Highlights for June 2 Your Safe Money Show

Here's what you can look forward to on this Saturday's (June 2) Your Safe Money Show. 
Credit monitoring, is it worth the cost? There’s a lot of information on this topic and we’ll break that down for you. Travel is something many of us look forward to in retirement, how can you get the most out of traveling in retirement? 
And will your health insurance cover you overseas? 
Listen at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security paper statements

How do Social Security statements work? 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, today 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 has reduced the cost of processing and mailing statements by $11.3 million in the 2017 fiscal year.
To set up a My Social Security account go to SSA.gov.
If you would like to find out more about the best options when taking your benefits call for an appointment at 877-812-0259 or go to yoursafemoneyshow.com.

Your Safe Money Show Major changes to Social Security 5 26 18

Highlights for Your Safe Money Show May 26

 

We have some important information to share on our (May 26)Your Safe Money Show about Social Security and a major change coming up in 2022.
Also, missing retirement accounts are costing retirees billions of dollars, I’ll explain what that’s all about.
And mortgage rates are the highest they’ve been in 7 years, if you’re dealing in the housing market as a buyer or seller, this is a big deal.
Tune in at 7:30 a.m. at KBEK 95.5FM on Saturday morning. They stream live at kbek.com. Hear recent shows by going to the podcast page at yoursafemoneyshow.com.

Hearing loss

Debt in retirement

A recent analysis of American debt revealed a huge shift: Borrowers between the ages of 45 and 74 now owe more money in education-related debt, on average, thando younger college graduates.
So, what’s causing this huge increase? While some borrowers are paying on their own student loans, a bigger culprit seems to be an increase in loans meant to assist a child or grandchild. College has gotten more expensive each year. If you are going to consider taking on student loan debt here’s some strategies for you. Don’t step in till a student has maxed out aid options and their own federal loans. Tap a Roth IRA. You can withdraw any amount contributed to a Roth without paying a penalty, if you use the money to fund qualified education expenses, such as tuition and fees. You’d pay tax on any earnings, however, so avoid tapping those until you’re actually retired. Look at alternate loan sources. Limit yourself. Parents should borrow no more, for all children, than their annual household income. You want to have it paid off before retirement. If you have questions call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Living longer in retirement 5 19 18

Highlights for May 19 Your Safe Money Show

On our (May 19) Your Safe Money Show, we’ll go over how you can talk with your doctor about medical costs and why that’s important. 
There’s a new report on retiree’s living longer and how that’s changing retirement. 
And gambling among older adults can be a problem, what do we need to be aware of? 
Listen at 7:30 a.m. Saturdays, at 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Roth IRA's

Cohabitating

The Pew Research Center, say’s in 1960, 72% of American adults were married. In contrast today around 50% are married. More people are co-habitating with their significant others and raising children outside of marriage.
When your married there are certain legal protections, when you’re not married those protections aren’t there.
Experts recommend unmarried couples be careful when it comes to their finances. If you’re new to cohabiting, you need to decide how you’ll pay your bills. Keeping your accounts separate is a good idea. If you have a shared account, you have to realize if a break up would happen the other person can take the money from that shared account. If you buy a home together look at cohabitation agreements or some type of legal documentation, to protect your interests. Also, on your household insurance make sure both names are on the account, there’s no extra cost for this, and it protects both of your belongings. And if you co-sign a loan together, if one doesn’t pay the other is responsible.
If you have any questions call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Car subscriptions 5 12 18

Medical debt

Hearing Loss

The World Health Organization, reports that by 2050, an estimated 900 million people around the world will have a disabling hearing loss.
Medicare does not cover the cost of hearing aids and I think for many that’s a concern since the cost of one aid can be as much as $3000.
However, there was good news for people with hearing loss when Congress last August authorized the Food and Drug Administration to create a new class of hearing devices, which will be available over the counter and expected to cost far less than what you pay for a device from the audiologist's office. The over-the-counter hearing aids are for adults with mild to moderate hearing loss and will be FDA-regulated. In the future, certain hearing aids and other hearing wearable devices will be available in pharmacies and electronics retailers. Once regulations are in place, expect lower prices for FDA-approved aids and more choices.

Your Safe Money Show Debt in retirement 5 5 18

Highlights for May 5 Your Safe Money Show

Coming up on this weeks (May 5) Your Safe Money Show.
Which generation do you think has the most student loan debt? I think the answer will surprise you.
On average women retire early and they live longer, how can they plan for the long haul?
If you’re nearing retirement getting out of debt is crucial, I’ll explain.
And we have a little quiz about Social Security, you can see what you know.
Listen Saturdays at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com. To hear recent shows go to the podcast page at yoursafemoneyshow.com. 

New Medicare cards and scammers

Health Saving Accounts

I am sure you’ve heard of Health Savings Accounts, also known as HSA’s. They’re a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.
By using untaxed dollars in a Health Savings Account to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs.
An HSA can be used only if you have a High Deductible Health Plan— generally any health plan (including a Marketplace plan) with a deductible of at least $1,350 for an individual or $2,700 for a family. When you view plans in the Marketplace, you can see if they’re "HSA-eligible."
HSA funds roll over year to year if you don't spend them. An HSA may earn interest, which is not taxable. If you’re near retirement, an HSA may make sense because the money can be used to offset costs of medical care after retirement. HSA’s can be a valuable financial tool because of the tax benefits.
If you have any questions call 877-812-0259.