July 2nd highlights of Your Safe Money Show

 Coming up on this week's (July 2) Your Safe Money Show. Todd has a guest in studio its Kalen Sigecan from Gradient Financial. He will also have fast financial fixes you can start using right now. Listen at Nice 95.5FM KBEK at 8 a.m. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Being an optimist pays off in a longer life

 If you want to give yourself a better shot at extending your lifespan, try putting your mind to it. New research published in the Journal of the American Geriatrics Society has found a greater likelihood of living longer among optimists. The study used a cross section of 160,000 women. The women completed a revised version of a standard psychological exam called the “Life Orientation Test.” The test rates optimism based on responses to statements — such as “In uncertain times, I usually expect the best,” or “I hardly ever expect things to go my way” — that test takers are asked to rate on a scale of 1 (strongly disagree) to 5 (strongly agree).

Study participants were separated into four groups based on their determined levels of optimism. The researchers found participants who fell into the most optimistic tier were likely to have a 5.4 percent longer life span (after adjusting for demographics, chronic conditions and depression) and a 10 percent greater likelihood of living beyond 90 years than those in the least optimistic tier. The study also noted that the longevity benefits of maintaining an optimistic outlook are comparable to gains that may come through exercise. I know things are especially tough right now but this study shows what a difference a good attitude can make.

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Your Safe Money Show highlights for June 25th

 Coming up on this Saturday's (June 25th) Your Safe Money Show. We'll discuss costs to include in your retirement budget. What is the debt snowball method. And things to checkup on with your retirement savings. Listen 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.

The importance of taxes in retirement

 

Increase in the standard mileage rate

 We all know what gas prices have been doing and believe it or not the IRS has noticed too. The Internal Revenue Service announced recently an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. This is the first midyear increase the IRS has made to the standard mileage rate deduction since 2011.

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Health Insurance rebates

 I wanted to clarify something that I get asked about now and then when it comes to getting money back from your health insurance company. Depending on how you get your coverage, you may be one of the 8.2 million policyholders expected to get a piece of $1 billion in premium rebates this fall from various insurers. Generally, you’re more likely to see a rebate if you have an individual policy (including through a state health exchange or the federal one) or participate in a small- or large-group plan. So why are the rebates going out?

Basically, insurance companies that sell group or individual policies must adhere to a “medical loss ratio” requiring them to spend at least 80% of premiums paid by enrollees on health-care costs and certain other expenses related to patient health. (For large group plans, the ratio is 85/15.) If that threshold is not met, enrollees are reimbursed the difference. Each year, the ratio is calculated based on a rolling three-year average. So, the rebates this year derive from insurance companies’ financial data from 2019, 2020 and 2021. This year’s refunds — which will go to eligible participants enrolled last year — work out to about $141 per plan participant in the individual market, $155 in the small group market and $78 in large group plans. However, that amount can vary widely, depending on your location and insurer. Insurers typically either send a check to policyholders or deduct the rebate from premiums (and send a check to individuals no longer enrolled but owed some money). Be aware that if you are in a group plan, your employer may split the rebate with you. If you’re entitled to a rebate, you should receive it by Sept. 30.

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Your Safe Money Show highlights for June 11th

 Coming up on this weeks (6-11) Your Safe Money Show. We’ve been hearing for years that Social Security funds have a depletion date and there are some changes that Todd will go into. He also will have critical mistakes to avoid when it comes to beneficiary designations. And what if you want to UNRETIRE? Tune in at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Your Guide to Social Security

 If you'd like a complimentary copy of "Your Guide to Social Security" ask by calling 320-679-5183 or ask at the website yoursafemoneyshow.com.

Social Security Administration back open for in-person services

 

I have some good news to share after closing offices due to the pandemic, the Social Security Administration has announced in-person services will resume. With that said, depending on what you need help with they still encourage you to set up a My Social Security account at ssa.gov if you haven’t done that already. While the offices are back open, where possible, meetings that don’t need to be held in person are still expected to be held online. For simple changes, such as notifying the Social Security Administration of a new address, going online might be easier. If the reason for the visit is more complicated, then it may be best to go in person.

And you can also call the Social Security Administration at 1-800-772-1213 between 8:00 a.m. and 7:00 p.m. Monday to Friday and wait to speak to a representative. If you call at a different time, there are automated telephone services available.

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Your Safe Money Show details for June 4th

 Coming up on our Saturday June 4th Your Safe Money Show heard at 8 a.m. at Nice 95.5FM KBEK. Todd will have a Social Security quiz to see how much you know and he'll explain the answers as well. More folks are renting than ever before and he'll go into the importance of having renters insurance. And an HSA Health Savings Account has many benefits and he'll have detail's. KBEK streams at kbek.com and you can hear recent shows at our podcast page at yoursafemoneyshow.com.

Who sets gas prices?

So the question is “who controls gas prices”? The short answer is: No one person, company or government can really be said to set gas prices. But it is possible to break down some of the major factors that go into determining what a gallon of gas sells for. Let's take a look. The biggest, accounting for a bit more than half the price you pay, is the price of crude oil – the raw material from which gas is refined. Unfortunately, the price of that raw material has been on a tear for over a year now, bringing gas prices higher with it. West Texas Intermediate crude now trades for about $110 per barrel. A year ago, it was only $65 per barrel. In 2020, during the depths of the recession caused by COVID-19, WTI prices briefly turned negative because global oil demand fell so fast that oil storage facilities filled up with unwanted oil. Since then, global oil demand has come roaring back, but global oil output has been slower to recover from the cuts that OPEC and many energy companies implemented. The next biggest factor determining gas prices, according to the Department of Energy, is gas taxes – specifically, the state, local and federal taxes levied on fuel. The 18.4-cent-per-gallon federal tax on gas hasn't been increased in about three decades. Some states have actually cut or suspended their own gas taxes recently in an attempt to give motorists some relief. The remaining factors controlling gas prices are a mix of related costs: refining crude into gasoline and other fuels, transporting it to stations by pipeline and truck, and marketing it. For what it’s worth the pain at the pump is actually much worse in some other countries. To give you some perspective, residents of Hong Kong pay the highest international gas prices, with one gallon setting them back $10.97. At the other end of the spectrum, Venezuelans pay just $0.08 for a gallon of gas, the cheapest prices on the planet.