Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Ask KT & Suze Anything: When Is The Right Time To Self Insure?
Feb 6, 2025
In this lively discussion, listeners get insights on the emotional rollercoaster of renting versus owning a home. Key distinctions between Roth IRA and Roth 403B withdrawal rules are clarified, ensuring savvy financial decisions. The importance of self-insuring a home is weighed against potential risks, especially in Florida. Navigating family finances and managing elderly care investments spark important conversations on seeking professional advice. Plus, a fun segue into fishing sets the stage for discussing investment strategies and the power of teamwork!
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Self-Insuring Considerations
- Consider self-insuring if potential repair costs are easily manageable.
- Evaluate if total repair costs are less than five years of premiums.
Roth 403(b) vs. Roth IRA
- Understand that Roth 403(b) and Roth IRA withdrawal rules differ.
- Contributions to Roth IRAs are accessible tax-free, but Roth 403(b) withdrawals have combined contributions and earnings.
Managing Elderly Finances
- Liquidate a lump sum for at least three years of elderly care.
- Offset gains and losses to minimize taxes, consulting a tax professional.