Topics for this Saturday's (March 2) Your Safe Money Show.There are 5 groups of people that will never receive Social Security benefits, find out who they are.I’ll have how to donate your IRA distribution to charity and how that can help you with your taxes.And in Sweden hardly anyone is using cash these days, what’s that like, and is the U.S. looking at this too?Listen at 95.5 FM KBEK at 7:30 a.m. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.
Social Security identified nearly 63,000 likely
fraudulent online benefit applications in fiscal 2018. Meanwhile, there has
been huge growth in Social Security imposter scams,
in which fraudsters claiming to be Social Security staffers contact
victims--often via robocalls--and try to extract money or personal details.
More than 35,000 people reported such scams in 2018, according to the Federal
Trade Commission, up from 3,200 a year earlier. What should current and future
beneficiaries do? Although it's not a 100% fix, register your My Social Security
account before somebody else does it for you. Log on regularly
to check for suspicious activity. For an additional layer of protection, add
"extra security" to your My Social Security account. This process
ties the account to your address and credit card or other financial
information, and it is the best defense available at this time. You can also
block electronic access to your Social Security record at www.socialsecurity.gov/blockaccess. This
prevents anyone--including you--from viewing or changing your personal
information through Social Security's website or automated phone line. If you
later need to access your information, you can remove the block after
confirming your identity with Social Security.
When being approached on the phone, hang up and
call Social Security directly at 1-800-772-1213 to speak with a real Social
Security representative.
On Your Safe Money Show this week (February 23) we need to talk about how Social Security scams are a growing threat to retirees and what you can do to protect yourself.A recent report says fertility rates have dropped to the lowest point in history what does that mean for the future?And there’s a shortage of truck drivers, how does that affect all of us and what is the industry doing to attract workers?Tune in at 95.5 FM KBEK at 7:30 a.m. Saturdays. They stream live at kbek.com.To hear recent shows go to the podcast page at yoursafemoneyshow.com.
If your considering getting married it’s important to understand where you both stand when it comes to your finances. Some of us are big savers and some are spenders, find out your partners money habits and discuss financial goals.Do you want a house, children, travel, do you have specific retirement goals? Marriage can result in higher taxes, especially when both partners are high earners, on the other hand, it’s possible for marriage to result in lower taxes because you can combine deductions and other tax advantages. Find a good tax person or CPA to help you with taxes.
If you have debt be sure to be up front about what you owe. Understanding each other’s debt stories, credit scores, and credit history are important factors to consider before making future purchases together.
Once you and your partner have thoroughly discussed your financial history and habits with each other, you can come up with a plan for how you may want to combine finances. You can start small by opening a joint checking account, which can be a good introduction to learning how to manage your money together. From there, you can build out a budget and start saving together for joint goals.
If you like help with budgeting or how to get started with a financial plan call 320-679-5183.
Were hearing a lot about taxes in the news right now as tax season is under way. For the February 16th Your Safe Money Show, I have tax filing tips specifically for retirees. And having a safe deposit box is a good idea to keep important documents and valuable items however some things are best kept somewhere else. I’ll have ideas what to keep in a safe deposit box and what not to keep there. Also, I have the ten commandments of retirement.Our show is heard at 7:30 a.m. on 95.5 FM KBEK. They stream live at kbek.com.To hear recent shows go to the podcast page at yoursafemoneyshow.com.
I wanted to touch on life insurance today because once you get a handle
on how much insurance is right for you, it’s much easier to find the right
policy that fits and makes sense for you and your family.
One of the simplest
ways to determine the amount of financial coverage you’ll need from life insurance as a policyholder is to
buy a life insurance policy that's equal to a
certain multiple of your income, such as five, seven or 10 times your annual
salary. Those with significant assets can use a lower multiple, while those
with no savings may be better off with life insurance equal to 10 times their
salary. Another rule of thumb is to start with a multiple of your income and
then add your household debt, or $100,000 per child, to reach an appropriate
death benefit.
Determining how much life insurance you will need is something
you will have to reassess more than once. Experts suggest recalculating your
needs after every major life event, such as a marriage, divorce, birth of a
child or death in the family. And after a major life event, double-check to
make sure you don't need to update your beneficiaries along with your coverage
amount.
If you have any questions or just want more information call 320-679-5183.
Here's what to expect for this Saturday's (February 9th) Your Safe Money Show.Social Security can be taxed, and I will have ways to minimize those taxes.Every generation has their own reality, and your retirement will be different than your parents, I’ll tell you how and why that’s the case.And I’ll have surprising things you probably never knew about taxes.Listen at 95.5 FM KBEK at 7:30 a.m. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.
You first become eligible to sign up for Medicare during the seven-month period that begins three months before your 65th birthday. If you don't sign up for Medicare during this Initial Enrollment Period, you could be charged a late enrollment penalty for as long as you have Medicare.Medicare parts B and D both have late enrollment penalties. Monthly Part B premiums increase by 10 percent for each 12-month period you delay enrolling in Medicare Part B after becoming eligible for it. The Medicare Part D late enrollment penalty kicks in if you go as little as 63 days without credible prescription drug coverage and increases the longer you go without insurance. Both late enrollment penalties could be added to your premiums for as long as you have Medicare if you don't sign up during the seven-month enrollment period that begins three months before your 65th birthday.
This gets pretty involved but just know, the actions you take (or fail to take) in the months around your 65th birthday may affect how much you pay for Medicare for the rest of your life.
If you have questions call 320- 679- 5183.
