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3 Important Social Security Tips

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
October 26, 2021 5:52 pm

3 Important Social Security Tips

MoneyWise / Rob West and Steve Moore

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October 26, 2021 5:52 pm

Almost all Americans fall into one of two groups—you’re either receiving Social Security Benefits, or you will be someday. So, how can you plan to make the most of it? On today's MoneyWise Live, Rob West will talk about some steps you can take now that can have a big impact on your future financial security. Then he’ll answer your calls and questions on a variety of financial topics. 

See omnystudio.com/listener for privacy information.

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This is David Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day.

Check out United faith mortgage and the direct lender advantage@unitedstatesmortgage.com thanks to you and to United faith mortgage for supporting Rudy radio United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license mortgage backer 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 Americans fall into one of two groups you're either receiving Social Security benefits or you will someday. So how you make the most problem you may be thinking that Social Security is something to think about later steps you make now can have a big impact on your future for eventual security will tell you about three of the first today is on to your calls at 800-525-7000 800-525-7000. This is moneywise live for your financial why bother. Social Security won't be there for me. Anyway, let's put that myth to rest right away. Yes, the Social Security trust fund is projected to run out in 2034 or 35. But that doesn't mean the program is going the way of the worst case scenario is that benefits would have to be reduced, not eliminated, but that's not likely to happen. Congress is famous for delaying important decisions, but there will come a time when lawmakers have to address Social Security's looming shortfall, not wanting to face the wrath of millions of Social Security recipients who vote will probably increase payroll taxes or extend the full retirement age, or both. Bottom line, Social Security will almost certainly be there when you retire. Now another question we get frequently is should I start receiving Social Security benefits at 62 or at full retirement age age 66 or 67. We usually advise folks to wait if they can, because it means their check will increase by 8% each year, but certain individuals might do better by taking benefits early. More on that in a minute okay so the first Social Security tip is actually something you don't want to do and that's to depend on Social Security is the only source of your retirement income. It was never intended to be more than about 40% of the average worker's pre-retirement income, but today millions of elderly Americans depend on Social Security for 90% or more of their income. The average monthly Social Security check is $1544 or $18,528 a year you can do better than that. If you wait until full retirement age at age 66 or 67 to retire the maximum benefit would then be $3148 or $37,776 a year, but even then you'll still need to supplement that income with earnings from a qualified retirement plan.

A pension or an annuity. I can't emphasize enough the importance of investing. Now for the day when age or health prevents you from working. The earlier you start the longer you have for compound earnings to build okay Social Security tip number two is taking steps now to maximize your benefits later. As I mentioned, you can elect to receive benefits at age 62 but your benefit check will be reduced by 8% for every year under your full retirement age. On the other hand, if you delay benefits beyond full retirement age, your benefits will increase by 8% a year up to age 70. So for example delaying from age 67 to 70 will boost your check by 24% turning a $2500 monthly check into $3100. There's one more reason to delay benefits. If you're still working. If you start benefits before full retirement age, your check will be reduced by one dollar for every two dollars you earn above $18,960 that the only good news there is that you will be reimbursed the amount withheld after you reach full retirement age and after full retirement age, you can earn any amount without it affecting your benefits and all that. You can also increase your benefit check by making sure you work a full 35 years. That's because the Social Security program considers your highest earning 35 years, adjusted for inflation when figuring your benefit, so if you work less than 35 years.

It could affect the amount of your check. Also, if you're close to retiring and making more now than in earlier years. Each year you delay will boost your highest 35 and that will increase your benefit check. By the way, you can go to SSA.gov to set up a my Social Security account then you will be able to see the record of your income and the payroll taxes you paid and you can estimate your future benefits are in our third and final Social Security tip is to coordinate with your spouse having a working spouse gives you more options you can elect to have the one making less start receiving benefits earlier while the higher delays benefits that gives you some income earlier, but you're still increasing the other spouse is true benefit checks. Well, after a lot of information at you but it's important to learn as much as you can about Social Security.

Your calls or next.

800-525-7000 great to have you with us today moneywise live on Rob West. Your host in just a moment. Will be taking your calls and questions. We have some great questions stacked up and ready to go for you today with one line open.

Here's the number 800-525-7000 were to run your financial questions and conundrums through the biblical lens looking at the Council of Scripture as a relates to money, recognizing first and foremost that God owns it all.

That makes us his money managers and money then becomes a tool to accomplish God's purposes. We should use it in a way that glorifies the father and recognizes that we have an abundance. Starting with the fact that he paid the penalty for our send so that we could be reconciled to him, the substitutionary atonement of Jesus taking our place so that we could then be free to have a relationship with the father. That's the beginning point so we have more than we need.

Before the first dollar but then we want to be found faithful as managers of God's resources will how do we do that, I think we best do that with the Council Scripture and in community sorta tackle that together today and will begin in Albuquerque, New Mexico hi Pearl how can I assist you.

Thank you for taking my call.

67 and already retired getting so security and I have a 40 or so thousand and an IRA at the traditional IRA and I was thinking about turning it over into gold letting think I'm not a particularly big fan of that strategy. Pearl and here's why you a lot of investors tend the flock to gold.

When fear rises in the market and the reason is gold has a 4000 year history of handling pretty much everything mankind can throw at it and that still standing at the end. And so when people are when things get dicey people get scared as they did you know in the know the beginning of the coated pandemic. The bear market was wrapping up and it spurred a lot of interest in gold and now with some of the uncertainties moving forward. No, every decade has its challenges. We certainly have ours.

Now inflation is creeping up with obviously are you have incredible loose fiscal policy, which is resulted in the a lot of fun for liquidity in the markets if you will, on the tail and potentially of a major bull market that certainly happened over the last couple years, but even the decade before that were looking at the prospect of higher taxes meant there's a host of issues out there but to think that gold would be the place to go the safe haven if you will.

I just don't think that's the right approach. You know, it tends to be much more volatile than the market, you know, if you look at 2011 to 2015 gold went from $1800 an ounce to just over $1000 an ounce after having run up from 1200 to 1700 and late 2018 and so you know it's just tends to be very volatile.

So my approach is to say, it really shouldn't be more than 5% of the overall diversified portfolio still still fairly small number one and number two. A great way to introduce that gold allocation would be not through physical possession, but buying what's called a tracking stock or an exchange traded fund that tracks the price of gold. The largest of which is what one called GLD but there's a number of them out there. The nice thing is you're able to get the overall rise and fall of gold again as a part of your overall strategy, but it's got the liquidity that you don't have with physical possession. You also don't have to secure it and you're not paying markups on the buy and sell with the dealer so I just think you're better option Pearl regardless of what comes our way is to have a properly diversified portfolio, with an allocation that's consistent with the fact that you are 67 and retired and wanting to be conservative and that should be driven largely by the income that you need to generate if any from this portfolio not taking any unnecessary risk, but piling it all in gold I think is added risk because even though it's a safe haven. It does tend to be quite volatile. I know I've thrown a lot at you give me your thoughts. I get concerned about the future for future America and the dollar this yes well here's what I would say that there's no question again. We have our challenges but you know if you go back every decade over the last hundred years, there's been some major issues that we worked our way through were still really for all intensive purposes, the largest economy in the world. Yes of the dollar could have some challenges down the road. The problem is what you exchange it with when you put it up against the other currencies of the world is really nothing that looks any better so I don't see the dollar losing its reserve status and you know, I believe, especially given the purchasing power. Your euro a road that's eroding through inflation that the very best, most prudent way for you to grow wealth modestly in this season take you know that the conservative posture you need is by staying with the stock and bond portfolio that properly allocated but I think even though again it is a store of value in a safe haven there still quite a bit of volatility Paro even more so than overall stock and bond investing. If you were to over allocated and in the precious metal, so I keep that to 5% allocation and if you need some assistance connect with a certified kingdom advisor there in Albuquerque. You can find one when you visit our website moneywise live.org just click find a CK. We appreciate your call today very much, but to Joliet, Illinois hi Herbert, how can I help you sir hi Rob, how you feel today very well thank you I got a question mark is bank is advertising. They have a promotion going on and you have until the end of the month to invest a minimum of $5000 in it diversified that Schmidt program it what it is that for the first 90 days. They will leave the advisory fee and then after the 90 days then the cheesecake so they also talked about additional fees in regard to this account and they would be ancillary services in the type of funds that you might have in your program.

There will be fees attached to that and so I'm just wondering I got $5000 in an online savings account and is accessible to me and I'm 74 years old and retired so I'm just wondering would be a wise move to make to to invest in this program yeah yeah well Herbert, I appreciate that first question I would have. This is this $5000 truly discretionary available to be invested for the long haul and I would want you to take at least a 10 year the very minimum five year time horizon. If you're going to invest this and know that you don't need it, or at least have that that expectation. So is this money that's truly available for investing or is this a party your emergency fund know it's it's available for investing okay.

What I learned about that 10 year mark since I'm 74 years old. I just wanted to be around for that long.

If the Lord series and your good health. You could need this money the last couple of decades.

Ursa I think time and perhaps is on your side here, but at the end of the day. None of us knows the day or the hour rights or just to be faithful with what we have. While God has us here, and clearly our calling doesn't have an expiration date until he's ready to call his home in terms of how you should think about investing this a Robo advisor, which is what this Marcus investment option is visit can be a great way to go with a small amount of money it's very low cost and basically as you input your information about your age and objectives.

It'll build a low-cost, diversified model portfolio using what are called index ETF's exchange traded funds just mirror the broad indexes and so you'll have a certain percentage allocation to stocks and inside the stock allocation you have international, domestic and large in mid-and small-cap and it will be properly diversified and then you have an allocation to bonds and then some to cash and their algorithms and they'll be good because Marcus is owned by Goldman Sachs a very reputable investment banking house. Their model portfolios will just make sure you're constantly rebalanced and again do it in a very cost-effective way I wouldn't choose Marcus for this 90 day promotional though, I'd choose the one that you feel like is the best fit for you. Alongside this, I would look at the Schwab intelligent portfolios and I also take a look at betterment. You can also see reviews on each of the Robo advisors on nerd wallet.com that's nerd wallet.com that they review and rate all of them and you'll see that better mention Schwab intelligent portfolios. Even the Vanguard advisor, which is very similar with a very similar strategy typically rank very high. This is a new offering for Marcus so you don't know quite what generating they're going to get, but I suspect I'd check those out. But then know what you pick the one that's for you. I like this plan. We appreciate your call, moneywise live gratefully along with us today moneywise live abroad as biblical wisdom for your financial decision appreciate your call. So much we love being invited into your story each day as you share what God's up to in your financial just keep in mind that you know my experience is that your financial journey is one of the key ways that God shapes your spiritual journey. It really is a true reflection of our hearts member. Jesus said where your treasure is, there your heart will be also your heart follows our money and the way we allocate God's money says a lot about where we place her trust in what we value and so together we want to make sure that the we were allocating God's money tells story about what's most important to us in one of the ways you can be in community with others on this journey is through our website moneywise live.org. Once you create a free account. Not only can you access all the great content from our content partners, like the National Christian foundation in compass and sound mind investing in gospel patrons and so many more, but you can also jump into our community. Post a question get responses from our coaches find a certified kingdom advisor and even download the moneywise app to manage your spending. Using one of three different approaches for managing money.

We've got it all their moneywise live.org and by the way that we can do what we do without your support.

So why were you there.

Would you consider contributing to the organization.

You can click the donate button. It's a way that we fund our work because we're listener supported. So everything we do from this broadcast of the app and the coaches. It's all as a result of your generous support.

When you get between now and the end of the year at least $25 will send you as our thank you, a great new book redeeming money by Paul David Tripp. It's our gift to you again the website moneywise live.org just click the donate button. Let's head back to the phones today would get some great question stacked up from St. Louis and Boca were to be in Dalton, Georgia, but next up its Brownsburg, Indiana WGN R hi Debbie, how can help you a while back you talked about lot or something on your credit report where all Swear to all credit report liking yeah, very good, Debbie. You know this is called a credit freeze. It's been around for quite a while that you used to have to pay for it but to through some legislation that came out little over a year ago.

It's now required that the credit bureaus offer this free, you will have to set it up with each of the three med major credit bureaus to do it once, it doesn't apply to the other two so you want to go directly to Trans Union, Experian and echo facts and let them know that you want to do a credit freeze. You should be able to do that online and you want to make sure that that you do apply, but there shouldn't be any charge on that. Now what is that going to do for you.

Well you will have a pin number that is assigned to your credit file which just simply locks your credit report so anytime someone is trying to open an account in your name that they will have to have that pin number two unfreeze your credit report so that the lender can evaluate your credit worthiness.

Well, if they can't supply the pin number. The lender can evaluate your credit. That account will be denied. That's going to prevent somebody from fraudulently opening an account in your name, which is the benefit of the credit freeze that is a part of this you want to find out how long that freeze last so you can renew it or updated at the appropriate time. So that makes sense.

Okay, very good. I think it's a great idea to do especially in this age were receiving more and more fraud online with all of the online transactions so I wholly support your idea here Debbie and we appreciate you checking in with us. Alice is up next.

In Dalton, Georgia.

Go read her currently make less of what I was making 20 years ago and I don't expect that to change for pulling the car. I keep looking at this person, security, and something somebody currently make me understand that if I keep making the last number will decrease the yeah well here's the thing.

So the way that your Social Security is calculated is based on something called the high 35 with just simply means that they look at your 35 years of highest earnings and they use those earnings that you paid into Social Security through your payroll taxes to determine what your monthly benefit is going to be in the higher the income for those high 35 of the more your check will be so often times what we see is that later in life people's earning power increases and so, in those years leading up to retirement. Often they're replacing some of the lower earning years with higher in your case, you might not be but that doesn't change anything.

It just means you're not increasing it.

It's gonna be based on the highest 35 years that have already been established, so you're not replacing any of those lower years, but that doesn't mean you should start taking it because when you take it at 62 instead of full retirement age or probably take about a 25 to 30% reduction. So if you can wait till full retirement age. Even though that check is not increasing by your income earning potential stable one moneywise live to moneywise live because this is biblical with your financial decisions with the wind back to the phones next up is Celinda Florida hi Rosalinda, how can I make on this trip. I'm all and only after happy Social Security income CD that can do that.

I really don't need right now it's 117, I think, and get safe investment that I can put back yes well in the key there is safe.

So anytime you're investing it.

You're taking a risk. Now there's different levels of risk depending on what investment you choose. If you don't want to take any risk and you'd rather transfer that risk. One option is to transfer it to an insurance company and that's what that when you would use what's called an annuity. Those are not my preferred option for investing because they tend to be complicated. You will tie up your capital and you'll have surrender penalties and charges to get it back and the returns tend to be a bit less than you might be able to do otherwise, but your again not taking the risk you could get a guaranteed return for that annuity to allow it to accumulate over time or two what's called annuitize where you're converting that in this case 31,000 into an income stream for the rest of your life. So that's one option. If you're okay taking risk but just making sure that that's modest risk you would design or have someone design for you and investment strategy of largely bonds fixed income type investments with some smaller allocation to stocks so that you can achieve nominator 10% return as an objective, but may be of three, four, 5% return.

So you're trying to outpace inflation you're doing. Certainly will better than you could do a savings account. But tell years trying to grow the account so that you can pull an income off of it. How much are you planning to pull out every month Rosalinda out of this. 31,000 okay I and I would be thinking that that that mandatory next year because I didn't get to next year and I have at the end of the 10 pounds And I can use that and I have a savings for enlightened me that the likely need to send@you know, so I guess one `1004 in all in making and Batman that I can have.

I can think to look for live night at Lincoln income seven. She let what I would probably do mean again, if you're looking to you have a guaranteed return on this really don't have the potential of losing any value you probably want to look at an insurance product like an annuity, you could contact the certified kingdom advisor in your area to help you understand what options are available. Apart from that I would look to invest it, but on a conservative basis in our friends@soundmindinvesting.org could help you with that. Or you could use one of the Robo advisors that we mentioned earlier on the broadcast betterment or Schwab intelligent portfolios or even the Vanguard advisor which based on your age of nearly 72 in your objectives. It would design a very low cost, but very conservative, largely bond portfolio where you could see some growth over time, and then hopefully when you need it. You could draw some income, but you are taking risk. Anytime you're investing in the market, there is risk associated with it.

So the principal balance of 31,000 could lose value as opposed what you been in with the CD, so I think you just gotta figure out and aware on this risk spectrum you fall. Are you willing to take a little bit a risk for a better return or do you want to put it back in the CD although they're not paying very much or do you want to look toward an insurance product and I think a certified kingdom advisor could help you figure that out to send to our website moneywise live.org and click find CK and we appreciate your call on to Chattanooga, Tennessee hi Chris, how can I help my Rambam. My question is, when you mentioned about Social Security. My wife's one year away from taking Social Security and that would be at 62 1/2, and our plan was that she would do that. But when you mentioned she might get deferred from income because she's making too much. We don't make any money from income.

We do make passive income and I wanted to know how passive income plays into it. She would get a deferral on her Social Security that we are talking about a deferral I'm in there. There is a reduction in the benefit if you earn over roughly $18,900 a year and you take your benefits prior to full retirement age, a dollar for every two dollars you earn over that threshold, but that's a temporary reduction. They restore that to you after full retirement age, in increments until your paid back in full. Otherwise, you know, by collecting it. Now she's no longer replacing lower earning years that would cause her benefit wealth and accession say this, you can still increase it by continuing to work if you're earning more than you had earn previously where you're locking it in is by claiming the benefits your you know going to be at a reduced level above by about 25 to 30%. At age 22 versus waiting till full retirement age so does that clarify and work. Do you have additional questions about I get more specific regarding passive income so that income comes from rental property and she doesn't work, but as a matter, I don't think it does so well it it doesn't include passive income in the determination of benefit payments so you generally, the IRS views rental income as passive and so I would check with your CPA to make sure that in fact the way yours are structured. That would be the case, the investment income typically interest pensions capital gains to rental income. Things like that. But again, ultimately it comes down to. I would check with a professional just to make sure that you understand based on what she's earning doesn't apply or not, because you certainly don't want to get that wrong and be thinking one thing and then realize you owe some taxes work you haven't reported to properly so I hope that helps, Chris.

We appreciate your call today and thanks for checking in with establishing what Volkswagen had to break here in just a moment at the phone number because we've got. Still some time to take your calls and questions in a few lines open.

Here's the number 800-525-7000 a quick email before we go to break. This is from Amy.

She says I just sold a piece of property, and bought a new home.

I made $65,000. Should I be paying a 10% time on the profit and I would just simply say first of all Amy I appreciate your generous heart. And yes, if you're trying to apply the principle of the tide which is to give on the increase. The 10th to your income or skews me to your increase that would be your increase. It would be not the selling price, but the profit which you said is 65,000. How do you calculate that was to simply the original or skews me the selling price minus the original purchase price minus any improvements you made to the property that are going to stay with it. To increase the value in many transaction costs and that net number if you will, is your profit at your increase in you want to tithe on that I would take a 10 that amount and that appreciate you checking the pause for a brief break we come back. Many more of your questions about indexed annuities. You value valuables to get rid of a few more Social Security questions stay with us much more to go back to moneywise live right back to the phone's St. Louis, Missouri hi Rick, I will just curious if there is a way our formula for two about selling use like got art that is expensive but yes I want put it put it on sale so they only wanted to give me 100 bucks out of a thing. It valued at 1600.

Is there a rule of thumb, the worry just walk away and not sell it are now I think it's just how badly do you need to sell because at the end of the day if you can establish the true value of it.

You know I wouldn't necessarily sell for any discount on and I think the question is this. Are you trying to sell put in the right place to the right buyers who actually place value on what you're selling at an appropriate level and are willing to come to an agreement, you know, I think the starting point is right in that you need to establish the true value of these collectibles depending on what they are and you can do that a number of ways you can look at auction selling prices you can look at some of the online price guides. There is written price guides out there. There's appraisal services on and off-line local antique and collectible dealers could be a source pending on it.

You know whether this is a big ticket item or not. You may want to pay somebody for an appraisal on particular valuable and then need to find that the best and most reputable places again on and off-line to sell and it could be that you're just selling to folks that truly aren't interested as much in the valuables that you have been wanting to get it at a significant discount versus some other places that may give you an audience of people that really like what you have there seeking for these types of valuables and are willing to pay the appropriate rates.

Obviously if you're in a difficult financial spot. You may be willing to take less than if you have time on your side and you can wait it out for somebody is willing to pay you what it's truly worth. But I think that's the key is you need to make sure you're looking at a reasonable and appropriate valuation so that you're not, you waiting for somebody to pay something this just unrealistic and that's where I think a lot of these tools both on and off-line can be helpful to you. So I definitely wouldn't take a 50% hit on this and you know in some cases not even a 75 even 75% of the value is not enough because again, why are you having to take a 25% discount if you got a proper valuation in the first place. Does that make sense yes it does. And I appreciate your help with this matter. You're very welcome. We appreciate your call today Rick. I bless you, on the Cleveland, Tennessee hi Mike, how can I sister 69 years old retired ministry of about 40 years, and somewhere back in and so opted out of security guided advised us that it wouldn't be there probably are ready to retire but I put in enough quarters, or however the social security system works to still draw about $1000 a month. So my question is I'm working out part time I make more money in the year. Currently, then I did in one of those previous years, 30 years ago my Social Security go up yes absolutely.

You can increase your Social Security benefit in any time, even via part-time work during retirement. By replacing those zero or low income years with a higher income here so you will to continue to see that increase as you replace those years. Even now, as you continue to work okay automatically. I trust you to contact them and I made more money now know as it's reported that should happen automatically, but it doesn't mean you can't keep a close full watch on that a close watch on making sure that you know that additional income is being reported those and just statement every year showing that and that that check is increasing on a commensurate basis.

You can also schedule a meeting virtually or in person just to ask those questions and make sure that they can explain to you that that has been reflected as you move forward. So all the best to you in this season of life. And I know as you continue to work and if you can see that check increase, especially with some of the rises in the prices of goods and services these days.

Every little bit helps. I'm sure you will be grateful for that likely appreciate your call W NBI on to Chicago, Illinois hi Dolores, how can I help you I was on the scout pushing a six index annuities and out that they weren't.

It's always a win-win situation and can you tell me that the print is it just that you keep your principal all the time. Give me a little bit more insight because I can. Essentially this is an insurance product and annuity contract that pays an interest rate based on the performance of a specific market index oh think S&P 500 the 500 largest growth stocks in the United States could be an example which is different than a fixed annuity that pays a fixed rate of interest and variable annuities which base their interest rate on a portfolio of securities that are stocks that are chosen by the owner of the annuity. In this case, that would be used to this is tied to an index and often times there's a floor to it that just simply says you're not can get 100% of the upside of the index you can get a portion of it, but they're going to The of the law so you can't lose value and therefore somebody who's really concerned about preserving their capital there willing to give up a little bit of the upside in exchange for the loss of their capital.

Could you turning it over to the insurance company and their in exchange for the. The floor on the investments so that you're guaranteed. You don't lose any value.

Is it my preferred approach know I'd I'd prefer you still keep access to your money not get into these complicated products that are very difficult understand and get the full upside of the growth of whatever your investments are over time, but you absolutely are taking some risk and you could lose principal value where as in the case of this annuity you're transferring that risk to the insurance company but they have to make a profit. So you're giving up something and what you're giving up is fees the loss of your money and you know they're not giving you 100% of the returns on those indexes there keeping a portion of that doesn't make sense when situation all around. She really buttered it up at $20,000 in there and I guess you had for 10 years to get it. 25% bonus. I mean, that doesn't make sense. That sounds a little rich. I probably have another objective third-party look over anything that you are being sold, especially if there's a meal with football, before you do it, but listen all the best to you if you need the second opinion connect with a certified kingdom advisor there in Chicago. You can find one that moneywise live.org just click find CK all the best to you Dolores onto a Tampa, Florida hi Rebecca, how can I help you Amber.

She and her. That she can make it next matinee and she warrant they're not being there anything that at her she can make it much money she wants to. I want to share about that.

I wanted to find out know that's not true. So just depends upon the year and it does depend upon your age, but there would be appointed to it which your earnings would be taxable. I believe over 65 this year be around 26,100 but you want to check with your tax preparer, but there is no free lunch. So it's not unlimited.

There is a certain threshold but but certainly not unlimited so you can pass that along and I'd I never connect with a tax preparer, CPA or account to make sure she's filing properly and paying all the tech she owes. Certainly one wouldn't wouldn't want to find out down the road that she owes tax to the IRS and we appreciate your call to finish in Florida. Desiree thank you for your patience. I can help hiring yeah I wanted a 25 year pension your pension will have a 401(k) called when we got to withdraw any money they wanted to purchase a home that we went 20% on back there any way of getting around that know when you take that money out. It is going to be taxable and you know it's going to pay the depend upon how much income you have as to what rate it will be a text ad and so I would check with your tax preparer just to determine exactly how much will be withheld and ultimately what tax will be owed but it will be taxable so you want to understand that going into it and you can pay those on a timely basis and not be caught off guard with any surprises and listen all the best to you and your husband in the days ahead as you enter this exciting season of your life. We appreciate your call today. Well folks that's gonna do it for us. We covered a lot of ground today. You know, as we think about managing God's money. We think about really the five things we can do with money.

We can live on and we can give it away. We compare taxes. We compared that we can save it for the future.

That's all we can do with money. The question is, what's the prior use of that and was God's word say about how we should handle money and I think you know if we began with our giving, we say God we serve a generous God, we will reflect that by holding what you've given to us loosely. Let's build that in on the front and then let's pray and say Lord what lifestyle you call me to how much is enough, both for lifestyle, meaning your cash or what you spend on a monthly basis in your ballot look to you, save for the future and then we order our finances on the rest, creating margins, we can respond to the Holy Spirit. Ultimately that's can give us freedom for 10 appreciate you being on this journey with us as light as a partnership between radio moneywise.

Media was a thank you Mike today.

Robert Sutherland Eric Tidwell Rios and Dan Anderson. Thank you for being here as well join us tomorrow.

You


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