Your Safe Money Show Signs its time to retire 8 29 2020

Your Safe Money Show highlights for August 29

 Here's what were working on for this weeks Your Safe Money Show. All of us have had a “hindsight is twenty- twenty” time in our life, and I'll have what some retirees have said they wish they’d done differently when it comes to their money. I’ll also have what signs to look for, so you know “when” to retire. And misconceptions with the Social Security earnings test can lower your benefits so I’ll explain that. Please listen Saturday mornings at 7:30 at 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Your Guide to Retirement Benefits

 If you're thinking about retiring and "when" you should take your Social Security benefit, be sure to ask for "Your Guide to Retirement Benefits". To get your free copy go to the website yoursafemoneyshow.com.

Deadline for RMD's

 I do need to remind retirees of a deadline coming up on August 31st about RMD’s, required minimum distributions for 2020.

In March Congress waived the RMD requirement for all types of retirement accounts including IRAs, 401(k)s, 403(b)s, 457(b)s, and inherited IRA plans.

If you withdrew money earlier this year and don’t need it to live on, then you have until Aug. 31 to return it if you don’t want those funds counted toward your income for the year. Returning an unwanted RMD to your account can save you on income taxes for the year. Also, if your RMD would have pushed you into a higher income bracket with your premium for Medicare or on your Social Security, then this could save you money. Make sure the money is received by August 31st, not postmarked by then.

How this works, wherever your qualified money is being held will send you a Form 1099-R when you withdraw money from your retirement account and a Form 5498 when money is contributed to the account. Hang onto both for when you file your 2020 taxes. Another key point: Many people automate their RMD withdrawals. Those who turned that function off for this year should make sure to turn it back on for next. The penalty for skipping an RMD is hefty: 50% of the money you didn’t distribute on time.

If you have any questions call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show What is FICA 8 22 2020

August 22 Your Safe Money details

 We hope you can listen Saturday mornings at 7:30 at 95.5 FM KBEK. They Stream live at kbek.com.

 For this weeks show I have a simple question, what is the FICA tax? I’ll explain how it’s calculated and affects you.

 Another question, what should you do if your identity is stolen? I have ways to protect yourself.

 And before you have to go to a hospital what legal papers are a good idea to have? 

If you can't listen Saturday mornings we have our recent shows at the podcast page at yoursafemoneyshow.com, please listen when you can.

Market volatility

 The truth is that no one knows what the market will do. That’s why a sound long-term financial strategy is so important! Contact me today for more information! Todd Sjoberg 320-679-5183 or go to yoursafemoneyshow.com.