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.