Topics for March 30 Your Safe Money Show

Your Safe Money Show is heard Saturday mornings at 7:30 on KBEK 95.5 FM. They stream live at kbek.com. You can hear recent shows at the podcast page at yoursafemoneyshow.com.
For the March 30th show, there’s new tax breaks that I want you to know about so you can save on your taxes.
Also, I had someone in my office this week and we talked about how to make a spousal contribution to an IRA and I realized we haven’t talked about that specifically, so I’ll go over that.
And keeping your credit score as high as possible is important to your overall financial well being, so we’ll discuss things that can damage your credit score, so you can avoid those.

Pay yourself first

History of Social Security

President Franklin D. Roosevelt signed the Social Security Act on Aug. 14, 1935. The law created a program that would pay monthly benefits to retired workers starting at age 65 or older. The act also established a payroll tax to fund the program and required employers to withhold the tax from employee wages. Regular monthly payments to retirees began in 1940.
The original age to claim Social Security payments was 65. A 1961 law allowed workers to begin claiming permanently reduced Social Security payments as early as age 62, but the benefit was reduced proportionally to how much earlier you did start to claim. A 1983 law raised the full retirement age to 66 for most baby boomers and 67 for people born in 1960 or later and increased the reduction in monthly payments for people who sign up before their full retirement age. Provisions were also added to increase payments for retirees who delay claiming benefits past their full retirement age up until age 70.
Part of Social Security benefits became taxable for people who earn above a certain amount beginning in 1984.
A 2013 law requires all beneficiaries to receive payments electronically via direct deposit to a bank account or loaded onto a prepaid debit card. The Social Security Administration has stopped mailing paper Social Security statements to most workers, but you can now create an online account to view your Social Security statement online and check your earnings history, taxes paid and get a personalized estimate of your future Social Security benefit.
We have "Your Guide to Social Security", if you'd like your free copy ask at the contact us page at Your Safe Money Show.com.

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March 23 Your Safe Money Show highlights

For this weeks (March 23) Your Safe Money Show, I'll be touching on a hard topic but a necessary one, and that’s the stages that a widow goes through with the loss of their spouse. Over the years in my personal and professional life, I’ve recognized these steps, and I feel sharing this information could be helpful. Also, we’ll go over the history of Social Security payments and Social Security terms for you to know to boost your benefits. 
Listen at 7:30 a.m. Saturday's at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Fertility rates and Social Security

 Over the last decade, the U.S. fertility rate has dropped to its lowest point in history. Economists expected a short decline in the number of births during the Great Recession, but they believed we would start making kids again once the economy recovered. That hasn't happened. 
Modern economists analyzed data and found when a recession hits, people scale back on baby making just as they scale back spending on other consumer durables.
 They’ve discovered, for the first time in American history, women aged 30-34 have the highest fertility rate of all age brackets. Younger women are having far fewer unintended pregnancies, accounting for about a third of the overall decline in births since 2007. Economists calculate that the huge decline in unintended births saves taxpayers at least $2.4 billion per year. But keep in mind, about 10,000 Baby Boomers turn 65 each day. The increase in the number of Baby Boomers retiring each day is expected to have a direct impact on the number of available workers in the U.S. workforce as the Social Security program is primarily funded by payroll taxes assessed on wages in the United States.  The increasing number of Baby Boomers leaving the workplace along with historically low U.S. birth rates could very well impact the future of the Social Security program. 

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