Coming up on our June 12th (Saturday) Your Safe Money Show. I have retirement distribution strategies that will make your money last longer. Also, I have hard truths about retirement that you need to know about. And there’s finally lower cost hearing aid devices that can really help and not take so much out of your pocketbook.
Higher prices at the pump this year over last year are inevitable, but consumers can still end up overpaying for gas without some planning. Here are a few ways to cut gas costs: Shop around and use a gas app. Some of the apps available include GasBuddy, Gas Guru and the AAA TripTik Travel Planner. Next pay attention to state lines. When traveling understand that fueling before crossing into a high-cost or high-tax state can be worth the savings. And consumers can also consider using their most fuel-efficient vehicle when they have the option to do so. If you have two vehicles use the one that gets the best mileage when taking a longer trip. Enjoy your next road trip and with a little planning you can save some money too.
You know there are some questions I get the most often and one of them is “When to sign up for Medicare”? If you are already taking Social Security benefits, you will be automatically enrolled in Parts A and B. You can choose to turn down Part B, since it has a monthly cost; if you keep it, the cost will be deducted from Social Security if you already claimed benefits. If you have not started Social Security, you will have to sign yourself up for Parts A and B. The seven-month initial enrollment period begins three months before the month you turn 65 and ends three months after your birthday month. To ensure coverage starts by the time you turn 65, sign up in the first three months. If you are still working and have health insurance through your employer (or if you’re covered by your working spouse’s employer coverage), you may be able to delay signing up for Medicare. But you will need to follow the rules and must sign up for Medicare within eight months of losing your employer’s coverage to avoid significant penalties when you do eventually enroll. I do what I call "Medicare 101". When you get your red, white and blue card in the mail call Todd. I'd be happy to explain Medicare and help you find a plan that works best for you. I handle all major carriers. Call 320-679-5183 for an appointment there's no cost or obligation. I am a licensed agent.
Your Safe Money Show is heard on Nice 95.5 FM at 8 a.m. Saturdays. I mentioned last week that I spoke to a veteran’s group recently about “scams” and mortgage scams are one they hadn’t heard much about so I thought I would share that information with you on this weeks show (6-5). If you haven’t been able to see your aging parents for a while because of the pandemic and you’re going to visit them soon, be ready to have a to-do list. Also, when is the best time to convert a Roth IRA so it pays off the best for you. If you can't listen on Saturday mornings go to yoursafemoneyshow.com to hear shows at our podcast page. KBEK does stream live at kbek.com.
I have some news about online Social Security statements. The Social Security Administration (SSA) has rolled out a redesigned statement that shows you how enrolling for benefits at various ages — from 62 to 70 — impacts the size of your monthly benefit. The new statement debuted on May 1. The SSA is in the process of gathering feedback on the redesigned statement. An SSA spokesperson says that the new statement is intended to “streamline and clarify the messaging” of the program, making it easier for people to find key information “at a glance.” To get signed up for My Social Security account go to ssa.gov.
