September 28th highlights for Your Safe Money Show

 Here's what we have planned for this Saturday's (September 28th) Your Safe Money Show. Todd will have 6 estate planning mistakes Prince and other celebrities made. The FDIC, the Federal Deposit Insurance Corporation, is from the government and really is here to help, he will explain. And he’ll have how to manage an inherited IRA. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Your Safe Money Show Make your home EV ready 9 21 24

Topics for Your Safe Money Show September 21st

 For this Saturday's September 21st Your Safe Money Show Todd will debunk myths about women and money. He'll also share how to make your home EV (Electric Vehicle) ready. And he has financial strategies for single adults. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com. Also go to Youtube and Facebook under Your Safe Money.

Be aware of risk as you age

 

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Highlights for Saturday September 14th Your Safe Money Show

 Coming up on this Saturday's (September 14th) Your Safe Money Show. Todd will have a recent money survey information about Americans being stressed about their finances. He'll also have the benefits of estate planning. And should you rent or own in retirement? 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.

Set appointments now for Open Enrollment

 Open enrollment for Medicare starts October 15th. It's not to early to make an appointment with Todd. Call 320-679-5183.

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. (Discuss) 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. For more information go to yoursafemoneyshow.com.

Your Safe Money Show Difference between a pension and a 401(k) 9- 7- 24

Highlights for Your Safe Money Show for September 7th

 Your Safe Money Show for Saturday September 7th at 8 a.m. at Nice 95.5FM KBEK. Todd Sjoberg your host will talk about 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)? They stream live at kbek.com. You can hear recent episodes at yoursafemoneyshow.com and on Youtube and Facebook under Your Safe Money.

Longevity

 On last week’s show we talked about calculating your longevity and if you missed the show go to yoursafemoneyshow.com to hear it. I bring that up because the world’s oldest person passed away last week, and her name was Maria Branyas Morera. She was 117 years and 168 days old. She was the 8th oldest person in history according to Guinness World Records. They say except for some hearing and mobility issues, she had no major health issues. She died in her sleep. The family said in recent days she had spoken of feeling close to death and would miss drinking coffee, eating yogurt and seeing her pet. She said she attributed her longevity to “luck and good genetics. She also said “order, tranquility, good connection with family and friends, contact with nature, emotional stability, no worries, no regrets, lots of positivity, and staying away from toxic people. She lived through two World Wars, the Spanish Civil War and two pandemics, the 1918 flu and Covid 19. She contracted the coronavirus in 2020 at age 113 but made a swift recovery after suffering mild symptoms. Based on a 2022 estimate by the United Nations, there are 593,000 centenarians around the world. It’s a fast-growing age group, and the U.N. projects there will be 3.7 million centenarians alive by 2050. Longevity is something I use along with several other factors when formulating a retirement plan. Ask for our Safe Money Kit by going to the website yoursafemoneyshow.com to get your plan started. You can also stop by the office at 139 Union Street in Mora.

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Closed Labor Day

 Just a reminder Sjoberg & Holmstrom Financial Services and Your Safe Money Show will be closed on Monday Labor Day. You can leave a message at 320 679 5183.

Your Safe Money Show details for August 31st

 Coming up on this Saturday's (August 31st) Your Safe Money Show. We all know our Social Security card is super important to keep safe but if we “misplace” our card how can we get a replacement? Todd will give us those details. And since many people talk about traveling in retirement, Todd will share what you need to know. And in that same vein he’ll answer, “Does Google Flights really 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.

Truth....Ha

Prospective COLA for 2025

 Were at that time of year when analysts speculate how much the COLA for Social Security benefits will be for the upcoming year 2025. Keep in mind this is subject to change BUT in 2025, the Social Security COLA may be 2.6%. That’s down from the 3.2% boost to benefits Americans saw in 2024. It’s also substantially lower than the 8.7% COLA Social Security beneficiaries received in 2023, and the 5.9% increase for 2022. The prospective Social Security COLA for 2025 would be the lowest since 2021 but in line with the average cost-of-living adjustments for the past two decades.

The annual Social Security cost-of-living adjustment is calculated based on third-quarter data from a subset of the consumer price index, known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. The size of the official increase may change as new CPI data comes in. The Social Security Administration typically announces the COLA for the following year in October. Inflation has been a factor and the COLA is supposed to help retirees but the average Social Security benefit has lost 20% of its buying power since 2010, according to recent research from the Senior Citizens League, a nonpartisan senior group. The group’s research found, today’s average monthly benefit for retired workers would have to increase from $1,860 to $2,230 — nearly 20% — to keep pace with 2010 buying power. We’ll see what the final increase is but remember Social Security was never meant to be all the income for you to have in retirement. Questions go to yoursafemoneyshow.com

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Topics for this Saturday's August 24th edition of Your Safe Money Show

 Coming up on this Saturday's (August 24th) Your Safe Money Show. Todd will go into detail about the new rules when buying or selling a home that just went into effect. How to calculate your life expectancy and how to have a happy retirement. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Medicare Open Enrollment

 Open enrollment for Medicare opens October 15th. If you want to schedule a no cost, no obligation appointment with Todd to see if your plan is still right for you or if you need other assistance call 320 679 5183 or go to yoursafemoneyshow.com.

Credit card record

 I read this week from the Federal Reserve Bank of New York that collectively, Americans now owe a record $1.14 trillion on their credit cards. Credit card balances rose by $27 billion in the second quarter of 2024, a 5.8% jump from a year ago. These days, 57% of consumers rely on credit cards to make ends meet. Half of credit card holders carry debt from month to month. Now there’s no easy answer to eliminate credit card debt but you can start by finding a payment strategy that works for you. Consider debt consolidation, work with your creditors, seek help through debt relief, and lower your living expenses. The first step is recognizing you need help. There’s many wonderful resources out there from the Federal Trade Commission, to Bankrate, the American Bankers Association and more. If you have questions go to yoursafemoneyshow.com.

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Your Safe Money Show topics for August 17th

 Coming up on Saturday's August 17th Your Safe Money Show. Todd will explain in estate planning who needs a trust and who doesn’t. Financial exploitation is a huge problem and he will share how to stay safe from fraud. And what are the signs your romantic partner might be financially unstable. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Don't be a victim of scams free booklet

 Get your complimentary copy of "Don't be a victim of scams". Message us here, stop at 139 Union Street in Mora, or go to yoursafemoneyshow.com

RXpass information

 I saw this week that Medicare recipients can now use Amazon Pharmacy’s Rxpass. I am not making a plug for Amazon, but this is important news, if you are getting your medications through mail order or if it's an option. So what is RXpass? Launched a year ago, the RxPass is designed to provide lower-cost access to generic medicines that treat more than 80 common health conditions, including high blood pressure, anxiety and acid reflux. Subscribers can get as many eligible medications as they need, plus free home delivery and the ability to connect with a pharmacist 24/7, for a flat fee of $5 a month. Until recently, those with Medicare insurance plans were excluded from the service, but Amazon has now widened accessibility. According to Amazon, a Medicare beneficiary who takes at least one medication available through RxPass could save approximately $70 per year, and a beneficiary who takes two or more medications could save even more.

How does it work? You will need an Amazon Prime subscription to be eligible to join. This currently costs $14.99 per month/$139 per year. Then you have to sign up using the Amazon Pharmacy website or app. If your prescription medication needs to change, you can cancel the service at any time. RxPass isn’t currently available to send medications to California, Texas and Washington, although Amazon Pharmacy is available in all of those states. And those with state-funded insurance such as Medicaid and CHIP are not eligible. So, keep in mind this coverage is for common health conditions and covers 80 generic drugs. I think depending on your situation this is worth looking into and see if it’s right for you. Questions go to yoursafemoneyshow.com.

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Is retirement income taxable?

 I get this question a lot: “Is retirement income taxable”? Here’s how some income in retirement is taxed: Social Security Benefits: Depending on provisional income, up to 85% of Social Security benefits can be taxed by the IRS at ordinary income tax rates. Pensions: Pension payments are generally fully taxable as ordinary income unless you made after-tax contributions. Interest-Bearing Accounts: Interest payments are taxed at ordinary income rates, but municipal bond interest is exempt from federal tax and may be exempt from state tax. Sales of Stocks, Bonds, and Mutual Funds: Long-term gains (held over a year) are taxed at 0%, 15%, or 20% capital gains tax rates, based on income thresholds. Net investment income tax (NIIT) factors in for some taxpayers. at a rate of 3.8%. Dividends: Qualified dividends are taxed at long-term capital gains rates; non-qualified dividends are taxed as ordinary income based on your federal tax bracket. Traditional IRAs and 401(k)s: Contributions to traditional IRAs and 401(k)s reduce your taxable income. However, withdrawals are taxed at ordinary income rates. Required minimum distributions (RMDs) start at age 73. Withdrawals before age 59 ½ are subject to a tax penalty. Roth IRAs and Roth 401(k)s: Contributions to Roth accounts are not tax-deductible. However, withdrawals after five years following the first contribution are tax-free for Roth IRAs, including gains. Withdrawals before age 59 ½ are subject to a tax penalty. Life Insurance Proceeds: Life insurance proceeds are generally not subject to tax when received as a beneficiary. However, surrendering a policy for cash may have tax implications. Savings Bonds: Bond interest is generally taxable at ordinary income rates upon maturity or redemption but may be tax-free for education expenses if certain conditions are met. Annuities: For annuities, the portion representing the principal is tax-free; earnings are taxed at ordinary income rates unless purchased with pre-tax funds. Home Sales: Under the Section 121 home sale exclusion, primary home sale gains up to $250,000 ($500,000 for married couples) are excluded from income tax if specific ownership and use criteria are met.

If you want more information, give me a call and we can have a no cost, no obligation appointment.

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Your Safe Money Show topics for August 3rd show

 Coming up on this Saturday's (August 3rd) Your Safe Money Show, Todd is going to touch on Medicare upgrades that could disqualify your private plan. He’ll explain the value of using cash in the digital age. And if you inherit an IRA there are things for you to understand as a beneficiary. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Things to consider before moving by an adult child

Is moving by your adult child a good idea in retirement? There’s a lot to consider before you make a big move in retirement to be near your adult child. Ask these questions first. What role do I want to play in my child’s life? Discuss this with your son or daughter. Would I really like to live in the area my child has chosen? Try doing a trial run for a month or so and find out all you can about the area. How do I want to spend my time? You cannot depend on your adult children for your social life. Look into hobbies, volunteering, travel, and make sure you have a plan. What if I have a health scare? And what if my child needs to relocate after I’ve moved? You’ll want to see about health coverage and doctors in your child’s area. Will you be able to get to the clinic or hospital, is transportation an issue or not? What will you do if your child moves? Is it a possibility? It’s also important to look into the “financial” impact of a move. Do a cost-of-living comparison. Explore differences in state and local taxes. They might vary widely from what you currently pay. Find out about local resources for retirees. A good place to start your research is by checking the state’s department of aging site. It will likely have information about regional Area Agencies on Aging as well as local community centers. And talk with your financial person about the feasibility with your finances, if the move will be doable. For more information go to yoursafemoneyshow.com.

Recent scam

 A friend of mine (Supposedly) had several things listed for sale not, in Marketplace, but on her feed. The post said her dad was moving to a smaller place and had things for sale. It also said she was going to be out of town for a few days so if you were interested you could pay half down to hold the item and when she got back home, you could come look in person and either pay the rest or you’d get your money back. Sounds fair enough right? Some of the “things” listed were a Jeep, tractor, lawn mower, bigger ticket items and there were pictures and the prices too. Fred was interested in the tractor so I messaged her about payment, and it would have to be through Venmo. Right there I sent a text message to her, and she said she’d been hacked. So, I posted SCAMMER in big letters and my friend deleted her account. Ask for your complimentary copy of "Don't be a victim of scams" by going to yoursafemoneyshow.com or call 320-679-5183.

Your Safe Money Show Getting a lower credit card annual percentage rate ...

Your Safe Money Show topics for July 27th

 Coming up on this Saturday's (July 27th) Your Safe Money Show. Todd will help you get a lower credit card annual percentage rate. He’ll tell you the worst assets to inherit. And if you’re married, it’s so important to understand the 5 options when it comes to claiming Social Security. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Debt when you die

 If you have debt when you die, what happens to that debt?

For the most part, your debt dies with you, but that doesn’t mean it won’t affect the people you leave behind. According to an estate attorney, debt belongs to the deceased person or that person’s estate. If someone has enough assets to cover their debts, the creditors get paid, and beneficiaries receive whatever remains. But if there aren’t enough assets to satisfy debts, creditors lose out (they may get some, but not all, of what they’re owed). People often worry they will be responsible for a family member’s debt, but that usually isn’t the case. However, it’s not always that simple. The type of debt you have, where you live and the value of your estate significantly affects the complexity of the situation.

If you are a co-signor or co-applicant on an account you could be responsible for that debt. Having a good estate plan could eliminate concerns about debt when you die. Go to yoursafemoneyshow.com for more information.