New Year's Day Your Safe Money Show highlights

 Coming up on our New Year's Day edition of Your Safe Money Show we'll look at financial New Year's resolutions for 2022. Also how do you build credit when you don't have any? And we'll look at the risks of "Buy now, Pay later" programs. Listen at 8 a.m. at Nice 95.5FM KBEK Saturday's. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Holiday schedule

 Everyone at Sjoberg & Holmstrom Financial Services and Your Safe Money Show wishes you a Merry Christmas and Happy New Year. We will not have a show this Saturday the 25th but we are sponsoring and hour of Christmas music at Nice 95.5FM KBEK at 8 a.m. We will be back with a show on January 1st. Thank you for listening and if you need to get ahold of us we will be monitoring messages at 320-679-5183. Otherwise we'll see you back in the office on January 3rd.

Scammers and charitable donations

 I wanted to touch on the devastating tornadoes that hit communities in Kentucky and five other states. My warning has to do with scammers taking advantage of people wanting to help. If you want to send money and make sure it gets to a legitimate organization, remember to check reviews on watchdog websites, such as Charity Navigator and the Better Business Bureau’s Wise Giving Alliance (Give.org). You can also check out GuideStar, which presents a snapshot, including balance-sheet data, program descriptions and links to financial documents. On GuideStar, charities are asked to answer five questions to assess their potential impact and five questions about board oversight and performance. Be wary of solicitations that come to you via email or text—some may be phishing scams or other types of fraud. If you see a contact number listed on a solicitation, check if it matches what’s on the charity’s website. You can also use the BBB’s scam tracker system to check out charities. Type in “charity” in the keyword search bar and you’ll see an index of the most recently reported scams via zip code. Really using these websites to make sure a charity is what it says it is, is a good idea anytime you want to make a donation to a worthy cause.

Your Safe Money Show Spend down FSA balance 12 18 21

Your Safe Money Show topics for December 18th

 For our December 18th Your Safe Money Show we'll discuss if you have an FSA, Flexible Spending Account, I have how to spend down your balance, so you don’t lose money. Also, how can you save money as consumer prices continue to rise, I’ll explain. And why is one drug responsible for half of the hike in Medicare Part B premiums, we’ll get into that as well. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Importance of planning

 Personal budget statistics from Gallup show that there are only around 1 in 3 of us who actually use some sort of household budget plan. Given the fact that we have so many expenses these days, it’s really important to come up with a budget.

Only 30% have a long-term financial plan that involves thinking about savings and investments for the future.

This is something you need to look at getting sorted as soon as you can. It will help you plan for the future. As we are moving toward a New Year feel free to call 320-679-5183 for a no cost, no obligation appointment about setting up a financial/retirement plan. You can also go to the website yoursafemoneyshow.com.

Larger standard deduction for those 65 and older

 Let’s face it when you’re on a fixed income, which you are when you’re in retirement, you need to take full advantage of every tax break you can. When you turn 65, the IRS offers you a gift in the form of a larger standard deduction. For example, a single 64-year-old taxpayer can claim a standard deduction of $12,550 on his or her 2021 tax return (it will be $12,950 for 2022 returns). But a single 65-year-old taxpayer will get a $14,250 standard deduction in 2021 ($14,700 in 2022). Couples in which one or both spouses are age 65 or older also get bigger standard deductions than younger taxpayers. If only one spouse is 65 or older, the extra amount for 2021 is $1,350 – $2,700 if both spouses are 65 or older ($1,400 and $2,800, respectively, for 2022). Be sure to take advantage of your age! Check with your tax person and don't miss out on this deduction. If you have questions call 320-679-5183 or go to yoursafemoneyshow.com.