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What's the Real Cost of Retiring at 63? · Becoming Financially Confident

• 0:09
  Well,
• 0:09
  hello
• 0:09
  and
• 0:09
  welcome
• 0:09
  in.
• 0:10
  Glad
• 0:10
  you're
• 0:10
  here.
• 0:11
  I'm
• 0:11
  Ralph
• 0:11
  Estepp
• 0:12
  Jr.
• 0:12
  And
• 0:13
  this
• 0:13
  is
• 0:13
  Financially
• 0:14
  Confident
• 0:14
  Christian
• 0:15
  Live.
• 0:15
  This
• 0:16
  is
• 0:16
  your
• 0:16
  weekly
• 0:17
  1pm
• 0:18
  Friday,
• 0:18
  right
• 0:19
  here,
• 0:19
  every
• 0:19
  week.
• 0:20
  And
• 0:20
  this
• 0:21
  show
• 0:21
  isn't
• 0:21
  where
• 0:21
  we
• 0:21
  pretend
• 0:22
  that
• 0:22
  money
• 0:22
  is
• 0:23
  easy.
• 0:23
  Money's
• 0:24
  not
• 0:24
  easy.
• 0:24
  It's
• 0:25
  hard.
• 0:25
  But
• 0:25
  we
• 0:25
  also
• 0:25
  don't
• 0:26
  shame
• 0:26
  you
• 0:26
  for
• 0:26
  where
• 0:27
  you
• 0:27
  are.
• 0:27
  And.
• 0:28
  And
• 0:28
  we
• 0:28
  don't
• 0:28
  do
• 0:28
  that
• 0:28
  glossy
• 0:29
  version
• 0:29
  of
• 0:29
  personal
• 0:30
  finance
• 0:30
  where
• 0:30
  everything
• 0:31
  gets
• 0:31
  fixed
• 0:32
  in
• 0:32
  seven
• 0:32
  steps.
• 0:33
  I
• 0:33
  wish
• 0:33
  I
• 0:34
  could
• 0:34
  tell
• 0:34
  you
• 0:34
  there
• 0:34
  were
• 0:34
  seven
• 0:34
  steps
• 0:35
  to
• 0:35
  fix
• 0:35
  everything,
• 0:35
  but
• 0:36
  that
• 0:36
  just
• 0:36
  isn't
• 0:37
  true.
• 0:37
  On
• 0:37
  this
• 0:38
  show,
• 0:38
  we
• 0:38
  talk,
• 0:39
  we
• 0:39
  have
• 0:39
  real
• 0:39
  questions
• 0:40
  with
• 0:40
  real
• 0:40
  people,
• 0:41
  and
• 0:41
  we
• 0:41
  add
• 0:42
  in
• 0:42
  a
• 0:42
  little
• 0:42
  real
• 0:43
  faith.
• 0:43
  And
• 0:44
  today
• 0:44
  we've
• 0:44
  got
• 0:44
  three
• 0:44
  questions
• 0:45
  that
• 0:45
  stop
• 0:45
  me
• 0:46
  when
• 0:46
  I
• 0:46
  read
• 0:46
  them.
• 0:46
  Now,
• 0:47
  before
• 0:47
  I
• 0:47
  get
• 0:47
  to
• 0:47
  that,
• 0:47
  though,
• 0:48
  my
• 0:48
  producer
• 0:49
  Abby
• 0:49
  put
• 0:49
  something
• 0:50
  together
• 0:50
  and
• 0:50
  I
• 0:50
  want
• 0:50
  to
• 0:51
  share
• 0:51
  it
• 0:51
  with
• 0:51
  everybody.
• 0:52
  I
• 0:52
  think
• 0:52
  it's
• 0:53
  really
• 0:53
  cool.
• 0:53
  Here
• 0:53
  it
• 0:53
  goes
• 0:57
  foreign.
• 1:02
  Let's
• 1:02
  do
• 1:03
  this.
• 1:05
  And
• 1:06
  like
• 1:06
  I
• 1:06
  said,
• 1:06
  I
• 1:06
  thought
• 1:07
  that
• 1:07
  was
• 1:07
  really
• 1:07
  cool.
• 1:07
  So
• 1:08
  today
• 1:08
  we're
• 1:08
  going
• 1:08
  to
• 1:08
  work
• 1:09
  through
• 1:09
  three
• 1:09
  questions
• 1:10
  that
• 1:10
  stopped
• 1:11
  me
• 1:11
  when
• 1:11
  I
• 1:11
  read
• 1:11
  them.
• 1:11
  We're
• 1:11
  going
• 1:12
  to
• 1:12
  talk
• 1:12
  about
• 1:12
  a
• 1:12
  couple
• 1:13
  who
• 1:13
  had
• 1:13
  circled
• 1:14
  63
• 1:14
  years
• 1:15
  old
• 1:15
  on
• 1:15
  their
• 1:15
  calendar
• 1:16
  for
• 1:16
  years,
• 1:17
  and
• 1:17
  then
• 1:17
  all
• 1:17
  of
• 1:17
  a
• 1:17
  sudden,
• 1:18
  they
• 1:18
  started
• 1:18
  to
• 1:18
  worry
• 1:18
  about
• 1:18
  their
• 1:18
  whole
• 1:19
  plan
• 1:19
  around
• 1:20
  a
• 1:20
  number
• 1:20
  they
• 1:20
  never
• 1:21
  actually
• 1:21
  verify.
• 1:22
  We're
• 1:22
  going
• 1:22
  to
• 1:22
  talk
• 1:22
  about
• 1:22
  Social
• 1:23
  Security
• 1:23
  retirement
• 1:24
  age.
• 1:25
  Then
• 1:25
  we're
• 1:25
  going
• 1:25
  to
• 1:25
  move
• 1:25
  into
• 1:25
  a
• 1:26
  listener
• 1:26
  who
• 1:26
  watched
• 1:26
  her
• 1:27
  sister
• 1:27
  get
• 1:27
  locked
• 1:27
  out
• 1:28
  of
• 1:28
  a
• 1:28
  joint
• 1:28
  bank
• 1:28
  account
• 1:29
  right
• 1:29
  after
• 1:29
  she
• 1:30
  lost
• 1:30
  her
• 1:30
  husband.
• 1:31
  So
• 1:31
  in
• 1:32
  the
• 1:32
  middle
• 1:32
  of
• 1:32
  grief,
• 1:32
  trying
• 1:33
  to
• 1:33
  pay
• 1:33
  for
• 1:33
  a
• 1:33
  funeral
• 1:34
  with
• 1:34
  money
• 1:34
  she
• 1:35
  thought
• 1:35
  was
• 1:35
  already
• 1:35
  hers.
• 1:36
  And
• 1:37
  then
• 1:37
  finally,
• 1:37
  we're
• 1:37
  going
• 1:38
  to
• 1:38
  talk
• 1:38
  about
• 1:38
  HSA
• 1:39
  accounts.
• 1:39
  We're
• 1:40
  going
• 1:40
  to
• 1:40
  talk
• 1:40
  with
• 1:40
  a
• 1:40
  man
• 1:41
  who's
• 1:41
  been
• 1:41
  doing
• 1:41
  the
• 1:41
  smart
• 1:42
  thing
• 1:42
  with
• 1:42
  his
• 1:42
  HSA
• 1:43
  for
• 1:44
  years
• 1:44
  now.
• 1:44
  HSA
• 1:45
  is
• 1:45
  a
• 1:45
  health
• 1:45
  savings
• 1:45
  account,
• 1:46
  in
• 1:46
  case
• 1:46
  you're
• 1:46
  missing
• 1:46
  that.
• 1:47
  He
• 1:47
  was
• 1:47
  maxing
• 1:48
  it
• 1:48
  out,
• 1:48
  investing
• 1:49
  the
• 1:49
  balance,
• 1:49
  letting
• 1:49
  it
• 1:49
  grow.
• 1:50
  Now
• 1:50
  he's
• 1:51
  finding
• 1:51
  out
• 1:51
  his
• 1:51
  kids
• 1:52
  could
• 1:52
  owe
• 1:52
  a
• 1:52
  huge
• 1:53
  tax
• 1:53
  bill
• 1:53
  the
• 1:53
  year
• 1:54
  after
• 1:54
  they
• 1:54
  inherit,
• 1:55
  which
• 1:56
  is
• 1:56
  a
• 1:56
  really
• 1:56
  sad
• 1:57
  thing.
• 1:57
  But
• 1:57
  we're
• 1:57
  going
• 1:57
  to
• 1:57
  talk
• 1:58
  about
• 1:58
  that
• 1:58
  on
• 1:58
  today's
• 1:59
  show.
• 1:59
  These
• 1:59
  are
• 2:00
  three
• 2:00
  real
• 2:00
  questions
• 2:01
  and
• 2:01
  we're
• 2:01
  going
• 2:01
  to
• 2:01
  get
• 2:01
  into
• 2:02
  all
• 2:02
  them
• 2:02
  today.
• 2:03
  So
• 2:03
  if
• 2:03
  you're
• 2:03
  watching
• 2:04
  on
• 2:04
  YouTube,
• 2:04
  I
• 2:04
  would
• 2:04
  love
• 2:05
  it
• 2:05
  if
• 2:05
  you
• 2:05
  drop
• 2:05
  your
• 2:05
  questions
• 2:06
  and
• 2:06
  comments
• 2:06
  in
• 2:06
  the
• 2:07
  chat.
• 2:07
  If
• 2:07
  you're
• 2:08
  joining
• 2:08
  us
• 2:08
  on
• 2:08
  Clubhouse,
• 2:09
  come
• 2:09
  on
• 2:09
  up
• 2:09
  on
• 2:09
  the
• 2:10
  stage
• 2:10
  or
• 2:10
  listen
• 2:10
  in.
• 2:11
  Either
• 2:11
  way,
• 2:11
  I
• 2:11
  want
• 2:12
  to
• 2:12
  hear
• 2:12
  from
• 2:12
  you.
• 2:13
  Alrighty.
• 2:13
  Well,
• 2:13
  let's
• 2:14
  get
• 2:14
  started
• 2:14
  today.
• 2:15
  Now,
• 2:15
  before
• 2:15
  we
• 2:15
  get
• 2:15
  into
• 2:16
  this,
• 2:16
  a
• 2:16
  couple
• 2:16
  of
• 2:17
  things.
• 2:17
  I
• 2:17
  received
• 2:18
  this
• 2:18
  voicemail
• 2:19
  from
• 2:19
  a
• 2:19
  listener
• 2:19
  and
• 2:20
  I
• 2:20
  wanted
• 2:20
  to
• 2:20
  share
• 2:21
  it
• 2:21
  because
• 2:21
  this
• 2:21
  one
• 2:21
  really
• 2:22
  made
• 2:22
  my
• 2:22
  day
• 2:22
  and
• 2:23
  this
• 2:23
  is
• 2:23
  why
• 2:23
  I
• 2:23
  do
• 2:24
  today's
• 2:24
  show.
• 2:26
  Hi
• 2:26
  Ralph,
• 2:27
  my
• 2:27
  name
• 2:27
  is
• 2:27
  Alex
• 2:28
  and
• 2:28
  I
• 2:28
  just
• 2:28
  wanted
• 2:29
  to
• 2:29
  say
• 2:29
  that
• 2:29
  I
• 2:30
  am
• 2:30
  really
• 2:30
  thankful
• 2:31
  that
• 2:31
  I
• 2:31
  came
• 2:31
  across
• 2:32
  your
• 2:32
  podcast.
• 2:33
  I
• 2:34
  listened
• 2:34
  to
• 2:34
  the
• 2:34
  daily
• 2:35
  Christian
• 2:35
  mindset
• 2:36
  over
• 2:36
  there
• 2:37
  with
• 2:37
  Carrie
• 2:37
  and
• 2:38
  you
• 2:38
  were
• 2:38
  on
• 2:39
  there
• 2:39
  and
• 2:39
  that
• 2:40
  connected
• 2:40
  me
• 2:40
  to.
• 2:40
  Well,
• 2:41
  that
• 2:42
  found
• 2:43
  out
• 2:43
  about
• 2:43
  the
• 2:43
  podcast.
• 2:44
  So
• 2:44
  I've
• 2:44
  been
• 2:44
  listening
• 2:44
  to
• 2:45
  that
• 2:46
  just
• 2:46
  about
• 2:47
  daily
• 2:48
  since
• 2:48
  for
• 2:48
  the
• 2:49
  last
• 2:49
  few
• 2:49
  weeks
• 2:49
  or
• 2:50
  so.
• 2:50
  I'm
• 2:51
  just
• 2:51
  in
• 2:52
  a
• 2:52
  horrible
• 2:52
  situation
• 2:53
  financially
• 2:54
  but
• 2:55
  I'm
• 2:55
  working
• 2:55
  my
• 2:55
  way
• 2:56
  to
• 2:56
  getting
• 2:56
  out
• 2:57
  just,
• 2:58
  you
• 2:58
  know,
• 2:58
  one
• 2:58
  step
• 2:58
  at
• 2:59
  a
• 2:59
  time.
• 2:59
  So
• 3:00
  I
• 3:00
  love
• 3:00
  your
• 3:01
  episodes,
• 3:03
  you
• 3:03
  know,
• 3:04
  10,
• 3:04
  15
• 3:04
  minutes
• 3:04
  long.
• 3:05
  You
• 3:05
  take
• 3:05
  step
• 3:05
  here
• 3:05
  and
• 3:06
  there.
• 3:06
  So
• 3:07
  one
• 3:07
  of
• 3:07
  the
• 3:07
  things
• 3:07
  that
• 3:07
  I
• 3:08
  will
• 3:08
  be
• 3:08
  doing
• 3:08
  today
• 3:08
  is
• 3:09
  creating
• 3:09
  a
• 3:09
  savings
• 3:10
  account.
• 3:11
  I
• 3:11
  haven't
• 3:11
  had
• 3:11
  a
• 3:11
  savings
• 3:12
  account
• 3:12
  a
• 3:12
  long
• 3:12
  time
• 3:12
  just
• 3:13
  because
• 3:13
  our
• 3:14
  the
• 3:14
  money
• 3:14
  again,
• 3:15
  you
• 3:15
  know,
• 3:15
  just
• 3:15
  doesn't
• 3:16
  cover
• 3:16
  the
• 3:16
  expenses.
• 3:17
  So
• 3:18
  but
• 3:19
  focusing
• 3:20
  on,
• 3:20
  on
• 3:20
  working
• 3:21
  on
• 3:21
  that
• 3:21
  and
• 3:21
  starting
• 3:22
  off.
• 3:22
  So
• 3:22
  I
• 3:23
  will
• 3:23
  be
• 3:23
  doing
• 3:23
  that
• 3:23
  today,
• 3:24
  making
• 3:24
  that
• 3:24
  deposit,
• 3:26
  a
• 3:26
  transfer
• 3:27
  and
• 3:27
  then
• 3:27
  setting
• 3:27
  up
• 3:28
  to
• 3:30
  just
• 3:30
  a
• 3:30
  deposit
• 3:31
  like
• 3:31
  once
• 3:31
  a
• 3:31
  month
• 3:31
  or
• 3:31
  so.
• 3:31
  I
• 3:32
  realtor
• 3:33
  so
• 3:33
  I'm
• 3:33
  commission
• 3:34
  based.
• 3:34
  I
• 3:35
  also
• 3:35
  have
• 3:35
  a
• 3:35
  part
• 3:36
  time
• 3:36
  job.
• 3:36
  I
• 3:37
  do
• 3:37
  Uber
• 3:38
  sometimes
• 3:39
  as
• 3:39
  well.
• 3:39
  So
• 3:41
  getting
• 3:41
  in
• 3:41
  that
• 3:41
  income
• 3:43
  wherever
• 3:43
  I
• 3:43
  can.
• 3:44
  But
• 3:45
  yeah,
• 3:46
  just
• 3:46
  wanted
• 3:46
  to
• 3:47
  you
• 3:47
  mentioned
• 3:48
  to
• 3:48
  go
• 3:48
  ahead
• 3:48
  leave
• 3:48
  you
• 3:48
  a
• 3:48
  voicemail.
• 3:49
  So
• 3:49
  I
• 3:50
  am
• 3:50
  driving
• 3:50
  right
• 3:50
  now
• 3:50
  to
• 3:51
  an
• 3:51
  appointment
• 3:51
  and
• 3:51
  I
• 3:52
  figured
• 3:52
  I'd
• 3:52
  go
• 3:52
  ahead
• 3:52
  and
• 3:53
  do
• 3:53
  so
• 3:54
  and
• 3:54
  just
• 3:54
  wanted
• 3:55
  to
• 3:55
  say
• 3:55
  thank
• 3:55
  you.
• 3:56
  I
• 3:56
  appreciate
• 3:57
  that.
• 3:57
  I
• 3:57
  know
• 3:57
  everything
• 3:58
  happens
• 3:58
  for
• 3:58
  a
• 3:58
  reason
• 3:58
  and
• 3:59
  God
• 4:00
  sent
• 4:00
  me
• 4:01
  sent
• 4:01
  you
• 4:01
  to
• 4:02
  me
• 4:02
  to
• 4:03
  work
• 4:03
  on
• 4:03
  my
• 4:03
  finances.
• 4:04
  I'm.
• 4:05
  My
• 4:05
  business
• 4:06
  is
• 4:06
  in
• 4:06
  a
• 4:07
  better
• 4:07
  position
• 4:07
  than
• 4:07
  it's
• 4:07
  ever
• 4:08
  been.
• 4:08
  As
• 4:08
  well
• 4:09
  as
• 4:09
  my
• 4:09
  health,
• 4:10
  I've
• 4:10
  also
• 4:10
  been
• 4:10
  on
• 4:11
  a
• 4:11
  weight
• 4:11
  loss
• 4:11
  journey.
• 4:12
  So
• 4:13
  finance
• 4:13
  is
• 4:13
  the
• 4:14
  last
• 4:14
  one
• 4:14
  that
• 4:15
  I
• 4:16
  really
• 4:17
  just
• 4:17
  need
• 4:17
  to
• 4:17
  work
• 4:17
  on
• 4:18
  to
• 4:19
  just
• 4:20
  do
• 4:20
  better.
• 4:20
  Just
• 4:21
  do
• 4:21
  better.
• 4:21
  So
• 4:23
  thank
• 4:23
  you
• 4:23
  again.
• 4:26
  Well
• 4:26
  Alex,
• 4:26
  I
• 4:27
  just
• 4:27
  want
• 4:27
  to
• 4:27
  thank
• 4:27
  you
• 4:28
  so
• 4:28
  much
• 4:28
  for
• 4:28
  sending
• 4:29
  in
• 4:29
  that
• 4:29
  voicemail.
• 4:30
  That
• 4:30
  really
• 4:31
  made
• 4:31
  my
• 4:31
  day
• 4:31
  when
• 4:31
  we
• 4:31
  got
• 4:32
  that
• 4:32
  the
• 4:32
  other
• 4:32
  day
• 4:32
  because
• 4:32
  that's
• 4:33
  really
• 4:33
  the
• 4:33
  reason
• 4:33
  I
• 4:33
  do
• 4:33
  the
• 4:34
  show
• 4:34
  and,
• 4:34
  and
• 4:34
  I
• 4:35
  would
• 4:35
  love
• 4:35
  to
• 4:35
  hear
• 4:35
  from
• 4:35
  you.
• 4:36
  If
• 4:36
  you've
• 4:36
  got
• 4:36
  something
• 4:37
  going
• 4:37
  on
• 4:37
  or
• 4:37
  there's
• 4:37
  a
• 4:38
  challenge
• 4:38
  or
• 4:38
  a
• 4:38
  triumph
• 4:39
  in
• 4:39
  your
• 4:39
  life,
• 4:40
  you
• 4:40
  can
• 4:41
  send
• 4:41
  that
• 4:41
  to
• 4:41
  us
• 4:41
  by
• 4:42
  going
• 4:42
  to
• 4:42
  financiallyconfidentchristian.com
• 4:46
  voicemail.
• 4:47
  Again,
• 4:47
  that's
• 4:48
  financiallyconfidentchristian.comvoicemail
• 4:51
  and
• 4:52
  it's
• 4:52
  super
• 4:52
  easy.
• 4:52
  You
• 4:52
  go
• 4:53
  right
• 4:53
  to
• 4:53
  that
• 4:53
  website,
• 4:54
  you
• 4:54
  click
• 4:54
  record,
• 4:55
  tell
• 4:55
  me
• 4:55
  what's
• 4:56
  going
• 4:56
  on
• 4:56
  in
• 4:56
  your
• 4:56
  life
• 4:56
  because
• 4:57
  I
• 4:57
  would
• 4:57
  love
• 4:57
  to
• 4:57
  hear
• 4:58
  from
• 4:58
  you
• 4:58
  because
• 4:58
  that's
• 4:58
  what
• 4:59
  really
• 4:59
  fuels
• 5:00
  what
• 5:00
  we're
• 5:00
  doing
• 5:00
  here
• 5:00
  today.
• 5:01
  So
• 5:01
  if
• 5:01
  this
• 5:02
  is
• 5:02
  your
• 5:02
  first
• 5:02
  time
• 5:02
  to
• 5:03
  the
• 5:03
  show.
• 5:03
  Welcome
• 5:04
  and
• 5:04
  make
• 5:04
  sure
• 5:04
  you
• 5:05
  come
• 5:05
  back
• 5:05
  next
• 5:05
  week
• 5:05
  and
• 5:06
  tell
• 5:06
  a
• 5:06
  lot
• 5:06
  of
• 5:06
  people
• 5:06
  with
• 5:07
  it.
• 5:07
  Talk
• 5:07
  a
• 5:07
  lot
• 5:07
  of
• 5:08
  people
• 5:08
  about
• 5:08
  it,
• 5:08
  don't
• 5:09
  tell
• 5:09
  people
• 5:09
  with
• 5:09
  it,
• 5:09
  but
• 5:09
  tell
• 5:09
  people
• 5:10
  about
• 5:10
  it.
• 5:10
  And
• 5:11
  bring
• 5:11
  a
• 5:11
  friend
• 5:11
  with
• 5:12
  you
• 5:12
  next
• 5:12
  time
• 5:12
  who
• 5:13
  needs
• 5:13
  to
• 5:13
  hear
• 5:13
  this
• 5:14
  conversation.
• 5:14
  And
• 5:15
  if
• 5:15
  you
• 5:15
  want
• 5:15
  to
• 5:15
  go
• 5:15
  deeper
• 5:16
  than
• 5:16
  that,
• 5:16
  I've
• 5:16
  got
• 5:16
  a
• 5:17
  great
• 5:17
  idea
• 5:17
  for
• 5:17
  you
• 5:18
  here.
• 5:18
  We
• 5:18
  put
• 5:18
  together
• 5:19
  what
• 5:19
  we
• 5:19
  call
• 5:19
  the
• 5:19
  Faithful
• 5:20
  Money
• 5:20
  Framework.
• 5:21
  And
• 5:21
  it's
• 5:21
  just
• 5:21
  waiting
• 5:22
  for
• 5:22
  you.
• 5:22
  It's
• 5:22
  a
• 5:23
  free
• 5:23
  resource.
• 5:24
  It's
• 5:24
  eight
• 5:24
  steps,
• 5:25
  one
• 5:25
  page,
• 5:26
  no
• 5:26
  fluff.
• 5:27
  And
• 5:27
  you
• 5:27
  can
• 5:27
  grab
• 5:27
  it
• 5:27
  by
• 5:28
  joining
• 5:28
  our
• 5:28
  Patreon
• 5:29
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• 5:29
  Now,
• 5:29
  the
• 5:29
  easiest
• 5:30
  way
• 5:30
  to
• 5:30
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• 5:30
  that
• 5:30
  is,
• 5:31
  is
• 5:31
  if
• 5:31
  you
• 5:31
  go
• 5:31
  to
• 5:31
  financiallyconfidentchristian.com
• 5:33
  FCClive
• 5:35
  again,
• 5:37
  that's
• 5:37
  financiallyconfidentchristian.com
• 5:40
  fcclive
• 5:42
  and
• 5:42
  if
• 5:42
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• 5:42
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• 5:42
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• 5:43
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• 5:43
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• 5:43
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• 5:43
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• 5:44
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• 5:44
  stuff
• 5:45
  like
• 5:45
  that,
• 5:45
  you
• 5:45
  can
• 5:45
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• 5:45
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• 5:46
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• 5:46
  going
• 5:46
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• 5:46
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• 5:49
  join.
• 5:50
  So
• 5:50
  again,
• 5:50
  that's
• 5:51
  financiallyconfidentchristian.com
• 5:54
  Join.
• 5:55
  All
• 5:56
  right,
• 5:56
  well,
• 5:56
  let's
• 5:56
  get
• 5:56
  right
• 5:57
  into
• 5:57
  our
• 5:57
  first
• 5:58
  listener
• 5:58
  question
• 5:59
  for
• 5:59
  today.
• 6:01
  And
• 6:01
  this
• 6:01
  is
• 6:01
  what
• 6:01
  we
• 6:01
  talked
• 6:02
  about
• 6:02
  a
• 6:02
  little
• 6:02
  bit
• 6:02
  earlier.
• 6:03
  This
• 6:03
  is
• 6:03
  an
• 6:03
  email
• 6:04
  we
• 6:04
  received.
• 6:04
  So
• 6:05
  let
• 6:05
  me
• 6:05
  read
• 6:05
  that
• 6:05
  email
• 6:05
  right
• 6:06
  now.
• 6:06
  It
• 6:06
  says,
• 6:06
  dear
• 6:07
  Ralph,
• 6:07
  my
• 6:08
  husband
• 6:08
  and
• 6:08
  I
• 6:08
  have
• 6:09
  had
• 6:09
  63
• 6:10
  on
• 6:10
  our
• 6:10
  calendar
• 6:11
  for
• 6:11
  years
• 6:11
  now.
• 6:12
  That's
• 6:12
  our
• 6:13
  number
• 6:13
  and
• 6:14
  that's
• 6:14
  when
• 6:14
  we're
• 6:14
  done.
• 6:15
  Now
• 6:15
  I'm
• 6:15
  hoping
• 6:16
  what
• 6:16
  they
• 6:16
  mean
• 6:16
  by
• 6:16
  done
• 6:17
  is
• 6:17
  not
• 6:17
  checking
• 6:17
  out,
• 6:17
  but
• 6:18
  done
• 6:18
  working.
• 6:18
  And
• 6:18
  that's
• 6:18
  what
• 6:19
  they
• 6:19
  mean
• 6:19
  here.
• 6:19
  But
• 6:19
  let
• 6:19
  me
• 6:19
  continue.
• 6:20
  We
• 6:20
  both
• 6:21
  assumed
• 6:21
  it
• 6:21
  was
• 6:21
  pretty
• 6:22
  much
• 6:22
  the
• 6:22
  right
• 6:22
  age.
• 6:23
  We'd
• 6:24
  heard
• 6:24
  it
• 6:24
  enough
• 6:24
  times
• 6:24
  that
• 6:25
  it
• 6:25
  started
• 6:25
  to
• 6:25
  feel
• 6:25
  like
• 6:26
  common
• 6:26
  sense.
• 6:27
  But
• 6:27
  lately
• 6:28
  I've
• 6:28
  been
• 6:28
  second
• 6:28
  guessing
• 6:29
  it.
• 6:29
  We've
• 6:29
  got
• 6:30
  a
• 6:30
  decent
• 6:30
  amount
• 6:30
  saved,
• 6:31
  but
• 6:31
  we're
• 6:31
  not
• 6:32
  millionaires.
• 6:33
  And
• 6:33
  I
• 6:33
  keep
• 6:33
  seeing
• 6:34
  articles
• 6:34
  about
• 6:34
  people
• 6:35
  outliving
• 6:35
  their
• 6:36
  money
• 6:36
  and
• 6:37
  it's
• 6:37
  starting
• 6:37
  to
• 6:37
  keep
• 6:37
  me
• 6:38
  up
• 6:38
  at
• 6:38
  night.
• 6:39
  And
• 6:39
  we
• 6:39
  wonder
• 6:39
  if
• 6:40
  we're
• 6:40
  wrong
• 6:40
  to
• 6:40
  be
• 6:41
  aiming
• 6:41
  for
• 6:41
  63.
• 6:43
  Is
• 6:43
  there
• 6:43
  a
• 6:44
  number
• 6:44
  we
• 6:44
  should
• 6:44
  actually
• 6:45
  be
• 6:45
  planning
• 6:45
  around
• 6:45
  instead?
• 6:47
  And
• 6:47
  then
• 6:47
  they
• 6:47
  close
• 6:47
  it
• 6:48
  out
• 6:48
  with,
• 6:48
  I
• 6:48
  appreciate
• 6:48
  everything
• 6:49
  you
• 6:49
  do,
• 6:49
  Ralph.
• 6:49
  We
• 6:50
  love
• 6:50
  to
• 6:50
  hear
• 6:50
  your
• 6:50
  thoughts
• 6:50
  on
• 6:51
  this.
• 6:51
  Thanks
• 6:52
  again
• 6:52
  for
• 6:52
  all
• 6:52
  you
• 6:52
  do.
• 6:53
  And
• 6:54
  thank
• 6:54
  you
• 6:54
  for
• 6:54
  sending
• 6:54
  that
• 6:55
  in.
• 6:55
  This
• 6:55
  is
• 6:55
  probably
• 6:56
  one
• 6:56
  of
• 6:56
  the
• 6:56
  most
• 6:56
  common
• 6:57
  questions
• 6:58
  that
• 6:58
  I
• 6:58
  get
• 6:58
  in
• 6:59
  my
• 6:59
  accounting
• 6:59
  practice.
• 7:00
  If
• 7:00
  you
• 7:00
  don't
• 7:00
  know,
• 7:00
  I've
• 7:01
  been
• 7:01
  doing
• 7:01
  accounting
• 7:01
  work
• 7:02
  since
• 7:02
  I
• 7:02
  was
• 7:02
  8
• 7:02
  years
• 7:02
  old.
• 7:03
  I've
• 7:03
  had
• 7:03
  my
• 7:03
  own
• 7:03
  practice
• 7:04
  now.
• 7:04
  I
• 7:04
  guess
• 7:04
  it's
• 7:05
  about
• 7:05
  31
• 7:06
  years.
• 7:06
  But
• 7:07
  this
• 7:07
  is
• 7:07
  a
• 7:07
  question
• 7:07
  I
• 7:08
  get
• 7:08
  routinely
• 7:09
  and
• 7:09
  it's
• 7:09
  something
• 7:10
  as
• 7:10
  we
• 7:10
  lean
• 7:10
  into
• 7:11
  this
• 7:11
  a
• 7:11
  little
• 7:11
  bit
• 7:11
  You've
• 7:12
  built
• 7:12
  a
• 7:12
  whole
• 7:12
  retirement
• 7:13
  plan
• 7:14
  around
• 7:14
  a
• 7:14
  number
• 7:15
  that
• 7:15
  you
• 7:15
  never
• 7:15
  actually
• 7:16
  verified.
• 7:17
  And
• 7:17
  this
• 7:17
  is
• 7:18
  not
• 7:18
  an
• 7:18
  uncommon
• 7:18
  situation.
• 7:19
  A
• 7:19
  lot
• 7:19
  of
• 7:19
  people
• 7:20
  feel
• 7:20
  the
• 7:20
  same
• 7:20
  way,
• 7:20
  oh,
• 7:21
  I'm
• 7:21
  going
• 7:21
  to
• 7:21
  get
• 7:21
  to
• 7:21
  a
• 7:21
  certain
• 7:21
  age.
• 7:22
  That's
• 7:22
  when
• 7:22
  I'm
• 7:23
  going
• 7:23
  to
• 7:23
  retire.
• 7:23
  I
• 7:23
  hear
• 7:23
  it
• 7:24
  a
• 7:24
  lot
• 7:24
  of
• 7:24
  times
• 7:25
  that
• 7:25
  age
• 7:26
  62,
• 7:27
  that's
• 7:27
  when
• 7:27
  people
• 7:27
  reach
• 7:28
  that
• 7:28
  ability
• 7:29
  to
• 7:29
  collect
• 7:29
  Social
• 7:29
  Security.
• 7:30
  But
• 7:30
  you
• 7:31
  looked
• 7:31
  at
• 7:31
  63,
• 7:33
  and
• 7:33
  now
• 7:33
  you're
• 7:33
  all
• 7:33
  of
• 7:34
  a
• 7:34
  sudden
• 7:34
  into
• 7:34
  this
• 7:34
  position
• 7:35
  where
• 7:35
  you're
• 7:35
  worrying
• 7:35
  about
• 7:36
  outliving
• 7:36
  your
• 7:37
  savings.
• 7:38
  But
• 7:38
  you've
• 7:38
  never
• 7:38
  really
• 7:38
  done
• 7:39
  the
• 7:39
  math,
• 7:39
  have
• 7:39
  you?
• 7:40
  And
• 7:40
  you
• 7:41
  don't
• 7:41
  want
• 7:41
  to
• 7:41
  work
• 7:41
  forever.
• 7:41
  I
• 7:42
  get
• 7:42
  that.
• 7:42
  You
• 7:42
  know,
• 7:42
  most
• 7:42
  of
• 7:43
  my
• 7:43
  clients
• 7:43
  don't
• 7:43
  want
• 7:43
  to
• 7:43
  work
• 7:44
  forever.
• 7:44
  I
• 7:44
  personally
• 7:45
  don't
• 7:45
  want
• 7:45
  to
• 7:45
  work
• 7:45
  forever
• 7:46
  either,
• 7:46
  although
• 7:46
  I
• 7:46
  don't
• 7:47
  see
• 7:47
  myself
• 7:47
  retiring.
• 7:48
  That
• 7:48
  probably
• 7:48
  a
• 7:49
  discussion
• 7:49
  for
• 7:49
  another
• 7:50
  show.
• 7:51
  But
• 7:51
  you
• 7:51
  also
• 7:51
  don't
• 7:51
  want
• 7:51
  to
• 7:52
  run
• 7:52
  out
• 7:52
  of
• 7:52
  money
• 7:53
  early
• 7:53
  either,
• 7:54
  because
• 7:54
  that's
• 7:54
  a
• 7:54
  scary
• 7:55
  thing.
• 7:55
  I
• 7:55
  get
• 7:55
  that.
• 7:56
  You've
• 7:56
  worked
• 7:56
  your
• 7:56
  whole
• 7:56
  life.
• 7:56
  You
• 7:57
  don't
• 7:57
  want
• 7:57
  to
• 7:57
  be
• 7:57
  in
• 7:57
  that
• 7:57
  position
• 7:58
  where
• 7:58
  you
• 7:58
  can't
• 7:58
  afford
• 7:59
  to
• 7:59
  live.
• 8:00
  So
• 8:00
  first,
• 8:00
  I
• 8:00
  want
• 8:00
  to
• 8:00
  start
• 8:01
  by
• 8:01
  saying
• 8:01
  this.
• 8:02
  That
• 8:02
  age
• 8:03
  63
• 8:04
  didn't
• 8:05
  come
• 8:05
  out
• 8:05
  of
• 8:05
  nowhere.
• 8:06
  It
• 8:07
  feels
• 8:07
  right
• 8:07
  because
• 8:07
  it's
• 8:08
  close
• 8:08
  to
• 8:08
  that
• 8:08
  62
• 8:09
  years
• 8:09
  that
• 8:09
  a
• 8:09
  lot
• 8:09
  of
• 8:10
  people
• 8:10
  talk
• 8:10
  about,
• 8:10
  which
• 8:10
  is,
• 8:11
  by
• 8:11
  the
• 8:11
  way,
• 8:11
  the
• 8:12
  earliest
• 8:12
  you
• 8:12
  can
• 8:12
  claim
• 8:13
  Social
• 8:13
  Security.
• 8:14
  And
• 8:14
  a
• 8:14
  lot
• 8:15
  of
• 8:15
  people
• 8:15
  hear
• 8:15
  that
• 8:15
  and
• 8:16
  think,
• 8:16
  oh,
• 8:16
  that's
• 8:16
  close
• 8:17
  enough,
• 8:17
  Ralph.
• 8:18
  But
• 8:18
  it's
• 8:19
  not
• 8:19
  close
• 8:19
  enough.
• 8:19
  Here's
• 8:20
  the
• 8:20
  problem
• 8:20
  with
• 8:20
  that.
• 8:21
  If
• 8:21
  you
• 8:21
  claim
• 8:22
  Social
• 8:22
  Security
• 8:22
  benefits
• 8:23
  at
• 8:23
  62,
• 8:24
  that
• 8:25
  permanently
• 8:25
  reduces
• 8:26
  your
• 8:26
  monthly
• 8:26
  check.
• 8:27
  And
• 8:27
  here's
• 8:28
  a
• 8:28
  number.
• 8:28
  Get
• 8:28
  ready
• 8:28
  for
• 8:28
  this.
• 8:29
  It's
• 8:29
  going
• 8:29
  to
• 8:30
  reduce
• 8:30
  your
• 8:31
  monthly
• 8:31
  payment
• 8:32
  by
• 8:32
  about
• 8:32
  30%
• 8:34
  compared
• 8:34
  to
• 8:35
  if
• 8:35
  you
• 8:35
  waited
• 8:35
  till
• 8:36
  full
• 8:36
  retirement
• 8:36
  age
• 8:37
  now
• 8:38
  at
• 8:38
  full
• 8:38
  retirement
• 8:39
  age,
• 8:39
  which
• 8:39
  is
• 8:40
  now
• 8:40
  67.
• 8:41
  And
• 8:41
  this
• 8:41
  has
• 8:41
  been
• 8:41
  like
• 8:42
  this
• 8:42
  time
• 8:42
  of
• 8:43
  the
• 8:43
  last
• 8:43
  few
• 8:43
  years
• 8:43
  where
• 8:43
  it's
• 8:44
  been
• 8:44
  ratcheting
• 8:44
  up
• 8:44
  six
• 8:45
  months
• 8:45
  at
• 8:45
  a
• 8:45
  time.
• 8:45
  But
• 8:45
  the
• 8:45
  full
• 8:46
  retirement
• 8:46
  age
• 8:46
  now
• 8:47
  is
• 8:47
  67.
• 8:49
  It's
• 8:49
  not
• 8:49
  65,
• 8:51
  it's
• 8:51
  not
• 8:51
  66,
• 8:52
  it's
• 8:53
  67.
• 8:54
  So
• 8:54
  as
• 8:54
  of
• 8:54
  2026,
• 8:56
  for
• 8:56
  anyone
• 8:56
  born
• 8:57
  in
• 8:57
  1960
• 8:58
  or
• 8:58
  later,
• 8:59
  and
• 8:59
  this
• 8:59
  is
• 8:59
  going
• 8:59
  to
• 9:00
  be
• 9:00
  the
• 9:00
  rule
• 9:00
  as
• 9:00
  it
• 9:00
  stands
• 9:01
  for
• 9:01
  right
• 9:01
  now.
• 9:02
  Anybody
• 9:02
  born
• 9:03
  1960
• 9:04
  or
• 9:04
  later,
• 9:05
  your
• 9:05
  full
• 9:05
  retirement
• 9:06
  age
• 9:06
  is
• 9:06
  going
• 9:06
  to
• 9:07
  be
• 9:07
  67
• 9:07
  years
• 9:08
  old.
• 9:08
  That's
• 9:08
  the
• 9:08
  official
• 9:09
  number
• 9:09
  from
• 9:10
  the
• 9:10
  Social
• 9:10
  Security
• 9:10
  Administration.
• 9:12
  Now,
• 9:12
  that
• 9:12
  shift
• 9:12
  is
• 9:13
  final.
• 9:14
  If
• 9:14
  you
• 9:14
  are
• 9:14
  aware
• 9:14
  of
• 9:14
  this.
• 9:14
  This
• 9:15
  has
• 9:15
  been
• 9:15
  going
• 9:15
  on
• 9:15
  maybe
• 9:16
  in
• 9:16
  adding
• 9:16
  66
• 9:17
  and
• 9:17
  seven
• 9:18
  months.
• 9:18
  And
• 9:18
  it's,
• 9:18
  it's,
• 9:19
  it's
• 9:19
  weird,
• 9:19
  like
• 9:20
  this
• 9:20
  process
• 9:20
  of
• 9:21
  turning
• 9:21
  this
• 9:21
  in.
• 9:21
  But
• 9:21
  this
• 9:22
  is
• 9:22
  final,
• 9:23
  and
• 9:23
  it
• 9:23
  Changes
• 9:24
  the
• 9:24
  math
• 9:24
  of
• 9:24
  a
• 9:24
  lot
• 9:25
  of
• 9:25
  retirement
• 9:25
  planes
• 9:25
  people
• 9:26
  built
• 9:26
  years
• 9:26
  ago.
• 9:27
  So
• 9:28
  here's
• 9:28
  what
• 9:28
  that
• 9:29
  actually
• 9:29
  means
• 9:29
  in
• 9:30
  dollars,
• 9:30
  and
• 9:30
  I'm
• 9:30
  going
• 9:30
  to
• 9:31
  give
• 9:31
  you
• 9:31
  a
• 9:31
  very
• 9:31
  simple
• 9:32
  example
• 9:32
  of
• 9:33
  what
• 9:33
  this
• 9:33
  means
• 9:33
  in
• 9:33
  real
• 9:34
  dollars.
• 9:34
  Because
• 9:34
  it's
• 9:34
  one
• 9:34
  thing
• 9:35
  to
• 9:35
  hear
• 9:35
  30%.
• 9:36
  It's
• 9:36
  another
• 9:36
  thing
• 9:36
  to
• 9:36
  hear,
• 9:37
  well,
• 9:37
  if
• 9:37
  I
• 9:37
  wait
• 9:37
  till
• 9:38
  70.
• 9:38
  But
• 9:38
  let's
• 9:38
  get
• 9:39
  down
• 9:39
  to
• 9:39
  the
• 9:40
  actual
• 9:40
  numbers,
• 9:42
  and
• 9:42
  here's
• 9:42
  what
• 9:42
  it
• 9:43
  is.
• 9:43
  If
• 9:43
  you
• 9:43
  claim
• 9:44
  your
• 9:44
  Social
• 9:44
  Security
• 9:45
  at
• 9:45
  62,
• 9:47
  your
• 9:47
  maximum
• 9:48
  monthly
• 9:48
  benefit.
• 9:48
  Now,
• 9:49
  I'm
• 9:49
  using
• 9:49
  maximum
• 9:50
  benefit
• 9:51
  because
• 9:51
  that
• 9:51
  is
• 9:52
  the
• 9:52
  absolute
• 9:52
  max.
• 9:53
  Your
• 9:53
  benefit
• 9:54
  is
• 9:54
  going
• 9:54
  to
• 9:54
  depend
• 9:55
  on
• 9:55
  your
• 9:55
  earnings.
• 9:56
  But
• 9:57
  just
• 9:57
  for
• 9:57
  sake
• 9:57
  of
• 9:58
  our
• 9:58
  discussion
• 9:58
  today,
• 9:59
  let's
• 9:59
  talk
• 9:59
  about
• 10:00
  the
• 10:00
  maximum
• 10:01
  monthly
• 10:01
  benefit.
• 10:03
  So
• 10:03
  if
• 10:03
  you
• 10:03
  claim
• 10:03
  at
• 10:03
  62,
• 10:04
  you.
• 10:05
  Your
• 10:05
  maximum
• 10:05
  monthly
• 10:06
  benefit
• 10:07
  in
• 10:07
  2026
• 10:08
  is
• 10:08
  around
• 10:09
  $2969.
• 10:11
  That's
• 10:12
  what
• 10:12
  you
• 10:12
  would
• 10:12
  get
• 10:13
  for
• 10:13
  the
• 10:13
  rest
• 10:13
  of
• 10:13
  your
• 10:14
  life
• 10:14
  starting
• 10:15
  at
• 10:15
  age
• 10:15
  62.
• 10:16
  Now,
• 10:17
  if
• 10:17
  you
• 10:17
  wait
• 10:18
  till
• 10:18
  full
• 10:19
  retirement
• 10:19
  age,
• 10:20
  which
• 10:20
  is
• 10:20
  67,
• 10:22
  that
• 10:22
  minimum
• 10:23
  number,
• 10:24
  that
• 10:24
  number
• 10:24
  that
• 10:24
  you're
• 10:25
  going
• 10:25
  to
• 10:25
  get,
• 10:25
  the
• 10:25
  maximum
• 10:26
  number,
• 10:26
  I
• 10:26
  should
• 10:26
  say,
• 10:27
  goes
• 10:27
  up
• 10:27
  to
• 10:28
  $4,152.
• 10:30
  You
• 10:30
  see,
• 10:31
  that's
• 10:31
  a
• 10:31
  big
• 10:31
  difference.
• 10:31
  We
• 10:32
  went
• 10:32
  from
• 10:32
  2969
• 10:34
  to
• 10:34
  4152.
• 10:35
  Now,
• 10:36
  again,
• 10:36
  you
• 10:36
  waited
• 10:37
  five
• 10:37
  years,
• 10:38
  you
• 10:38
  went
• 10:38
  from
• 10:39
  62
• 10:39
  to
• 10:39
  67.
• 10:41
  Now,
• 10:41
  a
• 10:41
  lot
• 10:41
  of
• 10:41
  people
• 10:41
  talk
• 10:42
  about,
• 10:42
  well,
• 10:42
  Ralph,
• 10:42
  what
• 10:42
  if
• 10:42
  I
• 10:43
  wait
• 10:43
  a
• 10:43
  little
• 10:43
  bit
• 10:43
  longer?
• 10:45
  If
• 10:45
  you
• 10:45
  wait
• 10:45
  until
• 10:46
  age
• 10:46
  70,
• 10:48
  then
• 10:48
  your
• 10:48
  benefit
• 10:49
  then
• 10:49
  becomes
• 10:50
  monthly
• 10:50
  $5181.
• 10:53
  Now,
• 10:54
  they
• 10:54
  say
• 10:54
  with
• 10:54
  a
• 10:54
  podcast,
• 10:55
  never
• 10:55
  do
• 10:55
  math,
• 10:56
  but
• 10:56
  I'm
• 10:56
  going
• 10:56
  to
• 10:56
  just
• 10:56
  throw
• 10:56
  some
• 10:57
  numbers
• 10:57
  at
• 10:57
  you.
• 10:58
  So
• 10:58
  we
• 10:58
  started
• 10:58
  off
• 10:59
  just
• 10:59
  under
• 10:59
  three
• 11:00
  grand,
• 11:00
  and
• 11:01
  now
• 11:01
  we're
• 11:01
  up
• 11:01
  over
• 11:02
  $5100.
• 11:04
  That's
• 11:04
  a
• 11:04
  big
• 11:05
  difference.
• 11:05
  But
• 11:06
  again,
• 11:06
  realize
• 11:07
  you're
• 11:07
  waiting
• 11:07
  an
• 11:07
  additional
• 11:08
  eight
• 11:08
  years
• 11:09
  from
• 11:09
  age
• 11:09
  62
• 11:10
  or
• 11:10
  five
• 11:11
  years
• 11:11
  from
• 11:11
  age
• 11:12
  67.
• 11:13
  But
• 11:13
  you
• 11:14
  have
• 11:14
  to
• 11:14
  remember
• 11:14
  that's
• 11:15
  every
• 11:15
  month
• 11:16
  for
• 11:16
  the
• 11:16
  rest
• 11:16
  of
• 11:16
  your
• 11:16
  life.
• 11:18
  That's
• 11:18
  not
• 11:18
  a
• 11:18
  small
• 11:18
  difference.
• 11:20
  Now
• 11:20
  add
• 11:20
  this.
• 11:20
  Here's
• 11:21
  something
• 11:21
  a
• 11:21
  lot
• 11:21
  of
• 11:21
  people
• 11:21
  don't
• 11:21
  think
• 11:22
  about,
• 11:22
  and
• 11:22
  you
• 11:22
  didn't
• 11:22
  even
• 11:23
  mention
• 11:23
  it
• 11:23
  in
• 11:23
  your
• 11:23
  question.
• 11:24
  But
• 11:24
  this
• 11:24
  is
• 11:24
  one
• 11:25
  of
• 11:25
  the
• 11:25
  things
• 11:25
  that
• 11:25
  will
• 11:25
  trap
• 11:26
  a
• 11:26
  lot
• 11:26
  of
• 11:26
  people.
• 11:27
  Let's
• 11:27
  talk
• 11:28
  about
• 11:28
  Medicare.
• 11:29
  Medicare
• 11:30
  is
• 11:30
  your
• 11:31
  insurance
• 11:31
  coverage
• 11:32
  once
• 11:32
  you
• 11:32
  go
• 11:32
  to
• 11:33
  retire.
• 11:33
  You
• 11:33
  may
• 11:33
  not
• 11:33
  even
• 11:34
  be
• 11:34
  retired,
• 11:34
  but
• 11:34
  it's
• 11:34
  what
• 11:34
  you
• 11:35
  get
• 11:35
  when
• 11:35
  you
• 11:35
  hit
• 11:35
  a
• 11:35
  certain
• 11:35
  age.
• 11:36
  Well,
• 11:36
  here's
• 11:36
  the
• 11:36
  deal.
• 11:37
  Medicare
• 11:38
  doesn't
• 11:38
  start
• 11:39
  until
• 11:39
  age
• 11:40
  65.
• 11:41
  So
• 11:42
  if
• 11:42
  you
• 11:42
  decide
• 11:42
  to
• 11:42
  retire
• 11:43
  at
• 11:43
  63,
• 11:44
  you're
• 11:45
  going
• 11:45
  to
• 11:45
  have
• 11:45
  to
• 11:46
  have
• 11:46
  your
• 11:46
  own
• 11:46
  health
• 11:47
  insurance
• 11:47
  for
• 11:47
  two
• 11:48
  years.
• 11:49
  And
• 11:49
  that's
• 11:49
  a
• 11:49
  real
• 11:50
  cost
• 11:50
  that
• 11:50
  a
• 11:50
  lot
• 11:50
  of
• 11:50
  people
• 11:51
  don't
• 11:51
  factor
• 11:51
  in
• 11:51
  when
• 11:52
  they
• 11:52
  pick
• 11:52
  that
• 11:52
  number.
• 11:54
  And
• 11:54
  here's
• 11:54
  the
• 11:54
  hard
• 11:54
  truth
• 11:55
  underneath
• 11:55
  of
• 11:55
  it
• 11:55
  all.
• 11:56
  I'm
• 11:56
  going
• 11:56
  to
• 11:56
  give
• 11:56
  you
• 11:56
  something
• 11:57
  from
• 11:57
  the
• 11:57
  2024
• 11:58
  MassMutual
• 11:59
  Retirement
• 12:00
  Happiness
• 12:00
  Study.
• 12:01
  It
• 12:02
  found
• 12:02
  that
• 12:02
  63
• 12:03
  is
• 12:03
  what
• 12:04
  most
• 12:04
  Americans
• 12:04
  say
• 12:05
  is
• 12:05
  the
• 12:05
  ideal
• 12:05
  retirement
• 12:06
  age.
• 12:06
  So
• 12:06
  when
• 12:07
  you
• 12:07
  said
• 12:07
  63,
• 12:08
  that
• 12:08
  didn't
• 12:09
  come
• 12:09
  as
• 12:09
  a
• 12:09
  shock
• 12:09
  to
• 12:10
  me.
• 12:10
  That
• 12:10
  seems
• 12:10
  to
• 12:10
  be
• 12:10
  the
• 12:11
  going
• 12:11
  number.
• 12:12
  But
• 12:12
  here's
• 12:12
  the
• 12:13
  problem.
• 12:13
  This
• 12:13
  is
• 12:14
  that
• 12:14
  2024
• 12:15
  MassMutual
• 12:15
  Retirement
• 12:16
  Happiness
• 12:16
  Study.
• 12:17
  35%
• 12:18
  of
• 12:18
  pre
• 12:19
  retirees
• 12:19
  were
• 12:20
  also
• 12:20
  say
• 12:20
  their
• 12:21
  savings
• 12:21
  are
• 12:21
  behind.
• 12:22
  That's
• 12:23
  a
• 12:23
  problem.
• 12:23
  34%
• 12:25
  believe
• 12:25
  there's
• 12:25
  a
• 12:25
  real
• 12:26
  chance
• 12:26
  they'll
• 12:26
  outlive
• 12:27
  their
• 12:27
  money.
• 12:29
  Here's
• 12:29
  the
• 12:29
  problem.
• 12:30
  Both
• 12:30
  of
• 12:30
  those
• 12:30
  things
• 12:30
  can't
• 12:31
  be
• 12:31
  true
• 12:32
  and
• 12:32
  be
• 12:33
  fine
• 12:33
  at
• 12:33
  the
• 12:33
  same
• 12:33
  time.
• 12:35
  That's
• 12:35
  a
• 12:35
  huge
• 12:36
  issue.
• 12:37
  If
• 12:37
  more
• 12:38
  than
• 12:38
  a
• 12:38
  third
• 12:39
  of
• 12:40
  the
• 12:40
  people
• 12:40
  going
• 12:41
  to
• 12:41
  retire
• 12:42
  are
• 12:42
  saying
• 12:43
  that
• 12:43
  they're
• 12:43
  behind
• 12:43
  on
• 12:44
  their
• 12:44
  savings
• 12:45
  and,
• 12:45
  and
• 12:45
  they're
• 12:46
  worried
• 12:46
  they're
• 12:46
  gonna
• 12:46
  outlive
• 12:47
  their
• 12:47
  money,
• 12:48
  that's
• 12:49
  a
• 12:49
  real
• 12:49
  big
• 12:49
  issue.
• 12:51
  Think
• 12:51
  about
• 12:51
  it
• 12:51
  like
• 12:51
  this.
• 12:51
  If
• 12:52
  you
• 12:52
  retire
• 12:52
  at
• 12:53
  age
• 12:53
  63
• 12:54
  and
• 12:54
  you
• 12:55
  live
• 12:55
  to
• 12:55
  be
• 12:55
  93,
• 12:57
  your
• 12:57
  savings
• 12:58
  need
• 12:58
  to
• 12:58
  last
• 12:59
  30
• 12:59
  years.
• 13:01
  That's
• 13:02
  just
• 13:02
  the
• 13:02
  math.
• 13:04
  The
• 13:05
  window
• 13:05
  that
• 13:05
  actually
• 13:06
  holds
• 13:06
  up
• 13:07
  is
• 13:07
  between
• 13:08
  65
• 13:08
  and
• 13:09
  67.
• 13:10
  And
• 13:10
  the
• 13:10
  reason
• 13:10
  that
• 13:11
  I
• 13:11
  try
• 13:11
  to
• 13:12
  steer
• 13:12
  clients
• 13:12
  in
• 13:12
  that
• 13:13
  direction
• 13:13
  is
• 13:13
  because
• 13:14
  that's
• 13:14
  where
• 13:14
  Medicare
• 13:15
  and
• 13:15
  full
• 13:16
  Social
• 13:16
  Security
• 13:16
  both
• 13:17
  kick.
• 13:18
  Those
• 13:18
  aren't
• 13:18
  arbitrary
• 13:19
  numbers.
• 13:20
  They're
• 13:21
  the
• 13:21
  structural
• 13:21
  support
• 13:22
  the
• 13:22
  whole
• 13:22
  system
• 13:22
  was
• 13:23
  built
• 13:23
  around.
• 13:25
  Now,
• 13:25
  63
• 13:26
  isn't
• 13:26
  wrong
• 13:26
  because
• 13:26
  it
• 13:27
  sounds
• 13:27
  wrong.
• 13:28
  It's
• 13:29
  risky
• 13:29
  because
• 13:30
  the
• 13:30
  number
• 13:30
  behind
• 13:30
  it
• 13:31
  doesn't
• 13:32
  work
• 13:32
  all
• 13:32
  the
• 13:32
  time.
• 13:34
  So
• 13:34
  you
• 13:34
  gotta
• 13:34
  plan
• 13:35
  with
• 13:35
  real
• 13:35
  numbers,
• 13:37
  not
• 13:37
  just
• 13:37
  the
• 13:37
  popular
• 13:38
  ones.
• 13:39
  And
• 13:39
  that's
• 13:40
  really
• 13:40
  a
• 13:40
  big
• 13:40
  deal.
• 13:41
  So
• 13:41
  if
• 13:41
  you're
• 13:41
  watching
• 13:42
  this
• 13:42
  right
• 13:42
  now,
• 13:42
  if
• 13:42
  you're
• 13:43
  listening
• 13:43
  to
• 13:43
  this
• 13:43
  after
• 13:43
  the
• 13:44
  fact
• 13:44
  and
• 13:44
  you
• 13:44
  can
• 13:44
  comment,
• 13:45
  just
• 13:45
  do
• 13:46
  me
• 13:46
  a
• 13:46
  favor
• 13:46
  and
• 13:46
  put
• 13:46
  right
• 13:46
  in
• 13:47
  the
• 13:47
  comments.
• 13:47
  What
• 13:47
  age
• 13:48
  are
• 13:48
  you
• 13:48
  planning
• 13:48
  to
• 13:49
  retire?
• 13:49
  And
• 13:50
  have
• 13:50
  you
• 13:50
  actually
• 13:50
  run
• 13:51
  this
• 13:51
  Social
• 13:51
  Security
• 13:51
  math
• 13:52
  on
• 13:52
  it?
• 13:53
  Put
• 13:53
  that
• 13:53
  in
• 13:54
  the
• 13:54
  chat.
• 13:54
  I'd
• 13:54
  love
• 13:54
  to
• 13:54
  hear
• 13:54
  from
• 13:55
  you.
• 13:56
  But
• 13:56
  now
• 13:56
  as
• 13:57
  we
• 13:57
  talk
• 13:57
  about
• 13:57
  this,
• 13:57
  we
• 13:58
  found
• 13:58
  an
• 13:58
  article
• 13:59
  and
• 13:59
  it
• 13:59
  was
• 13:59
  an
• 14:00
  article
• 14:00
  written
• 14:00
  on
• 14:01
  money
• 14:01
  wise.
• 14:02
  And
• 14:02
  the
• 14:02
  article
• 14:02
  was
• 14:03
  titled
• 14:03
  Many
• 14:03
  Americans
• 14:04
  think
• 14:04
  63
• 14:05
  is
• 14:05
  the
• 14:05
  perfect
• 14:06
  Age
• 14:06
  to
• 14:06
  Retire.
• 14:07
  And
• 14:07
  then
• 14:07
  it
• 14:08
  says
• 14:08
  something
• 14:08
  pretty
• 14:08
  bold.
• 14:09
  It
• 14:10
  says
• 14:10
  they're
• 14:10
  wrong.
• 14:11
  And
• 14:11
  we'll
• 14:11
  put
• 14:12
  a
• 14:12
  link
• 14:12
  to
• 14:12
  that
• 14:12
  in
• 14:12
  the
• 14:12
  show
• 14:13
  notes.
• 14:14
  But
• 14:14
  this
• 14:14
  email
• 14:14
  connects
• 14:15
  directly
• 14:15
  to
• 14:15
  what
• 14:16
  money
• 14:16
  wise
• 14:16
  covered
• 14:17
  in
• 14:17
  this
• 14:17
  article.
• 14:19
  And
• 14:19
  the
• 14:19
  headline
• 14:19
  didn't
• 14:20
  soften
• 14:20
  it
• 14:20
  either.
• 14:21
  Most
• 14:22
  Americans
• 14:22
  think
• 14:23
  63
• 14:23
  is
• 14:24
  the
• 14:24
  right
• 14:24
  age
• 14:24
  to
• 14:24
  retire.
• 14:25
  What
• 14:26
  does
• 14:26
  the
• 14:26
  article
• 14:26
  say?
• 14:27
  They're
• 14:28
  wrong
• 14:28
  at
• 14:28
  that
• 14:30
  here's
• 14:30
  the
• 14:30
  number
• 14:30
  to
• 14:31
  actually
• 14:31
  build
• 14:31
  your
• 14:32
  plan
• 14:32
  around.
• 14:32
  This
• 14:32
  is
• 14:32
  exactly
• 14:33
  from
• 14:33
  the
• 14:33
  article.
• 14:33
  This
• 14:34
  is
• 14:34
  like,
• 14:34
  I
• 14:34
  could
• 14:34
  have
• 14:35
  written
• 14:35
  this
• 14:35
  article
• 14:35
  because
• 14:36
  it
• 14:36
  agrees
• 14:36
  with
• 14:36
  what
• 14:37
  I'm
• 14:37
  saying.
• 14:38
  Here's
• 14:38
  what
• 14:38
  the
• 14:38
  research
• 14:38
  is
• 14:39
  speaking
• 14:39
  to
• 14:40
  people
• 14:40
  locked
• 14:41
  into
• 14:41
  retirement
• 14:42
  age.
• 14:42
  They
• 14:42
  chose
• 14:42
  emotionally,
• 14:43
  not
• 14:44
  mathematically.
• 14:44
  That's
• 14:45
  the
• 14:45
  real
• 14:45
  issue.
• 14:46
  A
• 14:46
  lot
• 14:47
  of
• 14:47
  people
• 14:47
  don't
• 14:47
  do
• 14:47
  the
• 14:47
  math
• 14:48
  behind
• 14:48
  this.
• 14:49
  They
• 14:49
  just
• 14:49
  have
• 14:49
  this
• 14:50
  feeling
• 14:50
  like,
• 14:50
  I've
• 14:50
  worked
• 14:51
  for
• 14:51
  so
• 14:51
  many
• 14:51
  years,
• 14:51
  Ralph,
• 14:52
  I
• 14:52
  just
• 14:52
  want
• 14:52
  to
• 14:53
  retire.
• 14:54
  That's
• 14:54
  an
• 14:55
  emotional
• 14:55
  decision.
• 14:56
  That's
• 14:57
  not
• 14:57
  a
• 14:57
  mathematical
• 14:58
  decision.
• 14:59
  And
• 14:59
  that
• 15:00
  62
• 15:00
  or
• 15:01
  63
• 15:01
  window
• 15:01
  is
• 15:02
  appealing.
• 15:02
  I
• 15:03
  get
• 15:03
  it.
• 15:03
  You
• 15:03
  don't
• 15:03
  want
• 15:03
  to
• 15:03
  work
• 15:04
  anymore.
• 15:04
  You
• 15:04
  want
• 15:04
  to
• 15:04
  retire.
• 15:05
  You
• 15:05
  want
• 15:05
  to
• 15:05
  go
• 15:05
  enjoy
• 15:06
  your
• 15:06
  grandchildren
• 15:07
  or
• 15:07
  go
• 15:07
  enjoy
• 15:08
  traveling,
• 15:08
  whatever
• 15:08
  that
• 15:08
  looks
• 15:09
  like
• 15:09
  for
• 15:09
  you.
• 15:10
  But
• 15:10
  that
• 15:10
  is
• 15:11
  one
• 15:11
  of
• 15:11
  the
• 15:11
  most
• 15:11
  expensive
• 15:12
  choices
• 15:12
  you
• 15:13
  can
• 15:13
  make
• 15:14
  if
• 15:14
  you're
• 15:14
  not
• 15:14
  ready
• 15:15
  for
• 15:15
  it.
• 15:15
  And
• 15:16
  what
• 15:16
  did
• 15:16
  that
• 15:16
  massmutual
• 15:17
  survey
• 15:18
  show?
• 15:18
  34%
• 15:19
  haven't
• 15:20
  saved
• 15:20
  enough.
• 15:21
  35%
• 15:22
  are
• 15:22
  worried
• 15:22
  they're
• 15:22
  going
• 15:22
  to
• 15:22
  run
• 15:22
  out
• 15:23
  of
• 15:23
  money.
• 15:24
  And
• 15:25
  nobody
• 15:25
  tells
• 15:25
  you
• 15:25
  what
• 15:26
  you're
• 15:26
  giving
• 15:26
  up
• 15:26
  that
• 15:27
  monthly
• 15:27
  income
• 15:28
  under
• 15:28
  the
• 15:28
  until
• 15:29
  the
• 15:29
  decision's
• 15:29
  already
• 15:29
  made.
• 15:30
  I've
• 15:30
  seen
• 15:30
  it
• 15:30
  happen
• 15:30
  so
• 15:31
  many
• 15:31
  times
• 15:31
  in
• 15:31
  my
• 15:31
  practice.
• 15:33
  Someone
• 15:33
  will
• 15:33
  already
• 15:33
  gone
• 15:34
  ahead
• 15:34
  and
• 15:35
  gotten
• 15:35
  that
• 15:35
  Social
• 15:35
  Security.
• 15:37
  Then
• 15:37
  they'll
• 15:37
  come
• 15:37
  in
• 15:37
  and
• 15:37
  meet
• 15:37
  with
• 15:38
  me
• 15:38
  and
• 15:38
  they'll
• 15:38
  say,
• 15:38
  I'm
• 15:38
  really
• 15:39
  struggling,
• 15:39
  Ralph.
• 15:39
  I'm
• 15:39
  having
• 15:40
  a
• 15:40
  hard
• 15:40
  time
• 15:41
  making
• 15:41
  ends
• 15:41
  meet.
• 15:42
  And
• 15:42
  I'll
• 15:43
  say
• 15:43
  to
• 15:43
  them,
• 15:43
  well,
• 15:44
  I
• 15:44
  see
• 15:44
  you
• 15:44
  took
• 15:44
  your
• 15:44
  Social
• 15:45
  Security
• 15:45
  early,
• 15:46
  because
• 15:46
  there's
• 15:47
  other
• 15:47
  things
• 15:47
  that
• 15:47
  impact
• 15:47
  this
• 15:48
  as
• 15:48
  well.
• 15:48
  If
• 15:48
  you
• 15:49
  take
• 15:49
  your
• 15:49
  Social
• 15:49
  Security
• 15:49
  early,
• 15:50
  before
• 15:50
  full
• 15:51
  retirement
• 15:51
  age,
• 15:52
  there
• 15:52
  are
• 15:52
  also
• 15:52
  limits
• 15:53
  on
• 15:53
  how
• 15:53
  much
• 15:54
  you
• 15:54
  can
• 15:54
  earn.
• 15:54
  If
• 15:54
  you
• 15:54
  need
• 15:55
  to
• 15:55
  go
• 15:55
  get
• 15:55
  another
• 15:55
  job
• 15:56
  and
• 15:56
  you
• 15:57
  lose
• 15:57
  benefits.
• 15:57
  If
• 15:57
  you
• 15:58
  go
• 15:58
  get
• 15:58
  a
• 15:58
  job
• 15:58
  and
• 15:58
  you're
• 15:59
  over
• 15:59
  those
• 15:59
  things.
• 15:59
  Another
• 16:00
  thing
• 16:00
  a
• 16:00
  lot
• 16:00
  of
• 16:00
  people
• 16:00
  don't
• 16:01
  think
• 16:01
  about.
• 16:02
  Your
• 16:02
  Social
• 16:03
  Security
• 16:03
  could
• 16:03
  be
• 16:04
  taxable
• 16:04
  income
• 16:05
  to
• 16:05
  you.
• 16:06
  But
• 16:06
  let's
• 16:06
  get
• 16:06
  a
• 16:06
  little
• 16:06
  deeper.
• 16:07
  This
• 16:07
  is
• 16:07
  what
• 16:07
  the
• 16:07
  findings
• 16:08
  actually
• 16:09
  show.
• 16:10
  The
• 16:10
  number
• 16:10
  that
• 16:11
  holds
• 16:11
  up
• 16:11
  best
• 16:11
  is
• 16:12
  somewhere
• 16:12
  between
• 16:12
  age
• 16:13
  65
• 16:13
  and
• 16:14
  67.
• 16:14
  Now,
• 16:15
  when
• 16:15
  I
• 16:15
  counsel
• 16:15
  clients,
• 16:16
  I
• 16:16
  tell
• 16:16
  them
• 16:16
  it
• 16:17
  really
• 16:17
  depends
• 16:18
  on
• 16:18
  a
• 16:18
  crystal
• 16:19
  ball
• 16:19
  of
• 16:20
  how
• 16:20
  long
• 16:20
  you
• 16:20
  plan
• 16:20
  to
• 16:21
  live.
• 16:21
  If
• 16:22
  everybody
• 16:22
  in
• 16:22
  your
• 16:23
  family
• 16:23
  dies
• 16:23
  at
• 16:24
  age
• 16:24
  70,
• 16:25
  then
• 16:25
  I
• 16:25
  would
• 16:25
  probably
• 16:26
  take
• 16:26
  my
• 16:26
  benefits
• 16:26
  early,
• 16:27
  depending
• 16:27
  upon
• 16:28
  your
• 16:28
  financial
• 16:28
  situation.
• 16:30
  But
• 16:30
  if
• 16:30
  Grandmom
• 16:31
  lived
• 16:31
  to
• 16:31
  be
• 16:31
  99
• 16:32
  and
• 16:33
  Aunt
• 16:33
  Sally
• 16:33
  and
• 16:34
  Uncle
• 16:34
  Joe
• 16:34
  all
• 16:35
  lived
• 16:35
  into
• 16:35
  their
• 16:35
  mid-90s,
• 16:36
  you've
• 16:37
  got
• 16:37
  a
• 16:37
  really
• 16:37
  good
• 16:38
  chance
• 16:38
  of
• 16:39
  having
• 16:39
  good
• 16:39
  genetics.
• 16:40
  Look
• 16:40
  at
• 16:41
  your
• 16:41
  health,
• 16:41
  look
• 16:41
  at
• 16:41
  your
• 16:41
  situation.
• 16:43
  Now,
• 16:43
  it's
• 16:43
  not
• 16:43
  because
• 16:44
  that
• 16:44
  number
• 16:44
  feels
• 16:44
  good.
• 16:45
  It's
• 16:45
  because
• 16:46
  that's
• 16:47
  what
• 16:47
  becomes
• 16:47
  available
• 16:48
  at
• 16:48
  those
• 16:49
  ages.
• 16:49
  At
• 16:49
  65,
• 16:50
  you
• 16:50
  get
• 16:51
  Medicare.
• 16:52
  That's
• 16:52
  a
• 16:52
  big
• 16:52
  deal.
• 16:53
  Full
• 16:54
  Social
• 16:54
  Security
• 16:55
  happens
• 16:55
  at
• 16:55
  67.
• 16:57
  Those
• 16:57
  two
• 16:58
  things
• 16:58
  alone
• 16:58
  change
• 16:59
  the
• 16:59
  financial
• 16:59
  picture
• 17:00
  significantly.
• 17:01
  And
• 17:02
  like
• 17:02
  I
• 17:02
  said
• 17:02
  earlier,
• 17:03
  claiming
• 17:03
  early
• 17:04
  at
• 17:04
  62
• 17:05
  cuts
• 17:05
  your
• 17:05
  benefits
• 17:06
  by
• 17:06
  30%
• 17:07
  for
• 17:08
  life.
• 17:09
  Now
• 17:09
  again,
• 17:09
  if
• 17:09
  you
• 17:10
  wait
• 17:10
  till
• 17:10
  age
• 17:10
  70,
• 17:11
  that
• 17:11
  increases
• 17:11
  it
• 17:12
  by
• 17:12
  24%
• 17:13
  above
• 17:13
  that
• 17:14
  full
• 17:14
  retirement
• 17:14
  age
• 17:15
  amount.
• 17:16
  That
• 17:16
  range
• 17:17
  from
• 17:17
  62
• 17:18
  to
• 17:18
  70
• 17:18
  represents
• 17:19
  a
• 17:19
  monthly
• 17:19
  income
• 17:20
  gap
• 17:20
  that
• 17:20
  compounds
• 17:21
  over
• 17:22
  decades.
• 17:24
  The
• 17:24
  2026
• 17:25
  change
• 17:25
  to
• 17:25
  the
• 17:25
  full
• 17:25
  retirement
• 17:26
  age
• 17:26
  is
• 17:26
  worth
• 17:26
  understanding
• 17:27
  as
• 17:27
  well,
• 17:27
  because
• 17:27
  a
• 17:28
  lot
• 17:28
  of
• 17:28
  people
• 17:28
  are
• 17:28
  confused
• 17:29
  by
• 17:29
  this
• 17:30
  In
• 17:30
  2026,
• 17:31
  like
• 17:31
  I
• 17:32
  said,
• 17:32
  if
• 17:32
  you
• 17:32
  were
• 17:33
  born
• 17:33
  in
• 17:33
  1960
• 17:34
  or
• 17:35
  later,
• 17:36
  everyone's
• 17:36
  full
• 17:37
  retirement
• 17:37
  age
• 17:38
  is
• 17:38
  67.
• 17:39
  It
• 17:39
  was
• 17:39
  a
• 17:39
  little
• 17:39
  bit
• 17:39
  strange
• 17:40
  for
• 17:40
  a
• 17:40
  while
• 17:40
  because
• 17:41
  we
• 17:41
  had
• 17:41
  people
• 17:41
  that
• 17:42
  were
• 17:42
  66
• 17:43
  and
• 17:43
  a
• 17:43
  half,
• 17:43
  66
• 17:44
  and
• 17:44
  nine
• 17:45
  months.
• 17:45
  There
• 17:45
  was
• 17:46
  this
• 17:46
  process
• 17:46
  of
• 17:47
  building
• 17:47
  then
• 17:47
  what
• 17:48
  people
• 17:48
  were
• 17:48
  already
• 17:48
  in
• 17:49
  the
• 17:49
  system.
• 17:50
  That
• 17:50
  phase
• 17:50
  in
• 17:51
  actually
• 17:51
  started
• 17:51
  back
• 17:52
  in
• 17:52
  1983.
• 17:54
  But
• 17:54
  now
• 17:54
  there's
• 17:54
  no
• 17:55
  more
• 17:55
  transition
• 17:55
  rules
• 17:56
  or
• 17:56
  partial
• 17:56
  ages
• 17:57
  for
• 17:57
  anyone
• 17:57
  in
• 17:57
  that
• 17:58
  group.
• 17:59
  And
• 17:59
  the
• 17:59
  cost
• 17:59
  of
• 18:00
  retiring
• 18:00
  before
• 18:00
  65
• 18:01
  is
• 18:01
  more
• 18:01
  than
• 18:02
  just
• 18:02
  the
• 18:02
  Social
• 18:02
  Security
• 18:02
  reduction.
• 18:04
  As
• 18:04
  I
• 18:04
  said,
• 18:04
  think
• 18:05
  about
• 18:05
  that
• 18:05
  Medicare
• 18:05
  cost.
• 18:06
  Two
• 18:06
  or
• 18:06
  three
• 18:06
  years
• 18:07
  of
• 18:07
  private
• 18:07
  health
• 18:07
  insurance
• 18:08
  can
• 18:08
  run
• 18:08
  you
• 18:09
  thousands
• 18:10
  of
• 18:10
  dollars
• 18:10
  a
• 18:11
  year.
• 18:12
  Thousands
• 18:13
  of
• 18:13
  dollars,
• 18:14
  sometimes
• 18:15
  more,
• 18:15
  depending
• 18:15
  upon
• 18:15
  your
• 18:15
  health
• 18:16
  situation.
• 18:17
  And
• 18:17
  that's
• 18:18
  money
• 18:18
  coming
• 18:18
  out
• 18:18
  of
• 18:18
  the
• 18:18
  savings
• 18:19
  before
• 18:19
  retirement
• 18:20
  actually
• 18:20
  even
• 18:20
  starts.
• 18:21
  Now,
• 18:21
  there
• 18:22
  were
• 18:22
  some
• 18:22
  great
• 18:22
  quotes
• 18:22
  in
• 18:23
  this
• 18:23
  report.
• 18:23
  This
• 18:24
  is
• 18:24
  right
• 18:24
  from
• 18:24
  the
• 18:24
  Social
• 18:24
  Security
• 18:25
  Administration.
• 18:25
  It
• 18:25
  says
• 18:26
  if
• 18:26
  you
• 18:26
  retire
• 18:26
  at
• 18:26
  full
• 18:27
  retirement
• 18:27
  age
• 18:27
  in
• 18:27
  2026,
• 18:28
  as
• 18:29
  we
• 18:29
  talked
• 18:29
  about,
• 18:29
  your
• 18:30
  full
• 18:30
  benefits
• 18:30
  will
• 18:30
  be
• 18:30
  about
• 18:31
  4,152.
• 18:32
  If
• 18:32
  you
• 18:32
  retire
• 18:33
  at
• 18:33
  age
• 18:33
  62,
• 18:34
  your
• 18:34
  benefits
• 18:34
  will
• 18:34
  be
• 18:34
  29.69.
• 18:35
  So
• 18:35
  you
• 18:36
  see
• 18:36
  the
• 18:36
  big
• 18:36
  difference
• 18:36
  there.
• 18:37
  That's
• 18:38
  not
• 18:38
  a
• 18:38
  small
• 18:38
  amount
• 18:39
  of
• 18:39
  money.
• 18:39
  It
• 18:40
  also
• 18:40
  mentions
• 18:40
  in
• 18:40
  there
• 18:40
  the
• 18:41
  full
• 18:41
  retirement
• 18:41
  age
• 18:41
  is
• 18:42
  67
• 18:43
  for
• 18:43
  anybody
• 18:43
  that
• 18:43
  reaches
• 18:44
  that
• 18:44
  age.
• 18:44
  Now,
• 18:44
  here's
• 18:44
  my
• 18:45
  take
• 18:45
  on
• 18:45
  this
• 18:45
  holding.
• 18:45
  This
• 18:45
  is
• 18:46
  why
• 18:46
  you
• 18:46
  tuned
• 18:46
  in,
• 18:46
  right?
• 18:46
  You
• 18:46
  want
• 18:47
  to
• 18:47
  hear
• 18:47
  what
• 18:47
  is
• 18:47
  Ralph's
• 18:48
  take
• 18:48
  on
• 18:48
  this?
• 18:49
  The
• 18:50
  number
• 18:50
  63
• 18:51
  got
• 18:51
  popular
• 18:51
  the
• 18:52
  same
• 18:52
  way
• 18:52
  a
• 18:52
  lot
• 18:52
  of
• 18:53
  bad
• 18:53
  financial
• 18:53
  habits
• 18:54
  do.
• 18:54
  I
• 18:55
  hear
• 18:55
  these
• 18:55
  things
• 18:55
  all
• 18:55
  the
• 18:56
  time.
• 18:57
  Someone
• 18:57
  said
• 18:57
  it.
• 18:58
  It
• 18:58
  was
• 18:58
  on
• 18:58
  TikTok,
• 18:59
  it
• 18:59
  was
• 18:59
  on
• 19:00
  Reels,
• 19:00
  it
• 19:00
  was
• 19:01
  on
• 19:01
  YouTube.
• 19:02
  And
• 19:02
  somebody
• 19:02
  heard
• 19:03
  it
• 19:03
  and
• 19:03
  they
• 19:03
  just
• 19:03
  repeated
• 19:04
  it
• 19:05
  and
• 19:05
  they
• 19:05
  repeated
• 19:06
  it
• 19:06
  and
• 19:06
  it
• 19:06
  started
• 19:07
  to
• 19:07
  sound
• 19:07
  like
• 19:07
  wisdom
• 19:07
  at
• 19:08
  that
• 19:08
  point.
• 19:09
  But
• 19:09
  wisdom
• 19:10
  and
• 19:10
  repetition
• 19:11
  aren't
• 19:11
  the
• 19:11
  same
• 19:11
  thing.
• 19:13
  Your
• 19:13
  retirement
• 19:13
  age
• 19:14
  is
• 19:14
  one
• 19:14
  of
• 19:14
  the
• 19:14
  biggest
• 19:15
  financial
• 19:16
  decisions
• 19:16
  that
• 19:16
  you'll
• 19:17
  ever
• 19:17
  make.
• 19:18
  It's
• 19:19
  huge.
• 19:20
  It's
• 19:20
  going
• 19:20
  to
• 19:20
  shape
• 19:21
  your
• 19:21
  monthly
• 19:21
  income
• 19:22
  from
• 19:22
  the
• 19:22
  rest
• 19:22
  of
• 19:22
  your
• 19:23
  life.
• 19:24
  It's
• 19:24
  worth
• 19:25
  running
• 19:25
  down
• 19:25
  actual
• 19:26
  numbers
• 19:27
  before
• 19:27
  you
• 19:27
  commit
• 19:27
  to
• 19:28
  a
• 19:28
  date
• 19:28
  you
• 19:28
  picked
• 19:28
  Years
• 19:29
  ago.
• 19:30
  I
• 19:31
  understand
• 19:31
  you
• 19:31
  want
• 19:31
  to
• 19:32
  return
• 19:32
  to
• 19:32
  retire
• 19:33
  at
• 19:33
  63.
• 19:33
  I
• 19:33
  get
• 19:34
  that.
• 19:34
  That's
• 19:34
  fine.
• 19:35
  But
• 19:36
  knowing
• 19:36
  what
• 19:36
  you
• 19:36
  can
• 19:36
  afford,
• 19:38
  that's
• 19:38
  the
• 19:38
  part
• 19:38
  that
• 19:39
  matters.
• 19:41
  So
• 19:41
  that's
• 19:41
  really
• 19:41
  a
• 19:41
  tough
• 19:42
  situation.
• 19:42
  And
• 19:42
  thank
• 19:42
  you
• 19:43
  so
• 19:43
  much
• 19:43
  for
• 19:43
  sending
• 19:43
  in
• 19:43
  that
• 19:43
  question.
• 19:44
  I
• 19:44
  hear
• 19:44
  63
• 19:45
  a
• 19:45
  lot
• 19:45
  of
• 19:45
  times,
• 19:46
  and
• 19:46
  it
• 19:47
  really
• 19:47
  depends
• 19:47
  on
• 19:47
  your
• 19:48
  situation.
• 19:49
  This
• 19:49
  is
• 19:49
  a
• 19:49
  great
• 19:49
  time
• 19:49
  to
• 19:50
  talk
• 19:50
  to
• 19:50
  somebody
• 19:50
  like
• 19:50
  myself,
• 19:51
  meet
• 19:51
  with
• 19:51
  a
• 19:52
  professional,
• 19:52
  and
• 19:52
  let's
• 19:53
  look
• 19:53
  at
• 19:53
  your
• 19:53
  budget,
• 19:53
  let's
• 19:54
  look
• 19:54
  at
• 19:54
  your
• 19:54
  financial
• 19:55
  situation,
• 19:55
  let's
• 19:56
  look
• 19:56
  at
• 19:56
  your
• 19:56
  savings.
• 19:57
  There's
• 19:57
  a
• 19:57
  whole
• 19:58
  bunch
• 19:58
  of
• 19:58
  other
• 19:58
  little
• 19:58
  nuance
• 19:59
  things
• 19:59
  that
• 19:59
  go
• 19:59
  into
• 19:59
  that.
• 20:00
  But
• 20:00
  don't
• 20:00
  just
• 20:00
  assume
• 20:00
  because
• 20:01
  you
• 20:01
  heard
• 20:01
  it
• 20:01
  somewhere.
• 20:02
  63
• 20:03
  is
• 20:03
  the
• 20:03
  way
• 20:03
  to
• 20:04
  go
• 20:04
  because
• 20:04
  it's
• 20:04
  not
• 20:04
  always
• 20:05
  the
• 20:05
  case.
• 20:06
  Well,
• 20:06
  let's
• 20:06
  move
• 20:07
  on
• 20:07
  to
• 20:07
  our
• 20:07
  second
• 20:07
  question.
• 20:07
  I'm
• 20:08
  just
• 20:08
  going
• 20:08
  to
• 20:08
  check
• 20:08
  and
• 20:08
  see
• 20:08
  if
• 20:08
  we've
• 20:09
  got
• 20:09
  any
• 20:09
  questions
• 20:09
  in
• 20:09
  the
• 20:10
  chat.
• 20:10
  I
• 20:10
  do
• 20:11
  not
• 20:11
  see
• 20:11
  any.
• 20:12
  So
• 20:12
  let's
• 20:12
  move
• 20:12
  on
• 20:12
  to
• 20:13
  our
• 20:13
  second
• 20:13
  question.
• 20:13
  This
• 20:14
  is
• 20:14
  what
• 20:14
  we
• 20:14
  call
• 20:14
  the
• 20:14
  frozen
• 20:15
  bank
• 20:15
  account
• 20:15
  question.
• 20:16
  This
• 20:17
  was
• 20:17
  another
• 20:17
  email
• 20:17
  we
• 20:18
  got
• 20:18
  from
• 20:18
  a
• 20:18
  listener
• 20:19
  said,
• 20:19
  ralph,
• 20:20
  I
• 20:20
  have
• 20:20
  to
• 20:21
  share
• 20:21
  what
• 20:21
  happened
• 20:21
  to
• 20:21
  our
• 20:21
  family
• 20:22
  recently
• 20:22
  because
• 20:22
  I
• 20:23
  don't
• 20:23
  want
• 20:23
  it
• 20:23
  to
• 20:23
  happen
• 20:23
  to
• 20:24
  anyone
• 20:24
  else.
• 20:25
  My
• 20:25
  sister's
• 20:26
  husband
• 20:26
  passed
• 20:26
  away
• 20:27
  last
• 20:27
  month.
• 20:27
  Let
• 20:27
  me
• 20:27
  just
• 20:28
  stop
• 20:28
  there
• 20:28
  for
• 20:28
  a
• 20:28
  second.
• 20:29
  I
• 20:29
  want
• 20:30
  to
• 20:30
  just
• 20:30
  share
• 20:30
  my
• 20:30
  condolences
• 20:31
  with
• 20:31
  your
• 20:31
  family.
• 20:32
  Never
• 20:32
  easy
• 20:33
  when
• 20:33
  that
• 20:33
  type
• 20:33
  of
• 20:33
  situation
• 20:34
  happens.
• 20:34
  But
• 20:34
  let
• 20:34
  me
• 20:35
  continue.
• 20:35
  So
• 20:35
  my
• 20:35
  sister's
• 20:35
  husband
• 20:36
  passed
• 20:36
  away
• 20:36
  last
• 20:37
  month.
• 20:37
  It
• 20:37
  was
• 20:37
  sudden.
• 20:38
  There
• 20:38
  was
• 20:38
  no
• 20:39
  warning,
• 20:39
  no
• 20:39
  time
• 20:39
  to
• 20:40
  prepare.
• 20:41
  When
• 20:41
  she
• 20:41
  went
• 20:41
  to
• 20:41
  the
• 20:41
  bank
• 20:42
  to
• 20:42
  access
• 20:42
  their
• 20:42
  joint
• 20:43
  account.
• 20:43
  Now,
• 20:43
  she
• 20:43
  said,
• 20:43
  joint
• 20:44
  account.
• 20:45
  She
• 20:45
  wanted
• 20:45
  a
• 20:45
  joint
• 20:46
  account.
• 20:46
  Her
• 20:46
  and
• 20:47
  her
• 20:47
  husband's
• 20:47
  name
• 20:48
  was
• 20:48
  on
• 20:48
  it.
• 20:49
  She
• 20:49
  was
• 20:49
  trying
• 20:49
  to
• 20:49
  pay
• 20:49
  funeral
• 20:50
  costs.
• 20:51
  The
• 20:51
  bank
• 20:51
  had
• 20:51
  frozen
• 20:52
  it.
• 20:53
  She
• 20:53
  had
• 20:53
  no
• 20:53
  idea
• 20:54
  that
• 20:54
  this
• 20:54
  was
• 20:54
  even
• 20:55
  possible.
• 20:56
  Watching
• 20:56
  her
• 20:56
  go
• 20:57
  through
• 20:57
  that
• 20:57
  in
• 20:57
  the
• 20:57
  middle
• 20:57
  of
• 20:58
  grief,
• 20:58
  scrambling
• 20:59
  for
• 20:59
  money
• 20:59
  she
• 20:59
  thought
• 21:00
  she
• 21:00
  already
• 21:00
  had
• 21:01
  was
• 21:01
  hers.
• 21:01
  It
• 21:02
  shook
• 21:02
  me.
• 21:03
  My
• 21:03
  husband
• 21:03
  and
• 21:03
  I
• 21:04
  have
• 21:04
  a
• 21:04
  joint
• 21:04
  account,
• 21:04
  but
• 21:04
  I
• 21:05
  honestly
• 21:05
  had
• 21:05
  no
• 21:06
  idea
• 21:06
  what
• 21:06
  type
• 21:06
  it
• 21:07
  is
• 21:07
  or
• 21:07
  whether
• 21:07
  we
• 21:07
  have
• 21:08
  the
• 21:08
  same
• 21:08
  problem.
• 21:09
  What
• 21:09
  do
• 21:10
  we
• 21:10
  need
• 21:10
  to
• 21:10
  know
• 21:11
  and
• 21:11
  what
• 21:11
  should
• 21:12
  we
• 21:12
  do
• 21:12
  now
• 21:12
  to
• 21:12
  protect
• 21:12
  ourselves
• 21:13
  before
• 21:13
  something
• 21:13
  like
• 21:14
  this
• 21:14
  happens
• 21:14
  to
• 21:15
  us?
• 21:15
  Ralph,
• 21:16
  I
• 21:16
  would
• 21:16
  love
• 21:16
  to
• 21:16
  hear
• 21:16
  your
• 21:17
  thoughts
• 21:17
  on
• 21:17
  this.
• 21:18
  Thanks
• 21:18
  for
• 21:18
  all
• 21:18
  you
• 21:19
  do.
• 21:20
  What
• 21:20
  a
• 21:20
  terrible
• 21:20
  situation.
• 21:21
  I
• 21:21
  could
• 21:21
  put
• 21:21
  myself
• 21:22
  in
• 21:22
  the
• 21:22
  same
• 21:22
  situation.
• 21:24
  Your
• 21:24
  husband
• 21:24
  or
• 21:24
  your
• 21:24
  wife
• 21:25
  passes
• 21:25
  away,
• 21:25
  you've
• 21:25
  got
• 21:26
  a
• 21:26
  joint
• 21:26
  bank
• 21:26
  account
• 21:26
  that
• 21:27
  you've
• 21:27
  used
• 21:27
  every
• 21:27
  day
• 21:28
  throughout
• 21:28
  your
• 21:28
  marriage.
• 21:29
  And
• 21:29
  all
• 21:29
  of
• 21:29
  a
• 21:29
  sudden
• 21:29
  you
• 21:29
  go
• 21:29
  to
• 21:30
  the
• 21:30
  bank
• 21:30
  and
• 21:30
  they're
• 21:30
  like,
• 21:30
  oh,
• 21:31
  no,
• 21:31
  you
• 21:31
  can't
• 21:31
  have
• 21:31
  access
• 21:31
  to
• 21:32
  this
• 21:32
  money.
• 21:33
  What
• 21:33
  a
• 21:33
  terrible
• 21:33
  situation.
• 21:35
  You've
• 21:36
  watched
• 21:36
  a
• 21:36
  family
• 21:36
  member
• 21:37
  and
• 21:37
  now
• 21:38
  you're
• 21:38
  writing
• 21:38
  in
• 21:38
  for
• 21:38
  as
• 21:39
  a
• 21:39
  sister,
• 21:39
  you
• 21:39
  watched
• 21:40
  a
• 21:40
  family
• 21:40
  member
• 21:40
  face
• 21:41
  a
• 21:41
  financial
• 21:41
  crisis
• 21:42
  in
• 21:42
  the
• 21:42
  middle
• 21:42
  of
• 21:42
  a
• 21:43
  loss
• 21:43
  and
• 21:44
  she
• 21:44
  wasn't
• 21:44
  prepared
• 21:44
  for
• 21:45
  it.
• 21:46
  And
• 21:46
  now
• 21:47
  you're
• 21:47
  thinking
• 21:47
  yourself,
• 21:47
  I
• 21:48
  don't
• 21:48
  even
• 21:48
  know
• 21:48
  how
• 21:48
  my
• 21:48
  accounts
• 21:49
  are
• 21:49
  set
• 21:49
  up.
• 21:49
  Ralph,
• 21:50
  could
• 21:50
  I
• 21:50
  have
• 21:51
  the
• 21:51
  same
• 21:51
  problem?
• 21:53
  That
• 21:53
  vulnerability
• 21:54
  of
• 21:55
  not
• 21:55
  finding
• 21:55
  out
• 21:56
  until
• 21:56
  a
• 21:56
  crisis
• 21:57
  has
• 21:57
  already
• 21:57
  started
• 21:58
  has
• 21:58
  resulted
• 21:58
  in
• 21:59
  your
• 21:59
  sister
• 21:59
  having
• 22:00
  a
• 22:00
  bad
• 22:00
  situation.
• 22:02
  But
• 22:02
  I
• 22:03
  want
• 22:03
  to
• 22:03
  get
• 22:03
  to
• 22:03
  an
• 22:03
  answer
• 22:04
  today
• 22:04
  because
• 22:05
  this
• 22:05
  is
• 22:05
  a
• 22:05
  question
• 22:05
  a
• 22:05
  lot
• 22:05
  of
• 22:05
  people
• 22:05
  don't
• 22:06
  think
• 22:06
  about.
• 22:06
  I
• 22:07
  don't
• 22:07
  actually
• 22:07
  get
• 22:07
  this
• 22:07
  one
• 22:07
  too
• 22:08
  often,
• 22:08
  but
• 22:08
  this
• 22:08
  one
• 22:08
  was
• 22:08
  great
• 22:09
  when
• 22:09
  I
• 22:09
  got
• 22:09
  this
• 22:09
  one.
• 22:09
  I've
• 22:09
  had
• 22:09
  it
• 22:10
  happen
• 22:10
  a
• 22:10
  few
• 22:10
  times.
• 22:10
  I
• 22:11
  used
• 22:11
  to
• 22:11
  run
• 22:11
  a
• 22:11
  credit
• 22:12
  union.
• 22:12
  I
• 22:12
  was
• 22:12
  an
• 22:12
  executive
• 22:13
  vice
• 22:13
  president
• 22:13
  of
• 22:13
  a
• 22:13
  credit
• 22:13
  union
• 22:14
  and
• 22:14
  I
• 22:14
  dealt
• 22:14
  with
• 22:15
  this
• 22:15
  there.
• 22:16
  But
• 22:16
  this
• 22:17
  is
• 22:17
  one
• 22:17
  of
• 22:17
  the
• 22:17
  things
• 22:17
  nobody
• 22:18
  talks
• 22:18
  about
• 22:18
  until
• 22:19
  it
• 22:19
  happens
• 22:19
  to
• 22:20
  someone
• 22:20
  you
• 22:20
  know.
• 22:21
  And
• 22:21
  usually
• 22:22
  when
• 22:22
  it
• 22:22
  happens,
• 22:22
  it's
• 22:23
  the
• 22:23
  worst
• 22:23
  possible
• 22:24
  timing.
• 22:25
  Like
• 22:25
  I
• 22:25
  said,
• 22:26
  you're
• 22:26
  already
• 22:26
  dealing
• 22:26
  with
• 22:26
  loss.
• 22:27
  You're
• 22:27
  standing
• 22:28
  there
• 22:28
  at
• 22:28
  the
• 22:28
  bank
• 22:28
  window,
• 22:29
  you're
• 22:29
  in
• 22:30
  grief
• 22:30
  and
• 22:31
  somebody's
• 22:31
  telling
• 22:32
  you
• 22:32
  you
• 22:32
  can't
• 22:32
  access
• 22:33
  money
• 22:33
  that
• 22:33
  you
• 22:33
  thought
• 22:34
  was
• 22:34
  yours.
• 22:36
  But
• 22:36
  here's
• 22:36
  what's
• 22:36
  actually
• 22:37
  happening
• 22:37
  when
• 22:37
  this
• 22:37
  occurs.
• 22:38
  I'm
• 22:39
  going
• 22:39
  to
• 22:39
  get
• 22:39
  into
• 22:39
  some
• 22:39
  details.
• 22:40
  Now,
• 22:40
  I
• 22:40
  am
• 22:40
  not
• 22:40
  an
• 22:40
  attorney.
• 22:41
  I'm
• 22:41
  not
• 22:41
  giving
• 22:42
  legal
• 22:42
  advice
• 22:42
  when
• 22:42
  I
• 22:43
  give
• 22:43
  you
• 22:43
  some
• 22:43
  advice
• 22:43
  based
• 22:44
  on
• 22:44
  the
• 22:44
  banking
• 22:44
  system.
• 22:45
  Most
• 22:46
  joint
• 22:46
  accounts
• 22:47
  won't
• 22:47
  freeze
• 22:48
  when
• 22:48
  one
• 22:48
  owner
• 22:48
  dies.
• 22:48
  The
• 22:49
  good
• 22:49
  news
• 22:49
  of
• 22:49
  today's
• 22:49
  show
• 22:50
  this
• 22:50
  particular
• 22:50
  question.
• 22:51
  This
• 22:52
  doesn't
• 22:52
  happen
• 22:53
  most
• 22:53
  of
• 22:53
  the
• 22:54
  time.
• 22:54
  Most
• 22:55
  of
• 22:55
  the
• 22:55
  time,
• 22:55
  the
• 22:56
  surviving
• 22:56
  spouse
• 22:57
  usually
• 22:57
  retains
• 22:57
  access.
• 22:59
  But
• 22:59
  I'm
• 22:59
  going
• 22:59
  to
• 22:59
  key
• 23:00
  on
• 23:00
  that
• 23:00
  phrase
• 23:00
  I
• 23:00
  just
• 23:00
  used
• 23:02
  usually.
• 23:03
  Here's
• 23:03
  what
• 23:03
  determines
• 23:04
  that.
• 23:05
  Whether
• 23:06
  your
• 23:06
  account
• 23:06
  has
• 23:06
  something
• 23:07
  called
• 23:07
  and
• 23:07
  we're
• 23:07
  going
• 23:07
  to
• 23:08
  get
• 23:08
  real
• 23:08
  fancy
• 23:08
  here.
• 23:08
  We're
• 23:08
  going
• 23:08
  to
• 23:09
  talk
• 23:09
  about
• 23:09
  a
• 23:09
  very
• 23:10
  intentional.
• 23:11
  It's
• 23:11
  called
• 23:11
  joint
• 23:12
  tenancy
• 23:12
  with
• 23:13
  right
• 23:13
  of
• 23:13
  survivorship.
• 23:14
  Now
• 23:14
  you
• 23:14
  might
• 23:14
  have
• 23:14
  heard,
• 23:15
  may
• 23:16
  have
• 23:16
  seen
• 23:16
  this
• 23:16
  written
• 23:17
  JTROS
• 23:19
  but
• 23:19
  again,
• 23:20
  that's
• 23:20
  joint
• 23:20
  tenancy
• 23:21
  with
• 23:21
  the
• 23:22
  right
• 23:22
  of
• 23:22
  survivorship.
• 23:24
  If
• 23:24
  that's
• 23:25
  the
• 23:25
  way
• 23:25
  the
• 23:25
  account
• 23:25
  is
• 23:25
  structured,
• 23:26
  then
• 23:27
  the
• 23:27
  money
• 23:27
  transferred
• 23:28
  to
• 23:28
  you
• 23:28
  automatically
• 23:29
  when
• 23:29
  the
• 23:29
  other
• 23:29
  person
• 23:29
  passes.
• 23:30
  It's
• 23:30
  like
• 23:30
  that's
• 23:31
  what
• 23:31
  happens.
• 23:31
  If
• 23:31
  you
• 23:31
  think
• 23:31
  about
• 23:31
  it,
• 23:32
  joint
• 23:32
  tenancy
• 23:33
  means
• 23:33
  you
• 23:33
  joined,
• 23:33
  you
• 23:34
  own
• 23:34
  it
• 23:34
  together
• 23:35
  with
• 23:35
  right
• 23:36
  of
• 23:36
  survivorship.
• 23:37
  So
• 23:37
  you
• 23:37
  are
• 23:37
  the
• 23:37
  survivor.
• 23:38
  So
• 23:38
  that
• 23:39
  becomes
• 23:39
  your
• 23:39
  money,
• 23:40
  no
• 23:40
  questions
• 23:41
  asked.
• 23:41
  It's
• 23:41
  simple,
• 23:42
  it's
• 23:42
  yours.
• 23:43
  The
• 23:43
  bank
• 23:43
  may
• 23:44
  take
• 23:44
  your,
• 23:44
  your
• 23:45
  partner
• 23:45
  off
• 23:45
  the
• 23:46
  off
• 23:46
  the
• 23:47
  statement
• 23:47
  or
• 23:47
  make
• 23:47
  off
• 23:48
  the
• 23:48
  account,
• 23:48
  but
• 23:48
  it's
• 23:48
  your
• 23:49
  money,
• 23:49
  no
• 23:49
  questions
• 23:49
  asked.
• 23:50
  But
• 23:51
  if
• 23:51
  it's
• 23:51
  not
• 23:51
  set
• 23:51
  up
• 23:52
  like
• 23:52
  that,
• 23:53
  the
• 23:53
  bank
• 23:53
  may
• 23:54
  freeze
• 23:54
  the
• 23:54
  account
• 23:54
  until
• 23:55
  probate
• 23:55
  sorts
• 23:56
  things
• 23:56
  out.
• 23:56
  Now,
• 23:56
  probate
• 23:57
  is
• 23:57
  what
• 23:57
  happens
• 23:57
  when
• 23:57
  someone
• 23:58
  passes
• 23:58
  away.
• 23:59
  But
• 23:59
  here's
• 23:59
  the
• 24:00
  problem
• 24:00
  with
• 24:00
  probate.
• 24:01
  It
• 24:01
  takes
• 24:02
  time.
• 24:03
  There's
• 24:04
  also
• 24:04
  something
• 24:04
  else
• 24:04
  that
• 24:05
  gets
• 24:05
  people
• 24:05
  tripped
• 24:05
  up
• 24:06
  here.
• 24:06
  And
• 24:07
  I've
• 24:07
  seen
• 24:07
  this
• 24:07
  personally,
• 24:08
  and
• 24:08
  that's
• 24:09
  a
• 24:09
  power
• 24:09
  of
• 24:09
  attorney.
• 24:09
  A
• 24:10
  lot
• 24:10
  of
• 24:10
  people
• 24:10
  have
• 24:10
  heard
• 24:11
  of
• 24:11
  the
• 24:11
  term
• 24:11
  power
• 24:11
  of
• 24:11
  attorney.
• 24:12
  Somebody
• 24:12
  gives
• 24:12
  you
• 24:12
  a
• 24:12
  power
• 24:12
  of
• 24:13
  attorney
• 24:13
  to
• 24:13
  act
• 24:14
  on
• 24:14
  their
• 24:14
  behalf.
• 24:15
  This
• 24:15
  happens
• 24:16
  a
• 24:16
  lot
• 24:16
  with
• 24:16
  married
• 24:16
  couples.
• 24:17
  A
• 24:18
  lot
• 24:18
  of
• 24:18
  married
• 24:18
  couples
• 24:18
  set
• 24:19
  up
• 24:19
  one
• 24:19
  of
• 24:19
  these
• 24:19
  and
• 24:19
  assume
• 24:20
  it
• 24:20
  protects
• 24:20
  them
• 24:20
  in
• 24:20
  a
• 24:20
  situation
• 24:21
  just
• 24:21
  like
• 24:22
  this,
• 24:23
  but
• 24:24
  it
• 24:24
  doesn't.
• 24:25
  A
• 24:25
  lot
• 24:25
  of
• 24:25
  people
• 24:26
  don't
• 24:26
  know
• 24:26
  this.
• 24:27
  A
• 24:27
  power
• 24:28
  of
• 24:28
  attorney
• 24:28
  only
• 24:29
  applies
• 24:29
  while
• 24:29
  the
• 24:29
  person
• 24:30
  who
• 24:30
  granted
• 24:30
  it
• 24:31
  is
• 24:31
  still
• 24:31
  alive.
• 24:32
  A
• 24:32
  power
• 24:33
  of
• 24:33
  attorney
• 24:33
  is
• 24:33
  great.
• 24:34
  It's
• 24:34
  a
• 24:34
  great
• 24:34
  thing
• 24:34
  to
• 24:34
  have.
• 24:35
  I
• 24:35
  have
• 24:35
  one.
• 24:36
  My
• 24:36
  wife
• 24:36
  and
• 24:36
  I
• 24:36
  have
• 24:36
  them
• 24:37
  with
• 24:37
  each
• 24:37
  other.
• 24:37
  Our
• 24:38
  attorney
• 24:38
  set
• 24:38
  those
• 24:38
  up.
• 24:38
  They
• 24:39
  are
• 24:39
  great
• 24:39
  things
• 24:39
  to
• 24:39
  have.
• 24:41
  But
• 24:41
  the
• 24:41
  moment
• 24:42
  that
• 24:42
  you
• 24:42
  pass
• 24:42
  away,
• 24:44
  your
• 24:44
  power
• 24:44
  of
• 24:44
  attorney
• 24:45
  ceases
• 24:45
  to
• 24:46
  be
• 24:46
  of
• 24:46
  any
• 24:46
  consequence.
• 24:47
  I
• 24:48
  remember
• 24:48
  working
• 24:48
  at
• 24:48
  the
• 24:48
  credit
• 24:48
  union.
• 24:49
  One
• 24:49
  day
• 24:49
  somebody
• 24:49
  came
• 24:49
  in,
• 24:50
  they
• 24:50
  had
• 24:50
  just
• 24:50
  lost
• 24:50
  their
• 24:50
  wife,
• 24:51
  they
• 24:51
  wanted
• 24:51
  to
• 24:52
  do
• 24:52
  something
• 24:52
  on
• 24:52
  their
• 24:52
  account,
• 24:52
  and
• 24:53
  they
• 24:53
  said,
• 24:53
  well,
• 24:53
  Ralph,
• 24:53
  I've
• 24:53
  got
• 24:54
  this
• 24:54
  power
• 24:54
  of
• 24:54
  attorney.
• 24:55
  And
• 24:55
  I
• 24:55
  had
• 24:55
  to
• 24:56
  tell
• 24:56
  them,
• 24:56
  listen,
• 24:56
  that
• 24:56
  power
• 24:56
  of
• 24:57
  attorney
• 24:57
  doesn't
• 24:57
  mean
• 24:57
  anything
• 24:58
  because
• 24:59
  as
• 24:59
  soon
• 24:59
  as
• 24:59
  your
• 24:59
  wife
• 25:00
  passed
• 25:00
  away,
• 25:01
  that
• 25:01
  authority
• 25:02
  ended.
• 25:03
  And
• 25:03
  what
• 25:03
  happens
• 25:03
  in
• 25:03
  that
• 25:04
  case
• 25:04
  is
• 25:04
  the
• 25:04
  executor
• 25:05
  of
• 25:05
  the
• 25:05
  estate,
• 25:06
  the
• 25:06
  executor
• 25:07
  of
• 25:07
  the
• 25:07
  will
• 25:07
  takes
• 25:08
  over,
• 25:08
  not
• 25:08
  the
• 25:09
  power
• 25:09
  of
• 25:09
  attorney.
• 25:10
  Now,
• 25:10
  using
• 25:10
  a
• 25:11
  power
• 25:11
  of
• 25:11
  attorney
• 25:11
  to
• 25:11
  access
• 25:12
  accounts
• 25:12
  after
• 25:12
  a
• 25:13
  death
• 25:13
  can
• 25:13
  actually
• 25:13
  create
• 25:14
  more
• 25:14
  legal
• 25:14
  problems.
• 25:16
  So
• 25:16
  I
• 25:16
  want
• 25:17
  to
• 25:17
  answer
• 25:17
  your
• 25:17
  question
• 25:17
  directly
• 25:18
  now.
• 25:18
  Here's
• 25:18
  what
• 25:18
  you
• 25:18
  need
• 25:19
  to
• 25:19
  do
• 25:19
  right
• 25:19
  now.
• 25:20
  If
• 25:21
  you're
• 25:21
  listening
• 25:21
  to
• 25:21
  my
• 25:21
  voice,
• 25:22
  you're
• 25:22
  watching
• 25:22
  this
• 25:23
  on
• 25:23
  YouTube
• 25:23
  or
• 25:24
  rumble
• 25:24
  or
• 25:24
  on
• 25:25
  Facebook
• 25:25
  or
• 25:26
  LinkedIn.
• 25:26
  And
• 25:26
  by
• 25:26
  the
• 25:26
  way,
• 25:27
  we
• 25:27
  are
• 25:27
  in
• 25:27
  all
• 25:27
  those
• 25:28
  places.
• 25:29
  Here's
• 25:29
  what
• 25:29
  you
• 25:29
  want
• 25:30
  to
• 25:30
  do.
• 25:31
  Call
• 25:31
  your
• 25:31
  bank
• 25:32
  or
• 25:32
  your
• 25:32
  credit
• 25:32
  union,
• 25:33
  your
• 25:33
  financial
• 25:33
  institution,
• 25:34
  and
• 25:35
  ask
• 25:35
  them
• 25:35
  three
• 25:36
  very
• 25:37
  simple
• 25:37
  questions.
• 25:38
  And
• 25:38
  we'll
• 25:38
  put
• 25:38
  these
• 25:38
  in
• 25:38
  the
• 25:38
  show
• 25:39
  notes,
• 25:39
  but
• 25:39
  three
• 25:39
  questions.
• 25:40
  Number
• 25:40
  one
• 25:41
  question,
• 25:41
  does
• 25:42
  your
• 25:42
  joint
• 25:42
  account
• 25:43
  have
• 25:43
  right
• 25:43
  of
• 25:43
  survivorship?
• 25:44
  Is
• 25:45
  it
• 25:45
  that
• 25:45
  jtwros
• 25:47
  joint
• 25:47
  tenancy
• 25:48
  with
• 25:48
  right
• 25:48
  of
• 25:48
  survivorship?
• 25:49
  Just
• 25:49
  ask
• 25:49
  them
• 25:49
  the
• 25:49
  question.
• 25:50
  Go
• 25:51
  ask
• 25:51
  them
• 25:51
  to
• 25:51
  say,
• 25:51
  hey,
• 25:52
  my
• 25:52
  bank
• 25:52
  account
• 25:52
  that
• 25:52
  I
• 25:53
  have
• 25:53
  with
• 25:53
  my
• 25:53
  spouse,
• 25:55
  does
• 25:55
  it
• 25:55
  have
• 25:55
  that
• 25:55
  right
• 25:56
  of
• 25:56
  survivorship?
• 25:57
  Second
• 25:57
  question,
• 25:58
  when
• 25:58
  I
• 25:58
  asked
• 25:58
  them,
• 25:59
  do
• 25:59
  you
• 25:59
  have
• 25:59
  a
• 25:59
  payable
• 26:00
  on
• 26:00
  death
• 26:00
  beneficiary
• 26:01
  on
• 26:01
  any
• 26:02
  individual
• 26:02
  accounts?
• 26:03
  What
• 26:04
  I'm
• 26:04
  talking
• 26:04
  about
• 26:04
  here
• 26:04
  is
• 26:05
  if
• 26:05
  you've
• 26:05
  got
• 26:05
  an
• 26:05
  ira,
• 26:06
  if
• 26:06
  you've
• 26:06
  got
• 26:06
  a
• 26:07
  money
• 26:07
  market
• 26:07
  account
• 26:07
  that's
• 26:08
  only
• 26:08
  in
• 26:08
  a
• 26:09
  particular
• 26:09
  person's
• 26:09
  name,
• 26:10
  and
• 26:10
  if
• 26:10
  it's
• 26:10
  an
• 26:10
  ira,
• 26:10
  it
• 26:11
  can
• 26:11
  only
• 26:11
  be
• 26:11
  in
• 26:11
  a
• 26:11
  person's
• 26:12
  name.
• 26:13
  Make
• 26:13
  sure
• 26:13
  you've
• 26:14
  got
• 26:14
  what's
• 26:14
  called
• 26:14
  a
• 26:14
  payable
• 26:15
  on
• 26:15
  death
• 26:15
  beneficiary.
• 26:16
  Because
• 26:17
  if
• 26:17
  you
• 26:17
  don't,
• 26:18
  that's
• 26:18
  a
• 26:18
  problem.
• 26:19
  If
• 26:19
  you
• 26:20
  do
• 26:20
  have
• 26:20
  it,
• 26:20
  the
• 26:20
  benefit
• 26:21
  to
• 26:21
  that
• 26:21
  is
• 26:21
  that
• 26:22
  designation.
• 26:23
  If
• 26:23
  you've
• 26:23
  got
• 26:23
  that
• 26:23
  on
• 26:24
  your
• 26:24
  account,
• 26:24
  it
• 26:25
  transfers
• 26:25
  directly
• 26:26
  without
• 26:26
  probate,
• 26:27
  which
• 26:28
  is
• 26:28
  a
• 26:28
  fantastic
• 26:29
  position
• 26:29
  to
• 26:29
  be
• 26:29
  in.
• 26:30
  That's
• 26:31
  the
• 26:31
  second
• 26:31
  question.
• 26:32
  Do
• 26:32
  you
• 26:32
  have
• 26:32
  a
• 26:32
  payable
• 26:33
  on
• 26:33
  death
• 26:33
  beneficiary?
• 26:34
  Here's
• 26:35
  the
• 26:35
  third
• 26:35
  question.
• 26:36
  Is
• 26:36
  there
• 26:36
  anything
• 26:37
  else
• 26:37
  you
• 26:37
  need
• 26:37
  to
• 26:37
  set
• 26:38
  up
• 26:38
  to
• 26:38
  make
• 26:38
  sure
• 26:38
  your
• 26:39
  spouse
• 26:39
  would
• 26:39
  have
• 26:39
  immediate
• 26:40
  access
• 26:40
  if
• 26:41
  something
• 26:41
  happened
• 26:42
  to
• 26:42
  you?
• 26:43
  This
• 26:43
  is
• 26:43
  a
• 26:43
  question
• 26:44
  you
• 26:44
  ask
• 26:44
  the
• 26:44
  bank,
• 26:44
  ask
• 26:45
  the
• 26:45
  credit
• 26:45
  union,
• 26:45
  ask
• 26:45
  your
• 26:46
  financial
• 26:46
  institution,
• 26:47
  because
• 26:48
  that
• 26:48
  one
• 26:48
  phone
• 26:49
  call
• 26:49
  can
• 26:49
  make
• 26:49
  an
• 26:50
  enormous
• 26:50
  difference
• 26:50
  in
• 26:51
  your
• 26:51
  family.
• 26:53
  The
• 26:53
  danger
• 26:53
  here
• 26:54
  isn't
• 26:54
  someone
• 26:54
  passing
• 26:55
  away.
• 26:56
  It's
• 26:56
  being
• 26:57
  unprepared
• 26:57
  for
• 26:57
  what
• 26:58
  comes
• 26:58
  after
• 26:58
  that.
• 27:00
  And
• 27:00
  I
• 27:00
  feel
• 27:00
  so
• 27:00
  bad
• 27:00
  for
• 27:01
  your
• 27:01
  situation
• 27:01
  because
• 27:01
  your
• 27:02
  sister
• 27:02
  didn't
• 27:02
  know,
• 27:03
  but
• 27:04
  now
• 27:04
  you
• 27:04
  do
• 27:04
  know,
• 27:06
  and
• 27:06
  that's
• 27:06
  the
• 27:06
  difference.
• 27:08
  So
• 27:08
  if
• 27:08
  you're
• 27:08
  checking
• 27:08
  this
• 27:09
  out,
• 27:09
  I
• 27:09
  want
• 27:09
  to
• 27:09
  ask
• 27:09
  you
• 27:09
  to
• 27:10
  put
• 27:10
  in
• 27:10
  the
• 27:10
  chat.
• 27:10
  Do
• 27:10
  you
• 27:11
  know
• 27:11
  what
• 27:11
  type
• 27:11
  of
• 27:11
  joint
• 27:11
  account
• 27:12
  you
• 27:12
  have
• 27:13
  and
• 27:13
  whether
• 27:13
  it
• 27:13
  has
• 27:14
  right
• 27:14
  of
• 27:14
  survivorship?
• 27:15
  A
• 27:15
  lot
• 27:15
  of
• 27:15
  people
• 27:15
  don't
• 27:16
  know
• 27:16
  this
• 27:16
  question.
• 27:17
  You
• 27:18
  got
• 27:18
  to
• 27:18
  know
• 27:18
  the
• 27:18
  answer
• 27:18
  to
• 27:19
  that,
• 27:19
  and
• 27:20
  it's
• 27:20
  great.
• 27:20
  We
• 27:20
  found
• 27:20
  an
• 27:21
  article.
• 27:21
  This
• 27:21
  was
• 27:22
  in
• 27:22
  Investopedia,
• 27:23
  and
• 27:23
  it
• 27:24
  says
• 27:24
  widow
• 27:24
  and
• 27:25
  shutout
• 27:25
  of
• 27:26
  your
• 27:26
  joint
• 27:26
  account.
• 27:27
  And
• 27:27
  we'll
• 27:27
  put
• 27:28
  a
• 27:28
  link
• 27:28
  to
• 27:28
  that
• 27:28
  in
• 27:28
  the
• 27:28
  show
• 27:28
  notes.
• 27:29
  But
• 27:29
  this
• 27:29
  email
• 27:29
  connects
• 27:30
  directly
• 27:30
  to
• 27:30
  what
• 27:31
  Investopedia
• 27:32
  recently
• 27:32
  covered.
• 27:33
  And
• 27:33
  the
• 27:33
  headline
• 27:33
  says
• 27:34
  exactly
• 27:34
  what
• 27:34
  the
• 27:35
  experience
• 27:35
  felt
• 27:35
  like
• 27:36
  a
• 27:37
  nightmare.
• 27:38
  Now,
• 27:38
  it's
• 27:38
  not
• 27:38
  because
• 27:39
  the
• 27:39
  rules
• 27:39
  are
• 27:39
  unfair,
• 27:40
  but
• 27:40
  because
• 27:40
  most
• 27:40
  people
• 27:41
  didn't
• 27:41
  know
• 27:41
  the
• 27:41
  rules
• 27:42
  existed.
• 27:43
  Well,
• 27:43
  they
• 27:43
  were
• 27:43
  standing
• 27:44
  inside
• 27:44
  of
• 27:44
  the
• 27:45
  problem.
• 27:46
  And
• 27:46
  I'm
• 27:46
  going
• 27:46
  to
• 27:47
  reiterate
• 27:47
  a
• 27:47
  few
• 27:47
  things
• 27:47
  here.
• 27:48
  This
• 27:48
  is
• 27:48
  what
• 27:48
  the
• 27:48
  research
• 27:48
  is
• 27:49
  speaking
• 27:49
  to.
• 27:49
  Joint
• 27:50
  account
• 27:50
  holders
• 27:51
  who
• 27:51
  assume
• 27:51
  they'd
• 27:52
  have
• 27:52
  automatic
• 27:52
  access
• 27:53
  were
• 27:53
  wrong.
• 27:53
  They
• 27:54
  just
• 27:54
  didn't
• 27:54
  know
• 27:54
  that.
• 27:55
  And
• 27:55
  see,
• 27:55
  the
• 27:55
  bank
• 27:56
  subscribes
• 27:57
  to
• 27:57
  services
• 27:57
  that
• 27:57
  they
• 27:58
  find
• 27:58
  out
• 27:58
  about
• 27:58
  someone
• 27:59
  passing
• 27:59
  away
• 27:59
  and
• 28:00
  they
• 28:00
  lock
• 28:00
  down
• 28:00
  the
• 28:01
  account.
• 28:01
  They
• 28:01
  do
• 28:01
  that
• 28:01
  to
• 28:01
  protect
• 28:02
  you.
• 28:04
  It
• 28:04
  happens
• 28:04
  all
• 28:04
  the
• 28:05
  time.
• 28:05
  But
• 28:06
  just
• 28:06
  think
• 28:06
  about
• 28:06
  this.
• 28:06
  The
• 28:07
  bank
• 28:07
  could
• 28:07
  freeze
• 28:07
  your
• 28:08
  account
• 28:08
  in
• 28:08
  the
• 28:08
  middle
• 28:09
  of
• 28:09
  grief
• 28:09
  and
• 28:09
  you've
• 28:10
  got
• 28:10
  bills
• 28:10
  due
• 28:10
  immediately.
• 28:11
  You
• 28:11
  may
• 28:11
  need
• 28:12
  to
• 28:12
  pay
• 28:12
  things
• 28:12
  right
• 28:13
  away.
• 28:15
  And
• 28:15
  so
• 28:15
  many
• 28:15
  people
• 28:15
  don't
• 28:16
  have
• 28:16
  this
• 28:16
  survivor
• 28:17
  designation.
• 28:18
  There's
• 28:18
  no
• 28:18
  payable
• 28:19
  on
• 28:19
  death
• 28:19
  beneficiary.
• 28:20
  There's
• 28:20
  no
• 28:20
  backup
• 28:21
  plan
• 28:21
  because
• 28:21
  nobody
• 28:22
  thought
• 28:22
  to
• 28:22
  ask
• 28:22
  those
• 28:23
  questions.
• 28:25
  So
• 28:25
  here's
• 28:26
  what
• 28:26
  the
• 28:26
  findings
• 28:26
  actually
• 28:26
  show
• 28:27
  us.
• 28:27
  Whether
• 28:27
  a
• 28:27
  joint
• 28:27
  bank
• 28:28
  account
• 28:28
  freezes
• 28:28
  after
• 28:29
  death
• 28:29
  comes
• 28:29
  down
• 28:29
  to
• 28:30
  how
• 28:30
  it
• 28:30
  was
• 28:30
  set
• 28:30
  up.
• 28:30
  Like
• 28:30
  we
• 28:31
  talked
• 28:31
  about,
• 28:32
  when
• 28:32
  you're
• 28:32
  setting
• 28:33
  up
• 28:33
  an
• 28:33
  account,
• 28:33
  if
• 28:33
  you've
• 28:34
  already
• 28:34
  got
• 28:34
  the
• 28:34
  account
• 28:34
  set
• 28:34
  up,
• 28:35
  find
• 28:35
  out
• 28:35
  what
• 28:35
  I
• 28:35
  talked
• 28:35
  about
• 28:36
  those
• 28:36
  three
• 28:36
  questions.
• 28:37
  But
• 28:37
  joint
• 28:37
  tenants
• 28:38
  with
• 28:38
  the
• 28:38
  right
• 28:38
  of
• 28:38
  survivorship
• 28:39
  account
• 28:39
  pass
• 28:39
  directly
• 28:40
  to
• 28:40
  the
• 28:41
  surviving
• 28:41
  owner
• 28:41
  and
• 28:42
  they
• 28:42
  skip
• 28:42
  the
• 28:42
  probate
• 28:43
  entirely.
• 28:43
  You
• 28:43
  don't
• 28:43
  have
• 28:43
  to
• 28:43
  wait
• 28:44
  for
• 28:44
  that
• 28:44
  probate
• 28:44
  process.
• 28:45
  It's
• 28:45
  your
• 28:45
  money.
• 28:45
  I
• 28:46
  tell
• 28:46
  clients
• 28:46
  this
• 28:46
  all
• 28:46
  the
• 28:47
  time.
• 28:47
  If
• 28:47
  you
• 28:47
  have
• 28:48
  a
• 28:48
  joint
• 28:48
  account
• 28:49
  and
• 28:49
  it's
• 28:50
  joint
• 28:50
  tenancy
• 28:50
  with
• 28:51
  right
• 28:51
  of
• 28:51
  survivorship,
• 28:52
  that
• 28:52
  money
• 28:53
  is
• 28:53
  your
• 28:53
  money.
• 28:54
  The
• 28:54
  other
• 28:55
  side
• 28:55
  of
• 28:55
  this
• 28:55
  we're
• 28:56
  talking
• 28:56
  about
• 28:56
  is
• 28:56
  what's
• 28:56
  called
• 28:56
  a
• 28:57
  tenant
• 28:57
  in
• 28:57
  common.
• 28:58
  That
• 28:59
  is
• 28:59
  a
• 28:59
  different
• 28:59
  type
• 29:00
  of
• 29:00
  thing.
• 29:00
  That's
• 29:00
  where
• 29:01
  each
• 29:01
  owner
• 29:01
  share
• 29:02
  becomes
• 29:02
  part
• 29:02
  of
• 29:02
  their
• 29:02
  estate.
• 29:04
  So
• 29:04
  the
• 29:04
  bank
• 29:05
  can
• 29:05
  freeze
• 29:05
  it
• 29:05
  while
• 29:05
  the
• 29:06
  court
• 29:06
  sorts
• 29:06
  out
• 29:06
  who
• 29:07
  gets
• 29:07
  what.
• 29:08
  And
• 29:08
  the
• 29:08
  problem
• 29:09
  is
• 29:09
  most
• 29:09
  people
• 29:09
  don't
• 29:09
  know
• 29:10
  what
• 29:10
  they
• 29:10
  have.
• 29:10
  They
• 29:10
  don't
• 29:10
  know
• 29:10
  what
• 29:11
  type
• 29:11
  they
• 29:11
  have.
• 29:12
  They
• 29:12
  just
• 29:12
  know
• 29:13
  they
• 29:13
  open
• 29:13
  a
• 29:13
  joint
• 29:13
  account.
• 29:14
  And
• 29:14
  the
• 29:14
  truth
• 29:14
  is,
• 29:15
  most
• 29:15
  banks
• 29:15
  and
• 29:16
  financial
• 29:16
  institutions,
• 29:17
  credit
• 29:17
  unions,
• 29:17
  never
• 29:17
  tell
• 29:18
  you
• 29:18
  what
• 29:18
  that
• 29:18
  is.
• 29:19
  You
• 29:19
  just
• 29:19
  assume,
• 29:20
  hey,
• 29:20
  I've
• 29:20
  got
• 29:20
  this
• 29:20
  joint
• 29:21
  account
• 29:21
  with.
• 29:21
  And
• 29:21
  it
• 29:22
  doesn't
• 29:22
  just
• 29:22
  happen
• 29:22
  with
• 29:22
  spouses.
• 29:23
  This
• 29:23
  happens
• 29:24
  with
• 29:24
  mothers
• 29:24
  and
• 29:25
  fathers
• 29:25
  sometimes.
• 29:26
  I
• 29:26
  see
• 29:26
  this
• 29:26
  all
• 29:27
  the
• 29:27
  time
• 29:27
  in
• 29:27
  my
• 29:27
  practice.
• 29:28
  Somebody
• 29:28
  will
• 29:28
  come
• 29:28
  in
• 29:28
  and
• 29:28
  say,
• 29:29
  well,
• 29:29
  my
• 29:29
  mom
• 29:29
  put
• 29:29
  me
• 29:29
  on
• 29:30
  her
• 29:30
  account
• 29:30
  to
• 29:30
  make
• 29:30
  things
• 29:30
  easy,
• 29:32
  make
• 29:32
  sure
• 29:32
  it's
• 29:33
  set
• 29:33
  up
• 29:33
  the
• 29:33
  way
• 29:33
  that
• 29:33
  you
• 29:33
  want
• 29:34
  it
• 29:34
  set
• 29:34
  up.
• 29:35
  Because
• 29:35
  sometimes
• 29:36
  it
• 29:36
  works
• 29:37
  and
• 29:38
  sometimes
• 29:38
  it
• 29:38
  doesn't.
• 29:39
  And
• 29:40
  you
• 29:40
  don't
• 29:40
  want
• 29:40
  to
• 29:40
  find
• 29:40
  this
• 29:40
  out
• 29:41
  when
• 29:41
  somebody
• 29:41
  passes
• 29:42
  away.
• 29:42
  You
• 29:42
  don't
• 29:42
  want
• 29:42
  to
• 29:42
  find
• 29:43
  this
• 29:43
  out
• 29:43
  in
• 29:43
  the
• 29:43
  middle
• 29:44
  of
• 29:44
  the
• 29:44
  crisis.
• 29:46
  Because
• 29:46
  when
• 29:47
  an
• 29:47
  account
• 29:47
  does
• 29:47
  freeze,
• 29:48
  think
• 29:48
  about
• 29:48
  the
• 29:48
  domino
• 29:49
  effect
• 29:49
  of
• 29:49
  this.
• 29:50
  Any
• 29:51
  automatic
• 29:51
  payments
• 29:52
  you
• 29:52
  have
• 29:52
  stopped,
• 29:53
  Any
• 29:53
  direct
• 29:53
  deposits
• 29:54
  that
• 29:54
  are
• 29:54
  coming
• 29:55
  in,
• 29:55
  stop.
• 29:55
  So
• 29:55
  maybe
• 29:55
  you've
• 29:55
  got
• 29:56
  Social
• 29:56
  Security
• 29:56
  coming
• 29:57
  in,
• 29:57
  maybe
• 29:57
  your
• 29:57
  husband
• 29:58
  or
• 29:58
  your
• 29:58
  wife,
• 29:58
  Social
• 29:58
  Security
• 29:59
  is
• 29:59
  going
• 29:59
  to
• 29:59
  get
• 29:59
  that
• 29:59
  final
• 30:00
  deposit.
• 30:01
  All
• 30:01
  those
• 30:01
  things
• 30:02
  stop.
• 30:02
  But
• 30:02
  guess
• 30:02
  what
• 30:02
  doesn't
• 30:03
  stop.
• 30:03
  The
• 30:04
  bills
• 30:04
  don't
• 30:04
  stop.
• 30:05
  Your
• 30:05
  need
• 30:05
  to
• 30:05
  put
• 30:06
  food
• 30:06
  on
• 30:06
  the
• 30:06
  table
• 30:06
  doesn't
• 30:07
  stop.
• 30:08
  And
• 30:08
  that's
• 30:08
  the
• 30:08
  part
• 30:09
  that
• 30:09
  turns
• 30:09
  a
• 30:09
  grieving
• 30:10
  family
• 30:10
  situation
• 30:11
  into
• 30:11
  a
• 30:12
  financial
• 30:12
  emergency.
• 30:15
  And
• 30:15
  the
• 30:15
  best
• 30:15
  part
• 30:15
  of
• 30:15
  this
• 30:16
  is
• 30:16
  the
• 30:16
  fix
• 30:16
  is
• 30:16
  simple
• 30:17
  and
• 30:17
  it's
• 30:17
  available
• 30:17
  right
• 30:18
  now.
• 30:18
  As
• 30:18
  I
• 30:18
  said,
• 30:18
  call
• 30:19
  your
• 30:19
  bank,
• 30:19
  ask
• 30:20
  about
• 30:20
  that
• 30:20
  right
• 30:20
  of
• 30:21
  survivorship,
• 30:22
  add
• 30:22
  that
• 30:22
  payable
• 30:22
  and
• 30:23
  death
• 30:23
  beneficiary
• 30:23
  to
• 30:24
  your
• 30:24
  individual
• 30:24
  accounts
• 30:25
  and
• 30:25
  consider.
• 30:25
  Here's
• 30:26
  another
• 30:26
  thing
• 30:26
  I'm
• 30:26
  going
• 30:26
  to
• 30:26
  tell
• 30:26
  you.
• 30:26
  Here's
• 30:27
  a
• 30:27
  great
• 30:27
  Ralph
• 30:28
  takeaway
• 30:28
  for
• 30:28
  today.
• 30:29
  Write
• 30:29
  this
• 30:29
  one
• 30:30
  down,
• 30:30
  we'll
• 30:30
  put
• 30:31
  it
• 30:31
  in
• 30:31
  the
• 30:31
  notes.
• 30:31
  But
• 30:32
  consider
• 30:32
  keeping
• 30:32
  a
• 30:33
  small
• 30:33
  separate
• 30:33
  account
• 30:34
  in
• 30:34
  your
• 30:34
  own
• 30:34
  name
• 30:35
  with
• 30:35
  just
• 30:35
  a
• 30:35
  Few
• 30:35
  months
• 30:35
  of
• 30:36
  expenses,
• 30:36
  just
• 30:36
  in
• 30:37
  case.
• 30:37
  One
• 30:37
  of
• 30:37
  the
• 30:38
  things
• 30:38
  I
• 30:38
  tell
• 30:38
  my
• 30:38
  clients
• 30:38
  all
• 30:39
  the
• 30:39
  time,
• 30:39
  it's
• 30:39
  great
• 30:40
  to
• 30:40
  have
• 30:40
  a
• 30:40
  joint
• 30:40
  account.
• 30:41
  I
• 30:41
  think
• 30:41
  it's
• 30:41
  a
• 30:42
  great
• 30:42
  idea
• 30:42
  also
• 30:42
  to
• 30:43
  set
• 30:43
  aside
• 30:43
  maybe
• 30:44
  a
• 30:44
  savings
• 30:45
  account
• 30:45
  or
• 30:46
  a
• 30:46
  high
• 30:46
  yield
• 30:47
  savings
• 30:47
  account
• 30:48
  in
• 30:49
  another
• 30:49
  person's
• 30:49
  name,
• 30:50
  in
• 30:50
  your
• 30:50
  own
• 30:50
  name.
• 30:50
  That
• 30:51
  way,
• 30:51
  if
• 30:51
  you
• 30:51
  need
• 30:51
  to,
• 30:52
  if
• 30:52
  something
• 30:52
  wacky
• 30:52
  happens
• 30:53
  with
• 30:53
  the
• 30:53
  bank,
• 30:53
  you
• 30:54
  can
• 30:54
  go
• 30:54
  to
• 30:54
  that.
• 30:54
  Now,
• 30:54
  if
• 30:54
  you
• 30:55
  do
• 30:55
  that,
• 30:55
  just
• 30:55
  make
• 30:55
  sure
• 30:56
  that
• 30:56
  you've
• 30:57
  got
• 30:57
  a
• 30:57
  beneficiary
• 30:58
  named
• 30:58
  on
• 30:58
  that
• 30:58
  account
• 30:59
  so
• 30:59
  you
• 30:59
  don't
• 30:59
  cause
• 30:59
  a
• 30:59
  problem
• 31:00
  for
• 31:00
  your
• 31:00
  children
• 31:00
  or
• 31:01
  whoever
• 31:01
  else
• 31:01
  would
• 31:01
  be
• 31:02
  inheriting
• 31:02
  that.
• 31:03
  Now,
• 31:03
  there
• 31:03
  were
• 31:03
  some
• 31:03
  great
• 31:03
  quotes
• 31:04
  in
• 31:04
  this
• 31:04
  one.
• 31:04
  This
• 31:05
  one
• 31:05
  comes
• 31:05
  from
• 31:05
  savingadvice.com
• 31:06
  it
• 31:06
  says,
• 31:07
  Joint
• 31:07
  tenants
• 31:07
  with
• 31:07
  the
• 31:08
  right
• 31:08
  of
• 31:08
  survivorship
• 31:09
  usually
• 31:09
  pass
• 31:09
  directly
• 31:10
  to
• 31:10
  the
• 31:10
  survivor
• 31:11
  owner,
• 31:11
  avoiding
• 31:11
  probate
• 31:12
  like
• 31:12
  we
• 31:12
  talked
• 31:12
  about.
• 31:13
  But
• 31:13
  tenants
• 31:13
  in
• 31:13
  common
• 31:14
  accounts
• 31:14
  still
• 31:15
  freeze
• 31:15
  as
• 31:15
  each
• 31:16
  owner's
• 31:16
  share
• 31:16
  becomes
• 31:17
  part
• 31:17
  of
• 31:17
  their
• 31:17
  estate.
• 31:17
  What
• 31:18
  we're
• 31:18
  really
• 31:18
  saying
• 31:18
  here
• 31:19
  is
• 31:20
  in
• 31:20
  those
• 31:20
  cases,
• 31:22
  you
• 31:22
  are
• 31:22
  a
• 31:22
  joint
• 31:23
  tenant,
• 31:23
  there's
• 31:24
  no
• 31:24
  right
• 31:24
  of
• 31:24
  survivorship.
• 31:25
  So
• 31:25
  the
• 31:25
  courts
• 31:25
  are
• 31:25
  going
• 31:25
  to
• 31:25
  have
• 31:25
  to
• 31:25
  figure
• 31:26
  out
• 31:26
  who
• 31:26
  gets
• 31:26
  what.
• 31:27
  And
• 31:27
  we
• 31:28
  also
• 31:28
  mentioned
• 31:28
  here,
• 31:28
  this
• 31:29
  is
• 31:29
  from
• 31:29
  B
• 31:30
  and
• 31:30
  Gillins.
• 31:31
  This
• 31:31
  is
• 31:31
  a
• 31:31
  law
• 31:32
  firm.
• 31:32
  It
• 31:32
  says
• 31:32
  a
• 31:32
  power
• 31:32
  of
• 31:32
  attorney
• 31:33
  only
• 31:33
  has
• 31:33
  authority
• 31:34
  while
• 31:34
  the
• 31:34
  person
• 31:34
  who
• 31:34
  granted
• 31:35
  it
• 31:35
  is
• 31:35
  alive.
• 31:35
  A
• 31:35
  lot
• 31:36
  of
• 31:36
  people
• 31:36
  don't
• 31:36
  know
• 31:36
  this.
• 31:37
  This
• 31:37
  is
• 31:37
  a
• 31:37
  real
• 31:38
  thing.
• 31:39
  But
• 31:39
  once
• 31:39
  the
• 31:39
  individual
• 31:40
  passes
• 31:40
  away,
• 31:40
  the
• 31:40
  power
• 31:41
  of
• 31:41
  attorney's
• 31:41
  legal
• 31:41
  authority
• 31:42
  sees
• 31:42
  it
• 31:42
  is
• 31:42
  not
• 31:43
  worth
• 31:43
  the
• 31:43
  paper
• 31:43
  it's
• 31:44
  written
• 31:44
  on.
• 31:44
  My
• 31:45
  friends,
• 31:45
  that's
• 31:46
  just
• 31:46
  the
• 31:46
  way
• 31:46
  it
• 31:46
  is.
• 31:47
  So
• 31:47
  that
• 31:47
  power
• 31:48
  of
• 31:48
  attorney
• 31:48
  is
• 31:48
  great
• 31:48
  while
• 31:48
  you're
• 31:49
  alive,
• 31:49
  but
• 31:49
  the
• 31:49
  second
• 31:50
  you
• 31:50
  pass
• 31:50
  away,
• 31:50
  guess
• 31:51
  what?
• 31:51
  That
• 31:51
  power
• 31:51
  of
• 31:51
  attorney
• 31:52
  does
• 31:52
  nothing
• 31:52
  for
• 31:52
  you.
• 31:53
  Well,
• 31:53
  here's
• 31:54
  my
• 31:54
  take
• 31:54
  on
• 31:54
  the
• 31:54
  whole
• 31:54
  thing.
• 31:55
  And
• 31:55
  what
• 31:56
  gets
• 31:56
  me
• 31:56
  about
• 31:56
  this
• 31:56
  is
• 31:57
  how
• 31:57
  avoidable
• 31:58
  this
• 31:58
  is.
• 31:59
  These
• 31:59
  aren't
• 31:59
  hidden
• 32:00
  rules.
• 32:00
  The
• 32:01
  paperwork
• 32:01
  here
• 32:01
  isn't
• 32:02
  complicated.
• 32:03
  You
• 32:03
  just
• 32:04
  have
• 32:04
  to
• 32:04
  know
• 32:04
  it
• 32:04
  needs
• 32:04
  to
• 32:05
  be
• 32:05
  done.
• 32:06
  Nobody
• 32:07
  needs
• 32:07
  to
• 32:07
  be
• 32:07
  standing
• 32:07
  at
• 32:08
  a
• 32:08
  bank
• 32:08
  window
• 32:08
  in
• 32:09
  grief
• 32:09
  trying
• 32:09
  to
• 32:10
  access
• 32:10
  money
• 32:10
  they
• 32:10
  thought
• 32:11
  was
• 32:11
  already
• 32:11
  theirs
• 32:13
  because
• 32:14
  of
• 32:14
  some
• 32:14
  detail
• 32:14
  that
• 32:15
  nobody
• 32:15
  ever
• 32:15
  mentioned
• 32:16
  to
• 32:16
  you.
• 32:17
  And
• 32:17
  one
• 32:18
  phone
• 32:18
  call
• 32:18
  changes
• 32:19
  all
• 32:19
  of
• 32:19
  that.
• 32:21
  Again,
• 32:21
  this
• 32:21
  is
• 32:21
  a
• 32:22
  tough
• 32:22
  one.
• 32:22
  I
• 32:23
  totally
• 32:23
  get
• 32:23
  it.
• 32:23
  Not
• 32:24
  an
• 32:24
  easy
• 32:24
  situation.
• 32:26
  Now,
• 32:26
  I'm
• 32:26
  just
• 32:26
  going
• 32:26
  to
• 32:26
  check
• 32:27
  and
• 32:27
  see
• 32:27
  if
• 32:27
  we've
• 32:27
  got
• 32:27
  anybody
• 32:28
  in.
• 32:28
  Thank
• 32:29
  you.
• 32:29
  I
• 32:29
  see
• 32:30
  Rose
• 32:30
  said
• 32:30
  hello
• 32:31
  and
• 32:31
  someone
• 32:32
  said,
• 32:32
  I
• 32:32
  hope
• 32:32
  to
• 32:32
  retire
• 32:33
  at
• 32:33
  60.
• 32:33
  Abby,
• 32:34
  great
• 32:34
  point.
• 32:35
  Thanks
• 32:35
  for
• 32:35
  giving
• 32:36
  us
• 32:36
  advice.
• 32:36
  Thank
• 32:36
  you.
• 32:37
  I
• 32:37
  appreciate
• 32:37
  all
• 32:37
  of
• 32:37
  that.
• 32:38
  Well,
• 32:38
  let's
• 32:38
  move
• 32:39
  on
• 32:39
  to
• 32:39
  our
• 32:39
  third
• 32:39
  question.
• 32:40
  We
• 32:40
  call
• 32:40
  this
• 32:40
  one
• 32:40
  the
• 32:41
  HSA
• 32:42
  tax
• 32:42
  bomb.
• 32:44
  Bombs
• 32:44
  are
• 32:44
  not
• 32:44
  good.
• 32:45
  And
• 32:45
  taxes
• 32:45
  aren't
• 32:45
  good
• 32:46
  either.
• 32:46
  But
• 32:46
  let's
• 32:46
  talk
• 32:46
  about
• 32:47
  this
• 32:47
  one.
• 32:47
  So
• 32:47
  hsa,
• 32:48
  as
• 32:48
  I
• 32:48
  said
• 32:48
  earlier,
• 32:48
  is
• 32:49
  what's
• 32:49
  called
• 32:49
  a
• 32:49
  health
• 32:49
  savings
• 32:50
  account.
• 32:50
  These
• 32:50
  are
• 32:50
  great
• 32:51
  vehicles.
• 32:52
  We're
• 32:52
  going
• 32:52
  to
• 32:52
  talk
• 32:52
  a
• 32:52
  little
• 32:52
  bit
• 32:52
  about
• 32:53
  how
• 32:53
  great
• 32:53
  they
• 32:53
  are.
• 32:54
  I
• 32:54
  have
• 32:54
  one.
• 32:55
  I
• 32:55
  recommend
• 32:55
  all
• 32:55
  my
• 32:56
  clients
• 32:56
  have
• 32:56
  them.
• 32:56
  But
• 32:56
  let's
• 32:57
  get
• 32:57
  right
• 32:57
  to
• 32:57
  this
• 32:57
  listener
• 32:58
  email.
• 32:58
  Listener
• 32:59
  writes
• 32:59
  this
• 32:59
  Ralph
• 33:00
  I've
• 33:01
  been
• 33:01
  pretty
• 33:01
  proud
• 33:01
  of
• 33:01
  my
• 33:01
  hsa,
• 33:02
  honestly.
• 33:03
  I've
• 33:03
  been
• 33:03
  maxing
• 33:04
  it
• 33:04
  out
• 33:04
  for
• 33:04
  years
• 33:05
  and
• 33:05
  I'm
• 33:05
  investing
• 33:05
  the
• 33:06
  balance
• 33:06
  instead
• 33:06
  of
• 33:07
  spending
• 33:07
  it.
• 33:07
  I've
• 33:08
  been
• 33:08
  letting
• 33:08
  it
• 33:08
  grow
• 33:08
  like
• 33:09
  a
• 33:09
  backup
• 33:09
  retirement
• 33:10
  account.
• 33:11
  I
• 33:11
  heard
• 33:11
  you
• 33:11
  use
• 33:12
  it
• 33:12
  that
• 33:12
  way
• 33:12
  and
• 33:12
  it
• 33:12
  felt
• 33:13
  like
• 33:13
  a
• 33:13
  smart
• 33:13
  move.
• 33:14
  That's
• 33:14
  what
• 33:14
  he
• 33:14
  said.
• 33:14
  I
• 33:14
  had
• 33:14
  someone
• 33:15
  mention
• 33:15
  to
• 33:15
  me
• 33:15
  recently
• 33:16
  that
• 33:16
  if
• 33:16
  I
• 33:16
  die
• 33:16
  and
• 33:16
  leave
• 33:17
  it
• 33:17
  to
• 33:17
  my
• 33:17
  kids,
• 33:18
  there
• 33:18
  could
• 33:18
  be
• 33:18
  a
• 33:19
  huge
• 33:19
  tax
• 33:20
  problem.
• 33:21
  He
• 33:21
  continues
• 33:22
  on
• 33:22
  My
• 33:22
  wife
• 33:22
  passed
• 33:23
  away
• 33:23
  two
• 33:23
  years
• 33:23
  ago,
• 33:24
  so
• 33:24
  my
• 33:25
  adult
• 33:25
  children
• 33:25
  would
• 33:25
  be
• 33:26
  the
• 33:26
  only
• 33:26
  ones
• 33:26
  inheriting
• 33:27
  it.
• 33:28
  Is
• 33:28
  it
• 33:28
  true?
• 33:29
  And
• 33:29
  what
• 33:30
  am
• 33:30
  I
• 33:30
  missing
• 33:30
  here?
• 33:31
  I
• 33:31
  want
• 33:31
  to
• 33:32
  make
• 33:32
  sure
• 33:32
  what
• 33:32
  I've
• 33:32
  built
• 33:33
  actually
• 33:33
  helps
• 33:33
  them
• 33:34
  and
• 33:34
  doesn't
• 33:35
  come
• 33:35
  with
• 33:35
  a
• 33:35
  surprise
• 33:36
  bill
• 33:36
  attached.
• 33:37
  I'd
• 33:37
  love
• 33:37
  to
• 33:37
  hear
• 33:37
  your
• 33:38
  thoughts
• 33:38
  on
• 33:38
  this.
• 33:39
  Thanks
• 33:39
  for
• 33:39
  all
• 33:39
  you
• 33:40
  do.
• 33:40
  You're
• 33:41
  welcome
• 33:41
  for
• 33:41
  all
• 33:41
  I
• 33:41
  do.
• 33:42
  And
• 33:42
  thank
• 33:43
  you
• 33:43
  for
• 33:43
  sending
• 33:43
  in
• 33:43
  this
• 33:44
  question.
• 33:44
  It's
• 33:45
  a
• 33:45
  question
• 33:45
  I
• 33:45
  don't
• 33:46
  get
• 33:46
  often,
• 33:46
  but
• 33:46
  it
• 33:46
  is
• 33:46
  a
• 33:47
  big
• 33:47
  deal
• 33:48
  because
• 33:49
  you've
• 33:49
  built
• 33:49
  something
• 33:49
  you
• 33:50
  genuinely
• 33:50
  proud
• 33:51
  of
• 33:52
  and
• 33:52
  what
• 33:52
  you've
• 33:52
  done
• 33:52
  is
• 33:53
  fantastic.
• 33:53
  This
• 33:53
  will
• 33:54
  pay
• 33:54
  dividends
• 33:55
  for
• 33:55
  the
• 33:55
  rest
• 33:55
  of
• 33:55
  your
• 33:55
  life.
• 33:57
  But
• 33:57
  now
• 33:57
  you're
• 33:57
  worried
• 33:58
  about
• 33:58
  what
• 33:58
  happens
• 33:58
  for
• 33:59
  the
• 33:59
  people
• 33:59
  that
• 33:59
  inherit
• 34:00
  this
• 34:00
  money.
• 34:00
  You're
• 34:00
  worried
• 34:00
  about,
• 34:01
  is
• 34:01
  it
• 34:01
  going
• 34:01
  to
• 34:02
  hurt
• 34:02
  the
• 34:02
  people
• 34:02
  you're
• 34:03
  trying
• 34:03
  to
• 34:03
  help?
• 34:04
  And
• 34:04
  yes,
• 34:05
  you
• 34:05
  followed
• 34:05
  the
• 34:05
  right
• 34:05
  advice
• 34:06
  to
• 34:06
  treat
• 34:06
  this
• 34:06
  HSA
• 34:07
  like
• 34:07
  a
• 34:07
  retirement
• 34:08
  account
• 34:08
  your
• 34:08
  entire
• 34:08
  life.
• 34:09
  Fantastic
• 34:10
  thing
• 34:10
  to
• 34:10
  do.
• 34:11
  But
• 34:12
  you
• 34:12
  never
• 34:12
  heard
• 34:12
  of
• 34:12
  the
• 34:12
  other
• 34:13
  side
• 34:13
  of
• 34:13
  this.
• 34:14
  And
• 34:15
  here's
• 34:15
  the
• 34:15
  problem.
• 34:16
  As
• 34:16
  a
• 34:16
  widower,
• 34:18
  your
• 34:18
  kids
• 34:19
  are
• 34:19
  the
• 34:19
  beneficiaries,
• 34:21
  which
• 34:21
  puts
• 34:21
  them
• 34:21
  directly
• 34:22
  in
• 34:22
  the
• 34:22
  line
• 34:22
  of
• 34:22
  fire.
• 34:23
  Like
• 34:23
  you
• 34:23
  said,
• 34:23
  your
• 34:23
  wife
• 34:23
  has
• 34:23
  passed
• 34:24
  away,
• 34:24
  so
• 34:25
  the
• 34:25
  only
• 34:25
  person
• 34:25
  that's
• 34:25
  going
• 34:26
  to
• 34:26
  inherit
• 34:26
  this
• 34:26
  is
• 34:27
  you.
• 34:30
  And
• 34:30
  you're
• 34:30
  right
• 34:30
  to
• 34:31
  be
• 34:31
  concerned.
• 34:32
  And
• 34:32
  I
• 34:33
  want
• 34:33
  to
• 34:33
  say
• 34:33
  this
• 34:33
  first,
• 34:34
  the
• 34:34
  strategies
• 34:35
  that
• 34:35
  you're
• 34:35
  using,
• 34:36
  maxing
• 34:36
  out
• 34:36
  the
• 34:37
  hsa,
• 34:37
  investing
• 34:38
  the
• 34:38
  balance,
• 34:38
  letting
• 34:39
  it
• 34:39
  grow,
• 34:39
  that
• 34:40
  is
• 34:40
  a
• 34:40
  legitimate
• 34:41
  wealth
• 34:41
  building
• 34:41
  move.
• 34:41
  That
• 34:42
  is
• 34:42
  a
• 34:42
  fantastic
• 34:43
  thing
• 34:43
  to
• 34:43
  do.
• 34:43
  I
• 34:44
  give
• 34:44
  you
• 34:44
  a
• 34:44
  high
• 34:44
  five
• 34:45
  on
• 34:45
  that
• 34:46
  one.
• 34:46
  That's
• 34:46
  fantastic.
• 34:47
  The
• 34:47
  HSA
• 34:48
  is
• 34:48
  one
• 34:48
  of
• 34:49
  the
• 34:49
  best
• 34:49
  tax
• 34:49
  advantaged
• 34:50
  accounts
• 34:50
  out
• 34:51
  there.
• 34:51
  It
• 34:52
  has
• 34:52
  what
• 34:52
  we
• 34:52
  call
• 34:52
  a
• 34:52
  triple
• 34:53
  benefit.
• 34:53
  Let
• 34:54
  me
• 34:54
  take
• 34:54
  a
• 34:54
  minute
• 34:54
  and
• 34:54
  talk
• 34:55
  about
• 34:55
  that.
• 34:55
  It's
• 34:55
  got
• 34:56
  a
• 34:56
  triple
• 34:56
  benefit
• 34:56
  like
• 34:56
  this.
• 34:57
  Contributions
• 34:58
  that
• 34:58
  you
• 34:58
  make
• 34:58
  are
• 34:59
  tax
• 34:59
  free.
• 34:59
  They
• 34:59
  come
• 34:59
  off
• 35:00
  of
• 35:00
  your
• 35:00
  taxable
• 35:00
  income.
• 35:01
  The
• 35:01
  money
• 35:02
  that's
• 35:02
  in
• 35:02
  there
• 35:02
  grows
• 35:03
  tax
• 35:03
  free.
• 35:04
  That's
• 35:05
  a
• 35:05
  fantastic
• 35:05
  thing.
• 35:05
  You're
• 35:06
  not
• 35:06
  paying
• 35:06
  taxes
• 35:06
  on
• 35:07
  any
• 35:07
  of
• 35:07
  the
• 35:07
  earnings.
• 35:07
  And
• 35:08
  here's
• 35:08
  the
• 35:08
  best
• 35:08
  part
• 35:09
  of
• 35:09
  it
• 35:09
  all,
• 35:09
  the
• 35:09
  triple
• 35:10
  threat
• 35:10
  of
• 35:10
  this.
• 35:11
  Withdrawals
• 35:12
  from
• 35:12
  medical
• 35:12
  expenses
• 35:13
  are
• 35:14
  tax
• 35:14
  free.
• 35:15
  There
• 35:15
  is
• 35:16
  no
• 35:16
  other
• 35:16
  account
• 35:17
  that
• 35:17
  you
• 35:17
  have
• 35:17
  that
• 35:17
  does
• 35:18
  all
• 35:18
  three
• 35:18
  of
• 35:18
  those
• 35:18
  things.
• 35:19
  Again,
• 35:19
  contributions
• 35:20
  are
• 35:20
  tax
• 35:20
  free,
• 35:21
  the
• 35:21
  growth
• 35:21
  is
• 35:22
  tax
• 35:22
  free,
• 35:22
  and
• 35:23
  the
• 35:23
  withdrawals
• 35:24
  are
• 35:24
  tax
• 35:24
  free
• 35:25
  as
• 35:25
  well.
• 35:26
  That's
• 35:27
  the
• 35:27
  only
• 35:27
  account
• 35:27
  that
• 35:27
  does
• 35:27
  that.
• 35:29
  But
• 35:29
  here's
• 35:29
  the
• 35:29
  downside
• 35:30
  to
• 35:30
  this.
• 35:30
  There's
• 35:31
  a
• 35:31
  side
• 35:31
  of
• 35:31
  this
• 35:31
  that
• 35:31
  almost
• 35:32
  nobody
• 35:32
  mentions.
• 35:33
  And
• 35:33
  that's
• 35:34
  exactly
• 35:34
  what
• 35:34
  you've
• 35:35
  heard
• 35:35
  about.
• 35:35
  That's
• 35:35
  exactly
• 35:36
  what
• 35:36
  you're
• 35:36
  describing.
• 35:36
  Here's
• 35:37
  what
• 35:37
  happens
• 35:38
  if
• 35:38
  your
• 35:38
  spouse
• 35:39
  inherits
• 35:39
  an
• 35:40
  hsa.
• 35:41
  They
• 35:41
  can
• 35:41
  take
• 35:41
  it
• 35:41
  over
• 35:42
  as
• 35:42
  their
• 35:42
  own.
• 35:42
  They
• 35:42
  basically
• 35:43
  can
• 35:43
  move
• 35:43
  it
• 35:43
  from
• 35:43
  spouse
• 35:44
  A
• 35:44
  to
• 35:44
  spouse
• 35:44
  B.
• 35:45
  There's
• 35:45
  no
• 35:45
  taxes,
• 35:46
  there's
• 35:46
  no
• 35:46
  penalties,
• 35:47
  and
• 35:47
  it
• 35:47
  just
• 35:48
  becomes
• 35:48
  their
• 35:48
  HSA
• 35:49
  money.
• 35:50
  That's
• 35:50
  a
• 35:50
  great
• 35:50
  scenario.
• 35:52
  But
• 35:52
  if
• 35:53
  a
• 35:53
  non
• 35:53
  spouse,
• 35:54
  somebody
• 35:54
  that
• 35:54
  is
• 35:54
  not
• 35:55
  your
• 35:55
  spouse,
• 35:55
  inherits
• 35:56
  it,
• 35:57
  whether
• 35:57
  that
• 35:57
  be
• 35:57
  a
• 35:58
  child,
• 35:58
  a
• 35:59
  grandchild,
• 36:00
  a
• 36:00
  brother,
• 36:00
  sister,
• 36:01
  the
• 36:02
  account
• 36:02
  stops
• 36:03
  being
• 36:03
  an
• 36:03
  HSA
• 36:04
  the
• 36:04
  moment
• 36:04
  that
• 36:04
  it's
• 36:05
  transferred.
• 36:06
  It
• 36:07
  just
• 36:07
  ceases
• 36:07
  that
• 36:07
  pay.
• 36:08
  If
• 36:08
  it's
• 36:08
  not
• 36:08
  your
• 36:08
  spouse,
• 36:09
  it's
• 36:10
  no
• 36:10
  longer
• 36:10
  an
• 36:10
  HSA
• 36:11
  and
• 36:12
  that
• 36:12
  entire
• 36:12
  balance
• 36:13
  becomes
• 36:13
  taxable
• 36:14
  income
• 36:14
  for
• 36:14
  that
• 36:14
  person
• 36:15
  and
• 36:15
  in
• 36:15
  the
• 36:16
  year
• 36:16
  they
• 36:16
  receive
• 36:16
  it.
• 36:16
  So
• 36:17
  unlike,
• 36:18
  which
• 36:18
  I'm
• 36:18
  gonna
• 36:18
  talk
• 36:18
  about
• 36:18
  here
• 36:19
  in
• 36:19
  a
• 36:19
  second,
• 36:19
  unlike
• 36:19
  an
• 36:20
  inherited
• 36:20
  ira.
• 36:21
  Let
• 36:22
  me
• 36:22
  go
• 36:22
  down
• 36:22
  this
• 36:22
  rabbit
• 36:22
  hole
• 36:23
  a
• 36:23
  little
• 36:23
  bit.
• 36:24
  When
• 36:24
  you
• 36:25
  inherit
• 36:25
  an
• 36:25
  IRA,
• 36:26
  you
• 36:27
  generally
• 36:27
  have
• 36:27
  10
• 36:28
  years
• 36:28
  to
• 36:29
  take
• 36:29
  the
• 36:29
  money
• 36:29
  out.
• 36:30
  So
• 36:30
  let's
• 36:30
  just
• 36:30
  say
• 36:31
  simple
• 36:31
  example,
• 36:31
  you
• 36:31
  had
• 36:32
  hired
• 36:32
  an
• 36:32
  IRA
• 36:33
  with
• 36:33
  $100,000
• 36:34
  in
• 36:34
  it.
• 36:35
  That
• 36:35
  $100,000,
• 36:36
  I
• 36:36
  mean,
• 36:36
  you
• 36:36
  can
• 36:36
  take
• 36:37
  it
• 36:37
  all
• 36:37
  in
• 36:37
  one
• 36:37
  year.
• 36:37
  Not
• 36:38
  the
• 36:38
  best
• 36:38
  smart,
• 36:38
  tax
• 36:39
  wise
• 36:39
  thing
• 36:39
  to
• 36:39
  do,
• 36:39
  but
• 36:40
  you
• 36:40
  could.
• 36:41
  And,
• 36:41
  and
• 36:41
  that
• 36:41
  will
• 36:41
  be
• 36:41
  all
• 36:41
  income,
• 36:42
  all
• 36:42
  in
• 36:42
  one
• 36:42
  year.
• 36:42
  But
• 36:42
  in
• 36:43
  an
• 36:43
  inherited
• 36:43
  IRA,
• 36:44
  you
• 36:44
  can
• 36:44
  spread
• 36:44
  that
• 36:44
  over
• 36:45
  10
• 36:45
  years,
• 36:45
  which
• 36:45
  is
• 36:46
  a
• 36:46
  beautiful
• 36:46
  thing
• 36:47
  because
• 36:47
  now
• 36:47
  you're
• 36:48
  not
• 36:48
  going
• 36:48
  to
• 36:48
  put
• 36:48
  all
• 36:48
  that
• 36:49
  income
• 36:49
  in
• 36:49
  a
• 36:49
  particular
• 36:50
  year.
• 36:51
  It's
• 36:51
  not
• 36:51
  all
• 36:51
  taxed
• 36:51
  at
• 36:52
  once.
• 36:52
  But
• 36:53
  with
• 36:53
  this
• 36:53
  hsa,
• 36:54
  you
• 36:54
  don't
• 36:54
  have
• 36:54
  that
• 36:54
  option.
• 36:55
  So
• 36:56
  if
• 36:56
  you
• 36:56
  inherit
• 36:56
  an
• 36:57
  hsa,
• 36:57
  so
• 36:57
  I'm
• 36:57
  going
• 36:58
  to
• 36:58
  play
• 36:58
  the
• 36:58
  role
• 36:58
  of
• 36:58
  your
• 36:59
  son.
• 36:59
  You
• 37:00
  pass
• 37:00
  away.
• 37:00
  This
• 37:00
  is
• 37:00
  the
• 37:00
  listener
• 37:01
  sentence.
• 37:01
  You
• 37:01
  pass
• 37:02
  away.
• 37:03
  Sorry
• 37:03
  to
• 37:03
  hear
• 37:03
  you
• 37:03
  passed
• 37:04
  away,
• 37:04
  dad.
• 37:04
  And
• 37:05
  now
• 37:05
  you
• 37:05
  find
• 37:05
  out
• 37:05
  you've
• 37:05
  got
• 37:05
  this
• 37:06
  money
• 37:06
  in
• 37:06
  the
• 37:06
  hsa.
• 37:07
  Your
• 37:07
  son's
• 37:08
  only
• 37:08
  option
• 37:09
  is
• 37:09
  to
• 37:09
  take
• 37:10
  all
• 37:10
  of
• 37:10
  that
• 37:10
  as
• 37:10
  income
• 37:11
  in
• 37:11
  the
• 37:11
  year
• 37:11
  that
• 37:12
  he
• 37:12
  receives
• 37:12
  this.
• 37:12
  And
• 37:12
  think
• 37:13
  about
• 37:13
  this,
• 37:13
  in
• 37:13
  2026,
• 37:15
  I
• 37:15
  don't
• 37:15
  know
• 37:15
  what
• 37:16
  your
• 37:16
  beneficiary's
• 37:17
  income
• 37:17
  looks
• 37:17
  like.
• 37:17
  But
• 37:18
  the
• 37:18
  tops
• 37:18
  federal
• 37:19
  income
• 37:19
  tax
• 37:19
  rate
• 37:20
  is
• 37:20
  37%.
• 37:21
  That's
• 37:22
  not
• 37:22
  a
• 37:22
  small
• 37:22
  number.
• 37:23
  So
• 37:23
  think
• 37:24
  about
• 37:24
  this.
• 37:24
  Let's
• 37:24
  say
• 37:24
  it's
• 37:24
  a
• 37:25
  $50,000
• 37:26
  HSA
• 37:27
  HSA
• 37:28
  inherited
• 37:28
  by
• 37:28
  an
• 37:29
  adult
• 37:29
  child.
• 37:30
  You
• 37:30
  know
• 37:30
  what
• 37:30
  the
• 37:31
  tax
• 37:31
  bill
• 37:31
  would
• 37:31
  be
• 37:31
  on
• 37:31
  that?
• 37:33
  $18,500.
• 37:36
  So
• 37:36
  of
• 37:36
  that
• 37:36
  50,000,
• 37:38
  $18,500
• 37:40
  is
• 37:40
  going
• 37:40
  to
• 37:41
  Uncle
• 37:41
  Sam.
• 37:41
  It's
• 37:42
  due
• 37:42
  that
• 37:42
  year.
• 37:44
  That's
• 37:44
  not
• 37:44
  a
• 37:44
  small
• 37:45
  surprise.
• 37:46
  For
• 37:46
  many
• 37:47
  families,
• 37:47
  that's
• 37:48
  a
• 37:48
  crisis.
• 37:49
  Now
• 37:50
  there
• 37:50
  is
• 37:50
  one
• 37:50
  partial
• 37:51
  workaround.
• 37:52
  Non
• 37:52
  spouse
• 37:53
  heirs
• 37:53
  can
• 37:53
  use
• 37:53
  their
• 37:53
  inherited
• 37:54
  HSA
• 37:54
  to
• 37:55
  pay
• 37:55
  any
• 37:55
  outstanding
• 37:56
  medical
• 37:56
  bills
• 37:56
  of
• 37:56
  the
• 37:56
  deceased
• 37:57
  within
• 37:57
  12
• 37:58
  months
• 37:58
  of
• 37:58
  the
• 37:58
  account
• 37:58
  holder's
• 37:59
  death.
• 37:59
  So
• 37:59
  at
• 37:59
  least
• 38:00
  you
• 38:00
  have
• 38:00
  that
• 38:00
  option.
• 38:01
  So
• 38:01
  if
• 38:01
  you
• 38:02
  pass
• 38:02
  away
• 38:02
  and
• 38:02
  there's
• 38:03
  medical
• 38:03
  bills,
• 38:04
  then
• 38:04
  that
• 38:04
  non
• 38:04
  spouse
• 38:05
  heir
• 38:05
  can
• 38:06
  use
• 38:06
  that
• 38:06
  money
• 38:07
  to
• 38:07
  pay
• 38:07
  the
• 38:07
  outstanding
• 38:08
  medical
• 38:08
  bills
• 38:09
  without
• 38:09
  that
• 38:09
  being
• 38:10
  taxable
• 38:10
  income
• 38:11
  to
• 38:11
  you.
• 38:12
  Those
• 38:12
  withdrawals
• 38:13
  come
• 38:13
  out
• 38:14
  tax
• 38:14
  free,
• 38:15
  but
• 38:15
  only
• 38:16
  what's
• 38:16
  left
• 38:16
  after
• 38:16
  those
• 38:17
  expenses
• 38:17
  get
• 38:17
  taxed.
• 38:19
  But
• 38:20
  let's
• 38:20
  talk
• 38:20
  about
• 38:20
  the
• 38:20
  bigger
• 38:20
  fix
• 38:21
  to
• 38:21
  this.
• 38:22
  And
• 38:23
  it's
• 38:23
  a
• 38:23
  simpler
• 38:23
  fix.
• 38:25
  If
• 38:25
  you
• 38:25
  right
• 38:25
  now
• 38:26
  have
• 38:26
  an
• 38:26
  HSA
• 38:27
  balance
• 38:27
  that's
• 38:28
  large
• 38:28
  and
• 38:28
  your
• 38:28
  kids
• 38:29
  are
• 38:29
  your
• 38:29
  beneficiaries,
• 38:30
  you
• 38:30
  here's
• 38:30
  what
• 38:30
  I'm
• 38:30
  going
• 38:30
  to
• 38:30
  tell
• 38:30
  you
• 38:30
  to
• 38:31
  do.
• 38:31
  Start
• 38:31
  using
• 38:32
  the
• 38:32
  account
• 38:32
  for
• 38:32
  what
• 38:32
  it
• 38:33
  was
• 38:33
  built
• 38:33
  for.
• 38:34
  You've
• 38:35
  done
• 38:35
  all
• 38:35
  that
• 38:35
  saving.
• 38:37
  Start
• 38:37
  using
• 38:37
  it
• 38:37
  for
• 38:38
  those
• 38:38
  medical
• 38:38
  expenses
• 38:39
  you
• 38:39
  pay
• 38:39
  for
• 38:39
  anyway.
• 38:40
  Those
• 38:41
  doctor
• 38:41
  visits,
• 38:42
  the
• 38:42
  prescriptions,
• 38:44
  the
• 38:44
  dental,
• 38:44
  the
• 38:45
  vision,
• 38:45
  the
• 38:45
  hearing.
• 38:45
  See
• 38:46
  a
• 38:46
  lot
• 38:46
  of
• 38:46
  people
• 38:46
  put
• 38:46
  these
• 38:47
  monies
• 38:47
  away
• 38:47
  and
• 38:47
  they're
• 38:47
  like
• 38:48
  they're
• 38:48
  so
• 38:48
  scared
• 38:48
  to
• 38:48
  spend
• 38:49
  it.
• 38:50
  But
• 38:50
  every
• 38:51
  dollar
• 38:51
  you
• 38:51
  spend
• 38:51
  from
• 38:52
  the
• 38:52
  HSA
• 38:52
  on
• 38:52
  those
• 38:52
  things
• 38:53
  comes
• 38:53
  out
• 38:53
  completely
• 38:54
  tax
• 38:54
  free.
• 38:56
  The
• 38:56
  benefit
• 38:56
  is
• 38:56
  retained
• 38:57
  and
• 38:58
  your
• 38:58
  kids
• 38:58
  don't
• 38:58
  inherit
• 38:59
  that
• 38:59
  bill.
• 39:00
  And
• 39:00
  also
• 39:01
  check
• 39:01
  your
• 39:01
  beneficiary
• 39:02
  designation
• 39:02
  again
• 39:03
  because
• 39:03
  here's
• 39:03
  a
• 39:03
  lot
• 39:03
  of
• 39:03
  things,
• 39:03
  a
• 39:04
  lot
• 39:04
  of
• 39:04
  people
• 39:04
  don't
• 39:04
  think
• 39:04
  about
• 39:04
  that
• 39:05
  sometimes
• 39:05
  your
• 39:06
  spouse
• 39:06
  is
• 39:06
  still
• 39:06
  listed.
• 39:08
  You
• 39:08
  need
• 39:08
  to
• 39:08
  change
• 39:09
  that
• 39:09
  because
• 39:09
  if
• 39:09
  it's
• 39:09
  not,
• 39:10
  it's
• 39:10
  going
• 39:10
  to
• 39:10
  end
• 39:10
  up
• 39:10
  going
• 39:10
  to
• 39:11
  probate
• 39:11
  and
• 39:12
  then
• 39:12
  your
• 39:12
  kids
• 39:12
  are
• 39:12
  going
• 39:12
  to
• 39:12
  have
• 39:12
  to
• 39:13
  go
• 39:13
  through
• 39:13
  all
• 39:13
  kinds
• 39:13
  of
• 39:13
  rig
• 39:14
  them
• 39:14
  and
• 39:14
  roll
• 39:14
  to
• 39:14
  get
• 39:14
  to
• 39:14
  that
• 39:15
  money.
• 39:16
  So
• 39:16
  update
• 39:17
  that
• 39:17
  now.
• 39:18
  So
• 39:18
  two
• 39:18
  things.
• 39:19
  Number
• 39:19
  one
• 39:19
  thing,
• 39:20
  update
• 39:20
  your
• 39:20
  beneficiary.
• 39:21
  Number
• 39:21
  two
• 39:21
  thing,
• 39:22
  intentionally
• 39:23
  spend
• 39:23
  that
• 39:24
  money
• 39:24
  down
• 39:24
  so
• 39:24
  you
• 39:25
  don't
• 39:25
  have
• 39:25
  this
• 39:25
  inheritance
• 39:26
  issue.
• 39:27
  Now
• 39:28
  I'm
• 39:28
  not
• 39:28
  saying
• 39:28
  leaving
• 39:28
  an
• 39:28
  inheritance
• 39:29
  is
• 39:29
  a
• 39:29
  bad
• 39:29
  thing,
• 39:29
  it's
• 39:30
  a
• 39:30
  good
• 39:30
  thing.
• 39:31
  But
• 39:31
  try
• 39:32
  not
• 39:32
  to
• 39:32
  make
• 39:32
  sure
• 39:32
  it
• 39:32
  comes
• 39:32
  with
• 39:33
  a
• 39:33
  37%
• 39:33
  tax
• 39:34
  bill
• 39:34
  attached.
• 39:36
  That's
• 39:36
  just
• 39:36
  good
• 39:36
  stewardship
• 39:37
  that
• 39:37
  we're
• 39:37
  talking
• 39:37
  about
• 39:38
  here.
• 39:40
  Now
• 39:41
  we
• 39:41
  found
• 39:41
  an
• 39:41
  article
• 39:41
  about
• 39:42
  this
• 39:42
  one,
• 39:42
  too.
• 39:43
  This
• 39:43
  one's
• 39:43
  kind
• 39:44
  of
• 39:44
  harsh.
• 39:44
  This
• 39:44
  was
• 39:44
  from
• 39:44
  cnbc.
• 39:45
  It
• 39:45
  says
• 39:45
  dying
• 39:46
  with
• 39:46
  an
• 39:46
  HSA
• 39:46
  can
• 39:47
  leave
• 39:47
  a
• 39:47
  tax
• 39:47
  bomb
• 39:47
  for
• 39:48
  errors.
• 39:48
  That's
• 39:48
  why
• 39:48
  we
• 39:48
  use
• 39:49
  the
• 39:49
  word
• 39:49
  tax
• 39:49
  bomb.
• 39:50
  And
• 39:50
  we'll
• 39:50
  put
• 39:50
  a
• 39:51
  link
• 39:51
  to
• 39:51
  that
• 39:51
  in
• 39:51
  the
• 39:51
  show
• 39:51
  notes.
• 39:52
  But
• 39:53
  again,
• 39:53
  this
• 39:53
  email
• 39:54
  that
• 39:54
  you
• 39:54
  sent
• 39:54
  connects
• 39:55
  directly
• 39:55
  to
• 39:55
  what
• 39:55
  CNBC
• 39:56
  published
• 39:56
  earlier
• 39:57
  this
• 39:57
  month.
• 39:58
  And
• 39:58
  tax
• 39:58
  bomb
• 39:59
  is
• 39:59
  not
• 39:59
  an
• 39:59
  exaggeration.
• 40:01
  It
• 40:02
  says
• 40:02
  in
• 40:02
  this
• 40:02
  article
• 40:02
  financial
• 40:03
  planners
• 40:03
  are
• 40:03
  calling
• 40:04
  this
• 40:04
  a
• 40:04
  huge
• 40:04
  problem
• 40:04
  that
• 40:05
  almost
• 40:05
  nobody
• 40:05
  talks
• 40:06
  about
• 40:07
  until
• 40:07
  it
• 40:07
  lands
• 40:08
  again.
• 40:08
  Here
• 40:08
  we
• 40:08
  are
• 40:09
  in
• 40:09
  the
• 40:09
  middle
• 40:09
  of
• 40:09
  a
• 40:09
  grieving
• 40:10
  family.
• 40:10
  It's
• 40:10
  like
• 40:10
  the
• 40:11
  grieving
• 40:11
  family
• 40:11
  Friday.
• 40:13
  Here's
• 40:14
  what
• 40:14
  the
• 40:14
  research
• 40:14
  is
• 40:14
  Speaking
• 40:15
  to
• 40:16
  people
• 40:16
  using
• 40:17
  HSAs
• 40:17
  as
• 40:18
  stealth
• 40:18
  retirement
• 40:19
  accounts,
• 40:19
  which
• 40:19
  is
• 40:19
  smart,
• 40:20
  a
• 40:20
  very
• 40:20
  smart
• 40:21
  thing
• 40:21
  to
• 40:21
  do.
• 40:21
  No
• 40:21
  financial
• 40:22
  planner
• 40:22
  is
• 40:22
  telling
• 40:22
  you
• 40:22
  not
• 40:22
  to
• 40:23
  do
• 40:23
  this,
• 40:24
  but
• 40:24
  you've
• 40:24
  got
• 40:25
  to
• 40:25
  understand
• 40:25
  what
• 40:25
  happens
• 40:26
  to
• 40:26
  that
• 40:26
  balance
• 40:26
  when
• 40:27
  you're
• 40:27
  gone.
• 40:28
  As
• 40:28
  we've
• 40:29
  mentioned,
• 40:29
  non
• 40:30
  spouse
• 40:30
  heirs
• 40:31
  get
• 40:31
  hit
• 40:31
  with
• 40:31
  a
• 40:31
  tax
• 40:32
  bill
• 40:32
  in
• 40:32
  a
• 40:32
  single
• 40:33
  year,
• 40:33
  sometimes
• 40:34
  pushing
• 40:34
  them
• 40:34
  into
• 40:34
  the
• 40:35
  highest
• 40:35
  bracket
• 40:36
  possible.
• 40:36
  And
• 40:36
  think
• 40:37
  about
• 40:37
  this.
• 40:37
  The
• 40:37
  more
• 40:38
  you
• 40:38
  save
• 40:38
  the
• 40:38
  net
• 40:38
  hsa,
• 40:39
  the
• 40:39
  more
• 40:40
  you
• 40:40
  were
• 40:40
  able
• 40:40
  to
• 40:40
  put
• 40:40
  away,
• 40:41
  the
• 40:41
  bigger
• 40:42
  the
• 40:42
  tax
• 40:42
  burden
• 40:42
  is.
• 40:44
  And
• 40:44
  nobody
• 40:45
  mentions
• 40:45
  this
• 40:45
  part
• 40:46
  that
• 40:47
  money
• 40:47
  grew
• 40:47
  quietly.
• 40:48
  But
• 40:49
  those
• 40:49
  consequences
• 40:50
  arrive
• 40:50
  like
• 40:50
  a
• 40:50
  bop,
• 40:50
  bop,
• 40:51
  bop
• 40:51
  at
• 40:51
  the
• 40:51
  door.
• 40:51
  Here
• 40:52
  you
• 40:52
  go.
• 40:52
  I'm
• 40:52
  Uncle
• 40:52
  Sam.
• 40:52
  I'm
• 40:53
  here
• 40:53
  for
• 40:53
  my
• 40:53
  money.
• 40:55
  Now,
• 40:55
  these
• 40:56
  findings
• 40:56
  do
• 40:56
  show
• 40:57
  the
• 40:57
  triple
• 40:57
  advantage
• 40:57
  of
• 40:58
  the
• 40:58
  hsa.
• 40:58
  Like
• 40:58
  we've
• 40:58
  talked
• 40:59
  about.
• 40:59
  Tax
• 40:59
  free
• 40:59
  contributions,
• 41:00
  tax
• 41:01
  free
• 41:01
  growth,
• 41:02
  tax
• 41:02
  free
• 41:02
  medical
• 41:02
  withdrawals.
• 41:03
  That's
• 41:03
  real
• 41:04
  and
• 41:04
  it's
• 41:05
  one
• 41:05
  of
• 41:05
  the
• 41:05
  best
• 41:05
  deals
• 41:06
  in
• 41:06
  the
• 41:06
  tax
• 41:06
  code.
• 41:08
  But
• 41:08
  I
• 41:08
  said
• 41:09
  it
• 41:09
  before,
• 41:09
  it
• 41:10
  ends
• 41:10
  at
• 41:10
  the
• 41:10
  death
• 41:11
  for
• 41:11
  anyone
• 41:12
  who
• 41:12
  isn't
• 41:12
  a
• 41:12
  spouse.
• 41:14
  And
• 41:14
  think
• 41:15
  about
• 41:15
  this.
• 41:15
  The
• 41:15
  tax
• 41:15
  treatment
• 41:16
  for
• 41:16
  this
• 41:16
  is
• 41:17
  actually
• 41:17
  harsher
• 41:18
  than
• 41:18
  what
• 41:18
  applies
• 41:18
  to
• 41:18
  inherited
• 41:19
  IRAs,
• 41:19
  because
• 41:20
  like
• 41:20
  we
• 41:20
  said,
• 41:20
  those
• 41:20
  inherited
• 41:21
  IRAs,
• 41:22
  even
• 41:22
  for
• 41:22
  a
• 41:22
  non
• 41:23
  spouse,
• 41:24
  you
• 41:24
  typically
• 41:25
  get
• 41:25
  10
• 41:25
  years
• 41:25
  to
• 41:26
  empty
• 41:26
  out
• 41:26
  the
• 41:26
  accounts.
• 41:26
  You
• 41:27
  don't
• 41:27
  have
• 41:27
  to
• 41:27
  dump
• 41:27
  all
• 41:27
  that
• 41:27
  income
• 41:28
  in
• 41:28
  one
• 41:28
  year
• 41:28
  and
• 41:28
  cause
• 41:29
  this
• 41:29
  huge
• 41:29
  tax
• 41:29
  bill.
• 41:31
  But
• 41:31
  with
• 41:31
  an
• 41:31
  inherited
• 41:32
  hsa,
• 41:32
  the
• 41:32
  entire
• 41:33
  balance
• 41:33
  is
• 41:33
  taxable
• 41:34
  income
• 41:34
  in
• 41:34
  the
• 41:34
  year
• 41:34
  they
• 41:35
  receive
• 41:35
  it.
• 41:35
  All
• 41:35
  of
• 41:35
  it.
• 41:37
  Like
• 41:37
  we
• 41:37
  talked
• 41:37
  about,
• 41:38
  let's
• 41:38
  just
• 41:38
  say
• 41:39
  you
• 41:39
  had
• 41:39
  $100,000
• 41:40
  in
• 41:40
  HSA
• 41:41
  inherited
• 41:41
  by
• 41:41
  an
• 41:41
  adult
• 41:42
  child,
• 41:43
  which
• 41:43
  is
• 41:43
  not
• 41:43
  an
• 41:43
  unusual
• 41:44
  number
• 41:44
  for
• 41:44
  somebody
• 41:44
  who's
• 41:45
  been
• 41:45
  maxing
• 41:45
  it
• 41:45
  out
• 41:45
  for
• 41:46
  20
• 41:46
  years.
• 41:47
  That
• 41:48
  could
• 41:48
  easily
• 41:48
  push
• 41:49
  your
• 41:49
  child
• 41:49
  into
• 41:49
  the
• 41:50
  32,
• 41:50
  35,
• 41:51
  or
• 41:51
  even
• 41:51
  37%
• 41:52
  tax
• 41:53
  bracket.
• 41:54
  Here's
• 41:54
  one
• 41:54
  financial
• 41:54
  planner
• 41:55
  gave
• 41:55
  a
• 41:55
  specific
• 41:56
  example.
• 41:56
  $100,000
• 41:57
  inherited
• 41:58
  HSA
• 41:58
  resulted
• 41:59
  and
• 41:59
  ready
• 41:59
  for
• 41:59
  this
• 41:59
  one.
• 42:01
  $33,700
• 42:03
  in
• 42:04
  federal
• 42:04
  income
• 42:04
  tax
• 42:05
  in
• 42:05
  a
• 42:05
  single
• 42:05
  year
• 42:05
  for
• 42:05
  that
• 42:06
  heir
• 42:06
  I
• 42:06
  haven't
• 42:07
  talked
• 42:07
  about
• 42:07
  state
• 42:08
  taxes.
• 42:09
  A
• 42:09
  lot
• 42:09
  of
• 42:09
  states
• 42:09
  will
• 42:09
  tax
• 42:10
  this
• 42:10
  as
• 42:10
  well.
• 42:10
  Add
• 42:11
  another
• 42:11
  8%,
• 42:12
  another
• 42:12
  7.
• 42:13
  Depends
• 42:13
  on
• 42:13
  your
• 42:13
  state.
• 42:14
  You
• 42:14
  could
• 42:14
  be
• 42:14
  looking
• 42:15
  at
• 42:15
  up
• 42:15
  to
• 42:15
  45%
• 42:18
  in
• 42:19
  a
• 42:19
  single
• 42:19
  year
• 42:20
  of
• 42:20
  the
• 42:20
  money
• 42:20
  you
• 42:21
  squirt
• 42:21
  away,
• 42:21
  put
• 42:22
  away
• 42:22
  so
• 42:22
  hard,
• 42:24
  and
• 42:24
  it's
• 42:24
  just
• 42:24
  gone.
• 42:26
  So
• 42:26
  there
• 42:26
  are
• 42:26
  really
• 42:27
  two
• 42:27
  things
• 42:27
  you
• 42:27
  got
• 42:27
  to
• 42:27
  do
• 42:27
  here.
• 42:28
  First,
• 42:28
  like
• 42:28
  I
• 42:28
  said
• 42:29
  earlier,
• 42:29
  start
• 42:30
  spending
• 42:30
  the
• 42:30
  HSA
• 42:31
  on
• 42:31
  qualifying
• 42:31
  medical
• 42:32
  expenses
• 42:32
  during
• 42:32
  your
• 42:33
  lifetime.
• 42:34
  Do
• 42:34
  that
• 42:34
  intentionally.
• 42:36
  I
• 42:36
  know
• 42:36
  a
• 42:36
  lot
• 42:36
  of
• 42:36
  people
• 42:36
  say,
• 42:37
  well,
• 42:37
  I'm
• 42:37
  pulling
• 42:37
  it
• 42:37
  off
• 42:37
  because
• 42:38
  maybe
• 42:38
  I
• 42:38
  have
• 42:38
  to
• 42:38
  go
• 42:38
  into
• 42:38
  a
• 42:38
  rest
• 42:39
  home.
• 42:39
  I
• 42:40
  get
• 42:40
  that.
• 42:41
  But
• 42:41
  be
• 42:42
  intentional
• 42:42
  about
• 42:43
  that
• 42:44
  and
• 42:44
  use
• 42:44
  it
• 42:45
  for
• 42:45
  those
• 42:45
  healthcare
• 42:45
  costs
• 42:46
  you
• 42:46
  pay
• 42:46
  for
• 42:46
  every
• 42:47
  day.
• 42:47
  Now,
• 42:48
  here's
• 42:48
  one
• 42:48
  thing
• 42:48
  a
• 42:48
  lot
• 42:48
  of
• 42:49
  people
• 42:49
  don't
• 42:49
  mention.
• 42:50
  I
• 42:50
  would
• 42:50
  not
• 42:51
  use
• 42:51
  it
• 42:52
  until
• 42:52
  you
• 42:52
  reach
• 42:52
  age
• 42:53
  65.
• 42:54
  And
• 42:54
  I'll
• 42:54
  tell
• 42:54
  you
• 42:54
  why
• 42:54
  I
• 42:55
  say
• 42:55
  that.
• 42:55
  Once
• 42:56
  you
• 42:56
  reach
• 42:56
  age
• 42:56
  65
• 42:57
  and
• 42:57
  you're
• 42:57
  on
• 42:58
  Medicare,
• 42:58
  you
• 42:58
  can
• 42:58
  no
• 42:58
  longer
• 42:59
  contribute
• 42:59
  to
• 42:59
  the
• 43:00
  HSA.
• 43:01
  So
• 43:01
  putting
• 43:01
  that
• 43:02
  money
• 43:02
  in
• 43:02
  before
• 43:03
  age
• 43:03
  65,
• 43:04
  be
• 43:04
  aggressive
• 43:05
  in
• 43:05
  putting
• 43:05
  it
• 43:05
  in
• 43:06
  and
• 43:06
  less
• 43:06
  aggressive
• 43:06
  in
• 43:07
  using
• 43:07
  it
• 43:08
  because
• 43:08
  once
• 43:08
  you
• 43:08
  hit
• 43:08
  65,
• 43:09
  you
• 43:09
  can't
• 43:09
  put
• 43:09
  anything
• 43:10
  else
• 43:10
  into
• 43:10
  it.
• 43:11
  And
• 43:11
  then
• 43:11
  once
• 43:12
  you
• 43:12
  hit
• 43:12
  65,
• 43:13
  though,
• 43:13
  really
• 43:13
  look
• 43:13
  at
• 43:14
  the
• 43:14
  hard
• 43:14
  cost
• 43:15
  of
• 43:15
  your
• 43:15
  medical
• 43:15
  expenses
• 43:17
  and
• 43:17
  use
• 43:17
  it.
• 43:18
  So
• 43:19
  use
• 43:19
  it
• 43:19
  for
• 43:19
  those
• 43:19
  health
• 43:20
  care
• 43:20
  costs.
• 43:20
  And
• 43:20
  second
• 43:21
  thing,
• 43:21
  don't
• 43:21
  forget
• 43:22
  about
• 43:22
  this.
• 43:23
  Check
• 43:23
  and
• 43:24
  see
• 43:24
  who's
• 43:24
  listed
• 43:25
  as
• 43:25
  the
• 43:25
  beneficiary
• 43:26
  on
• 43:26
  that
• 43:26
  account
• 43:27
  and
• 43:28
  update
• 43:28
  it
• 43:28
  if
• 43:28
  anything
• 43:29
  has
• 43:29
  changed.
• 43:29
  A
• 43:30
  lot
• 43:30
  of
• 43:30
  people
• 43:30
  don't
• 43:30
  think
• 43:30
  about
• 43:30
  this.
• 43:31
  You
• 43:31
  go
• 43:31
  through
• 43:31
  grief,
• 43:31
  you
• 43:31
  go
• 43:32
  through
• 43:32
  losing
• 43:32
  a
• 43:32
  spouse.
• 43:33
  You've
• 43:34
  got
• 43:34
  to
• 43:34
  get
• 43:34
  those
• 43:34
  accounts
• 43:35
  out
• 43:35
  and
• 43:35
  make
• 43:36
  sure
• 43:36
  you've
• 43:36
  got
• 43:36
  beneficiaries
• 43:37
  listed
• 43:38
  on
• 43:38
  all
• 43:38
  those
• 43:38
  things.
• 43:39
  It
• 43:39
  is
• 43:39
  absolutely
• 43:40
  imperative.
• 43:42
  Now,
• 43:42
  here's
• 43:42
  some
• 43:42
  quotes
• 43:43
  from
• 43:43
  the
• 43:43
  article.
• 43:43
  Ryan
• 43:44
  Greaser
• 43:44
  is
• 43:45
  a
• 43:45
  CFP
• 43:45
  that's
• 43:45
  a
• 43:45
  certified
• 43:46
  financial
• 43:46
  professional.
• 43:47
  He
• 43:47
  co
• 43:47
  owns
• 43:48
  and
• 43:49
  he's
• 43:49
  a
• 43:49
  founder
• 43:49
  of
• 43:49
  Opulous.
• 43:50
  He
• 43:51
  says
• 43:51
  it
• 43:51
  can
• 43:51
  be
• 43:51
  a
• 43:51
  huge
• 43:52
  problem
• 43:52
  for
• 43:52
  people
• 43:52
  and
• 43:53
  rarely
• 43:53
  talked
• 43:53
  about.
• 43:53
  I
• 43:54
  agree.
• 43:54
  This
• 43:54
  is
• 43:54
  one
• 43:54
  of
• 43:54
  those
• 43:54
  things
• 43:55
  where
• 43:55
  I
• 43:55
  don't
• 43:55
  hear
• 43:55
  about
• 43:55
  this
• 43:55
  talked
• 43:56
  about
• 43:56
  much.
• 43:58
  And
• 43:58
  Carol
• 43:58
  McClanahan,
• 43:59
  she's
• 43:59
  also
• 43:59
  CFP,
• 44:01
  she's
• 44:01
  a
• 44:01
  founder
• 44:01
  of
• 44:01
  Life
• 44:02
  Planning
• 44:02
  Partners.
• 44:02
  She
• 44:02
  says
• 44:03
  if
• 44:03
  you
• 44:03
  know
• 44:03
  you
• 44:03
  have
• 44:04
  that
• 44:04
  big
• 44:04
  nhsa,
• 44:05
  start
• 44:05
  spending
• 44:06
  it.
• 44:06
  I
• 44:06
  agree,
• 44:07
  Carolyn,
• 44:07
  good
• 44:08
  point.
• 44:09
  And
• 44:09
  then
• 44:09
  one
• 44:10
  of
• 44:10
  the
• 44:10
  things
• 44:10
  it
• 44:10
  says
• 44:10
  here
• 44:10
  is
• 44:11
  shimmerlink
• 44:11
  Financial
• 44:12
  Group
• 44:12
  owned,
• 44:12
  hypothetical.
• 44:13
  This
• 44:13
  is
• 44:13
  the
• 44:13
  one
• 44:13
  that
• 44:13
  we
• 44:13
  talked
• 44:13
  about.
• 44:14
  That
• 44:14
  100,000
• 44:14
  person
• 44:15
  ended
• 44:15
  up
• 44:15
  paying
• 44:15
  $33,700
• 44:17
  in
• 44:17
  federal
• 44:17
  income
• 44:18
  tax
• 44:18
  on
• 44:18
  that
• 44:18
  distribution.
• 44:20
  Well,
• 44:20
  here's
• 44:21
  my
• 44:21
  take
• 44:21
  on
• 44:21
  all
• 44:21
  this.
• 44:23
  The
• 44:23
  HSA
• 44:24
  is
• 44:24
  generally
• 44:25
  one
• 44:25
  of
• 44:25
  the
• 44:25
  best
• 44:25
  tools
• 44:26
  in
• 44:26
  personal
• 44:26
  Finance.
• 44:28
  I'm
• 44:28
  not
• 44:28
  telling
• 44:28
  you
• 44:28
  not
• 44:29
  to
• 44:29
  use
• 44:29
  it.
• 44:30
  It's
• 44:30
  a
• 44:30
  great
• 44:31
  thing
• 44:31
  to
• 44:31
  do.
• 44:31
  It's
• 44:31
  a
• 44:32
  great
• 44:32
  way
• 44:32
  to
• 44:32
  put
• 44:32
  away
• 44:33
  money
• 44:33
  for
• 44:33
  the
• 44:33
  future
• 44:34
  and
• 44:34
  to
• 44:34
  plan
• 44:35
  for
• 44:35
  your
• 44:35
  medical
• 44:35
  expenses.
• 44:36
  Because
• 44:36
  the
• 44:36
  one
• 44:36
  thing
• 44:36
  is
• 44:37
  certain,
• 44:38
  I
• 44:38
  see
• 44:38
  this
• 44:38
  in
• 44:38
  my
• 44:39
  practice
• 44:39
  almost
• 44:39
  every
• 44:40
  single
• 44:40
  day.
• 44:41
  As
• 44:41
  you
• 44:41
  get
• 44:42
  older,
• 44:42
  your
• 44:43
  medical
• 44:43
  expenses
• 44:43
  are
• 44:44
  going
• 44:44
  to
• 44:44
  increase.
• 44:45
  My
• 44:46
  retired
• 44:46
  clients,
• 44:47
  that's
• 44:47
  where
• 44:47
  a
• 44:47
  lot
• 44:48
  of
• 44:48
  their
• 44:48
  money
• 44:48
  goes.
• 44:50
  So
• 44:50
  it's
• 44:50
  a
• 44:50
  great
• 44:51
  tool.
• 44:52
  But
• 44:52
  the
• 44:52
  thing
• 44:53
  about
• 44:53
  good
• 44:53
  tools
• 44:54
  and
• 44:54
  great
• 44:55
  tools
• 44:56
  is
• 44:56
  they
• 44:56
  have
• 44:56
  to
• 44:56
  be
• 44:56
  used
• 44:57
  correctly
• 44:58
  now,
• 44:59
  letting
• 44:59
  it
• 44:59
  grow
• 44:59
  indefinitely
• 45:00
  because
• 45:00
  it
• 45:00
  feels
• 45:00
  like
• 45:01
  the
• 45:01
  smart
• 45:01
  move.
• 45:02
  That's
• 45:03
  the
• 45:03
  right
• 45:03
  instinct
• 45:03
  for
• 45:04
  the
• 45:04
  account
• 45:04
  holder
• 45:05
  because
• 45:05
  you
• 45:06
  want
• 45:06
  to
• 45:06
  make
• 45:06
  sure
• 45:06
  that
• 45:06
  money's
• 45:07
  there.
• 45:08
  But
• 45:08
  it
• 45:08
  becomes
• 45:09
  the
• 45:09
  wrong
• 45:09
  outcome
• 45:09
  for
• 45:10
  the
• 45:10
  family
• 45:10
  if
• 45:10
  nobody
• 45:11
  ever
• 45:11
  sat
• 45:11
  down
• 45:11
  and
• 45:12
  thought
• 45:12
  through
• 45:12
  the
• 45:12
  inheritance
• 45:13
  side.
• 45:14
  So
• 45:15
  this
• 45:15
  is
• 45:15
  where
• 45:15
  you
• 45:15
  can
• 45:15
  put
• 45:15
  together
• 45:16
  a
• 45:16
  good
• 45:16
  plan
• 45:16
  that
• 45:17
  covers
• 45:17
  both
• 45:17
  of
• 45:17
  that.
• 45:19
  Because
• 45:19
  an
• 45:19
  inheritance
• 45:20
  that
• 45:20
  comes
• 45:20
  with
• 45:20
  a
• 45:20
  37%
• 45:21
  tax
• 45:22
  bill
• 45:22
  is
• 45:22
  still
• 45:22
  an
• 45:22
  inheritance.
• 45:24
  But
• 45:24
  maybe
• 45:25
  you
• 45:25
  can
• 45:25
  do
• 45:25
  a
• 45:25
  little
• 45:25
  better
• 45:25
  with
• 45:26
  a
• 45:26
  little
• 45:26
  planning.
• 45:28
  I
• 45:28
  know.
• 45:28
  Again,
• 45:28
  tough
• 45:29
  calls
• 45:29
  today,
• 45:30
  tough
• 45:30
  situations
• 45:31
  today.
• 45:32
  Three
• 45:33
  questions
• 45:33
  today,
• 45:34
  three
• 45:35
  very
• 45:35
  different
• 45:35
  situations.
• 45:37
  But
• 45:38
  if
• 45:38
  you
• 45:38
  think
• 45:38
  about
• 45:38
  it,
• 45:38
  it's
• 45:39
  the
• 45:39
  same
• 45:39
  thing
• 45:39
  underneath
• 45:40
  of
• 45:40
  all
• 45:40
  of
• 45:40
  them.
• 45:41
  And
• 45:41
  I
• 45:41
  just
• 45:41
  want
• 45:42
  to
• 45:42
  go
• 45:42
  through
• 45:42
  that
• 45:42
  a
• 45:42
  little
• 45:42
  bit
• 45:42
  right
• 45:42
  now.
• 45:43
  For
• 45:43
  the
• 45:43
  couple
• 45:43
  with
• 45:44
  63
• 45:44
  on
• 45:44
  the
• 45:44
  calendar,
• 45:45
  go
• 45:45
  look
• 45:46
  at
• 45:46
  your
• 45:46
  Social
• 45:46
  Security
• 45:46
  statement
• 45:47
  this
• 45:47
  week.
• 45:48
  Run
• 45:48
  the
• 45:48
  numbers
• 45:49
  at
• 45:49
  age
• 45:49
  62,
• 45:50
  at
• 45:50
  65,
• 45:51
  67,
• 45:52
  run
• 45:53
  those
• 45:53
  side
• 45:53
  by
• 45:54
  side.
• 45:54
  Even
• 45:54
  look
• 45:54
  at
• 45:54
  70.
• 45:55
  Look
• 45:55
  at
• 45:55
  your
• 45:55
  health
• 45:55
  situation,
• 45:57
  all
• 45:57
  those
• 45:57
  type
• 45:57
  of
• 45:57
  things.
• 45:58
  Because
• 45:59
  when
• 45:59
  you
• 45:59
  do
• 45:59
  that,
• 46:00
  you
• 46:00
  might
• 46:00
  change
• 46:00
  your
• 46:00
  date.
• 46:02
  But
• 46:02
  make
• 46:02
  that
• 46:02
  decision
• 46:03
  with
• 46:03
  real
• 46:03
  numbers,
• 46:04
  not
• 46:04
  some
• 46:04
  popular
• 46:05
  guess.
• 46:06
  Now
• 46:06
  let's
• 46:07
  talk
• 46:07
  about
• 46:07
  the
• 46:07
  listener
• 46:07
  watching
• 46:08
  where
• 46:08
  her
• 46:09
  sister's
• 46:09
  account
• 46:09
  was
• 46:10
  a
• 46:10
  frozen
• 46:10
  account.
• 46:11
  I'm
• 46:12
  going
• 46:12
  to
• 46:12
  encourage
• 46:12
  everybody.
• 46:13
  Call
• 46:14
  your
• 46:14
  bank
• 46:14
  today.
• 46:15
  Call
• 46:15
  them
• 46:15
  this
• 46:16
  week.
• 46:17
  Find
• 46:17
  out
• 46:17
  how
• 46:18
  your
• 46:18
  account
• 46:18
  is
• 46:18
  set
• 46:19
  up.
• 46:19
  Ask
• 46:19
  if
• 46:19
  your
• 46:19
  joint
• 46:20
  account
• 46:20
  has
• 46:20
  the
• 46:20
  right
• 46:20
  of
• 46:21
  survivorship.
• 46:21
  That's
• 46:21
  a
• 46:22
  big
• 46:22
  deal.
• 46:22
  And
• 46:23
  make
• 46:23
  sure
• 46:23
  you're
• 46:23
  updating
• 46:24
  those
• 46:24
  payable
• 46:24
  and
• 46:24
  death
• 46:25
  designations.
• 46:26
  That
• 46:27
  one
• 46:27
  phone
• 46:27
  call,
• 46:28
  it's
• 46:28
  really.
• 46:28
  That's
• 46:28
  all.
• 46:29
  That's
• 46:29
  all
• 46:29
  you
• 46:29
  got
• 46:29
  to
• 46:29
  do.
• 46:29
  Your
• 46:29
  family
• 46:30
  will
• 46:30
  thank
• 46:30
  you
• 46:30
  later.
• 46:32
  And
• 46:32
  finally,
• 46:32
  for
• 46:32
  the
• 46:33
  man
• 46:33
  who
• 46:33
  built
• 46:33
  something
• 46:33
  real
• 46:34
  with
• 46:34
  his
• 46:34
  HSA
• 46:35
  and
• 46:35
  wants
• 46:35
  you
• 46:35
  to
• 46:35
  actually
• 46:35
  keep
• 46:36
  for
• 46:36
  his
• 46:36
  kids
• 46:38
  friends,
• 46:38
  start
• 46:39
  spending
• 46:39
  it
• 46:39
  on
• 46:39
  medical
• 46:40
  costs.
• 46:40
  You're
• 46:40
  going
• 46:40
  to
• 46:40
  pay
• 46:41
  anyway.
• 46:41
  If
• 46:41
  you're
• 46:41
  going
• 46:41
  to
• 46:41
  pay
• 46:41
  the
• 46:42
  medical
• 46:42
  cost
• 46:42
  now
• 46:43
  anyway,
• 46:43
  hear
• 46:44
  me
• 46:44
  on
• 46:44
  this.
• 46:45
  Use
• 46:46
  the
• 46:46
  HSA
• 46:46
  to
• 46:47
  do
• 46:47
  that.
• 46:48
  That's
• 46:48
  the
• 46:49
  only
• 46:49
  way
• 46:49
  you
• 46:49
  get
• 46:49
  the
• 46:50
  true
• 46:50
  tax
• 46:50
  benefit
• 46:51
  for
• 46:51
  yourself.
• 46:53
  Don't
• 46:53
  leave
• 46:53
  this
• 46:53
  big
• 46:54
  tax
• 46:54
  bill
• 46:54
  for
• 46:54
  your
• 46:55
  family.
• 46:57
  So
• 46:57
  today,
• 46:57
  just
• 46:58
  take
• 46:58
  one
• 46:58
  step.
• 46:59
  That's
• 46:59
  it.
• 47:00
  You're
• 47:00
  not
• 47:00
  failing
• 47:01
  in
• 47:01
  what
• 47:01
  you're
• 47:01
  doing.
• 47:02
  That's
• 47:02
  the
• 47:02
  great
• 47:03
  part
• 47:03
  about
• 47:03
  all
• 47:03
  of
• 47:03
  these
• 47:04
  things.
• 47:05
  You're
• 47:05
  showing
• 47:05
  up,
• 47:06
  you're
• 47:07
  asking
• 47:07
  the
• 47:07
  right
• 47:07
  questions
• 47:09
  and
• 47:09
  you're
• 47:09
  making
• 47:09
  choices.
• 47:10
  And
• 47:11
  this
• 47:11
  show
• 47:11
  is
• 47:11
  all
• 47:11
  about
• 47:11
  making
• 47:12
  choices
• 47:12
  and
• 47:12
  keeping
• 47:13
  that
• 47:13
  momentum
• 47:13
  and
• 47:14
  keeping
• 47:14
  movement
• 47:14
  going.
• 47:15
  Now,
• 47:15
  before
• 47:16
  I
• 47:16
  let
• 47:16
  you
• 47:16
  go,
• 47:16
  I
• 47:17
  want
• 47:17
  to
• 47:17
  tell
• 47:17
  you
• 47:17
  about
• 47:17
  my
• 47:18
  daily
• 47:18
  show.
• 47:18
  The
• 47:19
  Financially
• 47:19
  Confident
• 47:20
  Christian
• 47:20
  drops
• 47:20
  every
• 47:21
  single
• 47:21
  morning.
• 47:22
  It's
• 47:22
  a
• 47:22
  short
• 47:22
  episode.
• 47:23
  We
• 47:23
  have
• 47:23
  real
• 47:24
  topics,
• 47:24
  just
• 47:24
  like
• 47:24
  we
• 47:24
  talked
• 47:25
  about
• 47:25
  today.
• 47:25
  We
• 47:25
  don't
• 47:25
  go
• 47:26
  in
• 47:26
  as
• 47:26
  much
• 47:26
  detail.
• 47:27
  There's
• 47:27
  no
• 47:27
  fluff
• 47:28
  and
• 47:28
  you
• 47:29
  can
• 47:29
  find
• 47:29
  that
• 47:29
  at
• 47:29
  our
• 47:29
  website.
• 47:30
  We'd
• 47:30
  love
• 47:30
  for
• 47:30
  you
• 47:30
  to
• 47:31
  join
• 47:31
  us
• 47:31
  on
• 47:31
  that
• 47:31
  one.
• 47:31
  It's
• 47:32
  financiallyconfidentchristian.com
• 47:34
  and
• 47:34
  again,
• 47:35
  like
• 47:35
  I
• 47:35
  mentioned
• 47:35
  earlier,
• 47:36
  if
• 47:36
  you
• 47:36
  want
• 47:36
  that
• 47:37
  faithful
• 47:37
  money
• 47:37
  framework,
• 47:38
  it's
• 47:38
  free.
• 47:38
  Listen,
• 47:38
  I'm
• 47:39
  not
• 47:39
  going
• 47:39
  to
• 47:39
  charge
• 47:39
  you
• 47:39
  a
• 47:39
  thing
• 47:40
  for
• 47:40
  it.
• 47:40
  Eight
• 47:41
  steps,
• 47:41
  one
• 47:41
  page
• 47:42
  practical
• 47:42
  and
• 47:43
  you
• 47:43
  can
• 47:43
  get
• 47:43
  that@financiallyconfidentchristian.com
• 47:47
  join
• 47:49
  really
• 47:49
  simple.
• 47:51
  And
• 47:51
  that's
• 47:51
  what
• 47:51
  I
• 47:51
  encourage
• 47:52
  you
• 47:52
  to
• 47:52
  do
• 47:52
  this
• 47:52
  week.
• 47:52
  So
• 47:53
  don't
• 47:53
  forget
• 47:53
  to
• 47:53
  join
• 47:53
  me
• 47:54
  next
• 47:54
  Friday,
• 47:54
  same
• 47:54
  time,
• 47:55
  1pm
• 47:56
  Eastern.
• 47:57
  Your
• 47:57
  financial
• 47:58
  situation
• 47:58
  doesn't
• 47:59
  define
• 47:59
  who
• 47:59
  you
• 48:00
  are,
• 48:01
  but
• 48:01
  your
• 48:02
  willingness
• 48:02
  to
• 48:02
  change
• 48:02
  it
• 48:03
  does.
• 48:04
  So
• 48:04
  make
• 48:04
  sure
• 48:04
  you
• 48:04
  tell
• 48:05
  everyone
• 48:05
  about
• 48:05
  the
• 48:05
  show
• 48:06
  and
• 48:06
  bring
• 48:06
  your
• 48:06
  questions
• 48:06
  to
• 48:07
  participate
• 48:07
  next
• 48:07
  week.
• 48:08
  I
• 48:08
  love
• 48:08
  questions.
• 48:09
  Send
• 48:09
  them
• 48:09
  to
• 48:09
  me.
• 48:10
  Join
• 48:10
  us
• 48:10
  in
• 48:10
  the
• 48:11
  live
• 48:11
  chat.
• 48:11
  Either
• 48:12
  way,
• 48:12
  I'll
• 48:12
  see
• 48:13
  you
• 48:13
  again
• 48:13
  next
• 48:13
  week.
• 48:14
  You
• 48:14
  take
• 48:14
  care.