Sequence of Returns

 Did you know that stock market returns can impact your savings very differently depending on if you are “accumulating” or “spending”? For more information on the importance of the Sequence of Returns, contact me today! Todd Sjoberg 320-679-5183 or go to yoursafemoneyshow.com.

Baby boomers and retirement with the pandemic

 A recent survey gives us some insight on how baby boomers are feeling these days. Some 24% of those 56 and older say the pandemic has caused them to push back their planned retirement date.

While 401(k) balances remain buoyant for now, the U.S. is still in a recession: the official unemployment rate is 11.1%, up from 3.7% at this time last year, and the country’s real gross domestic product dropped at an annual rate of 32.9% in the second quarter. The economy will more than likely stay this way until a vaccine is widely available.

Fifteen percent of pre-retirees say they plan to take Social Security later than expected due to COVID-19, while 8% plan to claim their benefits earlier. Some people may have little choice but to claim early, if they’ve been laid off and don’t have adequate savings to fall back on. Please don’t take your benefits early without talking to me or someone else that can explain the ramifications of that decision. Call 320-679-5183 or go to our website yoursafemoneyshow.com.

Your Safe Money Show Prepping for a layoff 8 8 2020

What to expect on the August 8th edition of Your Safe Money Show

Here's what's planned for this weeks (August 8) Your Safe Money Show.
I mentioned last week I have folks coming in to see me concerned they might be laid off. I found some interesting ways to prepare if you’re afraid you might get laid off.
Also there are myths when it comes to Social Security that I will dispel for you and a money survey recently dealing with the pandemic has some findings for various age groups. How has this virus affected young adults differently than Baby Boomers for example?
Tune in at 95.5 FM KBEK at 7:30 Saturday mornings. They stream live at kbek.com.
Hear recent shows at your convenience by going to the podcast page at yoursafemoneyshow.com.

Market downturn

Behavioral finance shows us that many people do exactly the WRONG thing in a market downturn…but what is the “right” thing? Contact me today for more information. Todd Sjoberg 320-679-5183 or go to yoursafemoneyshow.com.

The Cares Act and RMD's

The Coronavirus Aid, Relief, and Economic Security Act, more commonly known as the CARES Act, has made some changes which could impact the 2020 tax return you file next spring, one of the changes has to do with RMD's.
Once you reach age 72, you must take required minimum distributions, known as RMDs, from most types of retirement accounts such as 401(k) plans and traditional IRAs. These distributions, mandated by Uncle Sam, are generally taxable. The RMD requirement has been waived for 2020, thanks to the CARES Act. If you don’t need the money, skipping an RMD can have many benefits. Not only do you avoid paying taxes on the RMD itself, but you also don’t have to worry about the distribution pushing you into a higher tax bracket. Plus, if your portfolio hasn’t performed well this year, you won’t have to lock in those losses by making a withdrawal. If you already took an RMD in 2020, you have until Aug. 31 to reverse that decision and repay the distribution.
Questions call 320-679-5183 or go to yoursafemoneyshow.com

Your Safe Money Show Midyear retirement review 8 1 2020