Your Safe Money Show How to unretire 6 11 22

Your Safe Money Show highlights for June 11th

 Coming up on this weeks (6-11) Your Safe Money Show. We’ve been hearing for years that Social Security funds have a depletion date and there are some changes that Todd will go into. He also will have critical mistakes to avoid when it comes to beneficiary designations. And what if you want to UNRETIRE? Tune in at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Your Guide to Social Security

 If you'd like a complimentary copy of "Your Guide to Social Security" ask by calling 320-679-5183 or ask at the website yoursafemoneyshow.com.

Social Security Administration back open for in-person services

 

I have some good news to share after closing offices due to the pandemic, the Social Security Administration has announced in-person services will resume. With that said, depending on what you need help with they still encourage you to set up a My Social Security account at ssa.gov if you haven’t done that already. While the offices are back open, where possible, meetings that don’t need to be held in person are still expected to be held online. For simple changes, such as notifying the Social Security Administration of a new address, going online might be easier. If the reason for the visit is more complicated, then it may be best to go in person.

And you can also call the Social Security Administration at 1-800-772-1213 between 8:00 a.m. and 7:00 p.m. Monday to Friday and wait to speak to a representative. If you call at a different time, there are automated telephone services available.

Your Safe Money Show Social Security Quiz 6 4 22

Your Safe Money Show details for June 4th

 Coming up on our Saturday June 4th Your Safe Money Show heard at 8 a.m. at Nice 95.5FM KBEK. Todd will have a Social Security quiz to see how much you know and he'll explain the answers as well. More folks are renting than ever before and he'll go into the importance of having renters insurance. And an HSA Health Savings Account has many benefits and he'll have detail's. KBEK streams at kbek.com and you can hear recent shows at our podcast page at yoursafemoneyshow.com.

Who sets gas prices?

So the question is “who controls gas prices”? The short answer is: No one person, company or government can really be said to set gas prices. But it is possible to break down some of the major factors that go into determining what a gallon of gas sells for. Let's take a look. The biggest, accounting for a bit more than half the price you pay, is the price of crude oil – the raw material from which gas is refined. Unfortunately, the price of that raw material has been on a tear for over a year now, bringing gas prices higher with it. West Texas Intermediate crude now trades for about $110 per barrel. A year ago, it was only $65 per barrel. In 2020, during the depths of the recession caused by COVID-19, WTI prices briefly turned negative because global oil demand fell so fast that oil storage facilities filled up with unwanted oil. Since then, global oil demand has come roaring back, but global oil output has been slower to recover from the cuts that OPEC and many energy companies implemented. The next biggest factor determining gas prices, according to the Department of Energy, is gas taxes – specifically, the state, local and federal taxes levied on fuel. The 18.4-cent-per-gallon federal tax on gas hasn't been increased in about three decades. Some states have actually cut or suspended their own gas taxes recently in an attempt to give motorists some relief. The remaining factors controlling gas prices are a mix of related costs: refining crude into gasoline and other fuels, transporting it to stations by pipeline and truck, and marketing it. For what it’s worth the pain at the pump is actually much worse in some other countries. To give you some perspective, residents of Hong Kong pay the highest international gas prices, with one gallon setting them back $10.97. At the other end of the spectrum, Venezuelans pay just $0.08 for a gallon of gas, the cheapest prices on the planet.