Delayed refunds

The tax filing season is underway, but a new law requires the IRS to 
delay tax refunds to families claiming the earned income tax credit and the additional child tax credit. 
The delay will mean refunds won’t get out until mid to late February. The IRS needs more time to screen the returns for fraud. The IRS estimates that it issued $3.1 billion in fraudulent tax refunds to identity thieves in 2014. The year before, it paid out $5.8 billion. Over those two years, the IRS says it blocked nearly $47 billion in fraudulent refunds.
International organized crime syndicates have become extremely sophisticated in stealing identity and committing fraud. The sad thing is legitimate refunds end up delayed an average of 30 days or more because of the increased screening.
It is unfortunate that people who might need the refund the most will be delayed in getting it, but with identity theft and fraud being what it is, I can see why the IRS is having to go at this hard to stop the thieves.

Your Safe Money Show Pay Yourself First 1 28 17

Highlights for January 28 Your Safe Money Show

Listen this Saturday January 28 at 7:30 a.m. at 95.5 FM KBEK for Your Safe Money Show.
Scammers use tax time to steal your information through emails, and over the phone, discover what to watch out for. 
The IRS is delaying tax refunds for millions of low income families and the delay has to do with screening the returns for fraud. Find out when to expect your refund.
And there is one rule, if you follow it, could change your financial future for the better.
KBEK streams live at kbek.com.

Social Security paper statements

Finding your retirement age

Deciding when to retire might be one of the biggest decisions you ever make. I want to share with you factors to consider whether you are retiring soon or down the road. How much have you saved? Many of us count on Social Security benefits for our retirement income. So, maximizing the benefits you have coming is important. You also have to look at 401(k) accounts, IRA’s and any other retirement savings you have, and will there be enough to carry you all the way through your retirement. Having an account that offers lifetime income might be a good fit for you.  Next you should consider your health and the cost of health care too. There are benefits to working longer if you can, but as you decide “when” to retire your health is crucial to that decision. And finally, what are your goals in retirement? Don’t overlook this consideration and just pick a date to retire. Many people want to travel just keep in mind travel costs money. Having a plan and finding a way to reach your goals is the difference between a so-so retirement and an awesome one.

Your Safe Money Show Social Security Quiz 1 21 17

Highlights for January 21 Your Safe Money Show

Social Security, there’s so much to understand that it can be overwhelming, that’s why we have a quiz for you. You can find out how well you understand Social Security.
Staying with a Social Security them, some 12 million workers will pay more in taxes, because of a rise in the Social Security "taxable minimum”, some will pay as much as $500 more.
And to save money Social Security is again cutting back on paper statements, we’ll see what those changes are.
Listen at 7:30 a.m. at 95.5FM KBEK. They also stream live at kbek.com.