February 2, Your Safe Money Show topics

On this Saturdays (February 2) Your Safe Money Show, I want to go over new 401(k) and IRA limits for 2019 and how to utilize those accounts especially in regard to taxes.
I am hearing more and more about phased retirements being offered to my clients, so I thought we’d go over the pro’s and con’s of a phased retirement.
And I’ve had several people ask me about applying for Medicare without claiming Social Security, so I’ll go over that for you as well, 
Listen at 95.5 FM KBEK at 7:30 a.m. Saturday mornings.
They stream live at kbek.com.
You can also hear recent shows at the podcast page at yoursafemoneyshow.com.

Advance on tax refund

More and more tax payers are using a fairly new option of taking an advance on your tax refund.
 Consumer advocates generally don't like refund-advance products, due to both high costs and the potential for scams. But if you're leaning toward a refund-advance product, thoroughly investigate the price tag at various preparers before you schedule a tax-prep visit. Just because a refund-advance product isn't called a loan, or doesn't have an interest rate, doesn't mean it's free. Carefully read the terms and conditions and ask plenty of questions. Depending on the product and provider, there could be fees for applying for the advance, checking your credit and transferring the money to you. Then there are fees related to preparing and filing your tax return, which might be more than what you could otherwise pay if you weren't focused on finding a tax preparer who could offer an advance. 
With concerns of refund delays, pay particular attention to product terms that hinge on timing. You'd want to know if there are fees or a penalty APR that kick in if circumstances delay the arrival of that refund (and in turn, your repayment of a loan).
 I say “no” to these advances and recommend checking with your local bank or credit union they offer small-dollar, short-term loans, and those terms may be less expensive and friendlier overall. 

Your Safe Money Show Benefits of an HSA 1 26 19

January 26 Your Safe Money Show topics

I hope you can listen this Saturday morning (January 26) to Your Safe Money Show at 7:30 at 95.5 FM KBEK. They stream live at kbek.com.Topics this week:
It’s not too late to set savings goals for 2019 and I have various ways for you to do this. 
There’s a job challenge that happens to negatively affect older workers more than younger ones, I’ll explain what that is and how to deal with it. 
And Health Savings Accounts, HSA’s are a great tool for saving but not everyone qualifies, I’ll have details on those accounts. 
If you can't listen Saturday morning go to yoursafemoneyshow.com to the podcast page to hear recent shows. 

Debt to income ratio

Your debt to income ratio is usually associated with mortgage loans, but lenders may use it to determine eligibility for auto loans, personal loans, or other types of credit. It's one of those key financial metrics that lenders use to evaluate you as a credit risk.
How is it calculated? Lenders divide your monthly debt payments into your gross income (what you earn before taxes and other deductions).
What is a good debt to income ratio? According to the Consumer Financial Protection Bureau, typically, a lower debt-to-income ratio is preferable because it shows that you have enough income to repay outstanding loans. In most cases, 43 percent is the highest ratio a borrower can have and still get what's called a qualified mortgage. A qualified mortgage is a safer, more transparent loan for borrowers who are eligible.
How can you improve your debt to income ratio? Paying down debt or selling financed assets, like an auto loan, will improve your debt-to-income ratio. But keep in mind that can affect your credit score negatively. So, here’s the deal, let’s say you pay off your mortgage, how exciting is that right? But making that payment showed consistency that you paid your bills, now that’s gone, that can drop your score a bit. But your debt to income ratio likes that you paid off the mortgage.
If you want more information go to yoursafemoneyshow.com.

Your Safe Money Show Debt to Income Ratio 1 19 19

January Newsletter now available

To see our January newsletter go to yoursafemoneyshow.com and then go to the bottom of the financial materials page and download the newsletter. 
If you'd like the newsletter sent to you let us know at the contact us page at the website.

January 19 Your Safe Money Show highlights

Your Safe Money Show is heard Saturday mornings at 7:30 at KBEK 95.5FM. They stream live at kbek.com.
For the January 19th show were going over what your debt to income ratio is and what it means for your finances. 
Tax time is right around the corner and before you take an advance on your tax refund you'll want to hear all the details on these advances. 
And how much life insurance do you need and what policy fits best for your situation?
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security payments during government shutdown

The importance of having a budget

If you don't have a budget now is a great time to set one up and stick to it. 
According to the Federal Reserve, Consumers across all income levels struggle with spending more than they earn. Over one-fifth of adults aren't able to pay all of their current month’s bills in full.
So to get started,list your fixed expenses, as well as your monthly after-tax income. Subtract the recurring bills you have (such as your mortgage and car payments) from your income to figure out how much you have left over for variable spending. You can even take it a step further by dividing that amount by four. That’s how much you or your family can afford to spend on a weekly basis. A budget is by far, is one of the best tools you have to getting your finances in order. If you need help call for an appointment at 320-679-5183 or go to the website yoursafemoneyshow.com.

Your Safe Money Show Effects of Government Shutdown 1 12 19

January 12 Your Safe Money Show highlights

Listen Saturday mornings at 7:30 at KBEK 95.5FM for Your Safe Money Show brought to you by Sjoberg & Holmstrom Financial Services.
On this weeks show, we’ll look at the effect of a partial government shutdown and what we can expect on several fronts.
The decision to disinherit a family member can be difficult but sometimes necessary, we’ll discuss those steps.
And I have a January financial “to-do” list that will be a great way to get on track here in 2019. 
The show is streamed at kbek.com and hear recent shows at the podcast page at yoursafemoneyshow.com.

Real ID's

Government shutdown and Social Security payments

I’ve had several clients call concerned about the government shutdown effecting Social Security payments. While the problems caused by the shutdown are significant, essential services, such as public safety operations and Medicare payments have continued.

Additionally, the shutdown should have little effect on Social Security checks. According to the Social Security Administration's shutdown contingency plan, most core programs and benefits continue in the event of a shutdown. A shutdown only affects funds annually appropriated by Congress, not funding that is sustained long-term. The Social Security trust fund is paid for through a combination of taxes and long-term investments.

Other core functions like disability claims or appeals over benefits would continue to function. While previous shutdowns have led to the furlough of Social Security employees and some services, a full-year funding agreement for the Social Security Administration was reached in September so the agency is not affected this time around.

Your Safe Money Show Best of 2018 1 5 19

Highlights for January 5 Your Safe Money Show

For our first show in 2019, Your Safe Money Show will cover changes to Social Security. Finding old pension plans, how medical debt is now counted differently from other debt, and locating a lost insurance policy.
Tune in at 7:30 a.m. at 95.5 FM KBEK Saturday's. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com. 

Your Safe Money Show Overview Show 12 29 18