Your Safe Money Show Building credit when you don't have any 12 28 24

Closed for the holidays

 Sjoberg & Holmstrom Financial Sevices and Your Safe Money Show wish you a Merry Christmas and a Happy New Year! Our office will be closed December 24th through January 1st. You can leave a message at 320 679-5183.  

Topics for upcoming Your Safe Money Show December 28th

 We hope you enjoyed the Christmas music sponsored by Sjoberg & Holmstrom and Your Safe Money Show on the 21st. We are back this Saturday December 28th with another edition of Your Safe Money Show. Todd will explain reasons for having life insurance. How to build credit when you don't have any. And what are the risks of "buy now, pay later" programs. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com, on Facebook and Youtube under Your Safe Money.

Sounds of the season for this Saturday December 21st

 Coming up this Saturday December 21st Sjoberg & Holmstrom Financial Services and Your Safe Money Show will be sponsoring Christmas music from 8 to 9 a.m. on Nice 95.5FM KBEK. We hope you enjoy the sounds of the season. Your Safe Money Show will be back December 28th with a new show.

Emergency fund

 An emergency fund is something I recommend to all my clients. Generally it’s 3 to 6 months of money set aside that equals that time period of expenses. Emergency funds are meant to help you make ends meet if you suffer an income loss or face an unexpected, essential expense. Bottom line we all have needs, wants, and wishes. The emergency fund is there to make sure you can cover your needs. Events worthy of using your emergency fund generally fall into one of two buckets: paying bills during a period of income loss or covering unexpected, essential expenses.

Your Safe Money Show Reasons to spend from your emergency fund 12 14 24

Highlights for December 14th Your Safe Money Show

 Coming up on this Saturday's (December 14th) Your Safe Money Show. Todd has good reasons to spend money from your emergency fund. He’ll also touch on how to undo claiming Social Security early. Boomers carry more cash than younger generations and their reasoning is spot on, he’ll explain. And credit card debt has hit a record, he’ll have the Red Flag for your budget. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Dates for MnSure

 Just a reminder MnSure open enrollment for 2025 is running now through January 15, 2025. Enroll by December 18 for coverage starting January 1, 2025. Enroll December 19 through January 15 for coverage starting February 1, 2025. Todd is a MnSure broker and navigator so call 855-22 money, that’s 855-226-6639 or go to yoursafemoneyshow.com.

Ways to avoid holiday debt 12 7 24

Highlights for December 7th Your Safe Money Show

 Here's what we're working on for Saturday December 7th Your Safe money Show. I think you’ll be surprised how many tasks with Social Security you can now do “online”. Todd will go into detail on that. Plus he’ll have signs you’re ready to retire. And he’ll have ways to avoid holiday debt. Listen at 8 a.m. at Nice 95.5FM KBEK. They steam live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com.

New technology for older adults

 On last weeks (11-30-24) Your Safe Money Show we talked about technology that can help older adults and one item I thought was especially helpful was GPS Insoles: the GPS SmartSole can go into the shoes of those living with dementia, allowing them to be found if they wander off. You can set a perimeter, receive a notification if the person leaves their designated area and track them via the GPS in the insoles. Similar technology exists in watches, but people with Alzheimer's or other types of dementia are often resistant to new wearable devices. To see the entire list of technology go to yoursafemoneyshow.com .

Your Safe Money Show Tech tools for older adults 11 30 24

Closed on Thanksgiving and Friday the 29th

 Everyone at Sjoberg & Holmstrom Financial Services and Your Safe Money Show with you and yours a Happy Thanksgiving. Our office will be closed Thursday the 28th and Friday the 29th. You can leave a message at 320-679-5183.

Your Safe Money Show topics for Saturday November 30th

 For this Saturday's (November 30th) Your Safe Money Show. Todd will have retirement moves to make before 2025. He’ll have things retirees can be thankful for this year and tech tools for older adults. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com, and on Facebook and YouTube under Your Safe Money.

Medicare Open Enrollment deadline

 Just a reminder that Medicare Open Enrollment ends December 7th. If you want a no cost, no obligation appointment with Todd call 320 679 5183.

Your Safe Money Show Canceling a subscription just got easier 11 23 24

Highlights for November 23rd Your Safe Money Show

 Coming up on this Saturday's November 23rd Your Safe Money Show. As we are gearing up for holiday shopping, Todd will have online scams to be aware of. He’ll also talk about places where you should never give your Social Security number. And canceling a recurring subscription is about to get easier. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com. You can also find us on Facebook and YouTube under Your Safe Money.

Deadline for Medicare Open Enrollment

 Just a reminder Open Enrollment for Medicare ends December 7th. To make an appointment with Todd call 320-679-5183.

2025 contribution limits

 I have updated information from the IRS about 2025 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 $23,500 in 2025, up from $23,000 in 2024, 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 limit on annual contributions to an IRA remains at $7,000 in 2025. Catch-up contributions will remain unchanged at $1,000. Here are the phase out ranges for 2025: For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $79,000 and $89,000, up from between $77,000 and $87,000. For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $126,000 and $146,000, up from between $123,000 and $143,000. Questions call 320 679 5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Being too frugal in retirement 11 16 24

Your Safe Money Show highlights for November 16th

 For this Saturday November 16th 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, and at Facebook and YouTube.

The cost of scams

 The American people lost $12.5 billion to online criminals and scammers in 2023, and according to the FBI, $652 million of that went to romance and confidence scams. Scammers are getting bolder and more ambitious, and bleeding older people — who may have diminished faculties, or are merely lonely and easy prey for a dedicated scammer — for hundreds of thousands of dollars, if not millions. We have the booklet "Don't be a victim of scams" ask for your complimentary copy by going to yoursafemoneyshow.com or stop at our office at 139 Union Street in Mora.

Your Safe Money Show Slow Shopping 11 9 24

Your Safe Money Show highlights for November 9th

 Coming up on the November 9th Your Safe Money Show. With the holiday shopping season basically underway Todd will have what to watch for when it comes to “sellers” tricks. There’s also a trend called “slow shopping” that can save you money this holiday season. And he’ll have 5 reasons to take your Social Security early and 4 reasons to wait. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com and on Facebook and YouTube.

Costs of health care

 According to an August 2024 report from Peterson-KFF Health System Tracker, the price of medical care, including insurance, drugs and medical equipment has increased by 121.3% since 2000. In contrast, prices for all consumer goods and services increased by 86.1% during that time. Health care is a major expense during retirement, even with Medicare and Medicare supplements helping to cover costs through deductibles and copays. However, Medicare doesn’t necessarily cover all health care costs. A person needs to consider their family health history and whether additional planning needs to be done to protect against unforeseen health issues as well as how a potential long-term care event is going to be covered. Open enrollment for Medicare and MnSure is open now call 320-679-5183 for an appointment with Todd.

Your Safe Money Show Ways retirement has changed 11 2 24

Your Safe Money Show topics for November 2nd

 For Saturday November 2nd Your Safe Money Show Todd will explain ways that retirement has changed from our parents and grandparents and how we can adapt. He’ll also look at what happens if you work while receiving Social Security. And do you owe more on your car than it’s worth? You are not alone and he’ll have what you can do. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com, on YouTube under Your Safe Money and on Facebook.

Start early....

 

MnSure Open Enrollment

 MN Sure Open Enrollment starts November 1st call for an appointment at 320-679-5183, go to yoursafemoneyshow.com, or stop at the office at 139 Union Street in Mora.

Your Safe Money Show Year end financial tasks 10 26 24

Highlights for October 26th Your Safe Money Show

 Coming up on this Saturday's October 26th Your Safe Money Show. Todd will have how to save for retirement after age 50. If you want to give money to your adult children, he will have things you need to know. And we can see the end of year in sight so checking off financial tasks to do now might be helpful. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com, on Facebook and YouTube under Your Safe Money.

New COLA information for 2025

 The Social Security Administration recently announced a 2.5% increase in their Social Security benefits for 2025. The cost-of-living adjustment is in line with the 2.6% average annual increase over the past 20 years, but it’s slightly lower than the 3.2% rise beneficiaries received this year. The 2025 Social Security adjustment, known as the COLA, reflects the slowdown in inflation. Social Security calculates the adjustment using the Consumer Price Index for Urban Wage Earners and Clerical Workers, taking the average inflation readings from July, August and September of the current year and comparing them with the same period from a year earlier. But the index tracks a range of goods and services that are purchased primarily by younger working people, not by retirees, who often spend more of their income on housing and health care. The adjustment is often mostly eaten up by the increase in Medicare Part B premiums, which are automatically deducted from Social Security checks. And Medicare Part B for 2024 is $174. 70 and is rising to around $185. For more information go to yoursafemoneyshow.com.

Your Safe Money Show Money Language 10 19 24

October 19th topics for Your Safe Money Show

 Coming up on this Saturday's October 19th Your Safe Money Show Todd will have the newest COLA information from Social Security. He will also have how your HSA can reimburse you for Medicare Premiums paid. A recent survey says Americans aren’t saving enough for retirement, what does that mean for states and individuals? And what is your “money” language? Listen at 8 a.m. at Nice 95.5FM. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com and at Facebook and YouTube under Your Safe Money.

October is Financial Planning Month

 If you didn’t know October is Financial Planning Month and that’s really a theme of our show every single week. Let me share the history of Financial Planning Month. Financial planning as a concept has been around for a long time, but not as we know it today. When Loren Dunton set up the Society for Financial Counseling Ethics in 1969, or when the first graduating class of the College of Financial Planning graduated in 1973, financial planning was very different. It was centered around selling limited partnerships, which came to an end with the Tax Reform Act of 1986. However, financial planning re-emerged — all thanks to Richard Averitt III. The certified financial planner gave new meaning to financial planning, this time with a focus on who the client is and what their needs are. Financial planning, as we know it now, includes investing, tax planning, retirement planning, and basically other ways to get your finances in order and create mindful budgets to ensure a safe and secure future. Getting a step ahead of your spendings and finances is beneficial in the long run and Financial Planning Month is the perfect time to do that. Why is financial planning month important? It reminds us to invest in ourselves: This month is a sign to take a minute from mindless spending and invest some time and money in our future. It creates awareness about financial planning: For young adults who are just starting to earn, this month spreads awareness that the sooner you start the better and time with compounding can be amazing. It also highlights the value of responsibility: Whether or not people choose to participate, it is a reminder that our actions right now determine what our future will look like and creates a sense of responsibility. yoursafemoneyshow.com.