Your Safe Money Show highlights for November 16th

For the November 16th edition of Your Safe Money Show I will share ways for you to find an old 401(k). Accounts get left behind especially if someone is changing jobs more frequently, so I’ll explain what to do.
I talked in the past about payday loans and now I need to explain about the danger of online installment loans.
And I will have ideas to help you stretch your dollars in retirement.
The show airs at 7:30 a.m. on Saturday's at 95.5 FM KBEK.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security updates for 2020

Each and every October, the Social Security Administration releases its "Fact Sheet" that provides updates on the system. So, here’s the changes for 2020.

 The cost of living adjustment for beneficiaries or COLA is 1.6% or about $24 more dollars a month for the average benefit.

 For only the 10th time since Social Security was signed into law in 1935, the program's full retirement age is set to increase. This is the age at which a retired worker can collect 100% of their monthly benefit, as determined by their birth year. In 2020, the full retirement age will increase by two months to 66 years and eight months for persons born in 1958.

One of the more interesting quirks about Social Security retired worker benefits is that they're capped at a certain level. In 2020, the maximum monthly benefit at full retirement age will increase by $150 a month to $3,011.

The retirement earnings test allows the SSA to withhold some or all of your benefits if you've begun taking your payout prior to your full retirement age, are still working and you surpass set income thresholds. To keep this simple, for 2020, the amount threshold to be taxed goes up $50.

These are some of the changes for 2020, if you have questions call 320-679-5183.

Your Safe Money Show What does the Fed rate cut mean 11 9 19

Your Safe Money Show highlights for November 9th

Coming up on this Saturday's (November 9th) Your Safe Money Show.
The Federal Reserve has cut rates 3 times in 2019, I’ll discuss what that means for you.
The headline reads “how to wean your adult children off the bank of Mom and Dad”, this is an ongoing issue so we’ll go into what you can do.
And when someone passes away and they have lots of stuff often families don’t know what to do. Well there’s a booming industry to help, and I’ll explain.
Listen at 7:30 a.m. at 95.5FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Rule of 100

Medicare Advantage plans

I want to clear up some confusion when it comes to Medicare Advantage plans.
Medicare Advantage is the privately managed alternative to Original Medicare. Many Medicare Advantage plans are HMOs that come with a network of participating doctors and hospitals. Nearly two-thirds (62%) of Medicare Advantage enrollees are in HMOs, according to the Kaiser Family Foundation. Some of these HMO networks can be restrictive, with relatively few participating hospitals and specialists available to their enrollees.
Original Medicare offers much broader access to doctors, because the program doesn’t have a network: beneficiaries can visit any doctor, specialist, hospital or urgent care center that accepts Medicare, anywhere in the country. Original Medicare is administered by the federal government, whereas Medicare Advantage plans are managed by private health plans that contract with the government to provide Part B outpatient services and Part A hospitalization coverage.
Medicare Open enrollment is going on now until December 7th. This is a great time to research and decide what your best options are. Call 320-679-5183 to make an appointment .

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