Suze School: Loans vs. Withdrawals From Roth Retirement Accounts
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze Orman Media
4.8 • 4.2K Ratings
🗓️ 9 July 2023
⏱️ 24 minutes
🧾️ Download transcript
Summary
Suze’s lesson for this Suze School episode is all about the difference between loans and withdrawals from Roth retirement accounts. What can you do when you have a Roth 401(k)? What are the taxes and penalties you may incur?
Plus, Suze’s thoughts on the recent jobs report and what The Fed may do next in terms of interest rates.
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Transcript
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| 0:00.0 | Okay, Susie, are you ready for today's podcast? |
| 0:02.8 | Oh, you bet I am, because I'm unstoppable. |
| 0:06.2 | I'm unstoppable. I'm a burden with no breaks. I'm invincible. |
| 0:14.2 | Yeah, I would never single day. Mines of our phone. I don't need batteries to play. |
| 0:23.2 | I'm so confident. Yeah, I'm unstoppable today. |
| 0:28.2 | July 9, 2023. Welcome everybody to the Women in Money Podcast. |
| 0:35.2 | As well as everybody smart enough to listen. Today is Susie's school. |
| 0:42.2 | Now, today I was planning, I don't even know why I plan to do anything, |
| 0:47.2 | because it always changes. Everybody will tell you I always change, because I'm a Gemini, |
| 0:53.2 | but I always change, especially a podcast based on what I feel people really want to know in the moment. |
| 1:03.2 | So today I was going to do a Susie school on the differences between |
| 1:09.2 | you're a vocable trust and revocable trust, especially when it comes to special needs kids. |
| 1:18.2 | Because three or four of you wrote in, and I think it may have been on the wall, |
| 1:22.2 | that you wanted to learn about it. And so that's what I was going to do. |
| 1:28.2 | I think I even said to you, that's what I'm going to do. |
| 1:31.2 | Except last Thursday, we did a Susie and KT show, and there we were in the quiz for KT |
| 1:40.2 | was all about this person who wanted to take money out of their Roth 401K, |
| 1:46.2 | just $45,000 to pay off a HELOC, a home equity line of credit, |
| 1:53.2 | that has gone up in interest from 3% to 8%, and the truth of the matter is, |
| 1:59.2 | given what's going to happen with the feds and everything, |
| 2:03.2 | it's going to even go higher than that everybody. |
| 2:06.2 | And I thought I answered the question simply by saying in your situation, |
... |
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