Topics for this week's show 6-15-24

 Coming up on the Saturday (June 15th) Your Safe Money Show. Todd will look at what a cohabitation agreement is and who they are for. He’ll discuss current findings on how much it costs to raise a child. And what things can be kept in a home safe. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com.

Retirees un- retiring

 I have a report today that found 30% of retirees say they are considering working a temporary job (between one and three shifts per week). Many of these people are worried about outliving their retirement savings. Increased cost of living is the driving force behind why the aging population is considering un-retirement. Noting that 71.6% of retirees cite inflation as the reason that going back to work is on their mind. Even though inflation has cooled to an annual rate of 3.4%, down from the peak above 9% in June 2022, just about everything costs more than it did in 2021 when prices started going up. The jump in the cost of living has been large enough that many older Americans who thought they were financially prepared for retirement are now reassessing if that’s actually the case. While Social Security benefits are annually adjusted for changes in the cost of living, retirees also rely on other income in retirement like 401(k) withdrawals or fixed-income savings and they can be negatively affected by inflation, meaning the money doesn’t go as far as anticipated. A report from an economist says that more than 20% of retirees and near-retirees increased their retirement account withdrawals between 2021 and 2023 because of inflation. The average increase in withdrawals was $3,620 over those two years. If you have concerns go to yoursafemoneyshow.com for contact information.

Your Safe Money Show When is paying with cash better 6 8 24

Your Safe Money Show highlights for June 8th

 Here's what we're planning for this Saturday's (June 8th) Your Safe Money Show. show Todd will have strategies to maximize your 401(k) balance. There are times when you are better off paying with cash than a credit card, he’ll have details. And If you don’t have children to rely on, Todd will have things solo agers need to do now. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Medicare 101 booklet

 If you're turning 65 this year grab your complimentary copy of Medicare 101. Stop at the office at 139 Union Street in Mora, call 320-679-5183 or go to yoursafemoneyshow.com.

Prediction of 2025 COLA

 I have an update from earlier this month from the nonprofit Senior Citizens League. They published their report on its estimate for the upcoming Social Security cost-of-living-adjustment, or COLA. Based on the latest inflation numbers, it now predicts that the 2025 COLA could come in at 2.6%. The COLA is calculated by the Social Security Administration each year using inflation data. The goal is to make sure that inflation doesn't completely erode the purchasing power of Social Security and Supplemental Security Income benefits, which reach about 67 million Americans every month. It's important to keep in mind that these are just predictions. The official COLA won’t be locked in until October, and lots can change between now and then. The Senior Citizens League notes that while inflation is moderating prices themselves haven’t necessarily come down. COLA is a way to defend retirees from inflation, but it only increases purchasing power when it keeps up with the price of goods they need to buy. And we all know that’s been tough with some prices going up more than inflation. Go to yoursafemoneyshow.com for more information.

Your Safe Money Show Avoiding Social Security mistakes 6 1 24