Full Show: Cheap Waterfront Living and Working Teenagers

[@l4xx03luyf6l0to]

I live three hours from the beach. My roof was damaged from only tropical storm force winds and had to be replaced. I also had several trees get blown down. A house that it is in one of those lagoon communities will still be at significant risk.

[@sarashann]

Ten to 15 miles from the beach? In a hurricane you might avoid storm surge but the wind damage would still be significant. Clark have been listening to you for years. Thank you for your sound advice and keeping it real!

[@laurab4652]

You're absolutely right. The wind will drive the lagoon water into the homes

[@205rider8]

Depends on how they are built.

[@nancylpr]

I’ve lived in Florida since 1991 and been a Tampa Bay Florida Realtor since 1995. Clarke, please don’t tell people in Florida they don’t need to be worried about hurricanes. All people in Florida should be concerned about hurricanes. They do tremendous devastation near the shore and inland.

[@Clark]

💯 Understood.

[@centralgroupllp3933]

So glad you spoke up about that fact. Thank YOU. Often times clark act as if he have ALL the right answers and i noticed he does NOT. Like to be correct. Egomaniac type.

[@brenda012249]

I live in Florida and have had to replace roofs on 2 houses. The first house roof needed replaced after Hurricane Charlie 10 miles inland and 2 years ago about 35 miles inland replaced my roof 2 weeks before Ian hit. I didn’t use insurance for the last one and didn’t have any damage and my insurance went from$1200 a yr to $3500 a year with no claims, I’m retired and had to get a job to pay for my roof and for the increase of my insurance. It’s not all that,

[@cynthiabonds8626]

My MIL had a house 1 block from the ocean in Panama Beach, Fl. Sold that house and moved 10 miles inland. Hurricane Michael nearly destroyed the new house and left the beach house untouched. It was 2 years of repairs before she live in the damaged home. Insurance priced have now gotten so high she is considering leaving the state.

[@Clark]

Wow! Glad your MIL is ok but sorry that insurance may price her out of her home.💚

[@virginiamoss7045]

Paying medical bills in-full right away always gets you a discount, 10% to 25%. Decades ago when I got so disgusted with the medical insurance industry that I went without as a self-employed person, I always announced myself at the provider first as a self-pay and the staff would light up in excitement because they wouldn't have to deal with insurance. Then they asked my name, etc. I paid on the spot. Will this country ever fix our horrid health care system?!

[@retired8484]

Sadly, no, we will never fix it.

[@virginiamoss7045]

@@retired8484 Well, maybe not in our lifetimes, retired8484, but perhaps we should make effort now for our grandchildren and great grandchildren.

[@retired8484]

10 year withdrawal deadline on inherited IRA. You can do it all in the 10th year. And yes, move to Fidelity/Schwab/Vanguard now.

[@jasonlove8733]

If you are required to take an RMD inthe current year either as the participant or as a beneficiary, the first order of business is to take the required RMD before you are able to rollover any of the balance.

[@retired8484]

Paperless is ALWAYS the correct answer.

[@WickedChicken83]

I thought this too, if you really need it then print what you need. Avoid the extra unnecessary paper usage.

[@retired8484]

move the old 401k to your own IRA. Extremely simple. And no, do not leave it at the old place.

[@tracythompson1692]

Has Clark weighed in on Vanguard's paper statement fee instituted in 2023 for existing and new accounts?

[@Clark]

Same outrage for all institutions now charging for paper statements 😡 #Clarkrageous

[@marciajimenez7347]

I live near a Lagoon Community near me in FL and it is super expensive, not to mention the HOA fees, no thanks.

[@makeyourlifeeasier5794]

I think during question time, Christa should ask questions more often since she can even stump Clark!

[@brenda012249]

So you didn’t give us any contact info regarding any of these water front locations Love your show

[@charlessommers7218]

Good show

[@jasondraper1479]

I believe it's a 10 year rule, not 5, for non-spousal inherited retirement accounts.

[@virginiagirl977]

Agree.

[@retired8484]

Of course it's a 10 year deadline.

[@PatB415]

Hurricanes & hurricane force winds are equal opportunity destroyers.....no matter where you live in hurricane states.....at/near the coast OR inland.

[@tammiepulley7167]

How can I find these lagoon communities? I live in NC. Do you know the name of one? Thanks for your show.

[@sexysportsfan1]

Google "Lagoon community"

[@e-care-books9867]

Here's one. "Balmoral" outside Houston in "Humble", Texas.

[@tammiepulley7167]

Thanks so much!

[@Clark]

Google Crystal Lagoon in Huntersville, NC. 💚

[@emc6511]

QUOTE -- Sept 2023 HUNTERSVILLE, N.C. - Developer cancels crystal lagoon project in Huntersville. The plan for a crystal lagoon in the Huntersville area is officially dead after a nearly year-long battle over zoning. Jake Palillo and Bi-Part Development announced Wednesday that the Lagoona Bay/Waterside project has ended.@@Clark

[@e-care-books9867]

#BonusTerm - #LagoonLife - A couple notches above #VanLife ... JK. Here's a "lagoon community"... Dare we say "Lagoonity"? Balmoral in metro Houston. Humble, TX. #TeamClarkRocks

[@Clark]

💚 Lagoonity! #bonusterm

[@e-care-books9867]

Thank you I think it makes more sense to spell this "new word" "Laggunity" (like Lagunitas brew.)@@Clark

[@166abn]

It's not 5 years it's 10 for inherited IRAs. There are no RMDs either. I can wait until the 10 years are up and then take it all if I want.

[@johnwoolley1929]

Clark you never did say where the waterfront cheap waterfront properties are

[@stevencole7331]

When you go to a beach resort to me it looks very artificial . All the native fauna and lanscape has been removed similar to these lagoon communities

[@vince8436]

There is one about 5 or 6 miles from me.

[@cynthiabonds8626]

My parents had a spend half, save half rule. Beginning with pre-teen babysitting; a summer produce stand open 7 am - 7 pm as teenagers into more traditional employment every Saturday we went to the bank and deposited half of our earnings. We each had a sizable savings account when we graduated from high school all from our own efforts.

[@Clark]

Kudos to your parents! 👏👏👏

[@johndematatis9718]

Hi Clark I am 26 years old and recently canceled my own whole life insurance because I learned it isn’t the best product for me. My dad also just called me and told me that he has a different whole life insurance for me that he’s had for a while but he took a loan out from it, which he has paid off. He wants to pass it to me and I was wondering how do I respectfully say that when the policy is transferred to me I am not going to continue paying for it. PS I have my salary in term life insurance from work that will be more than enough for me at this point in my life.

[@christinewallace9251]

Get a term policy unrelated to your workforce in case your job changes. You want the locked in rate and insurance to be portable.

[@johndematatis9718]

@@christinewallace9251 At 26 I personally dont think life insurance is needed as I am not married, dont have kids and dont gave a house.

[@retired8484]

@@christinewallace9251 No. Do not get a policy at all.

[@GroovyMisfit]

Can we get Clark to clarify how IRA money can be moved into a new employer’s 401k plan?

[@retired8484]

You do not want that. You want everything in your own IRA as fast as you can get it there.

[@GlenStockton-y2f]

Clark, an inherited IRA non spouse has a 10 year distribution rule. This was part of the Trump tax cuts in 2017, effective 2018 tax year.

[@vince8436]

Not necessarily affordable, because those lagoons bring in more richer people from out of the area and end up raising the local prices pushing the locals out.

[@vince8436]

Banks did this with returning processed checks. As for dropping a card, if it has an over 20 year history, dropping will kill credit score.

[@skelecaster]

So what are these communities called, any examples?

[@petebarry395]

Nocatee near Ponte Vedra Beach near Jax Fl is an example……expensive - yes

[@mongo2044]

Why is 403b the worst? It is just like 401k but typically for higher education and non profits like museums and foundations. I find the TIAA costs to be lower than Vanguard. I think Vanguard and Fidelity are also common 403b managers and they offer low cost funds. Although, since TIAA with Nuveen, this may no longer be the case TIAA has become more like a Morgan Stanley wealth manager and will only meet with super rich TIAA customers in person! Before the pandemic, they would me with anyone with a TIAA account.

[@Clark]

Unfortunately, some of our most valued workers are given the worst retirement option. 403(b) plans are nothing like 401(k) plans. 403(b) plans have massive expenses and fees piled on them that cut into your savings bottom line. You end up saving much less money after paying the fees. We recommend contributing to the 403(b) plan only up to the employer match and saving the rest of your retirement savings in a Roth IRA account. Here's more on 403(b)s: clark.com/personal-finance-credit/investing-retirement/what-is-403b-how-does-it-work/ For many years, we recommended TIAA as one of a very small number of 403(b) plan providers that wouldn’t rip you off with massive, hidden fees. Not anymore - we no longer recommend them. TIAA was accused of forcing their salespeople to use underhanded tactics to sell financial products that were revenue-heavy for the firm, which didn’t put their clients’ best interest first. They started tacking on high fees and commissions. Hope this answers your question! 💚

[@mongo2044]

@@Clark So, are you saying TIAA is still doing this or, have they changed? The last sentence you wrote is also confusing: Did the tacking on of high fees and commissions happen during this accusation or since then? Also, is this an SEC charge/investigation or, just something a reporter caught and reported on, like in Fortune, WSJ, or Money magazine? Has a regulatory body investigated and did TIAA get fined or, did they do it in a sneaky way to not break the law but, cost participants more money? Are they still doing it? Regardless, my fees with them in a state contract I stayed in but have not worked there for many years, are very low. Some I pay $2 a year. These are index or minimal management funds. But of course, overseas and bond funds you do pay more. But all are under 1% and most are under .5 or less. The total for a year is something like $137. It is not my entire retirement. I did move my IRA from them some years ago because I hated the web site UI and UX (and still do). I ask above because, if they are still doing this, what am I missing in my investments that seem to have low fees and are performing decently (but like many, the past few years have been bad - especially bonds -but, like many, now things are moving the right direction). I am now at the age (and TIAA post pandemic is not really made now as a business for individuals vs contracts with universities) where I kind of want to consolidate for easier management but all the other firms are more expensive, even Vanguard, versus keeping this in a big state U contract like this one. I also do not intend to spend this money until I am 75 (as per new laws for my age) or whenever the RMD kicks in. So it is weighted a bit more to low cost stock index but still diversified globally and includes bonds. Thanks

[@bobbyvee8941]

Working Teenagers?? What's that?

[@debbied8525]

Where are these waterfront communities?

[@centralgroupllp3933]

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