Roth IRA contributions for 2020

 We have recent news on Roth IRA contribution limits for 2020, they will remain the same as in 2019. The maximum amount you can contribute to a Roth IRA for 2020 is $6,000 if you're younger than age 50. If you're age 50 and older, you can add an extra $1,000 per year in "catch-up" contributions, bringing the total contribution to $7,000.

The actual amount that you are allowed to contribute to a Roth IRA is based on your income. To be eligible to contribute the maximum for 2020, your modified adjusted gross income must be less than $124,000 if single or $196,000 if married and filing jointly. Contributions begin to be phased out above those amounts, and you can't put any money into a Roth IRA once your income reaches $139,000 if single or $206,000 if married and filing jointly. So, the Roth income limits are higher than they were for 2019.

If you have questions call 320-679-5183 or go to www.yoursafemoneyshow.com

Your Safe Money Show Appling for Social Security 10 10 2020

What to expect on Your Safe Money Show Saturday the 10th of October

 Coming up on Saturday's (10-10) Your Safe Money Show. The pandemic has more people doing estate planning like making a will, I’ll go into some detail on this. It’s become a real problem, being forced into an early retirement. I’ll have what to do next if this happens to you. And there are certain documents you need to have, to apply for Social Security benefits, I’ll have what those documents are. Listen at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Social Security Guide

 What is the origin of the term "Social Security?"

A: The term was first used in the U.S. by Abraham Epstein in connection with his group, the American Association for Social Security. Originally, the Social Security Act of 1935 was named the Economic Security Act, but this title was changed during Congressional consideration of the bill.

If you have questions about taking your Social Security benefits ask for "Your Guide to Retirement Benefits" by going to our website yoursafemoneyshow.com.

Medicare Advantage compared to traditional Medicare

 I get many questions about the difference between Medicare Advantage plans and traditional Medicare. You can choose to sign up for traditional Medicare: Parts A, B and D, and a supplemental policy. Or, you can go an alternative route by signing up for Medicare Advantage, which provides medical and prescription drug coverage through private insurance companies. Also called Part C, Medicare Advantage has a monthly cost, in addition to the Part B premium, that varies depending on which plan you choose. With Medicare Advantage, you don't need to sign up for Part D or buy a supplemental policy. Like traditional Medicare, you'll also have co-payments, deductibles and other out-of-pocket costs. In many cases, Advantage policies charge lower premiums than supplemental plans but have higher cost-sharing. Your choice of providers may be more limited with Medicare Advantage than with traditional Medicare, and recent research has found that sicker enrollees often dump Medicare Advantage in favor of original Medicare. Open enrollment for Medicare starts October 15th and runs until December 7th. To make an appointment to get help looking over plans and the best options for you call 320-679-5183.

Your Safe Money Show Medicare Basics 10 3 2020

Your Safe Money Show topics for October 3rd

 As I pulled resources for the show this week, I realized that “snowbirds” are in a tough predicament these days deciding how to handle Covid, and if they can do what they did before, there’s a lot to figure out, so I have some insight on that. And as long as we're talking about travel, insurance companies are adapting to this “Covid” world we're living in and they are offering travel insurance that covers Covid. No matter how many times we discuss Medicare, laying the basics out is always helpful as we get ever closer to Open enrollment starting October 15th. Listen at 7:30 a.m. Saturdays at 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.