Your Safe Money Show content for June 29th

 Coming up on this Saturday's (June 29th) Your Safe Money Show. Todd will help us understand what the Social Security Administration is. He has insight you might not know. It’s a mission for Todd to keep you up to date on scams that target seniors specifically and how to avoid them. And he’ll share the most enjoyable jobs for older workers. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Your Safe Money Show Making you EV ready 6 22 24

Your Safe money Show highlights for June 22nd

 Coming up on this Saturday's (June 22nd) Your Safe Money Show Todd will start with 5 myths about women and money that need to be debunked. Next, he’ll talk about how to make your home EV ready. And he’ll have sound financial strategies for single adults. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Closed June 19th

 Sjoberg & Holmstrom Financial Services and Your Safe Money Show will be closed on Wednesday June 19th for Juneteenth. We will monitor messages left at 320-679-5183.

New HSA limits

 I have some news about Health Saving Account limits for 2025. The IRS has unveiled the 2025 contribution limits for health savings accounts. The new HSA contribution limit for 2025 will be $4,300 for self-only health coverage, up from $4,150 in 2024, based on inflation adjustments. The contribution limit will also increase for savers with family coverage. In 2025, those with family plans can deposit up to $8,550 into HSAs, which is up from $8,300 in 2024. The IRS will release the 2025 catch-up contribution for savers age 55 and older later this year. It currently stands at $1,000 for 2024, unchanged from 2023.

You must have an eligible high-deductible health insurance plan to make HSA contributions. The IRS defines “high-deductible” as at least $1,650 for self-only plans or $3,300 for family coverage for 2025. HSAs offer three tax benefits. And a Health Savings Account (HSA) can be used as a retirement plan in a few ways: Save and invest: HSA funds can be saved and potentially invested tax-free, similar to an IRA or 401(k). If you invest the funds and wait to use them in retirement, you can consider them a retirement HSA. Pay for medical expenses: HSA funds can be used to pay for qualified medical expenses at any time, tax-free, including when you retire. This includes dental costs and Medicare premiums. Withdraw funds: Once you reach age 65, you can withdraw HSA funds for any reason, but you'll pay ordinary income taxes on withdrawals not used for qualified medical expenses. Also once you turn 65 you can not contribute to that HSA. Keep access: You can keep access to your HSA account even if you change jobs, so your savings can grow over time. Pass on to heirs: After the account holder's death, HSA funds can be passed on to beneficiaries. Any questions go to yoursafemoneyshow.com.

What is a Cohabitation Agreement Your Safe Money Show 6-15-24

Topics for this week's show 6-15-24

 Coming up on the Saturday (June 15th) Your Safe Money Show. Todd will look at what a cohabitation agreement is and who they are for. He’ll discuss current findings on how much it costs to raise a child. And what things can be kept in a home safe. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows by going to yoursafemoneyshow.com.