Your Safe Money Show agenda for May 2

Here's what's planned for our May 2, Your Safe Money Show. Retirees don’t have to take Required Minimum Distributions (RMD’s) this year as part of The Cares Act. But what if you already took your RMD, what can you do? You have options.
We’ll also look at how to avoid mistakes with your 401(k) when going from job to job.
And the scams from the coronavirus keep coming, I’ll catch you up on the current ones and what to watch out for.
Listen Saturday mornings at 95.5 FM, KBEK at 7:30.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Color of Money

I know that it may be tempting in times of market volatility to want to do something — but while no one can see into the future, experience tells us that it’s usually better to stick with a well-thought-out strategy based on sound fundamentals. Now is a good time to revisit your risk tolerance. Take the Color of Money Risk Assessment here: https://thefinancialhq.com/yoursafemoneyshow

(Your Safe money Show is brought to you by Sjoberg & Holmstrom Financial Services in Mora. We are an independently owned and operated financial service agency and were not affiliated with any other safe money agency)

Understanding your stimulus payment

The big question right now will I have to pay stimulus money back? No. The stimulus checks “are considered an advance refund of a 2020 tax credit, not a loan. It’s a sum of money the feds are crediting to taxpayers for next tax season — except they are paying it right now because millions need it right now. If I owe taxes does my stimulus money get applied to my bill? No, the IRS won’t automatically shave off your stimulus money to pay down your tax bill. There’s one exception. If you are behind on child support, the IRS says it will offset the stimulus check amount by the past-due child support amount.
Will my stimulus payment reduce the tax refund I would normally get? Again, no. The IRS says you’re going to get the refund you qualify for, and this check.
Is my stimulus check taxable income? No. The IRS says the payment is not income and you will not owe tax on your payment, adding that the money also “will not affect your income for purposes of determining eligibility for federal government assistance or benefit programs.
I made too much money in 2018 and 2019, so I won’t be getting any stimulus money, right? Here’s where it’s important to remember the stimulus money is, technically speaking, a tax credit for the 2020 tax season. If someone didn’t qualify for the payment now, they may still be eligible for the payment during the 2020 tax season, which happens in 2021, so long as they make below the income limits. For more information go to IRS.gov.

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Your Safe Money Show April 25th

Saturday mornings at 7:30 at 95.5 FM KBEK you can hear Your Safe Money Show. This week (April 25) there’s some misinformation and some confusion about stimulus payments so I thought we could address those concerns.
Also, I’ll have how to correct your Social Security earnings record.
And were getting questions about the coronavirus and life insurance so we’ll try to answer those questions.
By the way KBEK streams live at kbek.com.
You can hear recent shows at the podcast page at yoursafemoneyshow.com.

What if your offered early retirement

During economic downturns, some companies offer early retirement packages to reduce their number of paid employees. If your employer asks you to consider stepping away now, the decision is not one to make lightly. I thought it would be helpful to discuss the pros and cons of an early retirement offer.
First look at the details of the package: Start by checking if severance pay is included.
Next, consider your health insurance needs: if you are 65 or older, you are probably eligible for Medicare. If you are younger than 65, you’ll want to find out if health insurance benefits are part of the retirement package. If you need to purchase health insurance yourself, look at the costs associated with this option.
Would you maybe get another job? If you’re interested in looking for another job, you’ll want to consider the likelihood of finding one.
Next understand the consequences of not accepting the offer: Companies trying to reduce their labor force may be in a difficult financial situation. In this case, turning down an offer now could lead to a future dismissal with fewer benefits. Factor in Social Security benefits: If you are able to start receiving Social Security payments, it’s worthwhile to consider the implications of doing so.
Look at your financial situation: Consider how early retirement would affect your retirement finances. Is early retirement the best choice for you?
Think about the lifestyle you will have if you retire now. For more information go to yoursafemoneyshow.com.

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