Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Ask KT & Suze Anything: How Do I Settle A Deceased Parent’s Credit Card Debt?
May 1, 2025
Discover the importance of prioritizing relationships and health over material wealth. Get insights on naming beneficiaries for retirement accounts and the tax implications involved. Learn how to balance student loans with out-of-pocket expenses for nursing education. Explore tax filing nuances for married couples and strategies for maximizing retirement savings. Delve into the intricacies of managing credit card debt, especially for aging individuals, while gaining practical advice for financial security.
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Spouse as Primary Beneficiary
- Always make your spouse the primary beneficiary of your retirement accounts for ease and tax benefits.
- Leave contingent beneficiaries for other family members to avoid complicated tax issues.
Handling Inherited 401k Taxes
- Divide inherited traditional 401k funds equally and withdraw annually over 10 years to avoid tax burdens.
- Pay income taxes on withdrawals before gifting money to other siblings to keep distribution fair.
Evaluate Master’s Degree Costs
- Evaluate potential salary increase before taking on student loans for a master's degree.
- Pay tuition out of pocket if possible to avoid debt and hate associated with owing money.