Highlights for June 1st Your Safe Money Show

Coming up on this Saturday's (June 1st) Your Safe Money Show.
Where are you going to live in retirement? This is a huge decision and I’ll share what you’ll want to consider when it comes to your housing strategy.
Social Security benefits have lost one third of their buying power since 2000. We’ll look into this.
And on an up note, there’s a Social Security proposal that’s actually worth getting excited about. I’ll have the details for you.
Listen at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security dependency ratio explained

The Social Security dependency ratio says, the growth in beneficiaries and the growth in workers remained roughly the same from 1975 through 2008 when there were 3.2–3.4 workers for each retiree. However, since 2009 this ratio has consistently dropped, and as of 2013—the most recent year for which data are available—there were only 2.8 workers in the system for each retiree collecting from it.

 The ratio of workers to retirees is projected to continue falling. By 2034, the best-case scenario is 2.3 workers paying for each retiree, and in the worst-case scenario that ratio is 2 workers per retiree. Given that the number of participants collecting from the system has been rising faster than the number paying in, it is unsurprising that the Social Security trust fund is expected to be empty by 2034.

 I am not saying this like a scare tactic, but you need to do as much as possible to save for retirement knowing that changes to Social Security will have to happen at some point. Having at least a portion of your retirement income, the money you can’t afford to lose, in safe money strategies, can give you protection of your principle. When the market rises you grab the gains but when it falls you stay the same. You get a reasonable rate of return, and if you choose you can get a lifetime income, that can fill in the gaps you might otherwise have in your portfolio.
 For more information go to yoursafemoneyshow.com. 

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Memorial Day

Sjoberg & Holmstrom Financial Services in Mora and Your Safe Money Show, wish you a safe and enjoyable Memorial Day.
The office will be closed and will reopen at 8 a.m. on Tuesday May 28. You can leave a message at 320-679-5183. 

Your Safe Money Show highlights for May 25

Topics for this Saturday May 25th Your Safe Money Show. A recent report has found parents are giving their adult child as much as $39,000 to help buy a house, how badly will this hurt their retirement?
Soon drug ads on TV may have to give the costs of the drug along with the side effects they already have to give. How transparent will these ads be?
And what should you do if you have to retire early?
Tune in at 7:30 a.m. at KBEK 95.5FM. They stream live at kbek.com. 
Hear recent shows at the podcast page at yoursafemoneyshow.com. 

Canceling a credit card

Power of attorney

There are several different types of Power of Attorney documents that can cover financial or health care matters. 

With health care POA you’re giving authority to someone else to make medical decisions for you in the event that you're not able to make them on your own. 

There’s also Durable Power of Attorney. In very simple terms, power of attorney is either somebody to help you manage money or your health at a point when you either can't take care of yourself or at the point that you become incapacitated. Incapacitation, also sometimes called incompetency, is a legal term that generally refers to someone who "can't review information or logically think through things.” This sometimes happens after a stroke or with later-stage dementia or Alzheimer's disease. When this occurs, the durable power of attorney would come into full force, meaning that a designated overseer or agent steps in to make decisions on behalf of the individual.

You want to have documents like this ready ahead of time. How soon should you get this done? Really from age 18 on. And it becomes even more important as we age. For more information call 320 679-5183. 

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May 18 Your Safe Money Show highlights

On this weeks (May 18th) Your Safe Money Show.
Age disparities for married couples, where there’s 10-15 years difference, can bring challenges when it comes to retirement and retirement planning. I’ll have some of the common problems and how to handle those concerns.
I would say traveling in retirement is at the top of many retiree’s bucket list and I’ll have how to plan for health issues when traveling. 
And what do you need to do if you inherit a house? There’s more to this than you may think.
Tune in Saturday mornings at 7:30 at 95.5FM KBEK. They also stream live at kbek.com.
You can hear recent shows by going to the podcast page at yoursafemoneyshow.com.

Never use 401(k) to pay off debt

Medication therapy management

Medication Therapy Management or MTM is a group of services in which a medical professional — usually a pharmacist — provides a one-on-one review of a person’s medications to prevent and solve medication-related problems.
Insurance companies cover phone consultations, but patients usually have to pay for face-to-face services. Some doctors who work with older adults are starting to take a different approach by focusing on reducing the amount of medications patients take or tapering down dosages — known as “deprescribing.”
For those who qualify, MTM services are a good place to start if you’re concerned with the number of medications on your drug list. During an MTM “comprehensive medication review,” the pharmacist or other medical professional will review a person’s medications, including any dietary supplements or over-the-counter products such as herbal or non-traditional therapies. Those who qualify for MTM services through their health plans are eligible for at least one comprehensive medication review a year free of charge.
Best way to find out if you qualify for MTM services is to call your health insurance provider.

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Your Safe Money Show topics for May 11th

On the Saturday May 11th Your Safe Money Show, there are documents as we age, related to health care, that are extremely important, and I’ll explain what those are and why they're important.
Also, there’s something called dynamic pricing that marketers use on line that can cost you money. I’ll have ways to outsmart those tactics.
And medication therapy management is a helpful way to manage your medications and not everyone knows it’s available for them. 
Listen at 7:30 a.m. at 95.5 FM KBEK. They also stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Renovations that don't pay

The Secure Act

The House Ways and Means Committee unanimously passed a bipartisan bill, the SECURE Act which stands for “Setting Every Community Up for Retirement Enhancement”.
The bill covers many aspects but the basics are this: retirees could take required minimum distributions (RMDs) from traditional IRAs and 401(k)s starting at age 72, up from age 70 ½. Workers also could contribute to their IRAs past age 70, the current limit.
Next, the top limit for automatic escalations of 401(k) contributions could be 15% of pay, up from 10% now. That would let some workers rev up their retirement savings.
Small businesses could band together to start multi-employer 401(k)s and receive tax credits for setting up automatic enrollment plans.
And, part-time workers would be eligible for retirement benefits, provided they’ve worked at least 1,000 hours in one year (the equivalent of roughly 25 weeks full-time) or at least 500 hours for three consecutive years.
This is certainly a step in the right direction and if you want to find out more google, “the Secure Act” to get all the details.

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Your Safe Money Show highlights for May 4th

Coming up on the Saturday May 4th Your Safe Money Show, pensions are pretty much a thing of the past but there are still jobs that offer pensions, so I’ll go over those careers.
There’s retirement legislation right now in a bill called the Secure Act that has bipartisan backing and I’ll explain how, if passed, this will help you with your retirement.
And I’ll have ways to research your family history for free. 
Tune in at 95.5 FM KBEK at 7:30 a.m. They stream live at kbek.com. To hear recent shows go to the podcast page at yoursafemoneyshow.com.

Cohabitating