Your Safe Money Show highlights for July 1st

 Coming up on this Saturday's (July 1st) Your Safe Money Show. Todd has what to watch for when it comes to counterfeit money. And he explains money concepts: dynamic pricing and zero-based budgeting. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Cheaper gas

 A little bit of good news today: AAA reported that 20 gallons of gas currently costs about $30 less than this time last year. And while prices could rise in the coming months with summer travel, experts predict that prices likely won’t get anywhere near last summer’s highs. Great news for your summer road trip!

Wealth survey

 When you were growing up, you may have dreamed of one day being a MILLIONAIRE. But these days, having a million bucks is NOT enough to make you rich. Neither is TWO million. According to a new "Modern Wealth" survey from Charles Schwab, Americans consider themselves wealthy if they have an average of $2.2 million in ASSETS, which includes cash, property, cars, and bling. That number is actually DOWN from before the pandemic. In early 2020, Americans said that $2.6 million was the magic number to be rich. But there's a difference between BEING wealthy and FEELING wealthy. They surveyed 1,000 random people between the ages of 21 to 75, who had an average net worth of $560,000 in assets. And 48% of them said they already "feel wealthy," even if they're well below $2.2 million. That's because many people . . . especially younger adults . . . say money alone doesn't equal wealth, and that there's also "currency" in experiences and relationships.

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Retirement survey findings

 TransAmerica did their 23rd annual retirement survey and asked 5700 American workers what’s one of their biggest concerns heading toward retirement and a full 72% said they worry Social Security won’t be around when they retire. According to the Social Security Administration more than a third of Americans 65 and older depend on Social Security benefits for half or more of their income. So no wonder there’s fear that Social Security might disappear. Other survey results, more than two-thirds, 67% , wish they had received more information and advice from employers about how to reach retirement goals. More than half of those surveyed, 53% , also worry that they haven’t saved enough for retirement and say debt keeps them from saving more for retirement. TransAmerica and many other companies do these surveys and they do offer insight to where the respondents are at and how they feel about their retirement future. I appreciate this information as well, so I can gear what I do when meeting with my clients about their retirement plan. I do this show to bring information forward about the solvency of Social Security for instance. So, if you have concerns, call me for an appointment, let’s talk those over. 320 679 5183 or go to the website yoursafemoneyshow.com.

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Your Safe Money Show topics for June 17th

 For this Saturday's (June 17th) Your Safe Money Show. Todd has questions to ask before paying any medical bill. And hard truths about retirement. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Safe Money Kit

 If you're ready to get a financial or retirement plan started ask for our Safe Money Kit. Call 320 679 5183, go to yoursafemoneyshow.com, or stop at the office at 139 Union Street in Mora.

The Fiscal Responsibility Act

 Since our show last Saturday, the big news is that the President signed into law a bill called The Fiscal Responsibility Act of 2023. It suspends the public debt limit through January 1, 2025, after the 2024 presidential elections. The President said “No one got everything they wanted. But the American people got what they needed." The Republican-controlled House voted 314 to 117 to approve the bill, and the Democrat-controlled Senate voted 63 to 36. The legislation caps spending for the next two years and includes conservative measures to claw back about $28 billion in unspent Covid relief funds, as well as eliminating $1.4 billion in IRS funding and shifting roughly $20 billion of the $80 billion the IRS got through the Inflation Reduction Act to nondefense funding. It also restarts federal student loan payments after a long pause that began at the start of the pandemic, and adds work requirements for people up to age 55 to get benefits under the Supplemental Nutrition Assistance Program and Temporary Assistance for Needy Families, with carve-outs for veterans and homeless people. The current threshold is 50 years old. I am thankful the default didn’t happen; it would have been catastrophic for our country and around the world. Fingers crossed things go better in 2025 when this debt ceiling will be revisited.

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Talking Points for June 10th Your Safe Money Show

 Here's what's on the docket for this Saturday's (June 10th) Your Safe Money Show. To raise your "financial" knowledge Todd will have money tips that new graduates should know. Also, how to avoid overpaying for car insurance. And there’s something called “the retirement hazard zone”, it’s those years right after age 59 and a half, he’ll explain. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows by going to the home page at yoursafemoneyshow.com.

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COLA Report

 I have an update from earlier this month from the nonprofit Senior Citizens League. They published their report on its estimate for the upcoming Social Security cost-of-living-adjustment, or COLA. Based on the latest inflation numbers, it now predicts that the 2024 COLA could come in at 3.1%. The COLA is calculated by the Social Security Administration each year using inflation data. The goal is to make sure that inflation doesn't completely erode the purchasing power of Social Security and Supplemental Security Income benefits, which reach about 67 million Americans every month. It's important to keep in mind that these are just predictions. The official COLA won’t be locked in until October, and lots can change between now and then. New data from the U.S. Labor Department shows that inflation is on a slow decline in 2023, coming in at 4.9% for the month of April. But the Senior Citizens League notes that while inflation is moderating, prices themselves haven’t necessarily come down. COLA is a way to defend retirees from inflation, but it only increases purchasing power when it keeps up with the price of goods they need to buy. And we all know that’s been tough with some prices going up way more than inflation.

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Highlights for June 3rd Your Safe Money Show

 Here's what we're looking at for our Saturday June 3rd Your Safe Money Show. Todd will tell you mistakes you’ll want to avoid with Social Security. Also looking into a crystal ball, a bit here but what would raising the retirement age to 70 really mean? Stick around to find out. And what is the FICA tax? Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.