Important Dates

Warning! Laws concerning Social Security, retirement accounts, and income tax law are so convoluted and abstruse, I consult my CPA anytime I am in doubt as to the consequences of my actions. I strongly encourage you to do likewise. A second set of eyes on your plans is a good idea even if your name is Warren Buffet and believe me, mine isn’t.

55 Years Old: Earliest age at which there is the possibility of a penalty free withdraw from a 401K

Your tax deferred retirement account is your last line of defense. Tapping it early is almost always a bad idea. However, if you leave your job or loose your job after the age of 55, you can withdraw funds without penalty under certain circumstances. The big catch here is you must continue taking these payments for five years or until you are 59 ½ whichever comes later. You will, of course, be required to pay income taxes on these funds, but you will not be hit with the dreaded 10% penalty. An example of how to use this exemption is described in an article found in Forbes. A very rich man who has many assets, chooses to make withdrawals from a 401K to buy a vacation cottage at the beach for his family. Given current low real estate prices and low mortgage interest rates, withdrawals that match his mortgage payments make sense given his entire financial situation. Beware! Even allowed exemptions can contain traps. An example given in another article found in Forbes notes, while there is a penalty free exception for higher-education expenses paid for from an IRA, this does not work for a 401K unless you roll the money from a 401K into an IRA before using the funds. I can’t over emphasize this enough! Please, check out any such move with an accountant before doing anything that might be irrevocable.

59 ½ Years Old: Penalty free withdrawals can be made from any retirement account

This is true of convention IRAs, 401K accounts, 403B accounts, SEP (Simplified Employee Pension Individual Retirement Arrangement) or SIMPLE (Savings Incentive Match PLan for Employees). Note: earnings from Roth IRAs are tax free and penalty free if you have held it for five years. I got to take a tax deduction on a loss suffered with a Roth IRA (lucky me) after I turned 59 ½ and after holding it for five years. Lesson learned, anyone who sells you a financial product containing a 12-B-1 fee is not your friend.

62 Years Old: Early Social Security

This is the earliest age at which you can collect Social Security benefits unless you are disabled. If you elect this option your benefits will be permanently reduced by approximately 25%. There are three reasons I can think of to take early Social Security.

1) Making the numbers work for freedom. If you are really close to early retirement and you really want your freedom, the reduced benefit might be just enough to kick you over the fence when added to your pension, 401K, and savings.
2) You lost your job and you can’t find another. More and more older Americans are being forced into early Social Security by economic circumstance. They want to work, but they can’t find a job. Early Social Security is their life line.
3) You think you are going to die sooner rather than later. This is a simple actuarial calculation. If you think you are going to die before 78-79 years old you are better off taking Social Security at 62. If you think you are going to live longer than that, wait and take full Social Security at 66-67 (depending on your birth date).

In any event, taking early Social Security can come back to bite you. If you write the great American novel after 62 or find the job of your dreams, there will be a hit to your Social Security check by the tax man. From Taxes on Social Security Benefits by Dan Anspach, “The key thing to know is that up to 85% your Social Security benefits received can be taxed, but never 100%. Why is this so important? It means that after taxes, $1 of Social Security income is worth more than $1 of IRA withdrawals because 100% of the IRA withdrawal is likely subject to taxation, whereas at most only 85% of Social Security benefits received will be subject to taxation. It is also important to note that ROTH IRA withdrawals do not count in the formula referenced above, but municipal bond income does.”

65 Years Old: You are eligible for Medicare.

If you are already receiving Social Security benefits, enrollment in Medicare Part A and Part B is automatic. If not, you need to apply at with Social Security. If you choose to decline Part B, you may be penalized for late enrollment if you change your mind at some future date. For those of us fortunate enough to carry private health insurance into retirement, the addition of Medicare complicates the coverage and payment process, but as in the case of my mother-in-law, her dead husband’s insurance saved the family untold thousands in medical expenses.

66-67 Years Old: Social Security Full Retirement Benefits

Depending on your birth date you can begin to collect Social Security without any reduction to your benefits. At your Full Retirement Age (FRA) you can draw full benefits even if you continue to work. For each year you delay beyond your FRA, your benefit will continue to increase by 8% a year until you turn 70. Note: there are games you can play with Social Security to maximize your benefits. Right now, I expect that my wife will take Social Security at 62. I plan to wait until my FRA before tapping my Social Security account. At that time my wife will switch from taking her benefit to taking a larger spousal benefit off my Social Security. This will increase the total amount we can draw from Social Security. Talk to someone who knows about these things, explore the Social Security calculators found on the web, run “what if” calculations that examine all options (your broker has tools for this sort of thing); start with a visit to the Social Security Administration web site, but don’t end your research with what is found at any one source.

70 Years Old: Maximum Social Security Benefit

Once you turn 70 that is it. You can’t increase your Social Security Benefit, so you might as well take it, even if your name is Warren Buffet.

70 ½ Required Minimum Distribution (RMD)

At this age you are required to take money from any of your tax-advantaged retirement accounts except for a Roth IRA or your 401K if you are still working. How much is determined by a complex formula based on your life expectancy and the amount of money you hold in these accounts. This calculation should be made by your CPA. If you have lived this long, worked for so many years, and accumulated some wealth, this is one you don’t want to screw up. From Social Security, Medicare, and More: What Are the Dates to Remember? By Carrie Schwab Pomerantz, “IMPORTANT NOTE: You absolutely must take your first RMD by April 1st of the year after you turn 70½ or face a hefty 50% PENALTY! And if you wait until that date, you must take your second RMD by December 31st of that same year. You don't want to miss these deadlines.” EEK!

And Please, Let’s be extra careful out there today.

We Owe God a Death

I honestly thought this article would be a Part II. I then went looking for Part I. It was never written.

My own death is not a subject that I enjoy contemplating, but as it is written, “We owe God a death.” I am over 60 years old and I still do not have a will. Generally young couples get a will after the birth of the first child in order to establish custody in the event of their death. For example, if my parents died I would have been raised by my father’s older brother and his wife. If my aunt and uncle died, my parents would have raised their two daughters. Since we never had any children custody was not an issue. My wife and I hold everything in joint tenancy or are designated as sole beneficiary in financial instruments such as insurance policies or tax deferred retirement accounts (think 401K). If one of us dies everything goes on as before, at least from a financial/legal viewpoint. But what if we both die? I asked my accountant that question 25 years ago. I was informed the State of Maryland would give ½ of our assets to each of our parents after they took their cut. Since we had just purchased a house, our net worth was somewhere around zero, I did not view this as much as a problem.

Time keeps marching on. The situation has changed. If you do the things that are taught by the well known financial literacy teachers, or even pay attention to this humble blog, you will eventually accumulate enough capital to make your will a serious issue. About one year ago, a man from the Missionary Alliance regional office appeared at our church one Sunday. He is a retired bank president now working for the Alliance as an estate planner. At no cost, he will sit down with a couple in the church and walk them through the process of estate planning until the finished document is ready to go an attorney. Of course, he is hoping the Missionary Alliance will eventually benefit from his ministry.

We started meeting with this man whenever he happened to be in town. There is no way you can complete this process in a single sitting. Then, due to my mother-in-law’s death, activity was suspended for a few months. Well, we are back on track. The final documents were reviewed and approved by my CPA. Yesterday they were scheduled for review by a panel of experts that does such things for the Alliance. I expect our package is now on its way to the attorney.

I really needed this guy to kick start my efforts towards drafting a will. Even a simple will is complicated. The “what if,” scenarios are endless. What if this guy dies before that guy? Then what. What if that guy dies before you? Then what? Who gets Grandma’s silver? The list is endless. I really don’t think I could have done it without someone asking me the right questions. Normally, this is done by the attorney drafting the will who is charging his client by the billable hour. This man offers a great service to his church district. May he be blessed!

Then there are tax considerations.

Please pay attention to this paragraph if you have a 401-K, a 403-B or have a serious amount of money in conventional IRAs. The use of the Charitable Remainder Trust is not limited to evil rich people. I have TSP account, the Government equivalent of a 401-K. My wife rolled a 403-B she inherited from her father into a Beneficiary IRA. These are pretax dollars. When they exit these protected accounts, they are subject to taxation at regular income rates. If upon my death, the funds from my TSP are rolled into a Charitable Remainder Trust my wife will get a tax deduction since these funds are now the property of the Christian and Missionary Alliance Church. The church is obligated by the terms of the trust to pay my wife an annual income of at least 5% of the trust’s net assets for as long as she lives. Since upon my death payments from my pension drop significantly even though I will be paying a substantial monthly premium so that my wife will have a survivor’s benefit, I expect she will need this additional income. Upon my wife’s death this income stream will be diverted to our heirs and assignees for the next 20 years. At the end of this time, the church gets to keep the balance. If they do a good job managing our money this could be a significant sum.

This is my simple attempt to describe a complex legal vehicle. I would encourage you to consult a CPA and an attorney before making any irrevocable decisions.

Until we die our TSP account and Beneficiary IRA will constitute our last line of defense in retirement. These tax deferred instruments are marked, “In case of emergency, break glass.” If these accounts still exist after our death they will become a blessing to others and ultimately a gift to our Lord.

Dixi, custodiam. Psalm xxxix. (from the 1928 Book of Common Prayer)

LORD, let me know mine end, and the number of my days; * that I may be certified how long I have to live.
Behold, thou hast made my days as it were a span long, and mine age is even as nothing in respect of thee; * and verily every man living is altogether vanity.
For man walketh in a vain shadow, and disquieteth himself in vain; * he heapeth up riches, and cannot tell who shall gather them.
And now, Lord, what is my hope? * truly my hope is even in thee.
Deliver me from all mine offences; * and make me not a rebuke unto the foolish.
When thou with rebukes dost chasten man for sin, thou makest his beauty to consume away, like as it were a moth fretting a garment: * every man therefore is but vanity.
Hear my prayer, O LORD, and with thine ears consider my calling; * hold not thy peace at my tears;
For I am a stranger with thee, and a sojourner, * as all my fathers were.
O spare me a little, that I may recover my strength, * before I go hence, and be no more seen.

What Am I Going to Do Today?

The Legatum Institute of London is one of those think-tanks taken seriously by financial journalists. Every year they rank the countries of the world in a prosperity index based on 8 factors; Economy; Education; Entrepreneurship & Opportunity; Governance; Health; Personal Freedom; Safety & Security; and Social Capital. For the first time in history, the United States has dropped out of the top ten. Two reasons given are the U.S. fell eight places in the ‘Entrepreneurship & Opportunity’ sub-index and fewer US citizens agree that working hard results in success.

If you are interested here is the list.
1. Norway
2. Denmark
3. Sweden
4. Australia
5. New Zealand
6. Canada
7. Finland
8. Netherlands
9. Switzerland
10. Ireland
11. Luxembourg
12. United States

I don’t know much credence I would give this list until I better understood the definitions of their criteria, but I certainly do acknowledge things have been getting worse for over a decade. So what do we do now that the U.S. Dollar has lost its AAA rating and we have dropped out of the top ten prosperity list?

The same things we should have been doing yesterday.

* Stay out of debt, especially credit card debt.
* If you are in debt, pay it off as quickly as possible.
(Build an emergency fund. Start with $1,000. Six months take home pay is the long term goal.
* Take advantage of your employer’s 401K plan if you have one.
* Think long term. This starts with deferred gratification but it is more than that.
* Plan a monthly budget. Stick to it.
* If you are married, work as a team. No secrets.
* Systematically invest your money (even a little) in bonds, CDs, money market funds, real estate, gold, dividend stocks, growth stocks, and foreign stocks to name just a few categories. You don’t know what the future will hold.
* Give. It is good for your soul.

The dollar may go up. The dollar may go down. Our Treasury and the Federal Reserve Bank want the value of your money to drop, but Europe, Japan, and China all have the same plan. If the Euro gets shaky the Dollar may go up. Bond prices, interest rates, and monetary velocity are a few of many variables in this complex equation.

Gold may go up. Gold may go down. It has been demonstrated that fear rather than inflation drives the price of gold. When people are confident, even in times of inflation, like the 1990s, gold goes down in value. When people are afraid, as in the late seventies and the last few years it goes up.

Commodities may go up. Commodities may go down. Inflation and currency devaluation drives the price of commodities, such as gasoline, up over time. Drops in demand, like the recent decline in the Chinese construction industry, lower the price of commodities and their producers’ stock values.

Stocks may go up. Stocks may go down. Money has to go somewhere. If the value of a dollar is dropping, stocks that represent real value independent of currency fluctuations will soar. If we fall into another depression, the values of shares and the future profits they represent will plummet.

Stay awake. Stick to your plan. Constantly work to free yourself from negative emotions like fear, greed, envy, and pride.

And please! Let’s Be Careful Out There!

Sit, Walk, Stand

Ephesians 2:
[5] Even when we were dead in sins, hath quickened us together with Christ, (by grace ye are saved;)
[6] And hath raised us up together, and made us sit together in heavenly places in Christ Jesus:
[7] That in the ages to come he might shew the exceeding riches of his grace in his kindness toward us through Christ Jesus.
[8] For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
[9] Not of works, lest any man should boast.
[10] For we are his workmanship, created in Christ Jesus unto good works, which God hath before ordained that we should walk in them.

Sit: If you are a Christian start with the idea it is going to be OK. Not because of what you have done but because of what has been done for you. I am not suggesting that the Lord is going to buy you a Mercedes Benz, but he has promised that he will provide for you. As a typical American male, I find this concept difficult to grasp. I want to do it myself. Nothing wrong with that, but it is not the right place to start. Instead start with trust in your Lord and Savior; that he can take care of your needs. He can guide you as you manage your finances. He has said, “If any of you lacks wisdom, he should ask God, who gives generously to all without finding fault, and it will be given to him.”

Ephesians 6:
[5] Servants, be obedient to them that are your masters according to the flesh, with fear and trembling, in singleness of your heart, as unto Christ;
[6] Not with eyeservice, as menpleasers; but as the servants of Christ, doing the will of God from the heart; [7] With good will doing service, as to the Lord, and not to men:
[8] Knowing that whatsoever good thing any man doeth, the same shall he receive of the Lord, whether he be bond or free.
[9] And, ye masters, do the same things unto them, forbearing threatening: knowing that your Master also is in heaven; neither is there respect of persons with him.

Walk: Once you have your priorities in good order, you will learn as you do what needs to be done. Start with the basics, don’t be a thief. If you are an employee do a good job for your employer. If you run your own business, give honest value to your customers. If you are the master of a great corporation, remember you have an obligation to care for your employees, your customers, and your shareholders. When you find pride, greed, sloth or envy in your heart, repent; none of us are perfect. We all wrestle with our own issues. Pray for guidance before you spend or invest money. He will answer your prayers. Read the Book of Proverbs. It is loaded with timeless financial advice. Learn to trust your conscience. If you are resting in Christ, it will provide a very good guide. If you are not resting in Christ, return to step one, get your heart right, then return to the marketplace.

Ephesians 6:
[10] Finally, my brethren, be strong in the Lord, and in the power of his might.
[11] Put on the whole armour of God, that ye may be able to stand against the wiles of the devil.
[12] For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
[13] Wherefore take unto you the whole armour of God, that ye may be able to withstand in the evil day, and having done all, to stand.

Stand: Folks, we are in a battle against wicked spirits in high places. If you don’t think the World’s financial system is influenced by the wicked one, you are kidding yourself. When you step out into the marketplace you are contesting with the enemy, but it is OK the Kingdom of God is within you. Wherever he directs you to make a stand is his territory. We have all the weapons and armor we need to be victorious. You are His servant and you are acting in His Name. We have already won the battle, if we stand. It won’t be easy but the promise is there.

Many consider the book of Ephesians the most purely spiritual of Paul’s epistles. On the surface it does not have a lot to do with finance or the management of money beyond a few simple instructions we have already learned. I would challenge you to change the way you think about money. Don’t compartmentalize it as something unspiritual, something dirty. Integrate your financial life into your spiritual life. In the end all we are and all we possess are His, even though I forget that fact on a daily basis.

May God have mercy on my soul.

Sit, Walk, Stand is a classic study of the Book of Ephesians by Watchman Nee.

Stress Control

This one is a little different, but I hope you find it of value. This information comes from an email newsletter written by Tom Hoobyar. The U.S. Navy SEALs are generally considered our best, most highly trained commando force. When planning a surgical strike, such as the assassination of Osama Bin Laden, our leaders use SEAL teams. Their training is intentionally designed to wash out all but the very best. A SEAL must be able to operate perfectly under conditions of unbelievable stress. Imagine, trying to do a job knowing that anything less than perfection will result in your death and the deaths of your friends. Now that is stress.

The Navy was losing about 75% of SEAL candidates in the first few weeks of training. These men were incredible athletes. They tested very high on intelligence tests. They had the background and skill set to be successful, but way too many were failing. Why? Navy psychologist who studied the problem discovered the key difference between success and failure was the ability to handle stress. The highly qualified candidates that failed didn’t have any shortage of abilities or talent. However, they lacked technologies or practices that would allow them to deal with extreme stress.

The SEAL Command Psychologist, Commander Eric Potterat revealed the four most important techniques that are now taught to SEAL candidates early in their training.

1)Goal Setting –This is not the kind of goals I write about in this blog or what is found in life purpose and motivational teaching. This is how to survive through the next 30 minutes of a live fire exercise. It is the same kind of narrow focus used by successful performers and athletes. Nothing exists to the Olympic sprinter but the next 10 seconds. If you are facing a very stressful situation at work or in your life, narrow your focus until nothing else exists but the immediate task.

2)Mental Rehearsal (Visualization) –Commando missions require perfect execution of complex actions performed by a team. In preparing for such a mission, soldiers go over what is expected from them over and over in their minds. Again, it is similar to techniques taught Olympic athletes. It has been demonstrated that systematically visualizing an activity such as basketball foul shots for a ½ an hour produces results that are almost as good as actually practicing foul shots for ½ hour. Combining physical and mental practice produces much better results than either method used without the other.

3)Words (Self Talk) –Actually this one surprised me a bit. The words that the SEAL trainees used when talking to themselves proved of enormous importance. Today they are taught to say, “Stop!” or “Cancel!” if they find themselves engaging in negative self-talk or thinking about failure. Then they are taught to say in their own words, “You can do this.” Or “This is easy.” Whatever works for that particular individual.

4)Arousal Control –This is a basic breathing exercise designed to lower your blood pressure and raise the oxygen level in your brain. First, inhale deeply as you count to six in your mind. Then hold your breath for a count of two. Then exhale for another count of six. Repeat three times.

Try these exercises the next time you find yourself overwhelmed by life or when you get that sick feeling in the pit of your stomach or that clammy feeling that comes on just before a panic attack. If it works when people are trying to kill you it will probably help with your problem.

Why Invest?

Why invest? Because there will be a tomorrow. If not for you, then for someone you love.
How to invest? Start with what is in your hand.
When to invest? Now. Don’t wait for the perfect investment. Do something that makes sense today.

For the sake of this article, let’s divide all investments into two categories, cash and equities. Yes, I know this is overly simplistic, but I am trying to be overly simplistic.

Think of cash as something that keeps its value over time, a dollar buried in a mason jar is still a dollar, guaranteed. Basically there are two kinds of cash, short term cash and long term cash. Short term cash would include $20.00 bills, checking accounts, savings accounts, and money market funds, money you can put your hands on today without penalties. Long term cash would include investment grade bonds, government securities, and certificates of deposit. While a 2% bond will crash if interest rates jump to 10%, it will regain its value as it approaches maturity. When that bond reaches maturity, the holder will receive the cash value of the bond no matter what the interest rate.

Equities are the other kind of investment. These are basically ownership rights that never expire. A share of Exxon stock represents some miniscule bit of a great enterprise. You own it and if you are lucky it pays you a dividend, every quarter. You can own shares in individual companies or baskets of different companies called mutual funds, exchange traded funds, or closed end funds. You could also buy 10% of your buddy’s start up business or even own your own company. All of these investment vehicles I term equities.

Of course there are other things that are not really this or that, consider gold and preferred stock. I consider gold to be money. I know that it is just another commodity that rises and falls in value according to the law of supply and demand, but in my head gold is money. Preferred stock is neither a stock nor a bond. It has no ownership rights, generally it has no fixed value at a future date, generally preferred stock is not perpetual, but it does pay a dividend, usually a very good dividend. Just for grins let’s throw that one into the equities bin.

Real estate beyond your home, which is as much an expense as investment? Let’s consider investment properties whether owned individually or as shares in a Real Estate Investment Trust as equities.

You need all of the above to mitigate risk, individual risk and systemic risk. You can’t hold everything in cash because of the risk of inflation and taxes. You can’t hold everything in a single equity because of individual risk. British Petroleum was one of the best companies in the world. It was well managed and it paid a terrific dividend. BP was even the best play for investing in alternative energy technology. Then a black and oily swan flew over a deep water drilling platform in the Gulf of Mexico. BP lost ½ its value in a few weeks. Owning mutual funds protects you from individual risk, but not from systemic risk. If the stock market crashes, your funds will crash with the stock market. If that happens, you want cash, a lot of cash. Then you can snap up bargains when everyone else is panic stricken.

I can’t predict the future so I invest a little here and a little there. A little bit done on a frequent and recurring basis over an extended period of time works.

Don’t get too smart for your own good. If you can’t explain what you are doing to a junior high school student, you probably shouldn’t be doing it. If you don’t understand it, don’t buy it.

Don’t wait for the perfect time or the perfect investment. Do something today. If you are afraid the market is overpriced, put a little bit in a Government insured money market fund. If you are afraid of inflation or taxes buy a share in a stock or a sector fund your research tells you is undervalued. If you are afraid of inflation and the market, consider a hybrid fund that invests in both bonds and stocks.

Don’t be afraid to make mistakes, little mistakes. If a couple with a combined income of $60,000 a year carrying a typical mortgage payment and a car note with $15,000 in the bank, invested $1,000 in BP right before the oil platform fire. They lost $500, painful but not the end of the world. If they had invested their entire $15,000 that couple would be a world of hurt, probably for at least 2 years.

Above all, get out of debt. Let’s say you have a credit card balance that carries a 12% interest rate. Paying that card off is a guaranteed after tax rate of return of 12%. Where in the world can you get a better return on your money?

Now let’s be careful out there!

Death in America (Part IV)

It has been four months since I wrote Death in America (Part III). It has been almost eight months since my mother in law died. Still the process rolls on. At the time of my mother in law’s death, our attorney assured me that managing my mother in laws affairs would be a part time job for the next six months. He wasn’t kidding.

The last time I talked our attorney, most of the heavy lifting was finished. He said, “Wait until the end of the year to execute the will in case anything else turns up.” The only loose ends that I can identify are one outstanding ambulance bill, actually the last ambulance bill and one small IRA. The insurance company isn’t certain that ambulance ride constitutes an emergency. Let’s see. An 86 year old woman is simultaneously suffering from heart failure, kidney failure, and pulmonary failure. Six days later she is dead. Not an emergency? The one little IRA was purchased years ago at the neighborhood bank. The bank was ultimately eaten up by one of the big four banks. The big four bank moved the IRA from the branch in Georgia to a central location in South Dakota. They are unsure of my wife’s status as beneficiary or executor. In their infinite wisdom they have decided my wife is not sole beneficiary but as sole surviving child she obtains sole beneficiary status, meaning the money is not part of the estate. My accountant’s reaction is, “Huh???” After filling out four separate forms, we still haven’t seen any money.

There is one more problem. This week my mother in law received a tax bill for money my wife inherited as sole beneficiary from a wretched annuity company that will remain nameless. After wrestling all those annuity issues to the ground, you don’t want to hear my opinion of annuities or the people who sell them. My mother in law’s accountant is somewhat surprised by this as he personally informed the IRS of my mother in law’s death and a tax ID has been issued for my mother in law’s estate. Now my accountant and my mother in law’s accountant need to sort out this mess.

In the middle of all this our attorney died. He was an elderly gentleman (and I do mean gentleman). He was a friend of the family, attended the same church as my wife’s family, and served as the family attorney for probably decades. He will be missed. We were informed of his passing by my mother in law’s accountant. Since he wasn’t part of a practice, I assume he was he was relieving the boredom of retirement by working part time as a favor to old friends. I called up the Probate Court in Georgia. They were aware of his death. They suggested that we go ahead and execute the instructions of the will. Once the terms of the will have been executed and the estate taxes paid, we can fill out the form that petitions the court to close down the estate. We were told that does not require an attorney.

Of course there is still a large storage unit in Atlanta filled with my mother in law’s possessions. I think I could empty out that unit in a week. Four piles of stuff; sell it; take it to our new home once we move; give it away; throw it away. I think with my wife’s help this will be at least a one month job. I don’t think I can stand more than a week at time. It isn’t important or urgent. My wife inherits all of my mother in law’s physical stuff. The storage unit rents for $188 a month. We can take our time with that problem.