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Happy Holidays!

Everyone at Sjoberg & Holmstrom Financial Services and Your Safe Money Show want to wish you a Happy Holiday Season. 
Our office will be closed December 24th through January 1st. We will open 8 a.m. January 2nd.
We will be monitoring messages at 320-679-5183.

Highlights for December 22 Your Safe Money Show

Your Safe Money Show is heard Saturday mornings on KBEK 95.5 FM at 7:30. They stream live at kbek.com.
You can hear recent shows at the podcast page at yoursafemoneyshow.com.
For the show this week (December 22), I wanted to cover important things happening right now like a federal judges ruling that the Affordable Care Act is unconstitutional and I also want to tell you about tax changes with the new Tax Cuts and Jobs Act.
But with Christmas right around the corner, on a lighter side, we’ll look at when grandparents show their love through gifts, where does it become too much? 
And do Americans marry for love or money? 

Finding your retirement age

Creating a home inventory

Experts say having a good sense of what you own helps ensure you have enough and the right kind of coverage for your belongings — and should you suffer losses from disaster or theft, can make it easier to document and be fairly reimbursed for losses.
 So, creating a home inventory is a great way to keep track of what you have. You can hire professional inventory people or do the work yourself. There’re apps available to help for free or low cost, like Encirle or Nest Egg. You can also take pictures yourself and catalog the items and keep detailed information on the more expensive or hard to put a price on items in your home. 
Documentation of appraisals and or receipts make sure you’re fairly compensated along with good pictures.  Once you've logged your belongings, go back and review your insurance coverage to make sure it's a fit. It's also worth reviewing the terms of your coverage to make sure that your possessions will be covered for replacement value versus actual value.  If you purchase or receive new items add that to your inventory. Save your home inventory to a cloud service or save in a lock or strong box at your bank.

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Highlights for December 15 Your Safe Money Show

 Divorce is always a difficult situation to go through and in 2019 there are new tax rules that take effect. If divorce is something you will be dealing with in 2019, you’ll need to understand the changes.

The Social Security full retirement age continues to rise and will increase to 66 and 6 months if you were born in 1957. I’ll get into those details for you. And I’ll explain how to create a home inventory.

Tune in at 7:30 a.m. Saturday at 95.5 FM. They stream live at kbek.com.

Hear recent shows at the podcast page at yoursafemoneyshow.com.

Ways to pay off a home loan

Lower utility bills

The winter of 2018–2019 could be a cold one as we’ve had December cold in November, according to the National Oceanic and Atmospheric Administration. That means higher heating bills no matter what type of fuel you use. Even as were into winter, here are ways to save on your utility bills. Seal any air leaks. Professionals perform a blower door test to identify air leaks. But you can try a low-tech version by turning on all of your home’s exhaust fans and holding an incense stick near windows, doors, and electrical outlets. If the smoke blows sideways, you have a leak that needs plugging. Next set your thermostat: If you haven’t upgraded to a programmable or smart thermostat yet, this is the winter to do so. The device will automatically lower the heat when you’re asleep or away from home. If you have forced-air heating you have a filter, be sure to change that filter depending on the grade, some you need to change monthly, some suggest every three months. These simple changes can help you save on your heating costs. 

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Highlights for December 8 Your Safe Money Show

Coming up on this weeks Your Safe Money Show. We talk about RMD’s, Required Minimum Distributions, and there’s a crucial retirement tax deadline coming up that you need to be aware of. 
I also want to put on the front burner, the importance of having your estate plan in place, and how to do that.
And if you’ll be retiring soon, maybe in 2019, I have some insight to how your life will change in surprising ways that you may not expect.
Listen Saturday mornings at 7:30 at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Ultra FICO

Roth IRA for a child

Any parent, grandparent, aunt, uncle or family friend can open a Roth individual retirement account to help a child invest for the future.
 Like a regular Roth IRA, the minor must have earned income to be eligible, and the contribution amount cannot exceed the earnings in a given year. It doesn't have to be in the form of a paycheck, either. Cash is fine as long as it's been documented. 
The maximum contribution for 2018 is $5,500 but that will rise to $6,000 in 2019. The adult is the "custodian" and maintains control of the account and invests on the child's behalf until they meet the required age, which varies by state but is generally age 18. And unlike a traditional savings account, a Roth IRA lets you and your child pick and choose investments, which can make a substantial difference on your rate of return. The minor can then use those funds for college costs or other expenses, like a down payment on a first home.
 While traditional retirement accounts have many restrictions about taking the money out, Roth IRA account holders can withdraw their contributions at any time without taxes or penalties. Plus, after the Roth IRA has been funded for five years, your child can take a distribution of up to $10,000 to buy their first home, without having to pay taxes or penalties on those funds. Contributions to a Roth IRA are taxed up front and then withdrawals in retirement are tax-free, which is a big perk for young savers who are in a lower tax bracket now than they will be later in life.

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