July 2nd highlights of Your Safe Money Show

 Coming up on this week's (July 2) Your Safe Money Show. Todd has a guest in studio its Kalen Sigecan from Gradient Financial. He will also have fast financial fixes you can start using right now. Listen at Nice 95.5FM KBEK at 8 a.m. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Being an optimist pays off in a longer life

 If you want to give yourself a better shot at extending your lifespan, try putting your mind to it. New research published in the Journal of the American Geriatrics Society has found a greater likelihood of living longer among optimists. The study used a cross section of 160,000 women. The women completed a revised version of a standard psychological exam called the “Life Orientation Test.” The test rates optimism based on responses to statements — such as “In uncertain times, I usually expect the best,” or “I hardly ever expect things to go my way” — that test takers are asked to rate on a scale of 1 (strongly disagree) to 5 (strongly agree).

Study participants were separated into four groups based on their determined levels of optimism. The researchers found participants who fell into the most optimistic tier were likely to have a 5.4 percent longer life span (after adjusting for demographics, chronic conditions and depression) and a 10 percent greater likelihood of living beyond 90 years than those in the least optimistic tier. The study also noted that the longevity benefits of maintaining an optimistic outlook are comparable to gains that may come through exercise. I know things are especially tough right now but this study shows what a difference a good attitude can make.

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Your Safe Money Show highlights for June 25th

 Coming up on this Saturday's (June 25th) Your Safe Money Show. We'll discuss costs to include in your retirement budget. What is the debt snowball method. And things to checkup on with your retirement savings. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

The importance of taxes in retirement

 

Increase in the standard mileage rate

 We all know what gas prices have been doing and believe it or not the IRS has noticed too. The Internal Revenue Service announced recently an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. This is the first midyear increase the IRS has made to the standard mileage rate deduction since 2011.

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