How much risk can you handle?

 

USPS price increases

 Just a heads up the US Postal Service announced this week that it's requesting temporary price increases for certain domestic mail services during the holiday season. If approved, the new prices would go into effect on Oct. 2 and last through Jan. 22. They're designed to help offset higher shipping costs and help the agency stay competitive relative to UPS and FedEx. International rates will not change. Both individuals and businesses would pay between 25 cents and $6.50 extra, depending on the type of package and type of shipping service they use. Rates for Priority Mail, Priority Mail Express, First-Class Package Service, Parcel Select Ground and USPS Retail Ground would be affected, among other services. Flat-rate envelopes and boxes would cost an extra 95 cents for retail customers, for instance, while heavy packages (above 26 pounds) sent more than 600 miles would cost an extra $5.85. Lighter packages would see rate increases of a dollar or less. This hasn’t passed yet, but they did a rate increase last year similar to this. So more than likely it’ll happen again. For details go to the USPS website.

Your Safe Money Show Social Security and student loans 8-27-22

August 27th highlights for Your Safe Money Show

 We decided to talk in some more detail about Social Security for our upcoming August 27th Your Safe Money Show. You know one question Todd gets often is about Social Security and spousal benefits: and how to best use those benefits. Another question he gets is about garnishing Social Security benefits if you still have student loans to pay off. He’ll explain, AND the Inflation Reduction Act and taxes are on the docket. Last week we looked at Medicare and this week taxes. Lot's to get to, we hope you can listen at Nice 95.5 FM KBEK at 8 a.m. this Saturday. They stream live at kbek.com. Hear recent shows at our website yoursafemoneyshow.com.

Open Enrollment dates

 A reminder that Open Enrollment for Medicare starts October 15th and runs through December 7th. And MNsure Open Enrollment starts November 1st and runs through December 15th to start January 1st. If you need help call for an appointment at 320-679-5183 or go to yoursafemoneyshow.com.

Medicare and the Inflation Reduction Act

 Here’s one part of the Medicare portion of the Inflation Reduction Act and what it will mean for you. Medicare will start to negotiate prices for qualifying prescription drugs on which it has spent the most money: 10 drugs in 2026, 15 total in 2027, 15 total in 2028 and 20 total each year from 2029 on. Previously, Medicare was prohibited by law from negotiating prices for prescription drugs. What it means for you: If you are prescribed one of the drugs with negotiated prices, you should see reduced prices starting in 2026. How much you could save depends on which drugs you take and the results of the negotiations. Open enrollment for Medicare starts October 15th call for an appointment with Todd if you want to look over your plan. There's no cost or obligation call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Inflation Reduction Act and Medicare 8 20 22

Topics for August 20th Your Safe Money Show

 Here's what Todd and I are working on for this week's (8-20) Your Safe Money Show. Recently the tally of total credit cards exceeded 500 million for the first time ever, so Todd will have ways to improve your credit score and control credit card usage in these tough financial times. He'll explain the Inflation Reduction Act and how it will affect Medicare. And what will happen with health costs in 2023? Listen at Nice 95.5 FM KBEK at 8 a.m. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Generational Vault

 

Credit cards exceed 500 million for the first time ever

 Last week TransUnion’s latest report found the number of people with credit cards and personal loans hit record highs for the second quarter of 2022. The tally of total credit cards exceeded 500 million for the first time ever, led by adults ages 18 to 25 as they opened accounts. Credit card balances also jumped 13% during the second quarter, the largest year-over-year increase in more than 20 years. Now I know this sounds bad, but the employment rate is up and people are working. We’ve had this situation before to some degree and there weren't many jobs which caused a bigger problem. Having a great credit score is something to shoot for. The higher your score the better rates you pay for car insurance, your mortgage, the list goes on. But to get a great credit score there are many factors, but paying off the cards each month, or paying the highest interest card off first, is just one way to help you control your finances. We'll be doing a whole segment on improving your credit score on our August 20th Your Safe Money Show at 8 a.m. on Nice 95.5FM KBEK.

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Highlights for Your Safe Money Show August 13th

 Coming up on this Saturday's (August 13) Your Safe Money Show. Todd will have hidden obstacles that may snag your retirement. Fraudsters have been targeting Seniors through their computers with "Tech Support" schemes, Todd will explain what to watch out for. And gas prices are falling why and how long will it last, find out by tuning in at 8 a.m. at Nice 95.5 FM KBEK. They stream live at kbek.com Hear recent shows by going to yoursafemoneyshow.com

When will you receive your Social Security check?

 One of the questions I get asked when talking with a client about Social Security benefits is:

When Will I Receive My Social Security Check?

Social Security beneficiaries are required to sign up for electronic payments. Social Security benefits can be directly deposited into a bank or credit union account or loaded onto a prepaid debit card. The payment dates vary based on your date of birth. If your birthday falls on or before the 10th of the month, you will receive your payment on the second Wednesday of each month. Those born between the 11th and 20th get their payments on the third Wednesday of the month, and people born late in the month get their direct deposits on the fourth Wednesday.

We have "Your Guide to Social Security Benefits". If you'd like your free copy pm us or go to the website yoursafemoneyshow.com.

Your Safe Money Show Recession proof your finances 8 6 22

Highlights for Saturday August 6 Your Safe Money Show

 Here's what we're working on for this weeks (August 6) Your Safe Money Show with your host Todd Sjoberg.

He will have strategies to recession proof your finances. What Medicare doesn't cover. And the ramifications of the latest interest rate rise from The Federal Reserve. 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.

Opportunity costs

 On last week's Your Safe Money Show we talked about investment terms that are good to know. One of them is "Opportunity Cost". Arguably one of the most important and underappreciated concepts in finance is the concept of opportunity cost. Simply put, this is the highest benefit that you miss out on by making one decision over another. This can be confusing but think of it this way. A player attends baseball training to be a better player instead of taking a vacation. The opportunity cost was the vacation. Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes. There are trade offs in life, understanding "financial" tradeoffs or opportunity costs especially in retirement is especially important. If you want to learn more call and get a no cost no obligation appointment with Todd Sjoberg 320-679-5183. Or go to yoursafemoneyshow.com.

Your Safe Money Show Happy retirement 7 30 22