Highlights for September 1 Your Safe Money Show

On this week's (September 1) Your Safe Money Show I want to go over how your Social Security benefit is calculated. There’s some confusion on this so I thought we’d shine a light on that process.
I also have a way to boost your retirement savings, I’ll keep you in suspense of what that is.
And how can you control expenses in retirement? It stands to reason that if you control expenses your income will go further. 
Tune in at 7:30 a.m. at 95.5 FM KBEK Saturday's.They stream live at kbek.com.
To hear recent shows go to the podcast page at yoursafemoneyshow.com.

Forgetting to take RMD's

Cost plans

Starting in 2019, a popular Medicare insurance product known as a Cost plan will no longer be available to members in certain counties in Minnesota. 

 In 2003, the federal government passed a law that required competition in states where Medicare Cost plans were sold.  This meant that if there was a substantial presence of Medicare Advantage plans in these service areas, that Medicare Cost plans could not be offered.  After many years delaying this rule, this requirement will take effect in 2019. However:

Medicare Cost plans will continue to be available in 21 Minnesota counties due to the lack of other Medicare plan options.  These unaffected counties are: Aitkin, Carlton, Cook, Goodhue, Itasca, Kanabec, Koochiching, Lake, Le Sueur, McLeod, Meeker, Mille Lacs, Pine, Pipestone, Rice, Rock, St Louis, Sibley, Stevens, Traverse, and Yellow Medicine.

If you are a resident of one of these counties you are not impacted by any changes, and you would still be able to keep or purchase a Medicare Cost plan into 2019.

Open enrollment for Medicare starts October 15^th and runs through December 7th. To change your health or drug plan call for a review at 320-679-5183.

Your Safe Money Show Affordable housing in retirement 8 25 18

Highlights for August 25 Your Safe Money Show

I hope you can listen this Saturday (August 25) at 95.5 FM at 7:30 a.m. for Your Safe Money Show. They stream live at kbek.com. 
You know over the years we’ve talked about how to handle helping your adult children and still protecting your retirement funds. We’ll look at helping your adult child if they want to start their own business. What are the pitfalls to consider?
It’s pretty common for one spouse to retire before the other, how can you plan for the changes both financial and psychological? 
And finding affordable housing in retirement has become a bigger deal these days, I’ll have suggestions to help your bottom line. 
If you can't listen Saturday morning listen anytime to recent shows at our podcast page at yoursafemoneyshow.com.

Pay yourself first

Homeowners insurance for older Americans

I don’t care what kind of insurance you have, homeowners, auto, life, health, as we get older the insurance has to be adjusted to fit our needs.
I thought we’d look at Homeowners insurance this time around. Let’s start with whether your coverage is up to date. This is important at any age but as we get older if we’ve had the policy for many years it might be time for an overview. Look at your deductible is it too low or high? Sign up for duplicate premium notices. All this does is protect an older home owner who might forget to pay the insurance after paying a mortgage for years out of escrow. Having a child or trusted love one get a premium notice also ensures a better chance of paying instead of being cancelled for failure to pay. Don’t be afraid to shop around for the best deal. Consider a rider for things like jewelry or other valuables. Buy umbrella insurance, the most overlooked coverage is personal liability. Buy enough personal liability coverage to equal your net worth. Be proactive and have your insurance person go over your policy and make changes as needed.
If you have questions call 320-679-5183.

Your Safe Money Show Social Security fraud protection 8 18 18

Your Guide to Social Security

Deciding when and how to take your Social Security benefits is one of the biggest decisions you can make for your retirement. Ask for Your Guide to Social Security, there's cost cost or obligation. Go to the contact us page at yoursafemoneyshow.com.

Highlights for August 18th Your Safe Money Show

Coming up on Saturday August 18 Your Safe Money Show.
I want you to be aware of Social Security fraud and how to protect yourself against benefit theft. I believe it’s better to have the information and hopefully never need to use it, than not knowing at all.
If you’re a caregiver I have factors for you to consider before you start using your retirement savings to pay bills.
And my job as a retirement income planner is to help my clients have the best retirement possible, with that said, I have financial tips for you to make that “great retirement” happen. 
Tune in at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com. 
Hear recent shows at yoursafemoneyshow at the podcast page.

Student loan repayment and Social Security

Medical debt and your credit score

Medical bills, like any unpaid debt, can do major damage to your finances if left unresolved. The delinquent bill will eventually show up on your credit report and drag down your credit score. 
There is some good news, though. Medical debt is treated somewhat differently from other unpaid accounts, like credit cards or student loans. Unlike traditional lenders, your doctor or hospital typically doesn't report unpaid bills to a credit reporting agency. Healthcare providers usually send the unpaid bill to a debt collector, which in turn reports it. So, it may take more time for an unpaid medical bill to show up on your credit report and hurt your credit score.
New regulations that kicked in last September make it harder for medical debt to hurt your credit score. The three major credit reporting agencies have to wait 180 days before putting an unpaid medical bill on your credit report. Unpaid medical bills that later get paid by your insurer must be removed from your credit report, so they don’t continue to damage your credit score.
Monitor your credit reports, and if the bad debt doesn’t disappear, write to the credit reporting agencies to request that the debt be erased and provide proof of payment by the insurer.

Your Safe Money Show Fixing medical bill mistakes 8 11 18

Highlights for Saturday August 11 Your Safe Money Show

Here's what you can expect on the Saturday August 11 Your Safe Money Show.
 Inflation is rising, how does this affect you and I as consumers?
Mistakes can happen with medical bills, I’ll have ways to minimize those problems.
And I’ll have tips for older homeowners with their insurance. 
Tune in at 7:30 a.m. at KBEK 95.5 FM. They stream live at kbek.com.
You can hear recent shows at yoursafemoneyshow.com at the podcast page.

Leaving retirement accounts behind

401(k)'s and leaving a job

A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out.
Once you leave a job that offers a 401(k) the question is what should you do with that account? Well you have basically 4 options. You can leave it at the old employer, cash it out, move it to your new employer if they offer a 401(k) or roll it over to an IRA. 
There are pro’s and con’s with each of these options depending on your circumstances. There can be penalties with cashing the account out before age 59 and a half. Really the best option in most cases is rolling the 401(k) into an IRA. Fees are usually lower, and you have more control over the account.
If you have several 401(k)’s you’ve left at jobs over the years combining those into one account can save on fees plus it’s much easier keeping track of the account. If you want more information call for an appointment 320-679-5183.

Your Safe Money Show Medical debt and your credit score 8-4-18

Did you miss the show this morning?

We have our four most recent broadcasts of Your Safe Money Show at our podcast page at yoursafemoneyshow.com.
Our show from Saturday August 4 will be at the podcast page by 10 a.m. on Monday August 6.

Highlights for August 4 Your Safe Money Show

Coming up on this Saturday's (August 4) Your Safe Money Show.
Having a great credit score is extremely important to your financial well being and medical debt can affect your score. I'll explain best practices with medical debt and recent changes to how it's being handled.
On average when planning for retirement, Americans underestimate financial factors, so I’ll go over those implications.
And on a lighter note, I have deals on items you can still get this summer. 
Tune in at 7:30 Saturday mornings at KBEK 95.5FM. They stream live at kbek.com. Hear recent broadcasts at our podcast page at yoursafemoneyshow.com.