so casual about prayer in general. In addition, warning about pride. Jesus is also telling us that our father in heaven wants to give us every good and perfect gift. In fact, a few verses later in Matthew six he tells the disciples seek first the kingdom of God and his righteousness and all these things will be added to you. But what that means is we don't really need bread or water or money we need God in prayer, reminds us of that and of God's promise that he'll provide all of those things part anything else we should pray for, well, it can't say I can't say it any better than David Platt. In today's wealthy culture we should ask God to deliver us from what he calls self-sustaining Christian lives.
We have to acknowledge daily. We can't sustain ourselves and that begins by admitting that we need Christ as our Savior, but that has to extended every area of our life that we need God to sustain that you're listening to moneywise live he's Rob West times more 800-525-7000 buying a home is the largest most nerve-racking perches.
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That's the approach offered by sound mind investing. SMI has helped tens of thousands of Christians acquire investing wisdom and confidence. Regardless of your investing experience or how much you have to invest can learn to be a wise and faithful steward in the area of investing a short video webinar on profit and peace of mind is available now sound mind investing.org and no moment peers build on her screen of my wife Sally.
I made a bad investment. My septic tank back up.
I'm angry, discouraged, and I just don't know what is wrong with my early morning call Tom three days in a row row about the same time I said you need to make to call remember in Mark 135 roots in the early morning Jesus got up and went out to a lonely place great said you need to number one: God in prayer. Read his word and listen for the number two need to call the septic tank repair man, how long I be in my quiet time.
Well, I said, until the bad stench leave your home in your heart got backed up today friend called Hermione: God raised strong and tender can help you help your friend through life full information will be. And if that is robbing you of freedom and peace of mind. Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 300,000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that data and phone to learn how Christian credit counselors can help you visit Christian credit counselors.org Christian credit counselors not call 800-557-1985. Pray that you will board today. It's 21 is live and you can reach us with a comment or question of any kind at 800-525-7000 let me tell you about the technical team in place today we search the country far and wide for the best for people who could come in and do it in a in a professional and fervent committed way and they are Dan, Amy, Clara, and of course the man with two first names Jim Henry and it's a blessing to have a hero to think from well it sure is. We have an incredible team.
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And someday when were on television. I will post their pictures at the end of every program, but as long as were here in radio.
There's just not much more we can do other than to give you their names and we can go to Orlando Florida and say hi to Kim and what's on your mind cannot we help our network link yeah I like calling my company politically simply on now I am hundred and $20,000 in debt. I have 90,000 on it along to have gotten a Masters degree in private University and now and then I have the vehicle that I'm still paying on that only $21,300 I might pay off my credit card I own nothing on my credit card. I do have an open line of credit is that they are, but I'm paying it off every month but I think I'll spell. I just got clean and pay like a cackling pay and now I'm about to go through the glory and I'm about the filing path that even here I am today in about a mom, and I want to be a moment to get anything on. Well, I certainly understand him and I think I'm encouraged by the fact that you recognize this is a large number you want to get out from under it and you don't have the credit card and if you did in the past.
You obviously exercise the discipline to be able to get that paid off in full, or if you haven't added. You've at least guarded yourself against that.
So no college debt, especially a Masters education at a private university, I realize how quickly that can rack up.
I hope that left you with marketable skills and a job that pays such that you can get that paid off. We'll talk about that in the second. Of course having a vehicle loan is something that is there every month you want to get that paid off, but not the end of the world as long as we can fit that into the spending plan, but the fact that you don't have credit card debt. Kim tells me that you're living within your means your lease covering all of your obligations.
You're only using that credit card for budgeted items and then you're paying it off in full. Which tells me you have the discipline to make sure you don't add any more debt. The question is how do we create more margin in your financial life now and with some of these things that are changing so that you can apply that toward debt reduction, both on the car and the student loans because I know you want to get those paid off just as quickly as you can. So tell me about your spending plan in terms of when you pay the minimum on that student loans on the student loans.
Assuming they're not deferred and on the car and then all of your other recurring and nonrecurring fixed and discretionary spending. Do you have anything left over at the end of the month. Well I would I marry, support system, the court found to me so a lot of fidelity faith that my name containing and naming. Essentially, if I needed something that I just had a baby eight month ago I would make sure I have her on so I did have anything I did. But now no longer thigh. I so right now I did my calculation that I made between could I do have bullet but my base salary is $60,000 a year and then of course I have a $1300 month. The rent on the back pay. Okay so you at this point you started to work up your new budget, but there still some questions as to child support in any other additional money you would see coming in and following the divorces that correct okay.
I think okay I think that's good to be the key is really to start thinking through what that budget looks like are those federal loans, such that the you have some flexible repayment options available to you on the student loans. I got it right along think not right so that's going to give you the income-based repayment options. If you need them and I think the key right now is just to stay really focused on that spending plan as things are changing so you get a good feel for what income sources are you gonna have the ones you can count on.
Now your base salary plus your bonuses anything coming up from your husband once all of this has been finalized and then really working through the budget at that point to determine do you need to make any drastic changes meaning do you need to exercise an income-based repayment option to reduce what you're paying toward the student loans. Do you need to sell that car and you buy something a little bit less expensive. Just because the budget doesn't work.
Are there other changes you need to make you mention $1300 in rent. That certainly doesn't sound out of line for Orlando Florida. This sounds fairly modest but you know you may get into a situation where you need to look to spend a little bit less than that. So the budget is going to be key and then obviously once you get the budget in place, such that you have. You know some some margin left over. Apart from having an emergency fund of three months expenses. I would just really start snowballing that's going after the car first because if you can pay off that car, then obviously that's get a free up that monthly payment for you then to apply all of that toward the student loans as you're able to and I've counseled without enough single moms to know how challenging that is and single dads and so you were just going to make this an exercise of faith to trust the Lord that will provide and do your part, which is to follow his principles of spending less than you earn and avoiding the use of data in continuing to be faithful in your giving and having some margin or some excess in your spending plan and setting long-term goals and as you do that and follow these biblical principles. I'm confident the Lord will provide like to do two things Kim as we wrap up your today number one, I'd like to give you six months of our money wise Pro subscription for the moneywise app which will allow you to get that budget set up and get everything being downloaded from your credit cards so you can use an envelope system to track really closely your income and expenses. The second thing is I like to recommend that you connect with one of our money help you as you put that new budget together and walk alongside you, and you can do that it moneywise live.org Kim, thank you very much. We wish you the very best and I trust that that information was sending out to you, will help you and bless you as you go forward.
Thanks very much.
Buffalo, New York. Hey Matthew, what's on your mind doing you do a lot of shopping and I was wondering when you go to beat and check out at the big department stores they offer you a credit card to give you a large discount getting the credit card for budgeted stores affect your credit score at all that it will. Matthew yeah, I'm not a big fan of this for a couple reasons. Number one. Every time you open one of those cards they're gonna do an inquiry into your credit because they don't want to make sure that you qualified to have this additional credit extended to you and based on your credit score determines the likelihood you are to repay what they extend to you in the form of a unsecured credit limit and every time they do one of those inquiries that's gonna pull your score down, and so that could be between 20 and 30 point so that's kind of the first piece. The second pieces. This is just another line that's open to you. That could be compromised because if you don't plan to use it. It's just sitting out there. Let's say somebody there's a breach somewhere and somebody accesses this information, or some other way. This account is compromised and they charge it fraudulently. You're going to need to stay on top of this every month just to monitor that zero balance to make sure there's no charges on it.
It's also going to be a credit that's available to you, which will be factored into the total amount of credit that's been extended to you. So as you go to get perhaps an additional loan you want to go to get a mortgage or borrow for a car there to look at all of the credit. Even the unused credit that's been extended to you and recognize that you at any time could charge that up to the limit.
So they're going to have to factor that into the ratios that they generate for you the last reason I don't like these cards as they have really sky high interest rates typically and so that obviously is something you don't ever want to carry a balance on so for that reason I would look for other ways to take advantage of discounts you look online you look at the various online websites that offer coupons go to the particular know companies website that your shopping at look for coupons there. I try to time your purchases around when they're offering discounts. Those are to be far more effective than you just opening a credit card every time you walk into one of the stores and great advice Rob Matt were glad you called today and I'm originally born and raised in Rochester, so whenever I hear someone from Buffalo takes me home that you, thanks very much. We come back what to do with some double E bonds and then Ben wants to know about rolling over $2 million talk about both those and more. 800-525-7000 a wrong turn when it comes to money and you can steer clear financial potholes this month. Moneywise the magazine is all about helping you make money wise decision with explicit podcasts and articles to steer you in the right direction where free magazines inscription is waiting for you right. My wife got away #terms Ronnie 33 says that God like God who happens to help when he comes standard can assure you the heavenly realms. The commanders begin to panic something else you turn to Numbers 21 explains in 19 same breath he said against him from generation to generation, because they were blotted out mean that the from generation to generation. Tell it what started very very right to have something else is agreement you more about our money than most of us imagine Jesus is more about our use of money and possessions and about anything else, including both heaven and hell and managing God's money, author Randy Alcorn breaks it all down in a simple, easy to follow format that makes it the perfect reference tool if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available in the store, but moneywise will I.org so you with us today. It's moneywise live where God's timeless wisdom meets today's financial choices and decisions and would love to help you with that.
You will have to make that call first. However, 800-525-7000. I suppose we could call first Rob just cannot throw some numbers at it and see who picks up the phone when he thinks of me and we call people instead of letting them cook outs is okay. Just call some numbers dial them up and say hey what your name Tony hey Tony, can we help you yet me when problems that like that. Yeah sure that'll go just okay. So much for the Chicago Illinois WNBA. I have course in June. What's your question Farah government bond, 1997 and I'm wondering what could kill it wearing RAD now and it's a 30 year daylight gas but they do have some value their hundred dollar bill. So I'm wondering what the best thing to do to keep that in mind is give them away all you I can appreciate that I do a lot of folks are sitting on these bonds. Many of them W like you have that they've had for quite a while. $100 double E bond but probably for $50 and 97 reached full maturity in 2017. So it's now worth, probably about $110 and it's going to continue to earn interest until 2027. The challenges the interest rate is so low in your talk and I think .1%.
Right now, which is a lot less than you could do even just in a high-yield savings account with an online bank and so I would recommend that you go ahead and cash those in the treasury direct.gov. If you if you use the Internet treasury direct.GOP is the treasury's website, US government Treasury Department's website for bonds of this nature and you can actually type in the use of numbers and it would tell you exactly what they're worth and give you instructions on how you could redeem them.
If you're looking for that but then you could take that money and depending on what the intention was behind it. Whether this was savings for a family member or just for yourself. You can either make that gift.
Or you could go and redeploy that into something that's going to get a little bit more interesting, depending on whether you want to have take some risk with this meaning you invested in stocks and bonds. You can certainly do that. If you have a 10 year time horizon. Or you could just stick it in savings. As I mentioned your weather use ally, banker, capital one 360 or Marcus three that I like.
I believe you're paying right now about .6%.
So six times better than what you're going to get here on these double E bonds and there's no fees, no minimums to great option for savings its liquid FDIC insured so backed by the full faith and credit of the United States government and you could like to rent your checking account which means you have access to. If you ever needed it. So I think this probably is the time to go ahead and redeem those. Just because the interest is so low and then you can make a decision on where you want to go from here. June again, that website treasury direct.gov and I'm confident they'll provide you all the information you need and thanks so much on that have to chuckle a little bit Rob she's making .10% and yeah you pointed her in a direction where she can make .6% which she goes from being average to being rich pretty much six times better that's for sure. Yeah right.
Cleveland Ohio is a Cleveland yes Cleveland Ohio Agatha what's on your mind will Agatha I think you have to turn your radio down for some time I get there you go you. I'm thinking nine years ago trying to be From the United States. I have been looking for 15 I took my social security it… It was recommended 70 but I nominated anyone in my 91. I have a IRA with Primerica life insurance database and a $25 to every mouthful about five years. He had thousand dollars want to put $10,000 of it and he took his money. He put the down payment. Findings also because I think if he is a lot let's do this. I gotta hit a break here unfortunately but I want to hear your question and be able to give you an answer. Also want you to get hopefully to a better place in your home where maybe we have a little better connection so let's work on that during the breakable talking just about recently. Well, this is when lies live, talking with Rob West 805 five 7000. Please, how should we as Christians think about investing.
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We call this investing that makes the world rejoice. More information is email@example.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more. My name is Ryan and I'm a communications major at the movie five on the radio week is found in Micah 5. Though you are small among the towns of Judah, out of you will come for me, one of Israel's origins from old ancient time. That's Micah 523 community radio rest of the week. Remember Patrick Henry and his deathbed, he said this about the Bible. Here is a book worth more than all the others that it is my misfortune never found time to read. Don't let history be your story. Read the Bible today and the word can help sign up for this free devotional today and the work done today in the word I need some advice questions about planning for retirement. Long-term care insurance. I don't know where to start. It sounds like you need the money might help you find those answers and you can ask your questions and access helpful articles in many ways sounds great. The money okay searching for moneywise and I was on John's European regulators say they may approve book rotavirus vaccine developed by drugmakers Pfizer and buy one type within four weeks. Vaccine is 95% effective Canadian Prime Minister Justin Trudeau says the ban on nonessential travel with the United States won't be lifted until COBIT 19 is significantly more under control everywhere in the world, Canada and the United States have limited border crossings to essential travel was a bit in place since March US construction spending jumped 1.3% in October 5 straight monthly increase stocks scored more record highs on Wall Street. Both the SNB and the NASDAQ beat the all-time highs. They set on Friday.
The NASDAQ up 156 points today. The S&P tracked on 40. This is SRN news back to moneywise just before the great speaking with Agatha. She had some retirement issues and has served faithfully for a long time is that in the U.S. Postal Service preparing to retire and has been contributing systematically to a traditional IRA Agatha that IRA. What is it you're considering doing at this point with that money would IRA I want to borrow from my savings plan which is my RIA in my job.
Yes, government I want to blow that over into Roth IRA paid her taxes going in and and and you all the time so I know you you talk about Vanguard and Fidelity my sunny flip-flop having let it be in.
You know, so I'm asking you yeah how you know so he licked and I don't want to be taken with them old lady but whatever have when I leave you get it so that my main question you you go to your employer you you know you get informed them that you you taken it out. I do not talk about each of these. Let's take the IRA first to see you want to borrow from it you actually can't borrow from it you could take a withdrawal. Your 69, so you wouldn't have any penalties but it would all be taxable as income in the year that you make the withdrawal so you're looking to take that money and put it as a down payment on a house. Is that right thing about it I was sick this year so I make bad thousand dollars at May 19 different time to take it if I'm going to take it back. I packed up on Bassman okay very good. Well, certainly, you just have to recognize that's money that's no longer to be available to continue to grow for the future, but I realize you have the TSP so you're right, this could be a great year to go ahead and take that money out. Now tell me what you built up in the TSP. I have 90,000, and that I received. But I get security have an annuity from the post office as well as my Social Security which is more than my take-home pay for month working with taxes and everything okay in the annuity is separate from the 90 K in the TSP or that's that's the same thing I don't understand you said you cannot have an a monthly payout from the Postal Service in a yes into the TSP. Is that right yet many did I say that yes like my IRA.
Yes, okay, very good, so as long as you've done the budget and to your point, the monthly income you're going to get in retirement from the Postal Service. Plus Social Security is more than you had been receiving so you should be able to live well within your means on that money. I think the only consideration is whether or not it makes sense to convert all of this TSP once it's rolled to a traditional IRA to a Roth. The benefit is it would obviously be able to grow tax-free after you pay the tax. Secondly, you'd no longer be subject when you reach age 72 to a required minimum distribution.
Given that you don't need the money. Once it's in the Roth it could continue to grow without you having to take it out. I think the key would just be how quickly you move that over in terms of not pushing yourself up into a higher tax bracket by converting it all at once.
But then the second issue is just does that make sense for you given the fact that you're gonna be paying the tax now and as you said you don't want to take a lot of risk and you don't need to. So I would agree with that but given that you're not gonna see significant growth in that I don't know that there's enough benefit of you going ahead and paying the tax and converting it to the Roth apart from not having to pay the required minimum distribution. So talk to me about why that's so important to you. Make that Roth conversion is important to you every day and I did try to determine what is important and I read not too long ago that the law is not all things to all people to make the meal.
I went in with that what you say I might be gone. I'm thinking that my family, that debate my knee felt. I'm gonna recommend you don't do that you could sit with a financial advisor there in Cleveland you could connect with a certified kingdom advisor in your area. Just go to our website moneywise live.org but in Cleveland, Ohio. You'll find a big long list that you could interview several of them, but the bottom line is I don't think it your age and stage of life.
Your goals and objectives and how this money would be invested that the Roth is going to serve you well. That would be if you are a lot younger and you have a lot of years for this money to grow.
I think right now you need to roll that TSP out to the traditional IRA find somebody to manage that for you in a way that's consistent with your age, your risk tolerance your goals and objectives and let it just continue to grow on a tax-deferred basis and then when you reach 72 and you need to pull some money out based on the IRS's settable you could use that money to do some getting through a qualified charitable distribution or something like that. So I think you're on the right track but I don't think the Roth conversion is necessarily the direction for you to go Agatha. We have to let you go so we can take another call, but you have a standing invitation to join us anytime you want.
You are so savvy and progressive in the ways your thinking and the things that you are doing a doing if we can help you anytime you feel good feel able to call back anytime you want. Thanks so much.
Indianapolis Cory what's on your hearts are more. Thank you for your ministry, you may not notice on July 16 this year. You aired a program and shared about the workout regimen.
Mr. Howard Dayton doing 500 push-ups shut on that particular day I was saddened down because I can only do 70 and I was getting weaker and I just thought what am I gonna do. I'm fading away on the radio and I looked at Mr. and found out that you know his age and everything I said I have no excuse. I need to get to it dated. I'm here to tell you that as of today I did 300 push-ups back to back hundred because of Mr. Daines inspiration is going to be so thrilled to hear this testimonium to call them as soon as the programs over today. Let me share a couple of things. This makes me think of number one as you said you were discouraged when you first heard that story and by the way, for the benefit of our audience.
So Howard Dayton. He would mind me sharing this is 77 years old number of years ago he decided he wanted to be in better shape. So he started doing push-ups. Now here's the thing Cory when he first started it was because somebody else had spurred him on as well. He could only do 25 that was his Max and he was done he stayed after it day after day after day, and now 5/7 days a week. He does 100 push-ups. He walks 4 miles and during the. The 4 miles he stops five times and does 100 push-ups were a total of 500 push-ups and if you're ever with them and you grab his arm.
It's like a rock. It's amazing he is in phenomenal shape but he started at 25 and you know is you said you could only do 75. Initially, but the key is in little increments. Faithfully, we can build up our strength. Whether it's workouts or financial discipline paying off debt, or saving or whatever it is and I think that idea from God's word on steady plotting is is such an encouragement here in this area, but I'm so thrilled you called today to share this story.
I know Howard will be really encouraged to hear what your journey has been Cory. I'm doing my math here your 42 by the time you get the Howard's age, you should be doing 1200 day may not have time for all that but you know it's a goal we all have to have a brother would let you call God bless you, thank you very very much for listening to moneywise live this program used to be hosted by none other than holding theme song is let's get physical.
Let's get you probably find your career even your strategy for your getting Christian foundation and your family to learn how to moneywise.org and is here to help me understand God's purpose for your life to the eyes of a layman. December is the easiest year to share your faith, even the most ungodly are impacted with thoughts of God and family as the sounds of Christmas there every hard to contemplate the message of God's love even more so this year's messages of hate and anger for Laura headlines a newscast. Is there any question that America's heart needs return back to God. Is there any course that God expects you to do your part to make that happen during this Christmas season. It doesn't get any easier in the secular world refilling the airways the sounds of Silent Night and unto us a son is given over the next three weeks, nor did Scripture put this all in permeating the minds of everyone who hears preparing their hearts for the message that God's called you there is nothing more exciting than knowing God is using you to move people closer to join is not America.com that he found something about looking kids play mom or dad when you watch the kids focuses the mind. The dreams we have for them. Help us with the weight from the chaff. It's amazing how we can wander through life thinking things and doing things that are okay but not brilliant. The beast we want something on TV and we think that was okay, but if someone asked us will would you like that for you kids would you like them to say that we think that wife would quickly answer. The reason is that most parents want the best for the kids. Based on this and see some of the rubbish that goes on in our lives. Just ask God's like any dead just wants the best for his kids. Would you like your life to be infused with joy. Would you like to interject a kernel dimension into even the most ordinary day.
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Life will never look the same treasure principle is available when you click the store, but moneywise live.org with her son moneywise live taking your calls today talking about everything from taxes to Wall Street to Social Security. Now there's a confusing one.
Let's go to Chicago Gladys, what's your situation and how can we help you moneywise.
Thank you all not part of the movie loading part of my thank you I appreciate your with my question. I have approached retirement age.
I will retire in January 2021. I reached out to follow up and carried a start dictating my benefits, which would start in February.
At the time the clerk thought that the charity at what you can get retroactive benefits for six month for retirement eight 186 and that what made approximately two years ago so my question is what what have been the best way to access the charity benefit and not think like I'll have access to the month of those benefit but not the previous 18 month yeah Gladys. Unfortunately, this is the situation you have the maximum retroactive payments. I will cover only up to six months worth of benefits and you can either take that one time payment. Unfortunately though, my understanding is that if you opt for that lump sum payment will reduce what's paid out to you in terms of the increases that you have been receiving for the length of your check moving forward for the rest of your life.
Did they go over that in terms of the impact of this lump sum payment on future checks vis-à-vis the the increases you had been receiving while they did their laptop to living everything okay. All right. That's certainly true. Okay, I would ask about that. This does get confusing pretty quickly, but the bottom line is, unfortunately, anything beyond the six months of retroactive payments would be forfeited.
Just based on the way the IRS operates in terms of the Social Security program.
But what I want you to check on is whether or not there's any impact moving forward in the amount of your check. If you take that lump sum payment versus if you don't, because I want to make sure that you don't have a reduced check moving forward. Just based on you taking this amount if it's not going to affected then take the full amount of everything you're entitled, which is going to be that six months. Unfortunately, it's not the two years, not 24 months, but obviously want to get everything that you can have you set an appointment to go in and visit with them or did you do this over the phone. How did you get this information on because of coded yeah sure okay that makes sense. Well, unfortunately the six months is right, but I would place the call just to double check see if there's any impact on the amount of your checks moving forward. If not, take the full amount that you can and unfortunately the rest is going to be forfeited in a rut. I can't say enough. I visited many government offices in my lifetime and I can't say enough about how well I was treated when I visited my local Social Security office. They explain things to me. They reexplain is like Iraq. They they told me and they told me again in late the night was a great sigh and then they told me 1/3 time and by then I was able to get it. Just like when I talk with you and they were really kind and I came away knowing exactly what I needed. I think it's that usually with me. It's the second time that I sigh this letter has got bless you. Thanks so very much to Iowa hello Nancy, how can we help well I got ready. We got great and helpful fall here 300 and $300,000 and were not sure what to do with that should be being like talking big bear yeah well Nancy, I'm sorry to hear about the accident. Everybody okay yeah years ago now okay very good. Well obviously when you're coming into a significant sum of money and $300,000 is absolutely a significant sum of money you just want to be really thoughtful about how you proceed with God's money, which is why you're calling today so I love that you know certainly you could look at land.
I'm not a big fan of land investments.
Now this can be plenty of people out there that are hearing my voice right now saying Rob.
I've done phenomenal in land and you're missing out. And that certainly could be true. I just think the challenges you if you've not done it before land can be a little tricky. You know you're not earning an income on it because it's sitting there waiting to be developed. There's a number of variables with regard to the infrastructure is there water and what about roads and other planning to put in the development and doesn't get delayed, and you know just a whole easements and you know what is the County going to do so. All of these issues that relate to how quickly a piece of property will appreciate and while you're waiting to find all that out your capital is tied up it's not generating return and it's somewhat illiquid, depending upon how those things play out so you could go into real estate, but then you're becoming a landlord.
If you want to try to turn a piece of property into an income generator and so you just have to be prepared that you're taking on a part-time job and keeping it rented in the maintenance and what happens when you know there's a plumbing issue in the middle of the night and those kinds of things. So again, it's something you can do well in.
I just preferred the more passive types of investments which for me would be you find a godly investment professional yelled this is somebody who would deploy these funds in well diversified stock and bond portfolio and just let this money grow and you couldn't monitor it you know when you have quiet day.
On this day, both now and in the future as it continues to grow on a fairly conservative basis and you wouldn't be taking on some of these other elements that I'm describing here with both land as well as income generating real estate. So if it were me Nancy right there in Iowa. I'd contact a certified kingdom advisor. I'd interviewed two or three, and I'd hire somebody to deploy these assets, an investment strategy that fit with my goals and objectives in terms of your age or risk tolerance. What you're trying to do the other thing is the liquidity of this money would allow you to do some getting so as you have appreciated stocks or mutual funds you could give some of that away to your church or charity or ministry that's on your heart and you could do that in a tax-advantaged way where you wouldn't pay any taxes on it and you could do a lot more giving that you then you'd be able to do otherwise.
So I think there's a lot of benefits to that Nancy, thank you very much and God bless you.
It's a nice problem to have, Sioux City, Iowa Craig, what you situations are you wonderful. Thanks. 22,000 mental push-ups and man my mind I make sure you take a shower when you get home. Craig right thank you for taking my call so independent you know opinion on what I got going on I 58 years old I put a bunch of money and with the broker into annuities and such.
You know she's got a whole portfolio of different things. I think right now it's worth somewhere around $850,000. I am self-employed so I don't have any guaranteed retirement and you obviously I cannot touch any of this until I'm 59 1/2 without penalty after 59 how I can start getting to which I really won't need to do it.
59 1/2, but I know that you could give me about scenarios where we could have a market crash and suddenly $850,000 is only $250,000 and I guess my my thought is I don't want to risk that money 59 1/2. Hopefully, God willing, it still up there in your show so my concern is simply how do I protect it and know that it is going to be there. I'm not. I'm not concerned. I'm not concerned about future growth. But I had that much money yet/think that's the key Craig. Keep in mind you don't have to take any more risk than you're comfortable taking now or in the future you could perhaps roll this to another qualified annuity, you could roll it out to an IRA. You have to understand the implications of that. Are there any surrender charges or penalties in doing that, but the bottom line is you should be able to match up your risk tolerance and what you're trying to achieve with the level of the year with the investment strategy so that you're not taking unnecessary risk.
I think the key is trying to find a balance between recognizing if the Lord Terry's and your health is good. You need this money to last you for the next potentially 30 years or more at 58 years old and so the question is, what's the right mix of investments for you in an insurance product like an annuity. It could be at some point you know if it's a variable annuity. The question is what type of annuity and is there a floor to it that prevents it from going down or you can get a portion of the upside.
If so, then you're protected you not to lose any money. If it's if you decide to annuitize than you're going to convert that to an income stream for life or if you were to roll that out to an IRA you could.
You are an investment professional which is what I'd recommend. With nearly $1 million would deploy that in a stock and bond portfolio where the majority of it at 60 years old. The probably 40 to 50% if not more would be in fixed income type investments bonds and then CDs not as much now, but more bonds and preferred stocks with a smaller portion in high quality, probably dividend paying stocks. One piece is going to give you a growth engine so that if the markets down for even a sustained period of time, like 2 to 3 years. You have the ability to let that go. Let it ride, wait for it to come back without pulling anything out and then you take an income off of the fixed income portion.
So you've got options. I think your next step is to connect with a certified kingdom advisor there in Sioux City. What you can do firstname.lastname@example.org just click find the CK Craig God bless you.
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