6 Retirement Surprises

Most people like surprises. The good kind, at least the unexpected birthday party or bumping into an old friend you haven't seen in a while.

A few of us like surprises with our retirement savings track to retire someday to support ourselves today financial planner and teacher Rob West. For some reason calls at 805 five 7800 525-7000 times more six retirement surprises. Next I today telling folks that the retirement assets may not be all they're cracked up to be your right Steve, but better to find out about it now when you can still do something about it rather than later.

Okay, well, the day after you retire as you mentioned isn't the time to be surprised about your money especially when you have 4050 60 years to plan on it so we got our you've got six possible retirement surprises. So where do we start well the first one is good news and bad you'll probably live longer than you think. Now that's the good part.

The bad news is it'll put more strain on your retirement savings.

Now why is this a surprise well because we think the average life expectancy is around 79. But that's the average age for all age groups combined and it's misleading. You see, you have to look at the life expectancy for those who make it to age 65. Half of women reaching that age have a 50% chance of living to nearly 87 and half of men reaching 65 will make it to age 84. That means younger workers should plan for 20 years or more of income in retirement and that folks currently and in those folks currently retire to have all of their assets in bonds should probably move some of it into the market or risk running out of retirement saving. Someday I so as a guy if I make it to age 65. I no longer have to look both ways before across the street as you guaranteed age 84 well the word guarantee wasn't in there and I think you're missing the point. I think the next one shouldn't surprise anyone, but it does. The vast majority of people at least Social Security alone will not provide enough income in retirement financial advisors recommend having retirement income of around 80% of your working income that is your pre-retirement income, Social Security won't come close to that and was never intended to and most you can look to Social Security for around 40% of the income you'll need in retirement.

At best the solution again is to increase your retirement holdings and the sooner you do it the easier it is because of that all-important factor called compound earnings.

Yeah. And like most things, the sooner you do it the better the sooner the better art retirement surprise number three. All right, it's that most Americans aren't saving enough for retirement.

The Government accountability office what's known as the GAO reports that the median retirement savings for Americans age 55 to 64's only about 107,000 that might seem like a nice nest egg. But here's the reality expecting a 4% annual return, and that's what most advisors use as a rule of thumb. That's just $350 a month. Not much of a supplement to Social Security and that was the median savings meaning half of Americans have less than well, it certainly could bust a bubble right retirement surprise number four. You might say it's that a surprising number of Americans haven't figured out that pensions are a thing of the past. Today, most workers don't have that benefit and for those that do the median annual payout is just over $9000 a year. Today, most workers absolutely must have a defined contribution plan, like a 401(k) or IRA, but according to a report by Vanguard, 1/3 of American workers have no retirement work workplace plan at all. The solution is obvious though.

If you're not saving a qualified plan open one and started today. Bottom line, Steve. The days were you get a gold watch and a check for life are pretty much gone I guess. So I went to number five yeah this one shouldn't be a surprise either. But since people are caught off guard by surprises one through four. Many are staying in the workforce well after they reached Social Security eligibility. Bloomberg actually reports that nearly 20% of people 65 and older are still working full or part-time.

Now that may be good news. On one hand, because it seems like the percentage would be higher. The bad news is that 1/5 workers of all ages. Sayville never be able to quit okay to spare room. All right, what number six is creeping up on us quickly. The way retirement does, especially if you don't have any back and chat about it. Buying a home is the largest most nerve-racking purchase.

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Well, it won't.

One prime example is that it doesn't cover most assisted living expenses and studies show that around 70% of those reaching that age will need some form of long-term care which could run as much as $4000 a month. Medicare covers only the first 100 days of care at a skilled nursing facility and only then is if it results from a hospital stay of three days or more. The solution there is at least one solution long-term care insurance, which can be expensive of the best time to buy.

It is in your mid-50s probably up to age 65 and you want to look at the longest term offered probably also an inflation Rider.

Make sure you get specialist to help you find the right company that's the right match for you and make sure it fits in the budget because it does you no good if you have it for months or even years and then have to drop, that's right. And like all things retirement oriented you just mention here that long-term care insurance is best purchased in your mid-50s, but frankly, most people in their mid-50s are really thinking seriously about long-term care insurance or having to be put in the facility when they're older. And then what happens is again you pointed out you just can't afford it in your 70s so you just want to get an early jump on all these things, but Robinson God promised to meet all of our needs and to well use the body of Christ. In many cases to do that so we balance those kinds of things. It's a great question Steve. You know I think at the end of the day it's about our posture wears her heart. Are we both truly believing that God owns it all and that he is our provider. Do we truly believe our dependence ultimately should rest solely in him absolutely. Now when we follow his principles and as we talk about all things give us 2350 or more verses dealing with the subject.

We follow his principles. We realize that we should be.

To the extent we have the ability setting aside part of God's provision today for the future. Remember there's precious oil in the house of the wise, the foolish man swallows it up so a portion of what God gives us today is not for today and so we should put that aside for the future so we can use it as a blessing for others to give. Also to provide for ourselves and even care for her family.

When were unable to do that through our own work, so it's a balancing act.

But it's all got to begin. Steve without hard posture that says God I am trusting in you not my bank account.

Not my stock portfolio.

Not even my employer solely you will said Rob.

And if something untoward should happen soon.

To me, I know you still have the hot downstairs next to the furnace, you know, just, I mean, if it's empty it's always empty for you Steve right next to the furnace.

Hopefully Plainfield, Illinois hello Donna, welcome to moneywise live.

What's on your mind. Thank you guys for getting your God-given talent to help don't know. I played my question is going in and I are her that regardless of what happened with the election the economy will take a big downturn and we are wondering if we should take out a good number good amount of money from our portfolio and put it someplace you don't appreciate that. Give me a sense of what you have are we talking about retirement investments that you're currently living on to your drawing in income from them and their invested in a mix of stocks and bonds are or something else have a mix of stocks and bonds might have been a retired Army I'm retired teacher.

We have not touched any anything that we have docs and bonds. We are just basically letting off about retirement income. So where we are right now. Okay yeah so you I would always go back to what is the rights measure of risk that you should be taking. Given your age objectives where you feel like God is taking you in this season of life, not anything else. Were not trying to beat the market were trying to accomplish your God-given goals and objectives. So we gotta start with Lord, what would you have for us. What have you entrusted to us and then how should we use that wisely. And if your allocation to investments which I think clearly we should seek a return on God's money.

So that's affirmed in Scripture.

And if our allocation is appropriate for where were at this season of life. What our needs are and what were trying to do, including your lifestyle, your giving goals. What you want to do in terms of an inheritance or you know in the future. If you have major medical expenses to be able to cover skilled care and those types of things. If your investment mix is appropriate for that. Then I would tend not to change that, based on near-term circumstances because here's the reality.

Could we see some greater volatility in the stock market as a result of election possibly. But remember, the market is very forward-looking and so most of what is expected to happen in in the election and the pandemic for that matter is already priced in, because the markets not looking out a matter of weeks. It's looking out a matter of months and six months or more and so even if there is increased volatility as long as you have things like enough cash set aside for perhaps in this season of life is much as a year and not an over allocation to stocks that are more aggressive.

That would be purse perhaps inappropriate for your age and stage of life and in a good healthy allocation of fixed income is all that's in place. Then my recommendation would be just to let that go, because any kind of short-term volatility will take care of itself over time, and if the Lord tarries and you all are in good health, especially since you're not even drawing in income from this money were talking about this money lasting for decades moving forward. Not just the next six or 12 months and bottom line is we look back historically even in periods I heading up into an election cycle and given the other factors we have. There's probably not going to be a whole lot more volatility from here, you remember, regardless of what your political persuasion is it's probably not going to be as bad as you think it might be in one scenario and it's not can be as good as you think it might be in another in the market tends to take care of itself. So I'd say at the end of the day as long as your allocations are right I probably leave your stocks and bonds right where they are and not make any changes based on what you might expect in the near term, because that will take care of itself over time. Donna, thank you very much for your call today. It's a question. Lots of people I'm sure are wondering about and were glad that you raised it today.

You're listening to moneywise live with Rob last, I'm Steve Moran with taking your phone calls at 800-525-7000. Here's the good news there is no expense to you. We have lots of open lines call right now with almost almost be assured getting through 805 five 7000 back with much more after this many people are experiencing financial challenges such as credit card debt downsizing that in jobs savings.

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Click the start button moneywise live.org you're out there today. Let us know if we can help you with something financial question. The conundrum some situation you're wondering about 800-525-7000 800-525-7000 open lines to Ohio now and Jean what you situation how can we help our in Ohio and. It higher 60 years old and I have like $400,000 and my PR retirement and will be a good idea to take it from the money out and buy pay cash for it and that's when I won't be paying rent for rental is that a good idea of her listeners what Jean is talking about when she talks about the OP ERS at the Ohio public employee retirement system that she hasn't. Did you say Jean, you got about 400,000 accumulated there okay and you are currently working but you're about to retire. Is that right yet okay and would you be taking this as a lump sum or you can convert that to an income stream. Yeah okay so you'll take it as a lump sum okay and at that point, based on the expenses that you have the budget that you're planning on in retirement. Not now. Do you anticipate needing to pull in income from that lump sum in addition to Social Security.

Okay, so Social Security will be will really cover all of your expenses, whether or not you pay off the house now okay and so you just wanted to confirm that I like the idea of you paying cash and pulling it from these retirement assets like okay well the only thing to consider. There is just the tax implications. How much are you looking to spend on the house and do you have any other assets you could use to bind the home with okay but that would be the only thing to look at. I would probably visit with a tax professional.

Just to make sure you understand the implications that what I wouldn't want to have happen is you inadvertently push yourself up to a much higher tax bracket by recognizing all of that is income in a single year and what again unless you just a real conviction about debt for any length of time and if you do then you need to follow that. But if you don't what you may want to do is maybe put a significant amount down maybe as much as 50%. Take a small mortgage and then pay it off in the following year. You just want to compare the cost of that mortgage to the potentially added cost of the taxes. Now if the cost yelled basically cancels itself out because the cost of the mortgage is almost offset by the cost of the increased taxes then you may want to just go and do it all up front, or if possible maybe you spread it over to calendar year so you take a portion of it to the end of one year, and a portion at the beginning of the next year and then you buy the house or something like that would allow you to spread it out over two years. But the bottom line is if you have a conviction about being debt-free. I would say go ahead and make that purchase.

You still have 200,000 left in your retirement account you for purpose your life so that you can live on your Social Security and whatever else you have coming in, which means this money can continue to grow, so the only other thing I would just say Jean is make sure you have an investment professional. They can come alongside you to help you manage what's left. The proceeds from that retirement plan.

If you don't have someone I'd encourage you to go to our website moneywise live.org click find a CK right there in Ohio. I'd interview at least three find one that's a good fit for you.

Somebody who can help you make the decisions about how to invest that money to protect it to make sure you maintain conservative posture but to grow it over time because this money. Lord willing needs to last a long, long time, so hopefully that's helpful to thanks very much, Jean Ellington, Florida hello Jim, yeah retirement question as well. I do, I have been putting it all on it just turned 49 probably been putting it for about 15 years now like a check that just shy of $50,000 in it. It is put into a 2035 account with Fidelity. I do have a pension for my old buddy used to work for one right now call the wrap account and I don't know how much is that what I'm just a little love a little if I can get pretty quick. I don't know not to be able to retire on and not sure exactly how to grow it and I'm not on your thoughts. Jim number one is your income is your most powerful wealth building tool. So what you have coming in in your ability to live on less than that, so that you can put more away is obviously what's going to be the most powerful force to continue to grow that account on top of the compound earnings that happen when you invest.

So the key is to maintain a modest lifestyle so that you have plenty of margin because ideally we'd like to get you putting 15% of your pay in that 401(k) up to the max and then you can open a Roth IRA, perhaps alongside it. If you maxed it out, but the perhaps you're not putting enough in to build that up over time then the second thing is one of the right investments in that if you want to use the target date fund.

What you may want to do is push the date out a little longer because remember the 2035 fund is going to get very conservative and within the last 7 to 5 to 7 years before retirement.

But remember that money needs to last you well beyond 65 because of the Lord Terry's new good health.

As we talked about earlier in the program that you're going to need this money to last you for a couple of decades, potentially, and so I think the opportunity for you is to perhaps in the target date fund push it out.

Maybe do a 2040 fund or look at some other investments that have been performing well some other mutual funds that maybe could give you a little bit better return, but the key is to get more money going into it. Over time the last thing I might recommend. Is it would be worth you Jim sitting down with an investment professional or financial planner who can help you do some retirement planning.

So you at least know what your goal is and know what you need to be saving such are not that you're not wondering whether you're going to have enough in retirement.

You'll know what's needed and you can develop a plan to get there and that's can give you a lot more peace of mind and you can find one those financial planners at our website someone right there in Florida when you click find a CK and Jim you are right. Retirement can sneak up on you. You not prepared for it when you're 40 or 50, then you cannot close in on 60 and you start worrying. We want you to worry. God says leave that part of it up to him. He does promise to meet our needs but he also wants us to be practical and thoughtful about these kinds of things. Thanks. Call today 800-525-7000 more moneywise with Rob last right after this. How should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing we decide investments for performance and better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice.

More information is available@investeventide.com Christian healthcare ministries enables believers to meet their healthcare costs affordably, biblically and compassionately is not insurance but a voluntary cost-sharing ministry based on the biblical example of Christians sharing each other's needs and members are defined under the law for not having health Christian healthcare ministries might be your health cost solution call 800-791-6225 or visit CH ministries.org communications major and the first of the week is found in Psalm 1234 my refuge and my franchise.

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Resident Robin Democrat Joe Biden will mix it up on the debate stage tonight in Nashville or disguise winds gusting up to 70 mph, smoke, tornadoes, and hazardous air in Colorado blazes and burn the second most sacred since 2000, and included the state's two largest on record. One of the Colorado smaller bars exploded late Wednesday from 30 mi.² to 196 mi.² and close Rocky Mountain national Park, Brenda hello Homer twice the Tampa Bay rays held off the LA Dodgers 64 to square the World Series at one game apiece. Game three is Friday in Arlington, Texas sucks publishing Hiram Wall Street that I picked up 152 points that aspect ahead 21 and the S&P tacked on 17. This is SR and use. Thanks much for joining us today. Take another call I can just see your face want to talk about the three letters STP know that's not at the APP yeah I love the talk about the app you know why because were so excited about a year we spent eight months building what I believe is the best digital envelope system anywhere. None of them had everything I was looking for and I set we gotta build our own so we went out and found the most competent, godly, which is incredible app developers. We just asked them to join our team and they have built an incredible tool so you can connect all your institutions. You can download everything it has my style of envelope system everything is always saying to your funding accounts in real time, but even better than that, Steve. There's a community of people who were sharing ideas and asking questions and I jump in there and answer questions.

A lot of times you can listen to the broadcast. If you don't catch it live. It's all there in the moneywise out three places you get it. Go to your Apple App Store and go to your Google play App Store or you can just go to app.moneywise.org wow okay sounds fantastic. I've been looking through it myself. I am amazed at what people who know what they're doing are able to do because that's mean it's it that's fantastic and looks gorgeous and I can't wait to get my hands dirty, trying it myself so I may need your help. Many well, it's even your hands, phone number, graduate Steve more proof that was one of the objectives that was rude Florida Karen. How can we help you to question the woman had earlier out that election eventually being followed of the stock market and I will I convert my moderate on a treasury bond hold the print yeah tell me if you don't mind care little about your situation. What is your age and are you still working I am working full time. I'm 58 years old.

Okay so this is your retirement account. Is that right. One of my retirement account okay that had money and at yeah what we talked about roughly and investable assets that one roughly 350,000. Okay, so significant amount of money and you said it's in a moderate fund which basically just means by moderate it's a mix of stocks and bonds without being overly aggressive toward either the stocks themselves or the allocation to the various investment holdings that are stock related and you know here's what I would say I mean if we were to back up and say okay let's say you knew in January. There was a pandemic coming and you had the opportunity to change your investments.

Obviously no one knew the pandemic was coming, but let's say you had that forewarning, you would probably say well given the fact that there's a worldwide pandemic coming out to change all of my investments to get ultraconservative and maybe even go to cash well then what happened. Well, we had the fastest decline from a bear market to a bull market in history down 20%. But guess what, we had the fastest rise from that that we've ever had as well and we made up all the territory that we've lost and were moving to higher ground. So even in the midst of a worldwide pandemic as long as you're invested with the right allocation, you have a long time horizon, you're investing according to your values and your objectives are properly diversified, which I suspect you're doing all of those things then we don't look at short-term blips on the radar. Whether it's an election or a pandemic because the problem with doing that is not only have to decide when to get out meaning when to get more conservative but we have to decide when to get back in and what history will tell us in all the studies that have looked at this is that we will react out of emotion will try to pick the top and then will try to pick the bottom.

Invariably, we can't do that because nobody knows where the markets going from here. And so for you to try to time the market, which is what you would essentially have to do on the front end and the backend in terms of when you get more aggressive because you still got your Lord willing, a long time between now and retirement. I think that's just a losing proposition. So what I'd rather you do is just take another look at your investments and say am I in the right place. Even my age. What I've already accumulated what God is doing in my life how much I want to be giving what lifestyle is called me to how long he's gonna have me working in this particular place before. Perhaps he redirects me to somebody else.

Is this the right investment mix and you have the right people advising me if you're not doing it yourself.

If the answer to that is yes and I would say stay the course. Karen, thank you very much great question and arrive.

You make such a great point.

Who would've thought in December or January that a global pandemic was on the way and how would we have responded and if we would've responded the way most people think they would've well they would've lost money so he admitted just impossible to know that's exactly right.

Yeah all right. Let's go to we have another Karen this when calling from Ohio and Karen. How can we help you today with Rob West your program erosion problem is our income. My question is a mortgage on her wary it's worth $300,000 to do erosion control we could take a loan out with the bank to cover it or we can use our savings to cover it and it cost us about maybe $300,000. Your suggestion which route to take. Yeah, interesting. So you erosion control on this property. You obviously plan to keep the rental property into the future because it's been working for you. It's generating the income. It's not too much upkeep. All of those things is that right want around rental properties okay very good and so as long as you do plan to continue to hold these for some time, then obviously you need to deal with this issue, which is your sentence can be a major expense in terms of where to pull the quarter of $1 million from my hearing that you own your primary residence, free and clear okay and what can equity do you have in the rental property.

You will not outright as well. Okay great and tell me about your liquid assets when you have and investable assets that would be available if you wanted to pay cash for thousand dollar equity long wanted to buy another rental property and we can click yeah okay you expect to be able to do that. Are you actively looking for something more you need that money erosion control. The 20 foot of property in the spring.

Yeah, and how quickly do you think you'd be able to pay this back out of current cash flow if you were to borrow to fund the erosion control right but if you just did it out of cash flow and not at a savings how much surplus do you have every month how long it would take maybe 20 years yeah yeah okay that's what is to come down to is obviously a first mortgage of 20 year mortgage would be the cheapest cost of funds on that primary residence. You got good liquidity. You can pay it off at any time and keep your cash available. You can also accelerate the payoff.

I mean the mortgage rates right now are just so low that that would be probably your best option. We got had a break your stand though.

I will talk a bit more off the air, but that's probably your best solution. Do you know if you have enough money of house. Do you know how much is enough. If not, one blue can help with this book. Master your money a step-by-step plan for experiencing financial contentment. Learn how to save and invest and give wisely, how to create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the start button moneywise live outdoor wire. I'm here to help you understand how urgent it is a sugar for every opportunity to the eyes of a layman. Did you know that stress almost a day or five times higher than those measured during the 9/11 terrorist attacks.

But as Christians we still have the peace that passes all understanding is present only come from praying and trusting God for everything. And sadly, most people have just look at those around you and imagine how worried they must be over everything that's happening in the world today, you can change that God put those who in your life for that very reason you have the peace of the long for and you need to share with the rest of God's place to hope within you that they desperately desire God. What you remove everyone every day closer to Jesus changing their eternal destination from darkness to light from paying the fees from promoted joyed to eternity with Almighty God. There is nothing more exciting than knowing God is using you to move people closer to join is not America.com. This is anagram lots of daily life for daily living. John 12 verse three says, then Mary took a pound of cure and are expensive perfume. She poured it on Jesus's feet and the house is filled with the fragrance in a similar way in early light of creation is Don, the father held his priceless treasure. It was his most precious possession father slipped into the darkness of the world he had made in love. The hands that held his treasure's only son with such tender and eternal love relaxed and open as he placed them gently on the manger better pay and then years later the father once again picked up his treasure so far away from the celestial home. Father smashed his most precious possession on a rugged wooden cross. Listen to the contents of flesh and blood report out in the fragrance of his love filled the world and permeated human history forever. This is anagram lots. Would you like your life to be confused with joy. Would you like to interject a kernel dimension in the most ordinary day on the radio says you can when you discover the treasure principle and a concise powerpack style is newly revised and updated book offers a six step plan to finding the pleasure and eternal treasure principle what you discover. Life will never look the same treasure principle is available when you click the store, but moneywise live.moneywise moneywise live visited our website. You just like the Things get changed there on a regular basis, always adding something new and exciting and helpful. You'll find lots of resources you can download for free. Archives of past radio programs how to fight us find a certified kingdom advisor and much much more. You not just a follow-up from Karen because we had a chance to spend a few more moments off the air.

During the break, and spiritually decided to go because she's managed her fare so well.

She and her husband got this rental property free and clear the got this primary residence free and clear 300,000 in savings another 300,000 in investments good rental income.

She's actually to split the difference she's going to take 125,000 for that from her savings to pay for that quarter million dollar erosion control project how massive, and then borrow hundred and 25,000 which they can pay off just as quickly as they can so we appreciate Karen's call today want to just update your listeners up where we landed near I'm glad you did Robin. Glad you did okay Chicago Sue what your situation, how can we help you will handle codifying all this time in its rather complicated PKF that it brighter. So anyway, it's very complicated and ignorant about all of I'm wondering if there's any kind of willing to share it with me on where good teacher. Let me put it like this book, where everything could be written no random error. Looking back, sure, absolutely looking Sue primarily just for kind of a good broad overview of the biblical approach to managing money or specifically investing your tummy, where you feel like you need is now.

Yes, I like a book where he could record on the staffing kind of laying it doing church or a couple of resources I'd like to send you one is master your money, which is just a classic from the author, Ron blue, and that would give you good broad overview of financial planning and financial management through biblical wins.

The second is a book called the sound mind investing handbook.

We can send you both of those and I think that will give you real good start. You also may want to visit compass one.org and look for resource called setting your house in order, which would give him a template to capture all of the assets. All the things that you have so he could put that in one place so you know where to go if something were to happen to him that once@compassandthenumber1.org called setting your house in order, but if you'll stand the wind will get you these resources. Master your money and also the sound mind investing handbook and this will give you plenty of good weekend reading starting yeah and so that one is more of a workbook, which is what I think you mentioned there at the end something you and your husband can do that already has been spaces in line send a section where you can fill it all in and you won't get mad at your husband if you don't understand something, you get mad at your book or vice vice versa. You know, and it's not. It's not uncommon Rob that husband has difficulty sharing something with his wife that he knows well and she doesn't necessarily know he may lack some patients like teaching your teenager how to drive a stick shift.

Sometimes it works and sometimes not so much.

Yes, you were describing that it sounded like it was a very familiar thing to describe the fact that I was there and said I was just making stuff up and surmised could possibly have patent Cleveland, Ohio hey Mike, welcome to moneywise live real.

I just turned 61, two young. I retired a year ago I get a monthly retirement check of about $3100 think the good Lord I was able to just pay my house.

We have almost 0 debt. I have a traditional IRA and 401(k) which will total about 650,000 and I have about 70,000 and savings might my dilemma is I have two children that are just getting out of college at the same time interval can be coming out of college with about $100,000 in debt each. I told him that I would help them chip away at that and and it's coming up soon and I'm getting stressed about this and I like to help, and I don't know what be the best route to take him. I was thinking about taking a home equity loan out for about hundred thousand dollars night talk to my bank and again your local interest rate on that but I don't know what you think would be the best route to take this fit, no I'm not there to pay for their whole debt but I'm just wrote stress for them that there to become an outlet that mounted that each did you want to give them a lump sum my career wanting to try to help them know add to whatever they're sending monthly just to kind of incentivize the right behaviors so maybe for every ill $250.

They send you'll match it and give them a monthly income stream. How you think about approaching. I haven't gotten that far yet. I got to the point where I just thought about wanting it… Again was that that loan home equity loan.

I don't know how to do that yet, but I like to help. I'm getting stressed for them have a job yet obviously so sure sure well yeah couple of options and obviously given the fact you just paid off your home. I need for you to go back into dead sound like you're pretty excited about that mythic one option now that your income is down, you know you could look at pulling from the raw. This gives me the traditional 401(k) because that's money that would have to be taken out with a required minimum distribution down the road and if if in fact you're able to keep your lifestyle modest your debt free living within your means you have a Roth is going to afford you the opportunity to let that money continue to grow because you don't have a required minimum distribution at that point so that would be money you could give away now or in the future, or pass on to the kids so what if you were to try to when sent the right behavior, which is to get them to really take seriously. You know paying this down as quickly as they can in starting as soon as they can.

Once they get out of school rather than just coming in and drop in a bunch of money on it which you could do or you could say listen, I'll match whatever you send every month and so if you can keep your lifestyle low and dial back your spending and you guys get your 200, $300 a month going toward this debt. Guess what, it just became 400 or 600 and then you taken a monthly income from that traditional IRA or 401(k) that you know you're still at a very low tax bracket you not get any penalties because you're over 59 1/2 and then you know you just pay that money directly to the loan commensurate to whatever they're willing to set up the same systematic payment for that would be one option. The second option is to go get that that mortgage and I'd probably look at a conventional mortgage just because rates are so low and you can pay it off. Whatever you want so right now if you were to get a 15 year mortgage. You could get a rate of just about 2 1/2% give good credit you got tons of equity obviously so I think either one of those options would be good. I would just think about it in terms of what can I do. That's going to and sent them to develop the disciplines that I want them to carry throughout the rest of their life while I'm blessing them at the same time by helping them eradicate their debt. Does that make sense okay Mike appreciate your call. God bless you, Fort Myers, Florida Marcos, we have about three minutes. Let's see if we can squeeze it in right you read it, I glad you yes are doing great. Thanks for calling today. How can we help you, and because I'm almost 5519. I will be 65. If all I want to know. My question did send the application for Medicaid and plus another application for retirement and but I know you read now and but I woke I like to work every day.I can do it.

That's what I called in because you you were talking about 65 feet on the second Mike well Marcus if you have the ability to continue to work something you certainly do, and you want to keep working which I heard you say that as well. That's great. Remember, God created us to be productive to be workers. That was even before the fall, so we always want to do that in service to the Lord asking him how he can use us for his glory. Wherever he's placed us, and I'm certain he's using you in that way as well. Given the fact that your funding your lifestyle and your expenses out of your income because you're continuing to work. There's a great opportunity to not begin to take your Social Security at full retirement age which is either 66 or 67 and every year you way beyond that that check is going to grow by 8% and then once you start taking it as it continues to grow. Once you start taking it you walk in that higher amount for the rest your life and you can continue to let it grow 8% a year until age 70. And so if you were to continue to work for the next five or so years until age 70.

Let that's Social Security check grow at the same time, then you would enjoy that higher payout for the rest of your life which would be a great benefit because as we said earlier in the program you once folks reach age 65. What many of them don't realize is for men reaching age 65. Half of men at that age will make it to age 84 and so this money needs to last you for a long long time and that higher check. I'm sure will be a real blessing to you so hopefully that's helpful to you.

We appreciate your call today.

Marcos God bless you sir, we do indeed thank you very much, and without were going to have to put a bow on it.

I think in Rob I think we covered a lot of good ground today. You know the Bible says a lot more about work than it does retirement and maybe that just means that God wants us to do more of one than the other. I'm not sure I think that's right. I think our cultures got it wrong Steve that were not supposed to look toward this day we see Saul productive activity and live a life of leisure.

We can have some fun. But it's all about being of service to my thanks to Amy Deb, Gabby and Rich Rossell controls the volume on our microphone so we don't talk over one another moneywise.

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