Highlights for April 1st Your Safe Money Show

 Coming up on this week's Your Safe Money Show (April 1st) Todd will share information on why home insurance has gotten so expensive and how to pay less. He will also share costs you’ll want to include in your retirement budget. And he’ll have steps to help you get emotionally ready for retirement. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com.

Stop Robo Texts

 In a unanimous decision announced March 16, the Federal Communications Commission adopted its very first rules that aim to stop robo texts, the kind that attempt to trick consumers into clicking on links that can result in ripping them off. The agency is requiring wireless phone carriers to block texts from illegitimate phone numbers, which can display as numbers from unused lines and landlines and urging the companies to seek other ways to fight back. An FCC chairperson says, scam artists have found that sending us messages about a package you never ordered or a payment that never went through along with a link to a shady website is a quick and easy way to get us to engage on our devices and fall prey to fraud. Be leery of text messages and hopefully more of these messages will be stopped by our mobile phone providers.

Your Safe Money Show When to Retire 3 25 23

Starting a financial plan

 Ask for our Safe Money Kit by calling 320-679-5183. Go to yoursafemoneyshow.com. Stop at our office at 139 Union Street in Mora at Sjoberg & Holmstrom Financial Services. 

Longevity and Retirement Planning

 The United Nations estimates that there were about 95,000 centenarians in the world in 1990, and more than 450,000 in 2015. At this rate by 2100, there will be 25 million. We are living longer and that’s one of the important factors in the “retirement” roadmap that I use when formulating a plan for a client. I realize none of us really knows how long we’ll live but by looking at how long your parents and grandparents lived and your current health we can speculate that piece of the puzzle. We also factor in the when and how you’ll take your Social Security benefits. What will your tax situation be? What other sources of retirement income do you or will you have? How much debt will you have? How much will you pay for healthcare? What will your cost of living be? You get the idea. And to be honest because you could live 30 maybe even 40 years in retirement having enough income to last all the way through your retirement is what I am passionate about helping my clients achieve. If you want to learn more about Safe Money Strategies go to yoursafemoneyshow.com.

Your Safe Money Show Jobs that offer traditional pensions 3 18 23

March 18th topics for Your Safe Money Show

 Coming up on Saturday's (March 18th) Your Safe Money Show with your host Todd Sjoberg. There’s fewer pensions today but Todd will have the jobs that still offer traditional pensions, you might be surprised by some of these. Also he’ll have how long to keep tax records and other documents. And he talks about the “GO-GO” years and how much you can spend and still be okay. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear shows at yoursafemoneyshow.com.

Medicare 101

If you'd like a copy of Medicare 101 call 320-679-5183, go to yoursafemoneyshow.com or stop at Sjoberg & Holmstrom Financial Services in Mora at 139 Union Street.

 

Listener question about a pension and retirement planning

 I had a question sent to me through my YouTube account asking “How having a pension (TRA) , in this case a teachers pension, affects overall financial planning for an individual”? I appreciate the question. In general terms, a pension along with Social Security can be an amazing foundation to an individual's overall retirement plan. But it’s still incredibly important to look at your “whole” picture. And everyone is different. We all have wants, wishes and dreams and as important as the “financial” part of a retirement plan is, we need to consider many factors. I’ve met with so many clients that are still working and their question is “when can I retire”? And when it comes to someone with a pension, I have them get the “paperwork” information specific to them and where they are at with their pension. Whether you are 10 years from retirement or you are ready to be done this year, ask for our Safe Money Kit, it has step by step instructions on how to get a plan started. There’s no cost or obligation, whether you come to see me or not, this is my gift to you. Call 855-226-6639 or go to yoursafemoneyshow.com.

Your Safe Money Show Credit card balance transfer may be a bad idea 3 11 23

Topics for Saturdays Your Safe Money Show

 Coming up on Saturday's (March 11th) edition of Your Safe Money Show. Todd will have reasons why a credit card balance transfer may be a bad idea. Drug maker Eli Lilly cut insulin prices by 70%, Todd will share those details. And as another part of The Secure Act 2.0 you could soon be auto enrolled in a 401(k) plan. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Tax implications

 

Updates to 529 plans

 The issue with 529 college savings plans has always been not being able to remove excess funds without incurring a penalty. The SECURE 2.0 Act, which became law in December 2022, changes the 529 plan rules to allow rollovers of some funds from these college savings accounts into a Roth IRA. It could allow transfers to take place without tax and penalty fees. But there are certain criteria that need to be met. The 529 account must have been open for at least 15 years. There is a lifetime rollover limit of $35,000. In addition, the rules indicate that funds contributed to the 529 account within the five years preceding the rollover will not be eligible to roll over. Under the SECURE 2.0 Act, the new rules will become effective on Jan. 1, 2024. For more information go to yoursafemoneyshow.com.

Your Safe Money Show Tips from Centenarians 3 4 23

Topics for March 4th Your Safe Money show

 Here's what we're planning for this Saturdays (March 4th) Your Safe money Show. Todd will share how to roll over funds from a 529 college savings plan to a Roth IRA. This is new information from the Secure Act 2.0. Did you know the mortgage rate you get depends on your credit score? And car insurance rates have surged and where you live matters, he will go into detail on those two topics. Plus, Centenarians share tips for a happy life. A jam packed show for sure. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at kbek.com.