Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

Ask KT & Suze Anything: How Do I Avoid a Social Security Tax Torpedo?

Aug 15, 2024

Suze Orman, a renowned personal finance expert, dives into the intricacies of retirement finances. She tackles the dangers of the 'Social Security Tax Torpedo' and explains how to navigate Required Minimum Distributions (RMDs) after inheriting an IRA. With insights on the importance of dollar cost averaging, she highlights investing wisely, especially in emerging sectors like semiconductors. Suze also encourages listeners to prioritize relationships over mere financial success, blending motivational advice with practical money management tips.

35:19

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Episode guests

Suze Orman

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Suze emphasizes the importance of understanding the implications of taxes on inherited accounts for informed financial planning.

The introduction of the Ultimate Opportunity Savings Account encourages consistent saving habits by offering a monetary incentive for monthly deposits.

Deep dives

Ultimate Opportunity Savings Account

A new savings account has been introduced that offers individuals a chance to earn a $100 bonus by opening an Ultimate Opportunity Savings Account with Alliant Credit Union. To qualify, a member must deposit at least $100 each month for 12 consecutive months. This initiative aims to encourage consistent saving habits while providing a monetary incentive for members. By creating this account, individuals can take a proactive step towards building their financial future.

Intro

2min

Salt Water Day Reminiscence

8min

Analyzing a High-Interest CD Offer

3min

Navigating IRAs and RMDs After Inheritance

15min

Investing in Semiconductors

7min

Embracing Confidence and Prioritizing People in Financial Matters

2min

On this edition of Ask KT and Suze Anything, Suze answers questions about RMDs, funding trusts and avoiding a “Social Security Tax Torpedo.” Plus, a quick reminder about why dollar cost averaging is so important and more.

Protect your financial future with the Must Have Docs: https://bit.ly/3Vq1V3G

Get your savings going with Alliant Credit Union: https://bit.ly/3rg0Yio

Get Suze’s special offers for podcast listeners at suzeorman.com/offer

Join Suze’s Women & Money Community for FREE and ASK SUZE your questions which may just end up on the podcast. Download the app by following one of these links:

CLICK HERE FOR APPLE: https://apple.co/2KcAHbH

CLICK HERE FOR GOOGLE PLAY: https://bit.ly/3curfMI

See omnystudio.com/listener for privacy information.

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