Open enrollment

 A reminder Medicare Open Enrollment ends December 7th and MNSURE Open Enrollment, for your insurance to start January 1st needs to be done by December 15th. Call 320-679-5183 for an appointment with Todd.

Medicare tid- bit

 If you're new to Medicare just a factoid for you today. Many retirees have their Medicare Part B premiums deducted from their Social Security checks. The standard Medicare Part B premium is $164.90 per month in 2023. Medicare Part B payments are prohibited by law from decreasing Social Security payments for existing beneficiaries, so a Medicare Part B premium hike can't be more than your annual Social Security cost-of-living adjustment. If you have questions about Medicare call 855-22money or go to yoursafemoneyshow.com.

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Your Safe Money Show topics for 11-26-22

 Coming up on this Saturday's (November 26th) Your Safe Money Show with your host Todd Sjoberg. He'll have how much you will get from Social Security. Questions to ask yourself before you decide to retire early. And If you have held off on a Roth because of the 5 year rule Todd will explain why it might not be that big a deal. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Thanksgiving hours

 Everyone at Sjoberg & Holmstrom and Your Safe Money Show wish you and yours a Happy Thanksgiving! We will be closed Thursday and Friday. You can leave a message at 320-679-5183.

Dynamic pricing

 Dynamic pricing is a pricing and profit strategy that businesses use to sell to different groups of people, a tactic that’s tied into supply and demand, with a lot of emphasis on demand. Or put another way, “Dynamic pricing is a computer algorithm that balances supply and demand in response to what people are willing to pay. How is it being used? . Happy hours at bars is a form of dynamic pricing – letting customers know that if they come in during a less crowded and demanding time, they’ll be rewarded with cheaper drinks. In other cases though, charging higher prices for parking when events are going on, or higher prices for concert tickets when demand is high, these can get expensive. Learn more about dynamic pricing by going to yoursafemoneyshow.com.

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Legacy planning

 

Guides

 I have a reminder about financial materials that are available complimentary to you. There's Guides covering various topics. Don’t be a victim of scams, Medicare 101, Health Insurance Made Easy, Road to Retirement, Annuities 101, and Can Probate be avoided? He also has Your Guide to Social Security Benefits and our Safe Money Kit. To ask for any or all of these, call 855-22 money, that’s 855-226-6639 or go to yoursafemoneyshow.com. You can also stop by our office at 139 Union Street in Mora.

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Closed Veterans Day November 11th

 Sjoberg & Holmstrom Financial Services will be closed Friday November 11th for Veterans day. 

Thank you Veterans for your service!

Your Safe money show topics for November 12th

 Coming up on our November 12th Your Safe Money Show. Todd has signs your retirement is on track. He has a Social Security quiz to test how much you know about benefits before you claim them. And should you use “budget billing” for your utilities? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Open enrollment

 With Open Enrollment for Medicare and MNSure we get many questions. If you like your current Medicare plan you don't have to do anything. It will just continue. But now until December 7th you can look at your plan and see if it's right for you and if not check other options.

With MnSure you usually get a letter stating if you need to do something like update income information. Open enrollment for MNSure goes to December 15th for insurance to start January 1st.

Call for an appointment at 320 679 5183.

Feds rate hike implications

 According to the latest data from The Mortgage Bankers Association, the average interest rate on the 30-year fixed-rate mortgage is now near 7%. So, buyers have lost major purchasing power making it more difficult than ever if you’re looking to buy a home. Credit cards: According to Bankrate, annual percentage rates are “closing in on 19%,” on average, up from 16.3% at the beginning of the year. Auto Loans: Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans, so if you are planning to buy a car, you’ll shell out more in the months ahead. And then Student Loans: The interest rate on federal student loans taken out for the 2022-2023 academic year already rose to 4.99%, up from 3.73% last year and 2.75% in 2020-2021. It won’t budge until next summer: Congress sets the rate for federal student loans each May for the upcoming academic year based on the 10-year Treasury rate. That new rate goes into effect in July. On the upside, the interest rates on some savings accounts are also higher after consecutive rate hikes. You can reach us at yoursafemoneyshow.com.

Your Safe Money Show What to do if you lose your phone 11 5 22

November 5th Your Safe Money Show highlights

 Your Safe Money Show with your host Todd Sjoberg is heard Saturday mornings at 8 on Nice 95.5FM KBEK They steam live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com. For this November 5th show Todd has retirement risks to avoid. What to do if you lose your phone. And the pros and cons of renting versus owning in retirement.

Open Enrollment MNSURE

 Just a reminder MNSURE Open Enrollment started November 1st so if you need assistance navigating MNSURE Todd Sjoberg is a certified navigator call 320-679-5183 for an appointment.

Contribution limits for 2023

 This week we have information from the IRS. If you want to save more for retirement in 2023, I have good news for you. The employee contribution limit for 401(k) plans is increasing to $22,500 in 2023, up from $20,500, and catch-up deposits for savers age 50 and older will jump to $7,500, up from $6,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans. The agency has also increased contribution limits for IRAs, allowing investors to save $6,500 in 2023, up from $6,000 in 2022. The catch-up deposit will remain at $1,000. For more information go to yoursafemoneyshow.com.