Your Safe Money Show Signs its time to retire 8 29 2020

Your Safe Money Show highlights for August 29

 Here's what were working on for this weeks Your Safe Money Show. All of us have had a “hindsight is twenty- twenty” time in our life, and I'll have what some retirees have said they wish they’d done differently when it comes to their money. I’ll also have what signs to look for, so you know “when” to retire. And misconceptions with the Social Security earnings test can lower your benefits so I’ll explain that. Please listen 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.

Your Guide to Retirement Benefits

 If you're thinking about retiring and "when" you should take your Social Security benefit, be sure to ask for "Your Guide to Retirement Benefits". To get your free copy go to the website yoursafemoneyshow.com.

Deadline for RMD's

 I do need to remind retirees of a deadline coming up on August 31st about RMD’s, required minimum distributions for 2020.

In March Congress waived the RMD requirement for all types of retirement accounts including IRAs, 401(k)s, 403(b)s, 457(b)s, and inherited IRA plans.

If you withdrew money earlier this year and don’t need it to live on, then you have until Aug. 31 to return it if you don’t want those funds counted toward your income for the year. Returning an unwanted RMD to your account can save you on income taxes for the year. Also, if your RMD would have pushed you into a higher income bracket with your premium for Medicare or on your Social Security, then this could save you money. Make sure the money is received by August 31st, not postmarked by then.

How this works, wherever your qualified money is being held will send you a Form 1099-R when you withdraw money from your retirement account and a Form 5498 when money is contributed to the account. Hang onto both for when you file your 2020 taxes. Another key point: Many people automate their RMD withdrawals. Those who turned that function off for this year should make sure to turn it back on for next. The penalty for skipping an RMD is hefty: 50% of the money you didn’t distribute on time.

If you have any questions call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show What is FICA 8 22 2020

August 22 Your Safe Money details

 We hope you can listen Saturday mornings at 7:30 at 95.5 FM KBEK. They Stream live at kbek.com.

 For this weeks show I have a simple question, what is the FICA tax? I’ll explain how it’s calculated and affects you.

 Another question, what should you do if your identity is stolen? I have ways to protect yourself.

 And before you have to go to a hospital what legal papers are a good idea to have? 

If you can't listen Saturday mornings we have our recent shows at the podcast page at yoursafemoneyshow.com, please listen when you can.

Market volatility

 The truth is that no one knows what the market will do. That’s why a sound long-term financial strategy is so important! Contact me today for more information! Todd Sjoberg 320-679-5183 or go to yoursafemoneyshow.com.

Life insurance in your 50's and 60's

 We talked about life insurance still being used in your 50's and 60's on last weeks show. To summarize, were living longer, healthier lives, and many are working longer too. And a survey shows that boomers are supporting adult children and are carrying more debt than ever before. Because of these concerns more boomers are looking at life insurance.

 When choosing coverage, a crucial decision is whether term or permanent life insurance is the best fit for your needs. Term insurance is for when you have a temporary need for coverage of anywhere from five to 30 years. On the other hand, if you have a more permanent goal, e.g. you want to leave something to your heirs when you pass away or want to make sure there is money to take care of a special needs child who will always need care, a permanent insurance policy, like whole life or universal life, could be a better fit.

While a permanent policy may sound great, a term life insurance policy is much cheaper than a whole life policy, even when you’re purchasing it at age 60 or 70, so it’s important to buy only what you need. If you want to learn more call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Save money shopping online 8 15 2020

Highlights for August 15th Your Safe Money Show

 What you can expect for this weeks August 15th edition of Your Safe Money Show.

We are shopping online more than ever these days, I’ll have ways to save you money when shopping online.
Life insurance can fit so many financial needs and I’ll explain why life insurance in your 50’s and 60’s might be a good idea. And couples and money. This topic is timeless.
The show is on at 7:30 a.m. Saturday's at 95.5 FM KBEK. They stream live at kbek.com.
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 320-679-5183 or go to yoursafemoneyshow.com.

Baby boomers and retirement with the pandemic

 A recent survey gives us some insight on how baby boomers are feeling these days. Some 24% of those 56 and older say the pandemic has caused them to push back their planned retirement date.

While 401(k) balances remain buoyant for now, the U.S. is still in a recession: the official unemployment rate is 11.1%, up from 3.7% at this time last year, and the country’s real gross domestic product dropped at an annual rate of 32.9% in the second quarter. The economy will more than likely stay this way until a vaccine is widely available.

Fifteen percent of pre-retirees say they plan to take Social Security later than expected due to COVID-19, while 8% plan to claim their benefits earlier. Some people may have little choice but to claim early, if they’ve been laid off and don’t have adequate savings to fall back on. Please don’t take your benefits early without talking to me or someone else that can explain the ramifications of that decision. Call 320-679-5183 or go to our website yoursafemoneyshow.com.

Your Safe Money Show Prepping for a layoff 8 8 2020

What to expect on the August 8th edition of Your Safe Money Show

Here's what's planned for this weeks (August 8) Your Safe Money Show.
I mentioned last week I have folks coming in to see me concerned they might be laid off. I found some interesting ways to prepare if you’re afraid you might get laid off.
Also there are myths when it comes to Social Security that I will dispel for you and a money survey recently dealing with the pandemic has some findings for various age groups. How has this virus affected young adults differently than Baby Boomers for example?
Tune in at 95.5 FM KBEK at 7:30 Saturday mornings. They stream live at kbek.com.
Hear recent shows at your convenience by going to the podcast page at yoursafemoneyshow.com.

Market downturn

Behavioral finance shows us that many people do exactly the WRONG thing in a market downturn…but what is the “right” thing? Contact me today for more information. Todd Sjoberg 320-679-5183 or go to yoursafemoneyshow.com.

The Cares Act and RMD's

The Coronavirus Aid, Relief, and Economic Security Act, more commonly known as the CARES Act, has made some changes which could impact the 2020 tax return you file next spring, one of the changes has to do with RMD's.
Once you reach age 72, you must take required minimum distributions, known as RMDs, from most types of retirement accounts such as 401(k) plans and traditional IRAs. These distributions, mandated by Uncle Sam, are generally taxable. The RMD requirement has been waived for 2020, thanks to the CARES Act. If you don’t need the money, skipping an RMD can have many benefits. Not only do you avoid paying taxes on the RMD itself, but you also don’t have to worry about the distribution pushing you into a higher tax bracket. Plus, if your portfolio hasn’t performed well this year, you won’t have to lock in those losses by making a withdrawal. If you already took an RMD in 2020, you have until Aug. 31 to reverse that decision and repay the distribution.
Questions call 320-679-5183 or go to yoursafemoneyshow.com

Your Safe Money Show Midyear retirement review 8 1 2020