Hi everybody, Suzio here now. What is the goal of money? The goal of money is for you to be secure. And there is no better way for you to be secure than having an emergency savings account. It is essential for your financial foundation. So all of you should be participating in
the ultimate opportunity savings account at Alliant Credit Union. Go to myalliant.com to find out more and be secure. Okay, Susie, are you ready for today's podcast? Oh, you bet I am because I'm unstoppable. I put my arm on so you are strong. I am.
I put my arm on, I'll show you that I am I'm unstoppable I'm a Persia with no brakes I'm invincible And I would never sing a game I ain't so powerful I don't need batteries today I'm so confident Yeah, I'm unstoppable today
November 24th, 2024. Welcome everybody to the Women and Money podcast, as well as everybody smart enough to listen. Susie Oh here and today is Susie's school. So make sure you get out your notebooks, along with either that or pen and paper, whatever it is.
Because there are some numbers here that I am going to give you that you might just want to contemplate when I give them to you. What does that mean, Susie Mormon? I don't know, but it kind of sounded good at the second. Anyway, I love talking to myself so much so that this morning when Katie brought me a cup of coffee into my little studio, she was saying to me, what are you mumbling about?
And she said, who are you talking to? And I said, me. She said, why are you talking to yourself? And I said, I'm trying to figure something out, Katie. And she said, what are you doing, Susie Orman? I said, I've been reading emails.
and so many times within an email. I'm finding that all of you, some of you, whoever's writing in, somewhere in that email, you use the word can't. I can't do this. We can't have that. We can't afford this. We can't. C-A-N-T. We can't. And she said, so,
And I said, we got to change that KT. We've got to change can't. I can't to I can. And she said, and how do you expect to do that by talking to yourself? And I said, no, I want people to understand truthfully when they say the word can't, what it means.
What does it mean, Susie? And I said, when you say the word can't, C-A-N-T, that stands for creating a negative thought. Think about that everybody right now. When you say the word can't, you have created a negative thought.
Then, of course, in Katie's way, she said, so what does can mean? I said, well, that's what I was talking to myself about. She said, OK, just tell me. And I said, can C-A-N is one word that can cancel all negativity?
And she said, well, you better open up your podcast with that one. You still remember it. So here I am. But actually, what I just did there is so important. I really believe that words, your thoughts, your actions,
But namely your words, I have to tell you that. They have the power to create or the power to destroy, and the choice is up to you when you speak negative words. When you think negative words or thoughts, that negativity is within you, keeping you from doing that, what you want to do, where you're able to do, but you just use the wrong words.
So I'm asking all of you as we approach the Thanksgiving holiday on Thursday. I ask all of you every time you say the word can't in any sentence. No, I can't come at 630. I can't do this. I can't do that.
creating a negative thought. You don't want negativity in you at this point in time or ever for that matter. Just change it to the word can rather than saying, I can't come at 6.30. Why don't you just say, I can come at six or seven, which do you prefer?
You don't have to use the word can't. Change it to can in every answer and everything that you say.
All right, that's a Susie School for today. No, just joking now. The other thing that I've noticed the word can't with a lot, which is really how this all came up, is that the people who are on Social Security, because you know, the Women and Money Podcast has a lot of men and women,
who are on Social Security and very afraid that something's going to happen to Social Security, but they're really afraid not so much for them, although they're a little fit for them, but for their children.
Susie, my kids aren't doing that well. My kids are a lot older. I have a 50 year old who actually still lives with me, Susie. I don't have anything to leave to him. And all he's planning on is social security. Do you think it will be there when he becomes 67 in 17 years from now? Do you, Susie?
And the answer to that question is, yes, I think it is going to still be here. Not just in another 17 years, but really for a long, long time. I don't want you to worry if you're currently on Social Security. I don't want you to worry if you're 10 years away from it, 20 years away from it, whatever it may be, Social Security in some form
We'll be here. What do I mean by some form? It is possible that they'll figure out a new formula for those who are younger right now and won't start collecting Social Security for 20 or 30 years or whatever it may be, where the benefit is figured differently so it's not as high as it would have been if nothing changed.
Is it possible that rather than collecting full social security at 67, maybe full social security, the full retirement age will be 70? Is it possible that maybe they'll find new ways to invest that money and make more money so that there's actually enough money in social security and none of these things have to happen and it's no longer a worry?
But no matter, and I've said this before, no matter what happens, you always have to be prepared.
Now, I am not here to be a fair monger to put down any policies or anything that's going on, but I am shocked by the fact that in just a month or so it's going to be 2025.
And the reason that that shocks me is I remember for the past 10 years, 20 years, even 30 years ago, it was projected that in 2035, 2033, Social Security would probably run out of money and all the benefits would have to be reduced by some percentage.
And I remember in 2010 thinking, of course, they're going to solve it. Now 2035 is just 10 years away. There are many people who say it will be 2033.
So now we're talking about eight years away, and that is nothing. So therefore, what do I think we should do seriously? I could only hope and pray that the administration figures out a way to solve this crisis, but I want to see if I can just make a little sense to you right now, not to scare you, but just let's look at this really realistically speaking.
which is the reason that Social Security is having such a hard time is that we have more people receiving Social Security benefits
than people generating the income to pay the taxes, to pay for the social security benefits. What concerns me is artificial intelligence, everybody. And I talked about this before. I said, I don't think it's impossible that by 2030 or so, we could have a really high unemployment rate
And the reason that I said that about ten years ago now is that you have all of this artificial intelligence doing things much faster, quicker, better really in some cases than human beings.
Machines, robots, artificial intelligence on computers. They don't get sick. They don't need health benefits. They don't need a whole lot of things. They don't need to be replaced on a sick day because there is no sick day. They don't argue about they're not going to come into the office. They like working at home.
It's a serious problem on some level. And I think about way back when when I lived in San Francisco and I would go across the bridge either to the Bay Area or back to San Francisco, whatever it was. There was a person in a toll booth that took your 50 cents.
Mentals went up and they took your dollar. And now, even 15 years ago, you went through and there wasn't one person there really. They're all there with little things that are automated and everything either goes on your license plate or whatever it is. You can see it coming. My main concern about that, everybody is this.
If artificial intelligence, and I don't know if it's going to or not, if artificial intelligence gets to the place where everything is changed, people are replaced. The workforce continues to decrease in size because they're just not needed anymore. That means less people paying into the tax
system, which means that the Social Security Trust Fund
doesn't even have as much money as it has today coming into it. So could that 2035 day be moved up? I don't know. But these are serious things that we need to think about. Now, before I did this podcast, I have to tell you honestly, I'm like, Oh, Susie, Thanksgiving is coming up. And then there's Christmas and Hanukkah and Kwanza all these holidays. You don't want to be a downer.
And then I thought, I'm not being a downer. This is also one KT kind of came in, right? I'm not being a downer. I'm being realistic. And I always think you have to have a plan. I think it's important that all of us start to count on ourselves.
If you're figuring out your future and part of your future retirement plan is, I'm going to get this much money in social security. My spouse is going to get this much money in social security. And that is part of your retirement formula. I would like you to see if you can make it work for yourself.
without including Social Security. Now, fine, maybe that's too drastic for you, but I sure would like to see if you could do that. If you feel like, no, I don't want to do that, then I would suggest to you that whatever your Social Security benefit is going to be,
According to projections, reduce it by half. Just see if you can make your life work with a reduction of Social Security when planning your retirement, future, and income. That's number one. Number two. Recently, there's been some important changes for 2025.
that are coming to 401k plans that will affect part-time workers. Specifically, part-time employees will need to work at least 500 hours per year for two consecutive years to become eligible for the 401k plan or 403b or TSP, whatever it may be.
So let's say you don't have a career right now and you only do part-time work because you maybe have to stay at home and take care of the kids or whatever, please remember what I just said to you. Because a 401k, especially a Roth 401k, is going to be essential. The same way a Roth IRA is going to be essential.
to be able to supplement your income as you get older, especially if something happens to social security.
What if you want to start saving more and more for retirement? I just scared you. You decided after this podcast, you're going to make saving money your number one priority. Then you need to know that for 2025, the contribution limits have absolutely gone up.
So write these down. For a 401k or 403b or 457 plan, you can now, for a standard contribution individual, contribute up to $23,500. You can do that. The catch-up contribution, you know, when you're 50 or over, they allow you to put in money, that's going to stay at $7,500. It is unchanged from 2024, all right?
However, listen closely, there is a new catch-up contribution limit now for those people who are only age 60 to 63.
Only 60 to 63 that that catch up amount is now $11,250. Big difference. So the truth of the matter is that your total contribution limit now between the employee, the employer and everything
is up to 70. It's a lot. So just know that because there's a lot of you between the ages of 60 and 63 that work for an employer and you should take advantage of it, especially if you're in a Roth 401k, 403b, or 457 plan. Do you hear me?
Let's talk about IRA contributions. That includes whether it's a Roth IRA or a traditional pre-tax IRA. The standard contribution for 2025 is going to be the same as it was in 2024, $7,000 a year. The catch-up contribution limit for age 50 and over is still $1,000. So that's unchanged from 2024. What is changed
is the MAGI limits to qualify for a contributory Roth IRA. So the Roth IRA phase out range for a single person is now 150,000 MAGI to 165,000 MAGI, modified adjusted gross income.
That's a nice $5,000 or $6,000 raised there. And for married, finally, jointly, it's $236,000 faces out after $246,000.
So that's great. Now, I know these numbers probably have just driven you crazy, but there's a point to why I'm doing this number one. This allows you and do you see the trend that's happening here? The trend that's happening here is that they're increasing these amounts because they want you to save more and more. They want you to save more and more so that you're able to take care of yourselves.
Really, and don't you want that for yourself? Everything that I said to you today was not to scare you, but it was to propel you into action, to propel you into saying, I can do this, to propel you to stop thinking that you can't, and to really know that your future security is in your hands.
So until Thursday, aren't you glad you turned into this one, everybody? Anyway, until Thursday when Miss Travis and I will be here for our Thanksgiving podcast.
If you can just remember people first, and when I say people, I mean you. I don't mean other people, I mean you. People first, then money, then things. And if you could do it in that priority, I promise you, you can be unstoppable.
I'm unstoppable I'm a butcher with no brakes I'm invincible See, I win every single day Mine's a powerful I don't need batteries to play I'm so confident
I'm unstoppable today I'm unstoppable today I'm unstoppable today I'm unstoppable today I'm unstoppable today
Hi everybody, Susie O'Hare. Now, if you are looking for a way to start saving to get the most out of your money, I want you to go to myalliant.com, that's M-Y-A-L-L-I-A-N-T.com, and look into opening an ultimate opportunity savings account, putting at least $100 a month every single month for 12 consecutive months,
earn 3.10% interest on your money right now and get $100 at the end. Are you kidding me? It's the best deal out there. Start saving right now. Now, there's Susie Orman media nor Susie Orman is acting as a certified financial planner advisor, a certified financial analyst, an economist, CPA account or lawyer. Now, there's Susie Orman media nor Susie Orman
make any recommendations as to any specific securities or investments, or content contained in this podcast is for informational and general purposes only, and does not constitute financial accounting or legal advice. You should consult your own tax legal and financial advisors
regarding your particular situation. Neither Susie Ormond Media nor Susie Ormond accepts any responsibility for any losses which may arise from accessing or reliance on information in this podcast. And to the fullest extent permitted by law, we exclude all liability for loss, damages, direct or indirect arising from the use of this information. The must have documents discussed in this podcast are legal documents created by a lawyer and distributed by Hay House.
