Faith & Finance

We want to thank the folks at the National Christian Foundation for a great article on an alternative way to give and a new twist in 2023.Here are some alternative giving strategies for those of you who might be feeling the pinch financially but still have a heart to support your favorite charities. Drawing on insights from an article by the National Christian Foundation, we’re focusing on using your IRA for charitable giving.Of course, these are general recommendations and may not apply to everyone. You should consult with your CPA for specific advice based on your circumstances.Okay, here are a few terms you need to understand first.Adjusted gross income or AGI – This is basically your income before you take your standard or itemized deduction. Regular distribution – This is just money taken from your IRA after you turn 59 ½. It’s reported as income on your tax return.Qualified charitable distribution or QCD. This is a distribution from an IRA paid directly to the qualified charity after the owner turns 70½. In 2023, an IRA owner can make QCDs of up to $100,000 annually. The amount is not reported as taxable income on your tax return. Required minimum distribution or RMD. – This is money that must be withdrawn from an IRA when the owner reaches 72 or 73, depending on their birthday. You can satisfy this requirement by making regular distributions, QCDs, or both from your IRA. PERSONALIZED STRATEGIES BASED ON AGE FOR IRA GIVING:For those 59 and a half or older: If you're in this age group and own an IRA, you have the option to make regular distributions without facing a 10% penalty. Although taxes are still applicable on these distributions, you can balance it out by making charitable gifts, which can offset some of your federal income tax. It's crucial to note that in 2023, the deduction limit for cash gifts is 60% of your Adjusted Gross Income (AGI), but this will change to 50% after 2025. At age 70 and a half: This is a pivotal age for IRA owners. You can start making a Qualified Charitable Distribution (QCD) directly from your IRA to a charity, and the best part is that this doesn't trigger a taxable event since it's not included in your AGI. A new development in 2023 allows you to use up to $50,000 of your QCD to fund a Charitable Gift Annuity. This annuity will provide regular lifetime payments to you or you and your spouse, with the remainder benefiting the charity.Once you reach 72: At this stage, every IRA owner must start taking an annual Required Minimum Distribution (RMD), if you haven't started already. You can fulfill this requirement with regular distributions, QCDs, or both. For instance, if your RMD is $50,000, you can opt for a $30,000 QCD directly to a charity and manage the remaining $20,000 as a regular distribution. You might also consider making that $20,000 a deductible gift to a donor-advised fund, like the one offered by the National Christian Foundation. For more details and to explore these strategies further, we recommend visitingNCF Giving. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:As a parent, I'm concerned about my young, debt-free daughter and her fiancé planning to buy a house with an FHA loan and a small down payment. Is this a wise decision in the current economic climate?I am 65 years old and planning to retire soon. I have a $50,000 student loan and am considering withdrawing from my 401k to pay it off. Is this a good strategy for entering retirement debt-free?As a legal custodian of a minor receiving an inheritance, I'm exploring the best way to manage this money. Should I opt for a custodial account or a trust, and what are UTMAs and UGMAs?I'm 58 years old and considering taking a lump sum distribution from my pension. How can I avoid the 20% federal tax on this distribution, and what are my options for rolling it over?I receive a pension due to a divorce and have started my Social Security benefits. I also work part-time and am rebuilding my credit. Can I realistically save for a townhome in a few years, given my financial situation?Should I tithe on an insurance claim check I received for roof repair, considering it is meant to cover a loss and not an increase in wealth? RESOURCES MENTIONED:Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Cole Pearson is the President of Investment Solutions at OneAscent, which is a family of companies dedicated to faith-based investing and an underwriter of this program.  HOW DOES ONE ASCENT VIEW INTERNATIONAL INVESTING?One Ascent views international investing as a critical component of a well-diversified investment portfolio.They believe that investing in international markets can mitigate risks and potentially enhance returns.Historical data shows that international markets have outperformed U.S. markets in several decades, highlighting the importance of global diversification. IS VALUES-BASED INVESTING POSSIBLE WHEN INVESTING ABROAD?One Ascent strongly believes that values-based investing is achievable globally.They emphasize that every person and market has inherent dignity, advocating for investment in global markets, similar to the approach to missions and ministries.The team at One Ascent has extensive experience in international markets and focuses on investing in companies that positively impact society worldwide. HOW CAN CHRISTIANS INVEST WISELY AMIDST GLOBAL UNCERTAINTIES LIKE WARS AND RESOURCE SCARCITYChristians should focus on knowing what they own, especially in international investing.One Ascent's approach involves eliminating companies or countries with harmful practices, evaluating for investment objectives, and elevating companies making positive societal impacts.They caution against passive index funds that may include companies with practices misaligned with Christian values and recommend actively knowing and managing international investments. HOW CAN PEOPLE LEARN MORE ABOUT VALUES-BASED INVESTING AND EVALUATE THEIR CURRENT INVESTMENTS?One Ascent offers resources on values-based investing at their website.They provide a tool for investors to analyze their current investments, helping them understand the composition of their portfolios and align them with their values.Interested individuals can visit One Ascent's website and use the "analyze my investments" tool for a detailed evaluation of their investments.HOW TO CONNECT: You can explore a new way of investing that aligns with your values at OneAscent.com. Click on 'Analyze My Investments' on the home page to tailor your portfolio to what truly matters to you. ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm 65 and planning to retire in a couple of years; should I withdraw $50,000 from my 401k over the next two years to pay off my private student loan before I retire?As the legal custodian of a minor receiving an inheritance, I'm confused about UTMA/UGMA accounts versus a trust for managing her inheritance. What are they and what should I consider?I've been offered a lump sum distribution of my pension benefit. Is there a way to avoid the 20% federal tax on it, and what are my best options considering I'm nearing retirement? RESOURCES MENTIONED:Find a Certified Kingdom Advisor Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This year plan a Christ-centered celebration without any of the financial regrets. As in so many areas of life, parents have opportunities here to set an example. Here are four ways you can do that:Set a good example with your attitudeTheParentCue.org suggests that you do one less thing this year.Make family time a priority during the weeks leading up to Christmasstart a new tradition this year.One of Rob’s favorites is the Jesse tree.  Go to faithward.org for daily Bible readings and printable ornaments for the Jesse tree.put the phones downpray together.Stick to your budget (even during the holidays)your children will see your commitment to financial peace.Demonstrate generosity towards those less fortunate, and invite your kids to participateMake Christmas cookies together and take them to the local police or fire station, along with handmade Christmas cards.Leave bagged Christmas snacks and drinks at your doorstep for the delivery people who stop by. Make a sign to say “thank you!”Sponsor a child together with Compassion International or World Vision.If you have older kids, make plans to volunteer at a local soup kitchen or ministry during the holiday break.Restore the peace of Christmas along with your family this year! Rest in God’s presence. Take time to remind yourself…and the children in your life…that there’s so much to be thankful for.  As the prophet Isaiah foretold: “The people who walked in darkness have seen a great light; those who lived in a land of deep darkness— on them light has shined.”ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:I'm buying a new home. Where should I go to get the best rate?My wife and I just Inherited over $1 Million dollars, should we move it to a roth or traditional 401K?I am retired, taking rmd, self managed in my account, my husband is 10 yrs younger and not retired yet. Is it time to get a financial advisor to help us with thinking through our money?I'm curious if it's possible to protect my children's inheritance from nursing home costs, and what would be the best way to go about it?As a retiree with a significant mortgage remaining, I'm contemplating purchasing insurance to cover the mortgage in case of my passing. What do you recommend?I am getting married soon and have substantial savings due to my wedding and home being covered by others. Where should I direct this money for wise financial management?RESOURCES MENTIONED:TheParentCue.org FaithwardMovement MortgageNational Christian Foundation - NCFRemember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.  Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

WHAT DOES A "MOVEMENT OF FAITHFUL STEWARDS" LOOK LIKE AND WHAT IS FAITHFI TRYING TO ACHIEVE?FaithFi aims to integrate faith into financial decisions, moving beyond just wise money management. The mission is to help Christians see their finances through the lens of faith, as every aspect of life, including finances, should be influenced by faith. FaithFi supports this integration, recognizing the challenge but stressing its importance. The goal is to guide Christians to be good stewards of their resources.It's about integrating faith and finances, not just being wise with money.FaithFi's mission is to equip Christians to integrate their faith and financial decisions.The goal is to help people be good stewards of God's resources, even in challenging times. HOW DOES FAITHFI DIFFER FROM OTHER FINANCIAL RESOURCES, AND WHAT IS ITS VISION?FaithFi differs from secular financial advice by centering on God, not self. The goal is to replace worldly financial promises with gospel truth, seeing God as the ultimate treasure. This perspective changes financial decisions to reflect one's identity in Christ. FaithFi offers guidance with practical, biblical wisdom and tools, fostering a community of stewards who prioritize God in their financial decisions.FaithFi focuses on a God-centric view, differing from self-focused worldly advice.The vision is to redeem God's design for money, seeing Him as the ultimate treasure.FaithFi guides with biblical wisdom, aiming for financial decisions to express one's faith. WHAT IMPACT DOES FINANCIAL SUPPORT HAVE ON FAITHFI AND ITS INITIATIVES?Financial support for FaithFi fuels various initiatives like the radio show, podcast, and a new Bible study series. It enables the production of content that delves into what the Bible says about money and possessions, aiding in personal growth and reevaluation of money's role in one's life. The FaithFi app, supported by donations, offers tools for wise financial management aligned with faith. Overall, contributions expand the reach of FaithFi, helping more Christians align their finances with biblical teachings.Donations support FaithFi content creation, including radio shows, podcasts, and Bible studies.Financial support enhances tools like the FaithFi app, aligning financial decisions with faith.Contributions expand FaithFi's reach, growing the community of Christians integrating faith and finance.If you’ve benefited from this ministry and would like to help us reach our goal, please go to Faithfi.com and click Give.ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:I'm retired and considering adding a Lady Bird deed to my will for my home, which is worth over $500,000 and fully paid for; what are your thoughts on this?I have purchased three rare coins from the US government; do you think this is a good investment?I have about $30,000 in I Bonds maturing in March 2024, but with decreasing rates, I'm considering withdrawing them before maturity to invest in CDs; is this advisable given my plan to buy a house in summer 2025?As an 83-year-old with over 61 years of stock market experience, I'm considering moving my $2.5 million in stocks and mutual funds into CDs due to distrust in the stock market and for more security; can I do this without paying taxes?I have $10,000 in I Bonds but am contemplating moving them to a higher interest CD with my credit union; is this a wise decision, especially considering I'm leaving for a nonprofit in Thailand? RESOURCES MENTIONED:Find a Certified Kingdom AdvisorChristian Community Credit Union Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

WHAT IS ALPHA IN INVESTING, AND CAN YOU EXPLAIN THE FIRST THREE SOURCES OF IT?Alpha refers to an investor making higher returns than the overall market.The first source is having access to superior information, like fundamental investors using detailed research.The second source is better processing of information, where quantitative investors use models and patterns.The third source involves exploiting irrational behavioral biases in other investors, like investing contrary to market trends. EVENTIDE NOW SUGGESTS A FOURTH SOURCE OF ALPHA. WHAT IS IT?The fourth source comes from a biblical worldview, focusing on why to invest, not just how.It involves assessing if a business's product or service contributes to human flourishing and cares for all its stakeholders.This approach aligns with loving God and neighbors, seeing the purpose of business as serving people. HOW DOES THIS FOURTH SOURCE OF ALPHA APPLY IN REAL BUSINESS EXAMPLES?A positive example is a lab instrument company that invests in its employees and prioritizes customer service, leading to better products and loyalty.A negative example is a pharma company that extracted value by hiking drug prices without adding real value, ultimately leading to its downfall.This approach contrasts companies that create real value with those that merely extract value from society. HOW DOES EVENTIDE USE THIS VALUE CREATION LENS TO ACHIEVE ALPHA, AND DOES IT COMPROMISE INVESTMENT PERFORMANCE?Eventide rejects the false dichotomy between biblical virtues and business success.The company values qualities like kindness and servant leadership, increasingly recognized as good business practices.They focus on how companies treat their stakeholders, believing it leads to sustainable business success.This approach grows the business pie, benefiting all stakeholders and leading to long-term success. Learn more at eventideinvestments.com. ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:I'm not sure which student loan repayment option to choose: the income-driven repayment plan where the loan can't be forgiven, or the term-based plan with fixed payments and potential loan forgiveness.I just had a baby and have about $5,000 in medical bills; I'm wondering if it's better to save up and pay off these bills in full or to pay in segments while building an emergency fund. Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A Home Buyer’s Market? With Dale VermillionNormally, November through February are the slowest months of the year for home sales, and that means buyers have more bargaining power. Will it happen this year? Dale Vermillion gives us his take on the market today.Dale Vermillion with us again today. Dale’s the author of Navigating The Mortgage Maze: The Simple Truth About Financing Your Home.  CURRENT TRENDS IN INTEREST RATES AND MORTGAGES:Dale Vermillion notes that interest rates are continuing to rise, but there's hope for decreases in 2024 as predicted by the Mortgage Bankers Association.Assumable mortgages are becoming somewhat more common due to higher rates. These allow buyers to assume a seller's lower rate, though qualification and legal representation are necessary.HOME VALUES AND MARKET DYNAMICS:Home values are moderating, with some markets experiencing price drops. A 3% increase in property values is expected overall for the year.The current market offers less competition for buyers, more acceptance of contingencies, and over 50% of sales include seller concessions.ADVICE FOR POTENTIAL HOMEBUYERS:Vermillion advises consulting multiple lenders, preparing income documentation, aiming for a 20% down payment to avoid mortgage insurance, and doing thorough homework before approaching a mortgage. On today’s program, Rob also answers listener questions:As a 63-year-old man who enjoys giving generously, I wonder if my habit of giving, even to the point of self-sacrifice, could be considered an idol.My mother is elderly and has set aside some money for her children. I need wisdom on how to wisely use the inheritance she will leave.I want to start saving for my children's college education in a way that allows flexibility if they don't go to college. Also, I'm behind on retirement savings and seeking advice on how much to save and invest for a comfortable retirement.RESOURCES MENTIONED:Movement MortgageFind a Certified Kingdom AdvisorBankrate.com Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.  Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

THE WORLD'S MESSAGE VS. JESUS' CALL:The world encourages material accumulation and personal success for happiness, but this stands in contrast with Jesus' call to follow Him for abundant life.Material success is fleeting and ultimately insignificant in the light of eternity, and while happiness is ambiguous, abundance as promised by Jesus is desirable and everlasting. THE CONCEPT OF ABUNDANCE:The Old Testament presents abundance in material terms, as seen in Deuteronomy 28:11 and Psalm 31:19, with the caveat that it required faithfulness to God.Despite this, human nature led to repeated loss of abundance due to disobedience. JESUS' REDEFINITION OF ABUNDANCE:With Jesus, abundance is redefined from material wealth to a focus on a relationship with Him.Matthew 6:33 highlights that by seeking God's kingdom first, material needs are met, allowing a life of true satisfaction in Christ. BARRIERS TO ABUNDANT LIFE:Human self-centeredness can make us lose sight of the fact that life is about Jesus, not ourselves.Lack of personal engagement with God and relying on second-hand religious experiences prevent a deeper understanding and maturation in faith.Half-hearted commitment to Jesus, seeking Him for absolution without full submission, limits the experience of abundance. THE ESSENCE OF TRUE ABUNDANCE:True abundance is found in Jesus Himself, not in money, success, or possessions.Prioritizing Christ above all brings a 'Kingdom shine' to life, and it is accessible to anyone willing to say "yes" to Jesus as both savior and Lord.Jesus' call to abundant life is an invitation to a satisfying, joyful, safe, and eternal life, beginning in the present. ON TODAY'S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:How should I handle a 401(k) balance transferred from a previous employer and what are my investment options?What are the best investment options for conservatively growing $65,000?How can I handle an HSA account that's been frozen since enrolling in Medicare, and can I invest it outside of the bank? RESOURCES MENTIONED:Certified Christian Financial CounselorsHSA Bank and other HSA providers Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.  Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

THANKSGIVING'S ORIGINS AND HISTORICAL CONTEXT:The official declaration of Thanksgiving as a national holiday occurred in 1863 by President Abraham Lincoln, amidst the Civil War and the Battle of Gettysburg, to offer thanks to God and pray for national healing.The Puritans' first Thanksgiving in 1621 followed a period of severe hardships, including a delayed voyage on the Mayflower, a tough winter, and a period known as "the starving time," where nearly half of the Puritans perished.PERSEVERANCE AND FAITH OF THE PURITANS:Despite their struggles, the Puritans' Thanksgiving celebrated survival and harvest, with Governor William Bradford using a passage from Hebrews 11 to commemorate their faith and longing for a heavenly country.The Puritans' journey was motivated by a quest for religious freedom, facing persecution in England and even in Holland, leading to their risky expedition to the New World. LESSONS ON GRATITUDE AND GOD'S PROVIDENCE:Be thankful for religious freedom and God's role in providing for us. Deuteronomy 8:18 to remind listeners that it is God who empowers the acquisition of wealth as part of His covenant.We live in a time of great wealth, and it can mislead us into thinking that we’re responsible for it. God’s Word says that isn’t so.  Deuteronomy 8:18 reminds us, “You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm his covenant that he swore to your fathers, as it is this day.”So that’s why we wish you a happy and grateful Thanksgiving, hoping you’ll take time to thank God for all of the blessings you enjoy. Better yet, make it a daily practice.  ON TODAY'S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:As a retired couple without long-term health care insurance, I'm concerned about affording both long-term care and continuing our practice of giving while living.As a self-employed business owner facing health issues and family medical emergencies, I am dissolving my business with $18,000 in debt and personal debt of $12,000; I'm considering debt consolidation or using a home equity loan. RESOURCES MENTIONED:ChristianCreditCounselors.org Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.  Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

ENERGY-SAVING TIPS: 1. Ceiling Fans: Reverse ceiling fan direction clockwise in winter to circulate warm air from the ceiling.2. Conserve Electricity: Unplug electronic devices when not in use. Use power strips to easily cut off power to multiple devices.3. Chargers: Unplug device chargers when not in use to prevent unnecessary energy draw.4. Home Maintenance:Seal drafty doors and windows.Install foam gaskets behind switches and outlets on exterior walls for better insulation.Ensure proper attic insulation.Regularly check heating and air system filters.5. Thermostat Setting: Keep at 68 degrees when the heat is on.6. Utilize Sunlight: Open shades during the day for solar heat; close them at night for insulation.7. Additional Clothing: Add a layer of clothes before adjusting the thermostat8. Avoid Blocking Vents: Ensure no furniture or obstructions are blocking heating vents.9. Consult Power Company: Check for energy-saving suggestions and potential rebates for energy-efficient upgrades.10. Lighting: Upgrade to LED bulbs for efficiency and use photocells and motion sensor lighting for outdoor areasWe hope these tips will help you save some money during the cold weather! ON TODAY'S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:Does the recommended 10-15% contribution to a 401(k) include both my personal contribution and my employer's contributionAssisting Family with Housing: Should I consider buying a condo outright for my financially challenged brother as a form of assistance or charity?Investing Inheritance: I've received a $70,000 inheritance; how should I best invest this amount, considering my current mortgage and investment portfolio?Capital Gains on Real Estate: As I'm separated from my spouse and haven't lived in our jointly owned home for the past two years, am I still eligible for the $500,000 capital gains exclusion if we sell the house?  Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AVOIDING RETIREMENT PLANNING MISTAKES:The most significant mistake is not saving enough during working years. A recommended practice is contributing 10-15% of income to a retirement plan like a 401(k), 403(b), or an IRA.The earlier the start in saving for retirement, the better, due to the benefits of compound earnings. Relying solely on Social Security is not advisable. COMMON ROLLOVER MISTAKES TO AVOID:Not adhering to the one-per-year rule for IRA rollovers can result in significant tax implications and a 6% tax for excess contributions.Missing the 60-day deadline for rollovers from an IRA to another plan can result in the distribution being added to adjusted gross income.Losing the ability to take the 10% penalty exception for early withdrawals from qualified plans. Different rules apply for IRAs and 401(k) plans.Performing a rollover from a 401(k) to an IRA with an outstanding loan against the 401(k) can lead to taxable distribution and potential penalties. ADVICE FOR RETIREMENT PLANNING AND ROLLOVERS:Consult with a CPA or financial advisor before performing rollovers.Certified Kingdom Advisors (CKAs) can offer guidance on retirement planning and rollovers. ON TODAY'S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:I'll be 66 and a half next June; when will I start receiving Social Security benefits if I claim them in June?My mother is selling a piece of real estate for over a million dollars with a cost basis of about $60,000; how can we manage potential capital gains tax?My son has $15,000 saved and wants to buy a new used vehicle; where can we get a decent rate for an auto loan for the remaining amount?I have a six-month emergency fund not growing in a savings account; where should I invest it for some return?I'm 65 and have a small retirement fund of $70,000; how can I grow this amount being close to retirement?My husband retired from a company that relocated and we're struggling to get his retirement fund; how can we trace and claim it? RESOURCES MENTIONED:Pension Benefit Guaranty Corporation (PBGC)UnclaimedRetirementBenefits.comNerdWallet.comBankRate.comChristian Community Credit UnionSound Mind Investing Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.   Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.