Your Safe Money Show agenda for May 2

Here's what's planned for our May 2, Your Safe Money Show. Retirees don’t have to take Required Minimum Distributions (RMD’s) this year as part of The Cares Act. But what if you already took your RMD, what can you do? You have options.
We’ll also look at how to avoid mistakes with your 401(k) when going from job to job.
And the scams from the coronavirus keep coming, I’ll catch you up on the current ones and what to watch out for.
Listen Saturday mornings at 95.5 FM, KBEK at 7:30.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Color of Money

I know that it may be tempting in times of market volatility to want to do something — but while no one can see into the future, experience tells us that it’s usually better to stick with a well-thought-out strategy based on sound fundamentals. Now is a good time to revisit your risk tolerance. Take the Color of Money Risk Assessment here: https://thefinancialhq.com/yoursafemoneyshow

(Your Safe money Show is brought to you by Sjoberg & Holmstrom Financial Services in Mora. We are an independently owned and operated financial service agency and were not affiliated with any other safe money agency)

Understanding your stimulus payment

The big question right now will I have to pay stimulus money back? No. The stimulus checks “are considered an advance refund of a 2020 tax credit, not a loan. It’s a sum of money the feds are crediting to taxpayers for next tax season — except they are paying it right now because millions need it right now. If I owe taxes does my stimulus money get applied to my bill? No, the IRS won’t automatically shave off your stimulus money to pay down your tax bill. There’s one exception. If you are behind on child support, the IRS says it will offset the stimulus check amount by the past-due child support amount.
Will my stimulus payment reduce the tax refund I would normally get? Again, no. The IRS says you’re going to get the refund you qualify for, and this check.
Is my stimulus check taxable income? No. The IRS says the payment is not income and you will not owe tax on your payment, adding that the money also “will not affect your income for purposes of determining eligibility for federal government assistance or benefit programs.
I made too much money in 2018 and 2019, so I won’t be getting any stimulus money, right? Here’s where it’s important to remember the stimulus money is, technically speaking, a tax credit for the 2020 tax season. If someone didn’t qualify for the payment now, they may still be eligible for the payment during the 2020 tax season, which happens in 2021, so long as they make below the income limits. For more information go to IRS.gov.

Your Safe Money Show Myths about stimulus payments 4 25 20

Your Safe Money Show April 25th

Saturday mornings at 7:30 at 95.5 FM KBEK you can hear Your Safe Money Show. This week (April 25) there’s some misinformation and some confusion about stimulus payments so I thought we could address those concerns.
Also, I’ll have how to correct your Social Security earnings record.
And were getting questions about the coronavirus and life insurance so we’ll try to answer those questions.
By the way KBEK streams live at kbek.com.
You can hear recent shows at the podcast page at yoursafemoneyshow.com.

What if your offered early retirement

During economic downturns, some companies offer early retirement packages to reduce their number of paid employees. If your employer asks you to consider stepping away now, the decision is not one to make lightly. I thought it would be helpful to discuss the pros and cons of an early retirement offer.
First look at the details of the package: Start by checking if severance pay is included.
Next, consider your health insurance needs: if you are 65 or older, you are probably eligible for Medicare. If you are younger than 65, you’ll want to find out if health insurance benefits are part of the retirement package. If you need to purchase health insurance yourself, look at the costs associated with this option.
Would you maybe get another job? If you’re interested in looking for another job, you’ll want to consider the likelihood of finding one.
Next understand the consequences of not accepting the offer: Companies trying to reduce their labor force may be in a difficult financial situation. In this case, turning down an offer now could lead to a future dismissal with fewer benefits. Factor in Social Security benefits: If you are able to start receiving Social Security payments, it’s worthwhile to consider the implications of doing so.
Look at your financial situation: Consider how early retirement would affect your retirement finances. Is early retirement the best choice for you?
Think about the lifestyle you will have if you retire now. For more information go to yoursafemoneyshow.com.

Your Safe Money Show What if your offered early retirement 4 18 20

April 18th Your Safe Money Show topics

Coming up on the Saturday April 18th edition of Your Safe Money Show, there’s an old computer language being used that is slowing down people getting their stimulus checks, really interesting, I ‘ll explain.
If you’re getting a tax refund. I’ll have how to use that for your retirement.
And if you're offered early retirement there are many things to consider before you say yes.
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.

If you filed to early for Social Security

Accessing Social Security benefits

THE SOCIAL SECURITY Administration closed all local Social Security offices beginning on March 17, 2020, in an effort to protect older Americans from the coronavirus pandemic. You can no longer make in-person appointments at your local Social Security office, and existing appointments will now take place over the phone.
Social Security payments continue to be distributed to existing beneficiaries as scheduled via direct deposit and the postal service. Andrew Saul, Commissioner of Social Security, in a statement said "I want our beneficiaries to be aware that scammers may try to trick you into thinking the pandemic is stopping or somehow changing your Social Security payments, but that is not true. Don't be fooled."
Many basic Social Security transactions can be completed online through a My Social Security account. A My Social Security account allows you to view your Social Security statement, review your earnings history and get a personalized estimate of your future Social Security payments and more.
Social Security appointments will now be handled over the phone. Those who cannot complete their Social Security business online can contact the Social Security Administration at 1-800-772-1213.

Your Safe Money Show Strategies to make your money last 4 11 20

Your Safe Money Show highlights for April 11th

Coming up on this weeks (Saturday April 11th) Your Safe Money Show.
Social Security offices are closed so I’ll have ways to access your benefits and there are questions about the stimulus check how will that work for folks getting Social Security, I’ll explain.
What do you do if your company cuts it’s 401(k) match? I’ll have suggestions and I’ll have distribution strategies to help make your money last.
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.

Leaving retirement accounts behind

Stimulus checks

If your adjusted gross income is $75,000 or less, you'll receive one check of $1,200. If you and a spouse filed jointly, earning up to $150,000, you'll receive a check for $2,400. If you file as head of household, you'll get $2,400 if you earn $112,500 or less. That said, your check could be a little bigger if you have children. Parents will receive an extra $500 for each child under age 17.
What if your adjusted gross income is more than $75,000 per person? You may still get a check, but the amount decreases with higher incomes. If you earn more than $99,000 per person, you will not get a check.
If you already filed your 2019 federal taxes, qualifying income levels will be based on that. If you haven't gotten around to filing your taxes yet (the filing deadline has been extended until July 15), don't worry – the IRS will look at your 2018 returns.
For more information on The Cares Act go to our website yoursafemoneyshow.com at the financial materials page.

Your Safe Money Show Stimulus package 4 4 20

Your Safe Money Show topics for April 4th

The Cares Act is the new stimulus package we've all heard about, I’ll go over what’s in it for you. Under that Cares Act, there are new retirement account rules that I want to highlight. And the Federal Trade Commission has warnings about scams surrounding COVID-19, we’ll share that information.
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.

Overdraft fees