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July 15, 2021 8:03 am
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United faith mortgages, a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah is the most important relationship in your life carefully before you say it's with your spouse or your children. Those are important, but your most important relationship is with God. Rob West we need family and friends, but those bonds lack the eternal significance of your relationship with God today I'll talk about some practical ways you can strengthen that relationship is on your calls at 800 525 $7000.24 seven. 800-525-7000. This is moneywise live biblical wisdom for your financial okay by now you may be wondering what's our relationship with God have to do with money because this is a show about money. Right. Yes, it absolutely is about money and for Christians that has everything to do with our relationship with the Lord that the Bible gives us three dots to connect money and our relationship with God first, God created everything and therefore he owns everything. Colossians 116 says for by him all things were created in heaven and on earth, visible and invisible, whether thrones or dominions or rulers or authorities all things were created through him and for him. Second, that God gave us everything we possess. Deuteronomy 1014 it reads behold to the Lord your God belong heaven and the heaven of heavens, the earth and all that it has in it.
So God owns everything, but he's given us resources to use temporarily as his stewards last God is not distant and detached. He wants a close relationship with you. James 48 tells us draw near to God and he will draw near to you. We draw near to God by being obedient and following his law, but with over 2300 verses in Scripture about money and possessions. God made his desire quite clear he wants us to manage money.
According to his principles.
Our friend Howard Dayton points out that wisely managing money and the other resources God has blessed us with deepens our fellowship with Christ having a close relationship with Jesus is another way to describe what the Bible calls true riches.
In Luke 1611 Jesus indicates that God uses money as a test he says if then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches Jesus is saying that how you handle money affects your spiritual life. If you manage it well. According to biblical principles, you will naturally grow closer to Christ.
If not your fellowship with the Lord suffers so biblical money management is a very practical way to improve your spiritual life but sometimes things get in the way of that. There are two kinds of disobedience that keep us from handling money. God's way and growing closer to them. The first is passive is just plain laziness. Some people don't want to take the time to organize their finances. Make a budget and tractor spending doing those things might only take a few hours a month. Still, it's just too much to bother with worse that same person will spend more time than that watching TV every night. As a result intimacy with God suffers another person has a different obstacle to growing closer to God. It's an active or willful disobedience for that person. Money and possessions actually compete with Christ.
Jesus tells us in no uncertain terms how that will turn out in Matthew 624. He says no one can serve two masters for either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve God and money.
Then there are people who think they can surrender every part of their lives to Christ except money that they might be quite good at making money, paying their bills on time saving and investing but they refused to give Christ Lordship over their finances to follow all of the Bible's teaching.
Maybe they stumble over tithing or giving to God's kingdom. They have the resources, but they don't want to do it again. Their intimacy with Christ suffers. Finally, there's the person who's not following biblical financial principles, but thinks his relationship with the Lord is just fine to him, we might say what you don't know will hurt you, what are you missing out on you might think.
Finances are interfering with your relationship with God but how would you know that you commit to the Lord in earnest prayer, then follow through managing your money and possessions his way, you'll find what you need to get started by downloading the free moneywise out, it will not only help you set up a budget based on the system also has the best Christian financial content out there to help you grow closer to God by following his principles for three months and see if you relationship with the Lord is intimate that you feel his presence more fully in your life and affairs and then report back. We'd love to hear how it's working your calls or next.
800-525-7000 you can call it any time 800-525-7000 on Rob West and this is moneywise live. Thank you for joining us for moneywise live on Rob last take your calls and questions anything financial. We'd love to hear from whatever's on your mind is to say perhaps that spending plan is giving you some challenges or you and your spouse are having trouble communicating about money whatever's on your mind today we'd love to hear from you.
Here's the number 800-525-7000. That's 800-525-7000. By the way, if you'd like some help with any of those things I mentioned you'd like someone to walk alongside you who's been trained to give you godly advice that's practical and relevant to your financial situation are moneywise coaches can help. These are godly men and women who have been trained and is a part of their ministry as volunteers. They'll come alongside you personally to help you develop a spending plan, get set up on the moneywise apps develop a giving planner and debt repayment plan.
You could connect with the coach today just had to our website moneywise live.org click connect with a coach there's no charge for them to journey with you over several weeks, the only cause to be a small fee if you can afford it to pay for the digital workbook.
Apart from that it's our gift to you again moneywise live.org click connect with the coach we got a few lines open 800-525-7000 adjustable but will talk to David Ohio and rods in southern Illinois border to begin today in Fort Lauderdale, my hometown, Judy, thank you for calling today. How can I help you, thank you for taking my call.
I large financial company time that night on working with kids very strong advisors and the second was a 19 and I really enjoyed my what she was recommending and worked out well see Dan but going to go on to higher thinking our company and I recently Dan was assigned to someone out my first call with him was when I was very concerned about the market and where it was, and his advice to me was to go into tech stocks anyway kind of crap for a while and I prayed about it and decided that I was going in shell everything I had in my IRA so I didn't do that now. I'm filling out more than lot and I did connect with one on person that I was aware of the financial markets that have some questions about human I'm really calling to see about a kingdom advisor.
Yes, well, that's a great question to ask and you know as we think about the investment professionals were working with Judy.
First of all, it's really important in a biblical concept that you would seek wise counsel that you have someone who can walk alongside you is competent, professional more than that they understand you and your story and where God is taking you and how money is a tool fits into that and the biblical perspective and principles related to handling money.
They know God's heart as it relates to money management because clearly this is a topic that God has a lot to say about and so I think seeking out a professional that you have a good rapport with and that is really going to listen is critical now. The one thing that gives me pause about the story you just told is the fact that you relate to this new advisor that you are concerned about the market. I have asked your agent goals and objectives yet will get to that in a moment, but just that one notion that resulted in a recommendation for tech stocks which would not only be that the more aggressive and of the investment landscape it's heading into a season where tech has really been the leader and most expect it will not perform quite as well, and if it does, it will still have quite a bit of volatility that gives me some pause that perhaps nobody was listening fully to what you were saying but tell me just a bit about your situation. What is your age and tell me about how much you have in your investment accounts and what you'd like to see them do in the future. Well aged nine I still work part time. I'm glad the day that I had just looked at my my IRA account is running around 272,000 and so I think the opportunity here for you is to find an investment professional who can come alongside you and help you make some decisions moving forward are you living off of any of that to 270,000 in investments. Are you drawing in income or is that money that really you don't need at this point I have to take my automatic withdrawal that the only income that I'm taking from. That's only because it's required not because you need the money yet okay very good.
Well, I think as you think about moving forward I would begin the interview some other investment professionals at this point so you could find someone that is a good fit for you.
Clearly you have an opportunity for this money to be invested, but I would agree doing it on a conservative basis makes a lot of sense. Especially since you don't need this money that you may need it down the road, perhaps you might need some long-term care at some point or something that could be quite expensive medically related and you'd want this money to be there but at the same time you don't need to take unnecessary risk. Given that your income is covered in light of your age. So what I would encourage you to do.
Judy is just to visit our website moneywise live.org click find a CK and others number of them right there in Fort Lauderdale that can assist you.
I'd interviewed two or three. Tell them your story. Get to know them. Find the one that's the best fit for you and that it would be very easy without taking a distribution in generating any kind of taxable event to transfer this account over to that new advisor that you select and move forward from there.
Make sure you understand who's good to be serving your account not just the person you meet with but are you can be passed up to somebody else like to know how you want to be communicated with and I think there's a whole host of issues you'd want to discuss before you make that decision to set some good. How long certified.
Our concept yes ma'am.
So they don't work for moneywise. They've earned the designation called certified kingdom advisor just like any other industry designation the differences. The CK designation is the only one in the industry around biblically wise financial advice, and so when they earned the designation they go through a rigorous university based training a proctored exam they have to get past a reference client references sign a statement of faith. They we do a regulatory review on them to look at their history and whether it had any issues or disclosures in the past and then have to recertify all of that every year in addition to 10 hours of continuing education. So anybody that comes up in the search results would have the CK a certified kingdom advisor designation in good standing, which just means their current. They may have earned it last year or 10 years ago, but what you want to know is that they met the requirements to hold the designation currently by very good Judy, thank you for listening and calling today. I appreciated it very very much. The folks you know I think it's so critical as we think about our role as stewards of God's resources that we take that stewardship responsibility seriously. That may include the things that we do as we develop our spending plan saving plan give effectively, but it often involves the help of others in the outside investment advisor giving advisor like the National Christian foundation seek wise counsel where needed. It's always a good idea much more to cover moneywise live 800-525-7000. All right now thankfully chosen to spend some time with us of money left many slide this afternoon. This is where we apply God's truth to your financial decisions. Whatever's on your bike today right back to the phones in southern Illinois, Rod patiently Rod good afternoon, good afternoon. Thank you for taking my call.
Rob I'm 63 looking for retirement, probably in about three years for non-missed out on a couple pensions because of layoffs. So my status is what I've saved.
I'm good favor.
Not a good investor so currently what I'm looking at is probably by the end of the year. I could have upwards of about 600,000 in savings my home probably valued at about 350,000.
I'll have it paid down at that time to about 120,000.
I don't know whether I'll be staying there, downsize, or what the situation would be, but there's a possibility of maybe an extra 200,000 if I pulled that equity to live on as well so my so security and probably looking at about 2500 to 3000 a month so I'm really looking for direction of with that kind of money. Where can I get I guess the best bang for my buck on on that kind of money, yet it be secure safe and draw me. Maybe monthly income very good sense Rod of what your living expenses are on a monthly basis.
Currently, I'm going to say somewhere around 3500, maybe okay very good. I think that's the starting point is to say what is that today and then to the best of your ability to project out what will that look like in retirement are some of those expenses good to go away often will see a reduction of as much is 20%. Excuse me when you head into retirement. In terms of what it meet takes to fund your lifestyle because ideally you'd have a home that's paid off. At that point, or perhaps the others life insurance. It's no longer needed because if something were to happen to you wouldn't place a hardship on anybody else financially because you're no longer working those types of things the kids if you have kids, maybe they're off the payroll of looking out for the for good.
At that point any number of things can cause your expenses to go down. I think the good news is obviously your living a modest lifestyle which means that it's not going to require as much to fund on a monthly basis.
If you can count on 3000 a month from Social Security in your living on 3500 a month now. You're pretty close to being where you need to be.
I would expect with the 600,000, and what it grows to over the next three years. You could easily pull off 25,000 a year in income. When this is invested properly for income purposes. Now, you mentioned having it secure and safe and I would want to revisit that just for a moment, because it's one thing to have a conservative portfolio were perhaps maybe 30% of the portfolio is subject to the stock market, which obviously could go down and could go down quite a bit if we got into a recession, but you wouldn't see as much of a decline because that would be balanced out by a larger portion that's perhaps in fixed income, more stable investments. So are you looking for something that's truly secure where you can offload the risk entirely, or are you comfortable taking a modest amount of risk not knowing that the account will still fluctuate well old-school probably raised my older parents that you knowing in investments anything that was a risk was left with no no I guess I kind of follow that same path though. My initial answer would be something that is almost all just secure that I know it's going to draw monthly account but no risk okay so then I think we just have to temper our expectations of the amount of money you could pull out of the portfolio without you seeing any impact to the principal you I was good to say you could take perhaps as much is 50 or 60,000 between the Social Security and the income you would get off the portfolio assuming it was invested with an objective to make. Let's say 4% on average per year, but in order to do that, you are gonna have to take some risk, which means you could open your statement. If the market was down 30% and 1/4 that can happen in a recession, you might be down 10 or 15%. But the idea would be that you wouldn't touch that portion you'd let it come back and you'd only draw your income from the more stable investments, at least during that season, but if you want little to no risk. I would say what you be looking for is between now and then we expect rates interest rates to increase and so you probably want to build a laddered CD portfolio which hopefully are paying more than they are today.
When you get to that point I expect they will be the general direction on rates of 2+ years out is up.
But you nocking earn a whole lot. The good news is that if Social Security essentially covers you, then you're not going to rely on much from these investments and you might have that opportunity to have a portfolio that's totally secure. Backed by FDIC insured investments. The other option is you could look at transferring that risk to an insurance company with an annuity.
I don't talk about them often because they're not my preferred investment resource you to tie up your capital if you want it back. You could have surrender penalties that are very expensive. There complicated and often the performance is lackluster.
But if somebody says I want a guaranteed return higher that I could get in just a CD and I don't want to take any risk you have the opportunity to transfer that risk to an insurance company through a product like that. But if it were me I would say the key is making sure that you have a good plan between now and retirement and then you make that decision at that point as to how you build the right portfolio for you taking only the amount of risk you're willing to take. And then you adjust your lifestyle to fit within that, plus the Social Security so if you don't have an advisor. I would recommend you find one in your area. As I mentioned the previous call you could do that on our website moneywise live.org just click find the CK got just about 30 seconds left. Does that make sense Rod very much so I appreciate the help that you give me some direction. I got bless you, sir.
We appreciate your listening very, very much. But folks said this is moneywise live what we apply God's truth to your financial situation that God's word has so much to say on this topic. 2350 verses that deal with money possessions clearly and saw God's heart. The question is how do we keep God in first position and use money as a tool to accomplish his purposes will help you do that just around the corner. Here's her number. We have a few lines open 800-5257 six that was moneywise live biblical wisdom for your financial journey was a pleasure along with us today where covering so much ground today talking with many of you about where God has you connect your money to the story. He's writing in your life you know it can seem often that money issues are complicated.
There's so many decisions to make and it's difficult to manage it. And yet we go to God's word, it actually becomes quite simple. You can reduce money management God's way to really five big ideas here. They are live within your means of void that maintain margin or savings set long-term goals and give generously if you do those five things for a long long time doesn't mean you'll be free from all financial difficulty, not by any stretch but it does put you in a position I believe to experience God's best, because you've done your part. We can trust the Lord for the rest. What are those again. Well, live within your means, avoid debt, maintain margin or savings in your financial life sets long-term goals and then give generously, I think so much of what we talk about in this program comes back to one of those five lets it right back to the phone stage been waiting patiently in Ohio. Dave, how can I help you honey. Don't think that for being want to talk to laypeople and got earn 3 o'clock 4 O'clock Eastern Time. That's That's Really the Key. Really Busy. I Have a Question I Want You to Straighten Me out on the Tithing and Offering Thing What Your Research Indicates Modern-Day People Should We Be the 10% Thing to the Local Church We Go to War Grasp on What What It Should Be for Folks Today. Yes.
Well It's a Great Question and I'm Sure Dave You Just Want to Be Found Faithful in Honoring the Lord and When I Talk to Folks about Their Giving. That's Usually the Position They're Coming from, but so Often We Could Be Confused.
Wait a Minute, Where under the Law of Christ, Not the Law of Moses. So How Has That Changed. If We Saw This Is a Part of the Law Does It Go Away and If so What Is That Been Replaced with Well There's a Couple of Big Ideas Here.
Number One, As We See the Idea of Generosity Giving It throughout the Whole of Scripture Know the Idea of the Time Even Preceded the Law with Melchizedek. So Clearly, That Was There and We Know That God Is the Ultimate Giver Yell for God so Loved the World He Gave so When We Give Were Most like Him. So Clearly We Should Be Taking a Portion of What He Entrusted to Us and Not Allow It to Stop with Us As a Bucket but Be a Pipeline, a Conduit of God's Activity with His Resources Back into Where He's at Work. But What Is That Look like for Each of Us, How Much Should We Give. Should We Give Systematically and Should We Give Spontaneously What about the Sacrificial Giving and Where Is All of That Fit, and I Think It's Got to Begin on Your Knees.
We Should Start with Our Giving I Believe and Build That into Our Plan First and Ultimately the How Much of Your Giving Is between You and the Lord. I Think If You're Married You As Husband and Wife. You Sit down You Say Lord, What Would You Have Us to Do Now but Randy Alcorn, the Author, a Good Friend of Mine Calls the Tide the Training Wheels of Giving. He Likes the Idea That We Give Systematically Percentage Giving a 10% Gift As a Beginning Point, but You May Say I'm Just Not There and I Think Ultimately God Knows Your Heart.
The Key Is, I Would Just Encourage You to Start Somewhere. But I Would Encourage You to Start with a Systematic Percentage-based Gift off of Your Increase so Whatever God Puts in Your Hands, from Whatever Source Give on a Percentage Basis and I Would Start with the Local Church Because That's God's Plan Day. Now What You Do.
From That Point Forward. You May Say Listen. Things Are so Tight I Live and Know How to Do That so I Get to Take Six Months to Start Somewhere with My Percentage Giving the Number to Reevaluate in Six Months and See How to Go God Did You Provide Enough Resources for Me to Actually Do It in My Better or Worse off Than Where I Was and This Is the One Area That He Says in Scripture, We Can Actually Test It Which Is Very Interesting Then I Think at That Point What I'm Confident You'll Find Is That When You Experience the Joy of Giving. You'll Want to Do More. It Will Only Be a Matter of Time before Your Reordering Your Finances Dave to Do Even More, and I Would Encourage You to Begin Increasing That Percentage As You're Able, or As the Lord Leads, Then We Should Think about Sacrificial Giving over Time and What Can We Give up What Have We Been Planning for the God May Redirect Us to. And That's Really through Prayer, Asking the Lord to Open Your Eyes to What He Would Have You to Do What Needs Are around You in Your Community and Missionaries and Friends of People in Your Church. And What about Ministries Doing Great Work in the Name of Jesus to the Ends of the Earth. We Have Been Blessed with so Much and with That Comes a Big Responsibility. And so I Think We Need to Take This Matter Very Seriously. As Stewards of God's Resources. So We Start with Our Percentage Giving We Increase It.
Over Time, and Then We Look to Give Sacrificially. Beyond That, Even Perhaps Denying Ourselves of Some of the Things We Plan to Use Resources for That the Lord May Encourage Us to Redirect to Other Things. Another Way You Can Get More Strategic about Your Giving Davis beyond the How Much to the Where and I Would Really Think Deeply about Where God Is Leading You to Give beyond the Local Church Where Your Passions. What Breaks Your Heart, Who's Doing Great Work in the Name of Jesus and Where to All of Those Things Intersect Our Friends at the National Christian Foundation.
Have a Great Passion Inventory Tool That Could Allow You to Align Your Passions with Great Ministries That You Could Support in CF Giving.com.
Just Go to Their Resource Library and You'll Find a Wealth of Information There so I Don't Want to Be Legalistic about It. I Think Clearly, We Are under the New Covenant, but in Just about Every Case, If Not Every Case Jesus Raise the Standard He Didn't Lower It. So Those of Us Who Are Now in under the New Covenant, and We've Seen What He's Done for Us on the Cross. I Think We Should Be Holding What We Have Very Very Loosely Out Of Our Incredible Gratitude for What the Lord Has Done for Us. Does That Help Dave Percentage Number of so Many Want to Get Serious and Try to Get Are You Suggesting 10%. I Would Say That Said That Is a Great Starting Point.
Absolutely Yeah so I Would Say If You Want to Give the Tide the Word Tide Means 1/10 I'd Say Use That As a Beginning Point Build a 10% Percentage Gift Based on Your Increase Whatever Comes in Your Hand Every Month.
Give That to the Local Church and Then Look to Increase That over Time and Look to Give Sacrificially beyond That.
But for Those Listening to Say Rob, I Just Can't Do That. I Would Say Start Somewhere and Begin Watching As the Lord Works in Your Life and Just See What Happens. Trust Me on That and Then Let Us Know How It Goes. Dave Understood You Had a Second Part. Your Question How Can Help You with That. You Want to Know the Answer to in the past You Spoken about Fleas on Your Credit Report and Your Credit Score, I Got a Pad of Paper to Write Simple 56 Steps to Do That Yes Absolutely so Experience Transient in the Neck with Facts All Have Webpages Where You Can Set up Credit Freezes Again Experience Trans Union and Quick Facts of the Three Bureaus That They They Will Have You Supply or Create a Personal Identification Number or Pin Number to Use When Reactivating Your Freeze so You Have To Input Your Full Name, Including Your Middle Name, Social Security Number Addresses for the past Two Years, and Date of Birth and Then You Can Go Back Online and Use Your Pen to Unfreeze Your Credit, Whatever You Want or Rephrase It. If You're out Seeking Credit but They Make It Very Easy to Do. Their Websites Are the Best Place to Go Again Experience Trans Union and Echo Facts.
There's No Cost to This Based on Some Legislation That Changed in 2019. Used To Be That This Is a Great Way to Make Sure Nobody Opens an Account Fraudulently in Your Name. You Might Be Responsible for or at the Very Least Could Create Some Havoc in Your Credit Report That Makes Sense. I Don't Have Them Handy That I Would Head to the Website You Can Find the Information There.
Trans Union's. Thanks Dave.
Thanks for Listening. Thanks for Your Call. They Were, but He Was Not Just around the Corner Right Back Regretfully Joined Us for Moneywise like Today.
I'm Rob Lester Host. This Is the Program by God's Truth to Your Financial Decisions. If You're Part of the Moneywise Community Availed Yourself of This Broadcast Then in Our Moneywise after on the Website, You Can Help Yourself to a Certified Kingdom Advisor a Moneywise Coach We Would Ask You to Consider a Gift. We Do What We Do through Your Generous Support.
Our Listeners You and Our Users on the Website Are the Ones That Support This Ministry and Allows to Do What We Do.
It's Quick and Easy to Get to Said to Our Website Moneywise Live.org, Click the Donate Button and We Would Certainly Be Grateful. I Would Guess Great Calls Coming up. Michelle Was to Talk about Whether to Tithe on Unemployment.
Winston Wants to Know the Difference between a Will and a Trusted Timothy Wants to Ask about Social Security Related to the Pension That He's Earning but Working to Begin Next in Austin, Texas, Tracy, What's on Your Mind, and the Stock Market and They Tell Me about the Way That You Can Dollar Great.
Very Good. Tracy Will Appreciate You Checking with Us.
Status Is One of the Many Many New Apps That Have Come out under What's Called for in Text That Stands for Financial Technology, Which I Think Is a Wonderful Trend Because It's Making Financial Resources and Financial Assistance Help Available to Far More People Both in the Form of Helpful Savings Tools As Well As Investing Tools Even Take the Moneywise out That We Develop to Help You Manage Your Spending Plan. All of This Is Putting Incredible Tools Right in the Palm of Your Head Which Allows You to Be a More Effective Steward of God's Resources Stash Is Certainly One of Those and It Fits into This Robo Advisor Category That I've Talked about before, Where Using Algorithms. Anybody Can Get Invested and on a Low Cost Basis with a Very Widely Diversified Portfolio Using in Most Cases Indexed ETF's That Are Index Funds That Track the Broad Market You Can Get Investing with the Very Little Amount of Money Stash Gets Pretty Good Reviews. It's for Beginners Because It Really Is a Way for You to Get Started in Investing Easily. It Does Give You Some More Flexibility Than the Others.
So Basically They're Going to Encourage You to Set up Systematic Automatic Contributions into Your Account Which Is Then Going to Be Invested Using a Very Effective Time-Honored Strategy Called Dollar Cost Averaging Was Just Simply Means That Every Time You Make a Deposit into Your Stash Account, It's Automatically Reinvested, Which Means You Get a Buy-In at All Points in the Markets, and in Flow You'll Buy with the Markets High When the Market Turns down in a Year or Two from Now If We Got into a Recession. You'll You'll Put in the Same Amount of Money and Get A Lot More Shares Because the Market Will Be Have Declined in Value, but Dollar Cost Averaging Is a Very Effective Tool Using What They Call Auto Stash. You Basically Just Select the Amount You Want to Set Aside at How Often You Want to Do It and It Just Happens Automatically and Then As You Said, They Can Invested in ETF's or Stocks As You Place the Money in Your Account Now. The Only Downside If There Is One to Stash Is That of the Monthly Fees Tend to Be Higher Than with the Other Robo Advisors.
So It's Your One That's Not Getting A Lot Of Attention, but It's Slightly More Costly Than Some of the Others My Favorites. If You Wanted to Set up Automatic Contributions to Begin Investing Would Be Either Betterment.
Schwab Intelligent Portfolios or the Vanguard Advisor. All Three of Those Are Similar in Nature.
The Robo Advisors but Their Very Low Cost There to Be Less Expensive Than Stash. Does That Help Okay All Right Tracy, Thank You for Your Call or Bless You, but Said the Memphis Tennessee Timothy's of Next Timothy How Can I Help You Mark Record so Security Could You Drop Could Grow All for Those of You Get Let Go Security Because You That's a Great Question to the End of the Vast Majority of Cases, a Pension Will Not Affect Your Social Security Benefits Because in Most Cases, Your Employer Withheld Social Security Taxes from Your Paycheck. Do You Happen to Know If the FICA Taxes Were Withheld in Your Case, I'm Not Sure Right Now. What Are You Want to Check on That Because in the Event Taxes Were Not Withheld, Which Again Is in Not the Majority of Cases, You Would Be Subject to Something Called WEP Which Is the Windfall Elimination Provision Which Basically Covers People Who Earn Pensions from Jobs That Did Not Withhold Social Security Taxes but Who Also Qualify for Social Security Due To Other Work. So in That Case, so Security Would Use a Modified Formula to Calculate Your Retirement Benefit about Because You Were Covered by the WEP so You'd Have a Lower Social Security Benefit, but It Never Reduces It down to 0% so That What I Would Encourage You to Do Is Contact Your Local Social Security Office or Go Allied SSA.gov Schedule a Virtual Meeting and They Could Pull up Your Record and Tell You How Many Quarters You Been Contributing Whether the FICA Taxes Were Withheld, and Whether You're Going to Be Entitled to Full Benefits or Reduced Benefit through the Windfall Elimination You Follow the Court, and I'm Not Going to Better to like Better to Draw Trying to Put It All down. Well, When You Talk about a Pension You Generally Have an Option Either to Take a Lump Sum or a Monthly Payout. The Benefit of the Lump Sum Is You Have Access to the Full Amount of Money If You Needed It More Than Just a Monthly Income Stream Because You Had Major Expenses, Usually Medically Related in That Season of Life. You Have Access to the Funds, but You'd Be Responsible for Managing and Investing in and I Would Encourage You to Hire a Investment Advisor. If You Don't Want to Assume That Risk Timothy and You Be More Comfortable Just Getting a Monthly Payout and You Believe That That Monthly Payout Plus Social Security Would Cover Your Your Needs for the Rest of Your Life That May Give You Some Peace of Mind. But in Most Cases I Would Assume You're Willing to Take on the Risk and Hire an Investment Professional.
I'd Encourage You to Consider Taking the Lump Sum Because You Have Access to the Funds, but at the End of the Day That's a Decision I Would Make through Significant Planning with an Investment Professional. If You Don't Have One, You Could Find a CK There in Memphis. Would You Go to Our Website Moneywise Live.org. We Appreciate Your Call Back to Fort Lauderdale Florida WK ES Winston, Thank You for Your Call. How Can I Help You and Me and My Wife Made out Well about 30 Years Ago When a Lawyer Is Valid and One Mean When One Says the Winter Has To Be Probated. Yes, Very Good.
I Will Is a Legal Document That Spells out How You Want Your Affairs Handled and Assets Distributed Winston after You Die. Trust Is a Fiduciary Relationship Where a Trustor or Gives the Trustee the Right to Hold Title to Property or Assets for the Benefit of 1/3 Party.
So It Essentially a Trust Offers More Control over the Assets Because You Can Name a Trustee That Based on the Trust Agreement Can Allow Them to Handle Your Assets According to Your Wishes Not Only at Death but Even Prior to Death Based on Certain Triggering Events. The Will Is a Legally Enforceable Document That States How You Want Your Affairs Handled and Assets Distributed and It Can Include a Funeral Arrangements. It Does Require a Probate Which Basically Just Simply Means That at Your Death a Probate Court Would Be Responsible for Ultimately Determining How Your Estate Is Handled and That Will Is the Governing Document That Will Inform Them How to Do That, but It's a Part of the Public Record and It Takes Some Time for the Probate Court to Work through the Distribution of Your Assets and the Handling of Your Affairs. So Some People Choose to Use a Trust for a Variety of Reasons but Most Often, It's Because Either They Don't Want Their Information Be a Part of the Public Record, or They Want a Little More Control Versus If They Had a Lifelong Dependent Tour. They Had Minor Children. They Didn't Want the Money or Assets Distributed until They Reached a Certain Age or Met Certain Criteria or They Wanted to Be Able to Have a Trustee in Place If They Were Incapacitated Prior to Their Death. All of That Could Be Handled by the Trust. So It Is More Expensive so I'd Encourage You to Visit with the Godly Estate Planning Attorney to Find out If All You Need to Do Is Just Update Your Will and I'd Encourage You to Do That Whenever Anything Changes, or Every Two or Three Years or Whether a Trust Would Ask You Make Sense of Your Situation. We Appreciate Your Call Today.
Let's Quickly Move along to Orlando, Florida Michelle, I Got Just about a Minute Left. How Can I Help You How My Call like to Know If You Can Come Out Of Our Yeah It's a Great Question Michelle, Let Me Just Answer Simply and Then Elaborate a Bit.
I Would, I Believe That's Part of God's Provision to You, and I Think Even in This Season in Perhaps It's Especially in This Season It's a Demonstration of Your Dependence and Ultimate Trust in the Lord to Say God I Trust You. Thank You for This Provision, Perhaps over the Situation. I Didn't Expect Her. It's Not Terribly Pleasant Right Now but I Trust You and I Want to. Even in This Season Recognize What You've Given to Me and Take a Portion of What You've Entrusted and Return It to You through the Time. I Think That's a Great Starting Point and You Can't out Give God the Craig through Your Calculator. It May Not Make Sense but My Experience in Counseling.
Hundreds and Hundreds of Families Is Somehow It Works Out Of the Lord Provides the End of the Day Though I Would Just Say Michelle, Don't Be Legalistic about It, Get on Your Knees Talk to the Lord about It, Asking What He Would Have You to Do That You Follow Suit. I Don't Think There's a Right or Wrong Answer Here but I Would Again Say You Can't out Give God. We Appreciate Your Call Today to Say Thank You to My Amazing Team, Amy Rios, Deb Solomon, Jim Henry and Aaron Julio to Say Thank You to You for Being Here Today for Listening for Calling Forgiving to Support Our Ministry. We Can't Do It without You, but It Was Light As a Partnership between Moody Radio and Moneywise Media I'll Be Back Tomorrow to Do It All over Again. I Hope You'll Join Will Be Here. God Bless You Have a Great