What to consider with an early retirement buyout

Early retirement buyouts have been around along time, but more so now than ever. There are things to consider before taking an early buyout.
You’ll want to think about if a buyout is the best financial choice for you now and down the road. What does your spending look like, your living expenses, and outstanding loans? How close are you to retirement and will you want to get another job and if so, what are the prospects of getting another job? Of course, turning down an early-retirement offer is no guarantee you’ll keep your job, either.
Whatever you may be offered be aware you can negotiate. Read the fine print and don’t be afraid to go to someone like me to go over the details.
The best buyout offer is one that can bridge the gap between now and when you want to be able to retire. If you get a lump sum buyout offer, you’ll want a plan of what you’re going to do with that money.
The longer you wait to take Social Security you increase your benefit by about 8% a year. If you take your benefit at say 62 you’ll lose 30% compared to waiting until your FRA full retirement age. You have to consider inflation, health care costs, taxes, cost of living, the list goes on.
If you want assistance with an early retirement buyout call for an appointment 320 679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Hidden Fees 6 27 2020

Your Safe Money Show topics for June 27th

Here's what to expect for the Saturday, June 27th edition of Your Safe Money Show.
Companies have offered early retirement buyouts for years and it seems since the pandemic I’ve noticed an uptick in buyout options for those close to retirement. I want to go over what to consider before taking a buyout.
You know we pay fees on so many things and I believe being aware of these hidden fees you might be able to avoid them. So, we’ll go over those.
And with stimulus money in hand I have smart ways to spend $1,000.
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.

Consider the ups and downs of our economy

Turbulent times reinforce the need for a long-term retirement strategy that considers the ups and downs of our economy. I’m here to help! Contact me today. Todd Sjoberg 320-679-5183. yoursafemoneyshow.com.
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.

Telehealth services

Seeing a health care provider via video call, called telehealth services, is being used now more than ever with the pandemic.
Telehealth can cost a lot less than visiting a doctor’s office, urgent-care center or the emergency room. It can be a good way to access a doctor if you have upper respiratory issues, flu, fever, rashes, cough, urinary tract infection and pink eye, for example. You can meet with the doctor through a secure video visit on your phone, computer or tablet, and can upload photos of rashes for the doctor to review. The doctors typically have electronic prescribing rights directly to the pharmacy. And more health plans are expanding telehealth into behavioral health, which helps provide access to therapists and psychologists in areas that suffer from a shortage of providers.
Insurers and employers are expanding telehealth into many other types of care, such as offering virtual visits for dermatology, weight-management programs, diabetes care management, medical decision support, sleep management, cardiac care management and prenatal care and coaching.
I see this being used more and more, as not only patients, but doctors as well, see the convenience and practical advantages of telehealth.

Your Safe Money Show Saving money with Telemedicine 6 20 2020

Highlights for June 20th Your Safe Money Show

Coming up on this week's (June 20th) Your Safe Money Show. I want to go over how Covid-19 has affected your life, auto and health insurance and how insurance companies are responding.
You may have noticed that telemedicine is being used more than ever these days, and it’s actually saving you money, I’ll explain.
Also I’ll have tips from travel experts on refunds, cancellations, insurance and booking new trips.
Tune in at 95.5 FM KBEK at 7:30 a.m. on Saturdays.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

We can help

Has your financial services professional gone MIA? NOW is the time he or she should likely be reaching out with guidance and helpful information. If you’re feeling abandoned, contact me today. Todd Sjoberg at 320-679-5183 or go to yoursafemoneyshow.com.
We are an independently owned and operated financial service agency and were not affiliated with any other safe money agency.

Credit card cancellation

We have kind of a unique situation these days that people aren’t using their credit cards as they are in a “hunkered down mode of saving”. You know I like to see people “saving” however not using a credit card can lead to a canceled card and that’s not good for a couple of reasons, let me explain. If you don’t use your card, credit card companies don’t make money, and after a while, they don’t like that. After all their hoping you’ll purchase something, not pay off the balance, and they get interest. But they also miss out on merchant processing fees when you don’t use a card.
Credit card companies can cancel your card for inactivity and they might not give you notice when they cancel. If your card is canceled this can hurt your credit score and you don’t want that.
The longer you have a card the better. This accounts for 15% of your total credit score.
Also, your credit utilization ratio could increase. This is the second most important factor in calculating your credit score and measures the amount you owe in relation to your available credit. OK, imagine that you have three credit cards, each with a spending limit of $5,000, giving you $15,000 in total available credit. If you owe $2,500 on two of the cards, that means you are using $5,000 of the available $15,000, or 33%. Let's assume that you owe nothing on the third credit card, which gets canceled because you're not using it. That leaves you with only $10,000 in available credit and so your total credit utilization jumps to 50%. The objective is to keep your utilization as low as possible, and a canceled card works against that.
The fact of the matter is, you have to use a credit card on occasion to keep it alive. How often you should pull it out is a matter of opinion. To be on the safe side, try to charge at least one item per month and pay it off. Even if it's just a gallon of milk, the activity will show up as an on-time payment and the credit card company will view the card as active.

Your Safe money Show Perks of growing older 6 13 2020

Highlights of June 13th Your Safe Money Show

Coming up on the June 13th edition of Your Safe Money Show.
There are rules with Social Security that everyone should know and I believe it’s time for a refresher on this.
Also getting older has some financial perks I’ll share with you. And I’ll have why you should reconsider an early retirement.
Tune in Saturday mornings at 7:30 at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

What's your income plan look like?

Now might be the time to look at your income plan. Do you have the guaranteed retirement income* you need? Contact me today! Todd Sjoberg at 320-679-5183. yoursafemoneyshow.com
*Guarantees are based on the financial strength and claims-paying ability of the issuing insurance company.
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.

Stimulus payment in a debit card

If you haven't received your stimulus payment it could be coming in the form of a debit card. The IRS this week said nearly 4 million Americans are being sent stimulus checks by prepaid debit card instead of paper check. So you need to know if you were expecting a paper check or direct deposit, you may be receiving an unmarked envelope with a stimulus debit card instead.
Economic Impact Payment cards or (EIP cards) are Visa-branded debit cards issued by the government and are loaded with your stimulus check money. Taxpayers receive EIP Cards because they are eligible for an EIP, but the IRS did not have their bank account information and because their tax return was processed by either the Andover (Massachusetts) or Austin (Texas) IRS Service Center.
Your economic impact payment prepaid debit card resembles a regular debit card. It bears the words "Visa" and "debit" on the front and the issuing bank, which is MetaBank, N.A., on the back. Take note: The EIP card will arrive in a plain envelope from Money Network Cardholder Services. So review your mail carefully to ensure you don't toss it in the trash. Also there’ll be instructions how to activate the card when you receive it.

Your Safe Money Show Advice for 2020 graduates 6 6 2020

Highlights for June 6th Your Safe Money Show

 I’ll have money, career and life advice for the graduating class of 2020, and trust me this is good information for all of us. Also I have steps to determine if you can still retire with everything going on in the world. And, on average Americans are saving more since the virus but how long will that last?
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.

Risk analysis tool

Is the recent economic uncertainty keeping you up at night? Maybe it’s time to revisit your risk tolerance. Take the Color of Money Risk Assessment here: https://thefinancialhq.com/yoursafemoneyshow

Stimulus payment and nursing homes

According to a recent Federal Trade Commission report, some nursing facilities are trying to siphon government-issued checks from residents on Medicaid. The check in question was part of the CARES Act, the stimulus package enacted in March to combat the negative financial consequences of COVID-19, and individuals could receive as much as $1,200 if they met income limits and were not claimed as dependents by anyone else. The economic impact payments, as the stimulus checks are known, are tax credits, which do not qualify as resources for federal benefits programs. Which means nursing homes and assisted living facilities can’t take that money from their residents just because they’re on Medicaid. Stimulus payments do not count as income by law, so they will not affect Medicaid eligibility either. These checks also do not count as a Medicaid resource for a year, which means it does not count against any savings limits in those 12 months.This is the resident’s money to spend on their wants and needs. Some are still waiting for their stimulus check, if you’re wondering the status of your check go to irs.gov under “get my payment”.

Your Safe Money Show Living together, what to know 5 30 2020