Topics for Your Safe Money Show October1st

 Coming up on this Saturday's (October 1st) Your Safe Money Show. Todd will have what to do with a 529 plan if your child doesn't go to college. He will also explain how to appeal Medicare premium IRMMA surcharges. And how to delay claiming Social security until age 70. 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.

Social Security factors for maximum benefit

 While 91% of survey respondents said they’re at least somewhat confident in their Social Security knowledge, only 7% could identify the factors that determine a maximum benefit. Here's two of the factors: Work history. Your benefits are based on average indexed monthly earnings during the 35 years in which you earned the most. Age. While you can start receiving benefits as early as age 62, you are not entitled to your full benefit until you reach your full retirement age, which varies based on birth year, and to get the maximum benefit you would have to wait until age 70. For more details go to yoursafemoneyshow.com.

Your Safe Money Show Insecurities about Social Security 9 24 22

Topics for the Saturday September 24th Your Safe Money Show

 For this Saturday's (September 24th) Your Safe Money Show heard at 8 a.m. on Nice 95.5FM KBEK, your host Todd Sjoberg will talk about insecurities about Social Security and the upcoming COLA (Cost of living adjustment). He will also look at how snowbirds can be taxed as Florida residents (or other warm weather state like Texas, Arizona ect). And he'll explain how to have the best credit score possible. KBEK streams live at kbek.com. Hear recent shows at yoursafemoneyshow.com at our podcast page.

COLA

 Every year Social Security benefits are subject to a COLA, a cost of living adjustment. That COLA is based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W measures changes in a number of key goods and services on a year-over-year basis. The CPI-W is the tool of choice for determining COLAs, and data derived from it during the year's third quarter is how next year's COLA will be established. And since that data won't be available until October 13th, seniors will have to wait a while longer to see what sort of raise they'll be getting in 2023. Todd will have more details on the COLA and more on this Saturday's Your Safe Money Show at 8 a.m. on Nice 95.5FM KBEK.

What "not" to do with your Social Security card

 Here is a "heads-up" from Social Security:

The Social Security Administration says, “Do Not laminate your Social Security card”. Lamination prevents detection of many security features. However, you may cover the card with plastic or other removable material if it does not damage the card.” If you already have laminated a card, you can request a replacement. However, you will first need to return the laminated card before the SSA can process your request. You can call your local Social Security Administration office for more tips on how to return and replace your laminated card.

But before you make such a request, note that the SSA says that many people do not need a card and that simply knowing your Social Security number is good enough for most transactions where your number is needed.

Your Safe Money Show Spotting counterfeit money 9 17 22

Your Safe Money Show topics for September 17th

 Coming up on Saturday September 17th edition of Your Safe Money Show heard at 8 a.m. at Nice 95.5FM KBEK. Todd Sjoberg your host will have a checklist for what to do, and not to do, after a loved one's passing. He will also have the types of IRA's. And how to spot counterfeit money. You can hear recent shows at our podcast page at yoursafemoneyshow.com.

Resources to find missing retirement accounts

 Unclaimed retirement benefits are retirement account balances that have been left behind by former participants of retirement plans.

You can use the resources of the internet to find a missing retirement account.

There are several websites you can search for unclaimed retirement benefits:

The Department of Labor's abandoned plan database.

The Pension Benefit Guaranty Corporation's trusteed plan search.

The National Registry of Unclaimed Retirement Benefits.

The National Association of Unclaimed Property Administrators operates unclaimed.org.

The Department of Labor's Form 5500 search.

Home office tax deduction

 Todd talked about homeowner tax deductions on last week's show and here's one about home offices: Home-Office Expense Deduction: If you're self-employed and work at home, you might be able to deduct expenses for the business use of your home. The home-office deduction is available for homeowners and renters, and it doesn't matter what type of home you have. The key to the home-office deduction is to use part of your home regularly and exclusively for your money-making endeavor. If that’s the case then part of your utility bills, insurance costs, general repairs and other home expenses can be deducted against your business income. You can also write off part of your rent or, if you own your home, depreciation.

There are two ways to calculate the deduction. Under the "actual expense" method, you essentially multiply the expenses of operating your home by the percentage of your home devoted to business use. The problem with this method is that it can be a nightmare pulling together all the records you'll need to calculate and substantiate the deduction. If you use the "simplified" method, you deduct $5 for every square foot of space in your home used for a qualified business purpose. For example, if you have a 300-square-foot home office (the maximum size allowed for this method), your deduction is $1,500. And just to clarify: Employees who work remotely can't deduct the costs of maintaining a home office (that includes employees working from home during the pandemic). If you have a question or concern call 320 679 5183.

Your Safe Money Show topics 9-10-22

 For this Saturday's (September 10th) Your Safe Money Show Todd will talk about tax breaks for homeowners and homebuyers. He'll stay in a "home" theme with tips for first time homebuyers as well. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com podcast page.

Tax deduction for seniors

 On last weeks show Todd talked about some "perks" of growing older and one of those were Tax deductions for seniors: People age 65 and older are eligible for several extra tax deductions. Seniors are eligible to claim a bigger standard deduction than younger taxpayers. The standard deduction is $1,350 more for each spouse who is age 65 or older, or $2,700 if both members of a married couple meet the age requirement. If you are above a specific age and sometimes below a certain income level, you might also qualify for property or school tax deferrals or exemptions. For more information go to yoursafemoneyshow.com or call 320 679 5183.

Your Safe Money Show Financial perks of growing older 9 3 22

Closed Labor Day

 Sjoberg & Holmstrom Financial Services and Your Safe Money Show wish you a safe and relaxing Labor Day. We will be closed on Monday. You can leave a message at 320-679-5183.

Upcoming highlights for Your Safe Money Show (9-3)

 Here's what were planning for this Saturday's (9-3) Your Safe Money Show. We'll have strategies to maximize your 401(k) balance. The financial perks of getting older. And Todd will answer questions about student loan forgiveness. 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.