099 Terry Savage: 5 Ways to Get Out of the Financial Mess You Don't Even Know You're In

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welcome to fun with annuities with your

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host me stan the annuity man america's

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annuity agent can annuities be fun can

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contractual guarantees be fun

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absolutely they can find out the brutal

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facts about annuities with no sales

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pitches or high pressure nonsense just

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the brutal and factual annuity truth

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which is all you need to hear

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let's have some fun with annuities and

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let's have that fun start right now

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[Music]

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welcome to fun with annuities i'm your

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host stan the annuity man america's

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annuity agent i am so happy that royalty

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financial royalty has joined us once

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again

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uh she's been a guest on the fun with

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annuities podcast i want to welcome all

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of our listeners on all the major

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podcast platforms and also on the fun

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with annuities youtube channel where you

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can see our facial reactions and

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expressions and

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um and our guests let me tell you a

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little bit about her her i call her

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financial royalty because that's what

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she is her name is terry savage she's

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actually one of my favorite most

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favorite people on the planet i actually

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just enjoy talking to her

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the fortunate part is i get to record it

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and then you get to listen in she's

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known as the money lady and the bringer

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of what i call and what she calls and

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what she has trademarked as

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the savage truth

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here's the one thing you need to know

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about her when she walks into a room

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regardless of the room that she walks

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into she's automatically

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the smartest person in that room

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welcome terry savage

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oh stan the man the annuity man and

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every other way the man um i love hey i

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show up just to listen to you absolutely

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anytime you speak nationally you should

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just have me fly in i'll pay my own way

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and i'll just introduce you

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okay speaking of paying your own way i

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want to get this straight at the

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beginning what you i i sell nothing i

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endorse nothing correct i've been

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writing a syndicated column for over 30

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years first for the chicago sun times

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now for the tribune

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i started my career as a stockbroker

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when girls couldn't be that and i was a

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founding member and first woman trader

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on the chicago board options exchange

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and when i talk about a product or a

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thing i've never been paid to endorse in

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all those years anything and i don't i

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don't have any individual clients way

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back in the stock broker days i realized

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a huge responsibility that is um and i

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just uh i'm on tv and radio in chicago a

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lot and do a lot of speaking around the

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country but i have nothing to sell you i

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just gonna give you my best advice you

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know why i can do that because i follow

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my i ate my own cooking following my own

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advice over the last 35 40 years there

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you go and and like the last time time

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she has been on she's going to have a

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permanent page on the annuityman.com

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we'll have a link to her site which oh

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by the way is terrysavage.com

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um and you can watch her videos i like

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the one i watched the one the other day

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the replay of you with warren buffett

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yes she does no warrant on a first name

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basis that's who we're talking with

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today but one of the the topics for

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today i really like because i was i was

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talking to terry so tyria and you know i

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want to have you back on you know things

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are chaotic in the world and she she

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reminded me which i knew but it was good

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for her to remind me she doesn't give

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out looks or forecasts or things like

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that she is a

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she is probably

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the top expert in what i call the

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personal finance category um and she had

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put together

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um her top five tips for the new year

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2022

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and we're going to go through them

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they're not some hey by this or hey by

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the it's not that it's stuff that you

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really need to know so with that let's

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just jump in terry the first one that

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we're going to talk about that you sent

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me the list

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is to open an irs account at i d

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dot me

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can you explain why we need to do that

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yes and then and this is not a place you

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can go to so don't just go jumping now

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on your browser let me explain what

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what's happened i'm in in close touch

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with the irs i like it when they call me

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i'm one of the few people and we talk on

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a regular basis

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the irs has admitted most recently that

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it is about 11 million returns behind

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not just refunds but returns processing

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returns from last year even as they're

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getting 2021 returns in this year

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so the fact is they're really way behind

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number two as you all know if you've

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ever tried you cannot talk to anyone at

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the irs anymore i can talk to them i

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have a media contact that is assigned to

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me but you can't get through

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and so people are really frantic they're

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frantic a because of their refunds that

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general advice i say is hey no don't

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refile a new return don't don't go

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updating your return yes if you can go

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to irs.gov where's my refund

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it's never updated so

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you can't find out just be patient your

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return your refund from last year will

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come eventually with three percent

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interest

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but people have other things they need

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to know from the irs

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what what triggered what i'm about to

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say was about um two or three weeks ago

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they started sending out something

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called cp 80 notices and basically what

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they said was

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we have a credit for you but we can't

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find your return

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and the way that happened is they were

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very efficient if you deposited uh you

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made your

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tax payment electronically they credited

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it to your account if you mailed in a

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paper return i'm talking about a year

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ago they slid open the envelope took the

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check you saw it get deposited in the

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government's account and they credited

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that to your account and then they put

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your paper return especially in a big

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pile to look at later and before those

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returns get looked at there's a big pile

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of people who where they have some

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question about the um maybe the 10 200

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of unemployment compensation they made

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up a million reasons to do the easy

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stuff first and they got 11 million hard

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stuff returns

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so they sent out these these letters to

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people saying refile your return and

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then two weeks later they said don't do

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that don't refile your return they

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realized what a bad mistake just hang

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out and wait

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here's how you find out what's going on

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with the irs

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the irs has created a place which you

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can't find unless you follow my

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instructions believe me

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to create your own account they call it

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id like identity id dot me but you can't

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just go there

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and it's not easy to find on the irs

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website and once you get that account

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which is easy to open with your name and

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your social security number perfectly

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secure as secure as the irs could

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possibly be

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then you know everything they know about

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you it should make you feel better now

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how do you get there you go to irs.gov

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and like i did you start looking all

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over the place for create an id me

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account

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but all you find out up there on the top

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is sign in to my account

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so in desperation you go to sign into my

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account and it says put your you know

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like your name and password in there

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and you go but wait i don't have an

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account and you scroll down a little bit

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because it's not readily apparent and it

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says forgot your password and you go no

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i didn't forget it i never got to create

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an account and if you scroll down one

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little bit more

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you will see in small print create an

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account

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now if you go to terrysavage.com there's

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an article called create an irs id me

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account and you'll have a direct link to

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that page once you create that account

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you'll see everything that anybody who

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was ever helping you on the phone would

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have been able to tell you and mostly

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you're going to see a credit cause they

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took your money last year

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and um they have no

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information from that reef that returned

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2020's return filed last year

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so now a lot of you are going to have a

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problem

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when you go to file electronically

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you're going to be asked

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to input just to verify who you are

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what was your adjusted gross income from

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last year

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and you're going to look at your copy of

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your return

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sorry i'm going on about the standards

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this is no no this is gold this is

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absolute gold i'm i'm riveted go so even

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though you thought electronically you

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kept a

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probably a paper copy or a

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anyway a virtual copy of your return and

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you'll go oh last year my adjusted gross

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income was 119 512 and 22 cents whatever

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you and turbo tax for your account

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figured out

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and you're going to go put that in and

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say yes recognize me i'm following again

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this year and 119 000. it goes in they

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go well we don't know you

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they don't know you because they haven't

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still not gotten to your last year's

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return so you have to put zero

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in what was your adjusted gross income

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last year because zero is what they have

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in your id me account okay for your agi

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because they don't have your return in

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there they just have the credit that you

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paid twelve thousand eight hundred and

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nine dollars in taxes it's just sitting

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there on their books

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and if by the way zero doesn't work

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first you try your last year's agi

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that doesn't work you put in zero then

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you go back to your 2019 return which

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you filed two years ago as the pandemic

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started and try that agi

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because they're using your previous agi

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as a way to verify you but they aren't

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up to date on tracking your last

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previous returns

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and that my friends is a bedtime story

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about how dollars at work but that's but

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that's the kind of information that my

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listeners and viewers want to hear they

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want to hear inside stuff inside inside

9:43
baseball inside taxes

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and what you're saying is this is the

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way to go in now ongoing after they get

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caught up let's hope to get well when's

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it okay then then that

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that account that you've established

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will really be of some serious value at

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that point i'm assuming right

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well yeah i mean it

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did you ever remember in the olden days

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when you made airline reservations at

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the counter and you wanted to look at

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the bank you wanted to look over the

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counter and see what they were typing in

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there it look literally your id me

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account at the irs lets you see what

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their phone wraps would have let you see

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and i hope they're all out of business

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because they're not doing anything

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anyway

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but that's another story

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well we're going to have an

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editorialized that link she just

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referred to

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i'll make sure that my team has that um

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on

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our site so that you can link directly

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there

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um and if and if if that isn't reason

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because i mean there's reason before

10:39
this to follow terry savage

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i'm telling you right now that stuff i

10:44
didn't know and i'm in this weeds hit

10:46
you up to the head i mean i i i'm into

10:48
this so that was that was new to me how

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did you stumble across that miss savage

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because my

10:55
i have a blog don't overwhelm me i mean

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i stay up really late at night after

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i've been on tv or done a podcast or

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something i get overloaded with

11:02
questions

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and p i can spot trends first of all

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because people

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you know i do so much radio and tv that

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i'll get 10 or 15 or 20 questions and

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they all focus on a thing

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and um

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the the thing of this year seems to be

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that people are trying to file

11:20
electronically and get identified by

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last year's agi or having problems so

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then i can contact my irs guide oh yeah

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right well we stopped telling people to

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refile that was a mistake

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but

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i said but how do you get that well

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we're not publicizing this id me account

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but you can get it

11:37
well it's getting ready to get out there

11:39
because once it hits the podcast and

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this is this is arguably the fastest

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growing financial podcast in the country

11:46
right now that wasn't planned terry it

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just happened because i bring them

11:49
superstars like you but uh but it's

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doing great let's go to number two which

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is

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under the category

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of check your beneficiary that's a

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loaded question terry i'm going to throw

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you the ball what do we do well yeah i

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mean uh this is

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this is

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the worst thing possible that could

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happen is you die and you forgot it left

12:11
your ex-wife

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as the beneficiary or husband ex-husband

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it's the beneficiary of your ira your

12:18
life insurance policy or what you know

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if you're getting up there think back to

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the olden days when you had a pension

12:25
fund and that pension fund i mean you

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started work at 26 you just left you

12:30
worked there for 17 years you didn't

12:32
know about rolling it they didn't let

12:33
you roll it but now you die and there's

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a pension for you and way back when you

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named your spouse as a beneficiary your

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spouse isn't your spouse

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all kinds of complications so this is a

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good time you're getting around to

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thinking about your income taxes

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a lot of people

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have i even have iras all over the place

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because when i was setting them up i

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wanted to make sure i got

12:57
all the information they used to mail

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you in those days from t royal pricing

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vanguard infidelity schwab and

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american century so i have a whole bunch

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of them that's really nice because you

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can name

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a different beneficiary for each one of

13:11
them if you want

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but it's time to make a list and i have

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this i can dig it out right here in my

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bottom desk drawer

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of here are my iras

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my fidelity ira is first of all i put

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the toll free number down this is going

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to come up a little bit some of my other

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tips

13:31
my fidelity the toll-free number

13:33
fidelity is my account number is

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my password and my sign in is they're

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not all my email object none of the iras

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i use your my email and my password is

13:44
this

13:45
and the beneficiaries are the duh and if

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not that beneficiary is alive then the

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secondary beneficiary

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you never want to leave an ira to your

13:55
estate you lose all kinds of benefits

13:57
and rolling it out and so forth and

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if you haven't done that do it right now

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and if you go oh my goodness now it's

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easy with iras because you're all online

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and you go to the fidelity website or

14:09
schwab or t-row price or whatever

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and you know you can change your

14:13
beneficiary just by signing in

14:15
and reviewing your stuff just like you

14:17
can change your address you change your

14:19
beneficiary you don't like your

14:20
son-in-law anymore and you're going to

14:22
leave them 25 000

14:25
leave it to someone else don't leave it

14:27
to a minor because you need to set up a

14:28
trust for a minor or the state will but

14:31
it's really easy to change beneficiaries

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now where it's tough

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is insurance companies you typically

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don't have that online access to your

14:40
account and that's where we come in

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terry my name is

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yes really yeah my staff will well if

14:47
you if you work with us i have you know

14:50
all my stuff w2 employees or not outside

14:52
contractors

14:54
we will help you with that we'll help

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you get your arms around all the

14:56
beneficiaries and all the stuff that

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terry just listed if you have annuities

15:00
through us

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and we can help you you know go through

15:03
the weeds and get all that together

15:05
because you need to do that as she said

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um because things change and

15:10
you might have a wondering ambiguity of

15:12
a child as i call them that you no

15:15
longer want to have 100

15:16
of what you have you might want them to

15:18
have 50

15:20
now let me tell you about some of the

15:21
complications if you go to

15:22
terrysavage.com

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um you could see this

15:27
is 26 states

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this is weird

15:31
have

15:32
you know so many examples of people

15:35
forgetting to change the beneficiary

15:37
have happened

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that 26 states and counting and yours

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could be next so don't ask me which ones

15:44
have passed something called a

15:45
revocation upon divorce

15:49
and it says

15:51
that

15:52
they assumed that you really meant to

15:55
write your ex out even though you didn't

15:57
change the beneficiary you didn't mean

15:59
to so

16:01
the state maybe you did maybe it was

16:03
part of your divorce degree honey you'll

16:05
always get my ira i love you i'm we were

16:07
married 22 years 30 years we're divorced

16:10
now but i'm going to leave you something

16:11
i'm i can't afford life insurance

16:13
anymore because i'm older and i don't

16:15
can't qualify for health reasons but i'm

16:17
going to make you the beneficiary of my

16:19
ira you say to your ex and the state

16:22
comes along and says joe didn't mean

16:23
that

16:24
we're going to make it his next of kin

16:26
which could either be his new wife or

16:28
his kids

16:29
this i learned and have you ever had ed

16:32
slot on for

16:34
your show

16:35
the ira help the ira guru attended a

16:38
two-day workshop of his a couple weeks

16:40
ago

16:41
and i learned about all the ways you

16:43
could screw up in naming your

16:44
beneficiary now here's something

16:46
interesting take a divorce man this is a

16:49
real case i just went to the supreme

16:50
court he named his kids

16:53
as beneficiaries on his planned

16:55
documents this applies to erisa plans

16:57
like pension and 401k

17:00
but when he remarry

17:02
okay

17:03
the state law said his spouse

17:07
you know those pension laws like if you

17:08
were a policeman or a municipal worker

17:10
if you you could take it all over your

17:12
lifetime but your spouse has to waive

17:14
her rights and a spouse has to waive

17:17
rights

17:18
on an erisa pension or a 401k

17:21
otherwise

17:23
the spouse inherits and gets the estate

17:26
so this guy thought his second marriage

17:29
he named his kids as beneficiaries on

17:32
his 401k but the state law said that his

17:35
current spouse not his ex but his

17:37
current spouse was really the rightful

17:39
beneficiary because she hadn't signed a

17:41
waiver so i'm telling all of you that

17:44
this beneficiary question the worst part

17:46
about it is when they figure out that

17:47
you made a mistake

17:49
you're not going to be there to fix it

17:50
that's after you're done

17:52
i'm trying to figure out terry

17:55
how this got passed

17:57
i i mean this this seems very aggressive

18:01
yeah i'm proactive

18:04
but what they said at seminar was you

18:06
really want your ex-spouse to be the

18:08
beneficiary then what you and let's just

18:11
call it an ira iras by the way are not

18:14
subject to these erisa laws so ira the

18:17
named beneficiary the one you put in

18:19
there online that's a person that will

18:21
get it even if you are currently married

18:24
and you name your kids an ira is not

18:26
protected under erisa erisa protects

18:29
401ks and pensions and they say that

18:32
your spouse your current spouse has a

18:34
right so um the

18:37
the law here is very complex and you

18:40
just want to make sure that the your

18:42
estate

18:43
is going directly now don't you have a

18:44
lot of annuities stan where there's a

18:46
lot of

18:48
it

18:49
at the end if you yeah i mean the

18:51
majority of annuities that we sell that

18:53
you know there's so many different

18:54
annuity types but the majority um you

18:56
know there's listed beneficiaries for

18:58
the death benefit or whatever's left

18:59
over in the account

19:01
and so you know i'd say 99 of those

19:03
annuities that we sell we sell more than

19:05
anybody on the planet have beneficiaries

19:07
and we tell people all the time let's

19:08
review those um on an annual basis and i

19:11
think terry's pointing that out

19:13
definitely we review them all the time

19:15
and remember with annuities

19:17
beneficiaries they can be changed as

19:19
many times as you want just use my team

19:21
to do that yeah

19:23
yeah you don't need a lawyer that's a

19:24
big no

19:25
i think they need a lawyer to do this

19:28
no just name the person and then make

19:30
sure that if you have a current spouse

19:32
and your current spouse is not the

19:34
beneficiary of an erisa plan a 401k or a

19:36
pension make sure that your spouse has

19:39
signed a waiver otherwise it's not going

19:41
to your kids it's going to your the

19:43
person to whom you're married when you

19:45
die

19:46
one of the things i tell people all the

19:47
time when you you know people go from

19:49
chapter one of their life to chapter two

19:50
and chapter two is about you know

19:52
retirement your lifestyle you know

19:54
living that bucket list that you put

19:56
together but you do have a part-time job

19:58
and that part-time job in chapter two of

20:00
your life

20:01
and i'm speaking all you baby boomers

20:03
that are hitting 65 every single day all

20:05
10 000 of you and the people beyond that

20:08
that part-time job is managing you and

20:10
managing those assets you've worked so

20:12
hard to create

20:14
and that's what terry's talking about

20:15
here you've got to segment some time

20:18
to make sure that you got your arms

20:20
around everything because it can get

20:21
away from you especially the beneficiary

20:24
stuff because you kind of forget where

20:25
everything is or who's the beneficiary

20:27
or who you want to be beneficiary and

20:29
life changes people change people pass

20:31
away people move away people make people

20:33
mad etc so i think

20:36
the chain the check your beneficiary

20:38
thing we're going to go back through

20:39
these

20:40
after we finish up but let's go to

20:41
number three because i want to make sure

20:42
we get everything in

20:44
yeah and i have a lucky strike extra for

20:46
you at the end good okay the third one

20:48
is

20:49
i know people

20:50
think about doing this and see the tv

20:52
ads but we're serious now check your

20:54
credit report go

20:57
okay look i know you have such a

21:00
sophisticated audience

21:01
anybody who listens to you by definition

21:03
you know you have good credit you might

21:05
mean you must get the thing from credit

21:06
karma every month or so saying oh look

21:09
at your score went up two points and

21:10
your score is already you know

21:12
a very high score so you're not worried

21:15
about your credit report but

21:18
i i i urge you to do if you do well

21:21
there's i want you to do all of these

21:22
things but i urge you immediately to go

21:25
to annualcreditreport.com

21:28
not free credit report not get your

21:30
credit report free not any kind of

21:31
credit

21:32
annualcreditreport.com

21:34
even that is kind of a pitfall to get

21:36
through it you do not have to sign up

21:38
for protective services or warning

21:40
services or early morning just go to one

21:43
of the bureaus right through annual

21:45
credit report you can link to transunion

21:47
experian equifax

21:49
get your credit report you get it right

21:50
online you don't have to wait these days

21:52
you just

21:53
used to come by mail i remember

21:55
i do

21:56
read it

21:58
what are you looking for the stuff you

22:00
recognize

22:01
and the stuff you don't recognize

22:04
aren't you surprised that you're old

22:07
but a saks fifth avenue credit card is

22:09
still on there

22:10
close the ones you're not using

22:14
make sure that you're up to date your

22:16
mortgage payment information is going to

22:19
be on there

22:20
make sure you recognize everything

22:22
that's on there

22:23
now

22:24
look at all the inquiries

22:27
for the past year

22:29
because remember that whole big

22:30
explosion of unemployment fraud benefits

22:34
without you knowing it

22:36
someone joe schmo

22:38
could have taken your name and social

22:40
security number don't ask me where they

22:42
get it that's all over the internet look

22:43
at all those breaches

22:45
and we can't and use your credit

22:48
with his address

22:50
okay

22:51
and

22:52
email address an opened account at xyz

22:56
bank and there's some that were more

22:58
famous for that

22:59
and applied for unemployment benefits

23:03
and the states were so messed up i

23:04
forget how many billions of dollars were

23:07
passed out particularly in california

23:09
but in illinois and a bunch of other

23:11
states fraudulently claimed

23:13
sent directly

23:15
to

23:16
joe schmo using your social security or

23:19
your name even in social security but

23:21
all emailed and direct deposited to a

23:24
bank somewhere

23:25
and those unemployment benefits were

23:27
scammed

23:28
if there's an inquiry from another bank

23:30
xyz bank call that bank make sure

23:32
there's no account open under your name

23:34
and social security um

23:37
then while you're there

23:39
freeze your credit go to agreed this is

23:41
so key i my credit is totally frozen

23:44
solid because 20 years ago someone tried

23:46
to

23:47
hack and do something and from that

23:49
point i froze it period because a lot of

23:51
people are now

23:52
are now you know taking home equity

23:54
loans off your home

23:56
exactly there's all kinds of nonsense

23:58
happening

23:59
all kinds of stuff so freeze your credit

24:02
um that means no one can open new credit

24:04
in your name

24:05
and you get a pin so if you're gonna go

24:08
life insurance shopping or car shopping

24:09
or something like that you can lift it

24:11
for an inquiry from that particular

24:13
company right there's a reason not to

24:16
freeze your credit now so that's your

24:18
your other challenge that's challenge

24:20
number three

24:21
do it don't just say i'm gonna do it or

24:23
my credit's got to be okay i have

24:25
nothing's happened to me a whole second

24:27
life could be going on

24:29
well and to unwind that and i've had

24:31
some clients tell me some horror stories

24:33
it is horrific and to unfreeze your

24:35
credit is just you can say

24:38
it's very easy you can say this person

24:41
and this person or organization only can

24:43
look at it and they have seven days to

24:44
look at it and after that it closes or

24:46
two days or whatever

24:47
but freezing your credit should be part

24:49
of your retirement plan

24:52
it really should

24:54
i mean

24:56
nobody should be looking at your credit

24:58
and that's it so i i know that's so

25:00
mundane i mean i know a sophisticated

25:03
audience here but it's the little things

25:06
that trip you up i mean you're all smart

25:08
you're listening to stan you you're not

25:09
being sold annuities by a bunch of

25:11
raving maniacs out there giving you a

25:13
chicken dinner or whatever it is but

25:15
nobody is anybody having dinner in

25:17
person anymore so maybe stand there

25:18
they're coming back yeah they're coming

25:20
back and they're and they're expensive

25:21
steak dinners the great example uh terry

25:23
i was gonna say is i played i played

25:25
college basketball and one of the great

25:26
coaches of all time was his name was

25:28
john wooden and every year when they

25:30
started practice at ucla and that's i

25:33
they arguably had the best teams in the

25:34
country the best talent in the country

25:36
they would start the first practice by

25:38
he would teach them how to put on their

25:40
socks and put teach them how to put on

25:42
their shoes and tease them how to

25:44
properly tie their shoes you're saying

25:45
that stan that's crazy no it's not

25:47
that's what we're doing here

25:49
we're doing stuff here that no-brainer

25:51
slap your head yes that makes sense but

25:53
you never do it what we're saying and

25:55
terry's yelling at you very nicely

25:58
with a smile is to do it

26:00
stop putting it off this is these are

26:02
these are the five things you need to do

26:04
right now and part of your plan

26:06
on going

26:07
um and it totally makes sense so what's

26:09
number four con considering the what ifs

26:12
terry that's a loaded one

26:14
yeah but i want you to know i was gonna

26:16
impress you by knowing that john wooden

26:18
was ucla because my son let's go there i

26:21
thought i would impress you with

26:22
something other than nice go bruins yeah

26:24
okay exactly all right if you didn't

26:26
like my have you just hated the advice

26:29
so far okay about your beneficiaries

26:31
that's just paperwork i don't do

26:32
paperwork

26:34
digital i don't do that credit report i

26:37
know it's digital but i i mean my credit

26:38
spread okay how about this

26:41
consider the what if

26:43
what if i mean i know you're immortal

26:46
oh son of a gun stan none of us is

26:49
getting out of here alive

26:51
but

26:52
that's true

26:53
okay that's the one thing we all share

26:55
in common one out of one of us is gonna

26:57
die it's it's a it's a problem it's

26:58
gonna happen

27:00
you just don't know when no

27:02
how much do you wanna bet

27:04
that it won't be tomorrow before you get

27:06
your stuff organized

27:07
think about the possibilities i'm very

27:10
superstitious i'm going to tell you this

27:12
and i think if you leave this stuff

27:14
unplanned you are really tempting faith

27:16
so if i can't think of any other way to

27:18
persuade you to deal with the one f's

27:20
it's like you are really tempting faith

27:22
so

27:23
think about this you get hit by the

27:25
proverbial bust tomorrow

27:28
um

27:29
or

27:30
worse you're in a coma

27:32
because you're jaywalking looking at

27:34
your phone and someone thinks

27:37
now

27:38
they're dead

27:39
or you're in a coma

27:41
what happens

27:43
to all your stuff

27:46
now i'm really serious about this

27:49
i mean i think your first thing is my my

27:51
dog's home alone does anybody have a

27:54
spare key

27:55
is there anybody i check in with

27:57
regularly

27:58
that knows i'm alive and that would

28:01
report me okay you're so independent you

28:03
don't check in with your mom okay my son

28:05
doesn't call me either but the fact of

28:06
the matter is i have a couple of friends

28:09
and if they didn't hear from me or i do

28:11
a regular radio show by then you know

28:13
they'd find me well what what about your

28:15
pet but in all seriousness

28:17
think about all the stuff

28:20
maybe you have all your passwords

28:24
locked up in a password vault

28:27
but maybe nobody knows where that vault

28:31
is or how to access it

28:33
maybe they can't even get onto your

28:35
computer because nowhere did you write

28:37
down what the password is to open your

28:40
laptop or your computer

28:42
or your phone even okay uh yeah you're

28:44
keeping it secret from your girlfriend

28:46
you don't want her to know who you're

28:47
texting

28:48
but who knows a password even to your

28:50
phone

28:52
i'm very old-fashioned so you'll think

28:53
this is old-fashioned i think you need

28:55
to either create a file on your computer

28:57
or a password vault or

29:00
if you're a little bit older maybe you

29:02
just want to write down i have an

29:04
account at bank of america the sign in

29:06
is joe smith at msn.com and my password

29:10
is

29:11
jm1234 which is probably what everybody

29:13
says and i have one at chase and i have

29:16
an account at schwab and i have an

29:18
account of fidelity and

29:22
these are a list of all my passwords i

29:24
mean forget your netflix password

29:26
they'll just keep billing you after

29:27
you're dead that's not what i'm talking

29:29
about and i'm talking about all your

29:32
financial passwords

29:34
then here's another thing

29:36
who knows

29:37
if you i'm coming to making a little a

29:39
little bit later but who knows

29:41
that you where who your doctor is who

29:44
your lawyer is who your broker is who

29:46
you're

29:47
who all the important people are don't

29:49
you need a list in case you're in taken

29:52
to the hospital in an ambulance in a

29:54
coma

29:55
don't you need to say

29:57
my will is a joe schmo legal associates

30:00
and um

30:02
don't you need to have a copy in this

30:04
folder of your

30:06
living will don't keep me alive on tubes

30:09
don't you need to have a healthcare

30:10
power of attorney you're not married

30:12
it's not your spouse who is it going to

30:14
be that's around and available and we'll

30:16
say don't put them through that

30:19
but this is what medical treatments he

30:21
would have wanted this is his living i

30:23
mean i could go on and on but what i did

30:26
at terrysavage.com

30:28
years ago so you can add to this some of

30:31
your things on the top right corner

30:33
terry savage.com they're a bunch of

30:35
boxes to get stuff free and there's my

30:38
personal financial organizer form

30:40
you can fill it in online and then print

30:42
it out a lot of people are scared to

30:44
fill anything in online i'm not keeping

30:46
it print it out like make as many copies

30:48
as you want give it out to your family

30:51
the mother's day brunch or the father's

30:53
day brunch next time you all get

30:55
together

30:56
fill it up don't put it in your safe

30:57
deposit box because one of the questions

30:59
on there is my safe deposit boxes that

31:02
you know century trust and the key is

31:04
hidden in my sock drawer

31:06
you got to put that somewhere so leave

31:08
that information somewhere along with

31:12
copy of your will and your estate plan

31:14
so in a drawer and if you're at the

31:16
stage where you're withdrawing from your

31:18
iras your year-end ira account

31:20
statements and balances so they know all

31:22
these accounts

31:24
leave that stuff somewhere where someone

31:26
you trust could get it it's not for the

31:28
cleaning lady to find it you know i will

31:30
have to tell you this i'm too old to

31:31
make this joke but i used to say

31:33
i'll tell you where i put mine i put

31:35
mine in my black lingerie drawer because

31:37
nobody goes there anymore that was my

31:39
funny now it's just like weird for for

31:42
me to be saying that but it's so good i

31:44
like the joke that's funny

31:46
but make that list and if you don't know

31:48
what to write down all the if you

31:50
haven't i mean your cemetery deep

31:52
because you might have one that your

31:53
parents had and gave to you because

31:54
you're the eldest child and now you're

31:56
in charge of it um all those things are

31:59
there's a place for them on this forum

32:01
so givenchy and listen i know not

32:03
everybody's um you know one foot in the

32:06
grave here but print this out in blank

32:09
form and give it to your parents my

32:11
mother's day or father's day what a

32:12
great way to start the discussion called

32:15
we just i don't want to know what's in

32:16
there dad

32:17
i'm not telling you to not buy you know

32:19
get out of facebook or meta or whatever

32:21
it is or don't get or get out of the

32:24
text box just could you make this list i

32:26
don't even have to look at it but fill

32:27
it out

32:29
and then tell me where it is

32:31
the other thing that i want to point out

32:32
too is i'm i address with my clients

32:35
whether they want me to or not the

32:37
eventual cognitive decline on all of us

32:39
and so we don't know when the cognitive

32:41
decline is going to be forget death for

32:43
a second

32:44
but but the decline of you remembering

32:47
things and things like that things like

32:49
that that that's a motivation as well i

32:51
know every single year just just my

32:53
story on this

32:55
because i've had so many clients pass

32:57
away and not be prepared even though i

32:59
told them to be prepared i'm overly

33:01
prepared every year i have a dinner with

33:03
my wife and my two daughters it's called

33:05
the it's i call it the death dinner and

33:07
they hate it but i tell them here's

33:08
here's what we're gonna here's how it's

33:10
gonna work when i pass away um here's

33:12
where the information is we have this

33:14
lawyer has a copy this lawyer has a copy

33:17
there's a copy in the safe deposit box

33:18
there's a digital copy in the cloud

33:21
of all the passwords all the things

33:23
everything you need all the people to

33:25
call that you know if i pass away

33:27
tomorrow or if me and your mom pass away

33:29
tomorrow

33:30
this is what's going to happen now my

33:31
daughters

33:33
look at it and go man i wish you guys

33:34
would just leave the building now

33:35
because we'd have this money and we

33:37
could go do our thing but that that

33:38
aside that's not what they're thinking

33:40
myself okay

33:41
you already told me that it's in that

33:43
drawer you already told me that a dozen

33:45
times i know but it

33:47
it makes me feel better to know that you

33:48
know because i worked my whole life for

33:50
this

33:51
don't let the government take it away

33:52
because you made mistakes

33:54
don't depend on technology i always say

33:56
technology works until it doesn't yeah

33:59
and so i have all you know people say

34:00
well you're telling me stan you have all

34:02
your stuff passwords bank accounts

34:04
brokerage accounts all the stuff on in

34:06
hard copy format uh yeah i did actually

34:09
and it's in the safe deposit box with

34:11
one in two specific lawyers because

34:15
who knows what's going to happen i mean

34:16
at the time of this taping

34:18
and we're talking about cyber war with

34:20
other countries you don't know what's

34:22
going to happen so and we're not being

34:24
gloom and doomers here i think terry is

34:26
just saying

34:27
just like we do with everything be

34:29
prepared

34:31
you know be proactive as wayne gretzky

34:33
says skate where the puck's going to be

34:35
not after the puck as they say in the

34:37
hockey so

34:38
i think that's um it's sage advice but

34:41
you know all of this stuff is somewhat

34:43
of no brainers but we're reminding you

34:45
that it's important and i'm also

34:47
reminding people that listening to this

34:48
podcast and watching the youtube channel

34:51
um you know we're right and this is your

34:54
part-time job this is your homework this

34:56
is there's no excuses this is your

34:58
homework you exercise every day you do

35:00
this you make sure you're on top of

35:01
things you manage your life and then you

35:03
go live it

35:04
and enjoy it so number five the big

35:06
issue what's the big issue that you're

35:08
talking about here terry you know i talk

35:11
to people all the time

35:14
in social conversations you know i can

35:16
destroy a party cop you know cocktail

35:18
party

35:19
better than anybody else when i start

35:20
talking about stuff like this and i

35:22
guess the one big stopper is i mean i

35:24
suppose if i were from the irs that

35:25
would stop conversations but i think the

35:28
big stopper in all my conversations is

35:30
so when did you last update your will

35:33
if you say that by the way to a couple

35:35
you know and i say this i turn into

35:37
quote terry savage my son hates it when

35:40
i do that you know i just i can't have

35:42
and oh we just had a baby oh great have

35:44
you updated your will what we don't do

35:46
we have a will honey no but you weren't

35:48
going to do it you said we're going to

35:49
get around to it

35:51
look um i wrote a book i'm not trying to

35:53
sell it it's on amazon i think it's like

35:55
10 or 11 now it's it's just two years

35:57
old um and it's current and just about

35:59
everything except rmds now start at age

36:02
72. that's a big change

36:03
but um it's called the savage truth on

36:05
money

36:06
and all of these issues are discussed

36:08
there and the one i spend a lot of time

36:10
on is explaining the difference between

36:12
a will

36:13
and a revocable living trust so i won't

36:16
go into this whole thing 101 but the

36:19
best thing you can do is create same

36:21
thing but a revocable living trust

36:24
works the way a will does but protects

36:26
your assets

36:28
and your control over them while you're

36:30
alive but incapacitated

36:32
so um if you create a revocable living

36:36
trust you put all the will stuff in

36:37
there i want my son my daughter to get

36:40
my diamond engagement ring and my

36:41
daughter-in-law to get my pearls and all

36:42
that kind of stuff

36:44
but you've also retitled assets like

36:46
your house

36:47
investment accounts that are not

36:48
retirement accounts and other properties

36:50
your vacation house

36:52
and

36:53
the person who you name as successor

36:55
trustee probably your spouse if you're

36:57
married but your eldest son or your

36:59
lawyer has the authority when you can't

37:02
act

37:03
to do things so that they can take care

37:05
of you take care of your money if your

37:07
investment account outside your ira is

37:10
in the name of the john smith revocable

37:12
living trust and the successor trustee

37:14
is peter your attorney peter can say you

37:17
know what

37:18
he's going to need

37:19
to medical attention

37:20
you know let's just sell all these

37:22
stocks right now put it in cash and

37:24
we'll be able to pay for the

37:26
nursing care that he needs or something

37:28
like that

37:29
you

37:30
don't look at me if you haven't updated

37:32
your will or revocable living trust in

37:34
the last three years and don't look at

37:36
me it's totally useless to create a

37:38
revocable living trust it has nothing to

37:40
do by the way with inheritance taxes

37:42
nothing whatsoever under the current law

37:44
there are no inherent taxes unless you

37:46
leave an estate well over 12 million

37:48
dollars so this is not about just rich

37:51
people it's about people with families

37:54
people with spouses people who want

37:56
their instructions to be followed

37:58
it should cost you if you're in a big

38:00
city 3 500 maybe in a small town twelve

38:03
hundred and fifty dollars

38:05
make your revocable living trust

38:07
do it

38:08
i'm really mean at your tempting fate if

38:10
you don't and revisit it every single

38:13
year look at it you know

38:16
every couple of years when

38:18
your children get older i mean

38:21
what happens you know when your daughter

38:23
gets married here's a great one

38:25
your daughter is married to a guy you

38:27
don't really like

38:29
and you've let and your her mother's

38:31
dead and you've got some money and

38:33
you've left everything to her let's just

38:35
say it that way

38:36
does she know that the minute she says

38:39
honey i inherited four million dollars

38:42
we can buy that big house now and they

38:44
take their current house and sell it for

38:47
987 thousand dollars

38:49
and they take that money uh less than

38:52
mortgage four or five hundred thousand

38:53
dollars and she takes another million

38:55
dollars out of her

38:56
inheritance and puts it into the name of

38:59
the new house the john and mary smith

39:02
house

39:03
she's compromised her entire her entire

39:05
inheritance

39:06
it's gonna go to your jerk son-in-law

39:09
set up some trust set up some things

39:11
that make it less likely that all the

39:12
money you work for all your life is

39:14
going to get dissipated and the divorce

39:16
that's coming down the road you know

39:17
it's coming

39:19
so

39:19
don't look at me

39:21
don't look at the person next to you

39:23
listening to this

39:24
and say okay all the things she said of

39:27
our credit report and our beneficiaries

39:29
those are all important kinds of things

39:31
um and our list of where our passwords

39:33
and where our stuff is

39:35
we really got to make that call tomorrow

39:38
well and and i a lot of people on this

39:40
listen to this podcast and watching the

39:42
youtube channel they probably came where

39:44
i can't came from and maybe where you

39:46
came from i i came from no money and my

39:48
parents didn't think like this and they

39:49
didn't they didn't talk like this and

39:51
there's a lot of people out there

39:52
listening going and i've worked hard and

39:54
just there you're almost surprised that

39:57
you're at this level of assets that you

39:59
that you've achieved because you scraped

40:01
and

40:02
and you've and you've saved and you've

40:03
done without and yeah and you're here

40:05
the market's turned out and you're here

40:08
what i'm going to tell you to do is is

40:09
set a precedent for your family

40:12
and and show them you be the first one

40:15
you start doing this show your family

40:17
how to do this if you're going to leave

40:18
a legacy

40:19
this is a great legacy my daughters know

40:22
where everything's at they know about

40:24
the life insurance they know where the

40:25
annuities are they know the beneficiary

40:27
situation they know the trust they have

40:29
met the lawyers they have met all of

40:31
these people

40:33
and guess what when they have children

40:35
and spouses they're going to do the same

40:36
thing why because i've taught them how

40:38
to do it now my father was a good man

40:40
and my mom's fantastic she's still alive

40:43
in saint augustine florida but they

40:44
didn't teach me that in fact i've had to

40:46
do that for her my mom

40:48
yes yeah and that's okay

40:50
but this is a teachable moment and i

40:52
just want people to just sit back

40:55
and realize where you are a lot of times

40:57
terry i have these conversations with

40:58
people and they'll say well i have this

41:00
amount of money i go you do know that

41:02
you're classified as the evil rich i

41:03
know you don't consider yourself the

41:05
evil rich and you don't live like that

41:07
but you have made it congratulate

41:09
yourself but you've got one more step to

41:11
do which is what terry's talking about

41:14
here is a couple of checklists on an

41:16
annual basis just to make sure that you

41:18
protect what you've worked so darn hard

41:20
for

41:22
but you forget that you really do

41:23
because guess what no one's taught you

41:25
we're teaching you again we're reminding

41:27
you again and it's on you to teach your

41:29
family as well

41:31
exactly and by the way it's tough

41:32
conversation this is to have with your

41:35
kids like you with your daughter or me

41:36
with my son but they don't want to hear

41:37
about it i mean it's like thinking about

41:39
your parents having sex it's just that

41:41
you don't want to think about doing that

41:42
i had to do that now i've got that in my

41:44
head oh sorry about this

41:46
but the harder conversation

41:49
is

41:50
having it with your parents

41:52
right i mean

41:53
okay

41:54
and

41:55
how to bring this up to them without

41:58
making it seem like either you think

42:00
they're incompetent or you're trying to

42:03
get

42:04
their stuff

42:05
before they go kind of a thing right um

42:08
again and i again welcome to terry

42:10
savage.com the box in the top right hand

42:13
corner that personal financial organizer

42:15
when you print it out because it says

42:17
where's your will do you have a deal

42:19
with cemetery plot it's not just your

42:20
passwords where are my accounts who's

42:22
your lawyer who's your doctor who's your

42:24
heart specialist

42:26
and the phone numbers of course and so

42:27
forth and the addresses

42:29
those are the kind what's your medicare

42:31
supplement policy you know where is that

42:33
you've got your card all that kind of

42:35
stuff

42:36
it starts by filling out that kind of

42:38
form with them i mean for yourself you'd

42:40
need something to agree but for them it

42:42
starts the discussion gee mildred i

42:45
don't know do you know where the

42:45
cemetery dj is dad you were in world war

42:48
i with the korean war maybe now it's

42:50
vietnam war

42:51
you get a free headstone from the

42:52
military do you have your military

42:54
discharge papers

42:56
those are the kinds of things that

42:57
you'll be scrambling for

42:59
in the most horrible time of your life

43:01
when you lose your parents and i guess

43:03
with with covid and it's been horrific

43:06
two years right

43:07
kovid should be the motivator because i

43:09
mean there's there's there could be a

43:11
black swan event health-wise forget

43:13
stock market black swans

43:15
um i think we've all realized that the

43:17
stock market's great all that stuff's

43:18
great but at the end of the day it's

43:19
good to be alive right nod your head

43:21
everybody

43:22
um

43:23
but yeah i think this is great you had

43:25
you said you had kind of a

43:26
one last thing you had a surprise for me

43:29
what's the support this is scary this is

43:31
off topic but i just posted a comment

43:33
and so if you've all said okay enough

43:35
i've heard her

43:37
rag on me enough

43:39
it's pretty new and and you might not be

43:41
aware of any of you out there

43:43
sell on ebay

43:45
or um

43:47
take payment for your services

43:50
buy venmo or ebay sure

43:53
okay big news this year

43:55
for 2022

43:57
you're going to get a 1099 k

44:01
if you have any transactions or group of

44:04
transactions with the same person over

44:07
hundred dollars

44:08
um

44:09
it

44:10
this is

44:11
i know i'm changing gears here but oh my

44:13
god is this the the 600 dollar thing

44:15
we've been hearing about the irs

44:18
let me tell you what it what this is

44:20
it's not a new concept it's just a new

44:23
lower limit in previous years any of

44:25
these service providers like uh paypal

44:27
okay or venmo were required to um

44:31
report any transactions send a 109.9k

44:34
over uh

44:35
thousand dollars

44:36
or if in fact there were um

44:39
more than uh 200 transactions so

44:42
you're joe the plumber

44:44
i don't know if you're reporting all

44:45
this stuff or not but you go fix mrs

44:48
smith's kitchen sink and you say just

44:50
pay me my buy venmo

44:52
wore your susie and you've got a whole

44:54
bunch of stuff in your basement and you

44:56
say or old clothes that's another big

44:58
thing on some of these apps you're

45:00
getting you say ah i could sell a bunch

45:03
of this worth a couple thousand dollars

45:05
right

45:06
each one of the apps and i'm going to

45:08
tell you about one exception which i'm

45:10
wondering if that will apply but each

45:11
one of these apps now has a spot on it

45:14
for sure paypal when you pay someone by

45:16
paypal it can say this is a transaction

45:18
among friends and family

45:21
or this is for goods and services

45:23
if this is your sister repaying you

45:26
because you went half season on the

45:28
president for mom and she's sending you

45:30
um you know a venmo payment or a paypal

45:32
payment for 200

45:35
then just designate it as between

45:36
friends and family and not for goods and

45:39
services

45:40
because otherwise there's going to be a

45:42
1099 sent out in january my goodness if

45:46
if

45:47
a lot of people do you pay your dog

45:48
walker or your trainer

45:50
who you know

45:52
house cleaner house cleaner well you

45:54
know we all know about that ever since i

45:56
need that because i can't clean anything

45:58
yeah well i'm someone has to come around

46:00
me i know

46:01
yes

46:02
i have no idea next january

46:05
when all these apps start sending out

46:07
1099s they ira they'll send a copy to

46:10
the irs of course

46:12
your dividends and interest but they

46:14
have not got through 11 million returns

46:16
from 2020 much less 2021 but it's going

46:19
to happen now the one place and i'm

46:21
working on this as a follow-up story

46:24
i wrote this column it's up at terry

46:26
savage.com about the 1099-k and i got

46:30
contacted immediately by zell by the pr

46:32
department

46:33
and they said you know zell which is

46:36
was created by a consortium of banks to

46:39
transfer money so now if you're online

46:40
banking it'll say this can be done

46:43
electronically this one we have to print

46:45
out a check for susie if you want to pay

46:47
her through your online payment app or

46:49
we can sell the money okay

46:51
zell says and it's on its website and

46:53
i'm waiting to hear what the irs says

46:55
back call me back cell says it's exempt

46:58
from sending 1099 k reports because it's

47:02
just a bank

47:04
financial platform

47:07
and doesn't it's not an app it doesn't

47:09
hold your money and then pay it out

47:12
so

47:12
zell might be the exception it's had

47:15
recently headlines about its own

47:16
financial problems i was going to say

47:18
it's an exception for now

47:20
i'm waiting to see if the irs is going

47:22
to say oh yes you don't have to do it

47:24
but that right now they say they are but

47:26
just remember this is for not something

47:28
you have to worry about filing now but

47:31
next year at this time now a bunch of

47:33
people said well my grandmother died and

47:35
she left me her china and i sold it what

47:37
was the cost of it if it's an

47:39
inheritance

47:41
under the current law the cost is the

47:43
basis on the data for death so if for

47:46
china costs 200 in 1942 and you sell it

47:49
for two thousand dollars now your cost

47:52
is two thousand dollars but if you sell

47:54
that old bicycle

47:56
on next door and you get payment by

47:58
venmo right your kids bicycle and maybe

48:01
it costs

48:02
whatever bicycles cost 150 dollars four

48:04
years ago it's been rusting in the

48:06
basement and you sell it for 75 dollars

48:09
it's going to be on you to document the

48:10
fact that you sold it at a loss instead

48:12
of a profit i have no idea how the irs

48:15
is going to look at it but my last

48:16
terry's tip of the day is

48:18
if you are selling stuff on ebay or

48:21
selling stuff on next door and getting

48:23
paid

48:24
make sure the person says it's a friend

48:26
friend or family to family transaction

48:28
you're collecting rent from your son

48:30
because he's living in the guest room

48:31
and he's out of college now and you

48:32
thought you should that's a family to

48:34
family that's not going to be income to

48:36
you but it's going to be next year's big

48:38
story yeah and paypal has that choice

48:41
you can choose if it's a business

48:42
transaction or a

48:44
or a personal transaction and so just be

48:48
you know be careful out there but i

48:49
think i think it's obvious the irs is

48:51
trying to

48:53
regulate and and make money off of of

48:56
current technology cash transactions

48:58
right

48:59
um and this is what the whole this is

49:02
the conspiracy theory of the whole

49:03
blockchain thing that eventually

49:05
everything's going to be blockchain so

49:07
that

49:08
there's everything's going to be

49:09
traceable and that's the conspiracy

49:12
theory for the day yeah well

49:14
so the big thing about blockchain is

49:16
everybody said well it's so impersonal

49:18
and they can't track it you get money

49:19
out of china and got it done but they

49:21
just found three billion 3.8 billion

49:24
dollars that was stolen

49:25
and you're right once it's on the block

49:27
shade it's immutable so we're probably

49:29
not going to live long enough to see how

49:31
the impact of that is but we i remember

49:34
years ago reporting on the underground

49:35
economy cash you pay your plummer cash

49:38
right

49:39
well we were getting away from that and

49:41
getting to the cashless society we got

49:43
there you know how rarely do you use

49:45
actual cash money now i'll then know

49:48
that to you okay fine i'll send it to

49:49
you okay venmo paypal

49:52
now they're watching everything

49:54
it's a matter of time that i've always

49:57
said that i probably won't see it uh

49:59
because my learjet terry that i release

50:01
will probably hit the mountain no i

50:02
don't lease a leader but i won't i want

50:04
to but but i do think that eventually my

50:07
prediction is there will be no april

50:09
15th in the future

50:11
it'll be real-time taxation off the

50:13
blockchain oh that's interesting well

50:15
to the irs there is no april 15th anyway

50:18
because last year was may 15th i

50:19
understand but you follow what i'm

50:21
saying there won't be a date there won't

50:23
be a there won't be a lease i think at

50:26
the end of the day if if um they go in

50:28
that direction which i think they will

50:31
um there'll be no inflation and they'll

50:33
be taxation immediately and real time

50:36
and i think that's where they want to

50:37
head

50:38
they they governments in general

50:41
don't know if me and you will see that

50:42
but i think my uh my children your your

50:44
your your children will see that

50:46
but that's a whole that's a topic for

50:48
for another time terry savage

50:51
well i will just leave you with the good

50:52
news thought about that so you don't

50:53
have to worry about it give me your mic

50:55
give me your mic drop moment because we

50:57
are running up against the end of the

50:58
segment

51:00
just said

51:01
that they're using 1960s computers i

51:04
mean really seriously 1960s computers

51:06
that's why they asked for more money

51:07
this is just public knowledge a couple

51:09
of weeks ago so you don't have to worry

51:11
about them taxing you in real time

51:12
anytime soon because they don't have the

51:15
equipment well my my favorite bernie

51:17
madoff story was that he ran that whole

51:19
scam on a 386 computer and anyone knows

51:22
what a 386 computer they were using

51:24
floppy disk

51:26
for the files for clients that i mean

51:28
that's a true story so

51:30
i don't know it's it's it's a weird it's

51:32
it's weird times like this that people

51:35
like you terry savage are are worth

51:37
everything and and i'm so glad that you

51:40
joined us because you know the the

51:41
insight that you provide and the trends

51:44
that you spot

51:45
are phenomenal so um

51:48
i really appreciate you being here

51:49
thanks stan anytime i love this with you

51:51
i never get this much time so thanks a

51:53
lot and thank you for being

51:55
yeah you know i'm a little crazy terry

51:57
but i mean well right

51:59
we have that in common

52:01
well listen to everybody listening on

52:03
the all the major podcast platforms and

52:05
youtube channel thanks for joining me on

52:08
the number one annuity podcast and the

52:10
fastest growing financial podcast on the

52:12
planet just happens to be called a weird

52:14
title called fun with annuities my name

52:16
is stan the annuity man and i will see

52:18
you next week

52:25
thanks for listening to fun with

52:26
annuities please hit the subscribe

52:28
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52:31
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52:59
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53:18
[Music]

53:29
you