Eliminate Useless Fees

One listener that stands out, that I work with recently. Was this older couple that was interested in refinancing eight reached out to a few different lenders in the other credit wasn't the best.

I know some of these other bigger banks you just will hear back from them, which I cannot stand not everybody has the 780 credit scores and never had any hardships in their life.

I'll walk you through what you have to do.

How can you end up being able to do this refinance. Whether it's 236 months from now back that older couple. We work with them for months and months to improve their credit and we were able to get the loan done. We were saving them hundreds each month thousands of dollars a year. Finally got themselves into a situation financially that they can handle and they could start saving money each month, saving for retirement at the end of the day they just could not be happier. Which just put a huge smile on my face. We like it's worse than is the cost you a dollar here two dollars. There are more it's constantly shelling out that money is getting nothing takes discipline, vigilance, dispositive limiting fees for things you no longer need or perhaps never will talk about them first then I'll take your calls and questions at 800-525-7000: 24 seven 525-7000.

This is moneywise live tracking your spending is the best way to spot useless fees if you don't keep up with your probably wasting more money than you realize. Many useless fees are quite obvious. However, starting with credit card interest, which now averages around 16%.

Some store credit cards may go as high as 30%. If you don't pay off your balance in full each month, the interest builds fast and continues to grow.

The longer you wait to pay off the balance, the more difficult it gets. If you have credit card debt paid off quickly and never purchase more with the car than you can pay in full at the end of the month.

Another useless fee is the one you pay it out of network ATMs. The average is now nearly 5 dollars and that's a lot to pay for a little convenience. Next you should never pay for credit report, you're entitled to a free report every year from each of the three credit bureaus experience Trans Union and echo facts you can get those@annualcreditreport.com that's the only free site for getting your credit report so don't be fooled by imitators. Let's see what's next.how about late payment fees. These not only cost you extra money. Now they can damage your credit. For years, and result in higher interest rates.

If you're paying a checking account fees look for a bank that offers free checking with no minimum balance there out there. Many credit unions have that option as well.

And speaking of banks, overdraft fees will cost you a bundle to you can probably opt out of them with your bank. Then if you try to buy something and there's not enough money in your account. The transaction won't go through. It might be a little embarrassing but avoiding a 30 or $35 overdraft charge is worth it. By the way Ally Bank just eliminated all overdraft fees that may be a new trend in the industry. You may also be able to eliminate many shipping fees if you order from Amazon a lot you can save money with their prime option.

Yet, it costs money. But it's not difficult to make that back by eliminating shipping costs. Also look for coupons and promo codes that give you free shipping will have links and today show notes.

Convenience fees are also something you can eliminate with a little planning that these are when you buy something in the clerk tells you there's a minimum charge to use a credit or debit card. Just say no pay cash instead of grabbing items you don't need to meet the minimum charge always keep a little cash on you for those situations, you may have noticed when paying for insurance and other things that the company offers the option of paying monthly instead of a single annual payment.

The catch is those monthly payments have a few dollars tacked on.

Again it takes planning, but having the full amount ready to pay will save you a little each month. If you're flying somewhere. The cheapest flight isn't always the least expensive house a possible well it's when the airline offering the lowest fare also charges you for checking bags you got a factor in the cost of checking bags into the total cost of the flight. You might find that a higher priced fair actually saves you money.

If there's no baggage fee so look for airlines that don't charge you an arm and a leg to bring a suitcase with you on used subscriptions are another money wasters.

Nowadays, these aren't for magazines that you don't read there for streaming services or other things you signed up for online that these fees are automatically debited from your account month after month, whether you need them or not.

So again, scour your bank and credit card accounts and stop useless subscriptions a few dollars for one, might seem harmless but if you have four or five of them, and many people do pretty soon you're talking real money if you have to transfer money to another person.

There are now many ways to do it for free. You can use PayPal or any number of apps to give money to a friend or relative then mode cash Alpine Google pay or just viewing again. You can look for links to those in today show notes consumer expert Clark Howard has a know about money transfer apps and advises that you set up a separate checking account for them with less money. These apps have fewer consumer protections than other options. If your account is compromised by data. So that's a list of the many useless fees you can eliminate planning and diligence, and we hope to start using today are in your calls and asked 800-525-7000 Rob West and this is moneywise a little wisdom for your financial decisions is so joyous today for moneywise live coming together to know God's heart as it relates to managing his money. How do we do that well on this broadcast every day plus in our moneywise community which you find in our moneywise app that you can download in your app store to search for moneywise biblical finance or on our brand-new website moneywise live.org just click on the community tab you can post questions, perhaps in Encouraging Word get responses from others in the moneywise community plus our moneywise coaches there typically responding in just a couple of hours there, ready to go there trained and ready to answer your questions. So if you want to create a free account when you get to moneywise live.org then post away. Share all of the questions that you have related to managing God's money, and I will see we can get you some responses and I know you get some encouragement from other folks as well.

Again the website moneywise live.org taking your calls and questions today on anything financial. Applying the principles we find in God's word and there's a lot of them. By the way, 2350 versus my good friend Howard Deighton actually counted them all and that's the number in God's word, the talk to us about God's heart related to managing his money.

That covers all of the areas you know when you think about your lifestyle or debt or savings, or perhaps the taxes even your giving. It's all there and addressed in God's words we pull out those principles and apply them to today's financial decisions so I look forward to hearing from you. 800 525 7000s never to call again 800-525-7000 were going to begin today in Orlando Florida WK ES I Randy good afternoon good afternoon are you doing today very well sir, how can I help are real quick. We purchased our first home about four years ago and they a lot of people have talked about withdrawing equity people have the different way to go about it hurt if you exclamation the applicant you could you explain to me, but that we bought her home for $200,000 in out the equity rep. $280,000. What is this whole thing about withdrawing equity repaint back the equity or is it wise for me to even withdraw that the equity adjuster, leave it in there guy just explained that the option of somebody to pull it out or just to leave it in. Yeah well it's a great question and a lot of folks are facing this particular question Randy because we son. We seen such a rise in home values, which means folks then add perhaps even just a little bit equity here they were building even a considerable amount have far more as the value of the home has risen. That obviously gives you more value versus the loan that you're currently carrying. If you have a mortgage on your house and will be a lot of folks in the quote" industry, the mortgage industry that say that you need to get that money back out and use it. It's very inexpensive money that you can repurpose for other things and I would say hold on.

Not so fast that.

Keep in mind you, we want to move toward being debt-free over time in the Bible is clear that borrowing is not a sin, but there are absolutely warnings that we find throughout Scripture about the use of debt and so we need to be careful about how we take on debt, number one, it can be a real financial health inhibitor because now we're seeing the reverse of compound interest instead of it working for us and our 401(k)s and our investment accounts is working against us as we pay interest and we certainly don't want that the worst of that would be credit card debt are far worse even than that, payday loans, but I would say no with mortgages as well that borrowing is not a sin, but we need to be moving toward being debt-free over our lives. In the ideal situation would be that at the very least, by the time you reach retirement that season were you transition toward you know, perhaps out of the being paid for your work because you can't work anymore, or I God is reassigned you to something else that at that point, you would be 100% debt-free including your home and the benefit of that is not only the freedom and flexibility. Peace of mind that it gives you but also just keeps your lifestyle at a minimum, which means you need less to live on to be able to carry your lifestyle in that season of life. And if you haven't saved quite as much as you would have wanted to, well, having that expense taken out of the equation because you no longer carry mortgage is real benefit only look at Scripture, we see clearly that the borrower is servant to the lender. So we have to consider that it changes the relationship there is this master slave relationship that that is involved in your lending that we want to be free from overtime and even if that means perhaps you know were giving up.

You know some return from somebody that says what you could take the equity of from your home that your pain just a little bit interest on especially right now with historically low rates and you could put that to work in the stock market and I would say at what cost because it's not just the financial side, what about the nonfinancial side and being unencumbered and knowing that you own your home free and clear, and so what I would do as you look at the, the rising value of your home. I would celebrate the fact that you have even more equity not be looking for ways to tap into that to repurpose that by taking on more debt now if it's some point you said listen, I want to do a home improvement that's going to improve this asset.

This home that I live in that someday I'm going to sell so that I can enjoy it, but that over time it will increase its value, and I want to do that by tapping into some of this equity I have in my home, and by the way, I can fit that well within my budget and still accomplish my God-given goals that I would say well certainly that would be something to consider. It's a permissible use of debt. In my view, to say were to borrow for things that are appreciating in your house would certainly fit into that category. As long as you can carry the debt service and if your married husband and wife are in complete agreement. If you were to do that. Randy, I would say you'd want to use a home equity loan, not a home equity line of credit. The difference is a line of credit stays open, you can pull money out to pay it back.

As you pay back it becomes available again and said you have this kind of open account that you can pull from the downside is that it's going to have a variable interest rate. So, as interest rates had higher you're going to see that interest rate move up as opposed to a home equity loan which gives you a specific amount of money for a specific purpose and in my example for home improvements that you would take the money out that's needed. But you have a fixed interest rate. At that point. That's not to move around, especially in this rising interest rate environment. So to summarize, I'd say let's only use debt for appreciating assets were the economic cost is less than the economic game. Let's make sure husband and wife are in complete agreement. Let's make sure the debt service fits into our budget.

But let's over our lifetimes.

Moving toward being completely debt-free including our home and if you want to use your home equity. Let's do it in the form of the home equity loan, but give me your thoughts to settle make sense to you that I make a lot of bivalve just got up you know was amazed at how much a one up while at this time is there no money and we can do from home improvement but we pretty much everything really what we needed and all men we were debt-free with our credit card but gun come to Larry about now with the market with the of the house and goes down and you know what happens there, but all I can really do it.

I Got hand and paying a large batch of money in equity and that look so far that the market can continue to go up but I think it be right this time you futile for me just withdraw. But my question is mainly what is it all about. How does it work, but your explanation really did not do justice, and I really appreciate that. Well, I appreciate your heart Randy because clearly you want to honor God with what he's entrusted to you, including what is probably your largest asset your home were delighted to hear it's risen in value.

A lot of folks are in that position. That's a great thing, but that's not an invitation to run out and tap that equity in the form of debt unless you absolutely have to. And so I think this is a great thing. Let's continue paying on that mortgage.

In fact, I'd look to pay a little bit extra each year. Perhaps or perhaps one or two payments a year that will help you reduce that mortgage quickly over time and eventually you'll be completely debt-free and we appreciate your calls or 800-525-7000 is the number to call its 800-525-7000 got some lines [pause for our first break we come back more of your questions on your mind today is saving giving perhaps saving for the long term, proving that credit score.

Whatever it might be loved again. Lines are open 807 councilmember oblast and this is money one and is a witness and joining us for moneywise live biblical wisdom for your financial decisions you just got to preview the very first edition of our money wise weekly wisdom. It's a weekly email that goes out to you to help you on your stewardship journey with recommended reads for the week are trending podcasts. We have a verse of the weekend there as well. It's the best content in Christian finance delivered to your inbox each week and we'd love for you to have it.

So here's the simple way for you to get on the list to receive our money wise weekly wisdom to send to our website moneywise live.org and create a free account, you'll see that right up the bottom of the page it says create an account to take you just a few seconds and once you do will deliver that to your inbox each week.

I know it will be an encouragement to you head back to the phones 800-525-7000 got a few lines open next up were going to marry in Minnesota. Good afternoon, hello, hi Mary, how can I help you today and told her what had happened. We have a 401(k) and my husband took some money out of it and put it in an annuity and I didn't know if that was a good choice. All right, well let's talk about an dollars. Okay hundred dollars, yet it came from an investment account. Is that right Mary. Okay. And do you have a sense of what type of annuity it is is is is and have a guarantee. I don't know. Okay, now it's got a certain interest rate that I don't think it's a guaranteed rate okay I see. Well, you know, the reason people tend to buy annuities is there looking for guaranteed predictable income.

So there are fixed annuities which have a fixed interest rate associated with them. And then there's variable annuities which are in annuities again, which are basically just insurance contracts a contract between you and an insurance company and the variable portion of that just simply means that there's going to be investments inside of it and typically what happens is they place a floor on it so you can't go below a certain amount and then you get a portion of the upside. So as the investments grow you get up certain portion of that and in return for that though. Make sure that you never lose any value. They're not my first choice, although I would say they have a place in the sense that your people are living longer and so folks are wanting to make sure that their money lasts throughout their lifetime. And so if it gives you added peace of mind to know, you can turn over a certain amount of money into an annuity into an insurance contract and it can grow in the stated amount or a variable amount over time, and then at some point you can convert that into a guaranteed predictable income stream that could be used to supplement other income sources. That's why folks will buy them that what's the downside everything is upside and a downside right of the downside would be that they tend to be somewhat complicated so you have to read through a lot of the fine print figure out how the returns are actually can be calculated. You are locking up your money in the sense that if you try to get it back.

There's usually to be surrender charges or penalties they do tend to be somewhat expensive as well in the fees and so forth that are built-in but again, if you are looking for that predictable income to be generated during retirement. They certainly have a place I would want to make sure that the person "selling you this annuity is doing it because it's in your best interest not because they're trying to generate a large commission and so that's why think it's important to have an independent financial advisor, Mary.

That's looking over your whole financial life that can consider what your income and expenses are in this season of life. Look at all of the asset you have including your investments and perhaps this annuity and put together a plan not based on one piece of your financial life.

But look across all of it and have a plan to say here's what God's doing in your life and here's the tools were going to use to accomplish, managing his money so that it does in fact last as long as it needs to. Then if you're in good health and the Lord Terry's that could be quite a bit of time from now in an annuity may be a part of that toolset.

I would just want to make sure it's a good fit so you know if it's already done then it's done now it's $50,000 in that's obviously just one piece of your retirement assets. If you don't mind me asking what you have. Beyond it is a lot what you have outside of that annuity and other assets investments. We just have the 401(k) okay and I have an IRA separately which I do not have anything to do with itself, separate from me back all that I'm talking about is this 401(k) where the guy suggested we put 50,000 somewhere else and I will is just trying to sell another product exactly what you wanted really to do that. my question yes well I think the end of the day without knowing the specifics and would be too much for us to get into the details, and this probably is in the place when I would just simply say, is an annuity can clearly have an a place in your toolset to manage your assets for your retirement. It's not my first choice but depending on your goals and objectives and the annuity that was purchased for you. It may be a great fit and so perhaps one other option.

Mary would be for you to go to an independent financial advisor. We recommend certified kingdom advisors.

These are men and women who have significant expertise and they share your values been trained to bring a biblical worldview of money to look over everything you have and to look specifically at this particular annuity of that $50,000 was placed into which I would agree is a lot of money and make sure that it is in fact the right option for you whether you should consider something else with that portion of your investments for another.

You could find someone@moneywiselive.org just click find the CK happy to sit with you at no cost. That helps you today encourage all or probably make great decisions to stand in line for moneywise.

Life just after the thank you for joining us for moneywise liability is your financial decision lines open today taking your calls and questions on anything financial 800-525-7000 is never to call its 800-525-7000 in just a few moments were going to be talking about the difference between a trust and will will be talking about to setting aside assets for your kids down the road but next up is Scott in Barrington, Illinois, and Scott understand you want to talk about a qualified charitable distribution. How can I help you and Dale actually turned out magic 72 years old. They are not pepper and that my requirement of distribution is something that I personally I'm very fortunate and I don't need the money so I'm wondering I heard you talk about giving it to charities before and I'm wondering how that works now this is a great option.

You know for what would otherwise be a taxable distribution from your IRA that you have to take out because it's mandated through the required minimum distribution and you can get that directly to a charity which satisfies the RMD with the IRS and everybody wins because you don't recognize it is taxable income which would normally have to do in the ministry gets the full value of the gift because they're not going to be to pay taxes on it either as a 501(c)(3) not-for-profit so you end up getting more money into whatever ministry you're using this to to fund and you satisfy that required minimum if you needed it by chance and I think you said you didn't obviously what some folks can do is bill go ahead and get that gift to the ministry and then use savings to to bring into their field funding account or checking account to offset that gift because they need to know they would have otherwise given a gift to the ministry or their church out of cash. But there they're doing that instead through the Q CD up so the way you go about that.

Scott is you basically would contact the custodian for your IRA. Whoever you get your statements from or if you work with an investment advisor or financial planner, you can have them help you in the local office, but basically you'd indicate your desire to do a qualified charitable distribution for the purposes of satisfying your required minimum which would be upcoming in your 72nd year and they would send you the paperwork that would allow you to make sure you're taking out enough based on the IRS table and the balance in your IRA and then you would tell them which not-for-profit you want that money directly sent to you would not receive that yourself it would go directly to the ministry you want to alert the ministry that it's coming and make sure your tax preparer knows what's going on as well so that this can be properly accounted for on your tax return, but it's a fairly simple process and as I said it's a powerful tool because everybody wins. Does that make sense and I do have a Fidelity charitable account you lost there for second, you have a a donor advised fund with fidelity yes what I can do you not put so much and I do it at the end of the year that I had throughout the year like my church and whatnot I I take from that fund to pay you for my contribution.

So this would be different. All right it will and qualified charitable distributions can only be made to qualify charitable organizations as defined in the tax code and currently that does not include donor advised funds are private foundations are supporting organization so you only can send to charities. But what you would do is you would just have this money sent directly as a qualified journal distribution to the ministry of choice, it would go immediately and that would all happen outside of your Fidelity donor advised fund which is just a separate tool for giving, but it can't be used to satisfy the required minimum that were describing through the qualified charitable distribution. Does that make sense okay I know 080 72 is the current age, which is that increase from 70 1/2 yeah but I think this is a great option for you to satisfy that and get some more money into the kingdom.

So we appreciate you listening and calling Scott God bless you in the days ahead 800-525-7000 got a few lines open Plant city, Florida Eleanora, how can I help you today between a whale on a track. I have a little happy Going to probate where That that's exactly right. And I will just say prior to answer your question was some general information. It's always a good idea for anyone who is considering estate planning the tools and strategies, as well as the decisions that you need to make heading into that process. It's always a good idea to visit with a qualified estate planning attorney who could really help guide you through this process. Make sure you have all the right documents in place that are needed for your situation to accomplish your goals and objectives, and I prefer you have somebody who shares your values and can really understand.

Perhaps your heart for giving or any other aspect of this up, but generally speaking, Eleanora will spells out how you want your affairs handled in your assets distributed after death.

It's a legally enforceable document and it will be handled by the executor of your estate, it does become a part of the public record and it does involve probate.

The difference with the trust is it's a fiduciary relationship where a trustor or you gives a trustee the right to hold title to property or assets, and the, the trust would then your for instance, your home could be retitled in the name of the trust and it with certain triggering events that can happen prior to your death, the end a trustee could make decisions on your behalf and distribute those assets for your benefit throughout your life, and after your death at specific or based on your specific wishes. So for instance if you had a lifelong dependent. We had minor children where there were specific situations or circumstances that you wanted to be triggering of releasing certain assets after your death, the trust could handle all of that it through that, the trustee, it happens outside of the probate court. And it's not a part of the probe public record and so yeah that is another benefit of the trust, but they are more expensive fuel as opposed to a will which might be three to $500 would probably be three times that $1500 to 2000.

So I think you just need to look at is it necessary in your situation just based on the amount of typically real estate assets that you hold or your desires in terms of how your estate is handled either prior to your death, or after, and if you want certain events to be involved in though the releasing of those assets to follow that the children to yeah well it depends on on what you're trying to accomplish, but that you would name the trustee now and has to be held here with the trust company and then the trustee that you designate could could release that, but it would all be spelled out in the trust documents so you and I would visit with them estate planning attorney to have someone look over what you're trying to accomplish.

I think they can advise you pretty quickly as to whether or not this fits in your situation, and Eleanora. We appreciate your call today, very, very much. The folks were to pause again for just another moment for a brief break, but a lot more to come still and moneywise I view as we think about handling money. God's way. We know we want to be found faithful right those who have been given a trust must prove faithful's with the Bible tells us question is how do we handle God's assets in a way that glorifies him. Scene money is to accomplish his purposes let's only look here and moneywise morning that just around the corner 800-525-7000 two moneywise. So glad you with us today. Take your calls and questions on any thing financially set right back to the phones is in Anderson, Indiana Scott will just last week about making contributions to the church to say, you know, taxes on that out of 30,000, and that it I didn't know but that gentleman to call to go. You answered many many questions. Well it's a great tool that we were talking about Scott as long as you are of the age were you require a required minimum distribution out of your IRA, which anything over 72 will put someone in that category.

It allows you to take money out of the IRA and get it directly to a qualified charity and you can donate up to $100,000 to one or more charities directly from your taxable IRA instead of taking that required minimum so it gives you an opportunity to do some significant giving and save what would otherwise be a taxable event which could be quite a bit of money that is getting into the kingdom work in the case of giving to a kingdom building not-for-profit charity versus paying that in the form of taxes and so I think this could be a great option. Scott, for your dad to do some hilarious giving here in this season of his life and do it in a tax-advantaged way while you looking at data you get a financial library think there's great. So what are areas that post character breach at the needs of the IRA was put in pretax. He got a deduction on it when and the way that IRAs work is as you take that money out your typically in retirement after your 59 1/2 would recognize that his taxable income.

In this case, though it wouldn't be because so the qualified charitable distribution while it exists allows you to get that money directly to a qualified charity and it's not going to be recognized as income by your dad and the charity gets the full value of the distribution so everybody wins.

And it satisfies his required minimum at the same time, and that gift amount of 100,000 per year allows you to do quite a bit of giving. So I would ask him not to ask his advisor about that, given his charitable desires. Okay you said let them know it's coming to look for. You get the right context of words going where they decide you know to donate very good while excellent like let us know how that turns out a lot by be delighted if you called me back and said my dad was able to give the largest gift he's ever given because of a qualified charitable distribution. We heard that from a number of folks in the past.

God bless you Scott, thanks for looking out for your dad, but set out to upstate New York. Frank, how can I help user security at and the way I am semi retired and the way I kind of structured it in my head was high cheap payments until I'm 69 and And I have a 401(k) that I that has a fair amount of money into it so I kind of figured at Waco I 77 a long conversation with a sibling in any age that I could take it now though.

Yeah well is when are you going to need this money in terms of being able to meet your monthly obligations, will there be a point where your budget is such that you don't have enough income. Without this, the Social Security when I reach 69 1/2 or 70 payments that I receive every month will end up excellent deck payment at all. The so security will semi take over, and we have other investments that will also be receiving money so it almost equals out so very good.

Well I would say I mean obviously you've got a good look at both sides of this, but I would say that's a great opportunity for you to begin taking Social Security at that point because here's what happens. Frank every year you way beyond full retirement age up to age 70 that Jack is going to increase by 8%. So that's a guaranteed 8% increase which are not to get in the stock market.

Now the argument against that is wealth you gotta live long enough for that increase monthly check to pay you back in a sense, for those months that you didn't take it. But if I the Lord Terry's and you're in good health and you little while, you're going to get that back and then some, because you'll enjoy that higher payout for the rest of your life and the good news is you don't need the money.

At that point because it's gonna line up pretty nicely with that other retirement income running out and you'll get that higher check kicking in. Keep in mind once you reach age 65 life expectancy increases to 83 for men 84 for women. Now that's of course on the average, and only the Lord knows how much time each of us have. But if were just looking at planning for the rest of your life think there's a real argument for you saying I'm in good health, then I'd like to maximize that check.

Over time, and so I'm gonna delay taking that until that point up for me and for most folks. I think that makes a lot of sense does that take. Since the reasoning that I after talking like sibling.

It is that I should retake it and I still feel like I think also a lot going it out. 70 yeah very good I think that makes a lot of sense and I would absolutely move in that direction.

So we appreciate your call today very much. Thanks for checking in with us, let's head to Fort Myers, Florida Mary Euronext.

How can I help. I hope I'm working it right, I owe thousand dollars and not appetite. Don't be. Let me show right payment I'm quite the same time tonight.

I want any commercial to commercially the acting happy money. I'm trying IRA. I see you know the keys there. Mary is to connect with an enrolled agent or a CPA that has some experience in negotiating with the IRS. There's no question that through the offer in compromise.

There's an opportunity for the amount that you owe to the IRS to be reduced.

If you work you know through somebody who understands this.

I would typically not go with a tax relief company where you can often be required to pay thousands of dollars up front and know the things that they're describing most patent taxpayers don't qualify for anyway and so what I would prefer you to do is connect with the rapid reputable estate skews me CPA or enrolled agent who can look at your situation and based on your ability to either offer a settlement offer in compromise.

Were you paid in a lump sum at a reduced amount or work out a payment plan. Perhaps that's better than the one now (if company that you know is going to charge quite a bit amount of money up front. I would not go that direction. If you look at the patricians, received a lot of folks afoot at the complex. After step is company paying literally dollars up front and they took more money than they were actually even able group recoup for themselves that would not be the direction I would plywood how to set those advertisements aside IQ certainly could connect with CPA and if you want to find a godly CPA or accountant. You could go to our website moneywise live.org and click find the CK and then ask for a referral to someone who can assist you with that point, Mary.

We appreciate your call today, very, very much to finish today in Cleveland, Ohio Mike, how can I help you, I'm in the PR expert system I'm going to write what hoping to retire this year but I would like to get a part-time job after I retire. I'm wondering if I should find another part-time job in the PRI or just the Social Security as it would there be a difference if either getting retirement after the fact. Well, I think the question is just where can you earn the most money are you worried about the impact of your Social Security checks or or some other consideration is your thinking about where you'd like to go back to work.

20th, I went back into the TRX retirement as a part-time job or something when I get more back as opposed to going into a Social Security type job. I'm not totally following the question in terms of getting more back. It really is just going to depend upon what compensation you get how much then you're out of that able to put away and the question then is if you're taking you once you start to take Social Security benefits down the road you don't have those reduced based on the amount that you're earning under full retirement age and have you opted out of Social Security. Along the way you and I about anything at okay all right you know generally speaking I like for folks to stay in the Social Security system. I think you know anytime we opt out of that typically play our best intentions. Don't allow us to save perhaps as much as we expect to, and I think you have the opportunity there is to make sure through Social Security you at least have that base of income which is intended to account for up to 40% of your pre-retirement income during that retirement season as opposed to opting out to something else. So I think if you have the ability to pay, and as long as you can get enough qualifying credits that go listen all the best to you Mike and the sun next is likely appreciate you do it for us today. So glad to have you along with us today moneywise live is a partnership between moneywise media and movie radio want to say thank you to my team today cavity on phone Stan Anderson was our producer today. Robert Sutherland research today think here as well. Lord willing, I'll be back tomorrow all over again.

I hope you join