Your Safe Money Show Solo Agers and estate planning 4 28 18

Highlights for April 28 Your Safe Money Show

April 28 highlights for Your Safe Money Show.
When it comes to estate and long-term planning, many times we assume people have children, they are a big part of that plan. Well we want to come in from the side of someone without children, how does planning differ and where do you start?
It’s more common these days for couples to be together a long time and not be married. When it comes to finances what are some good suggestions for unmarried couples?
And older folks who are renting their home are being pushed out by higher rent prices, what’s causing this and what can be done to help? 
Tune in Saturday mornings at 7:30 at 95.5 FM KBEK. They stream live at kbek.com. You can also hear recent shows at the podcast page at yoursafemoneyshow.com.

If you file to early for Social Security

New Medicare cards and scammers

If you’re currently on Medicare, new cards are coming out this year. If you live in Minnesota they will start arriving in June. 
The switch to the new Medicare card is intended to make seniors less vulnerable to fraud by replacing the Health Insurance Claim Number which is currently based on your Social Security number -- with a new Medicare Number. 
Well scammers are trying to take advantage, here’s what to be aware of. Seniors are getting calls from scammers telling them they need to pay for their new cards or pay for temporary cards during the transition period. They are asked to provide bank information, to wire money, or to purchase prepaid cards and provide card numbers. Another scam, seniors are asked through email or on the phone for personal information -- such as your current Medicare number, Social Security numbers, or other personal identifying details -- to get their new card. These calls are always scams. Medicare will not call seniors to request either money or sensitive personal information over the phone. Once your new card arrives shred or destroy your old card.
If you have questions call 877-812-0259, or go to yoursafemoneyshow.com.

Your Safe Money Show Rising gas prices affects 4 21 18

Highlights for April 21 Your Safe Money Show

Many professions kind of have their own language, and financial “speak” is no exception. So, I’ll share financial planning terms, so were all on the same page.
Gas prices are rising, besides paying more at the pump, what else gets more expensive?
If you’re planning on selling your house what is the one thing you can do that can help sell that house faster? 
And financial issues can cause serious problems according to a new study, we’ll examine that.
Please tune at 7:30 a.m. at 95.5FM KBEK . They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com at the podcast page. 

Health Savings Account

Drug prices lower than copay

Researchers found that generic drug co-payments in the U.S. cost more than the medicines themselves about 28 percent of the time – or for more than one in four prescriptions.
Pharmacy benefit management companies, enter into contracts with pharmacies to collect patient co pays, even if the copay amount exceeds the original cost of the drug. This is called a “Claw back”. Claw backs allow pharmacies to keep the full customer copay amounts, even if it’s more than the reimbursement. For example, if a patient’s copay is $10 and the PBM reimburses the pharmacy for the cost of the generic drug plus a dispensing fee for roughly $6, the PBM pockets the extra $4 paid by the patient.
Some pharmacies are under a "gag clause," which says they are not allowed to tell customers about the price difference and the fact that they would pay less for their prescriptions by not using their insurance.
Patients should shop around for the best price on prescriptions to avoid price gouging, and ask pharmacists if paying cash would be cheaper than using insurance.
If you have questions go to yoursafemoneyshow.com.

Your Safe Money Show Medicare cards and Scammers 4 14 18

Day four National Retirement Planning Week...Inflation

Here we are at day four of National Retirement Planning Week. I've been sharing important aspects to any retirement plan. 
On Monday I started with having a budget and an emergency fund. Tuesday it was understanding your risk tolerance.
Wednesday I shared the importance of when and how you take your Social Security benefits. And today let's look at inflation. Interesting thing inflation. If you're trying to save money in an interest bearing account, of course you'd like the rates to be up. But if you need to borrow money you want lower rates. There was a time in 1981 that lending interest rates were at 18%. Well for awhile now rates have been low so if your trying to save especially for retirement, it's been tough. Rates have risen a bit and when planning for retirement you have to factor in inflation to make sure your withdrawal rate doesn't exceed what your making in interest bearing accounts.
Inflation is just one of several factors you must consider when planning for your retirement.
If you'd like an appointment call 320-679-5183 or go to yoursafemoneyshow.com. 

Day three of National Retirement Planning Week...Social Security

We're onto day three of National Retirement Planning Week and I've been touching on important pieces to a retirement plan.
On Monday I covered having a budget and an emergency fund. On Tuesday I discussed understanding your risk tolerance. Today let's consider when and how to take your Social Security benefits. By far this can be one of the biggest decisions you make.
If you take your benefits before your full retirement age you will get a reduced benefit. Full retirement age is 66 if you were born between 1943 and 1954 and moves up to 67 if you were born in 1960 or later.
If you wait to take your benefit up to age 70 you will get around 8% more each year, at 70 that’s the max.
For many retirees their Social Security benefit is a mainstay of their retirement plan. Knowing your options to get the most from your benefits is key. I have software that can give you those options and there's no cost or obligation to run those numbers for you.
Call 855-22money or go to the website yoursafemoneyshow.com.

Day two of National Retirement Planning Week...Topic Risk tolerance

Today is day two of National Retirement Planning Week. Yesterday I talked about budgeting and having an emergency fund. 
Today I want to touch on understanding your risk tolerance. When investing how much can you afford to lose? That really is the question you need to ask yourself.
We have our Color of Money Risk Analysis tool at the home page at yoursafemoneyshow.com. Go ahead check it out, there's no cost. At the end of the eleven questions you'll know how much risk you can handle going forward with your financial planning.
Keeping at least a portion of your retirement income where you never lose your principle. You get a reasonable rate of return. You grab the gains when the market rises but when it falls you stay the same. And if you choose you get a lifetime income you cannot outlive. Yes a pension! That's something you want to consider when planning for your retirement. Questions call 320-679-5183, website again is yoursafemoneyshow.com. 

National Retirement Planning Week

This week April 9-13 is National Retirement Planning Week.
In recognition I will share each day, an aspect of financial planning.
Today let's look at your budget and having an emergency fund. Both of these are important at every age.
Having a budget where you have more money in, than money out, of course, is the key. 
An emergency fund is simply defined as an account where you set aside funds to be used for unexpected expenses. It's your “just in case” account. I suggest 3 to 6 months worth of what you pay out in bills each month. That way if something happens and you can't work, you can borrow from yourself.
If you have any questions please call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Older consumers left out 4 7 18

Color of Money

If you filed for Social Security benefits too early

If you filed for your benefits for Social Security, and now wish you had waited, there are options for you.
You can withdraw the benefits claim if it's been less than a year. All you have to do is submit in writing that you'd like to withdraw your claim for your benefits. Then, you can go back to not receiving your Social Security and wait until a later period when your payments will be higher. However: you'll have to pay back all of the money you received from Social Security, including any payments a spouse or child may have received.
Another option, if you've reached your full retirement age but aren't 70 years old, you can contact the Social Security Administration and ask them to suspend your benefits. At that point, you would receive delayed retirement credits, or DRCs, which are worth 8 percent per year guaranteed growth from your full retirement age up until age 70 to your benefit amount.
And if you aren't yet at your full retirement age, you could work while you receive your Social Security benefits and see higher earnings later.
If you have questions call 320-679-5183.

Your Safe Money Show Broadband limits 3 31 18