Highlights for January 13 Your Safe Money Show

On this week's (January 13) Your Safe Money Show we have all heard “money rules or myths” and just because someone says them, doesn’t mean they’re true or the best advice. I want to dispel or at least discuss what those myths are.
As we age we all know the benefits of exercise and eating right, but there’s also things we can do when certain issues come up, that can make a huge difference in our quality and longevity of our lives.
 Tune in to find out more at 7:30 a.m. Saturdays at KBEK 95.5 FM. They stream live at kbek.com. Hear recent podcasts at yoursafemoneyshow.com.

Emergency Fund

Life Expectancy

Life expectancy, when planning for your retirement, is more important today than ever before, because statistics show we are living longer than ever before. For some people retirement is lasting 30 years or longer.

Between 1980 and 2010, the population age 90 and older nearly tripled, reaching 1.9 million people, according to the Census Bureau. Over the next four decades, the 90-plus demographic is expected to quadruple.

When I meet with a client we discuss their family history and factor in longevity as we formulate their retirement plan along with many other factors.

Many people, when planning for retirement, tend to underestimate their life expectancy and, as a result, tend to overestimate how much they can spend after they retire. While they’re working people don’t save as much thinking their expenses will go down in retirement, but that isn’t always the case.

As a retirement income planner my job is to help insure you'll have enough income to last all the way through your retirement. 

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Highlights for January 6 Your Safe Money Show

Sure hope you can tune in this Saturday morning January 6th for Your Safe Money Show on KBEK at 95.5FM at 7:30. They stream live at kbek.com.
I know you’ve been hearing about the new tax law and I want to break down how that will affect us as tax payers. 
And with this new year let’s see what you can expect for your personal finances and I’ll have ways to build your budget for 2018. 
To hear recent podcasts or to contact us go to yoursafemoneyshow.com.

RMD's

RMD’s, Required Minimum Distributions are defined as the amount that traditional, SEP or SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement accounts by April 1 following the year they reach age 70 and a half.
Let me explain, Contributions to traditional IRAs and 401(k) accounts are not taxed upfront, but the U.S. government gets its due down the road. When you reach age 70-1/2, a certain amount of your tax-deferred savings in IRAsand most 401(k) accounts must be drawn down every year under the Required Minimum Distribution (RMD) rules.
And younger people may need to take RMDs on inherited IRAs.
If you miss paying an RMD you can get a 50% tax penalty, plus interest on the amounts you failed to draw on time.
The amount of RMD you owe is determined by your age, account balance and life expectancy. Retirees below the RMD age should consider planning steps to reduce their future potential impact.
If you have questions or would like more information call 320-679-5183, or go to the website yoursafemoneyshow.com.

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