Latest / Money In Motion with Klaas Financial / Hitting the Retirement Target

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Hitting the Retirement Target · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. And
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Happy Thursday to you. Our phone lines are open for your question. Six
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oh eight three two one thirteen ten. That's six eight three two one thirteen
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ten. Love to get you on the air this week with our retirement planning
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professionals from Class Financial. You can learn more about Class Financial on their website
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Class Financial dot com. That's k l aas Financial dot com. Great website
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to learn more about Class Financial their separate divisions. You can also learn about
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a little bit about what makes the team so unique, little a little bit
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about their background. Really cool website. Also an opportunity there to sign up
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for the weekly Market Pulse newsletter. Again that available to you at Cossfinancial dot
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com. That's k l aas Financial dot com. And the telephone number six
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oh eight four four two five six three seven that's for their Madison office.
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Of course, no charge for that initial gets to know you appointment det Class
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Financial will be complimentary to you again they're number six to eight four four two
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five six three seven and also as mentioned, joining us this morning are our
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retirement planning professionals, CJ. Closs and Malia Quavis. CJ. How you
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doing this week? I'm doing great. How are you, Sean? I'm
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doing really well. Malia? How are you this morning? Great? Happy
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November? I know, isn't that It's amazing? Is that no shave November?
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Something like that. Yeah, I started a little early this year.
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I'm guessing too real quick about the about the kind of the cooler temperature.
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Is this the time of year, Malia, where you guys start to see
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a lot of your clients that have the luxury of summer or wintering elsewhere.
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They start to kind of they love to give us. They love to give
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us the date they're actually leaving and the date they're coming back, which is
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not till like middle of next year. I don't understand that, but they
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do do that. Ow great. That is as we talk with CJ and
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Wilia this morning, that too can be you if you dream of those type
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of things. Of course, planning is important. Great day to start that
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converse. Give them a call a clause financial six eight four four two five
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six three seven. We're actually going to be talking this week specifically about kind
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of hitting that bullseye for your retirement plan, and it's going to be a
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fantastic conversation. You're going to want to pay close attention for a number of
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reasons. One just great information, but two also a chance for you to
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win a great prize this week, a twenty five dollars gift card to best
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Buy from our friends at Class Financial. With the class Quiz question leak a
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little bit. A little bit later on, we'll have a chance to win
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that. I'll tell you how specifically you can win it. But just a
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little tip right now, just pay close attention to the program because oftentimes both
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the question and answer come up during the program. And before we start talking
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about hitting your retirement bullseye and that retirement plan, let's take a look back
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at last week's class Quiz question week get the question and the answer there as
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well. Yeah, so last week we had a great conversation regarding the fact
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that we well, first of all, we're all aging, but we probably
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have aging parents, so you know, we need to be planning for that
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and sitting down with them and kind of looking at options. So if you
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didn't hear that show, go back and listen, because I think there's some
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good content. We did have a lot of listeners for our question of the
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week, the question was true or false. According to twenty twenty one data,
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adults age sixty five or older for account for almost seventeen percent of our
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current population, so true or false. David of Morrisonville, Wisconsin, Congratulations,
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you were our winner last week. He correctly answered true, So almost
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seventeen percent of our current population, which is going to double here in the
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next decade or two. So thanks for listening and listen carefully today. Great
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congratulations David, and great question last week. Great program all around, and
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as Malia mentioned, a lot of really good information if you missed part of
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that show, or of course, we understand sometimes to step out during the
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live broadcast as well. This morning, we've got to grab some coffee or
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pick up and drop off the kiddos somewhere. I know how that goes to
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grandkids. I mean as part of the show. You can always listen back
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at class financial dot com. That's k l a a s Financial dot com.
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Also subscribe to the website right online at class financial dot com. As
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mentioned, we're going to be talking about how to hit a bullseye and your
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retirement plan and I got to ask the big question CJ is is how would
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you suggest that we plan on hitting that target with the amount of you know,
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as far as amount of money we're putting away into our retirement accounts and
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of course planning for that future. Yeah, we talk a lot about strategies
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on the show about how to make sure we're on the right path today so
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that you know, someday in the future we can achieve that that desired retirement
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dream outcome. So hence the idea of how to visualize that bullseye and of
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course systematically work towards that goal. Now, one interesting fact as we start
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talking through this is we have found over the last you know, forty seven
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years of being in business that if we're to build kind of like a pie
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chart of how much of your long term financial success us will be your ability
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to do really good math versus how much will be driven by your good behaviors,
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we would say about eighty twenty. If you can't do math, it
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might cause some problems, but if you have good general behaviors financially, you'll
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probably be fine. So about eighty percent of the long term success outcome for
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people is very much behavior driven It's the reason why we talk about on this
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show of like systematizing or making things normal or automatic, because we know that
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the more you can build these automatic behaviors into your life, the higher the
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probability of success. Well, with that being said, being that many of
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our listeners are likely over fifty years old, retirement that looked like it was
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a long ways away may just be a few years away now it might only
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be ten, fifteen years or less away. And so of course the question
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is have I done or am I doing what I need to? The question
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many of us struggle with is, of course, how much will I really
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need in retirement and investment accounts to kind of support myself. Now, you've
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heard a say on the show before, we would generally say that most people
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will need seventy to eighty percent of their pre retirement income as they enter retirement.
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However, I just want to let you all know that is a rule
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of thumb. And you know what we have said about rules of thumb,
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they're very dangerous. So it's a rule of thumb. If you're going to
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refuse to go talk to a professional, think of seventy to eighty percent replacement.
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But a financial planner will actually dig into that data and make sure that
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that rule of thumb applies to you. So of course, you know,
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people will say, well, if I need seventy to eighty percent, then
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I can never retire, or how much do I need in my portfolio?
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Because if i'm you know, here's an example, if your household income is
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one hundred thousand dollars after taxes, then you could be looking at creating eighty
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thousand of income after taxes in your retirement. And some people say, well,
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goodness, eighty thousand. I I you know, I only have a
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million dollars at my retirement I got, which is a lot of money.
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And I've heard that I should only take forty five percent, and that's only
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forty to fifty thousand. So I'm you know, I'm screwed. I can't
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do this. Well, maybe you're not looking at social Security or perhaps a
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pension or some part time working income or rental income, or maybe you don't
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need eighty percent replacement. Maybe you only need sixty percent replacement because you paid
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off your mortgage. So you get the idea you want to slow down and
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take a look at how much of my income am I actually going to need
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to replace, or said another way, what will my expenses be when I'm
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in retirement and therefore how much income will I need to meet those expenses?
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Talking this morning with our retirement planning professionals from Class Financial, CJ, Coloss
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and Leequabas. We've got phone lines open for you if you've got a question,
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love to have you join us this morning. Six so eight three two
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one thirteen ten. That's three two one thirteen ten. Learn more about Class
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Financial online, great website COSS financial dot com. That's key l Aasfinancial dot
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com. And the telephone number for the office right here in Madison six h
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eight four four two five six three seven. No charge for that initial gets
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no you appointment tech Loss Financial. It will be complimentary to you again the
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number six oh eight four four two five six three seven. Let's break down
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some of those steps CJ. Then that folks should be it should be thinking
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about. Yeah, so you know, maybe you didn't start saving early enough,
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or you're still helping pay for college for some of your children or their
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related expenses. But at this point we would suggest that most of our listeners
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change their direction and move towards some actual action steps. So that you can
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you know, hit that quote unquote bullseye or or live that retirement dream that
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you're looking forward to. So that's what we're going to talk about today.
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Are some action steps. So action step number one is sure up your retirement
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savings and health savings account contributions. So what are we talking about here,
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Well, if you have a four oh one K or four oh three B
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or another workplace ritch rehirement plan four fifty seven to four one A, there's
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a lot of them. If you have one of those, make sure you
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are doing as much deferral into those accounts as you can. Are you putting
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away at least fifteen percent or more of your gross income into that retirement account,
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not including matching, and even if there is no match, Remember this
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is your retirement, not your employers. We tell people this all the time.
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We'll hear from them. They'll say, yeah, I don't put into
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my four one CA cause my employer doesn't match. I go, what does
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your employer match have to do with you saving for your future? Now,
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don't mishear me. I would hope that your employer would and that's an incentive.
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And you know, YadA YadA, but goodness gracious. This is your
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retirement, not your employer's retirement. So in twenty twenty three, if you
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are fifty years old or older and are taking advantage of the ability to save
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into your retirement plan, the question is are you putting in the max twenty
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two thousand, five hundred dollars if you're under the age of fifty and adding
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the extra seventy five hundred dollars of a ketchup if you're over the age of
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fifty for a total of thirty thousand. So think of it this way.
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If you're fifty years old or younger and you're in one of these employer sponsored
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retirement plans, you can put up to twenty two thousand, five hundred dollars,
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either pre tax or WROTH into that four h one K plan. If
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you're over fifty, you can put up to thirty thousand. So what we
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would say is, listen, if you're getting closer to retirement, you should
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pause and make that a goal of yours, especially if you're earning enough income
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to potentially set aside that cash flow. Now, if you're not, then
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we would focus on fifteen percent of your gross So hopefully that's kind of a
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helpful guide to you. Now, if you have an IRA account, the
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question becomes, are you putting away at least sixty five hundred dollars if you're
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under the age of fifty and adding that ketchup of an extra one thousand if
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you're over the age of fifty for a total of seventy five hundred. And
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of course, if you're married and you're doing IRA contributions, have you done
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a spot IRA contribution if your spouse isn't working and putting money into their own
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Now just a quick pause point here. Four oh one k IRA contributions are
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what are known as like employer sponsored retirement plans versus individual retirement plans. There
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are quite a few limitations and restrictions if you're going to be doing both at
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the same time, contributions into both at the same time. So if you're
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going to be doing that, we would say get a good accountant or a
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good financial advisor just to make sure you don't stub your toe along the way.
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And then, of course have you considered roth IRA and wroth four to
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one k plans? So often these employer sponsored plans or a roth IRA will
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allow you to put money in after tax with tax deferred growth and tax free
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distributions once you get to retirement. Now whether or not you should be doing
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that is actually a little bit complicated, so again, talk to your accountant,
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your financial advisor, but the question would become are you taking advantage of
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that? And then we talked about automatic behaviors, which is, if you
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get a raise, you know, just when you get that cost of living
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adjustment, dump one percent of that into your four to one K plan,
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and the next year you run your next raise another one percent. Just make
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this automatic and you'll be shocked. You might start at five percent, but
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ten years later you're at fifteen percent, and then you're at that kind of
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contribution level we talked about. And finally, as it relates to these kind
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of retirement accounts and health savings accounts, So let me just hit on a
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health savings account. If you have an eligible health insurance plan through your employer
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or on your own that is eligible for what are called health savings account status,
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which you'd have to confirm that you do, then you are eligible to
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set up an HSA account, which you can put up to three thy,
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eight hundred and fifty dollars into. If you're an individual or up to seven
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seven hundred and fifty dollars if you're a family. And here's the key.
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I mean that goes in pre tax, it grows tax free, and then
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as long as you use it for medical expenses in the future, the distributions
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are tax free. Health savings accounts are literally some of the most tax preferred
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accounts in the entire IRS Code. It's just a lot of people don't know
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how to interact with these health plans. So talk to your advisor, talk
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to your accountant, and make sure you're taking advantage of these provisions. Really
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great information and really good steps to be taking and things to be learning about
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this morning as we chat with our retirement planning professionals from Class Financial, Malia
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Quavis and CJ. Loss Drovigegan. Learn more about Class Financial on their website
13:28
CLSs financial dot com. That's k Laasfinancial dot com and their telephone number six
13:33
oh eight four four two five six three seven. No charge for that initial
13:37
gets know you appointment dech Loss Financial. Oh yes, it is complementary to
13:41
you. Six oh eight four four two five six three seven. That's the
13:43
number for the office here in Madison And to get on the air this morning,
13:46
love to have you join us six oh eight three two one thirteen ten.
13:50
That's three two one thirteen ten. We'll continue our conversation with Cjmalia and
13:54
take your call next as Money in Motion with Coss Financial continues here on thirteen
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ten. W This is Money in Motion with Class Financial, a fun and
14:09
informative show designed to help you get answers to all your retirement questions in one
14:13
place. All minds are All finets six oh eight three two one thirteen ten
14:16
gets you on the air with our retirement planning professionals CJ. Closs and Malia
14:20
Koavis. Of course, you can learn more about Class Financial on their website
14:24
class financial dot com. That's k l aas Financial dot com. Tel for
14:28
number six o eight four four two five six three seven. Of course the
14:33
first appointment it will be complementary to you their number at Coss Financial six oh
14:37
eight four four two five six three seven. Talking about working towards hitting that
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retirement Bullseye and uh got a breakdown of some some different types of accounts to
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be aware of and some and some things to be paying attention to from CJ.
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And then Malia, what about things like banks, bank savings, checking
14:52
accounts, CDs, all those other types of kind of cash accounts on what
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you would be thinking about there. Yeah, so just a little reflection though.
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First I'm listening to CJ tell us how much we should be putting away,
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which is really really valuable information. And you get a raise and put
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more away and you know, max out your accounts, and I'm thinking,
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well, we still have to live, right, we all have to live.
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But remember what we're trying to do is coach you toward you hitting that
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bullseye. So so we really appreciate you taking the time to kind of,
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you know, look at all of your accounts as we go through these and
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see how you can you know, plan for that future, even though sometimes
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it kind of stinks today because you want the extra money to spend. So
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that's what we're doing here today. So there's no difference when we're talking about
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your savings and checking accounts. Just like we've talked about for many, many
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years, we want you to have those emergency savings accounts, you know,
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bolstered up, especially as you approach retirement. So that doesn't change once you
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get into retirement. We still want you to have that savings or emergency fund
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on hand, but we are going to caution you to not keep too much
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sitting in cash instruments. So no, I know we're going to get some
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people saying, well, you know, Maliah CJ. Today, I mean,
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obviously those accounts, my savings account at some of my banks or online
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money markets are paying very very well, and the CDs are as well,
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and we're not going to argue that today because they are. You know,
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some we're seeing three to five percent, which is very healthy. But what
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we're talking about is after you have done that appropriate amount for you to have
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an emergency savings, we do need to look at future growth for excess cash
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because long term, those savings accounts don't keep up with inflation. Right now,
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they look very nice, and we're not saying you shouldn't have moneies there,
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but you need to look critically at the right amount and emergency savings and
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then what you could do after that, because again, inflation typically obviously we're
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not talking about last year, but typically runs about three to four percent over
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time. Therefore, your investment accounts over the long haul should be hopefully doing
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better than that. So just be careful of wrapping your head around I want
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everything just to sit in savings. What about Malia's As we look at the
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I don't like saying the word debt adds as we plan for retirement and kind
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of the fact that that may have on our savings and retirement plans. Yeah,
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So again another topic we spend a lot of time on over the years,
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reflecting as far as that four letter word debt. And so it's kind
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of this two edged sort. We look toward accumulating funds for retirement, but
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then on the flip side is but if you are really working against yourself by
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carrying too much debt when you're in the working years, you have you can
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appropriate dollars every month to pay down that debt. But when you're retired,
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that money is no longer coming in generally speaking, from current income. So
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that's why we really work hard to make sure that you've eliminated as much debt
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as possible as you enter retirement. So again it's not that you can't have,
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you know, a family vacation, et cetera, but we just don't
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want you to be burdened with that debt. So we looked at a report
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from Experien. A twenty twenty report state of a credit state of credit here
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in our country, and baby Boomers, which is our primary group that we
18:26
work with between the ages of nineteen forty six and nineteen sixty four. Those
18:30
people were born during that time. They do carry an average debt balance of
18:34
twenty five almost twenty six thousand dollars in non mortgage debts, so that would
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be credit cards, store cards, personal loans, et cetera. And on
18:44
top of that, they carry an average mortgage debt of almost two hundred thousand
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dollars. So two years ago the mortgage debt balance was closer to about one
18:52
hundred and seventy five thousand. Now you heard me say this was twenty twenty.
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We're now in twenty twenty three with some very large mortgage interest rates,
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so we can imagine that that's going to go up significantly more. So with
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all that said, this is our action step number two is we are looking
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for you to consider eliminating that's our keyword, or bring down your debt levels
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as soon as feasibly possible. So the credit card debt, quite honestly,
19:23
is the one that gets out of control. And so we looked at fob
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Advisor's weekly credit card report from last week, and the average credit card interest
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rate in the US right now is sitting at over twenty eight percent, so
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that just you know, horrifies us to see anybody paying interest on that type
19:42
of credit cards. So you know, we would suggest, you know,
19:47
for our listeners to carry very little or nothing on their credit cards because that
19:52
could be devastating to your current financial picture and certainly your future one. So
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go ahead, say, talking this morning with CJ. Class and Malia Quavis,
20:02
our retirement playing professionals from Class Financial Online Colssfinancial dot com. That's Class
20:07
Financial dot com. Before we take a quick break, just a real quick
20:10
Malia, I know that there's some great tools out there for folks as we
20:12
have this conversation, aren't there. There are so one thing we want to
20:17
mention, especially during times like right now where you feel like people are trying
20:21
to you know, grab your information out there, some fraudsters. We'd like
20:26
you to go to Annual Credit Report dot com that's a free service, or
20:30
credit Karma dot com just to make sure you know which accounts you have out
20:34
there on credit that are open, who's looking at your credit make sure that
20:38
no accounts are being opened in your name. That you're unaware of. And
20:42
finally, action step number three is track your spending by creating a budget.
20:48
Okay, so you can use various apps that are out there that you've heard
20:53
of. We mentioned before, mint as good for just about anything, every
20:57
dollar, good budget, pocket Guard. There's a whole bunch of apps that
21:02
can help move you in the right direction. Or I would say get out
21:06
a pencil and paper and write down your debts and write down your assets and
21:11
work with someone to figure out how can I eliminate these debts as soon as
21:17
possible. Fantastic guide and say a good old pen and pencil and paper is
21:21
always it's a fun little country. No one owns those anymore, I guess
21:23
so their stylists. It's all. It's all on computers now. Ed is
21:29
for sure talking this morning with our retirement planning professional CJ. Closs and Malia
21:33
Quavis having fun and getting some great information. As always, don't forget if
21:37
you miss part today's program or you want to listen back to a previous show,
21:40
you can always subscribe to the podcast right at class financial dot com.
21:42
That's klaasfinancial dot com. They're tell for number six oh eight four four two
21:48
five six three seven. No charge for the initial get to know you appointment
21:51
tech Loss Financial. It is complementary to you again their number six oh eight
21:56
four four two five six three seven. We'll do the class quiz question leak
21:59
Whal's talk about the mortgage? Should you pay that off? What's the guidance
22:02
there? We'll find out from CGN Malia next as Money in Motion with Class
22:06
Financial continues right here on thirteen ten wuib A. This is Money in Motion
22:15
with Class Financial, a fun and informative show designed to help you get answers
22:18
to all your retirement questions in one place. Don't regul learn more online class
22:23
Financial dot com. That's closs k l aas Financial dot Com telp number six
22:29
so eight four four two five six three seven. Mortgage and as we talk
22:33
about you know this is budgeting financing hitting that bullseye. What about paying off
22:38
the mortgage before retirement? Is that something you'd suggest? Or what if people
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need to know their cj oh if you've listened to this show very long,
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you should know the answer to that, which I know you do. Sean,
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absolutely yes, So listen. I think in this day and age when
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there's so much academic discussion around what we would call like interest rate artraging.
23:02
So, oh, I've got a mortgage to three percent and my CD is
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paying me five, so I will never pay off my mortgage. I'll be
23:10
frank with you. That is a terrible idea, just a terrible, terrible,
23:15
terrible idea, because what you're not acknowledging is risk. You assume,
23:19
you assume that you will always have that cash, You assume that you will
23:23
always have a job with income coming in, and debt equals risks. So
23:29
what we would say to you is we're not saying that you shouldn't be aware
23:32
of those interest rate differences. We're saying that your goal should be to eliminate
23:37
debt, especially if your goal is to have a retirement that is reducing stress
23:42
on your life. So yes, work towards paying off your debt, even
23:47
when you run into these unique circumstances where you can get more on your CD
23:51
and money market than you are literally paying on the debt. So action step
23:56
number four is planned to pay off your mortgage by the time you retire,
24:00
but be careful with what funds you're doing. You're using in order to do
24:03
this, So every once in a while, we'll run into somebody who misapplies
24:08
my passion, and I say my passion our passion. They'll misapply the passion.
24:12
They'll say, you're right, I will pay off that mortgage. I'm
24:17
turning sixty years old next year. I want to retire, and so I
24:19
took a two hundred thousand dollars distribution out of my IRRA to pay off the
24:22
mortgage. And we go, no, that's not what we meant. True
24:26
story. So yeah, I know exactly true story. So be cautious because
24:32
as much as we want you to be debt free, it needs to be
24:34
in within a sound financial plan and being mindful of taxes and penalties, so
24:41
on and so forth. So action step number four is to plan to pay
24:45
off your mortgage, but maybe also plan to hire a financial advisor to help
24:48
you decide how to pay off set mortgage. So here's some reasons why you
24:53
should pay off the mortgage. Having the mortgage paid off lowers your required cash
24:59
flow. So we talked about earlier. Hey, average person needs seventy to
25:03
eighty percent of your pre retirement income to live comfortably in retirement. Well what
25:07
if what if right before retirement you pay off a mortgage that was three thousand
25:12
dollars a month. Well, listen, you might need fifty to sixty percent
25:17
of your pre retirement income. So by paying off that mortgage, you're required
25:22
inflow in retirement is much lower given that you don't have that outflow of the
25:27
mortgage. Reason number two is getting rid of an anti or an anti asset
25:33
as we call it known as a liability, is like making an investment.
25:37
So think of it this way. Every once in a while, Mollie and
25:40
I will meet people where they'll say, hey, I could pay off my
25:44
mortgage in the next years if I like double pay or pay extra, but
25:51
I could also put that into my four to oh one K. And my
25:52
four to oh one K has been averaging, you know, eight percent a
25:56
year. And again it goes back to that interest rate arbatry, and we
26:00
go, oh, we get that. But think of this, If you
26:03
pay off the mortgage by the time you retire by doing the double payments,
26:06
it could literally save you two three four thousand dollars a month and a mortgage
26:10
payment you know when you retire. Versus if you put that into your four
26:15
oh one K and you put two three four thousand dollars a month into a
26:17
four to one K. Is that going to generate an extra three to four
26:21
thousand dollars a month for you in income? The answer is no, No,
26:23
not at all. So if your goal is to try to control stress
26:29
and risk and cash flow in retirement, as you get closer to retirement,
26:33
your attitude towards paying off those debts should only be compounded. Reason number three
26:38
would be paying off for or down your mortgage. It also saves you the
26:44
interest that you were paying on that mortgage. So if you're paying three four
26:48
five percent, you're paying down that mortgage faster and saving an interest in saving
26:52
interest. And finally, reason number four, paying off your mortgage is a
26:57
certainty. So think of it this way. I've gotten eight percent a year
27:03
on my four oh one K. That may be true, but was it
27:07
always eight percent? Was it eight percent every single year? And of course
27:10
people chuckle, No, that's you know, that's over a ten or fifteen
27:12
year cycle. Well, listen, if I pay off a mortgage that's costing
27:17
me four to five percent, that's a guarantee of savings. Right, there's
27:19
no question of will I owe that or will I not ow that? If
27:23
I pay it off. I am paying off a known factor that not only
27:27
costs me the outgoing cash flow, but it also costs me the interest.
27:32
So long story short and all of this action item number four is one of
27:36
our favorites. Plan to pay off that mortgage. And before we get to
27:40
the Claws quiz question week, what is number five? Mister CJ. Yeah,
27:42
Action item or action step number five is understanding what your retirement savings goal
27:48
are and how many years you have left to achieve them. So again,
27:52
this whole plan or this whole points is to try to hit your target.
27:57
Well, a large part of that target is when do you get there?
28:00
And when can that happen? And you might be able to sit down with
28:03
a financial planner. We do this quite often where we say that, you
28:07
know, they come in saying, here's my goal and I want to accomplish
28:11
it by sixty five. And we'll say, well, what if I told
28:15
you you could hit that goal by sixty two? And they go, what
28:19
do you mean and we just go, well, it's just math. I
28:22
mean the math says that if this is your goal to you know, replace
28:26
income and be comfortable when we add up all the numbers, you can do
28:29
it three years earlier? Do you want to do that? Right? So
28:33
the point being know how many years you have left towards that, and that
28:37
is a little bit more of a complicated equation, so you might again need
28:40
to sit down with an advisor or accountant to calculate that. And talking this
28:44
morning with our retirement planning professional CJ. Closs and Malia Quavis. Don't forget
28:47
if you missed any part today's program. A lot of great information you can
28:51
always listen back at Clossfinancial dot com. That's k l aas Financial dot com.
28:56
The telephe number six so eight four four two five six three seven for
29:00
that initial gets to know you appointment tech losts Financial. It will be complementary
29:03
to you speaking of the number you want to hold on to week because it's
29:06
time now for the Coss Quiz Question the Week, and just a moment I'll
29:08
ask you the class quiz question the Week. You will then have thirty minutes
29:11
from the inter today's program to call cost Financial Office right here in Madison at
29:15
six oh eight four four to two five six three seven. If you are
29:18
the first caller who win this week's prize, which is a twenty five dollars
29:22
gift card to Best Buy. This week's COLSS quiz question the week is this.
29:26
If you are over the age of fifty and twenty twenty three and have
29:30
an employer retirement plan, what is the total amount that you can contribute including
29:37
the catch up amount? Is it seventeen thousand dollars or thirty thousand dollars?
29:42
Telephone number six oh eight four four two five, six three seven If you
29:47
are the first call with correct answer to win this week's prize, which again
29:48
is a twenty five dollars gift card to Best Buy. And again that's seventeen
29:53
thousand or thirty thousand. Again, first call with correct cancler win that prize?
29:56
Cej Malia, It's always great chatting you guys. Enjoy this beautiful day.
30:00
Thanks SA Sean, Take care guys. Amy Hoague with the Goodman Community
30:04
Center. She joins us next year on thirteen ten WIBI. This is Money
30:12
in Motion with COSS Financial Asset Advisors, LLC, a registered investment advisor registered
30:18
with the SEC. The content of this show is for informational purposes only and
30:23
should not be considered individual investment advice. Class Financial does not offer tax or
30:30
legal advice. Any opinion offered during the course of this show is the opinion
30:33
of that particular investment advisor representative, and not necessarily the opinion of COSS Financial