Your Safe Money Show highlights for May 30th

Your Safe Money Show is on Saturday mornings at 7:30 at 95.5FM KBEK. They stream live at kbek.com.
On this weeks show I’ll explain what a SEP IRA is and how one works.
Today more than ever people are living together and not married, there are things to be aware of especially with money matters.
And if you start to see memory issues with your parents, I’ll have ways to help them with their finances.
You can hear recent shows at the podcast page at yoursafemoneyshow.com.

Sequence of Returns

Did you know that stock market returns can impact your savings very differently depending on if you are “accumulating” or “spending”? For more information on the importance of the Sequence of Returns, contact me today! Todd Sjoberg at 320-679-5183 or go to yoursafemoneyshow.com at the contact us page.
At Sjoberg & Holmstrom Financial Services we are an independently owned and operated financial service agency and were not affiliated with any other safe money agency. 

DVS renewals

I wanted to pass along about getting license renewals, I know friends and family that haven’t been able to update license tabs ect, Well good news DVS offices are starting to open. Here’s the criteria verbatim , "expiration dates for any license or ID that lapses during the peacetime emergency will be extended for two months after the month in which the peacetime emergency ends". That means licenses that have expired or will before June 12th remain valid until September. At this time I know DVS locations in Princeton, Pine City and Cambridge are open.
Your best bet is to go to dps.mn.gov and click the dvs locations page to get information.
Many locations are making appointments and have reduced hours so call first and see how they’re handling renewals ect.

Memorial Day

Sjoberg & Holmstrom Financial Services and Your Safe Money Show will be taking Monday May 25th off for recognition of Memorial Day. We are monitoring phone calls and will be following up on Tuesday the 26th.

Your Safe Money Show Making a last minute IRA contribution 5 23 2020

Your Safe Money Show highlights for May 23rd

Here's what were planning for Your Safe Money Show Saturday May 23rd.
We’ll look at the one thing you probably haven’t done in quarantine, but you should.
I’ll have key moves to make now to protect your financial future if you’ve been furloughed.
And how to make a last minute IRA contribution.
Listen at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page.

Long-term financial strategy

One of the benefits of having a long-term financial strategy is that you have already thought through many of the concerns that tend to come up in times of market volatility. You and I have already discussed things like your risk tolerance, your financial horizon and your long- and short-term goals. While we can certainly revisit those things at any time, I encourage you to stay calm and continue to take the long-term view.

Please call 320-679-5183 or email me todd@sjobergholmstrom.com at any time if you have questions or concerns! And of course, do what is necessary to keep yourself, your family and your community healthy. 

(We are an independently owned and operated financial service agency and were not affiliated with any other safe money agency)  

HSA updates

I need to share an update on HSA accounts, health savings accounts. First, the accounts are available to people with health plans that meet specific criteria, like a high deductible which is an amount you must pay for care before coverage starts. For 2020, your plan must have a deductible of at least $1,400 for an individual or $2,800 for a family to qualify for an HSA.
Now, thanks to updates in an early round of the federal coronavirus assistance program, people with HSAs can take advantage of expanded benefits. You can now use your HSA to buy nonprescription medications like pain relievers and allergy pills, because the new law reversed a rule that had required patients to get a prescription to use their HSA or a similar account, like a flexible spending account, known as an FSA to pay for most over-the-counter medicines.
The rule caused frustration because people had to ask their doctor for a prescription to buy items that didn’t normally require one. Now, if they need aspirin or cough medicine, they can just swipe their HSA debit card. The change is retroactive to Jan. 1. And, holders of both HSAs and FSAs can now use those funds to pay for menstrual products, including pads and tampons.
The aid program also temporarily relaxed rules for telehealth services . Until the end of 2021, HSA health plans may cover telehealth and other remote care services without charge before you meet the plan deductible.
If you want to make an HSA contribution for 2019, it’s not too late. You can contribute for 2019 up until the federal income tax filing deadline, which has been extended to July 15 because of the pandemic. You may contribute up to $3,500 annually for an individual, and $7,000 for a family, for 2019. People 55 and older can save an extra $1,000.
If you have questions call 320-679-5183.

Your Safe Money Show Having to give stimulus checks back 5 16 2020

May 16th topics for Your Safe Money Show

Your Safe Money Show is heard Saturday mornings at 7:30 at 95.5FM KBEK. They stream live at kbek.com.
For our May 16th show, I am sure you’ve heard that some people have received stimulus checks for deceased loved one’s and the IRS wants those back. I’ll explain this in more detail.
Next if your income has dropped and you have Medicare, there are options to ease what you pay for Part B and D.
And should you wait until July to file your taxes, I’ll break that down for you.
To hear recent shows go to the podcast page at yoursafemoneyshow.com.

Long-term financial goals

In times of uncertainty, keeping an eye on your long-term financial goals can be harder than ever. I understand and want to reiterate my commitment to help you in any way I can. Please feel free to reach out with any questions or concerns. And of course, take whatever steps necessary to keep yourself, your family and your community healthy. Contact me today – I am here to help! Call 855-22money or go to yoursafemoneyshow.com.
Sjoberg & Holmstrom bring you Your Safe Money Show. We are an independently owned and operated financial service agency and were not affiliated with any other safe money agency.

Is unemployment taxable?

We’ve been getting a lot of calls this week about unemployment. Understand that unemployment is taxable income. When getting unemployment you’ll have the option to have taxes taken out automatically or you’ll have to pay at tax time next year, so you need to put money away for that. Also, the $600 you get on top of unemployment is also considered taxable income. For many, the extra $600 is more than they make working, and if you’re getting help through MnSure with tax credits for your health insurance, depending on your income, you might have to pay some back at tax time. And just to clarify, the stimulus money you get is not counted as income! 

We’ve also had calls about the stimulus money, some haven’t gotten that yet, they’re sending that out in waves. For example Social Security-VA won’t be going out till mid-May. You can try using irs.gov to find out the status of your payment. 

If you have a question or concern about health insurance, maybe you lost your job or are furloughed. If you're wondering about a 401(k) at a job you no longer have, or with tax time you want to open an IRA, or you want to start a retirement plan, whatever the case may be, we're here to help. Call 320-679-5183.

Your Safe Money Show Overlooked tax breaks 5 9 2020

Your Safe Money Show highlights for May 9th

Here's what's planned for the May 9th edition of Your Safe Money Show.
I have some financial concepts I want to go over with you that I feel are important for you to understand.
Also, we’ll check out the most overlooked tax breaks for retirees.
And I have strategies for retirement during this time of uncertainty.
Listen Saturday mornings at 7:30 at 95.5FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Here for you

During this turbulent and uncertain time, it’s more important than ever for you to have a long-term partner monitoring your financial strategies. As that partner, I want you to know that I am here to address any of your questions and concerns. Contact me today – I am here to help! Call 855-22money or go to yoursafemoneyshow.com.
Sjoberg & Holmstrom bring you Your Safe Money Show. We are an independently owned and operated financial service agency and were not affiliated with any other safe money agency.

Stimulus checks still coming

Many Social Security beneficiaries, including the elderly, disabled and low-income families, still haven’t received their rebate checks, which could be as much as $1,200 per person depending on income levels. Many haven’t gotten their stimulus checks, even if they’ve filed returns in the last year, or if their accounts are up-to-date and include direct deposits with the Social Security Administration.
Some Veterans Affairs and SSI recipients with qualifying children who don’t normally file tax returns won’t see their checks until after May 5, which is the deadline for those who do not file a tax return but have dependents. The IRS said these beneficiaries have a limited window to send information to the agency with its Non-Filers Tool so that they receive the additional $500 per qualifying child, or they will receive the maximum amount of $1,200 and receive the extra money linked to dependents when they file taxes next year. Individuals looking for their stimulus checks in the mail will wait even longer. The money could take 20 weeks to be mailed out, according to the House Ways and Means’ timetable — the IRS will begin sending them out, at a rate of 5 million a week, beginning in early May. The checks will first go to households with the lowest adjusted gross incomes.
Go to irs.gov for payment information.

Your Safe Money Show 401k mistakes 5 2 2020