Delayed refunds

The tax filing season is underway, but a new law requires the IRS to 
delay tax refunds to families claiming the earned income tax credit and the additional child tax credit. 
The delay will mean refunds won’t get out until mid to late February. The IRS needs more time to screen the returns for fraud. The IRS estimates that it issued $3.1 billion in fraudulent tax refunds to identity thieves in 2014. The year before, it paid out $5.8 billion. Over those two years, the IRS says it blocked nearly $47 billion in fraudulent refunds.
International organized crime syndicates have become extremely sophisticated in stealing identity and committing fraud. The sad thing is legitimate refunds end up delayed an average of 30 days or more because of the increased screening.
It is unfortunate that people who might need the refund the most will be delayed in getting it, but with identity theft and fraud being what it is, I can see why the IRS is having to go at this hard to stop the thieves.

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Highlights for January 28 Your Safe Money Show

Listen this Saturday January 28 at 7:30 a.m. at 95.5 FM KBEK for Your Safe Money Show.
Scammers use tax time to steal your information through emails, and over the phone, discover what to watch out for. 
The IRS is delaying tax refunds for millions of low income families and the delay has to do with screening the returns for fraud. Find out when to expect your refund.
And there is one rule, if you follow it, could change your financial future for the better.
KBEK streams live at kbek.com.

Social Security paper statements

Finding your retirement age

Deciding when to retire might be one of the biggest decisions you ever make. I want to share with you factors to consider whether you are retiring soon or down the road. How much have you saved? Many of us count on Social Security benefits for our retirement income. So, maximizing the benefits you have coming is important. You also have to look at 401(k) accounts, IRA’s and any other retirement savings you have, and will there be enough to carry you all the way through your retirement. Having an account that offers lifetime income might be a good fit for you.  Next you should consider your health and the cost of health care too. There are benefits to working longer if you can, but as you decide “when” to retire your health is crucial to that decision. And finally, what are your goals in retirement? Don’t overlook this consideration and just pick a date to retire. Many people want to travel just keep in mind travel costs money. Having a plan and finding a way to reach your goals is the difference between a so-so retirement and an awesome one.

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Highlights for January 21 Your Safe Money Show

Social Security, there’s so much to understand that it can be overwhelming, that’s why we have a quiz for you. You can find out how well you understand Social Security.
Staying with a Social Security them, some 12 million workers will pay more in taxes, because of a rise in the Social Security "taxable minimum”, some will pay as much as $500 more.
And to save money Social Security is again cutting back on paper statements, we’ll see what those changes are.
Listen at 7:30 a.m. at 95.5FM KBEK. They also stream live at kbek.com.

Social Security paper statements

There has been another change regarding Social Security paper
statements. These statements detail information on your
earnings, your estimated benefits, and the contributions you've paid in payroll taxes.
Back in 2011, the agency stopped mailing its annual paper statements to save on costs. The following year, Social Security started the web site "My Social Security account" to get all your information on-line.
 In September 2014, the agency started sending paper statements to
workers who weren’t receiving benefits and who hadn’t signed up for an online account. These individuals were getting their paper
documents as they turned 25, 30, 35, 40, 45, 50, 55, 60 and over.
So, here’s the new change, only individuals who are 60 and over, who aren't receiving benefits and who don't have a "My Social Security account" online will get paper statements.
This measure will reduce the cost of processing and mailing statements by $11.3 million in the 2017 fiscal year.

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Highlights for Saturday January 14 Your Safe Money Show

On this week's Your Safe Money Show, New Year’s resolutions, some people really get serious about changing bad habits or setting goals. Well, I'll have ideas for you to consider in regards to "money resolutions" you can make, that could change your life for the better.
And the USDA came out with the cost to raise a child this week, it’s always interesting to see that number and how it varies by location and demographics. 
Plus, I am always looking for easy ways for my clients to save money and the 52-week money challenge is a simple way to save.
Get all the details by tuning in this Saturday morning at 7:30 at KBEK 95.5FM. They also stream live at kbek.com.

Difference in debit and credit cards

I’ve found there’s still some confusion on the difference between credit and debit cards. When you use a debit card and your PIN (personal identification number), the transaction is completed in real time, also known as an online transaction — you authorize the purchase with your PIN and the money is immediately transferred from your bank account to the merchant.
With a credit card, or using a debit card as credit, it's an offline transaction. The funds for offline transactions are deducted after the merchant settles the purchase with the credit card processor and typically takes 2-3 days to be reflected in your account balance.
Remember though that using a debit card doesn’t affect your credit score. However, using a credit card will affect your credit score. Credit cards and debit cards are very different products, each with their own advantages and drawbacks that should influence when and how you use them.

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Highlights for January 7 Your Safe Money Show

Some people when they retire never want to "work" again. But today many retirees decide to keep working, but maybe in a different way, by volunteering, starting at a whole new job or even starting their own business. On this week's Your Safe Money Show Todd will look at these new trends in retirement.
Plus there are four types of working retirees, by understanding what type you are can help you make the most of your retirement. Listen Saturday mornings at 95.5FM at 7:30. They also stream live at kbek.com.

Carrying a credit card blanace

I heard someone say the other day that carrying a balance of some kind on your credit card month after month will improve your credit rating. Truth is that’s wrong, why is it wrong? Well first of all, the actual balance on your credit card makes up only a tiny fraction of your credit score. Yes, credit utilization — which is the part that carrying a balance is involved with — is one component, but so is payment history, the length of your credit history, the types of accounts you have, and how many credit inquiries you've had recently which means people checking on your credit. In fact, most credit score systems focus primarily on payment history above the other factors, not the credit utilization.

In fact, most credit scores prefer that you remain below 30% of your credit utilization. In other words, they want you to have a balance equal to 30% of your credit limit at the absolute maximum. Carrying more than that actually hurts your credit score.

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