Highlights for June 29th Your Safe Money Show

Coming up on this Saturday's (June 29th) Your Safe Money Show. 
I’ll have spending habits I want you to avoid, sometimes knowing what NOT to do can be very helpful.
Next: how much can you contribute to a SEP IRA for 2019? And is credit life insurance worth it? 
Listen at 7:30 a.m. at 95.5 FM, KBEK. They stream live at kbek.com.
To hear recent shows or for or contact information go toyoursafemoneyshow.com.

If you file to early for Social Security

Personal loan scams, what are the red flags?

Personal loan scams have become big business, but there are red flags to watch out for from Bankrate.com.
 First: The lender isn’t interested in your payment history. One of the upfront disclosures you should see is the requirement to pull your credit report before lending you money. If they don’t seem to care that’s a problem.
The lender isn’t registered in your state. The Federal Trade Commission (FTC) requires that lenders and loan brokers must register in the states where they conduct business. If a lender you’re interested in does not list any states, you could be dealing with a loan scam. 
The lender demands a prepaid debit card. Some scammers will require you to provide a prepaid debit card, claiming they need it for insurance, collateral or fees. Legitimate financial institutions may charge a fee for your application, appraisal or credit report, but those charges are deducted from your loan.
The lender’s website isn’t secure. When visiting a lender’s site, always look for: A padlock symbol on any pages where you’re asked to provide personal information.
The lender pressures you to act immediately. Don’t fall for the urgency plea. One of the hallmarks of loan personal scams is giving you an immediate deadline to take out the loan because the offer expires quickly — possibly even the next day. Legit lenders will not pressure you. If you think you’ve been scammed go through your state attorney general’s office. 

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Your Safe Money Show highlight for Saturday June 22nd

I am hoping you will have time this Saturday morning (June 22) at 7:30 to listen to Your Safe Money Show.
Topics this week: You've probably heard before that baby boomers are to blame for Social Security's money issues, well that’s not the case and I’ll explain that in more detail.
Also, personal loan scams are becoming a bigger problem, I’ll have the warning signs. 
And an interesting report says the Treasury depart feels the student-debt crisis is so bad that financial education should be mandatory for college students. This is about as strong a wording on this topic as I’ve heard so I think it’s important we share more on this.
Listen at KBEK 95.5FM. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Hearing loss

Debt when you die

If you have debt when you die, what happens to that debt?

For the most part, your debt dies with you, but that doesn’t mean it won’t affect the people you leave behind. According to an estate attorney, debt belongs to the deceased person or that person’s estate. If someone has enough assets to cover their debts, the creditors get paid, and beneficiaries receive whatever remains. But if there aren’t enough assets to satisfy debts, creditors lose out (they may get some, but not all, of what they’re owed). People often worry they will be responsible for a family member’s debt, but that usually isn’t the case. However, it’s not always that simple. The type of debt you have, where you live and the value of your estate significantly affects the complexity of the situation.

If you are a co-signor or co-applicant on an account you could be responsible for that debt. Having a good estate plan could eliminate concerns about debt when you die. 
Call for an appointment at 320-679-5183.

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Your Safe Money Show highlights for June 15th

Inheriting a 401(k) has specific issues for the heir, I’ll have questions you need to ask so you’ll know what to do if you inherit a 401(k).
If you own a used car, how do you find out about recall notices? I’ll share that important information.
And I also have money saving strategies for buying travel insurance. This is such a busy time for travel I thought this would be a good time to explain travel insurance. 
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.

Medication therapy management

Social Security buying power

According to a report released by The Senior Citizens League, a non-profit organization, Social Security benefits have lost one third of their buying power since 2000. Retirees’ monthly benefit checks have not kept up with the rising costs of prescription drugs and other essential goods and services, resulting in a 33% drop in purchasing power. 
Since 2000, typical expenses for seniors have risen twice as fast as the yearly cost-of-living adjustment (COLA) to Social Security. This annual raise is supposed to counteract the impact of inflation on Social Security, and while benefits rose 2.8% for 2019 (the highest increase since 2012), it is not enough to compensate for the mounting bills that seniors have to pay.
The cost-of-living adjustment is based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W measures inflation by the spending habits of younger workers, and they have different spending patterns than retirees.
A better way to offset inflation in Social Security benefits is by using the Consumer Price Index for the Elderly (CPI-E), which does track the spending of retired people age 62 and older; Congress would need to pass legislation to make any changes to the COLA calculation. Right now, estimates for the 2020 COLA is around 1.7%.

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Highlights for June 8th Your Safe money Show

Sure hope you can tune in this Saturday morning (June 8) at 7:30 at 95.5 FM KBEK for Your Safe Money Show. Our topics this week: 
What is the average age of marriage in the U.S.? We're looking at this because "WHEN" you get married can make a big difference financially. June is a big wedding month, so I thought this was important.
On last week’s show we mentioned Aretha Franklin’s estate found 3 wills all handwritten, are their problems when it comes to handwritten wills?
There’s 40 billion dollars in Unclaimed money, I’ll share how you can find out if any of that money is yours. 
KBEK streams live at kbek.com. If you can't listen "live" go to the podcast page to hear recent shows at yoursafemoneyshow.com. 

D-Day 75th Anniversary

Sjoberg & Holmstrom Financial Services and Your Safe Money Show want to remember the sacrifices of D-Day and to thank all the surviving veterans and hold close those who have passed on.

Retirement savings and tax deferral

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