What to expect for January 30th Your Safe Money Show

 Here's what we're planning for our Saturday January 30th Your Safe Money Show. I have a financial “to-do” list for this New Year for you to go through and get your finances on the right track. Anytime you can save on your insurance the better and I have how to save on your homeowner’s insurance. And you’ll find out if the stimulus checks increase the tax on your Social Security benefits.

Listen at Nice 95.5 KBEK at 8. They also stream live at kbek.com.

Hear recent shows at the podcast page at yoursafemoneyshow.com.

Rule of 100

 

401(k)'s what do you do when you leave a job?

 You know when it comes to 401(k)’s I think there’s such a “hands off” philosophy. Many places you can get automatic services with the account and you don’t have to do much with it. But when the time comes you leave that job, it’s important to know what you want to do with that old account. You can do nothing, leave the account where it is. Of course, the contributions stop and the employer match, and some places you have to have at least $5,000 in the account to leave it in. If you start a new job and are offered a 401(k) you can roll your old one into the new one. You can roll it into an IRA. If the 401(k) fees in your new plan are high, then consider rolling your old plan into an IRA. This also helps keep your retirement savings streamlined — you can consolidate all of your old 401(k) balances into one IRA. You really save on fees from multiple places this way. You could roll it to a Roth IRA. If you lost your job and want to move your money out of your former employer’s 401(k), this could be a great year for a Roth conversion, since your income will have dropped. Remember you pay the tax on a Roth up front but that means the money grows tax-free and you aren’t hit with taxes when you make a withdrawal.

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

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Your Safe Money Show highlights for January 23rd show

 Coming up on our Saturday January 23rd edition of Your Safe Money Show. I’ll have questions for you to answer and depending on those answers you’ll know if you can retire or not. Tax time is coming, and the IRS has what’s called “red flags” that they look for that can cause you to get audited, I’ll share what those are. And the Social Security retirement age could change, we’ll discuss how changes would affect benefits.

Remember to listen at our new time of 8 a.m. instead of 7:30 at Nice 95.5 FM KBEK. They stream live at kbek.com.

Hear recent shows at the podcast page at yoursafemoneyshow.com.

Be aware of scams with stimulus payments

 If you receive a text message regarding your $600 stimulus payment, think twice before responding. The IRS is warning that those messages are scams. The texts typically promise a stimulus check in exchange for your personal information. The link that accompanies the message is often a fake phishing URL, even though it may appear to come from an official source like a state agency. It may direct people to an imitation IRS site, and then asks for their personal and financial details, including bank account information.

The IRS is reminding people that it does not send these kinds of unsolicited texts or emails. The government tax agency also never demands tax payments via gift cards nor does it threaten people with jail or lawsuits. If you receive such a message, the IRS encourages you to take a screenshot and email it to the agency at phishing@irs.gov. Be sure to include the date and time of the message, the phone number from which it came, as well as the phone number that received the text.

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Office closed January 18th

 Sjoberg & Holmstrom and Your Safe Money Show will be closed on Monday January 18th in recognition of Martin Luther King Jr Day. We will open at 8 a.m. on Tuesday the 19th. To leave a message call 320-679-5183 or go to yoursafemoneyshow.com.

What to expect for the January 16th Your Safe Money Show

For this week's (January 16th) Your Safe Money Show, , I’ll go into more detail about how the stimulus check will affect your tax refund. Plus, we’ll look at the most overlooked tax breaks for retirees. And I’ll have specific ideas for you to use for tracking your budget in the years before you retire.

Listen at Nice 95.5 KBEK at 7:30. Please be aware the show will start next week at 8:00. They stream live at kbek.com.

To hear recent shows go to the podcast page at yoursafemoneyshow.com.

Retirement Compass Report

 

Stimulus checks and what you need to know if you have changed bank information

 The latest round of $600 stimulus checks is on the way. Meanwhile, many have already arrived for millions of Americans.

But for people who recently changed their bank account information, that payment might not come at all. To send the latest payment to Americans, the IRS is using account information that was either provided on your 2019 tax return, non-filer registration, entered into the “Get My Payment” tool before Dec. 22 or provided by a federal agency issuing benefits — such as the Social Security Administration, Veteran Affairs or the Railroad Retirement Board, according to its website. Currently, this account information including direct deposit details cannot be changed or updated, according to the IRS. That means that if you have a new bank account and didn’t previously update your information with the IRS, you won’t get your payment. In the first round of checks to Americans, if a bank rejected and returned a stimulus payment because of incorrect account information, the IRS would then mail out a paper check or debit card. But this time, the IRS won’t do that. Due to the compressed timeline, the IRS is unable to reissue and mail checks and instead encourages people to file their 2020 tax return electronically to claim and receive the Recovery Rebate Credit as quickly as possible.” The way this works is that you claim the payments as a Recovery Rebate Credit when you file your 2020 tax return in 2021. The credit will either reduce your tax bill or increase the size of any refund. While you gather your documents for filing, keep and include any letters or forms you receive from the IRS.

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Reprise of January 9th Your Safe Money Show at 10 a.m.

 Nice 95.5 will be running our January 9th edition of Your Safe Money Show at 10 a.m. today.

There were internet issues this morning so KBEK wants to be sure you are able to hear the show.

Remember you can always get recent shows at the podcast page at yoursafemoneyshow.com. The January 9th show will be available by noon on Monday the 11th and subsequent shows will also be available the Mondays after initial airplay.

Your Safe Money Show highlights for January 9th

 On this week's edition (January 9th) of Your Safe Money Show. I’ll have a couple of key things for you to know in 2021 when it comes to Social Security and Medicare. If you will ever need to roll a 401(k) over to an IRA, I’ll have costly mistakes to avoid. And if you are on Social Security there’s things you should know regarding the 2nd stimulus check.

Listen at 7:30 Saturday mornings for this week and next, starting on January 23rd we'll have the show on at 8 .m. Listen at Nice 95.5 FM KBEK. They stream live at kbek.com.

How much risk can you handle?

 

What's best full or partial payments with your credit score?

 When it comes to keeping your credit score in good shape, which is better making full or partial payments?

When your goal is to lower your overall debt load, you need to figure out which type of repayment schedule will help you reach your goal as quickly as possible. Would you be more motivated to pay down debt when you have a fixed partial payment each month or are you disciplined enough to set aside funds for a full payoff in a few months? Only you can decide which method is right for you. The end goal is the same: to pay off as much as you can as quickly as possible.

Although making timely payments is always a good idea, you don’t want to overlook the benefits of paying off bigger chunks of debt — or all of your debt in full — to improve your credit score. Clearing your debt load quickly can help you clean up your credit report fast, and it has the added benefit of eliminating the risk of missed or late payments altogether.

Also paying off the higher interest rate card first makes the most sense for your overall financial future.

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January 2nd topics for Your Safe Money Show

  Coming up on Saturday (January 2nd) Your Safe Money Show. I have some steps for you to follow so you can gain control of your retirement. Now more than ever there’s fear when it comes to your finances in retirement, I’ll have how to overcome those fears. And the pandemic is reshaping life insurance for the better, I’ll tell you how that’s happening. Listen at 7:30 a.m. at Nice 95.5 FM KBEK. They stream live at kbek.com. To hear recent shows go to our podcast page at yoursafemoneyshow.com.