Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Ask KT & Suze Anything: Should I Stop Paying Into My IRA to Get Out of Debt?
May 15, 2025
Dive into the world of financial wellness! Discover the tricky dynamics of sharing inherited IRAs and the benefits of transferring funds. There's also a lively debate on balancing debt management while ensuring retirement savings flourish. Tune in for insights on emotional factors affecting money management in relationships. Plus, join the conversation about prioritizing personal connections over material wealth. It's an engaging mix of serious finance and relatable stories!
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Smart People Struggle Financially
- Suze Orman shares a common scenario where highly educated professionals struggle with simple money arithmetic.
- Despite their intelligence, these professionals often mishandle basic financial concepts.
Inherit 401k via Individual IRAs
- Transfer inherited 401k funds to individual inherited IRAs to stretch withdrawals over life expectancy.
- Ensure equal sharing among siblings and remember distributions are taxed as ordinary income.
Keep Contributing Despite Debt
- Don't stop contributing to your TSP or dip into your emergency fund to pay some debt.
- Retirement accounts are protected in bankruptcy and crucial even when debt is high.