Podcast Summary: Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Episode Title: Ask KT & Suze Anything: What Do I Do If I Forgot To Start Taking My RMD? Release Date: May 29, 2025

In this episode of Women & Money, renowned personal finance expert Suze Orman, alongside her co-host KT, delves into a variety of listener-submitted questions, offering insightful advice on financial planning, estate management, and personal well-being. The episode seamlessly weaves financial guidance with personal anecdotes, creating an engaging and informative experience for listeners.

1. Selecting a Financial Advisor

The episode kicks off with a listener named Anne expressing gratitude for Suze’s personal response to her query about selecting a financial advisor. Suze emphasizes the importance of conducting thorough research and offers to share the resources she provided to Anne with the broader audience.

Notable Quote:

• "If you're looking for the same answer that I gave to Anne, why don't you post it?" – Suze Orman [03:15]

Key Points:

• Importance of vetting financial advisors meticulously.
• Suze references her book, The Ultimate Retirement Guide, for detailed advice on evaluating financial professionals.
• Suze commits to sharing valuable resources with all listeners, enhancing their ability to make informed decisions.

2. Personal Relationships and Financial Advice

A heartfelt question titled "Truth Hurts" is brought forward by a listener who credits Suze with providing the strength to leave an emotionally abusive relationship. Suze shares her personal experiences, highlighting the significance of self-respect and the courage to pursue healthy relationships.

Notable Quote:

• "The truth is, obviously, I've been in many relationships over the years... it's never easier to stay. It's never easier to insult yourself. Always stand in your truth and move on." – Suze Orman [05:19]

Key Points:

• Acknowledgment of the emotional challenges in ending unhealthy relationships.
• The importance of prioritizing personal well-being over financial or emotional dependence.
• Encouragement to listeners to embrace their truth and seek supportive environments.

3. Listener Story – Manson's Coming Out and Family Support

Manson shares his experience of coming out to his family with Suze’s guidance, which resulted in a positive and supportive response. This story underscores the intersection of personal authenticity and financial planning.

Notable Quote:

• "The money will never matter. What matters is when you stand in your truth." – Suze Orman [08:46]

Key Points:

• Suze’s advice helped Manson navigate the complexities of coming out.
• Emphasis on personal truth over financial concerns.
• Celebration of familial support and acceptance, highlighting the positive outcomes of embracing one’s authentic self.

4. Trusts and Estate Planning

Kim seeks advice on her parents’ estate planning strategy, specifically regarding the use of revocable and irrevocable trusts alongside durable powers of attorney. Suze provides a comprehensive analysis, cautioning against prioritizing asset protection over personal well-being.

Notable Quote:

• "Your parents' money is there to take care of them, to make sure that when they get older, they have the care that they deserve in a respectful way." – Suze Orman [10:52]

Key Points:

• Explanation of revocable vs. irrevocable trusts and their implications.
• Suze advises that personal well-being should take precedence over complex financial maneuvers.
• Recommendation to use Must Have Documents (will, trust, advance directive, durable power of attorney) for balanced estate planning.

5. Title Holding and Family Estate – California Scenario

Yvonne presents a complex situation involving her parents' jointly held property in California, raising concerns about potential complications if her mother were to pass away first. Suze offers strategic advice on optimizing title holdings to safeguard familial interests.

Notable Quote:

• "How you hold title to an asset overrides the wishes of any will or trust." – Suze Orman [16:39]

Key Points:

• Importance of correctly holding title to property to ensure it aligns with the owner’s intentions.
• Suze recommends transferring the property solely to the mother’s name and placing it within a trust to prevent unintended inheritance by the father’s new partner.
• Highlights the need for immediate action to avoid probate complications and ensure the estate is distributed according to the parents’ wishes.

6. Inherited IRA and RMDs

Kathleen’s question about inheriting an IRA and her confusion over rolling it into her existing IRA with RBC is addressed. Suze clarifies the limitations imposed by the SECURE Act and outlines the necessary steps for managing inherited IRAs.

Notable Quote:

• "You are going to have to withdraw the money within 10 years and you have to pay taxes on it." – Suze Orman [20:36]

Key Points:

• Explanation of the SECURE Act’s impact on inherited IRAs, mandating withdrawal within 10 years.
• Suze advises against delaying withdrawals to avoid hefty taxes, recommending annual distributions to manage tax liabilities effectively.
• Emphasizes the importance of adhering to IRS regulations to prevent penalties.

7. Required Minimum Distributions (RMDs) Misunderstandings and Clarifications

Janet’s concern about missing the start of her RMDs at age 73 is explored in depth. Suze differentiates between RMD rules for employer-sponsored plans and IRAs, providing actionable steps to rectify the oversight.

Notable Quote:

• "If you are still working and your RMDs are from an employer's plan, you do not have to start taking them at 73." – Suze Orman [22:42]

Key Points:

• Clarification of RMD requirements based on the type of retirement account.
• Suze advises consulting a CPA and filing necessary IRS forms to address missed RMDs, potentially avoiding penalties by demonstrating reasonable cause.
• Highlights the distinction between RMD rules for IRAs versus employer-sponsored retirement plans like 401(k)s.

8. SEP IRA Contributions and Long-Term Strategies

KT raises a question about the viability of continuing contributions to a SEP IRA. Suze discusses potential strategies, including converting SEP IRA funds to Roth IRAs to leverage tax benefits and long-term growth.

Notable Quote:

• "Sometimes you might be better off paying the taxes now and then investing that money in an individual brokerage account." – Suze Orman [25:21]

Key Points:

• Suze evaluates the pros and cons of maintaining a SEP IRA versus exploring other investment avenues.
• Suggests using SEP IRA contributions for tax write-offs and converting to Roth IRAs for tax-free growth.
• Encourages a holistic approach to retirement planning, considering both tax implications and investment growth.

Personal Anecdotes and Community Engagement

Throughout the episode, Suze and KT share personal stories and interact with their community, fostering a sense of connection and relatability. They discuss upcoming birthdays, memorable experiences, and the supportive nature of their listener base.

Notable Quote:

• "People first, then money, then things." – KT [29:03]

Key Points:

• Emphasis on prioritizing personal relationships and well-being over financial pursuits.
• Celebration of community milestones and shared experiences, reinforcing the podcast’s supportive environment.
• Encouragement of listeners to engage with the Women & Money community for ongoing support and knowledge-sharing.

Conclusion

Suze Orman and KT wrap up the episode by reiterating the importance of prioritizing people and personal well-being in financial decisions. They invite listeners to stay connected through the Women & Money app and participate in their growing community.

Final Quote:

• "People first, then money, then things." – KT [29:03]

Closing Thoughts:

• Suze underscores the notion that financial security is deeply intertwined with personal happiness and relationships.
• Encourages listeners to take proactive steps in managing their finances while maintaining their integrity and personal values.

This episode of Women & Money offers a blend of practical financial advice and personal wisdom, empowering listeners to navigate complex financial landscapes while staying true to their personal values and relationships. Whether addressing estate planning intricacies or the emotional aspects of financial decisions, Suze Orman and KT provide invaluable insights to help women achieve both financial security and personal fulfillment.