Taxes and retirement

 

Managing time

 I wanted to open the show today talking about “time”. You know time is given to each of us equally, think about it, there’s 24 hours in a day, seven days a week and 52 days a year. The only variable is how long each of us will live. Have you ever wondered where all your time goes? The average person spends seven years in the bathroom, six years eating, four years cleaning house, five years waiting in line, two years trying to return phone calls to people who aren’t there, three years preparing meals, one year searching for misplaced items and six months waiting at red lights. That’s why prioritizing your time should be a top priority.

February is National Time Management Month, a perfect time to develop a plan to ensure that everything you do is moving you in the direction of your goals and limiting the distractions that prevent you from realizing them. Maybe my having my 59th birthday recently got me thinking about time but as you get older you realize that time is marching on. Am I doing the things I feel are important and if not how can I fix that? Much of what I do with retirement planning has to do with “time” management. By getting things in place with a strategic retirement roadmap we can have the best chance for you to realize the retirement you want and deserve. But there is some work to do. Ask for our Safe Money Kit, it has the pieces you need to get that roadmap started for your retirement. To get our Safe Money Kit call 855-22money or go to yoursafemoneyshow.com.

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What to expect on the February 6th Your Safe Money Show

 Here's Your Safe Money Show details for our February 6th show. I have common but costly retirement income mistakes and how to avoid those. I know we’ve talked about scams before, but I feel I need to share the current ones in the news. Thieves are targeting retirees online. There’s something called the romance scam and with the Covid 19 vaccine, scammers are taking advantage of that concern as well.

Listen at 8 a.m. at Nice 95.5 KBEK. They stream live at kbek.com.

Hear recent shows at our podcast page at yoursafemoneyshow.com.

Social Security

 

The opening for filing taxes is later this year

 You know we're all different and that’s a good thing otherwise life would be pretty boring. I know folks who get things done immediately and those who wait until the last minute. When it comes to filing your taxes if you're the person who files as soon as possible be aware that this year is pushed back a bit compared to last year. A lot of folks file early when they have a refund coming, understandably the sooner you file the quicker you get that refund. The IRS just announced that it won't start accepting 2020 tax returns until February 12, 2021. That's 16 days later than last year. Why the delay? The IRS says the later filing season start date gives them time to do additional programming and testing of their systems after the December tax law changes that provided a second round of stimulus checks and other benefits. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. Even though you can prepare your return through the IRS' Free File program, a tax software company or a tax professional before February 12, the IRS won't process the return until that date. If you have a federal tax refund coming, you could get your money back in as little as three weeks. In the past, the IRS has issued over 90% of refunds in less than 21 days. If you want to speed up the refund process, e-file your 2020 tax return and select the direct deposit payment method. That's the fastest way. Paper returns and checks slow things down considerably. However, don't expect your refund before the first week of March if you claim the earned income tax credit or the additional child tax credit. By law, refunds for returns claiming these credits must be delayed. This applies to the entire refund, not just the portion associated with the credits.

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