Highlights for July 1 Your Safe Money Show

Tune in this Saturday morning July 1st at 7:30 for Your Safe Money Show. 
There are some big changes to credit reports starting July 1st I want to tell you about.
If you’re a young adult, I have three things you can do to increase retirement savings.
And I have a story about a family dairy farm out East that is using new technology to keep the farm going. Adapting to change is crucial with so many facets of our lives. 
Listen at 95.5FM, they stream live at kbek.com. Hear recent shows podcast at yoursafemoneyshow.com.

Booking Scams

Social Security earnings statement

If you're not familiar with a Social Security earnings statement, it's basically a summary of the income you've earned to date. In addition to your earned wages, your statement will contain retirement, disability, and survivor benefit estimates. Social Security benefits are calculated based on your top 35 years of earnings.
Making sure the information on your statement is correct is essential when it comes to your benefits. It's best to report mistakes on your Social Security record as soon as you spot them -- especially since you only have three years, three months, and 15 days after the year wages are earned to correct a mistake pertaining to that income.
The best way to access your personal record is to sign up for access online at ssa.gov. From there, you can view your earnings statements and take steps to clear up any errors you spot. You will need to contact The Social Security Administration and have proof of your claim, such as old tax returns and pay stubs.
If you want to get the benefits you have coming be sure to look at your statement on a regular basis.

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Your Safe Money Show When not to use credit card 6 17 17

Highlights for June 17 Your Safe Money Show

Sure hope you can listen this Saturday morning (June 17th) at 7:30 for Your Safe Money Show. 
We use credit cards for so many purchases these days, but there are times when you should never use a credit card.
It is summer travel season and I have ways for you to save on your next vacation.
And if you’re turning 65 and still working do you have to sign up for Medicare?
I'll discuss all these topics with you on KBEK 95.5. They stream live at kbek.com. 
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security Earnings Statements- Your Safe Money Minute

Credit Limits

How are credit limits determined on credit cards?
How much credit you are extended on a card corresponds to your income level, credit history, and your FICO score. There are lenders that offer a preset limit, and that limit will apply to anyone who’s approved for the card. Whether or not you get approved, however, will depend on your credit score as well as your income. Other credit card issuers don’t set a limit they do a more involved analysis of each customer’s finances to determine a max amount.
One thing to keep in mind about credit card limits is that having a higher one isn't necessarily better. Remember, credit card companies make money by collecting interest on unpaid balances, so if you max out your card's limit and spend months paying it off, you'll end up paying out more money than necessary for whatever you used your card to buy.
Like most things in life there’s pro’s and con’s and a higher credit limit can be good or bad.

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Highlights for June 10 Your Safe Money show

On this week's Your Safe Money Show, we all know June is a month that many couples get married, so I have some advice for newlyweds that can actually help all of us.

There was a story this week in the Star Tribune, about jobs in Minnesota and our aging workforce and what big companies are doing to plan for changes going forward.

And understanding “net worth”, what it is and why it is so important to your financial future.
Tune in Saturday's at 7:30 a.m. at KBEK 95.5FM. They also steam live at kbek.com. Here recent shows at our podcast page at yoursafemoneyshow.com. 

Credit Limits

Privatizing Debt Collection-IRS

The IRS is now sending letters out to taxpayers whose longtime unpaid tax debts are being farmed out to authorized private debt collection firms. 
Scammers, no doubt, will take advantage of this, so here’s what to watch for. The IRS will notify you and your tax representative first by letter. That letter will include the name of the firm you'll be dealing with, along with the firm's contact information. Then the firm will send its own letter confirming that it will handle your case. To protect the taxpayer's privacy and security, both the IRS letter and the collection firm's letter will contain information that will help identify the tax amount owed and assure that future collection agency calls they may receive, are legitimate.
 You should never be asked to send payment to the firm or to anyone other than the IRS or U.S. Treasury. 
Anyone calling and demanding immediate payment by prepaid debit card, gift card or wire transfer -- or asking for your credit card or debit card number -- is a fraud. Hang up. 

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Highlights for June 3 Your Safe Money Show

The American College of Financial Services had a 2017 quiz on “financial concepts,” and found there’s still confusion for three out of four people between the ages of 60 and 75. We’ll go over those concepts with you so you’ll be that one in four that understands financial concepts. 
Your Social Security income statement should be reviewed on a regular basis so you can correct and stay on top of that information. Otherwise your benefits can be affected.
And expenses are something we all deal with, but what expenses are the most hurtful to our household budgets? Getting control over those expenses can certainly help your bottom line.
Tune in at 7:30 a.m. at KBEK 95.5 FM. They stream live at kbek.com.