End-of-Year IRA Fixes Before Tax Time: Roth Contribution and Correction Strategies

Summary

NerdWallet's Smart Money Podcast: End-of-Year IRA Fixes Before Tax Time – Roth Contribution and Correction Strategies

Release Date: December 16, 2024

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Introduction

In this enlightening episode of NerdWallet's Smart Money Podcast, hosts Sean Pyles and Sarah Rathner, alongside co-host Elizabeth Ayola, delve into the intricate world of Roth IRA contributions, especially focusing on strategies for individuals exceeding income limits. The episode, aptly titled "End-of-Year IRA Fixes Before Tax Time: Roth Contribution and Correction Strategies," provides listeners with practical advice to navigate the complexities of retirement savings as the tax year draws to a close.

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The Virtue of Laziness in Financial Management

Sean Pyles and Sarah Rathner kick off the discussion by exploring how adopting a "lazy" approach to certain financial tasks can actually lead to significant benefits. They emphasize automating financial processes to ensure steady progress without constant oversight.

Lazy Investing: Dollar Cost Averaging and Target Date Funds

Sarah Rathner explains the concept of dollar cost averaging (DCA) as a hands-off investment strategy. By setting a fixed amount to invest regularly, individuals can mitigate the risks associated with market volatility.

[03:13] Sarah Rathner: “If you're feeling stuck going about investing, the lazy way could be a way to get past that. One thing to try is setting a monthly investing budget and then depositing that amount into a brokerage account to be invested.”

Sean Pyles echoes this sentiment, highlighting target date funds as an exemplary tool for lazy investors. These funds automatically adjust the investment allocation as the target date approaches, reducing the need for manual intervention.

[04:18] Sean Pyles: “Index funds, exchange traded funds, or target date funds are all perfectly fine options. Automate contributions into funds that match your goals and move on with your life.”

Savings Bucket Strategy

Sean introduces his "savings bucket strategy," which involves maintaining multiple checking and savings accounts, each designated for specific financial goals. This method ensures that money is allocated appropriately without the need for constant management.

[06:09] Sean Pyles: “I allocate specific percentages of my paycheck into each account and this is really where the magic happens. Each pay period, my money just goes into these accounts automatically.”

Sarah concurs, sharing her similar approach with her husband, emphasizing the importance of automating savings for major expenses like mortgage payments and daycare tuition.

[07:35] Sarah Rathner: “I have a savings account for my wedding, another for my emergency fund, and one for fun money—everything just happens on its own.”

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Listener's Money Question: Navigating Roth IRA Contribution Limits

The episode transitions into the "Money Question" segment, where the hosts address a listener's concern about exceeding Roth IRA contribution limits due to high income.

Understanding Roth IRA Contribution Limits

Elizabeth Ayola breaks down the 2024 Roth IRA contribution limits, explaining how income levels affect eligibility. For married couples filing jointly, the contribution phase-out begins at a modified adjusted gross income (MAGI) of $228,000 and completely phases out at $240,000.

[13:05] Elizabeth Ayola: “For couples who are married filing jointly, the phase-out range starts at $228,000 to $240,000. If you earn $240,000 or more, you can't contribute to a Roth IRA at all.”

Consequences of Over-Contribution

Exceeding the contribution limit can result in IRS penalties. The hosts discuss the 6% tax imposed on excess contributions and stress the importance of addressing over-contributions promptly.

[15:49] Elizabeth Ayola: “You'll owe a 6% tax on the amount of excess contributions left in a Roth IRA every year.”

Solutions for Excess Contributions

Several strategies are outlined to rectify over-contributions:

1. Returning Excess Contributions: Withdraw the excess amount before filing taxes to avoid penalties.

   [16:07] Elizabeth Ayola: “Most IRA custodians like Vanguard and Fidelity have a return of excess contributions form that you can file with them to just get the excess money back.”

2. Recharacterizing Contributions: Convert the excess Roth contribution to a traditional IRA, potentially reducing taxable income.

   [16:57] Elizabeth Ayola: “You can recharacterize your contributions from Roth to traditional IRA when you file taxes.”

3. Amending Tax Returns: If the excess is discovered post-tax filing, amend the tax return by October 15th of the following year to avoid continued penalties.

   [17:21] Elizabeth Ayola: “If you realize you over contributed after you file, you can still recharacterize contributions if you file an amended tax return before October 15th of the following year.”

Backdoor Roth IRA Strategy

For those whose incomes exceed Roth IRA limits, the backdoor Roth IRA offers a viable workaround. This involves making non-deductible contributions to a traditional IRA and then converting it to a Roth IRA.

[18:56] Sarah Rathner: “The backdoor Roth IRA strategy involves opening a new traditional IRA, making non deductible contributions to it, and then rolling over that traditional IRA into a Roth IRA.”

Elizabeth cautions that this method involves multiple steps and potential tax implications, recommending consultation with a financial advisor.

[20:54] Sarah Rathner: “The taxes you have to pay on any investment profits, that's all in one go, so that could be potentially a pretty high tax bill all at once.”

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End-of-Year Retirement Contribution Strategies

As the tax year concludes, the hosts provide actionable advice to maximize retirement contributions.

Maximizing 401(k) Contributions and Employer Matches

Contributing to a 401(k) plan, especially to take full advantage of employer matches, is emphasized as a crucial step.

[21:11] Elizabeth Ayola: “If you have a workplace retirement plan that matches your contributions, the common advice is to contribute the maximum matched amount if you're able, because it's free money and it's not counted toward your contribution limit.”

IRA Contribution Deadlines

Listeners are reminded of the extended deadline for IRA contributions, allowing them to make adjustments before the next tax filing season.

[22:19] Elizabeth Ayola: “They have until the tax filing deadline next year. That said, sooner is usually better when it comes to retirement account contributions because the longer you wait, the more investment returns you're potentially missing out on.”

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Conclusion and Key Takeaways

The episode wraps up with a reinforcement of the importance of proactive financial management, especially regarding retirement accounts. The hosts encourage listeners to seek professional advice when navigating complex financial decisions and to utilize available resources to optimize their retirement savings.

[22:33] Sarah Rathner: “Use the compound interest calculator on our website to see how much your contribution could grow in the next few years.”

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Notable Quotes

• Sarah Rathner on lazy investing:

  [03:13] “If you're feeling stuck going about investing, the lazy way could be a way to get past that.”

• Sean Pyles on target date funds:

  [04:18] “Automate contributions into funds that match your goals and move on with your life.”

• Elizabeth Ayola on backdoor Roth IRA:

  [19:09] “The backdoor Roth IRA strategy involves opening a new traditional IRA, making non deductible contributions to it, and then rolling over that traditional IRA into a Roth IRA.”

• Sarah Rathner on maximizing IRA contributions:

  [22:33] “Use the compound interest calculator on our website to see how much your contribution could grow in the next few years.”

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Final Thoughts

This episode of NerdWallet's Smart Money Podcast serves as a comprehensive guide for individuals navigating the challenges of Roth IRA contributions, especially those facing income limits. By combining practical strategies with expert advice, Sean, Sarah, and Elizabeth empower listeners to make informed decisions, ensuring their financial well-being as the year concludes and beyond.

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Resources Mentioned:

• NerdWallet's List of Best Roth IRA Accounts
• IRS Guidelines on Roth IRA Contributions
• Compound Interest Calculator

Connect with NerdWallet's Smart Money Podcast:

• Voicemail/Text: 901-730-6373
• Email: [e-mail]
• Website: nerdwallet.com/podcast

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Disclaimer: The information presented in this summary is for educational and informational purposes only and should not be construed as financial advice. Please consult with a financial professional for advice tailored to your individual circumstances.

Transcript

[Sarah Rathner]

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[Sean Piles]

I would say that I'm unlazy to a fault. Like I'm always doing something. Cleaning the house or reorganizing a cabinet or going for My partner calls it my scurrying and at any given moment you can probably find me flittering about doing one thing or another. So no, I am not lazy. What about you Sarah?

[Sarah Rathner]

Sometimes, yes I am. I love rotting on the couch as much as anyone, especially parents of young kids. You know what I'm talking about after bedtime couch rot time. It's great. I also make use of every moment. I can get things done either for work or around the house. But believe it or not, sometimes good things can come from being lazy and I'm not just talking about whatever you're watching on Netflix after your kids go to bed.

[Sean Piles]

Welcome to Nerd Wallet's Smart Money Podcast. I'm Sean Piles.

[Sarah Rathner]

And I'm Sarah Rathner. This episode I'm joined by our co host Elizabeth Ayola to answer a listener's question about contributing to a Roth IRA when you're over the income limit, including when a backdoor Roth is a good idea.

[Sean Piles]

But first, Sarah and I are going to talk about the virtue of laziness, even if it's something that does not come naturally to me. With the holiday season ramping up, now is actually a great time to be a little lazy with your money. I'm not saying you should neglect your finances, but think about areas where you can put your money on autopilot. And Sarah and I are going to share two areas where we personally like to be a little lazy with our finances. So Sarah, what have you got for us?

[Sarah Rathner]

Well, we're going to talk about low effort ways to hopefully no guarantees, grow your money by saving and investing with investing. The hands on approach involves a lot of research and attempts at timing the market just so. Or you tell yourself that you do that, but you really just pick investments based on whatever's in the news at the moment. Honestly, the thought of doing that work is daunting for many people, myself included, and it can keep you from getting started in the first place. If you're feeling stuck going about investing, the lazy way could be a way to get past that. And one thing to try is setting a monthly investing budget and then depositing that amount into a brokerage account to be invested. And you may know that approach as dollar cost averaging. And as for what to invest in, you don't have to get in on the ground floor of the next hot stock Index funds, exchange traded funds, or target date funds are all perfectly fine options. Automate contributions into funds that match your goals and move on with your life. I invest in target date funds in my retirement accounts, for example. I like that they just sort of exist in the background doing their thing while I live my life.

[Sean Piles]

I'm also a big fan of dollar cost averaging, which is one of those terms that make you sound very fancy when you say it, but it's just a complicated way of saying lazy investing. Passive or lazy investing like this doesn't stop at how you contribute to your accounts. What you invest in also plays a role. Sarah, you mentioned target date fund, which I'm also a big fan of. For those who may not know a Target date fund is a type of investment that evolves over time. There are different variations, but often a target date fund will start by investing more aggressively, maybe in stocks that might be riskier and thus have greater growth potential. And then as you get closer to your target date, the types of securities that the fund invests in will change. So for my taxable brokerage account where I make my monthly deposits, that dollar cost averaging that we discussed earlier, I'm invested in a target date fund that about aligns with my retirement date. Seeing as I have nearly 30 years until I plan to retire, my target date fund currently has a more aggressive allocation over time that will change all on its own without me having to do anything. And that's another great way to be lazy and gradually build up my retirement nest egg.

[Sarah Rathner]

Exactly. You know, rethinking your investment allocations every five or 10 years when it comes to your retirement accounts, honestly, it's one of those tasks that you're going to forget to do and then all of a sudden you'll be five years from retirement invested like you were when you were 25 years old. And that might not be appropriate for you. Putting that stuff on Autopilot is a really, really helpful way not just to save yourself time, but also to save you from yourself.

[Sean Piles]

And also, we didn't quite mention this part, but I have automated deposits from my checking account into my taxable brokerage account. That's one way you can ensure that you are making these deposits. You are investing gradually without really having to think much about it.

[Sarah Rathner]

Sean, what is your advice for being lazy in a good way with your finances?

[Sean Piles]

My big tip for lazy money management is my savings bucket strategy. Longtime listeners of the podcast have probably heard me talk about this many times before, but I'll give a quick rundown for those who might be newer to the show. In short, I have about 10 checking and savings accounts, which might sound a little extreme or difficult to manage, but it's really not. Most of my savings accounts are with one institution and then I have my primary checking account at a local credit union and I also have an old checking account at a big national bank that I only really keep open because it's still connected to my mom's account back from when I opened this account in middle school. And she can easily get my portion of the cell phone bill from that account each month. MillennialMoneyManagement it is deeply millennial to still.

[Sarah Rathner]

Be on your parents cell phone plan.

[Sean Piles]

Hey, I'm paying my part of the bill. Ok?

[Sarah Rathner]

That's true that's true. I am not on their plan, but so I have a similar system, cell phone plan notwithstanding. I have my checking account for a direct deposit of my paycheck and I use that to pay my credit card bills and other kind of monthly bills like utilities and stuff. My high yield savings accounts don't actually limit withdrawals, so I also use them in a way like a checking account at times. And my husband and I maintain accounts for specific purposes like automated payments for the mortgage or our son's daycare tuition. Those are our two biggest expenses every month right there. Yes, my husband and I do not have a joint checking account. MillennialMoneyManagement.

[Sean Piles]

And I think that's totally fine. I mean, what you described speaks to how you don't have to force yourself into a prescribed way of managing your money. You just have to find a system that works for you and in this case, you and your husband in managing the expenses of childcare, which is a lot to do anyway. I have all these accounts, but each one has its own goal. Beyond the account where I pay my mom my cell phone money each month, I have a savings account for my wedding, which is finally happening next year.

[Sarah Rathner]

Woohoo.

[Sean Piles]

Another account for my emergency fund, one that I've just called fun money that I put money in for vacations or other discretionary expenses when I was going through my CFP coursework and making regular payments for my classes. I also had a savings account for that too.

[Sarah Rathner]

All right, so that all makes sense to me because like I said, I manage my money similarly. But what I'm waiting to hear is what exactly is lazy about having all of these accounts? Because there's definitely some work involved, especially when you're setting it up.

[Sean Piles]

So bear with me. I will admit that there is a little bit of admin work around setting up these accounts and the direct deposits into them, but it's not super cumbersome. I just allocate specific percentages of my paycheck into each account and this is really where the magic happens. Each pay period, my money just goes into these accounts automatically. I don't have to worry about whether I'm adding money to my emergency fund each time I get paid, or whether I'll have enough in my checking account to cover my mortgage. I've set up my deposit so I know I'll have enough going into each account for my monthly expenses and long term savings goals. Then I just sit back and watch it happen. Or I guess as I mentioned, I'm not exactly sitting back, but I can check on these accounts while scurrying from one task to another and know that my money is also scurrying to where it's supposed to be as well.

[Sarah Rathner]

So basically, order a pizza and while you wait, set up some accounts and automated transfers. And honestly, you'll probably be done by the time the pizza arrives. And then you get to reward yourself with a pizza.

[Sean Piles]

You know, that's a great idea. Then you can enjoy your pizza on the couch and bask in your sense of accomplishment and laziness simultaneously. All right, well, we are about to turn to this week's Money Question segment where Sarah and our co host Elizabeth talk about Roth contributions and how you should think about your retirement account at the end of the year. But first, it's that time, that very special moment of the podcast where we turn to you, our listener, and ask, what's up? Where do you need help? This show is all about your money questions. So send them our way. Leave a voicemail or text us on the nerd hotline at 901-730-6373. That's 901-730-Nerd, or email us at podcastnerdwallet.com.

[Sarah Rathner]

One of our goals for next year is to talk with as many of you on the podcast as possible. So if you have a topic you want to chat with us about, let us know. It could be something big, like buying a new house, or something smaller, like figuring out your own way to be lazy yet productive with your money. We're all ears. So one more time, leave us a voicemail or text us on the Nerd hotline at 901-730-6373. That's 901-730-Nerd, or email us at podcastnerdwallet.com.

[Sean Piles]

This episode's Money question is coming up in a moment. Stay with us. Today's episode is supported by Range Rover Sport. You know, some vehicles are built for performance, some for luxury, and some for adventure. But the Range Rover Sport, it's built for all three. It's the Swiss army knife of cars, except way more comfortable and without the tiny scissors. With its powerful design and sporting luxury, it isn't just a vehicle. It's your statement of intent. It's built to deliver smooth, composed handling with adaptive dynamics, which reduces unwanted body movements. So even the twistiest roads feel like a breeze. And for those days when the road is more dirt than asphalt, adaptive road cruise control has your back adjusting seamlessly to changing terrain. On top of all that, the Range Rover Sport's dynamic air suspension gives you maximum agility, control and support. So if you're ready to elevate your drive and leave the drama for your destination, head to land RoverUSA.com build your perfect range Rover Sport and get ready to lead every journey in style. @Land RoverUSA.com we're back and answering your.

[Sam Taub]

Real world questions to help you make smarter decisions about your money now. This episode's question comes from a listener's text message and here it is. Hi nerds. According to my wife's and my pay, it looks like by the end of the year our modified adjusted gross income will put us over the Roth IRA contribution limit. The problem is she and I dollar cost average into the Roth ira. So we have already contributed about half of this year's limit. Will that be an issue? How can I fix this in tax season? Can I do a backdoor Roth ira? How do we fix what we have already contributed this year? That's a lot of questions.

[Sarah Rathner]

Yes. And to help us answer this list of questions on this episode of the podcast, we are joined by investing nerd Sam Taub. Sam, welcome back to Smart Money.

[Elizabeth Ayola]

Thanks.

[Sam Taub]

Good to be back and listener. If you're thinking, why should I keep listening? I don't even have a Roth IRA. Then don't worry, NerdWallet has you covered. Our investing nerds have put together a list of the best Roth IRA accounts and we will put a link in the description of today's episode. Or you can search online for NerdWallet best Roth IRA Account. Now let's get into this listener's question. Sam, can you start by explaining what the contribution limits are for Roth IRAs this year?

[Elizabeth Ayola]

Sure. Although it's a surprisingly complicated question. The maximum amount you can contribute to IRAs in 2024 is $7,000 or $8,000 if you're over age 50. Now, that's the maximum contribution to any number of IRAs of any type, Roth or traditional. But there are additional factors in the maximum contribution for Roth accounts. In particular, above a certain income level, the maximum amount you can contribute to a Roth IRA gets reduced by a factor that's based on your modified adjusted gross income. And then there's a second income level above that where you can't contribute to a Roth IRA at all. For single filers, that phase out starts at a modified adjusted gross income of $146,000, and Roth IRA contributions are disallowed entirely at $161,000 or more.

[Sarah Rathner]

So what we don't know is how much Our listener and their wife are earning this year. And Sam mentioned the figures for single filers, but for couples who are married filing jointly, which we can probably assume this listener is doing, the phase out range starts at $228,000 to $240,000. So if any of our listeners fall between that range, they can contribute a reduced amount. But if they earn $240,000 or more, they can't contribute to a Roth IRA at all. And there is a calculation that people can do to determine just how much they can contribute if they fall within the phase out range. But I'm guessing they don't want to do that math or they want to make sure it's done correctly. I know that's true for me. So in that case, how should they determine what, if anything, they can contribute? Would it be best to just talk to an accountant?

[Elizabeth Ayola]

There's definitely a case for just going to an accountant. You could do the calculation yourself, but it's. It's pretty complicated and there's a few different steps. Even kind of trying to walk through it on a podcast might be hard to follow. The IRS has a handy page that walks you through how to do it. And as we discussed, you can also get professional help for this kind of thing.

[Sam Taub]

And we will include a link to that in the episode's show notes. So that's a hint for you to go and check those out. I personally would advocate for using the accountant. I mean, last year I overpaid. I know we're talking about Roths here, but I overpaid on my health savings account and I overpaid on my taxes because I was doing my own math. This year I definitely used a cfp. Anyways, it's important that people who might earn too much to contribute the full amount to a Roth IRA understand what their limits are. If they contribute too much, they could face IRS penalties.

[Elizabeth Ayola]

That's right. You'll owe a 6% tax on the amount of excess contributions left in a Roth IRA every year. I don't know about you, but I'm not trying to give Uncle Sam any more of my cash.

[Sarah Rathner]

What about our listeners recourse if they did contribute more than they're allowed to, what are their options?

[Elizabeth Ayola]

There are a few different ways to fix that. The sooner you start working on it, the better. In general, if you realize that you over contributed before you file taxes. Most IRA custodians like Vanguard and Fidelity have a return of excess contributions form that you can file with them to just get the excess money back. This is probably the simplest way to fix an overcontribution. The only downside is that you may need to sell some shares in the Roth IRA to come up with the amount of cash you need to withdraw. Another option is to recharacterize your contributions from Roth to traditional IRA when you file taxes. That might be slightly more work if you don't have a traditional ira, because you'll need to open one to do this. But that might also reduce your taxable income for the year because of the new traditional IRA contribution you'd be doing. You'll also need to fill out a form with your IRA custodian to transfer the contribution amount from your Roth IRA to your traditional ira.

[Sam Taub]

Wow, that's a lot of legwork. But at least we know that they have options. Tell us, Sam, what happens if you don't realize that you contributed too much until after you filed your taxes?

[Elizabeth Ayola]

There are still ways to fix it, but it's even more legwork if you wait until after you file. If you realize you over contributed after you file, you can still recharacterize contributions like we were just talking about if you file an amended tax return before October 15th of the following year. So for tax year 2024, that would be October 15th, 2025. There's kind of a paperwork penalty if you wait until after you file to fix it. If you discover an over contribution after October 15th, you're going to have to pay that 6% penalty on the over contribution amount for the year. But you can still fix the issue going forward and avoid further penalties by reducing the amount you contribute the following year by the over contribution amount. For example, if you over contributed $1,000 in 2024 and you discover this after October 15, 2025, you're going to have to eat the $60 penalty for 2024. But you can avoid future penalties by limiting your contributions to $6,000 rather than $7,000 in 2025.

[Sarah Rathner]

So that's a lot. And I will actually say I did have one year where I over contributed to a Roth. And I got to be honest with you, I probably entered a fugue state while I just listened to what my accountant told me to do and then I did it and then I came out of that fugue state having corrected the problem. It is really hard. And get help if you are feeling confused and overwhelmed because you definitely want to do this, right?

[Elizabeth Ayola]

Absolutely.

[Sarah Rathner]

So one other thing our listener asked about was a backdoor Roth ira. Can you give us a super quick explanation of that? And is that an option for People who contributed too much to their Roth ira.

[Elizabeth Ayola]

The backdoor Roth IRA strategy involves opening a new traditional ira, making non deductible contributions to it, and then rolling over that traditional IRA into a Roth ira. It's not necessarily a fix for over contributing, but it is a way to get around the income limits for Roth contributions. And it means you'll only owe tax on the profits your investments earned in the traditional IRA before you converted it. If you convert a traditional IRA that contains tax deductible contributions into a Roth, you'll also owe tax on the contributions. So that's, that's why the non deductible contributions part is important.

[Sam Taub]

Thanks for explaining that. And I'm not going to lie, the first time that I heard about backdoor Roths, I honestly thought they were too good to be true. But anyway, how do people go about doing a backdoor Roth?

[Elizabeth Ayola]

A backdoor Roth can require a lot of legwork to characterize contributions as non deductible. You have to file Form 8606 non deductible IRAs with the IRS for the year you make the contributions. Then you have to have your IRA custodian convert the traditional IRA to a Roth ira. And then you have to pay taxes on any investment profits your contributions earned before the conversion. This is another case where you could do all this by yourself, but it's a lot of different steps and a lot of room for error. It's a good idea to consult a financial advisor or tax professional if you're considering doing a backdoor Roth.

[Sarah Rathner]

And the taxes you have to pay on any investment profits, that's all in one go, right? So that could be potentially a pretty high tax bill all at once.

[Elizabeth Ayola]

Yeah, definitely.

[Sarah Rathner]

Yeah. Something to budget for. If you're considering going this route. Of course, shifting gears a little bit, we are heading into the end of the year and a lot of people are thinking about how they can maximize their retirement contributions before the end of the calendar year. So what options do people have when.

[Elizabeth Ayola]

It comes to 401k accounts? A lot of custodians allow you to change the percentage of your paycheck that you're contributing anytime through their app or their website. If you have a workplace retirement plan that matches your contributions, the common advice is to contribute the maximum matched amount if you're able, because it's free money and it's not counted toward your contribution limit. There are Also now some IRAs that offer a 401 style match on contributions like those from Robinhood, Webull. Webull and SoFi, for example, it's worth reading the fine print on these because some of them are offering the match indefinitely, but others are doing it for a limited time. There are some IRA custodians, such as Webull, that'll even match a percentage of your account balance when you roll an existing IRA over to them.

[Sam Taub]

And just to Note here, Robinhood, Webull and SoFi are nerd wallet partners, but it doesn't affect how we talk about them. All right, so Sam, finally, do people have to do these now or do they have until the next tax filing season next year?

[Elizabeth Ayola]

They have until the tax filing deadline next year. That's right. That said, sooner is usually better when it comes to retirement account contributions because the longer you wait, the more investment returns you're potentially missing out on.

[Sarah Rathner]

Well, Sam, thank you so much for helping us out today.

[Elizabeth Ayola]

Of course, this is important stuff.

[Sam Taub]

I will just add before we leave, and I'm going to put it out there that putting some money into your IRA is better than nothing. Of course, if you can afford to. If you need some inspiration, because I know holiday spending is coming around, use the compound interest calculator on our website to see how much your contribution could grow in the next few years. And on that note, that's all we have for this episode. Remember, listener, that we're here to answer your money questions. So turn to the Nerds and call or text us your questions at 901-730-6373. That's 901730, NERD. You can also email us at podcastnerdwallet.com and lastly, visit nerdwallet.com podcast for more info on this episode. And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

[Sarah Rathner]

And here's our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

[Sam Taub]

And with that said, until next time, turn to the nerds.

[Cody]

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