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.

Your Safe Money Show Dealing with Shrinkflation 7 20 24

Highlights for July 20th Your Safe Money Show

 Coming up on this Saturday's Your Safe Money Show. We’ve all heard about “Shrinkflation” Todd will explain that and how to deal best with it. You know sometimes in estate planning it’s hard to keep an inheritance “equal” Todd will offer insight. Also, for today’s show new numbers show 1 in 6 retirees consider “unretiring”. Why is that? Tune in to find out. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Canceling a credit card

 You’d think canceling a credit card would be no big deal, right? However, when you close an account in good standing, you’ll not only reduce your overall credit limit, which could wind up hurting your credit score, but you’ll eventually lose the history associated with that account. That’s because your payment history and the age of your credit are two of the most important factors that make up your overall credit score. And we all know the higher your credit score the better your rates will be on various insurance, rent and mortgage payments. But there are times you need to cancel a credit card like when you get a divorce. Begin by making sure that you don’t have any outstanding debt on the account; if you do, then you’ll need to pay that off. You can cancel your card over the phone or online. Keep an eye on your credit reports so you can confirm the account has been closed. You’ll also want to check your credit scores to see how canceling the account has affected your credit. Make sure everything looks accurate, and don’t be afraid to file a dispute if anything appears incorrect. Questions call 855-22money or go to yoursafemoneyshow.com.

Your Safe Money Show Things you didn't know about Medicare 7 13 24

Your Safe Money Show Riskiest places to give your SS number 7 6 24

Highlights of July 13th Your Safe Money Show

 Coming up on this Saturday's (July 13th) Your Safe Money Show. Todd will share how to rethink your 401(k) options when you reach age 59 and a half. 10 things you didn't know about Medicare. And how to create a saving strategy. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Highlights for July 6th Your Safe Money Show

 Coming up on this Saturday's (July 6th) Your Safe Money Show. Todd will have costs to include in your retirement budget. Riskiest places to give your Social Security number. And a step by step guide to care for aging parents. 

Closed the 4th and 5th

Sjoberg & Holmstrom Financial Services and Your Safe Money Show wish you a safe and happy 4th of July. We will be closed Thursday July 4th and July 5th. You can leave a message at 320-679-5183.

Your Safe Money Show What the Social Security Administration is 6 29 24