What's on this week's Your Safe Money Show?
The headline reads “Biggest income gains in 50 years”, sounds good right? We’ll look at what that means for the country and our financial future.
Making good decisions during open enrollment for your health care is extremely important. I will explain what not to do during open enrollment.
And FAFSA has made some changes that you need to know if you or a loved one is headed to college.
Listen Saturday mornings at 95.5FM at 7:30, live streamed at kbek.com.
I have some good news regarding the IRS and how they handle rollovers to IRA’s. Previously, if you were moving money from a 401(k) to an IRA, or from one IRA to another, you could only have those funds in your possession for 60 days before depositing them into the next retirement account. If you missed that window you generally owed taxes on the full amount and, if you were under age 59½, an additional penalty on top of that.Well the IRS is relaxing that rule a bit. They are now saying taxpayers can avoid the negative tax implications, in certain circumstances, including if they lost the distribution check or deposited it into an account they mistakenly thought was a qualified retirement account.
Now you can write a self- certification on why you missed the 60 day deadline. Just as a rule of thumb, ideally when rolling over from one account to another, have the transfer be from one financial institution to the other financial institution. That way you never take possession of the money…problem solved!
On this week's Your Safe Money Show, at every age we need to have an understanding of what money goes out every month. When you’re in retirement unforeseen costs can hurt because you’re more limited in how to pay for them. So I’ll have ways to prepare for these “unforeseen” costs.The housing market right now is seeing record sales. If you’re a buyer, whether you take a 30 year mortgage or a 15 year mortgage can make an unbelievable difference in your financial future. We’ll look into those differences.And I found simple financial lessons from our founding fathers that still are relevant today.Listen to Your Safe Money Show at 7:30 a.m. Saturday on KBEK 95.5 FM. They also stream live at kbek.com.
How important is financial education in our schools? New data released recently shows that high school students who are required to take personal finance courses have better average credit scores and lower debt delinquency rates as young adults.Like it or not your credit score determines how much you pay for auto and home insurance. How much your mortgage or rent will be? Being a credit risk can cost you, so the sooner you understand how all this works the better off you’ll be. Let’s face it, when you learn good habits, you tend to have better outcomes. Financial education varies widely by state. Some require that standards be implemented starting in primary school. Others merely suggest that high school classes in economics or personal finance be offered, while others require students to pass those courses to graduate.
To be successful, most kids don't need to learn about collateralized debt instruments, but they do need to know how to open a bank account, how much they need to save each month to reach their goals and, how does interest work when borrowing or saving?
I would love to see all schools at every level teach basic finances. Start in elementary school with age appropriate lessons and continue right through High School.
On this week's Your Safe Money Show. We’ll start with a new survey saying we want to work as long as possible. Well we’ll explore what that really means for all of us going forward.I also wanted to explain some basic financial concepts and how they affect your bottom line.And are you hiding an account or money from your spouse? Well you’re not alone, trust can be a problem and we’ll see what to do about this concern.Tune in Saturday mornings at 7:30 on KBEK 95.5FM, you can also stream the show live at kbek.com. Listen to the show at your convenience by going to our podcast page at yoursafemoneyshow.com.
Listen to Your Safe Money Show Saturday's at 7:30 a.m. at 95.5 FM KBEK or listen anytime by going to yoursafemoneyshow.com and clicking on the podcast page.
Unclaimed money. I always find it hard to believe that there might be money out there that people don’t even know it’s there. Each year thousands of income tax refund checks are returned to the IRS as undeliverable because the taxpayer has moved, changed his or her name, or simply because the check has an incomplete or improper address. Right now, thousands of Americans are missing money that is legally owed to them. Contact the IRS, to track down any lost tax refunds or unclaimed money.
There is a website, unclaimed.org, which provides a way for you to search for unclaimed property. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates, insurance payments or refunds and more. At unclaimed.org click on a state, territory, or province from the map or drop box to find all your potentially lost money, check every state where you’ve lived.
I wanted to talk about insurance today. I’ve worked in the insurance field for over 20 years and I know many people feel insurance is a necessary evil. When it comes to most insurance today you have to have it, driving a car, owning a home, even with health insurance. As much as we hate to pay every month for coverage for our home, vehicles, health, and life, without it if something bad happens, it could devastate you and your family’s lives. Your home burns, you’re in a bad car accident, the loss of a loved one, with insurance coverage you can pick up the pieces with the financial backing you’ve paid for. What’s that worth to you?
At Sjoberg & Holmstrom Financial Services we work with many companies to offer you the best protection and equitable solutions for the coverage you need. Having the right kind of insurance is an important part of a good financial plan.
Call us and find out what we can do for you.
