April 30th Your Safe Money Show topics

 For our April 30th edition of Your Safe Money Show Todd Sjoberg your host will look at disability insurance. He'll also explain Federal, State and Local taxes. And right now you can't contribute to a health savings account (HSA) once you're on Medicare. A bipartisan bill in Congress might change that. We'll have details on that bill.

Tune in at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

When can I apply for SS?

 When Can I Apply for Social Security?

You can apply for Social Security online at ssa.gov, by calling 1-800-772-1213 or in person at your local Social Security office. You must be at least 61 years and 9 months old to submit an application for retirement or spousal benefits, and payments can start as early as age 62. Your age when you enroll plays a big role in determining your payment amount, so take care to see how much you will receive at various claiming ages. Remember you will get a reduced benefit if you take your benefits before your full retirement age. Ask for "Your Guide to Social Security" it has many answers about Social Security. Call 855-226-6639 or go to yoursafemoneyshow.com to get your complimentary copy.

Knowledge and retirement

 Harvey Mackay writes for several publications and he’s a businessman. He has insight into businesses and suggestions to help and today I wanted to borrow from a recent article about knowledge.

A giant ship's engine failed, and the vessel's owners consulted one expert after another, but none of them could fix it. They finally brought in an old man who had been repairing ship engines since he was very young. After looking things over, the old man reached into his bag of tools and pulled out a small hammer and gently tapped something. Instantly, the engine started. A week later, the owners received a bill from the old man for $10,000 and couldn't believe it. In their eyes, he hadn't done much, so they wrote him back and asked for an itemized bill. His bill read: "Tapping with a hammer = $2. Knowing where to tap = $9,998." Experience means something and many of us gain experience over time. Jim Rohn, a motivational speaker has said this about the benefits of knowledge: Knowledge helps you minimize risks and make better decisions. Knowledge helps you solve problems. Knowledge allows you to handle adversity and persevere.

I do Your Safe Money Show hoping you gain “knowledge” about various financial issues and concerns with retirement planning. What he says about minimizing risks and making better decisions is exactly what I want to have happen for you when planning now and for the future.

Go to yoursafemoneyshow.com for more information.

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Your Safe Money Show highlights for April 23rd

 You can hear Your Safe Money Show Saturday mornings at 8 at Nice 95.5 FM KBEK. They stream live at kbek.com. You can hear recent shows at the podcast page at yoursafemoneyshow.com.

For this weeks show (4-23) Todd will look at what's happening with inflation. He'll also have money saving challenges you can try to save money. And when it comes to 401(k)'s there's vesting schedules Todd will explain.

Use our Color of Money risk analysis tool

 

Medicare sign up

 If you will be turning 65 this year you have 3 months prior, the month of, and 3 months after your birthday to sign up for Medicare. When you get your Red, White, and Blue card (Medicare) Card in the mail call 320-679-5183 and Todd Sjoberg will do his Medicare 101 class and help you get the right plan for you. There's no cost for this help and he handles many of the various plans and options. You can also get more information at yoursafemoneyshow.com.

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April 16th Your Safe Money Show topics

 Here's what we're planning for this Saturday's (April 16th) Your Safe Money Show with your host Todd Sjoberg. He'll explain how the cost of insurance can make or break your financial plan. He also will have questions to ask yourself before paying any medical bill. And are you being too frugal in retirement? Listen at 8 a.m. at Nice 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Good Friday

 Sjoberg & Holmstrom Financial Services will be closed Good Friday. 

We wish you all a Happy Easter! Messages can be left at 320-679-5183.

New life expectancy numbers

 I wanted to share a report I found this week that I think is pretty interesting. In the U.S., life expectancy after age 65 is 19.6 years, according to recent Census Bureau data. That means Americans who reach age 65 will live another 19.6 years — or to age 84.6 — on average. The latest annual National Vital Statistics Report, which is issued by the federal government, ranks all 50 states and the District of Columbia according to life expectancy after age 65. Certain states have a much higher average life expectancy than others. Studies have shown that differences in health care, pollution, weather and other regional factors are all important for longevity. I wanted to pass this along because Minnesota was in the top 9 states for longevity. Once you make it to age 65 as a female, they figure you’ll have 21.2 years, males, 18.7 and overall 20 years. Here’s what they said about Minnesota in particular: Minnesota can get cold. Minnesotans know from birth how to bundle up and enjoy their winter wonderland. Plus, Rochester’s Mayo Clinic is ranked as the best hospital in the nation. Perhaps that’s why Minneapolis landed at No. 5 on a recent list of the best places to retire. This report shows the importance of understanding longevity and the role it plays in a thoughtful retirement plan. Go to yoursafemoneyshow.com for more information.

Your Safe Money Show Secure Act 2 0

Highlights for April 9th Your Safe Money Show

 Coming up on this Saturday's April 9th Your Safe Money Show. Todd Sjoberg your host will explain the The Secure Act 2.0. Lawmakers have several proposals that could change retirement savings. It has passed the House and is headed to the Senate. He will also pass along a pre-retirement checklist for that 5 years before you retire. Listen at Nice 95.5FM KBEK at 8 a.m. on Saturdays. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Medicare okay's no cost Covid tests

 Medicare beneficiaries can now get at-home Covid tests at no cost, the government announced Monday.

People with Medicare Part B (outpatient care coverage) — including Advantage Plan enrollees — will be able to get up to eight over-the-counter tests per month for free from participating pharmacies and health-care providers, according to the Centers for Medicare and Medicaid Services.

The initiative comes after Medicare was not included in a January mandate from the Biden administration that private insurers must cover the cost of at-home tests (also up to eight per month). This marks the first time Medicare has covered an over-the-counter, self-administered test at no cost to beneficiaries.

You also can order two sets of four tests for free through Covid.gov. The government website, which is available to all households, requires you to provide only your name and address; no insurance information is needed.

Tax changes for 2022

Standard mileage rates: The 2022 standard mileage rate for business driving rose from 56¢ to 58.5¢ a mile. The mileage allowance for medical travel and military moves also increased from 16¢ to 18¢ a mile in 2022. However, the charitable driving rate stayed put at 14¢ a mile — it's fixed by law.

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