Money Talks

We’ve got some personal finance statistics to share with you today. We hope by learning these facts you can change your life or help someone you care about change theirs. Our data comes from Morningstar. Their website says:Morningstar has been empowering investors since 1984 through research.https://www.morningstar.com/companyDiscussion:COVID rates in MississippiInflation talkways to gather finanical informationThe Earnings Gap - why?Retirement fundsImportance of savings

IRAs and Roth IRAs- what are the rules if you need to withdraw money? How do you set one up? What’s the difference between the 2 anyway?What about an inherited IRA or RMDs?What about the new rules concerning RMDs – required minimum distributions?Why do we have RMDs?Who takes them?When do you have to take them?Is there a special time of the year to take them?What can you do or what can you NOT do with the funds?Calls:RMD to a charityinherited IRAwhat to do with an old employers 401KSIMPLE IRAs: Savings Incentive Match PLan for Employeesemail difference between IRA and 401K RMDlimit to contributionshow kids learn money skills http://moneytalks.mpbonline.org/episodes/money-talks-kids-learning https://mscee.org/money and taxes

It’s less than 6 months before the gift giving holidays at the end of the year. Time to remind ourselves to not go into holiday debt. We’ve got some tips to discuss between your personal finance questions.Discussion:child tax credit - different amounts depending on age of child and income. IT'S AN ADVANCE CHILD TAX CREDIT ON TAX RETURN. If you want to "opt out" go to https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-202110 tips for avoiding holiday debt:1) Start with a firm budget for the holidays. Include gifts, decorations, travel, Christmas cards and even stamps. What did you spend last year? What are you comfortable spending this year?2) Make a gift list and stick to it. Keep track of your spending.3) Pay in cash. Studies have shown that consumers spend less when paying cash. 4) Pay off current credit card debt before adding additional charges.5) If you’re crafty, start now making gifts.6) Start tucking away a portion of each paycheck into a holiday fund now. 7) Sell some items for extra cash. 8) Use your card’s rewards points or cash rewards for holiday shopping.9) Set expectations for the gift exchange. 10) Book holiday travel early.https://www.forbes.com/sites/billhardekopf/2020/11/17/10-tips-to-avoid-credit-card-debt-during-the-holidays/https://www.hallmarkchannel.com/home-and-family/how-to/how-to-avoid-holiday-debthttps://www.biblemoneymatters.com/begin-preparing-now-for-christmas-expenses-to-avoid-holiday-debt/https://www.consumerfinance.gov/about-us/blog/five-step-spending-plan-avoid-holiday-debt/

We’ve got one of our long-time guests on the show today – Shawn Mercer, from the Social Security Administration. He’ll take your social security questions. Our expert hosts take your personal finance questions.https://www.ssa.gov/The social security administration has gotten nimble with looking up baby names. You can read the top national names. You can look up the top 100 names per state. You can also look up the most popular names by year. https://www.ssa.gov/oact/babynames/There are 23 Social Security Offices in Mississippi. The phone number for Social Security in Jackson is 1-866-331-8135For Olive Branch the phone number is 1-866-739-4771If you need to reach the Gulfport office, you can call 1-877-897-0609https://www.ssofficelocation.com/mississippi-social-security-offices-sos24If you like little tips and tricks about social security, when you go to the ssa dot gov website – if you scroll to the bottom and click on “Connect with us – Blog” you’ll find informational articles from time to time. https://blog.ssa.gov/Calls:getting marriedunemployment benefits62 year oldhow much can you earn?SSDI increaseRMDdisability time limitremarried and benefitsex-spouse benefitsRMDkids and disabilitysocial security "year"can payment date be moved?divorced

What are you afraid of? Do you have financial worries? We’d like to address some common financial fears. We want to help you label the fear and give you ways to face the fear. Our experts are on hand to answer personal financial concerns and questions.Producer Liz Gill came across an article on the website: https://womenwhomoney.com/common-financial-fears-overcome-money-worries/ and wanted to get OUR experts opinions on the money fears the article brought up.Discussion:Financial Fear #1 – Never getting out of debtFinancial Fear #2 – Losing my jobFinancial Fear #3 – Something terrible happening to me (or my partner)Calls:Inherited IRAToo much money1031 exchange of propertyAnother inherited IRAWhere to get tax infoIf you’d like more information about saving for your child’s education find the Money Talks podcasts from: September 15th, 2020 http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcraeand August 27th, 2019 http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-planswhen we discussed 529 plans.In Legal Terms discussed Section 1031 property exchanges on June 15th, 2021 http://inlegalterms.mpbonline.org/

Everyone wishes they handled money better. The Mississippi Council of Economic Education hopes to increase economic and financial literacy in Mississippi. We learn from our guest, Selena Swartzfager, President ofMCEE how they do this, and we take your personal finance questions.Family Financial Fun DaySaturday June 12th – Lynn Meadow’s Discovery Center, Gulfport9-11am Register online by Friday June 11th, 2021Register here: https://form.jotform.com/MSEconEd/FFFDAYFamilies should plan to remain for the entirety of the 2-hour event. Parents/Guardians MUST accompany their children.Website for MCEE: https://mscee.org/Social media: https://www.facebook.com/mseconeducationhttps://twitter.com/mseconeducationhttps://www.instagram.com/mseconeducation/https://www.youtube.com/channel/UCyAzG-xXanobxdWvUkBxgPwEconomic ChallengePersonal Finance ChallengeDegree ProgramsCEUs for teachersWhy learn?PartnersCalls:one parents experenceunemployment taxesinvestment advice1st time home buyers http://moneytalks.mpbonline.org/episodes/money-talks-first-mortgage