Taking Financial Risks

This is Damon Baxter and I serve as business development director for MIDI radio. The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you.

We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and the direct lender advantage@unitedfaithmortgage.com thanks to you and to United faith mortgage for supporting beauty radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330.

Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. This is Damon Baxter and I serve as business development director for MIDI radio.

The only reason were able to spread the gospel of Jesus Christ on the radio is because of financial support from listeners like you. We also have businesses support us to like United States mortgage faith and family is at their core, it's why they choose to be such a close partner with our station is why they specifically advertise on Christian radio stations across the country. It's wife, father and son, John and Ryan still lead the company to this day. Check out United faith mortgage and their direct lender advantage@unitedfaithmortgage.com thanks to you and to United faith mortgage for supporting beauty radio United faith mortgage is a DBA of United mortgage Corp. 25 Belleville Park Rd., Melville, NY license mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and you play the lottery visit casinos. Probably not.

If you read Proverbs 13 1112 gained hastily will dwindle. Whoever gathers little by little will increase by Rob West even if you've never bought a scratch off ticket. Did you know you could still be gambling with the resources God is giving you all explain how first today that it's on your calls and questions at 800-525-7000 24 seven. 800-525-7000. This is moneywise live biblical wisdom for your financial decisions. I'm talking about taking unnecessary your finances and you may not even realize you're doing it.

So let's go over a list of ways you could be putting your finances at risk of the first one is something we talk about often. And it's not being prepared for unexpected emergencies. Surveys have shown that 4/10 Americans have little or no emergency fund hit with as little as a $400 emergency they'd have to borrow that's not much of an emergency. But that small amount could still throw their finances in the chaos. Imagine how unprepared they be for a real emergency, like losing a job with no resources to fall back on day go into dad work move in with relatives or worse, maybe even becoming homeless.

In cases of extreme poverty and may be impossible to say but for most people living paycheck to paycheck. It's a matter of discipline. Proverbs 6 tells us that even insects know the importance of saving. It reads, go to the yet consider her ways and be wise without having any chief officer or ruler. She prepares her bread in summer and gathers her food in harvest. Also, we can't stress enough the importance of having a spending plan that guides you to live on less than you earn so you can build up an emergency fund there. The three staples of financial stability.

Another way to take unnecessary financial risks is with insurance or rather the lack of insurance.

Surveys show that 1/5 households with children under 18 have no life insurance. The financial impact on that family could be catastrophic. If something happened to the breadwinner.

The number of folks without life insurance would be much higher if not for employer-provided coverage. The majority of families with life insurance go with that type of group plan over individual policies. While it's good to have some insurance. Those plans might not offer all the coverage your family needs. Sometimes people just check the box with the lowest premium cost without doing the math. Luke 1428 warns for which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it. Anyone with dependents who isn't independently wealthy. Needs life insurance. We recommend an inexpensive term life insurance policy that pays 10 to 15 times the take-home pay of the breadwinner stay at home parents also need life insurance because of the cost of childcare should something happen to them. Another financial risk is not having health insurance even after the affordable care act.

About one in 10 families are still uninsured for medical costs.

The main reason many people resisted Obama care is the high premiums and deductibles for those who don't qualify for subsidies if that's held you back, lower cost alternative cost-sharing plans are available and we recommend Christian healthcare ministries. They follow a biblical blueprint that enables believers to help each other with medical expenses for sharing each other's burdens Christian healthcare ministries is actually celebrating its 40th anniversary this year and there found it on Galatians 6 to bear one another's burdens, and so fulfill the law of Christ that you can find out more about medical cost-sharing@chministries.org.

Now, what if an accident or medical condition prevents the family breadwinner from working.

That's another unnecessary financial risk for the one third of working Americans who have no disability insurance.

A common mistake is thinking. You don't need disability insurance because Social Security has disability benefits for those who are paying into the system and qualify the problem is those payments probably wouldn't cover all of your expenses. If you can't work and there's one more financial risk that far too many people take. And that's not having long-term care insurance. You don't want to head into your golden years without statistics show that someone turning 65 today has a 70% chance of meeting long-term care services in their remaining years. We recommend looking into long-term care insurance between ages 60 and 65 experts call that the sweet spot for getting long-term care coverage so those are some financial risks you shouldn't take. Forewarned is forearmed are at your calls or next. 800-525-7000. This is moneywise live back to moneywise live as opposed to just a moment. Will be taking your calls and questions on anything financially got some lines open today would love to hear from you.

Whatever's on your mind, here's the number 800-525-7000. That's 800-525-7000 that were going to begin today in Chattanooga, Tennessee hi Marie, how can I help you, Mike and will think so well so mom and adult child and wanted Lyons to allow for him to have an inheritance, especially something to get married. I can't that could get everything packed and I didn't have a will, but excited.

I've also had given even if I do have a will he could crank a little. So my question is, is that Bennett before I got married all away. Yeah, it's a great question and you are going to need to get some legal counsel here.

I'm not an attorney but this would certainly be one of those triggering events Marie that requires you to not only update your legal documents, including the will, but also a durable power of attorney or healthcare surrogate updating beneficiaries of this type of the transition into marriage, especially later in life without an adult child is something that requires you just to make sure you have everything in place and it is going to vary by state, and on some cases, what you may be referring to is a will can be in invalidated if you marry later and have a child you know. So both the marriage and the birth of the child have to occur after execution of the will for it to be invalidated, but it doesn't sound like that will be the case here. However, as I said, you need to get some legal counsel just to make sure first that you've decided in this good is going to need to involve communication with your future spouse for you all to be on the same page about how you want to handle your finances as you enter marriage obviously to become one. But when you marry later, especially when you've had a previous marriage and/or a child, you just want to think through that and be open and honest with one another, recognizing that once you marry everything is shared including your finances but you may want to approach in this situation, certain assets differently that are brought into marriage.

Later in life, and as long as there's open communication. It's gathers trust built, and everybody's on the same page about that on the front end promoting togetherness but also honest dialogue about a child that is from you outside this marriage. I think that's okay. And then you go visit with the attorney. Once you've talked through that and you are on the same page to say okay now how do we execute this plan in a legal document and that's where an attorney can draw that up for you, including perhaps will will most certainly include willing, you may want to include other legal instruments as well, so I would encourage you to go ahead and visit with that person prior to marriage. Once you and your fianc� have discussed that and the decided how you'd like to proceed and talk through it and then based on the laws in your state.

It will be drafted and executed at the appropriate time if you don't know a godly estate planning attorney there in Chattanooga.

Marie, I'd encourage you to contact the certified kingdom advisor on her website and ask for a referral. You can do that on our website moneywise live.org just click find a CK, but I'm glad you're thinking about this, beyond though the estate planning. I would make sure that you and your fianc� have talked at length about finances in general. Know what are your money personalities, how was money handled even growing up in in seasons prior to now your marriage. How do you then join all of that together, what are you bringing into the marriage, both in the way of assets as well as liabilities what lifestyle is God called you to. What about giving you all of those things need to be discussed in advance so that you all can really begin to establish God's plan for your marriage.

So to gather as you pursue you where he's taking you that money can support that and not become a source of conflict by any means.

So I want to do to send you a copy of the Howard Dean's book money and marriage God's way. I think it will be an encouragement to you if you can read through that. But to absolutely go ahead and talk through and then take care of those estate planning issues that prior to marriage and we appreciate your call today 800-525-7000 two Chicago, Illinois hi Lupe how may help you grab a little all about how the weekly a bank that offered a component if you deposit money and they allow to do you know that each individual account and make you very careful with how we spend our money and how we you help me make it grow. So this is one way of making it grow a little bit more fresh and start that really many much options with you now making your money grow shoes.

I was wondering of that was if that was okay yeah well the thing I want to be sure of, though, is that you don't inadvertently end up with two accounts where you separate your finances and try to manage the them in the sense of this is mine and this is yours. And that's just going to foster something other than I believe oneness which is God's design for marriage. Now if you want to take advantage of a special offer.

I'd look at the fine print pretty closely just to make sure that this is the account you want long term. The bonus is nice but what you can be left with is an account that has any kind of interest rate associated with the savings portion are there maintenance fees. The are there certain number of their certain minimum balance you have to keep in are you limited to how many withdrawals you can take your checks you can write those types of things because that bonus will come and go, and then you'll be left with no perhaps more fees than you'd like. Moving forward, so I would just evaluate this on the merits of the account now as to whether you want to do to.

I assume just to get the bonus twice and you could certainly look at that. I can imagine that it's enough money for it to be meaningful and I think at the end of the day what I want you to be left with is one account where you will have a shared vision of your finances complete transparency would to between both husband and wife. One bookkeeper is find the person that has the greatest of propensity and wiring towards administration and details would be the one to handle the finances, but clearly, jointly, set goals, open communication, if not weekly, at least monthly and operating out of one account so it's altogether with one plan and everything gets combined.

No matter who earns it, or who incurs the expense or liability. So that's my primary concern. How you get there and what kind of bonuses you take advantage of. Along the way. That's of little concern to me as long as you end up with the right accounts, meaning I want low or no fees in them and you end up with a scenario moving forward, where you can operate jointly as a married couple with regard to all of your finances. Does that make sense though and there are no fees or anything like that and quickly for making our money work letter that Mark really an account that we like you and and we do have all our account that the joint said this would be you'd only keep it open as long as you needed to to be able to keep the bonus and then perhaps you close it at some point, yet I certainly don't have a problem with that as long as you read the fine print and understand what you're committing yourself to in order to get it, but the end of the day if you can find some free money. That's just good stewardship. So I like the track that you're on here Lupe and we appreciate your call very very much. Thanks for listening and your encouraging remarks.

The folks as we think about managing God's money would certainly want to be wise, and that means taking advantage of opportunities to earn more, save more, and certainly cut back where possible.

Living a life more simply, I think, is always a good idea. You know the paradox of prosperity says this and says the more you have more choices you have and the less real freedom. Think about that.

No, our lives, get fairly complex which robs us of perhaps time for the more it will be back.

Thanks for tuning in the moneywise live biblical wisdom for your financial decisions on my West Coast. We started today by talking about financial risks look like to take financial risks and what areas should well actually one of our featured articles@moneywiselive.org today is on that very topic for areas to avoid taking financial risks if you'd like to revisit that perhaps think a bit more deeply about whether these are areas that should be of concern to you, I'd encourage you to check it out again moneywise live.org just scroll down to our featured articles on the homepage and you'll see for areas to avoid taking financial risks with love for you to check it out today. Let's head back to the phones Crystal city, Missouri hi Diane, how can I assist have to wait back in May and I sold my house and gave the proceeds most of the proceeds to my son so he and his family could move because they're very unhappy where they're at and he's very hacking his job and he wants to move out of state so I have left my income, which is 3000 months and about 410,000 in stock and she thought that I should probably cash out the stock because of the way things are going in the country and I don't know what to do about that.

I don't know whether to leave it alone are the cash it all out, or some of that out. Yes, I will appreciate the background. Diane, are you still working now I'm retired okay and so you're living off of Social Security alone or what else makes a pack through my hands I'm at attention, security, and attention I see in the sauce.

Another house okay and it paid for the house I'm living in state for Christ excellence and where you are you able to cover your expenses every month with your Social Security and pension. Yes, okay, very good, and so the 410,000 is money that's available for down the road if you need it for medical expenses related some long-term care or something like that. You don't anticipate touching that money unless something comes out that's unforeseen correct correct okay very good and the money that you gave your son was at a gift or loan of some down and how is it. It was a gift okay very good you know I like the fact Diane that you you have your expenses covered. I assume you operate on a budget. You know exactly what it takes to cover your expenses. You live very fairly modestly. It sounds like you've got guaranteed income sources that will last for the rest of your life to cover that obviously it's great to have the assets to fall back on if you need them for something down the road and as I mentioned, that the thing that would perhaps erode your assets more significantly than anything else in this season of life is going to be medically related probably do to care that you might need down the road so clearly it's it's a great idea to have this money working for you.

The question is where now your son mention doesn't like the direction of the country assume he means you know, perhaps with political decisions or economically.

We do have some headwinds where 12 years into a raging bull market which means stocks knives except for a few speed bumps in the last couple weeks have recently been at all-time highs.

Is that going to continue and it going straight up from here know it. It just doesn't work like that.

And so we will have some bumps in the road. Clearly there are some situations going on with regard to the national data and other issues including inflation that has creeped up as of late is a result of a number of factors including the pandemic and the group the money creation that's going on in this country that we're dealing with, and that could cause I think some choppy markets ahead now.

Is there something that's going to be come crashing down.

I just don't see the base case for that, you know, inflation. If we continue to see that ahead of what the Federal Reserve looks for which is a target about 2 to 2 1/2% inflation a bit.

Be up above that actually promotes the stock market, increasing feel we have a very strong economy, the strongest in the world. Our debt is even though it's a lot higher than it was a decade ago is still relatively modest. Given the size of our economy versus the other nations in the world at 130% to GDP yellow so I just don't see the case for you pulling out of the marketing going somewhere else because if you go to cash, especially with the inflation were dealing with your to be losing purchasing power every day, so that money is not working for you and therefore it has the potential to buy less over time as the prices of goods and services increase, so I would just say conservatively invested, given where you're at in terms of you being in a retirement season you having your income covered in this just being money for you to fall back on if you need it.

Down the road. There's no reason for you to take unnecessary risk, but I still think that portfolio to grow that money, even conservatively, and I would put a target on that of maybe 4%, not six or eight or 10 were you taking a large amount of risk but a smaller amount.

Were you trying to outpace inflation allow this to continue to work for you and bring in some income over time.

I think that's the right approach and I would look to do that with investment advisor somebody could build that kind of portfolio for you for you to pull out your cash gold or something other than conservative portfolio stocks and bonds.

I just don't feel like is the right move, given where were at. And given the possible scenarios come down the road. I just don't think this is a house of cards to come tumbling down anytime soon is stable. I will talk a bit more off the air as we head into this break. I appreciate your call today I'll ask the Lord to give you some wisdom as you make decisions back to from last year.

We are talking just before the break, about where the country said where the economy is headed. What if you don't like some of the decisions being made in one way or another.

What about all this money creation yeah our national debt is skyrocketed. With that wealth you.

I think the starting point for all of it is to recognize ultimately were God's money manager.

He's not concerned, we place our trust in him is our provider. You will never abdicate his responsibility for provision to anyone or anything else.

But where to be found faithful with what passes through our hands. So what does that look like because we should be making wise decisions and we should have our eyes wide open our heads in the sand at the same time we have a tendency, as believers, I think, to rush to doomsday scenarios. Again we trust the Lord. But what we do about inflation and the national debt and where the stock markets headed from here will work to be doing a series on those hard conversations coming up in the next several weeks and I'm really excited to unpack is the US dollar going to be replaced as the reserve currency will no one knows but let's talk about it. What should we make of the fact that we are at 130% to debt to GDP, meaning our national debt versus the gross domestic product in this country. That's a significant rise over where we were just a year or even two years ago. How should we think about inflation.

Should there be a point where we pull out of the stock market will will cover all of those things and I think what you'll see is that we look to history. We look to God's word, we can proceed cautiously and wisely without getting fearful and ultimately trusting the Lord. But continuing on in again as I said before the break we have an incredibly strong and resilient economy. And whenever you have to play these scenarios out you have to think about the alternative, what would be the alternative to a falling or crashing US dollar. Well we saw situation in 2008 where there was a real financial crisis here in this country, and guess what the US dollar rose because when we start to think about where else were going to go, we don't have very many options so I will unpack all of that. Hopefully give you some encouragement take you back to God's word and get you to a place where you can operate with confidence, peace of mind and ultimately trust in the father and that's our objective. Moneywise, life it, we got some lines open today we'd love to hear from you. Here's the number 800-525-7000. That's 800-525-7000 were going to go to Fort Lauderdale, Florida my home town hi Ren�e can I help you today.

Very great, thanks. I just yes I have a hand and myself are using the program is best possible. Derek Brown financially target other credit cards and everything we put on the index cards. They put peanut meal would not connect bargaining eight aim to pay off. He wants to pay off one of the high credit cards that I might have to condo. The condo is actually next sure it's our income property down to $30,000 on 832 and we have about $15,000 credit card and a $12,000 credit card yet to golf and potatoes off first because that's what the government said. I'm like the income want to pay the sum will be able to give make larger heat on double payments, not just the payment that we would normally And so that's why I was calling okay so if I understand correctly, you're on track. You're making some progress financially. You've accomplished some of your initial goals. What you're trying to decide between paying off an investment property versus credit cards that I get the right do you already have an emergency savings.

Ren�e, we have some yes and I'm glad that you made us do that because her car got okay good I'm glad to hear that you like to see if you have credit card debt I'd start with the goal of $1500 and then let's get to the credit cards first and sue them can tipping my hand here on where I'm to go with your next move because I want to get out from under that high-interest credit card debt.

Then I go back to the emergency fund get that up to a minimum of three months expenses then I would start to think about the investment property listen if you're able to cover the expenses on that investment property than somebody else is paying the mortgage and as long as you're putting something aside for maintenance and reserves, and I'm hearing your even have a little bit, perhaps coming back to you.

That's a good thing.

And I guarantee the interest rate on that condo is a lot lower than on these two credit cards. So in terms of the total money you're spending to service the debt, the credit cards of the obvious next choice. I'd start with the $12,000 balance regardless of what the interest rate is because that's when you get paid off the quickest.

When you get paid that one off. Let's take the minimum payment on that.

Plus what you were sending extra let's go to the $15,000 credit card debt, and then I'd probably go back to the emergency fund get that up to 4 to 6 months expenses then to the condo and get that paid off. I just think that's the right priority use of that especially if again the condo is cash flowing in such a way that you're at the very minimum, covering the debt service and the expenses.

Does that make sense Ren�e tell tell Greg that he and I are thinking on the same page today, but only this time, let's not let it go to his head. I thank you very much God bless you Ren�e.

We appreciate your call today 800-5257 does.

I love it when I'm in the middle, right, you know I get that call the time heat. Normally they don't tell me which one is saying what they want to do and I have to pick and usually on the side of the other person and that doesn't always go well but 800-525-7000.

We got some lines open today we'd love to hear from you, but let's head to Illinois Amaya.

How can I help you recall, while 38 years old and I had to girl and be on the deck I have right now are student loan. I carried cleaning my bike and I think I'm before I start incurring interest which is in March and my question and after IPF are student loans that habit you guilty.I'm not sure how to retire me or for how great question. So tell me your age 3838 okay and tell me what retirement options you have at work. Do you have a 401(k) for 3D 401(k) until I started going in conflict like the 401(k) okay you have an option to contribute to 401(k) okay and they are pretty matching on 6% so they'll match you dollar for dollar up to 6% is a right okay well listen I would absolutely take full advantage of that. Now if you have the conviction that you want to be debt free as soon as possible that I'd say go for that in the sense that you'd you tackle that student loan debt. But as soon as that's gone I would fully fund at the very least that 6% on that 401(k) because there's nowhere you can get 100% return on your money and that's what they're giving you Amaya every dollar you put in there to give you a dollar and that's phenomenal and that compounding effect over time as it's invested in. As you continue to contribute out of your your compensation every month. It's just going to build and build and build over the next perhaps 30 years and he'll have quite an essay down the road. Now when you get to the 6% let's stop there and take the rest and fund the down payment for the home, but I would get to the 6% first. Once you got the homeless try to get that up to 10 to 50%, and moneywise lives. They witness but grateful that it with us and moneywise live around West Coast. Have you joined our sponsorship program. That's the opportunity for you to come on board is moneywise media we do what we do only because of port of our listeners and if you'd like to become a partner of ours here at moneywise you can give beyond the gifts to your local church one time or as a monthly gift and if you get $25 more. Our gift to you between now and the end of the year is Paul David Tripp's amazing book redeeming money you'll see a way that you can donate right at the top of the page again moneywise. I got Oregon.

We would certainly be grateful. I let's head back to the phones today were going to let CO hi Obadiah.Don, thank you for calling.

How can I help and that I'm working My cricket player out. We'll hundred 14 and I was wondering, but I think I at eight $21,000 credit card cover any medical okay I lost you there for seconds. I heard your husband is retiring at the end of the year you got 114,000 that you own a home and you got about 150,000 in investments is that the sole amount of your investable assets or do you have let's say retirement accounts and other investments.

In addition to that, okay heart and what is your plan to fund your budget, your monthly expenses in retirement. Okay alright and how long do you plan to continue to work but five or six years okay and are you contributing to retirement plan at your work out right now. Okay I see.

Well, you know I wouldn't do anything right now. Don I think the key is you will have to develop a plan moving forward.

That's good is going to work.

Yeah, we've gotta get a retirement budget in place so you know exactly. Maybe Yorty know this but you need to know exactly what your expenses are you once your husband retires and then what your monthly need is an obviously we need to make sure that that's covered with a little bit a margin between your social his Social Security and your income, then we need a longer-term plan that says okay once you get to retirement age. What is your plan beyond that point. So if you're not continuing to accumulate the retirement assets.

Right now we need to be able to live solely on your Social Security and his challenges. Social Security was only intended to cover about 40% of what your monthly need is going to be in so typically it's not enough. And I realize that might be part of the reason you want to get this house paid off and that would be great. I'd love for you to be debt free in the season of life. I just don't want you to do it by eroding all of your assets because now although you don't have a mortgage payment.

And that's great that you don't have anything to fall back on if you had an unexpected expense and you know I want something growing for the future. And so if you all could either by him, perhaps thinking about praying about working part time once he retires from his current occupation to bring in some additional income.

Whatever you could do to pay down the mortgage using current cash flow as opposed to assets that are invested which, depending on what kind of account they are and may involve taxes and other types of of triggering events.

You know I'd love for you to do that without just pulling everything out of the market and and paying it off only because you really wouldn't have anything left to fall back on. So I think you need to push the pause button and do some planning.

Perhaps it with a retirement planning specialist, a certified financial planner who so also certify kingdom advisor and really just look at what's going on today where are you headed both at the end of the year as well as five or six years down the road into you when you're both retired and make sure that you have a plan that you can you buy into that will give you. I think some confidence but it will also tell you what your needs are.

Because, again, your current trajectory may not work in a without you all but finding a way to bring in some additional income either through him working perhaps part-time, delaying his retirement were you doing that as well so I certainly don't want you to pay off the mortgage today without doing some planning to figure out where you guys are headed that make sense okay. We appreciate your call date you want to connect with a financial planner, you can do that on our website moneywise live.org just click find CK. We appreciate your call today. Twin Lakes, Wisconsin hi Mike, I can help you think you could take my call. I am a teacher know that currently renting out future Illinois where part and I'll contribute the minimum Roth IRA pondering is that enough that amount right track that I be doing more yeah yeah well I appreciate that. I think the fact that you're young you're thinking about this is like your you're doing things right in terms of guilt, contributing to a plan having access to that pension and then on beyond that fund fully funding that Roth IRA I think is great.

I want to understand exactly what that pension offers you down the road so you can want to make sure you know what that is ultimately going to mean for you in terms of a monthly income stream and do some projections on that Roth IRA. I think that's certainly a good plan for now. I think the question is you know is it going to be enough when you get to that point and apart from some planning to really look at what is your lifestyle now and projecting that into the future and then comparing that into what reasonably you can expect from these two retirement assets down the road is probably the key so uncomfortable for now but let's do some planning alongside that so I connect with a financial planning professional Mike you can really just look over your situation and at the same time make sure that you made the right provisions for your will make sure you have in a plan for insurance so you're properly covered in all areas.

You got enough life insurance you know things like that you you can pay somebody for their time and I think you'll come away with some real confidence that you know this plan is going to work or perhaps if you're underfunded you what else you can do in terms of your other savings vehicles. So I had to our website moneywise live.org connect to the certify kingdom advisor and do a bit more planning, but I think for now, given your age and the things you just described to me. I'm pretty confident that you're off to a great start.

We appreciate your call today of Fairview, Tennessee hi Sherry, how can I assist you or you. I there were looking to Nate rich high cost of health I'm needing to get off the road and not travel is not just what I have done in the past but that means the income I don't know how the security really works. So could you understand yes absolutely.

You know that the very best way for you to understand what you need is to start by going to the Social Security's website and using the calculator that they have their it's a benefit calculator that will give you some details on exactly what you might expect that essentially, the benefits, though Sherry are based on your lifetime earnings so your actual earnings are adjusted or what they call indexed to an account for changes in average wages since you started contributing in and then they calculate your average monthly earnings during the 35 years in which you earned the most. Okay, so whenever you have a year where you are in higher than a previous year that replaces the year, but it's the highest 35 years and then they take that to determine how much your income will stream will be as long as you make it to full retirement age which is either 66 or 67 currently but in terms of what that means for you based on what you've been paying in and where they project you will be at full retirement age, that's where the Social Security administration can help you understand the actual dollar amount you would expect to receive. If you wait to full retirement age so the two ways to access that information are either to go to their website, SSA.gov and use the benefit calculator or schedule a meeting virtually with the Social Security Administration representative who can actually pull up your file and understand that the other thing is they do mail you once a year, a document that says what your projected benefits are based on what you been paying you and but their wonderful and would be happy to answer any questions you have and I think that be a great next step for you. So, again, that website, SSA.gov, let's quickly go to Illinois Rob we have just a minute left, talking here on the late $30,000 city spread out over a couple CDs used checking account. Virtually there, earning no interest at all. Statement that you made about the inflation rate. A worksheet losing money, having that money sent from account what you recommend that we do earn more interest to put that money to workforce. Yeah. Well clearly I would be looking for a savings account that can pay you a bit more, you know, typically a lot of the savings accounts that you'll hear us talk about are for consumers only see need to find one that will take business accounts so you could do that@bankrate.com or nerd wallet.com.

Both would give you some great options. I would also check with the some of the institutions that serve churches in particular like thrive in or ECC you evangelical Christian credit union.

I think the two great choices, but then really just any high yield savings account is about the best you can get with the safety that you're looking for interest rates, though argument is very exciting. We appreciate your call today. Rob is not as a partnership between radio and moneywise media. Thanks for being here today was my team. Robert Amy and Eric will be back tomorrow