Minnesota Rebate checks

 Just a heads up about those rebate checks Minnesota taxpayers received this fall. If you were a single taxpayer and had adjusted gross income up to $75,000 in 2021 you’d get $260 and $520 for married filers who earned up to $150,000. Families could get an additional rebate check for up to three dependents, for a maximum of $1,300. The IRS recently determined the checks will be considered federally taxable income. The federal tax on the checks could cost between $26 and $286, depending on a household’s income and how much was received in rebates. According to The Department of Revenue, the state will now send a form to all rebate recipients to use when filing their federal individual income tax returns next year. If they include this payment in their federal adjusted gross income, they should subtract it from their Minnesota taxable income on line 33 of Schedule M1M on their Minnesota return. Minnesota IS NOT taxing this rebate, just the Federal Government. Keep in mind not everyone has to file taxes if they’re under a certain income, so the department estimates 18% of rebate recipients don’t have a federal tax liability. This rebate was tied to Covid Relief and the federal government ended the COVID health emergency May 11. Legislation authorizing the rebate checks was signed May 24, so there is push back that the IRS is taxing this on a Federal level. If you have questions call 855-226-6639 or ask your tax person.

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Your Safe Money Show for December 16th story highlights

 Saturday December 16th Your Safe Money Show topics: With 2024 right around the corner, Todd will have how the 2024 Social Security COLA may impact retiree tax bills. And he’ll also go over the outlook for retirement in 2024. Plus the Panama canal is a major thoroughfare and there’s issues right now affecting ships and we’ll consider how that affects many things. 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.

Managing risk

 

Income and "Married filing jointly"

 It's been brought to our attention that there's confusion with "Married filing jointly" and Married filing Separate". This has come up as people have been doing health insurance and the "financial" information. Even if one person in the marriage had no income you still are under "married filing jointly" for the income. If you have questions call 320-679-5183.

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Highlights for December 9th Your Safe Money Show

 Coming up on this Saturday's (December 9th) Your Safe Money Show. We’ll start with online shopping scams to avoid this holiday season, Todd will have ways to use leftover savings in your flexible savings account. And how to keep holiday spending in check during retirement. Listen at 8 a.m. at nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Deadlines

 Just a reminder Open enrollment for Medicare ends December 7th and MnSure ends December 15th if you want your insurance to start January 1st. Call 320-679-5183 for an appointment with Todd Sjoberg.

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Content for December 2nd Your Safe Money Show

 For our first Your Safe Money Show for December (December 2nd) Todd has a 10-year checklist for retirement planning. He explains what factors affect your home insurance costs. And what is a tax credit? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Go to yoursafemoneyshow.com to hear recent shows.

Open enrollment ending soon

 Time is running out for Medicare Open enrollment, it ends Thursday December 7th. MNsure ends December 15th if you want insurance to start January 1st 2024. Call for an appointment at 320-679-5183.

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Our office will be closed Thursday and friday

 Everyone at Sjoberg & Holmstrom Financial Services and Your Safe Money Show wish you a Happy Thanksgiving! Our office will be closed Thursday and Friday. Messages can be left at 320-679-5183.

IRS tax changes

 The IRS is making changes to over 60 tax provisions for 2024, including a 5% increase to the standard deduction. Not everybody pays the same amount of taxes. The IRS determines how much you'll pay each year using a graduated-rate income tax system. This year, the lowest rate is 10%, for single-filing individuals who make up to $11,600 in 2024. This is up from a cutoff of $11,000 for 2023. The highest rate is 37%, for single-filing individuals who make over $609,350 (up from $578,125 last year). Graduated tax brackets are income-based and determine how much each portion of your earnings are taxed. The first $11,600 of a filer's income is taxed at 10%. The next $35,500 is taxed at 12%, and so on. The standard deduction is a predetermined amount of income that isn't taxed by the federal government. Alternatively, you can itemize your deductions to potentially save more than the standard deduction; however, after a tax overhaul in 2017, the vast majority of taxpayers choose to take the standard deduction. For single filers, the standard deduction for 2024 will be $14,600, up from $13,850 this year. For married couples filing jointly, the standard deduction will be $29,200. For more information on inflation adjustments, go to the IRS website IRS.gov.

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Your Safe Money Show topics for November 18th

 For our Saturday November 18th Your Safe money Show. Todd will answer the question “what happens to Social Security benefits when you die”? He’ll also have the 5 worst bad habits to carry into retirement. And there’s a $600 billion dollar dilemma: how to help family caregivers, he'll share details on that. 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.

Planning for retirement?

 

2024 retirement account limits

 I have updated information from the IRS about 2024 investor contribution limits for 401(k) plans, individual retirement accounts and other retirement accounts. The employee contribution limit for 401(k) plans is increasing to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for saver's age 50 and older will remain unchanged at $7,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans. The agency also boosted contribution limits for IRAs, allowing investors to save $7,000 in 2024, up from $6,500 in 2023. Catch-up contributions will remain unchanged at $1,000. In 2024, more Americans may qualify for Roth IRA contributions, with the adjusted gross income phaseout range rising to between $146,000 and $161,000 for single individuals and heads of households, up from between $138,000 and $153,000 in 2023. The Roth IRA contribution phaseout for married couples filing together will rise to between $230,000 and $240,000 in 2024, up from between $218,000 and $228,000. For more details go to yoursafemoneyshow.com.

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Your Safe Money Show content for November 11th

 Coming up on this Saturday's (November 11th) Your Safe Money Show. Todd will break down the fine print on your pay stub, there’s more to it then you may think. A report finds four Social Security benefit changes that may help people who can’t work until full retirement. And he’ll answer the question “Are you being too frugal in retirement”? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Open enrollment

 Medicare Open enrollment is happening now through December 7th. MNsure is also going on now until December 15th for your insurance to start January 1st. Todd is a broker and can help you with what plan best fits your situation. Call for a no cost, no obligation appointment at 320-679-5183 or go to yoursafemoneyshow.com.

Medicare out of pocket costs

 

Medicare 101

 Get your complimentary copy of Medicare 101 stop at the office at 139 Union Street in Mora or call 320-679-5183. You can ask at the website too yoursafemoneyshow.com.

When you get your Social Security checks

 When I meet with someone and we’re assisting with Social Security information one question that’s really common is “when” will I get my benefit each month? If you were born: On the 1st through the 10th: Expect a check to be paid on the second Wednesday of the month. On the 11th through the 20th: Expect a check to be paid on the third Wednesday of the month. From the 21st through the 31st: Expect a check to be paid on the fourth Wednesday of the month. There is a slight change for holidays. If your scheduled payment falls on a legal public holiday, you can expect to be paid the business day before the due date. You can view the schedule for payments at ssa.gov. And Social Security checks are no longer mailed to most beneficiaries. You can receive your payment in two ways: Direct deposit. You can choose to have the Social Security check deposited directly into your bank or credit union account. Direct Express debit card. You can have the Social Security check loaded onto a debit card through the Direct Express card program. You don’t need a bank account for this setup. The card works for making purchases, paying bills or getting cash. However, there may be fees associated with some transactions.

yoursafemoneyshow.com.

Your Safe Money Show 10-28-23 IRS going paperless

October 28th Your Safe Money Show content

 Your Safe Money Show content for Saturday October 28th, Todd will talk about liability insurance and what it covers. The IRS is going paperless. How will that change your taxes? And the fees and interest that credit card users paid in 2022 is crazy and may get worse. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Open enrollment

 If you have Medicare and have had changes to your health, your drugs, or are just curious what's available during Open enrollment for Medicare, Todd Sjoberg can help. Call 320-679-5183 or go to yoursafemoneyshow.com to make an appointment. There's no cost or obligation.

COLA for Social Security

 I wanted to lock down a couple numbers we’ve been guesstimating about recently. The Social Security COLA came through with a raise of 3.2%, so the average increase is $50. So, we all know the drill, that means the Standard monthly Medicare Part B premiums will go up by $9.80 to $174.70 in 2024, up from $164.90 in 2023. The annual deductible for Medicare Part B will be $240 in 2024, a $14 increase from the $226 annual deductible in 2023. And if you need some assistance during Open enrollment for Medicare I am here to help. Call 855-22 money, that's 855-226-6639 or go to yoursafemoneyshow.com.

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Content for October 21st Your Safe Money Show

 Here's what is on the agenda for our October 21st edition of Your Safe Money Show. show It is Estate Planning Week so it’s the perfect time to get started on your estate plan. And the headline reads: All Americans aren’t saving enough for retirement- and all taxpayers might end up paying for it. He will explain. And which of the 10 money languages do you speak? We’ll find out. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. You can get the app Nice 95.5 also. Hear recent shows by going to yoursafemonetshow.com.

Estate Planning Week

 This week October 16th through the 22nd is Estate Planning Week. Estate planning goals and objectives that you might consider include: Provide financial security for your family. Ensure that your property is preserved and passed on to your beneficiaries. Avoid disputes among family members, business owners or with third parties (such as the IRS) . Listen to Saturday's October 21st Your Safe Money Show for more details. Nice 95.5FM KBEK at 8 a.m.

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Content information for Your Safe Money Show October 14th

 For the October 14th Your Safe money Show heard at 8 a.m. at Nice 95.5FM KBEK, Todd will have the “timely” topic: things for you to know to prepare you for Medicare Open enrollment. Also, he’ll have information about unclaimed benefits, what they are and how to locate them. Plus, as important as the financial side of retirement is, having a “plan” for a happy retirement is another part of the puzzle too, and Todd will go into that for us. KBEK streams live at kbek.com. You can hear recent shows at yoursafemoneyshow.com.

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October 7th topics for Your Safe Money Show

 Your Safe Money Show highlights for Saturday October 7th . No matter how often we talk about Social Security, there’s still confusion so Todd will have the top 10 facts about Social Security. We hear a lot about AI (Artificial Intelligence) and Todd will get into the risks in regard to Social Security. And if you just inherited an IRA there are things for you to know. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com.

Best time to book flights for the holidays

 If you plan on traveling by air for the fall and winter holidays, be aware now is the time to book your flight. Here’s what you need to know: data from Hopper says that travelers are seeing cheaper flights this year. Domestic round-trip fares over Thanksgiving are averaging $268 per ticket, down 14% compared to last year. For Christmas, prices are about $400 round-trip, down 12% from last year. Ticket prices will go up as more travelers book their trips and flights come closer to selling out. While there may be some deals available through the end of October, don’t wait it out if you have set travel dates in mind between school or work. Prices will start to rise after about Oct. 14th for both Thanksgiving and Christmas trips. Plan to book as soon as possible, as prices will rise each day as the holidays approach. You may remember last year weather and air traffic disruptions caused a lot of hassles for holiday travelers last year. Given the demand for holiday flights, it’s worth planning with the potential for such delays or cancellations in mind. Take one of the first flights of the day if possible. You’re two times more likely to be affected by flight delays or cancellations after 8:00 a.m. While nonstop flights are often more expensive, they can help travelers bypass the risk of missing connections due to a flight disruption. Travelers might also look into travel insurance, and brushing up on your rights if your travel plans are interrupted. Moreover, if you are not flexible on the specific flight you need to take, “ensure you have a seat on your desired flight. While picking your seat can come at an additional cost with most airlines, it may serve as a peace of mind for travelers. So basically, the next two weeks are an ideal time to book your trip and have the best chance at better prices and choices.

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9-3-23 Your Safe Money Show topics

 Saturday September 30th highlights for Your Safe Money Show. This week Todd will look at the possible government shutdown and how it can affect your money. If you will need a passport there are delays you need to know about. And are you committing insurance fraud without realizing it? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Retirement ranking

 I always keep my eyes out for information on all things “retirement” related and this week there was a global ranking of the top countries for retirement and the U.S. slipped two places in this year’s analysis from No. 18 in 2022 to No. 20. The top nation for retirement security is Norway, followed by Switzerland and Iceland. America’s high inflation and rising government indebtedness, lowered life expectancy, due to COVID and rising overdose and gun-related deaths are criteria for the ranking around 20 in regard to retirement security. At the same time, more Americans are expressing increased anxiety about retirement, with 47% saying it would "take a miracle" for them to achieve retirement security, up 6 percentage points from 2021. Inflation has been the big driver of uncertainty even as inflation has dropped some in the last 6 months or so. The global index of retirement security ranks nations based on four areas: health, quality of life, finances in retirement and material well-being. Norway, which the firm called a "standout performer," ranked first in health and fourth in quality of life. Life expectancy rose in Norway, in contrast to the U.S.' decline. The U.S. ranked 25th for health in the current survey, down from 17th in the prior year. A director of the analysis says, if you look at the top performers, they tend to be smaller countries. It's easier for a smaller country to get consensus on a lot of the issues, say, like health care, compared with larger countries like the U.S. yoursafemoneyshow.com.

Raising Grandchildren

Content for September 23rd Your Safe Money Show

 Coming up on Your Safe Money Show Saturday September 23rd, Todd will debunk popular myths on how bureaus tally your credit score. He’ll have financial considerations if you’re raising your grandchildren. And have you heard of Google Flights and can it save you money? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com on the home page

Retirement planning sooner rather then later is a good idea

 

yoursafemoneyshow.com

Your Money Survey findings

 A new CNBC Your Money Survey conducted by SurveyMonkey found 74% of Americans are feeling financially stressed, up from 70% in an April survey. About 37% of respondents indicated that they are “very stressed” about their personal finances, compared to only 30% in April. The top stressors remained the same as in April: inflation, rising interest rates and a lack of savings. Some of the findings, 4 in 10 workers are NOT contributing to a 401(k) or employer sponsored plan. The good news is that means 6 out of 10 ARE contributing and here’s how they’re funding their 401(k) plan. 46% are contributing as much as they can afford. 24% are putting away as much as their employer will match. 11% are saving up to this year’s employee contribution limit. 8% just save the automatic default amount set by their plan. Here’s facts about 401(k)’s: In 2023, workers younger than 50 years old can save up to $22,500 for retirement in 401(k) plans, and savers who are age 50 and older can put away an extra $7,500 in “catch-up” contributions. The average company match in a 401(k) plan was 4.7% of a worker’s salary in the second quarter of 2023.

The survey also found that once they’ve stashed away their 401(k) savings, workers’ understanding of where their money is going is mixed. Nearly half, 46%, don’t know what investments are in their 401(k) and a little more than half, 54%, are aware of their investment choices. Still, the majority — 56% — admit they are not on track with their yearly 401(k) savings to retire comfortably, while some 42% say they are on track for a comfortable retirement. These types of surveys just give a glimpse of what the average American is feeling right now with their finances. Some simple things to remember to the 4 in 10 people in this survey that are not contributing to a 401(k): I would recommend putting in enough to get the employer match. As important as saving for retirement is, to de-stress your financial life, make sure you have an emergency fund. I know I harp on this all the time but being able to borrow from yourself when an unexpected expense comes up is crucial. Another way to lower stress with your finances is having a game plan to deal with any high-interest debt you have. Any questions go to yoursafemoneyshow.com for full contact information.

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Topics for September 16th Your Safe Money Show

 Here's what we're working on for this Saturday's (September 16th) Your Safe Money Show. Todd has a recent money survey revealing more Americans are stressed about their finances. He’ll have the benefits of estate planning. Should you rent or own in retirement? And along those same lines, should you pay off your mortgage before you retire? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com.

Recent scams

 There have been 4 scams that are front and center this summer, concert and event ticket scams, vacation lodging scams, apartment rental scams, and student loan forgiveness scams. A consumer fraud expert has these tips to keep in mind: Keep your personal information to yourself. Do not share confidential information like your address, Social Security or credit card numbers unless you are certain the website or app is legitimate. Avoid clicking on unverified links. Some bad actors may use the name of legitimate businesses, but then take you to a website that has nothing to do with that business. Verify before entering any personal information that the site is legitimate. Watch for AI/deep fake imitations. Fraudsters may use AI to create deep fakes, whereby reputable public figures seemingly endorse a company’s products or services on social media. While you may be swayed into thinking it’s a legitimate endorsement, “the reality is that’s not the case,”. Do your due diligence on vendors. Sources like the Better Business Bureau and the Federal Trade Commission can provide background information on businesses, including whether there are consumer complaints against them. Set up real-time purchase alerts. By monitoring your accounts on a real-time basis, you can more quickly find any potential fraudulent compromises. Remember if something happens your credit card offers more protections than a debit card. Alert your financial institution if you see suspicious activity. While consumers may think of big-time purchases when it comes to fraud, often it starts with much smaller transactions of as little as $1. By alerting your credit card company or other financial institution about even small unknown transactions, you can potentially save yourself further trouble. yoursafemoneyshow.com.

Ways seniors can cut expenses 9-9-23 Your Safe Money Show

 

Your Safe Money Show content for 9-9-23

 Coming up on our September 9th Your Safe Money Show. Todd will share things you should know about life insurance. He’ll also have practical ways seniors can cut expenses and what’s the difference between a pension plan and a 401(k)? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. hear recent shows at yoursafemoneyshow.com.

Credit Card Competition Act

 There’s a possible vote coming up by the end of the year about the Credit Card Competition Act . We’ll see if it passes BUT what is it and how does it affect consumers? The CCC Act is a bipartisan bill. It takes aim at the following: Merchant fees: Any merchant who accepts credit cards has to pay a fee to the credit card network every time customers swipe. These fees cost merchants $126.35 billion in 2022. Of course, accepting credit cards is…pretty much mandatory in 2023, which leaves merchants at the mercy of the credit card companies. Credit card processing networks: Visa and Mastercard control more than 80% of the credit card processing network market. As a duopoly, the two companies can pretty much charge whatever kind of fees they’d like. The CCC Act would change things up, forcing the financial institutions to enable at least two processing networks for their cards—and one of those networks must fall outside of the Visa/Mastercard duopoly. More processing networks for credit cards means more competition among the major credit card networks, which hopefully means lower fees for merchants. The American Bankers Association “strongly opposes” the bill, calling it a “regressive bill that takes from consumers, community financial institutions, and small businesses and gives to the most profitable global retailers and biggest grocery chains. Opponents also cite the Durbin Amendment, which limited how much issuers could charge merchants on debit card transactions as part of the 2010 Dodd–Frank Act. There’s concerns that credit card rewards would be affected too. But others say credit card companies will still offer rewards to gain new customers. Legislators won’t officially vote on the CCC Act until later this year at the earliest. In the meantime, it’s worth digging into the current nature of the credit card processing market to see why some senators think this move is a good idea. yoursafemoneyshow.com.

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September 2 Your Safe Money Show highlights

 Saturday September 2 Your Safe Money Show has Todd talking about reasons you shouldn’t retire, and tips to successfully semi-retire. And the reality is there are some hard parts to retiring, like boredom and other issues, he will explain. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Download the Nice 95.5FM app to your phone. Go to yoursafemmoneyshow.com to hear recent shows.

Best state to retire

 You know many people feel Florida is the best state to retire. But according to a recent Bankrate study Iowa is the best state based on Affordability (40%),Well-being (25%), Health-care quality and cost (20%), Weather (10%), and Crime (5%). Iowa’s biggest draw for retirees is its affordability. Since most retirees live on a fixed income, lower housing costs can help them stretch their dollars further than other states. According to Redfin’s data, as of July 2023, the national median home price is $422,137. But Iowa’s median home price comes in much lower at $232,200. Ultimately, where you choose to retire will depend on what’s most important to you. While affordability may rank highly on your list of priorities, you may also want to consider other factors, such as what activities you’ll have access to and whether you want to be close to family. And remember to consider how a place may change over time. You have to make a decision not only about the way things look today, but whether a place is going to be sustainable and less expensive over the long term. yoursafemoneyshow.com.

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Highlights for Your Safe Money Show for 8-26-23

 Here's what's planned for Your Safe Money Show for August 26 at 8 a.m. on Nice 95.5FM. By the way they stream live at kbek.com. You can download the Nice 95.5 app too! Did you know if you find gold coins, or other valuables, the tax man will want his cut. Todd will explain. 401(k)’s can have fees and penalties and he’ll share ways to avoid those. And there are things you and I can do to help (those of us over 50) to live longer and healthier lives. You can hear recent shows by going to yoursafemoneyshow.com.

Medicare Open enrollment

 Just a reminder Medicare Open enrollment starts October 15th and we are setting appointments, feel free to call 320-679-5183 to meet with Todd.

Scammers after storms

 In Mora on the 11th there was a bad storm and there was lot’s of damage, mainly trees ect. But I wanted to warn you about scammers after storms. And I heard from a friend that her sister had a scam call on that Saturday after the storm, that shows how quick they are. Here’s how a typical roof scam works: After a storm hits your area, you receive a phone call or a knock on the door by someone who claims they are a roofing contractor. The scammer will pressure you to sign a contract on the spot or pay upfront. They will often offer to inspect your roof, but this is a scam, too — once up there, they often create even more damage so they can tally up a larger bill. Be wary of storm scammers pretending to be your insurance company requesting personal information over the phone. Only provide personal information if you have picked up the phone and made the call yourself. Storm scammers may tell you they’ve been sent by your insurance company, but your insurance company will alert you before a contractor or other worker is sent. Other common restoration scams include sub-par work and materials, price gouging and advance payment for work that is never completed. yoursafemoneyshow.com.