WEBVTT 00:00:00.000 --> 00:00:04.519 Okay, imagine this. Life throws you a curveball. 00:00:05.500 --> 00:00:08.320 Maybe it's a big medical bill. Totally unexpected. 00:00:09.259 --> 00:00:12.119 Or, you know, maybe a chance to finally buy that 00:00:12.119 --> 00:00:15.140 dream house pops up. Or honestly, maybe you just 00:00:15.140 --> 00:00:18.359 need some cash. Fast. Happens all the time. And 00:00:18.359 --> 00:00:20.920 that thought creeps in, doesn't it? Maybe I can 00:00:20.920 --> 00:00:22.800 just dip into my retirement savings. It's such 00:00:22.800 --> 00:00:24.219 a natural thought when you're under pressure. 00:00:24.460 --> 00:00:27.059 Absolutely. And well, that brings us right to 00:00:27.059 --> 00:00:28.980 today's deep dive. We're going to take a really 00:00:28.980 --> 00:00:33.380 close look at the rules, the often pretty steep 00:00:33.380 --> 00:00:36.899 penalties. Right. And also, surprisingly, some 00:00:36.899 --> 00:00:39.280 exceptions when it comes to taking money out 00:00:39.280 --> 00:00:42.119 early from a gold IRA. And that's different from 00:00:42.119 --> 00:00:44.299 a regular IRA, isn't it? Because it's physical 00:00:44.299 --> 00:00:46.640 gold. Exactly. Instead of just stops and bonds, 00:00:46.840 --> 00:00:49.579 you're holding actual precious metals. And that 00:00:49.579 --> 00:00:51.439 adds, well, a whole other layer of things to 00:00:51.439 --> 00:00:52.740 think about, especially if you need that money 00:00:52.740 --> 00:00:55.060 before retirement age. It gets complicated. I 00:00:55.060 --> 00:00:56.659 bet. People probably get tripped up by that. 00:00:56.700 --> 00:00:59.380 They do. If you don't really grasp the implications, 00:00:59.600 --> 00:01:01.640 yeah. So to help us navigate all this, we're 00:01:01.640 --> 00:01:03.859 looking at insights directly from the Gold IRA 00:01:03.859 --> 00:01:07.379 Company's bulletin. Specifically, findings from 00:01:07.379 --> 00:01:10.739 Doug Young. Ah, Doug Young. Yeah, he's got serious 00:01:10.739 --> 00:01:13.760 experience. Over 20 years in financial markets 00:01:13.760 --> 00:01:17.319 research. Right. And like... 15 plus years just 00:01:17.319 --> 00:01:19.939 focused on gold IRAs, so this is someone who 00:01:19.939 --> 00:01:22.420 really knows their stuff. Definitely. So our 00:01:22.420 --> 00:01:24.379 goal here, our mission for you listening, is 00:01:24.379 --> 00:01:26.719 really just to equip you with the essential info, 00:01:26.780 --> 00:01:28.400 whether you're just curious, maybe you're planning 00:01:28.400 --> 00:01:30.560 ahead, or perhaps you're facing one of those 00:01:30.560 --> 00:01:32.659 tough decisions right now. Yeah, the aim is to 00:01:32.659 --> 00:01:34.939 help you understand the landscape, you know, 00:01:35.319 --> 00:01:37.620 avoid those really costly mistakes, and just 00:01:37.620 --> 00:01:39.640 make choices about your gold IRA that you feel 00:01:39.640 --> 00:01:42.640 confident about. Inform choices. OK, let's dive 00:01:42.640 --> 00:01:44.959 in then. Let's unpack this. What actually happens 00:01:44.959 --> 00:01:47.480 if you decide, OK, I need to pull money from 00:01:47.480 --> 00:01:50.540 my gold IRA and you're, say, under retirement 00:01:50.540 --> 00:01:52.760 age? What's the immediate hit? Well, the main 00:01:52.760 --> 00:01:56.040 penalties are pretty clear cut. But yeah, they 00:01:56.040 --> 00:01:58.159 can definitely hurt financially. First up, there's 00:01:58.159 --> 00:02:00.159 the 10 percent early withdrawal penalty. Ten 00:02:00.159 --> 00:02:03.780 percent. Just flat. Flat fee. Yep. On any amount 00:02:03.780 --> 00:02:06.359 you take out before you hit age 59 and a half, 00:02:06.939 --> 00:02:08.990 it's basically the government saying, hey, this 00:02:08.990 --> 00:02:10.930 money is meant for retirement. They really want 00:02:10.930 --> 00:02:13.449 you to keep it there. Discouraging early dips. 00:02:13.650 --> 00:02:15.849 Exactly. They want to encourage that long -term 00:02:15.849 --> 00:02:18.909 saving self -sufficiency later on. Yeah. Okay. 00:02:19.270 --> 00:02:22.110 That 10 % is a clear deterrent. But I wonder, 00:02:22.729 --> 00:02:25.430 do people really think about that full cost when 00:02:25.430 --> 00:02:27.990 they're in a tight spot? Or does the immediate 00:02:27.990 --> 00:02:31.490 need just overshadow it? I think it often gets 00:02:31.490 --> 00:02:34.939 overlooked in the heat of the moment. Okay. Unfortunately, 00:02:34.979 --> 00:02:37.219 that 10%. That's just the beginning. Oh, there's 00:02:37.219 --> 00:02:39.979 more. Oh, yeah. On top of that penalty, the money 00:02:39.979 --> 00:02:42.620 you withdraw is also treated as ordinary income. 00:02:42.659 --> 00:02:45.219 Ah, OK. Which means you owe regular income tax 00:02:45.219 --> 00:02:47.599 on it at whatever your current tax rate is. Right. 00:02:47.919 --> 00:02:49.599 So Doug Young's research gives a good example. 00:02:49.960 --> 00:02:52.300 Let's say you're in the 24 % tax bracket. You 00:02:52.300 --> 00:02:55.379 pull out $10 ,000 early. OK. You've got the $1 00:02:55.379 --> 00:02:58.099 ,000 penalty that's a 10 % plus another $2 ,400 00:02:58.099 --> 00:03:02.340 in income tax. Wow. Yeah. So $3 ,400 gone right 00:03:02.340 --> 00:03:04.810 off the top of your $10 ,000 withdrawal. That's 00:03:04.810 --> 00:03:06.889 a huge chunk just vanished before you even get 00:03:06.889 --> 00:03:09.969 the money. It really is. And it's important to 00:03:09.969 --> 00:03:12.270 know these penalties, they generally apply to 00:03:12.270 --> 00:03:15.610 both traditional and Roth Gold IRAs. OK, so both 00:03:15.610 --> 00:03:19.250 types. Both types get hit with that early withdrawal 00:03:19.250 --> 00:03:23.289 penalty before 59 and a half. The main difference 00:03:23.289 --> 00:03:25.409 between them is really about when you pay the 00:03:25.409 --> 00:03:28.370 tax. Traditional, you defer taxes until you take 00:03:28.370 --> 00:03:30.960 the money out in retirement. Right. Roth. You 00:03:30.960 --> 00:03:33.300 use money you've already paid taxes on, so qualified 00:03:33.300 --> 00:03:36.699 withdrawals later are tag free. But that early 00:03:36.699 --> 00:03:40.219 penalty applies to both. OK, so that covers the 00:03:40.219 --> 00:03:42.639 immediate hit. But you mentioned, well, it gets 00:03:42.639 --> 00:03:44.360 really interesting beyond that, doesn't it? It's 00:03:44.360 --> 00:03:46.300 not just about those penalties and taxes right 00:03:46.300 --> 00:03:48.300 now. There's a bigger cost, a longer term one. 00:03:48.599 --> 00:03:50.379 You are absolutely right. That immediate hit, 00:03:50.699 --> 00:03:52.860 it's painful, but it's only part of the picture. 00:03:53.210 --> 00:03:56.150 The deeper impact, the one people often don't 00:03:56.150 --> 00:03:58.830 fully consider, is the loss of compounding interest. 00:03:59.370 --> 00:04:02.430 Ah, compounding. The magic of making money on 00:04:02.430 --> 00:04:05.009 your money. Exactly. It's incredibly powerful 00:04:05.009 --> 00:04:07.750 for building wealth over time. And taking money 00:04:07.750 --> 00:04:10.830 out early, it just sabotages that whole process. 00:04:11.150 --> 00:04:13.090 You're not just losing the cash you took out. 00:04:13.509 --> 00:04:16.259 You're losing all the... future growth that money 00:04:16.259 --> 00:04:18.819 could have generated for you year after year. 00:04:19.040 --> 00:04:20.480 So it's like a double whammy that you lose the 00:04:20.480 --> 00:04:22.720 money now and you lose everything it could have 00:04:22.720 --> 00:04:25.879 become later on. Precisely. Is that long term 00:04:25.879 --> 00:04:28.040 view like especially hard to keep in mind when 00:04:28.040 --> 00:04:30.399 you've got some urgent bill staring you down 00:04:30.399 --> 00:04:33.579 right now. Oh incredibly difficult. Our brains 00:04:33.579 --> 00:04:35.740 aren't always wired for that long term thinking 00:04:35.740 --> 00:04:38.199 especially under stress you know. We focus on 00:04:38.199 --> 00:04:41.160 the immediate problem. Makes sense. And Doug's 00:04:41.160 --> 00:04:44.639 research also touches on this. If you do it once, 00:04:45.360 --> 00:04:47.660 sometimes it feels easier to justify doing it 00:04:47.660 --> 00:04:49.699 again. It can kind of become a cycle that's hard 00:04:49.699 --> 00:04:51.740 to break. Like a bad habit for your financial 00:04:51.740 --> 00:04:54.600 future. Kind of, yeah. Almost like financial 00:04:54.600 --> 00:04:57.220 self -sabotage, driven by that immediate pressure. 00:04:57.680 --> 00:05:00.339 But wait, there's actually another cost. A sneaky 00:05:00.339 --> 00:05:03.600 one, especially with gold IRAs. Sneaky! Okay, 00:05:03.680 --> 00:05:05.839 what is it? Capital gains taxes. On top of everything 00:05:05.839 --> 00:05:08.379 else. Yep. And this is where gold gets treated 00:05:08.379 --> 00:05:11.100 differently. The IRS considers gold and other 00:05:11.100 --> 00:05:13.420 precious metals to be collectibles. Collectibles, 00:05:14.360 --> 00:05:16.680 like art or rare coins. Why is that? Is there 00:05:16.680 --> 00:05:19.100 some specific reason gold gets lumped in there? 00:05:19.220 --> 00:05:21.540 It's just the classification they use. And that 00:05:21.540 --> 00:05:24.399 classification, being a collectible, means if 00:05:24.399 --> 00:05:26.519 your gold has gone up in value, if you have a 00:05:26.519 --> 00:05:29.040 capital gain when you sell it or withdrawing. 00:05:30.089 --> 00:05:32.910 It gets taxed at a higher rate higher than regular 00:05:32.910 --> 00:05:35.910 investments much higher potentially So long -term 00:05:35.910 --> 00:05:38.810 capital gains on most stocks might be say 15 00:05:38.810 --> 00:05:41.550 percent or 20 percent, but for collectibles including 00:05:41.550 --> 00:05:45.209 gold from your IRA It's a flat 28 percent long 00:05:45.209 --> 00:05:48.529 -term rate 28 percent Wow Yeah, so let's use 00:05:48.529 --> 00:05:50.550 the example from the source material again. You 00:05:50.550 --> 00:05:52.790 liquidate $10 ,000 worth of gold from your IRA 00:05:52.790 --> 00:05:55.740 early Let's say $5 ,000, that is appreciation 00:05:55.740 --> 00:05:58.879 your gain. You could owe up to $1 ,400 just in 00:05:58.879 --> 00:06:01.459 capital gains tax on that $5 ,000 gain. And that's 00:06:01.459 --> 00:06:03.860 on top of the 10 % penalty and the regular income 00:06:03.860 --> 00:06:06.620 tax. Exactly. You stack all that up, the penalty, 00:06:07.040 --> 00:06:10.060 the income tax, and this higher capital gains 00:06:10.060 --> 00:06:13.639 tax on collectibles. It makes pulling gold out 00:06:13.639 --> 00:06:16.819 early, as Doug Young puts it, extremely costly. 00:06:17.160 --> 00:06:19.399 OK, wow. It really does sound like a minefield 00:06:19.399 --> 00:06:23.439 then. But are there any ways out, any like... 00:06:23.000 --> 00:06:26.579 Lifelines. Situations where you can get to your 00:06:26.579 --> 00:06:29.360 funds without facing all these penalties. It's 00:06:29.360 --> 00:06:30.740 interesting, right? Because the rules are strict, 00:06:30.800 --> 00:06:32.560 but yes, there are specific exceptions where 00:06:32.560 --> 00:06:34.680 that 10 % penalty is waived. OK, good to know. 00:06:34.899 --> 00:06:36.639 But, and this is really important to remember, 00:06:37.180 --> 00:06:39.600 even if you avoid the 10 % penalty, the money 00:06:39.600 --> 00:06:42.060 you take out is almost always still subject to 00:06:42.060 --> 00:06:44.800 regular income tax. Ah, OK. So penalty -free 00:06:44.800 --> 00:06:47.360 doesn't mean tax -free usually. Correct. Except 00:06:47.360 --> 00:06:49.959 for Roth distributions after 59 and a half, if 00:06:49.959 --> 00:06:52.319 the account's old enough. Got it. OK, so lay 00:06:52.319 --> 00:06:55.060 these exceptions on us. What's the simplest one? 00:06:55.399 --> 00:06:57.540 The most straightforward way definitely is just 00:06:57.540 --> 00:06:59.639 waiting until you're age 59 and a half. That's 00:06:59.639 --> 00:07:01.639 the magic number. Once you hit that age, you 00:07:01.639 --> 00:07:04.079 can take money out of your gold IRA penalty free. 00:07:04.160 --> 00:07:07.240 And for a Roth IRA? For a Roth, if you're 59 00:07:07.240 --> 00:07:09.819 and a half and the account has been open for 00:07:09.819 --> 00:07:13.399 at least five years, those withdrawals are completely 00:07:13.399 --> 00:07:15.560 tax free too. That's the ideal scenario. OK, 00:07:15.560 --> 00:07:17.300 that's the standard retirement goal. But what 00:07:17.300 --> 00:07:19.319 about those curveballs we talked about? real 00:07:19.319 --> 00:07:23.220 -life emergencies. Right. So there are exceptions 00:07:23.220 --> 00:07:27.300 for significant medical costs. You can take penalty 00:07:27.300 --> 00:07:30.420 -free withdrawals for unreimbursed medical expenses. 00:07:30.439 --> 00:07:33.800 OK. But only the amount that exceeds 7 .5 percent 00:07:33.800 --> 00:07:36.939 of your adjusted gross income, your HEI. So only 00:07:36.939 --> 00:07:39.620 for really big medical bills, relatively speaking. 00:07:39.680 --> 00:07:42.240 Exactly. And also, if you become totally and 00:07:42.240 --> 00:07:44.139 permanently disabled, that's another situation 00:07:44.139 --> 00:07:46.199 where you can access the funds without the 10 00:07:46.199 --> 00:07:48.399 percent penalty. Important safety nets. What 00:07:48.399 --> 00:07:50.720 about records for those? Oh, absolutely critical. 00:07:51.040 --> 00:07:53.459 For both medical expenses and disability, you 00:07:53.459 --> 00:07:56.180 need meticulous records for the IRS. Makes sense. 00:07:56.360 --> 00:07:59.240 What about maybe a less dire situation, like 00:07:59.240 --> 00:08:02.180 buying a house? Good question. Yes, there's an 00:08:02.180 --> 00:08:04.980 exception for that, too. The IRS allows a penalty 00:08:04.980 --> 00:08:07.759 -free withdrawal of up to $10 ,000. $10 ,000? 00:08:07.819 --> 00:08:09.759 From your IRA towards buying your first home. 00:08:10.300 --> 00:08:12.779 Key phrase there is first -time homebuyer. And 00:08:12.779 --> 00:08:15.560 how do they define that? Basically, you can't 00:08:15.560 --> 00:08:17.600 have owned a home in the last two years. Gotcha. 00:08:17.939 --> 00:08:21.319 And that $10 ,000 still taxed? Still taxes regular 00:08:21.319 --> 00:08:24.199 income, yes. Just no 10 % penalty on it. OK. 00:08:24.720 --> 00:08:28.259 And what if someone inherits a gold IRA? Are 00:08:28.259 --> 00:08:31.269 the rules different then? Yes. Inherited IRAs 00:08:31.269 --> 00:08:33.230 have their own set of rules. They can be quite 00:08:33.230 --> 00:08:35.909 complex. Generally, if you inherit one, you have 00:08:35.909 --> 00:08:38.269 to start taking distributions called required 00:08:38.269 --> 00:08:41.129 minimum distributions, or RMDs. RMDs, right? 00:08:41.169 --> 00:08:43.809 Usually those RMDs from an inherited IRA are 00:08:43.809 --> 00:08:46.750 not... subject to the 10 % early withdrawal penalty, 00:08:47.169 --> 00:08:50.190 even if you're under 59 and a half. Oh, OK. But 00:08:50.190 --> 00:08:52.149 again, the amounts withdrawn are still subject 00:08:52.149 --> 00:08:55.529 to income tax. Because inherited IRA rules can 00:08:55.529 --> 00:08:57.529 get tricky depending on who inherited it and 00:08:57.529 --> 00:09:00.190 when. It's really best to consult a financial 00:09:00.190 --> 00:09:01.990 advisor on that one. Definitely sounds wise. 00:09:02.409 --> 00:09:04.529 OK, one more question I hear sometimes. Can you 00:09:04.529 --> 00:09:06.730 actually take out the physical gold itself? Like, 00:09:06.750 --> 00:09:08.769 have it delivered to you? You absolutely can, 00:09:08.809 --> 00:09:10.789 yes. You can take a distribution in the form 00:09:10.789 --> 00:09:13.509 of the physical metal. But, and it's a big but. 00:09:13.669 --> 00:09:17.490 If you do that before age 59 and a half, it triggers 00:09:17.490 --> 00:09:19.889 the exact same penalties and taxes as taking 00:09:19.889 --> 00:09:22.309 cash. Ah, so no loophole there. Nope. You'll 00:09:22.309 --> 00:09:25.409 owe that 10 % early withdrawal penalty plus income 00:09:25.409 --> 00:09:27.669 tax on the fair market value of the gold at the 00:09:27.669 --> 00:09:29.970 time you take it out. No difference from a cash 00:09:29.970 --> 00:09:32.090 withdrawal in terms of the hit. Right. This all 00:09:32.090 --> 00:09:34.750 really brings up a crucial point, doesn't it? 00:09:35.110 --> 00:09:38.830 How can you, the listener, avoid even needing 00:09:38.830 --> 00:09:42.490 to touch that gold IRA early? What are the proactive 00:09:42.490 --> 00:09:45.559 steps? How do you protect those savings from, 00:09:45.559 --> 00:09:48.379 well, from yourself in a moment of need? This 00:09:48.379 --> 00:09:50.179 is such an important part of the conversation. 00:09:50.600 --> 00:09:52.899 It really comes down to strategic financial planning. 00:09:53.460 --> 00:09:55.720 That's your best defense. Okay, like what specifically? 00:09:56.059 --> 00:09:58.679 The absolute cornerstone in Doug Young's research 00:09:58.679 --> 00:10:01.179 really highlights this as having a solid emergency 00:10:01.179 --> 00:10:03.940 fund. Right. The rainy day fund. Exactly. Aiming 00:10:03.940 --> 00:10:06.460 for, say, three to six months worth of essential 00:10:06.460 --> 00:10:09.240 living expenses set aside in easily accessible 00:10:09.240 --> 00:10:11.320 savings. So that's your buffer for those unexpected 00:10:11.320 --> 00:10:14.399 hits. Precisely. It acts as that financial cushion. 00:10:14.620 --> 00:10:16.940 So when something comes up, a car repair, a job 00:10:16.940 --> 00:10:19.399 loss, you have cash ready, and you don't even 00:10:19.399 --> 00:10:20.940 think about rating your retirement accounts. 00:10:21.059 --> 00:10:22.799 Building that foundation first. What else helps? 00:10:23.059 --> 00:10:26.539 Good old fashioned budgeting. Seriously, just 00:10:26.539 --> 00:10:28.539 tracking your income, knowing where your money 00:10:28.539 --> 00:10:31.600 is going, it helps you spot areas where you can 00:10:31.600 --> 00:10:33.740 maybe cut back a little and save more consistently. 00:10:33.919 --> 00:10:35.980 Discipline. Yeah, builds that discipline. And 00:10:35.980 --> 00:10:37.820 having that budget means you're more likely to 00:10:37.820 --> 00:10:40.519 live within your means and build up savings outside 00:10:40.519 --> 00:10:44.659 of your IRA. Beyond that, if you do face a shortfall, 00:10:44.960 --> 00:10:48.360 Always explore loan alternatives before considering 00:10:48.360 --> 00:10:50.720 an IRA withdrawal. Okay, like what kind of loans? 00:10:51.000 --> 00:10:52.980 Well, maybe a personal loan from a bank or credit 00:10:52.980 --> 00:10:56.279 union. Or if you own a home, perhaps a home equity 00:10:56.279 --> 00:10:59.340 line of credit, a Helisare. Right, Helisares. 00:10:59.639 --> 00:11:01.860 Often the interest rates on those can be significantly 00:11:01.860 --> 00:11:04.340 lower than the combined cost of penalties and 00:11:04.340 --> 00:11:07.299 taxes from an early IRA withdrawal. Even, you 00:11:07.299 --> 00:11:09.759 know, borrowing from family, if that's an option, 00:11:10.259 --> 00:11:12.799 might be financially smarter in some cases. Exploring 00:11:12.799 --> 00:11:15.570 all avenues first. Absolutely. Don't jump straight 00:11:15.570 --> 00:11:17.610 to the retirement funds. And if you're just feeling 00:11:17.610 --> 00:11:20.350 overwhelmed by it all, unsure what the best move 00:11:20.350 --> 00:11:22.909 is. That's when talking to a professional is 00:11:22.909 --> 00:11:25.690 invaluable. A qualified financial advisor. They 00:11:25.690 --> 00:11:27.990 can look at your entire financial picture, give 00:11:27.990 --> 00:11:30.690 you personalized advice, maybe refinancing some 00:11:30.690 --> 00:11:33.330 debt could help, or consolidating loans to get 00:11:33.330 --> 00:11:35.850 a lower payment. Or perhaps they can help adjust 00:11:35.850 --> 00:11:38.230 your investment strategy overall. They could 00:11:38.230 --> 00:11:40.309 really help you see alternatives you might not 00:11:40.309 --> 00:11:42.210 have considered. Okay, so let's try and wrap 00:11:42.210 --> 00:11:44.419 this up. What does this all mean for you listening? 00:11:45.230 --> 00:11:48.269 We've really dug into the complex costs, haven't 00:11:48.269 --> 00:11:51.529 we? That 10 % penalty, the income tax hit, that 00:11:51.529 --> 00:11:54.129 sneaky capital gains tax on gold as a collectible. 00:11:54.190 --> 00:11:56.590 But we've also walked through those important 00:11:56.590 --> 00:11:59.389 exceptions, the lifelines, like the 59 and a 00:11:59.389 --> 00:12:03.110 half rule, medical needs, buying a first home, 00:12:03.429 --> 00:12:05.529 understanding all these details, drawing on that 00:12:05.529 --> 00:12:07.750 solid research from Doug Young. It really does 00:12:07.750 --> 00:12:10.009 empower you, doesn't it? To make smarter decisions, 00:12:10.470 --> 00:12:12.769 protect those vital retirement savings in your 00:12:12.769 --> 00:12:16.289 gold IRA. Absolutely does. And connecting it 00:12:16.289 --> 00:12:19.230 back to the bigger picture, Doug Young's final 00:12:19.230 --> 00:12:21.889 words in the bulletin really reinforced this 00:12:21.889 --> 00:12:25.370 idea. Investing in gold can be a really powerful 00:12:25.370 --> 00:12:28.289 way to protect and diversify your retirement 00:12:28.289 --> 00:12:31.330 portfolio over the long run. And finding the 00:12:31.330 --> 00:12:33.750 right gold IRA company, that can certainly help 00:12:33.750 --> 00:12:36.269 you navigate this complex market with more confidence. 00:12:36.789 --> 00:12:39.450 Right. Which leads us perfectly into our final 00:12:39.450 --> 00:12:41.309 thought for you to chew on after this deep dive. 00:12:41.679 --> 00:12:44.779 Think about this. Knowing just how significant 00:12:44.779 --> 00:12:47.460 those long -term costs of early withdrawals are. 00:12:48.340 --> 00:12:50.860 How might actively planning for life's unexpected 00:12:50.860 --> 00:12:53.899 twists and turns right now actually reshape your 00:12:53.899 --> 00:12:56.779 entire financial future? Not just your retirement 00:12:56.779 --> 00:12:58.879 savings, but everything. That's a great question 00:12:58.879 --> 00:13:01.580 to ponder. Yeah. Really consider your own emergency 00:13:01.580 --> 00:13:03.559 preparedness, your long -term goals, in light 00:13:03.559 --> 00:13:04.980 of everything we've talked about today.