What’s in Your Health Care Directive?

Today's Faith in Finance Live is actually prerecorded, so our phone lines are not open. Typically, estate planning determines how your assets are distributed when you go home to the Lord, but some questions may remain.

Hi, I'm Rob West. Wills and trusts are important, but they only apply to your money and possessions, not you. First up today, I'll give you some reasons why you also need a health care directive. Then we have some great calls lined up for you, but please don't call in today because we're prerecorded.

This is Faith in Finance Live, biblical wisdom for your financial decisions. Okay, so the term health care directive seems fairly self-descriptive, but some folks may not be familiar with this legal document, at least by that name. It's also known as a living will, meaning it answers questions about you while you're still alive. Other names for it include medical directive and durable health care power of attorney. But it can get even more confusing because sometimes a medical power of attorney is a separate document from a health care directive. Well, no matter what you call it, a health care directive is a legal document that spells out your wishes for care during illness if you're unable to make decisions or communicate your wishes when care is needed.

It may cover a range of critical medical procedures such as resuscitation, dialysis, and intubation. In that respect, there's also a financial element to a health care directive. It can give precise direction on how your assets are managed to cover specified treatments. A health care directive can also specify your end-of-life decisions. Again, the purpose is to give guidance if you can no longer communicate with your caregivers and family.

Ultimately, it can provide instructions on how your remains should be handled after death. So, it's a very important document that can be a real blessing to your family because it takes all of the guesswork out of end-of-life decisions. A health care directive should be an integral part of your estate planning.

Too often, family members disagree on whether various treatments should be continued or not. A health care directive spells out your exact wishes so there's no confusion. Given how valuable a health care directive can be, it's surprising that only about one out of three of us actually have one drawn up. It's not an expensive process. Most state attorney general websites offer a legal form you can use. Processing one of those forms costs around $50. Or you can have an attorney draw one up for maybe $500 or less.

But even at that price, it's well worth it when you consider all the trouble it will save your family members. So, let's go through the process and maybe it'll encourage you to draw up a health care directive if you haven't already. The first thing you need to do is choose your agent. This person is often a family member, but it doesn't have to be. Your agent will act on your behalf, speaking for you if you can't act yourself. For example, your agent will express your wishes on whether specified treatments should be started or continued, or if you should simply be made comfortable with hospice care during your final days. In most cases, the spouse is chosen as agent, followed by other family members if the spouse is unable to fulfill that role.

But sometimes a friend is chosen as the agent, and that can work well, too. Now that you've selected your agent, you need to specify your wishes for end-of-life treatment and what should happen with your remains afterward. Once it's down on paper, you need to go over it in detail with your chosen agent.

This is your chance to explain your decisions should the agent need to step in and advocate on your behalf. And the agent's role continues after your death to make sure your postmortem wishes are carried out. That includes things like funeral arrangements, organ donation, burial, or cremation. These things are often specified in a will, but they can also be covered in your health care directive and then overseen by your agent after your death.

Okay, now there's one thing left to do. The idea behind all of this is to eliminate confusion and family conflict in your final days. Springing a living will and an agent on unsuspecting family members would be counterproductive to that purpose. So it's important to communicate ahead of time with your family members about your health care directive and why you've made certain decisions. If your final wishes are made clear, it'll go a long way toward ensuring a smooth, conflict-free end-of-life process.

Now, I understand that estate planning in general and end-of-life decisions in particular are uncomfortable to think about and plan for, but once you do it, you'll have great peace about it because you're helping your loved ones cope with losing you. I hope that's an encouragement to you today. And before we take our first break, let me also remind you, there's a great wealth of resources waiting for you at faithfi.com. That's faithfi.com. You'll find more about the Faithfi app, which can help you manage your budget and stay on track. You'll find all of our great content and you can jump into the Faithfi community. Again, it's all at faithfi.com.

Stick around, much more to come, just around the corner. Hey, great to have you with us today on Faith and Finance Live. I'm Rob West, your host.

Our team is away from the studio today, so don't call in, but coming up a little later, we'll have more of your questions right here on the program. Hey, let me take a moment to mention the Faithfi app. That's right. Not only does this program have a new name, but our app has a new name as well. It has a whole new look and feel also. We'd love for you to download it. Just head to your app store wherever you download apps and search for Faithfi. That's Faith F-I.

You can manage your money. You can access the best content in biblical finance, podcasts, articles and videos. You can also participate in our Faithfi community where you can post questions and get answers from others on their stewardship journey. You'll find it in your app store. Just search for Faithfi or if it's easier, head to our brand new website at faithfi.com.

That's faithfi.com and you'll see the app right there on the home page. Before we head to our first caller today in the news, taxpayers this filing season have a very small chance of being audited by the IRS. Audit rates have changed little since last year when the IRS audited just 3.8 returns out of every thousand filed.

That's less than 0.38%. Now, this doesn't mean you can be careless with your returns. Mistakes will definitely increase your chances for being audited. The most common errors that will raise a red flag with the IRS include missing or unreported income, unreasonable deductions or credits, rounded off numbers will often trigger an audit because they're seeing you as not being detailed in your reporting or filing of your tax return. So, avoid those mistakes and you greatly reduce your chances of being audited this year.

Of course, something nobody likes to go through just because of the hassle factor, but good news is if you are very detailed and file your return appropriately, there's a very small chance of that audit coming. We'll be tackling some tax related topics here in the coming weeks as we head toward that filing deadline, but bottom line is let's just recognize that we pay taxes because, well, it's clear in the Bible that we should, number one. And number two, taxes are symptomatic of income. And so I think we can actually pay what we owe no more, what we owe with Thanksgiving, because it's, I think, symptomatic of God's provision in our lives.

Perhaps that's a different way to look at that obligation of paying taxes. All right, we're going to dive into some phone calls. Let's begin today in Tennessee. Beverly, how can I help you?

Thank you so much for taking my call. Sure. OK, I just recently retired and received a pension from my work and I was wondering what your ideas are on the best way to tithe off of that money with the least amount of taxes to pay. Yeah, well, it does.

Yeah. So, I mean, the tithing, let's tackle that first. The simple way is just to tithe on the whole benefit and, you know, just consider it a gracious gift from the Lord and, you know, give a tenth or off of the increase. Now, what makes it a little more complex, if we want to try to dig a little deeper, whether it's pension or Social Security, would be if you've been tithing on the gross amount throughout your working years, then we recognize there's a portion of what would be coming back to you through a pension check that in a sense you've already tithed on. So it's not all increase. The increase is just the portion that's over and above which you've already paid in. And so what you would have to do is you'd have to say, OK, how much did I pay in during my working years?

And then if I take that benefit check, that pension check, and I run that out to, let's say, age 95 and say, how much would I receive throughout my retirement from my pension check, we could compare that to what you paid in and determine a rough percentage of every check, what's coming back to you as a return of contribution and what's coming back as, in a sense, the gain or the increase. And then that would be the portion that you would give the tithe on. It's going to require a little bit of extra work, but I'm not saying it's not the way to go. That really is between you and the Lord. So I think you need to go one of those two directions. You'd either say, listen, I recognize a portion of this check is just being returned to me because I made that contribution and that was money that I've already given a tithe on, but I'm going to tithe on it again because I'm just grateful that the Lord has been so good to me.

I think the other approach is where you dig a little deeper and at the end of the day, you're going to have to decide which is the best fit for you. Does that make sense? Yes. Actually though, let me kind of explain it a little bit further. We did tithe off the gross all the time, but I don't think my pension money, I think it was totally from my employer. I don't think I paid anything into the pension itself. And we did decide to take it as a lump sum instead of a monthly benefit. Okay, good. All right. So that's easier. So then really it's coming down to, you're just wondering how do you maximize the tax savings with regard to the giving that you want to do off of that lump sum, correct? Right, that's right. Okay, very good. I was going to say, we plan to put, we've got to make these decisions soon, but a plan to put a certain amount in an IRA and a certain amount in a CD, and then what's several after money market.

I'm a real very, very conservative. I don't have much akin to the risk of the market and all that. But anyway, I guess I figured maybe the money market account just put it in there and then take the tithe out of there. Is that kind of makes sense or you could? Yeah.

So if you're able to roll this to an IRA, the pension money when they do the lump sum, have they given you that option? Yes. Yeah. Then, then you've got a great opportunity there because once you reach age 70 and a half, what is your age right now, if you don't mind me asking? 65. Okay. Yeah.

So you're still a little ways off from this, but once that money gets into the IRA and once you reach age 70 and a half, you would have the opportunity to do giving out of the IRA through what's called a qualified charitable distribution. Have you heard me mentioned that term before? Yes, I have. And our thoughts about that were we kind of didn't really want to wait because I mean, we don't know tomorrow. Yeah, yeah, exactly.

And I would concur with that. So that's an opportunity down the road with regard to the giving you're going to do right now. You know, it's going to come out of the IRA or the pension as taxable income. So whatever you take out is going to be added to your taxable income. Then you'd make the charitable contribution either directly to the charities or ministry or your church, or you could put it into a donor advised fund, which also is as soon as you do that, you're giving it away.

So you get the current year tax deduction, assuming you itemize and you probably would, because I would imagine that gift would get up above the standard deduction. And then, you know, you could just offset, you know, taxable income by itemizing, you know, that on your return. So that would be the way that you take advantage of it. Now, do you want to give it over time or are you wanting to make that all of that gift directly to the ministry or charity of choice right away? I think the way my husband and I feel about it is that we would rather go ahead and give that and then be able to move on with the rest. In other words, give God off the first and get it all done and then be able to do with the rest.

Yeah, very good. So the limit on charitable cash contributions is 60% of your adjusted gross income for this year. And so you would be able to, you know, reduce your adjusted gross income by that amount, up to that amount through that gift. So it sounds like that's the way to go. You're going to take that distribution and then make the contribution.

You'll have that deduction coming your way. Thanks for your call. We'll be right back. This is Faith and Finance Live with Rob West. Hey, if you hear a phone number mentioned today, please ignore that number and don't call us because today's broadcast was previously recorded. But we think the upcoming information will help you and make you a wise steward of what God's given you.

So please stay tuned. You know, often we mention the Certified Kingdom Advisor designation here at Faith and Finance. This is those men and women who've achieved the highest credential in biblically wise professional financial advice. It's the only industry accepted designation around a biblical worldview of financial decision making. And it's the designation we trust here at Faith and Finance. There's more than fifteen hundred professionals across the U.S. and Canada that have earned CKA. And so if you're looking for an advisor, perhaps someone to help you with financial planning, somebody to help you prepare your tax return or your estate plan, we would ask that you consider a Certified Kingdom Advisor.

You could certainly find a list of CKAs in your area when you visit faithfi.com. That's faithfi.com. And right there at the top of the page, you'll see a button that says Find a Professional.

Now, there's a new version of Find a Professional that was just launched that we think will make it even easier for you to find the right professional to journey with you. You see, God's word is clear that there is wisdom in counsel, the counsel of many. And so we need to seek wise counsel. Well, we want to not only give you great principles and ideas and help on this program each day as we encourage you in biblical financial decision making, but we know that there's only so far that we can go over the radio or through the app or on the website. And so we want to connect you to that person that can journey with you, that has the fear of the Lord, that's been trained in biblical financial wisdom, that has met high standards and character and competency. You know, that's where the CKA or the Certified Christian Financial Counselor can come in depending upon your needs.

Well, our new Find a Professional tool will give you perhaps a little bit simpler way to determine exactly what you're looking for. Do you need investment management? Do you need financial planning?

Do you need help paying off your debt or maybe you need help setting up a budget? You can choose from any of those topics and then be connected with the right list of professionals that will actually serve your needs the most effectively. And we're actually going to be adding another element to that. Phase two of the new Find a Professional in the next coming months will actually allow you to say how much you have in the way of assets under management so you can be assured that you're connected with a certified kingdom advisor that can serve you. But also, you'll be able to select whether you want to have somebody who can advise you in traditional investments or faith-based investments. And that way the list of CKAs that's provided will be ones that we know can offer those types of investments. So we really want to do an even better job of getting you connected to the right professional and all of that's coming in the days ahead.

But check it out today when you go to faithfi.com and click Find a Professional right there at the top of the page. Alright, we're going to be heading back to the phones here in just a moment. Before we do that though, let me mention something related to your spending plan. Because what we know here now, and by the way, inflation is obviously, even though it's headed down, we still see in a couple of key categories there's still some really challenging places out there with regard to where your costs are up, certainly at the grocery store.

We know that continues to be a challenge, obviously in the automobile category, that's challenging. Also gasoline is up as well and so that's putting the squeeze on your budget. What do you do if you've got kind of a leak, if you will, in your financial life today? How do you rein in that spending?

Well, let me mention a few of the common budget busters that we see that could be challenging for you and perhaps if you dial these in, it could help get you closer to balancing that budget, even having some margin so you can accomplish those financial goals that you have. One would be what I'll call auto pay memberships. So this is music and movie streaming services that you've put on an auto pay program that perhaps you've forgotten about if you're not checking your credit card bill every month. This could also include magazine subscriptions or auto plans like Sirius XM. It could be a grocery delivery program or maybe Amazon Prime or Audible. These could add up to hundreds of dollars a month.

One of our team members bought a used car whose previous owner had forgotten to cancel the Sirius XM in the car for three years and he didn't even realize he was being charged for it. So I think it's really important that we check our credit card statements, look for those recurring charges that might seem insignificant and yet when we put them all together, they can add up to quite a bit of money. All right, second, what about daily indulgences? You know, your snack of choice, that daily stop at the coffee shop or the donut place that can take a bite out of your budget.

If you just dial those back, that could end up being hundreds of dollars a month, especially with the price of designer coffee these days. All right, third, what about grocery store gimmes? I mean, taking the kids to the grocery store can absolutely result in costly impulse purchases if you're not careful. The best solution is to, well, maybe consider shopping alone. Now, if you have to take the kids to the store, perhaps limit it to one small treat each and then stick to your list. Next would be over driving.

Here's what I mean by that. You know, in these days of high gas prices, making extra trips can really add to your daily costs. So instead of running your errands on impulse, maybe take a few moments at the beginning of the day to plan your trips. Combine the errands as much as possible, carpool when you can, even arrange to work from home an extra day if you can, and maybe look at where you know you're going to be just based on the kid's schedule for the day and plan your errands to intersect with the various places you'll be in town. One last one, your leaky house could be draining your finances.

Keeping up with home maintenance, including those drafty windows and doors can save a lot of money over time. Listen, here's what God's word says, he who is faithful in a very little thing is faithful in much. Hopefully these will help you reign in that spending. All right, we're going to head to a break, so don't go anywhere. Still a lot more to come, even though we're away from the studio today and you shouldn't call in. We have some great questions that you're really going to enjoy as we continue to apply God's wisdom to your financial decisions. We'll be right back. Thanks for joining us today on faith and finance live.

I'm Rob West. Our team is out of the studio today. We're not here, so don't call in, but we have some great questions.

We lined up in advance. We'll look forward to those, but before we go to the phones, let's take a couple of emails. By the way, you can send us an email at any time quickly and easily at moody radio.org slash finance.

That's moody radio.org slash finance. This first one comes from Sue. She writes, my husband and I inherited a sum of money. We're wondering if it's wrong to tithe on this to several different Christian organizations with the bulk going to our church, or should the entire amount go to our church? Well, first of all, Sue, I'm delighted to hear that with this inheritance, you want to give to the Lord and that's great. We should be givers. We see that throughout the old and the new Testament. Now I say the tithe is a great guideline for our giving. Remember, we're not under the law of Moses.

We're under the law of Christ. So giving in the new Testament, I think Jesus takes it to an even higher standard. He says we're to give proportionately. Remember to whom much is given, much is required. We're to give sacrificially.

We look to the poor widow who gave out of her poverty to see that Jesus commended her in her giving. We're to give freely. We're also to give cheerfully. Remember we're not to give under compulsion. So this is not about checking a box or, you know, somehow complying with God's law.

It really should be an overflow of our gratitude to God, an act of worship, and a way that we participate with him in his activity. Now, there's no doubt that the local church is God's plan A. So I think we ought to support our giving there first. And so I like the idea of the guideline of the tithe that is a tenth on the increase, starting with the local church. Now, how might you approach this inheritance if you want to tithe on it, give an increase, a tenth on the increase? Well, I'd probably look to the local church, but if you really felt like you wanted to spread it out beyond your local church, I think that's ultimately between you and your husband and the Lord.

That's really not a right or wrong decision. So I think if that's where you all come down, that's absolutely appropriate in my view. And I just love that you're giving as unto the Lord. So thanks for writing to us today. All right, let's go back to the phones.

We are going to head to Arkansas next. Bo, thanks for your call today. You can go right ahead, sir. Yeah.

Hey, real quick. I was left some money by my parents and I wanted to be a good steward with that money. So I had two questions.

Number one, is CD still the best way to keep it conservatively in there and just using those like ladder CDs? Or is there something better, given the fact that, you know, I want to grow it so that down the road I can, you know, dispense it to various missions and things like that? So what would be some of your advice to do? Well, I love this question, Bo, and I'd like, if you don't mind, to just back up for a second and talk about this money before we even begin to talk about investing options. Because, you know, money should be allocated according to our values and our priorities. So we step back and I think even before we get to the goals, we say, what is God doing in our lives? What is most important to me? How do I want to use this money? And once we think and pray through that, then the actual strategies and ultimately the tools or the investment vehicles kind of come out of that. So as you just look at this, obviously this is money that's been gifted to you. You know, that may carry with it certain desires that you have to use it in certain ways. You've obviously mentioned a desire to give.

I love that. But give me a little bit more clarity just around, first of all, how much are we talking about? And then second, what is how you'll, you know, how do you ultimately see this being used and in what time period?

Well, it's 1.5 million. So and the main thing is about that is just I don't need it because I've been working and I still work. So I'm blessed that it's not for me to, you know, retire early and just kick back and go, hey, I'm going to go play golf, 36 holes a day, that kind of thing. But I do want to know, number one, how, because it's all God's money anyway, how to be the best steward of that and to be able to benefit people that we have already. We blessed a lot of different people to help them, whether it's education, whether in personal finance, that there needs to be met short term. But I'm just looking at trying to figure out whether the market, you know, there's another concept that I have a friend of mine told me goes, you know, best way to beat the devil is think of what the devil would do, do it, make money and then give it back to the Lord. Yeah. Well, you know, yeah. I mean, I love that you want to be generous with this, Bo.

I mean, I think that's phenomenal. I also love that you're talking about something that we talk a lot about here on this program, and that is this idea of a financial finish line. You know, it's not about just the mindless accumulation of wealth for wealth's sake. And I would also affirm the idea that you're describing here around your work life, which is, you know, it's not a matter of saying, OK, we do mundane work and we kind of drudge through it during our working life so that someday we can do something of significance or value or we can relax. I mean, that's not God's design. He created us to be workers, to find enjoyment in the work, because we're using our skills and our abilities as unto the Lord. And you're providing or meeting needs of other people.

And so you're, you know, meeting the needs of your customers and your suppliers and your wholesalers. And I mean, this is God's virtuous cycle of work. And we were created to be workers. We there was not a design on God's part that we should work 65 years and then sit on the front porch. Now, there's nothing wrong with the rhythm of rest and leisure. It's a part of God's original design. But it was one day of seven.

It wasn't all the days. Right. So I think we're created to be workers.

And I think we need to define those the enough line. And I think, you know, that's what you're doing here. And when you do that, you free yourself up to do some pretty hilarious giving. I guess the question I would have for you is I like the idea of investing this so that we can create an engine for giving. But why wait to do, you know, all of that giving down the road? Is there some giving you want to do right up front?

Yes, I already have. That's why I'm saying this is this is a second bulk. It's not a second part where. OK. And the reason I mention this is there is a great book years ago that I got to read.

John Piper's Don't Waste. Yes. Your life, which is it hits you like you right in the forehead because, you know, talked about people who work, work, work, didn't retire on a yacht. And like, really, is that what God wanted you to do? And and really, honestly, when you think about it, it's a very short period of time we have on Earth. That's right. We can do all this stuff.

We can. Obviously, I'm a firm believer of don't go try saving everybody in the world. If you haven't talked to your own family and the core about the Lord, you're going to ask you one day because I didn't ask you to go to missions all over the world and you neglected your family.

Go to your family first. Make sure they're all on the same page and then spread out like when you throw a pebble into the water that goes from the center outward. Yeah. Well, let me offer a suggestion here, Bo. I love the approach you've taken here. One option would be to put this into either all of it or a significant portion of it. What's called a donor advised fund. Are you familiar with that term?

Not at all. OK, so think of this like a charitable checking account. And what happens is, as soon as you put it in the donor advised fund, you're giving it away at that moment. So you get to go and take the full deduction and then you'd use a donor advised fund sponsor that shares your value.

So let me throw out the one that I would recommend, and that is the National Christian Foundation. So you'd put the let's say the one point five in it. It could be invested inside the donor advised fund. But guess what? Now there's no taxes as it grows. And then anytime you want to make a gift out of it, you log in online, type in the name of the charity or your church, click a button and it's gone.

So this could be a great tool. Let's do this. I've got to take a quick break. You and I can finish up off the air. And Rodney, we're coming your way after the break as well.

We'll be right back on faith and finance. Stick around. This is our final segment of a faith and finance live program that we previously recorded.

Thanks so much for being with us today, and we hope you'll stick around and enjoy the rest of the program. Before the break, we were talking to Bo about this money that he's received as an inheritance. He's saying, listen, I don't plan to stop working. God's made me to be a worker. I've got this money that's been gifted to me.

It's over a million dollars. I don't need it. I've been working. I've been saving.

I've defined enough. I want to give it away, but I'd like to invest it and give it away over time. And I actually want to see a return on the money, which is going to allow me to give even more. We had a chance to talk off the air for me to give him a little bit more information about a donor advised fund.

But you know, this is one of my favorite giving tools that's often either overlooked or just unknown because in a sense it allows you to make the current contribution now. So let's say he, for the sake of round numbers, puts a million dollars in his donor advised fund. He gets the ability to claim that against his taxes. And however, the IRS will let him do that over time. But he's giving the million dollars all in one year to his donor advised fund.

Now he's given it away. So what's his role? Well, the donor advised fund sponsor holds onto it and then he's able to recommend grants from the donor advised fund to his ministry or charity of choice as long as it's a 501 c three not for profit. So the gift coming out of the donor advised fund originates with the original donor, the person who put it in that donor advised fund. Now it's his fund, the one that he created at the donor advised fund sponsor.

And so from that point forward, it gets invested so it can grow. And then whenever he wants to grant it out to a 501 c three, he logs in online, does a quick search for that ministry or charities and it pops up on the screen. He says, I want to grant out 50,000 clicks the button and the donor advised fund sponsor then releases the money in either check or electronic form to the charity of choice. So it's just a really fabulous tool and it's tax advantage because those investments inside the donor advised fund are now growing without any tax implication because it's inside a charitable tool or structure. The place to go to learn more, and they can even help advise you on the actual gift recipients as well if you need it, is the National Christian Foundation.

It was founded by Larry Burkett and Ron Blue and a gentleman named Terry Parker, who is an attorney. They've given away billions of dollars. In fact, they give away billions every year. But it's all designed to be a resource to the giver. They don't formulate their own giving strategies. It's really just helping God's people give their money away in a tax efficient and wise manner. And so check it out today. NCF calls their donor advised fund a giving fund.

And when you visit their website at ncfgiving.com, that's ncfgiving.com, you can read all about a giving fund and it's quick and easy to set up there right on the homepage. All right, we're going to head back to the phones here and our final segment will take as many calls as we can. Let's go to Missouri. Rodney, thanks for your patience. Go ahead. Yes, thank you for taking my call.

Yeah, I'm turning 65 this summer. And I'm starting to look at the supplements. And I'm particularly interested in the Christian option like Medishare. I just wonder if you had some general information about the supplements.

Yeah, I'd be happy to. So basically, you know, the medical sharing programs are great. We happen to like Christian Healthcare Ministries just because they're the oldest and the biggest. They've shared out over $10 billion.

We've even got some team members here at Faithfi that have used them and it's been wonderful. Now, you need to sign up, of course, for Medicare when you turn 65. You're going to have three months before and after the month you turn 65 to do that. And if you don't, you'll permanently raise your premiums if you sign up later. Now, Medicare C is what's known as Medicare Advantage. And you may decide to go with a medical sharing program instead of Medicare Advantage, but you have to sign up for basic Medicare during your open enrollment window. So what I would do is do a cost comparison between the medical sharing costs and the Medicare Advantage premiums.

So there is going to be some math involved. Now, Medicare Advantage is, of course, different from Medigap, which is going to fill the gaps in the parts A and B. You can't have both, so you'd choose one or the other. The Medicare Advantage plans are offered by private Medicare-approved insurers, and they're an alternate to the original Medicare A and B that also include additional coverages to fill the gaps. You can also get the Part D prescription drug benefit through Medicare Advantage as well. And I would say usually the Advantage is better for someone who doesn't go to the doctor a lot, generally healthy. The Medigap, usually better for folks with chronic conditions or if you require a lot of doctor visits, although it can be a bit more expensive.

So I think the next step, perhaps here, Rodney, other than signing up for Medicare in that six-month window before and after you turn 65, is to reach out to, in my recommendation, it'd be Christian Healthcare Ministries, just to have them explain to you what additional, you know, offerings they would bring to the table alongside Medicare. And then you can see that cost and then compare that to either the Medicare Advantage or the Medigap. Is that helpful? Well, that'll help me out.

Just needed some general information so I could start to search. Awesome. Very good.

Well, CHMinistries.org is the place to go, Rodney, and they'd be delighted to chat with you and help you understand all of the options you have in front of you. But listen, all the best to you. What are you most looking forward to in this next season of life?

Oh, I don't know. Just enjoying life. Okay. Sounds great.

Have to work every day. Yeah, I hear you. Well, very good, Rodney. Hey, let's do this.

Stay on the line. I'm going to send you a gift for being on the program today. It's a book called An Uncommon Guide to Retirement, Finding God's Purpose for the Next Season of Life. I think it'll be a blessing to you and we'll send it to you on behalf of our team here at Faithfi as our gift. All right? All right. Thank you very much. Excellent. Stay on the line. We'll get it in the mail to you.

Thanks for calling. Hey, let me touch on a topic that we tackle or we hear about. It's asked about often on this program and it has to do with subsidizing adult children. You know, this is a real challenge for a lot of folks because number one, it can get messy if you've got multiple children and you kind of get stuck in financial favoritism, helping one over another. You know, they, you may prevent them by subsidizing them from developing their own skills.

That can be a challenge. You know, it can increase dependency on you so that could delay financial maturity. You could be supporting unwise lifestyle choices and even encouraging bad financial habits. I think from a spiritual perspective, often throwing money at a struggling child can shield him or her from hardship, which actually may be God's way of getting their attention. I think the last issue that comes up often that I see is the question of, can you even really afford to provide the subsidy you're providing?

You know, a person in the thirties or forties has a lot of options for generating income, but as you're heading into retirement, you don't have that flexibility. So diverting your resources to your adult children could jeopardize even your own financial future. So what do you do about it? How do you approach this? Well, let me give you just some really practical ideas that you perhaps should consider prayerfully before you launch into subsidizing adult children. Number one, just what I said, ask the Lord for guidance. Pray, ask the Lord to give you wisdom.

This requires a lot of discernment. Second, remember there's nothing wrong with including your kids in your long-term financial plans, but when the unexpected happens and you decide to help have a frank conversation with them before making any financial commitment, insist on financial accountability and transparent communication. I would also say before you extend help, clarify your financial expectations. You know, the goal is for your child to be living within their means and on a budget as much as possible before you extend any financial assistance. Next, give any financial gift a timeline so they know the help is temporary.

Put it in writing. Now, this may feel uncomfortable, but remember good stewardship requires accountability and clear communication. We don't want to have unmet expectations that could result in a damaged relationship. So it helps everyone to have the plan in writing.

That's going to avoid miscommunication. And then I would also say point your children to places where they can get wise counsel. They may be able to solve their own money problems on their own with outside the family help. Lastly, let me just say look for ways to give in a way that allows you to reinforce the right behavior. So maybe they've gotten stuck and they ran up some credit card debt and you want to help. Maybe you match every payment to the creditor instead of, you know, you just giving them a financial gift that they may or may not use wisely. If it's getting them out of the house and into their own place, maybe you charge them rent just to have that accountability and responsibility. And without you telling them you're taking that rent, putting it in a savings account and the day they move out, you bless them with a gift to get started.

I mean, these are ways that we can reinforce the right behaviors and that can make all the difference. Hey, I hope this helps you as you think through this really challenging topic of financial assistance for adult children. Before we wrap up quickly today, William in Virginia, how can I help you, sir? Yes, sir. I've been praying, trying to figure out what to do with my life now that I've been forced into retirement.

I've been here for a while and I've been struggling with it, trying to figure out what I'm supposed to do. And I heard you talking to the gentleman, a couple of people before you said there was a book. And I have been earnestly praying for the last week or so, trying to figure out, saying, God, what do you want me to do with this retirement? I love it. So I'm going to send you to two places.

Number one is, I don't think it was by accident you heard the broadcast today. I'm going to send you a copy of this book as well, William. So stay on the line. It's called An Uncommon Guide to Retirement, Finding God's Purpose for Your Next Season of Life.

Read it, ask the Lord to give you some wisdom. I think it'll be a real encouragement. I also want to encourage you to check out an organization called HalfTime, halftime.org.

You'll find them on the web. Stay on the line. We'll get this book right out to you. All the best, sir. Thanks for calling today.

That's going to do it for us. So thankful for my team today, Amy, Dan, and Jim. Thank you for being here as well.

Faith in Finance Live is a partnership between Moody Radio and Faithfi. I hope you have a great rest of your day and come back and join us next time. We'll see you then. Bye-bye.