Classic Suze School: The Language of Money in Retirement Accounts
episode
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
27 min
2 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
July 30th, 2026. Welcome to the Women in Money podcast, as well as everyone smart enough to listen. Hi, everybody. It's Robert, the producer here. For today's Classic Suzy School, we go back to the winter of 2024 for a lesson on the language of money in retirement accounts. Suzy will be back with a brand new episode this coming Sunday. So until then, enjoy.
Have any of you ever taken a trip to a foreign country where they speak a language other than your language? Let's say it's English. So you go over there and you learn a few words such as hello, thank you, I need the check. whatever it may be. Is it to the left? Is it to the right? Where is the bathroom? And it's those few words that get you by. You don't need to learn the entire language to have a good time. You don't need to be able to speak it fluently to have a great time.
What is the purpose of this Classic Suze School episode and who is it for?
Just a few words to get you by. Well, when it comes to money, I have to tell you the same is exactly true. You don't need to know the entire terminology that is used within the financial world. It is extensive. It is confusing. And for most of you, It is irrelevant. You don't need to know that much. But you do need to know, especially when it comes to your retirement accounts that you have never paid taxes on, traditional retirement accounts. Just a few words. Because it is knowing that these few words that can keep you from making a mistake, that can keep you from paying taxes when you don't need to pay taxes, that can keep you from getting yourself into a penalty situation. And the reason that I'm still focusing on retirement accounts is, let's be honest, the majority of everybody out there has a retirement account.
Whether it's an IRA, doesn't matter whether it's traditional or Roth. Whether it's a 401k, 403b, or TSP, doesn't matter if it's traditional or Roth. If you're even an individual or self-employed, you have a SEP IRA or an individual 401k, possibly a pension plan. All of us have on some level at some time in our lives retirement plans. And the truth of the matter is the bulk of the money that we have saved for later on in the future happens to be in most cases in a retirement plan that is taxable.
Why does Suze compare learning money terms to learning a foreign language?
So there are just a few words that all of you need to know. And the reason that I'm doing this podcast is many of you write me emails and you tell me about your situation. And you tell me that you've done this, you've done that, you've done that, you've done this. And I'm so confused because I don't really understand what you've done because the words that you are using to describe the action that you've taken that you want advice on don't fit to the situation that you've described. Are you ready? And let's begin. First of all, write down the words. Roll over. transfer, and conversion. Those are terms that I really want us to understand today and how they work. Before I begin with all of this, if you have a TSP, a Thrift Savings Plan, what I'm about to say does not necessarily apply to you.
Right after I have done this, I will then tell you what these words mean to you. Also, I just have to say that the majority of this is for people who have money in traditional retirement accounts, pre-taxed retirement accounts. Some of it will apply to those of you who have Roth retirement accounts, but obviously Roth retirement accounts, in most cases, you don't owe taxes on them. So therefore, just keep that in mind. So let's start with a rollover. A rollover is when you have a specific type of employer-sponsored plan, such as a 401k or a 403b. And you either are leaving that place of employment or or you have retired, whatever it may be, and you want to roll over, you want to change your a 401k that is with your employer, you are rolling it over to a new custodian or trustee, they're both the same, at a new firm, whether it's a brokerage firm, a discount brokerage firm, a bank, a credit union, an insurance company, anywhere that you want to roll it over to.
you are changing the types of accounts that your money happens to be in. So you are rolling it over from a 401k to an IRA.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:02–1:13
2
What is the purpose of this Classic Suze School episode and who is it for?
1:13–3:11
3
Why does Suze compare learning money terms to learning a foreign language?
3:11–16:27
4
Which retirement accounts are most people likely to have and why does terminology matter?
16:27–27:06