Am I Being Selfish For Not Helping A Deadbeat Relative?

Summary

Podcast Summary

Podcast: Suze Orman’s Women & Money (And Everyone Smart Enough to Listen)
Episode Title: Am I Being Selfish For Not Helping A Deadbeat Relative?
Release Date: April 16, 2026
Duration: ~34 minutes

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Episode Overview

This episode of Suze Orman’s Women & Money podcast, co-hosted with KT, revolves around managing family financial boundaries, particularly the emotional (and often gendered) burden of supporting financially irresponsible relatives. Against the backdrop of Suze and KT’s 25th anniversary celebration, the episode features their signature banter and warmth, followed by a rapid-fire listener Q&A covering mutual funds, emergency cash at home, Roth IRAs, annuities, and asset protection scams.

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Key Discussion Points & Insights

1. Celebrating 25 Years & Reflections [00:37–06:28]

• Suze and KT open the episode with playful banter about their 25th anniversary, discussing how Suze doesn’t like celebrating herself because “thousands of people celebrate me every day” ([01:59], Suze).
• Warm recollections and exchanges about memorable moments in their relationship set a personal tone.

Memorable Quotes:

• “Best 25 years of your life so far.” – KT [00:52]
• “I deserve an Emmy award for it.” – Suze [00:55]
• “Most women say yes out of fear that people will stop loving them, versus no out of love for themselves.” – Suze [16:18]

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2. Listener Q&A: Financial Advice for Real-Life Dilemmas [06:57–32:07]

A. Capital Gains Distributions on Mutual Funds [07:07–10:29]

• Question: How do capital gain distributions from mutual funds work, and how can you anticipate tax implications?
• Suze’s Take:
  • Active mutual funds must distribute capital gains to shareholders regardless of reinvestment vs. cash ([07:43]).
  • Bigger distributions in “up, up, up” markets; can be hard to anticipate ([08:30]).
  • Suze prefers ETFs or index funds for tax efficiency and liquidity.
• Warning: Avoid buying mutual funds just before capital gain distributions (late in the year), or risk surprise taxes ([09:50]).

B. How Much Cash Should You Keep at Home? [10:29–13:16]

• Question: Is it wise to keep emergency cash at home? How much?
• Suze’s Verdict: Yes, but no more than $500 (or whatever you can afford to lose), as insurance rarely covers more ([12:00]).
• Safety Advice: Keep it in a fireproof box, but recognize even that’s not foolproof.

C. The “Am I Selfish?” Family Dilemma [13:29–17:23]

• Question: Listener asks if she’s selfish for refusing to spend $50,000+ to support a destitute brother after years of prioritizing family over herself.
• Suze’s Insight:
  • “No, you should not take care of your brother,” especially if it jeopardizes your own security ([15:05]).
  • Share your financial reality with family to combat misconceptions and guilt ([16:00]).
  • “You owe it to yourself to make sure they know the truth about you.” ([16:52])
  • Reinforces boundaries with love: explain, don’t just refuse.

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D. 401(k) With No Company Match [17:23–20:07]

• Question: Should you contribute to a 401(k) with no match or focus elsewhere?
• Suze’s Rule:
  • First consider a Roth IRA, as long as you’re income-eligible ([18:06]).
  • If ineligible for Roth IRA, then check if a Roth 401(k) is available ([18:25]).
  • Max out Roth IRA first, then put excess in employer plan.

E. Roth IRA Income Limits & Backdoor Roths [20:07–22:31]

• Case: Young couple over the Roth IRA income limit wonders about contribution options after 401(k) rollover to Roth.
• Suze’s Clarification:
  • 2025 limit: $236,000 MAGI for full Roth IRA ([21:10]).
  • For 2026: $242,000 MAGI, contribution limit increases to $7,500 ([21:50]).
  • Over the limit? Use a “backdoor Roth” if no pre-existing IRAs ([22:15]).

F. Ultimate Scam Protection Not in New York [22:31–23:19]

• Clarification: The scam protection plan Suze promotes isn’t yet available in NY due to legislative delays.

G. 403(b) Rollovers Into Annuities & Bad Advice [23:26–26:12]

• Question: Is it wise to roll a 403(b) into a registered index-linked annuity (RILA)?
• Suze:
  • Warns against putting tax-deferred annuities inside tax-sheltered accounts; redundant and rarely advantageous ([24:07]).
  • RILAs are complex, potentially risky, cap gains and losses, and not truly “safe” ([24:20]).
  • Suggests rolling into an IRA rollover, or converting to a Roth IRA, and “get yourself another advisor” ([25:38]).

H. UNAs (Unincorporated Nonprofit Association): Asset Protection or Scam? [26:18–29:05]

• Question: Are UNAs a legit asset protection method for individuals?
• Suze’s Take:
  • Real legal structure, but intended for nonprofits like churches, not individuals seeking tax dodges ([28:03]).
  • “If anybody ever approaches you and tells you about all these tax benefits...don’t do it.” ([28:03])
  • Cautions that many have fallen for it, then faced back-taxes and legal issues.

I. Qualified Charitable Distributions (QCDs) from Inherited IRAs [29:05–30:42]

• Question: Can a listener, age 61, use a QCD from her inherited IRA?
• Suze’s Answer: No—you must be 70½ at the time you make a QCD ([30:11]).

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3. Anniversary Memories & Final Thoughts [30:42–33:03]

• KT recalls the most memorable hours: talking for three hours in her San Francisco garage right when they first met ([31:08–31:13]).
• Suze and KT recall fond early days and the theme of cherishing simple, genuine connections.
• Suze urges listeners to register for her upcoming free webinar and clarifies recent text notifications are not scams ([32:19]).

Notable Closing Quote:

• “People first, then money, then things. And stay in love.” – KT [33:03]

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Timestamps for Key Segments

• Opening and Anniversary Discussion: [00:37–06:28]
• Q&A Segment Start: [06:57]
• Capital Gain Distributions: [07:07–10:29]
• Emergency Cash at Home: [10:29–13:16]
• “Am I Being Selfish?” Family Dilemma: [13:29–17:23]
• 401(k) With No Match: [17:23–20:07]
• Backdoor Roth IRAs: [20:07–22:31]
• Scam Protection Not in NY: [22:31–23:19]
• Annuity Rollovers (RILA): [23:26–26:12]
• UNAs—Asset Protection Scam: [26:18–29:05]
• QCDs from Inherited IRAs: [29:05–30:42]
• Anniversary Memories: [30:42–33:03]
• Final Wrap & Webinar Pitch: [32:07–end]

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Standout Quotes

• “If you don’t have money, if you can barely take care of yourself and you have set up this situation…then of course they’re going to think that you have money.” – Suze [15:14]
• “You owe it to yourself to make sure they know the truth about you.” – Suze [16:52]
• “A registered index linked annuity…is complicated, long-term; your gains are capped, you’re not fully protected, I just don’t like it.” – Suze [24:18]
• “Don’t do it. If they tell you you’re not going to have to pay taxes and da da… it’s wrong, wrong, wrong.” – Suze [28:13]
• “People first, then money, then things. And stay in love.” – KT [33:03]

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Tone & Style

Friendly, witty, and personal—Suze and KT blend deep financial guidance with warmth, humor, and real-life relatability, encouraging listeners to be unapologetic about taking care of their own financial well-being.

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Summary

This episode is a quintessential Suze Orman blend: hard truths about boundaries, actionable finance tips, and loving encouragement—especially for those struggling with the cultural expectation to sacrifice personal security for family. Highlights include critical guidance on mutual fund taxes, cash at home, Roth IRAs, scam avoidance, and emotional narratives that remind listeners: take care of yourself first, set boundaries with compassion, and don’t fall for financial quick fixes. At the end, listeners are reminded that “People first, then money, then things. And stay in love.”

Transcript

[Susie Orman]

Do you know the difference between identity theft protection and scam protection? You better, everybody. Because many of you think that you are protected. But I'm here to tell you, if you fall victim to an online scam, you are not going to get your money back unless you have the ultimate scam protection. Go to Suziorman.com right now and check it out. April 16, 2026. Happy anniversary.

[KT]

Happy anniversary. Oh, she did it before me. She got me.

[Susie Orman]

I beat you.

[KT]

25 years we've been together, everybody. What do you think of that?

[Susie Orman]

Are you asking them or what do I think of them?

[KT]

I'm asking them. I know what you think about it.

[Susie Orman]

What do I think about it?

[KT]

Best 25 years of your life so far.

[Susie Orman]

I deserve an Emmy award for it.

[KT]

You got two. This will be three.

[Susie Orman]

When did I get those two?

[KT]

Actually, Susie, it's 2026. The second one you got in 2006 in LA.

[Susie Orman]

The second 20 years since I got that.

[KT]

Yes. 20 years and she's still pretty shiny. I'm looking at the Emmys right now as I speak. They're beautiful. Beautiful awards.

[Susie Orman]

Yeah, aren't they?

[KT]

They're prettier than the Oscar. They're the most beautiful. The Emmys.

[Susie Orman]

Yeah, they're the wings.

[KT]

The wings.

[Susie Orman]

Anyway, so welcome everybody, to the Women of Money podcast.

[KT]

How are we going to celebrate? Oh, well, I stumped her. Well, Susie does not like celebrations.

[Susie Orman]

I like celebrations.

[KT]

No, but not with us. And not for your birthday. Not on holidays. You don't like. You don't like celebrations. You just about you. You don't like celebrating you.

[Susie Orman]

I don't.

[KT]

I love celebrating you.

[Susie Orman]

Do you know why that is? I think kt.

[KT]

Why?

[Susie Orman]

Because so many thousands of people. I don't say this egotistically. Thousands of people celebrate me every day. And I read all these emails and everything and it's like, what could I ever know? I know why. But what more could I ever want really than that? So I always feel like, oh, that's enough. I don't need any more than that.

[KT]

So we're. I'm just making her really nice little romantic dinner tonight.

[Susie Orman]

Yeah.

[KT]

And that's it. I have no card. I have no gift. I have. What is the 25th wedding anniversary. You know how people always.

[Susie Orman]

Oh, like I would know that.

[KT]

No, but I'm just curious. Well, you're gonna somebody write in and tell us?

[Susie Orman]

No, it's easier just for you to look it up, go to chat. But you're gonna be surprised because I hope something comes today or tomorrow that I had made for you.

[KT]

You did?

[Susie Orman]

I did.

[KT]

Oh, now I feel bad.

[Susie Orman]

Why?

[KT]

Because I did nothing for you.

[Susie Orman]

I told you not to do anything.

[KT]

I know, Joey, but this is really

[Susie Orman]

unusual and I'm just praying that it gets here today. It has been shipped. I ordered it a long time. You time ago. Uh huh. I had something made for the two of us.

[KT]

You did?

[Susie Orman]

I did.

[KT]

Oh, now my curiosity. I'm going to keep looking at the message. I'm going to keep looking at.

[Susie Orman]

That's why kt, Wait, before we just start this. That's why yesterday when you brought in this little box, I was like, oh, please don't have that. And you opened it and I was like, please don't have that in there.

[KT]

It was vitamins.

[Susie Orman]

It was vitamins. But it could have been the other things. I.

[KT]

She takes so many vitamins. Okay, are we ready?

[Susie Orman]

I am. And you, you need something.

[KT]

Now you sound like your friend Kara Swisher, who wants to live forever.

[Susie Orman]

Do you not love that show? Did you see last Saturday?

[KT]

It was very interesting, fascinating.

[Susie Orman]

Yeah, all of you, you should watch. I'm seriously. Saturday nights, 9:00pm East coast time, CNN. It's also streaming. Watch be this show. Kara Swisher, I want to live forever. It was fabulous.

[KT]

Yeah, it was very, very informative and very fascinating.

[Susie Orman]

Right? I watched it twice. I first watched it when it was live and then I watched it again on the app. I'm telling you, you should all watch it and you will learn a lot. And you might want to listen to her podcast Pivot, which I listen to all the time as well as on. She has two, so you know, one with Scott Galloway and her, and one just by herself. Fabulous. Anyway, she copied us. No, she.

[KT]

We have two, you and me on this one and Sunday's just you.

[Susie Orman]

I doubt highly.

[KT]

So Carrie, you ought to pivot over to the Women and money podcast, baby.

[Susie Orman]

Right? You know, but wait, I know. She said something on last Saturday's show.

[KT]

Oh, I know. And Susie and I wrote it resonated with this comment and it was so they were. They. The interviewer, I think, was asking her, so what if. What are you learning about all of this? You know, health business.

[Susie Orman]

And she said, she said, she said, don't be poor. And I looked at kt, I said, oh, that's a good name for a book because it's obvious if you want to do things that are above and beyond, you need money to do. So her comment was, one of the things she learned was don't be poor. And that is the Goal of the Women and Money podcast, which we are welcoming you all to. This is the KT and Susie Ask Us Anything edition. If you have a question, all you have to do is write in to asksusepodcastmail.com and we will answer if KT chooses it. But KT, before we begin, I just want to thank everybody, really, from the bottom of my heart for all the emails, all, everything that I got. You know, the picture somehow from last Sunday's podcast was posted on my Instagram account and there were over 155,000 views of it. So. But thank you, everybody. Thank you.

[KT]

If you missed it, listen to last Sunday's podcast and bring a box of tissues. That's all I'm going to say because I'll start crying if I start thinking about it.

[Susie Orman]

Can I just ask you a question for you? Because KT didn't hear it till after I had done it.

[KT]

I couldn't be.

[Susie Orman]

Were you surprised? No. At how vulnerable I became?

[KT]

Yes.

[Susie Orman]

Because I don't do that often, do I?

[KT]

No. I don't want to talk about it anymore because it makes me very teary.

[Susie Orman]

All right, so let's go on. What do you got? Today's a happy day because why? It is. What? Our anniversary. All right, go on, kg.

[KT]

Okay, so the first one I'm picking is from Gina. Simply because yesterday was tax day, I thought I might as well start with a tax question.

[Susie Orman]

Even though you have to pay your taxes?

[KT]

Well, not like.

[Susie Orman]

All right, I'm not afraid to pay them now.

[KT]

No, you said when you were young you were scared to death because I

[Susie Orman]

didn't have the money to pay them.

[KT]

All right, so here we go. Hi, Susie and kt, of course. Can you explain how capital gain distributions work on a mutual fund?

[Susie Orman]

That's it? That's all she asked?

[KT]

No, no, no. And it said, more importantly, since the distributions aren't made known until December, any tips for trying to anticipate how much the capital gain distribution will be to better manage the tax implications?

[Susie Orman]

All right, so everybody listen to me very closely. In an mutual fund that is actively managed. And a mutual fund is different than an exchange traded fund, just so you know. But a mutual fund that has an active manager, they're buying, they're selling whatever. By law, if they have sold stock and they have a gain in that stock that they sold within the mutual fund, they have got to distribute it to you at the end of the year. And you can kind of look before you buy into a mutual fund at their turnover ratio, how often does the manager turn over the portfolio that's in the mutual fund. If it's an 80%, 100% turnover ratio rate, you're going to have distributions at the end of the year and those distributions are absolutely taxable to you. Now, it doesn't, does not matter. Gina, listen closely. If you take those capital gains in cash or you reinvest them into the mutual fund, you are still going to owe taxes on them. So how do you know? You can look at the turnover ratio of a mutual fund. You could look at last year, how much did they distribute? And you should know. In years when there's up, up, up market, you may have more capital gains distribution than in a year when there's a down, down, down market. So it's hard to know. But for me, I wouldn't be doing a mutual fund anyway. You know, I don't like mutual funds as much as I like exchange traded funds. But if you have an index fund versus a managed one, you won't have as much in capital gains distribution.

[KT]

So, Susie, do ETFs do the same thing?

[Susie Orman]

They do, but they really don't. They have a whole different thing. Everybody listen. Bottom line for me is I would only own Exchange traded funds. ETFs that more or less trade like stocks, they have different rules than mutual funds. They can also have capital gains distribution, but they have different laws that they rule themselves by. So if you really want to have more tax efficiency, I would be doing an exchange traded fund. One last thing, kt. If you do have a mutual fund that's actively traded and you're about to buy it, be very careful about buying it in November or December because you might be hit with that capital gain distribution even if you just bought it. All right, kt, next question.

[KT]

Okay, next question is a quick and simple question. I love it.

[Susie Orman]

You know why she just said quick and simple?

[KT]

It's quick and simple because she thought

[Susie Orman]

I, I went on too long about the answer.

[KT]

Sometimes, sometimes you just give too much information for us to comprehend.

[Susie Orman]

But kt, it's information that really.

[KT]

I know everyone needs it, Susie, but sometimes it's just too much.

[Susie Orman]

All right, I'll try to.

[KT]

Yeah, you can't be more succinct.

[Susie Orman]

I was just trying to say. Okay, I'll be more succinct.

[KT]

All right, ready? This is from Patricia. Quick and simple. Hi, Susie and kt. I've always been told it was wise to keep a certain amount of faith, physical, cold, hard cash somewhere safe and secure. In my home.

[Susie Orman]

Yeah.

[KT]

Do you agree with this. If so, what dollar amount would you advise? I can answer that question. Just take a tip from Pablo Escobar.

[Susie Orman]

What are you talking about?

[KT]

I saw a special about Pablo Escobar in Colombia. That guy had so much money and so many homes, and he stashed it everywhere and then forgot. And to this day, years. Years after his death.

[Susie Orman]

Yeah, he was killed. Gone.

[KT]

Years after his death, they still can't find it. There's still hunters over there digging up his. His homes.

[Susie Orman]

Now everybody, I just have to say that. And she complains about me going on too long about an answer to a question.

[KT]

No, I think everyone should have a little emergency fund somewhere.

[Susie Orman]

Yes, but they didn't need to know about Pablo Escobar. But that's because the point is, nothing you could do today on our anniversary.

[KT]

Okay, good.

[Susie Orman]

Except going on too long.

[KT]

How much money do you think people should stick around?

[Susie Orman]

Well, here's what everybody should understand. You can have money at home. Your house, however, catches fire and everything not insured. So usually many insurance policies will only insure up to $500 and that's it. So if you keep money at home, and I think you should have some at home, I would keep it to probably under $500 or $500 at most. So that in case of a fire, in case somebody robs you, in case somebody takes it. But check with your insurance policy, is it insured? And that's it. But you know, if you do keep a large sum, can you just make sure that it's in like a fireproof box or something? But even that won't help you a lot because if there's a massive fire, it will just turn to ash. So anyway, whatever amount you know you can afford to lose. All right, Katie.

[KT]

I'm smiling at her because I remember when I was in college, I kept a little jar with a couple rolled up like $10 bills in my refrigerator. And that was my emergency money.

[Susie Orman]

A lot of people do that they put in their freezer. They put whatever.

[KT]

All right, next question. Hi, Susie and Katie. I hope you are doing well. I believe helping me on the podcast with this will help millions of women. I am single, 54 year old lady cancer survivor with no kids, no relationship. I've helped family, people and charities above myself most of my life. And now I must take care of me.

[Susie Orman]

Now, you didn't use a name because she didn't want you to, is that right? All right, so go on.

[KT]

All right, Susie, here's my dilemma. I have a brother who lives in a shack. He's destitute on disability. He's asking me to please clear off some land, buy him a mobile home, pay the property taxes on his land, help him so that he can get by. And she said, I am stressed out about all of this.

[Susie Orman]

I bet.

[KT]

I also help my sister. My family thinks I'm rich, but I am not. I've given them your books and access to the must have documents but they have not done any anything with them. Honestly, KTN Susie, I would rather pay off my home and be debt free instead of trying to come up with $50,000 to help my brother. I need to figure out how to increase my own retirement savings. I cannot depend on my family. One sibling told me I have no one to help me if I get disabled. Am I wrong and being self centered, should I help my brother? So there you go. She answered her own question. Pop quizzy KT Absolutely not.

[Susie Orman]

All right everybody, that's KT's thing. You know, this is what I want to say to many of you. The one line in there that really got me was my family thinks I'm rich and I'm not. It's really important everybody that if you don't have money, if you can barely take care of yourself and you have set up this situation where you've always taken care of your brother, you've taken care of your sister, you've taken care of the whole world as most women do, then of course they're going to think that you have money. So no, you should not take care of your brother because if you do all that, it doesn't end there. You're going to say yes to yourself this time. Most women say yes out of fear that people will stop loving them versus no, out of love for themselves. So you're going to say no. In this case, however, I'm going to go back to what I was just saying. It is more important that you just don't say no, that you explain why you are saying no. There's nothing wrong with going to your family and saying I love you with all my heart but I know you don't have the money to take care of me in case something happens to me. So I'm going to make sure I'm never a burden on all of you and I'm going to make sure that I have money for my retirement in case I get sick, in case something happens to me. So the real bottom line here is for all of you listening, if your family thinks you're rich and you can take care of them because you have been, but yet it's a strain on you. And they don't know the truth about your own finances, your own fear. You owe it to yourself to make sure they know the truth about you. So nobody should think anything about you. That is not True. Next question.

[KT]

KT okay, this is from Donna. Donna said hello. After 11 months of being laid off, I was finally offered a job position. Unfortunately, it's a contract job where I don't really get many benefits. They offer a 401k without a match. After years of listening to you, I know that you should first put into your 401k as much as the company matches and then secondly, invest in an IRA if you are able.

[Susie Orman]

What kind of ira?

[KT]

KT Roth for sure.

[Susie Orman]

Roth, baby, Roth.

[KT]

So Susie, here's my question. Should I still invest in the 401k? Remember, there's no match.

[Susie Orman]

Yeah, I remember there's no match. However, number one, when you have a 401k that does not match, obviously if you qualify income wise, you're far better off having a Roth ira. A Roth ira. A Roth ira, period. However, if you make too much income to qualify for a Roth IRA just because your company doesn't match, the next question is, do they offer a Roth 401k? Because if they offer a Roth 401k, you should be doing a Roth 401k. However, the best thing you could be doing is maxing out a Roth IRA first and then putting whatever else you can into a Roth 401K. So since I don't know whether they offer a Roth 401k or not, that's what I would tell her. However, it reminds me, everybody, I want you to go to susie orman.com and register for the webinar that's on April 23rd, 3rd this month because I'm going to reiterate again why a Roth is so important, given what's happening with the war, given what's happening with inflation, given what's happening with our debt, and I'm going to go into it pretty deeply there as well and many other things. I'm going to give you the names of individual stocks that I want you to be investing in that I haven't given you before and make one announcement of what's going to happen on my birthday. So therefore, make sure you go to susieorman.com and register there, all right?

[KT]

Free. Free. Free.

[Susie Orman]

Free. All right. It's at 6pm April 23rd. All right, go on.

[KT]

That's a week from today. Okay. This is from Sabrina. Hi KT and Susie. I have a question on KT's favorite topic, Roth IRAs. My husband and I are in our late 20s. In 2025 our modified adjustable gross income was $244,000. However, I transferred all the money, 14,000 from an old employer sponsored traditional 401k to a traditional IRA, then converted to a Roth IR IRA in 2025. Can my husband and I each still contribute $7,000 directly to a Roth IRA or are we over the threshold now?

[Susie Orman]

I think she was asking that for 2025.

[KT]

Yes.

[Susie Orman]

And you were all still able to put money into a Roth IRA, contribute to it for 2025 up until yester. So we're a little bit late answering this question for them. However, the truth of the matter is that in 2025 the modified adjusted gross income limits for a full contribution to a Roth IRA, which in 2025 was $7,000 if you're under 50, which they are, was $236,000. So they are way over that even with the fact that they converted, which would have made their income more so. No, you could not do a full one. Just so you know, in 2026, however, that goes up to $242,000 of magi for a married couple filing jointly for, for a full contribution. And in 2026 it's $7,500.

[KT]

However, we don't want them to make less money.

[Susie Orman]

We don't want them to make less money. So what you can do as long as you don't have a traditional ira, SEP ira, simple IRA of any kind, you can do a backdoor Roth, just that simple. Next question.

[KT]

Kt, I'm proud of you, Sabrina. You and your husband, they're in their 20s and they're asking questions like this. Woo hoo. Okay, so this next question is really important. Susie, you have to clarify something. So all of you know we've launched the ultimate scam protection program. And this came in said Susie, I'm in New York. I tried to sign up for the ultimate Scam protection. I was told it was not available to me. Do you know why?

[Susie Orman]

Yeah, that was my fault. By the way, there's only one state that it's not available in yet, yet, and that is New York. And that is because even though we applied for it there, the legislature is taking their time. It takes forever. So eventually it will be Next question. Kg.

[KT]

Okay, next question is from Loveth. I said is this a real name? Loveth?

[Susie Orman]

How would I know?

[KT]

It's a pretty name. Loveth. Loveth. Good afternoon, Ms. Orman. I hope this finds you well. My name is Loveth and I am 60 years old. I have a 403B and I'm looking to move some of the money into another retirement account. I am not sure which is the best and safest account. Is it wise to open an annuity account such as a R, I, L A?

[Susie Orman]

I don't know what that. Are you, Kitty?

[KT]

I don't know what that is.

[Susie Orman]

It's a registered index linked annuity account.

[KT]

So Loveth obviously is getting some advice and you better set her straight right now.

[Susie Orman]

All right, Loveth, listen to me. Okay? Number one, I will answer you personally on this and tell you exactly why. Because I'm afraid you are with a financial advisor that is not advising you correctly. And that concerns me for everybody. A registered index linked annuity, it's like this hybrid product. It's not safe like a bank account. It's not like an index fund. It tracks a market index like the Standard and Poor's 500 index, Katie. But it puts a limit on how much you can gain. It puts a limit on how much you can lose. But you can still lose money. And it's complicated. It's long term. Your gains are capped. You're not fully protected. I just don't like it. But here's what I really don't like. And all of you need to understand this very clearly. If you are already in a retirement account such as a 403, a 401k, an IRA, whatever it may be, those are tax deferred accounts. If they're Roth, they're eventually tax free accounts. They're tax sheltering everything that's in them. An annuity on its own is tax deferred. Why would you put a tax deferred investment within a tax deferred or tax free shelter? You would not. So what, Loveth, you might want to do is take that 403B, depending on your circumstances, and roll it over into an IRA rollover where you have a variety of investments, treasuries, ETFs, all those things that you can invest in. And depending on your income, you might want to decide, oh, maybe I should convert it right now, little by little to a Roth ira, get yourself another advisor. Because I know it had to be an advisor. Who told you to do that? Next. Kt.

[KT]

Susie, this next question I never heard of. So that's one of the reasons I picked it. Because if I don't know these things,

[Susie Orman]

how many of these that you read have you Never heard of. Just out of Katie, probably about 50%. Is that true, Katie?

[KT]

About 50%.

[Susie Orman]

I love you anyway.

[KT]

No, there's a. I don't know these things and I've been around a while, everybody. So don't feel bad if you don't know either. This is from Giselle.

[Susie Orman]

Do you think I'm going to know this?

[KT]

Yes, you know every. She knows everything. Go on. All right, so this is from Gisela.

[Susie Orman]

Pretend you're Larry King trying to fool me.

[KT]

Susie, have you heard?

[Susie Orman]

Hello, Susie. Hello, Susie. Hi, Susie. How you doing?

[KT]

I loved him. We loved being on Larry's show, so. Dear Susie, have you heard of an unincorporated non profit association, UNA for short? Apparently California lawmakers created a special trust with its own EIN for themselves and their rich friends. Apparently UNAs are legit and available to anyone in America to protect themselves from liability claims and to protect their assets. A teleconsultation to set up your foundation or costs about $150.

[Susie Orman]

Don't do it. Don't do it. Don't do it. Wait.

[KT]

If people go ahead with a UNA, they get a credit of $150. The total cost are about 5 or 6,000. So there you go. Please look at this and inform your listeners if this is a good idea or a scam with pros and cons. Well, by the look of Susie's face, everyone, she has that face. I can tell you this is not a good idea.

[Susie Orman]

I mean, really, the simple answer to this is if anybody ever approaches you and tells you about all these tax benefits, you don't have to pay taxes anymore. You can do this, you can do that, and they want you to pay to just learn about a una, again, an unincorporated nonprofit association. Just don't do it. Is it though, however, a real legal structure? It is where two or more people, you know, are joined together for common nonprofit purposes. It's mainly adopted by churches, community groups, things like that, not by individuals. So just do not do it. If they tell you you're not going to have to pay taxes and da, da. And it's wrong, wrong, wrong. You have no idea how many people have fallen for this and then had to pay back taxes on it, don't do it. Okay. All right.

[KT]

Okay, Susie, this is my last. And this. I like this because it's from a smart cookie. Hi KT And Susie, because I took so much of your advice and even making every mistake imaginable, my husband and I have accumulated about $4.5 million in assets plus a paid off home including a generous inherited IRA from my mom. My mom passed in January 2022. I received about $100,000 in an inherited IRA. I turned 61 that year. And I've taken the required RMDs and will continue but need to empty by 2032. Yeah, I'll turn 70 and a half in 2033. Is there any way I can give the hundred thousand dollars to my charity using a qcd?

[Susie Orman]

What's a qcd?

[KT]

Kt Qualified Charitable Distribution.

[Susie Orman]

All right. And you know that because we do that every single year. Listen to me. The answer to that is no. To do a QCD, you have to be 70 and a half or older in the year that you do it. You're not going to be seventy and a half years of age by then because you're seventy and a half three days after when you have to wipe the account clean. So therefore, no, you cannot do it. All right, kt, that's it.

[KT]

That is a wrap. It is time to celebrate our 25 perfect years. Going on 26.

[Susie Orman]

Were they perfect?

[KT]

Perfect.

[Susie Orman]

Would you change anything?

[KT]

No. Do you know what? My single most memorable day or hours that we spent together. The single most memorable. And when I close my eyes, I see it clear as a bell. Can you think of what that would be?

[Susie Orman]

Sitting in your garage and talking. Yes. I knew it.

[KT]

Is that for you, too?

[Susie Orman]

Yes.

[KT]

Wasn't that amazing? I think that's when we both.

[Susie Orman]

Yeah, we both. We had first met and everything, and we were in her car in her

[KT]

garage in San Francisco.

[Susie Orman]

In San Francisco. And we sat there talking for, like three hours. We didn't even want to get out of the car. It was absolutely amazing. You know what else, kt? When we were sitting in that alleyway, I think with Ana, right, in San Francisco, and we were talking to one

[KT]

another, that was called Maiden Lane.

[Susie Orman]

In Maiden Lane. That was a magical.

[KT]

We were having cappuccino, I think, just

[Susie Orman]

talking to one another. It was magical. Katie.

[KT]

Yeah.

[Susie Orman]

Do you love that? I know.

[KT]

I can't believe. I think we both. That day in the car, in the garage was just. I think when you have a moment like that, you both just know you don't want it to ever end.

[Susie Orman]

So, anyway. But we have to have this podcast, and otherwise it's going to be an hour podcast, so. So until next time.

[KT]

Till next. Wait until a week from today.

[Susie Orman]

Right? Really? Everybody sign up for that webinar. Sign up. If, by the way, you're getting a text, it's not a scam. Sometime in the past, you signed up, gave us your phone number for a text to be reminded of something was happening. It's not a scam. It's real. And if you doubt it, just go to Suziorman.com and register there. Just so you know, over 40,000 people in one day have already registered. So be part of it, because it's going to be a special day.

[KT]

A party.

[Susie Orman]

A party. It's going to be a party. So until next time on Sunday. There's only one thing that we want you to remember. And what is it? KT?

[KT]

People first, then money, then things. And stay in love.

[Susie Orman]

Oh, that's sweet. All right, bye bye. Now.

[Chorus Singer]

We are strong we are wise we will not apologize we are here, we will thrive Together we will rise we're the little bit of faith and everything it takes we are strong, we are wise Together we will rise.

[KT]

Hey, Susie. Spring is in the air.

[Susie Orman]

It most certainly is, my dear. And listen, everybody, you should all spring into action if in fact you're looking for a home equity line of credit. If you have a home equity line of credit at a high interest rate, check out the Ultimate Opportunity Home Equity Line of Credit at Alliant Credit Union. Go to myalliant.com and look for all the details right there.

[Legal Disclaimer Narrator]

Neither Suze Orman Media nor Susie Orman is acting as a certified Financial Planner Advisor, a certified financial Analyst, an economist, CPA, accountant or lawyer. Neither Suze Orman Media nor Susie Orman make any recommendations as to any specific securities or investments. All content contained in this podcast is for informational and general purposes only and does not constitute financial, accounting or legal advice. You should consult your own tax, legal and financial advisors regarding your particular situation. Neither Suze Orman Media nor Suze Orman accepts any responsibility for any losses which may arise from accessing or reliance on information in this podcast and to the fullest extent permitted by law, we exclude all liability for loss damages, direct or indirect, arising from the use of this information. The must have documents mentioned in these podcasts are legal documents created by a lawyer and distributed by Hay House.