Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Ask KT & Suze Anything: Should I Take Money From an IRA to Pay Off Credit Card Debt?
Jul 17, 2025
The hosts tackle pressing listener questions on financial partnerships, such as adding a partner's name to accounts for security. They dive into tax changes affecting retirement income and explore emotional implications of inherited debts. Discussions on navigating advisory fees unveil strategies for managing investments wisely. Plus, they emphasize the power of dollar cost averaging and smart saving techniques, making financial wisdom accessible to all.
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Add Partner To Accounts
- Always add your partner's name to credit cards and utilities to ensure access if something happens to you.
- Get legal documents like a living trust and power of attorney to protect both in cases of incapacity.
Prefer Roth Over Traditional IRA
- If your state stops taxing retirement income, it affects only state tax, not federal tax.
- Roth accounts remain the best choice since federal taxes dominate your tax burden.
Invest For Relatives Wisely
- Invest for relatives in a separate account, not in their name initially.
- This preserves their financial aid eligibility and lets you control the investment until they prove responsible.