Closed for Thanksgiving

Sjoberg & Holmstrom Financial Services and Your Safe Money Show will be closed on Thanksgiving and Friday November 29th.
We will be open on Monday December 2nd at 8 a.m.
You can leave a message at 320-679-5183.
Have a blessed Thanksgiving and know how much we appreciate you all for your business.

Your Safe Money Show highlights for November 30th

Coming up on this week's (November 30th) Your Safe Money Show.
Congress is considering ways to stop surprise medical bills, I thought we could see what they’re doing and what that’ll mean for us if it passes.
When it comes to your homeowner’s insurance there’s things that can get that insurance cancelled. I’ll go over that.
And in the past decade retirement has changed and I’ll have the ways it’s changed and how to go forward in the best way possible.
Listen at 7:30 a.m. Saturdays at 95.5 FM KBEK.
They stream live at kbek.com.
To hear recent shows go to the podcast page at yoursafemoneyshow.com.

Installment loans

According to the National Consumer Law Center, the benefit of installments loans is you have more time to make the payments; the downside is the payments on these high-cost loans go exclusively towards the interest, possibly for up to the first 18 months.

 The industry, for its part, argues that just as with payday loans, higher interest rates are needed to counter the fact that non-prime consumers are more likely to default.

 Typically, payday loans seemed to target the nation’s poor, but installment loans the bulk of their growth has been fueled by the middle class. About 45% of online installment borrowers in 2018 reported annual income over $40,000. Roughly 15% have annual incomes between $50,000 and $60,000, and around 13% have incomes above $60,000. This is a scary trend because there’s even more people affected, and the debt is even more severe.

I want to warn you away from these online installment loans, there are consolidation companies, credit solution people that can often times help. Make sure you go to a reputable website, go through the better business bureau site, do your homework.

Your Safe Money Show Save on 2019 taxes 11 23 19

November 23rd Your Safe Money Show

Were going to touch on taxes a bit for the Saturday November 23rd edition of Your Safe Money Show.
our estate plan may need updating to reflect the new tax rules, I’ll have details on that.
There are things you can do now to help save on your 2019 taxes, and there’s a rule of thumb about credit card use that could be costing you, tune in to find out more 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.

Generational vault

Discount drug cards

What are prescription discount cards? And how do they work? First things first: they are completely separate from your health insurance. Think of them as convenient online coupons for prescription medications. Unlike insurance benefits, these discount cards are generally free and have no additional fees. You need only enter a few personal details and you can begin using the service immediately. Just input your medicine and zip code and see results come in from nearby participating pharmacies and supermarkets.

 Discount card services make money by charging the participating pharmacies and supermarkets in their network a small fee for each transaction. The idea once you’re in the store you’ll buy other items when getting your prescriptions.

Just because you find good deals through a discount card doesn’t mean you should ditch your insurance prescription benefit. If you’re on Medicare and have opted for a Part D drug plan, don’t give it up. Many prescription drugs — especially those that don’t yet have a generic equivalent — can be cheaper through insurance benefits. Discount cards are especially useful in cases where you have a high deductible plan or a medication you need is not covered on your plan’s formulary, as the list of approved drugs is known.

Never pay for a drug discount card or provide insurance info, your Social Security number, or Medicare/Medicaid numbers. This info is never needed.

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Your Safe Money Show highlights for November 16th

For the November 16th edition of Your Safe Money Show I will share ways for you to find an old 401(k). Accounts get left behind especially if someone is changing jobs more frequently, so I’ll explain what to do.
I talked in the past about payday loans and now I need to explain about the danger of online installment loans.
And I will have ideas to help you stretch your dollars in retirement.
The show airs at 7:30 a.m. on Saturday's at 95.5 FM KBEK.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security updates for 2020

Each and every October, the Social Security Administration releases its "Fact Sheet" that provides updates on the system. So, here’s the changes for 2020.

 The cost of living adjustment for beneficiaries or COLA is 1.6% or about $24 more dollars a month for the average benefit.

 For only the 10th time since Social Security was signed into law in 1935, the program's full retirement age is set to increase. This is the age at which a retired worker can collect 100% of their monthly benefit, as determined by their birth year. In 2020, the full retirement age will increase by two months to 66 years and eight months for persons born in 1958.

One of the more interesting quirks about Social Security retired worker benefits is that they're capped at a certain level. In 2020, the maximum monthly benefit at full retirement age will increase by $150 a month to $3,011.

The retirement earnings test allows the SSA to withhold some or all of your benefits if you've begun taking your payout prior to your full retirement age, are still working and you surpass set income thresholds. To keep this simple, for 2020, the amount threshold to be taxed goes up $50.

These are some of the changes for 2020, if you have questions call 320-679-5183.

Your Safe Money Show What does the Fed rate cut mean 11 9 19

Your Safe Money Show highlights for November 9th

Coming up on this Saturday's (November 9th) Your Safe Money Show.
The Federal Reserve has cut rates 3 times in 2019, I’ll discuss what that means for you.
The headline reads “how to wean your adult children off the bank of Mom and Dad”, this is an ongoing issue so we’ll go into what you can do.
And when someone passes away and they have lots of stuff often families don’t know what to do. Well there’s a booming industry to help, and I’ll explain.
Listen at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Rule of 100

Medicare Advantage plans

I want to clear up some confusion when it comes to Medicare Advantage plans.
Medicare Advantage is the privately managed alternative to Original Medicare. Many Medicare Advantage plans are HMOs that come with a network of participating doctors and hospitals. Nearly two-thirds (62%) of Medicare Advantage enrollees are in HMOs, according to the Kaiser Family Foundation. Some of these HMO networks can be restrictive, with relatively few participating hospitals and specialists available to their enrollees.
Original Medicare offers much broader access to doctors, because the program doesn’t have a network: beneficiaries can visit any doctor, specialist, hospital or urgent care center that accepts Medicare, anywhere in the country. Original Medicare is administered by the federal government, whereas Medicare Advantage plans are managed by private health plans that contract with the government to provide Part B outpatient services and Part A hospitalization coverage.
Medicare Open enrollment is going on now until December 7th. This is a great time to research and decide what your best options are. Call 320-679-5183 to make an appointment .

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