Avoid Crowds, Save Money This Summer

How do you forgive particularly when he's your grandfather. My name is Brian don't post of a brand-new podcast called the grandfather this podcast is five years making contains interviews, ponderings, and wrestling with my family, faith in what forgiveness really looks like in the face of generational sin if you listen carefully you'll hear more than a story about my family, you hear a story about yours streaming out on the Moody radio app and anywhere you listen to podcasts asked if a certain restaurant was popular in the late great Yogi Berra said nobody goes there. It's too crowded around West you decided on a vacation destination this summer. If not, you can still save money by avoiding the crowds talk about that verse today limits on your calls at 800-525-7000 24 700-525-7000. This is moneywise live biblical wisdom for your financial so buses everywhere.

Travel restrictions are easing and people will head out in droves. The summer in fact a nerd wallet survey found that, incredibly, 7/10 Americans are making plans for leisure travel in the next 12 months we reported earlier that air travel is now back up to mere pre-pandemic levels and hotels and vacation rentals are way up to then so are prices rapidly rising oil prices are expected to have a big impact on travel costs this summer. That's putting upward pressure on airline ticket prices than what you're paying at the pump.

That said, it could be difficult to stay within your vacation budget this summer, unless you choose a destination far from the maddening crowd going where others aren't, could just be your ticket to saving money this summer. If a spot is popular, you can expect to pay higher prices for travel there and lodging. Once you arrive at simple economics again when something is in demand and the supply is limited, well, prices go up.

We've seen that with the price of new and used cars this year and it holds true for vacation rentals to so let's start our search for vacation destinations by eliminating a few places where you're likely to have trouble staying on budget heading that list is Mexico. If you can believe that occupancy rates for vacation rentals in Mexico were up 40% over 2019.

In fact, they're actually higher now than in 2019. If you're planning to stay in the US this summer. As most people will be avoid the crowd rule remains in effect. That's why it's no surprise that the most expensive domestic destinations are all big cities. The top five include New York, Las Vegas, Chicago, San Francisco and Miami but avoiding any big city will likely make staying on budget much easier. You might also want to avoid what the travel.com calls the most overrated vacation spots in the US and again these all have big crowds.

They include iconic landmarks like the Hollywood walk of fame. Times Square in New York. The four corners Monument where New Mexico, Arizona, Utah and Colorado meet in one spot the mall of America in Minneapolis and interestingly enough either of the two Disney theme parks Disney made the list due to super inflated ticket prices and having to wait hours to get on a ride. That doesn't sound like a fun way to spend our hard earned vacation dollars. So if any of those destinations are on your bucket list.

Well, you might want to book in the off-season.

Speaking of booking. It's a general rule that to find a vacancy you want to book as far ahead as possible and that makes sense for availability.

But did you know that the further ahead you locking your reservation, the more likely you are to pay top rates, that's true.

On the other hand, the closer you are to your vacation dates, the less you'll pay. That is, of course, if you can find a vacancy and that's the chance you have to take. By waiting now. The reason for this is simple and it holds true for airlines and hotels, airline seats and hotel rooms are highly perishable items if they go unsold on a given day while they're gone forever and can never be sold on that day. Again, that's why prices fall as a given date nears, and that rule is especially true of vendors aren't seeing hordes of people clamoring for travel and lodging accommodations which is the reason you can save money by staying off the beaten path where would those destinations be well for starters, just about any national Park and you don't have to be a camper to enjoy them. Most have ample hotel and motel accommodations nearby topping this list. According to US news are the Grand Canyon, glacier Olympic and Sequoia national parks you can take in the glorious sights of God's creation from your car by stopping and dozens of scenic overlooks for my day hiking the trails then returned to your company hotel room at the end of the day outside of our nations parks budget friendly destinations including St. Augustine, Florida, Gatlinburg, Tennessee. Max hand on North Carolina's Outer Banks. Finally, Colorado Springs) doorstep.

The Rocky Mountains, those are all great places where you can get more for you. Let us know how that turns out all right. You're causing next 525-7000 Rob Weston is moneywise line around West euros will be take your calls and questions here just a moment the number to call to get in on the conversation with your financial topics is 800-525-7000 good. Give us a call right now 800-525-7000 Amy standing by to receive your call will try to get you on the air quickly.

All right day we started today with the vacation planning how you can do it on a budget.

Staying away from the crowds. Hopefully getting out seeing some of God's creation and enjoying time with friends and family. If you want to read more about what we were sharing in terms of some of those ideas in article with the same title as our opening segment today avoiding the crowds and saving money this summer is available on our website right there on the homepage is one of our featured articles@moneywise.org.

You'll also find another article called 10 free summer family fun ideas of F's and that 10, free summer family fun ideas are amazing guy writer Jim Henry has put that together with some great ideas for you to enjoy time with family absolutely free this summer so make sure you check that out as well.

It's all there in moneywise.org. By the way while you're there. Create a free moneywise account that unlocks a lot of the great things we can offer you.

Your participation in, or moneywise community where folks are asking questions and sharing ideas all the time and it will ensure that you get our moneywise weekly wisdom email that goes out each Thursday to sign up it's free. When you get to moneywise.org I were to begin to take your phone calls today.

Again, the few lines open. Would love to hear from you. 800-525-7000 will begin today in northern Iowa, Jim, thank you for calling the right answer. I'm 59 years old my wife married longtime listers went back date. Larry Burket was on loan we established, we established a plan. We listen a lot took a lot of what he said in we set our goals. We met them much exceeded them in with the tools we got for financial packages. It looks like we can be good indoor night.

I think it we think our stewardship and are giving their where they should be and with all that now 69. I'm looking at minimum required distribution coming up soon. Where were going to have to take out more money so it's like okay we did the old plan, but now what's the new plant because I really don't know.

Well first of all thank you for your testimony, Jim and for mentioning the way Larry Burket there's not a week that goes by that somebody on this program doesn't mention the impact that Larry ministry of Christian financial concepts had on their lives amazing to see how God continues to use what Larry started and that continues to bless folks with his that Larry is God's financial principles that Larry was so effective at delivering you've applied those principles.

Jim and now you're experiencing the fruit of that as you say listen. We've accomplished or even exceeded our goals and objectives. What now and I think there's an opportunity to step back and say okay if there's really only a few things we can do with money. The money we live on the money we give the money we owe for debt and taxes and the money we grow as we move through our lives. Actually, we eliminate several of those right so the live bucket if you will. That's our lifestyle at some point we say enough's enough to weave. We've capped our lifestyle. We don't need to have any more in the way of lifestyle so that bucket goes away and then we pay off all of our debts and were not paying any more taxes.

In fact, the more we give our taxes tend to come down so that buckets gone and so were just left with the big grow in the give and the question is how much should we allocate to each one, and I think the beginning point of that is to say, will what is our financial finish line. We need a finish line for lifestyle.

That's the live bucket. That's how much we want to spend on a ongoing basis to fund our lifestyle but that when you finish line for our balance sheet as well for that amount that we want to save and as you said you were planning to be able to cover your lifestyle well into your 90s.

I think that's a good idea. Most folks today from a planning perspective will plan through age 95 because folks are living longer and if the Lord, to reason, you're in good health and we don't know what our next breath will be but we should certainly plan to continue to fund our expenses through our mid 90s. At a minimum and you could live longer than that.

Clearly, a lot of folks are but at some point we need to say okay there's a finish line to that and beyond that point were not just going to continue to accumulate which really then just puts the spotlight back on that giving bucket that you may have plans or desires with regard to an inheritance and how you want to bless the kids but that could also be done now by way of actual gifts that are given but also through getting starting to help to develop that giving my soul in the next generation or errors and letting them participate with you in that and then also the direct giving that God might lay on your heart to do. Now, you mentioned a required minimum distribution and that's a great opportunity for giving because when that time comes.

Jim, at age 72, and you have to take that money out of those retirement accounts, IRAs, and you don't need it because as you said your expenses are essentially covered through a qualified charitable distribution. You can actually make a gift of the required minimum each year directly to a ministry or charities satisfy that RMD requirement from the government and ensure that they get more and you don't have anything to your adjusted gross income because it's not actually be realized by you so that everybody wins. In that scenario, but give me your thoughts on that in tell me your thoughts on this idea of setting a finish line and perhaps increasing your giving over time.

Yet we actually have a giving bucket in our annual budget for the tide. Now we have another one for about and one yet when things come up. You know we do give the idea that you did bring that something interesting is bringing the kids and the grandkids may be into some of that to say okay will get this minimum required distribution.

There's going to be canonical or wealthy, but there will be enough date you could make a dent in some kind of local charity or local need that that comes our way and maybe get some input from them. Yeah, yeah, I like that it why think that would be great because here's the opportunity you know is you think about what you're passing on to them. Of course there's someday going to be the financial capital that you'll pass on, but there's the spiritual and the character capital as well. And the idea that you would take a portion of what God is giving you and actually allow that to be used in such a way that you can allow them to experience the joy of giving with your influence and participating with you in that activity using a donor advised fund is actually a great tool for that. I Jim if you're familiar with that I would check it out are friends of the National Christian foundation set these up every day in CF giving.com. Think of it like a charitable checking account where the distributions and the contributions can be made right into the, the donor advised fund and then as you and/or the kids make decisions on where that money is to go then you literally with a few clicks of a button either in your name or anonymously grant that out to whatever charity or ministry choose, so it's a great tool to use as your making those decisions up to get some prayerful thought to what is enough, both for lifestyle and balance sheet as well as thinking creatively about how you can bring the kids or grandkids into some of this giving and just have some fun and enjoying the fruit of what God is giving you and blessing of the same time I Jim, thanks for sharing your story today when encouragement to those folks there yet, but hearing testimony of how God's faithfulness and principles work out of the way you have in your life because were thanks returning it moneywise live with us today. We got lines over here from what's on your mind. Speaking is spending plan is attained out.

Dad perhaps saving for the future might be love to hear from you the number to call is 800-525-7000 got someone's open 800-525-7000 but said next to North Miami Beach, Florida Rosemarie, thank you for going to read why I am a current out that rent paid in full guy like a 4% return on direct and then I have a counter which my son and I have $30 credit card that you currently delete it minimum. Haven't been able to patent law tell if I sound the kind out have enough money to pay all my pill couldn't get in the car, which Amy line has 205,000 miles breaking apart in every single way. I'm sure that an extra $200,000. I don't know Graham can you put that money well and she said you know the key right now is to get out from under this credit card debt. But at the same time I want to make sure that we're solving the problem that led to the debt in the first place was that the money that their debt that you accrued over long period of time, despite spending beyond your means or was there a single event that led to that to tell me about how you arrived at that amount. When I moved it went thing I would think know I couldn't find a job that Galatians shall I because I have good credit. Creditors are willing to give me all the credit card five years.

I'm struggling.

It's making me sick. I can't sleep. I just don't feel going down and working toward Chad and workable right now we are currently doing everything… The fairy independent contractors. I don't have a 401(k).

I don't PTO to take time off if I don't work on the don't get paint so I returned that condo not counting all my old age.

I am sure that in a minute. Click the linear exit $200,000. What do I do with it will from my old age. Well, you got a couple of options are as you said, clearly want to get out from under this credit card that not only having a financial impact on you, but a physical impact on you and I can understand why, especially without steady income, although I'm glad to hear that even as an independent contractor. You have been able to get the work you need to cover your bills so you got a couple of choices one would be to try to fund this debt reduction through debt management program where essentially get on a level monthly payment fits in your budget, they would get the interest rates reduced through the debt management program and you could pay off 80% faster, it would take a good bit of time, but at least you'd see those debts going in the right direction and know that you're working on a plan to get out from under that and as long as you could build up an emergency fund of at least a couple thousand dollars to be there to fall back on why you're paying this off and and your cash flowing positively the condo to not only cover your expenses there, but also to put something away for maintenance and upkeep and assessments things like that, then that is one way that you could go the other is as you said to leverage this hot real estate market especially there in Miami Beach.

One of the hottest in the country I go and get out from under that at top dollar probably take that money pay off anything you have there. As long as you are disciplined and committed to living on a budget so that that money doesn't slip through your fingers. And then I would say what you would do at that point is begin to put that into a like a separate IRA which is for folks in your position that own their own businesses or independent contractors where you could put away a good bit of money. In some cases upwards of $50,000 a year and then you would begin to dollar cost that average that into the stock market and while the market is down here to go further, sure, but you're clearly buying in at lower levels than you would have three months ago are certainly a year ago and then you could build a stock and bond portfolio that would allow that money to grow on a tax-deferred basis. As you move more and more of it into that separate IRA so I think the key for you right now is really just to figure out what your the option that you feel the best about in terms of getting out from under you know this selling off the other the condo and paying everything off and then investing that for trying to ride it out. Keep the condo let that continue to appreciate and again sell for real estate has done well probably will do well in the future and then trying to use a debt management program to pay off the debt little bit slower but certainly without paying as much interest as you will, that these higher interest rates. Give me your thoughts on going that are killing time. I'm not very good with stock market area table from me.

I wouldn't even know that I like something like knowing that I own a property appraised money and comfortable with not sure calling. Well that's I think that's a great option in the good news is, you still got all of your options open at some point you decide you know what I just can't do this anymore.

I need to sell the property and pay this off.

You can do that you're keeping your options open. So where I go from here as I contact her friends at Christian credit counselors Rosemarie you'll find them online@christiancreditcounselors.org their believers go over your budget, go over all of your debts and say exactly what the new interest rates will be come up with one monthly payment fits in your budget and then help you start to make some real progress on the other key though is. Let's make sure we cut his ship are spending out on a monthly basis we can free up more margin really want you to fund an emergency fund of at least three months expenses, especially as an independent contractor so that when the unexpected comes and it will, you're ready to pay for that without ever write back the money was joining us today. I moneywise live biblical wisdom for your financial decisions. Just a moment will be heading back to the phone lines open. Perhaps one of those just for you. 800-525-7000 is in a medical we had to those phones. Talk to you about weight yeah when it comes to our finances so often there's pressure out there to spend our money right now, you've all heard it. Don't miss the opportunity. This is a once-in-a-lifetime Bible for the interest rates go up. Don't miss out on this investment option. This can be great for you and there's pressure to act fast when it comes to spending or even investing money and we just gotta be careful on that you know as stewards of God's money.

We need to be careful in how we manage's the King of Kings resources Psalm 33 Dean says behold the eye of the Lord is on those who fear him, send this on those who wait for his faithfulness in we serve a God who is not in a hurry. He has a plan for us and it's a good one.

We just have to pay attention so there's often wisdom in waiting, and I think one of the keys is that when we weight it gives us several things. Number one, it gives us the time we need to listen to the Lord to read his word. Pray about a decision we don't have to always move so quickly. Waiting gives us time to consider other options especially when it comes to a big purchase, taking the chance to her the opportunity to step back and perhaps even wait 30 days before you make that big purchase will often result in you making a different decision awaiting gives you time to get wise advice from a financial counselor or financial advisor. Even so, I think the others will benefit there now when it comes to husbands and wives in this so often we've married the opposite to us. One of us might be the well just look before you leap kind of person the others slow and methodical about making decisions.

Keep in mind, God didn't give your spouse to frustrate you, but to complete you.

So take the time to appreciate what other brings to the table in making decisions there might be a little tension there but listen to each other and recognize that God can often speak through your spouses are making big decisions. Is it ever more unwise to act quickly. No, I think there's a place for that as long as you got all the information and advice you need, you can absolutely move quickly. In some cases without being foolish. So I would just say if you're contemplating a big decision. Just remember there's wisdom in waiting before you jump right. Okay, let's head back to the phones 800 525 7000s a number to call its 800-525-7000 just about will be in Tampa but next up Kokomo, Indiana Patty, thanks for calling the red card for my large company bankrupt me and for retirement. Our infinitely five-year term from somebody at Cherry 50,000 that all I got right now because I in 2009 I lost all my medical insurance and everything me about 5000 a year and mix it back to hundred and 35 and I hate cancer in 2014 and 2019. So I really don't know what to do at this point I made 135 amount and stop when I'm 85 okay so this is just a straight term life insurance policy that is a right five-year okay and what is the death benefit on what would payout if something were happening now who's the beneficiary on that grant okay and Barry need to hear and I see okay.

Is that really the primary purpose for any reason is he a lifelong dependent.

Does he have a need for this money, or is it really just to be to cover burial expenses and then to bless them with whatever portion is remaining that have a condo that I brought in 2004 brand-new but it won't be paid for in the lease car. I know you can turn it back and I don't plan on having any bills except working at the ferry to live on sure and do you have any other assets to's checking account, savings accounts, what other assets do you have an answer and okay so you're living on Social Security alone and okay and what is the value that retirement account monthly luncheon $183 okay very good.

Yeah so I think the opportunity here is to say you know what this is going to run out anyway and if your the Lord to gives you more time and none of us know when he's going to call us home but you could clearly outlive this, so this term policy, and you obviously have other uses for this hundred and $35 a month so I think the question is, could you look to canceling this policy and reclaiming that $135 and perhaps begin setting that aside every month to build up a savings account that could be used for these burial expenses and look to do that in a way will you make some of those decisions in advance to some of that planning and put this money aside because once you've accumulated what you need Patty to cover those final expenses then that's money you can reclaiming your budget. At that point in this policy may never payout if you live beyond the term, at which point it will certainly be cost prohibitive. So I think perhaps there's another way for you as you consider your what you might do to eliminate this policy, which really has no purpose other than to provide for these final expenses right right no guarantee or anything.

I had another friend looked at and and never been told that I could get the same thing and I didn't think I could get anything out burial because I'm having cancer right that in 2019.

The Further treatment with preparing communion the Lord told him they helped me not any treatment well well that's incredible and we certainly serve the great physician, so I'm not surprised to hear that. Well I think that's the opportunity you have is to begin to think through how you might plan for the costs you incur your funeral costs and so forth and begin to set this money aside to build something up so that whatever assets that you have could be converted to pay for this.

In addition to reclaiming this life insurance so I would give that some careful consideration because I know you could probably use these funds and at some point you this this life insurance policies going to go away anyway so you might as well take that money right now and begin setting aside, thanks for your call today. Listen all the best to you and if we can help you along the way, don't hesitate to let us know before we take our next brake override you just a few lines open.

Would love to hear from you and perhaps get you in on the program today in her final segment 800-525-7000.

Let me also remind you that moneywise live in moneywise media is listener supported, which means that we rely on your financial support in order to do what we do on the air each day. You can give quickly and safely online on our website moneywise.org just click the donate button to find a secure web form. There you can give online. You also find our address if you'd like to mail a gift in a free and talk to our team certainly appreciate your gifts prior to June 30 with our fiscal year and plan for an exciting ministry beginning July 1. You can make your gifts today in moneywise.org just click the donate button to pause for a brief break we come back much more just questions coming up here is because 800-525-7000 five moneywise live with your decisions.

Just amenable back to the phone first Monday in glad it is looking forward to hearing from Bob Dole for the last week about his chief officer crossbar global investments and joins us in this segment. Each Monday to share his insights on the market and Bob I hope you have some insights today. You always do, but what we need to know where we know that the Dow Jones average went down eight weeks in a row. Rob, the longest streak since 1923. Painful, but today we forget all that tall green, a big update today.

Overdue markets oversold.

I think there's more to go on the upside, but if still not convinced we've seen the bottom.

You know the entire decline. Rob is been valuation related inflation goes up, so interest rates go up, so price-earnings ratios come down, during which time analysts have raised their earnings of so investors of more than mark down valuations and analysts have been able to earnings up.

I fear we're going to see some earnings revision to the downside and that's going to keep us from having a big rally and going back out to all-time highs where we were not too long ago.

Yeah.

So in terms of the economic data and the forecasts from companies is there looking out over the balance of the year. What you make of where we stand today and what we might see this plays out the dichotomy there as well.

Economist Rob as you know are decreasing their GDP estimates for the US economy for this year to put numbers on it come into the year. Analysts were looking for three laws of the number.

Today consensus is to minus a little bit. I think 1.9 is where we are, during which time analysts have raised better estimates for company earnings. Earnings that most stocks but the fear is the analyst will be the last to know it's time to cut the estimate so there's a tug-of-war going on there as well. My serious economy is going to slow, not a recession. We talked about that before I met my guess is mop this year with a lot of smart people saying otherwise yeah doubts about this talk about price-to-earnings ratios and obviously that's a key metric in terms of stock valuations.

Where were we, where are we today and what's the right level that we should be out to say that the market is fairly valued so the long-term average, which corresponds, the last 10 years. Last 25 years and even longer is about eating times earnings. Of course, 50% of time. This market sells higher than 50. I'm lower that just an average we were in the 20s for some time during the pandemic and post pandemic right up to the end of last year we came into this year. 21 1/2 times earnings and were around 16 times level play a little bit higher now, but under 70 so you might say were closer to their fair value markets that are overvalued often go to undervaluation before they come back to normal so it's good to know in the long term sense, but is not a good timing to market. Bob obviously inflation continues to be the headline, but also wages any new developments on either of those fronts, you know it's only straws in the wind and what anecdotal we're starting to see some signs that both overall inflation as well as wage rates in particular are coming off the boil up it the strong revenues I would give. Of course, is the government release of inflation. Consumer price index and producer price index just a couple weeks ago for the month of April down from March and you know we've been talking about sometime in the second quarter. Inflation peeking and falling for the balance of this year, but not back to where we were. So to still unacceptable levels, but were seeing evidence of some decline in inflation. Sorry, last question, Bob. Obviously one of the headlines last week. Driving the market down was related to call us gives me target and a few other retailers anything to make of that really surprised by how big of a mess. There was there on their earnings. I'm surprised more so how hard the stocks were that the company came out with good revenues better than expected. The problem is were beginning to see some margin pressure as customers are starting to bellyache about paying the higher prices so the investment community is concerned that there will be earnings pressure on the company.

That's why they get them so hard. Interesting spy bubble. We always appreciate your comments and sentiments, my friend.

I know this is a great time for the stock pickers like you can get in there and find some bargains. I'm sure you're doing plenty of hunting were trying to trying to do the rubble to find a defined the gems very good will look forward to talking to you next week. Thanks my friend there are Bob Dole chief investment officer, crossbar, global investments, you can sign up to receive his doll's deliberations across more global.com are back to the phones we go Tampa, Florida Michelle, thank you for waiting patiently to read state of Florida and play for 25 years now and I'm eligible to retire in five more years. I have my 30 year service. I checked with my retirement before it retirement system have an option between attention and I have to buying into the investment demand that I'm currently in. If I cheat and buy into the pension plan $67,000 that I have to pay and what it weighed daily and that meant plan would pay me $1000 a month till I die. Attention plan would pay me $2000 a month until I die. Yes, this is all because the market have poor sure chirps. You obviously have the ability to transfer the investment plan to the pension plan. If you buy in and you can pay for that out of your investment plan balance but do you not have enough in that is the 67,000. The shortfall exactly I thought about taking out a loan in my I wouldn't do that. So what is the balance on the investment account right now hundred and 57 out of the end.

Okay and what is it you're looking to do you, how far off as retirement is my first question I can retire at 55 that would be wonderful. But I have not really planned to retire until I'm 62 and I have to work past and okay and when you look at your budget. What you think you will need to generate from this investment plan or pension to cover any gap that Social Security doesn't cover not sure my property paid off and I don't have any credit card debt my card and I don't have any other debt.

Okay, well, you know, I would say because you don't have the money right now to convert to the pension even though it may seem like a great option for you because you're transferring the risk to the FRS of Florida retirement system and not bearing that yourself because you have a shortfall there and because I think your time horizon is still good in the sense that you know you still got in a potentially ill 10 years 12 years for this money to grow and even what we were just talking about with a potential recession later this year.

Next year are typically those only last 11 months, on average, so we would gonna move through that in all things being equal, we moved to higher highs and the nice thing about the Florida retirement system. It's a great time. Retirement system and the investments will give you 100% of the upside, as opposed to you moving into the pension plan and being limited to what they will pay out and they will turn around and invest that and just keep the difference. So I think you know, given what I've heard today. Apart from doing some planning with a financial planner to look at all of your financial life. I think just focusing on this one decision. Given the gap that you have. I probably just continue to work continue to put in your 3% or whatever you're putting in each year and let the investments do what they're going to do over the next 10 or 12 years to accrue as much.

As you can.

You're already on track to pay down or pay off your debt.

By the time you retire completely. That's a great thing so that you can keep your lifestyle was minimal as possible so that between the what these investments grow to and what you could pull out as a monthly income plus Social Security you should have what you need.

So if it were me, I probably sit right here where you are just continued to dollar cost average into the retirement account. Thank you so much I appreciate your time. All right, Michelle, God bless you. We appreciate your call today. Let's finish in Tampa Florida. Michelle got just a few moments left out to help you, excuse me Elizabeth is where were headed next Wheeling cargo. How can I help you would like for you to give me an explanation of the meaning of minimum requirement distribution. Yes ma'am.

So the required minimum distribution or what you might often here referred to as an RMD is the amount that you have to take out each year from your retirement account and it's based on a table that is furnished by the IRS, Internal Revenue Service, and basically it's an amount that relates to your balance and your age. So when you reach age 72, the IRS says you have to take out a minimum amount each year from your IRA, your tax-deferred account which is going to generate tax revenues for them because it's taxable money and then you're free to do with it what you want deal at that point, so you'll have to take that once per year, and I get that money out and at least meet the minimum or else you'll have penalties at that point you can do what's called a qualified charitable distribution. We talk about often.

And that's where instead of taking that money and pulling out and putting it in your account you can transfer to a charity and perhaps even absent offset other giving planning to do out of cash satisfy the RMD, but not receive taxable income comes with it.

We gotta finish the program, you stand the wireless because I want to make sure you understood that answering the question was media. Thank you, Jim, and thank you for being here is welcome to join us tomorrow