Suze School: Serious Things To Think About
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Hi everybody, c zo 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 my alliant that come to find out more and be the car.

okay. Susie, are you ready for today's pocket?

Oh, you bet I am because i'm unstable.

up.

They are. Power point I don't need.

In two .

thousand and twenty four, welcome everybody to the women in money pak cast, as well as everybody smart enough to listen. Susie o, here and today is susie school. So make sure you get out your new books along with either that or pen and paper, whatever 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? Suz ormen, I don't know, but I can sound good at the second. Anyway, I love talking to myself so much so that this morning one kt brought me a cup of coffee and to 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.

Kt and SHE said, what are you doing, susie ormen, 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 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 their kt, we've got a change. Can I can to? I can. And he said, and how do you expect to do that by talking to your and I said, no, I want people to understand, truthful when they say the word can't.

What IT means? What does IT mean, susie? And I said, when you say the word can 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 katy's way he said, so what is can mean? I said, what? That's what I was talking to myself about.

You said, okay, 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 packets 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, keep being you from doing that, what you wanted, do what 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. Now I can't come at six thirty.

I can do this. I can 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 six thirty, why not you just say I can come IT six or seven, which do you prefer? You don't have to use the word can change IT to can and every answer and everything that you say, right? That's a sushi school for toime. Now just enjoy.

Now the other thing that I noticed the word can't with a lot, which is really how this all came up, is that the people who are around social security, because, you know, the women and money packet has a lot of men and women who are on social security and very afraid that something's gonna happen to social security. But they're really afraid. Not so much for them, although there are a little big for them, but for their children.

Susie, my kids aren't doing that well. My kids are a lot older. I ve a fifty 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 become sixty seven in seventeen 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 seventeen 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 your ten years away from IT, twenty years away from IT, whatever IT may be, social security in some form will be here. What do I mean by some form, IT is possible that you'll figure out a new formula for those who are Younger right now and won't start collecting social security for twenty or thirty years or whatever IT may be where the benefit is figured differently. So it's not as high as that would have been if nothing changed.

Is IT possible that rather than collecting full social security at sixty seven, maybe full social security, the four retirement age will be seventy. Is IT possible that maybe we'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 or 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 twenty, twenty five. And the reason that shocks me is I remember for the past ten years, twenty years, even thirty years ago, IT was projected that in twenty thirty five, twenty thirty three, social security would probably run out of money and all the benefits would have to be reduced by some percentage.

And I remember in two thousand and ten thinking, of course, they're gonna solve IT. Now twenty thirty five is just ten years away. There are many people who say there will be twenty thirty three. So now we're talking about eight years away, and that is nothing.

So therefore, what do I think we should do? seriously? I can only hope and pray that the administration figures out away 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 lets look at this is 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, then 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 twenty, thirty 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 the sixth day because there is no six days. They don't argue about their name to comment to 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 franco, and I would go across the bridge, either to the bay area or back to some Francisco, whatever IT was, there was a person in a toll booth that took your fifty cents and toes went up and they took your dollar. And now, even fifteen 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 come in. 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 pain 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 twenty thirty five 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 honey on quite all these holidays.

You don't want to be a downer and then I thought, i'm not be a downer. This is also one. Kt kind of came 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 gonna 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 would like to see if you could do that. If you feel like now I don't wanna do that, then I would suggest to you that whatever your social security benefit is going to be, according to projections, reduce by half, just see if you can make your life work with a reduction of social security when planning your retirement future and income. It's number one.

Number two, recently, there's been some important changes for twenty twenty five that are coming to four or one k plans that will affect part time workers. Specifically, part time employees will need to work at least five hundred hours per year for two consecutive years to become eligible for the four one k plan or four three b or T S P, 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 the kids or whatever.

Please remember what I just said to you, because a four or one key, especially a rough for one k is going to be essential. Same way, rough I R A 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 pockets, you're gonna make saving money your number one priority. Then you need to know that for twenty twenty five, the contribution limits have absolutely gone up. So right? These down for a four one care, four or three beer, four fifty seven plan.

You can now for a standard contribution individual, contribute up to twenty three thousand five hundred dollars. You can do that. They catch up contribution.

You know, when you're fifty or over, they allow you to put in money that's gonna stay at seventy five hundred dollars. IT is unchanged from twenty twenty four, all right. However, listen closely. There is a new catch up contribution limit now for those people who are only age sixty to sixty three, only sixty to sixty three, that, that catch up amount is now one thousand two hundred and fifty dollars, big difference. So the truth of the matter is that your total contribution limit now between the employee, the employee and everything is up to a seven thought it's a lot.

So just know that because there's a lot of you between the ages of sixty and sixty three that work for an employer and you should take advantage of IT, especially if you're in a rock for one k four three b or four fifty seven plan. Do you hear me? Let's talk about I R A contributions.

That includes whether it's a rough I R A or traditional pretext I R A. The standard contribution for twenty twenty five is gna be the same as IT wasn't twenty twenty four seven thousand dollars a year. The catching up contribution limit for eight, fifty and over is still a thousand dollars, so that's unchanged from twenty twenty four.

What is changed is the M A G I limits to qualify for contributory rough I R A. So the rough I R A phase out range for a single person is now one hundred and fifty thousand M A G I to one hundred and sixty five thousand M A G I modified. Adjust gross income.

It's a nice five or six thousand dollars raise there. And for married, finally jointly, it's two hundred and thirty six thousand dollars faces out after two hundred and forty six thousand. So that's great.

Now I know these numbers probably have just driven crazy, but there's a point to I am doing this. Number one, this allows you and 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, I 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 really know that your future security is in your hands. So until thursday, aren't glady turned into this one? Everybody, anyway, until thursday, when this, travis and I will be here for our thankful ving podcast.

If you can just remember people first. You, when I say people, I mean you, I don't mean other people, I mean you. People first, then money than things. And if you could do IT in that priority, I promise you, you can be unstoppable.

I don't. I'm so fired.

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 my aligned com, that's M Y A L L I A N T dot com, and look into opening an ultimate opportunity savings account, put in at least one hundred dollars a month every single month for twelve consecutive month, earn three point one nine percent interested in your money right now, and get one hundred dollars the end.

Are you kidding me? It's the best deal out there. Start saving right now. Susie ormon media .

nor susie ormon is acting as a certified financial planner, adviser, a certified financial analyst, economist, cpa account or lawyer. Either suzy orman media nor suzy ormon make any recommendations as to any specific security or investments or content contained in this podcast is for informational in general purposes only and does not constitute financial, accounting or legal advice.

You should consult your own tax, legal and financial advisers regarding your particular situation. Neither suz oran media nor susie orman accepts any responsibility for any losses which may arrive from accessing or reliance on information in this podcast. Under the full extent permitted by law, we exclude all liability for law damages directed rect arising from the use of this information. The must have documents discussed podcast are legal documents created by a lawyer and distributed by hay house.