Money Talks

Mark your calendars folks – there are some important dates coming up: heath care enrollment dates, retirement contribution dates. All of these dates might have an impact on your personal finances.

DEADLINE October 31st, 2022 Public Service Loan Forgiveness - The White House

If you have worked in public service (federal, state, local, tribal government or a non-profit organization) for 10 years or more (even if not consecutively), you may be eligible to have all your student debt canceled. Now, for a limited time, it is easier than ever to receive that forgiveness, or get credit toward forgiveness, if you have not yet served 10 years.  

October 1st - The Free Application for Federal Student Aid open for the 2023-2024 school year application period opens

https://studentaid.gov/sites/default/files/2023-24-fafsa.pdf

https://studentaid.gov/apply-for-aid/fafsa/filling-out

• 10/26/2016 Paying for College
• 10/10/2017 Paying for College
• 8/28/2018 Money Talks: Student Loans
• 01/8/2019 Money Talks: Get 2 College

October 15th Medicare Open Enrollment begins October 15 — and will remain open through December 7, 2022 Website

Medicare.gov

11/28/2017 Medicare Coverage Comparison

10/15/2019 Money Talks: Medicare

entire month of October - Open enrollment period

https://www.kff.org/faqs/faqs-health-insurance-marketplace-and-the-aca/when-can-i-enroll-in-my-employer-health-plan/ 

November 1st - 2023 Open Enrollment to purchase health care from The Marketplace runs from November 1 through January 15, 2023

https://www.healthcare.gov/quick-guide/dates-and-deadlines/ 

January 17, 2023 - last date to pay estimated tax payments to the IRS.

https://www.irs.gov/newsroom/what-taxpayers-need-to-know-about-making-2022-estimated-tax-payments

Tuesday, April 18th, 2023 - The annual contribution limit for Roth IRAs in 2022 is $6,000 ($7,000 if you're over 50), or your total earned income if it's less than that amount. This is set to increase to $6,500 and $7,500, respectively, in 2023.

https://www.nasdaq.com/articles/4-roth-ira-mistakes-you-dont-want-to-make

https://www.usbank.com/retirement-planning/financial-perspectives/benefits-of-an-ira.html

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We’re currently in a period of high inflation right now. But how have the prices of specific items increased over the past decade? The past 50 years? Has anything gotten cheaper? We’ll look into the prices of homes, college, electronics and more on the show today.

https://www.marketplace.org/2022/08/17/money-and-millennials-the-cost-of-living-in-2022-vs-1972/

https://better.com/content/how-much-home-prices-have-risen-since-1950/

https://www.valuepenguin.com/mortgages/historical-mortgage-rates

• A White Cross Electric Hair Dyer cost $10 in 1915 – that’s $234 in today’s dollars. Now the average price of a hair dryer is $25 to 50.
• In 2001, a 5GB iPod Classic cost $400 or $535 in today’s dollars. Now, a 16GB iPod Touch is $199
• In 1939 a RCA TRK-12 TV set was $600. In Today’s dollars that’s $10,218. But today a 65 inch RCA HD LED TV costs $1099.99
• In 1925, Maytag sold the “Gyrafoam” Washer for $145. It today’s dollars that’s $1962. Today, a traditional Maytag washer is $599.
• If you wanted to fly Delta Airlines, round trip between Dallas and Jackson in 1929 it would cost you $90. That’s $1246 in today’s dollars. A trip now will set you back $327.

https://articles.bplans.com/12-products-prices-changed-last-100-years/

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Today’s an Open topic day – we discuss some issues in the news, student loan forgiveness, holiday shopping, and whatever you’d like to bring up. Contact us with your questions concerning retirement, the stock market, or what your money plans are for the year or decade.

Student Loan forgiveness

https://www.ed.gov/subscriptions

https://www.npr.org/2022/09/29/1125923528/biden-student-loans-debt-cancellation-ffel-perkins

https://content.govdelivery.com/accounts/USED/bulletins/32dfbda

According to a September Bankrate survey: Half of winter holiday shoppers plan to begin making purchases before Halloween this year. About 38% plan to start shopping in November. 12% of shoppers plan to wait until December to do their holiday shopping. https://www.cnbc.com/2022/09/28/target-amazon-holiday-sales-start-in-october-shopping-early-can-help-save-money.html

Well, we’ve already had Holiday sales come and go: Target announced it is kicking off its holiday season push with its biggest ever “Deal Days” promotion running from October 6 to October 8. https://www.cnbc.com/2022/09/28/target-amazon-holiday-sales-start-in-october-shopping-early-can-help-save-money.html

https://nrf.com/blog/6-things-know-about-2022-holiday-shopping-season

Small Businesses:

Fairhope https://smallbusiness.com/trends/great-small-towns/

Mistletoe Marketplace is November 2-5 https://www.mistletoemarketplace.com/

Canton Flea Market is the 2nd Thursday in October – which is the 13th http://www.cantonmsfleamarket.com/

STARKVILLE HOLIDAY BAZAAR - 50th anniversary on Wednesday & Thursday, November 30 – December 1, 2022 at the Mill

Amazon is holding an “Early Access Sale” for Prime members on Oct. 11 and 12. This marks the first time the e-commerce giant has ever held two Prime Day-like sale events in one year. https://press.aboutamazon.com/news-releases/news-release-details/introducing-amazons-prime-early-access-sale-new-holiday-shopping

Priced to Move at Fertile Ground in Jackson https://www.facebook.com/p2mjackson/

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We’ve got a fun show for you today. It’s our drive time show. We’ll be sharing opinions on fees that are simply ridiculous to pay. In addition to saving you money, we’ll tell you how you can support Mississippi Public Broadcasting - For the Love of Mississippi.

Thanks for listening to Money Talks on MPB Think Radio, and for choosing MPB as your station for news and ideas. It means a lot to us---and to the community at large---that a non-profit station like MPB can thrive in such a crowded media landscape. You help make that happen through your contribution.

1-888-372-4483 https://donate.mpbfoundation.org/mspb/donate

The website Life Hacker recently had an article about Fees You Should Never Pay. Let’s get Ryder’s opinion on some of these fees. And if we help save you some money, consider contributing that amount to support Mississippi Public Broadcast.

https://lifehacker.com/these-are-the-stupidest-fees-you-should-never-pay-1849412351

• Coinstar fees
• ATM fees
• Credit Reports report fees
• Credit card late fee
• Account maintenance fees
• Mortgages associated
• Overdraft fees
• Utility card processing fees
• Car insurance processing fees
• Gym initiation fees
• Most car dealership fees

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We hope our listeners are familiar with some of the different types of financial institutions. Many in Mississippian aren’t. Many of us are un-banked. Money Talks going to talk about Credit Unions today with our guests from Hope Credit Union. Felicia Lyles, HOPE Senior Vice President of Retail Operations and Carrus King, HOPE Vice President and a Branch Manager of Hope Credit Union will tell us how they are trying to help educate Mississippians against predatory lending and the benefits of having a banking relationship. Ryder will be taking your general personal finance questions.

Jackson branch of Hope Credit Union 601-965-7100

https://hopecu.org/

https://www.mycreditunion.gov/

Discussion:

• GE stock
• Hope history
• Transformational deposits
• Member benefits
• Services availalble
• Unbanked
• Predatory lending

Calls:

• infrastructure
• home loans with student loan debt
• how to invest

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Who wouldn’t like an additional income stream! And if you can achieve this extra cash without working 9 to 5, all the better. Today we’ll be learning about passive income. It doesn’t mean “no hard work” just different work. Nancy also takes your financial questions.

We’re getting our personal finance expert to give her opinion on a recent Bank Rate.com article on Passive Income Ideas. https://www.bankrate.com/investing/passive-income-ideas/

According to data from the U.S. Census Bureau, 20% of American households earn passive income either through dividends, interest, or rental properties. Among those households who do have passive income, the median amount is $4,200 per year.

Florida is home to a larger share of retirees who tend to depend on passive income to cover their living expenses.

https://www.chamberofcommerce.org/cities-whose-residents-make-the-most-passive-income/#:~:text=According%20to%20data%20from%20the,amount%20is%20%244%2C200%20per%20year

Remember, according to the IRS: Compensation for purposes of contributing to an IRA doesn't include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation.

https://www.irs.gov/taxtopics/tc451

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We’ve got a new angle on Student Loans to discuss today – the canceling of student debt. What’s the difference between canceling and forgiveness? Who is eligible and when? What happens after your debt is wiped away? We’ll discuss the new student debt elimination programs between your other personal finance questions.

President Biden's plan to forgive federal student loan debt – up to $20,000 for Pell Grant recipients and up to $10,000 for others who qualify was announce last month.

Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

What can borrows do now?

• Make sure your information is up to date with your loan servicer. To see who your servicer is: studentaid.gov/dashboard or call Federal Student Aid Information Center 1-800-433-3243
• Be ready to submit the online application with the Dept of Education: ed.gov/subscriptions Email alerts begin in October. After application is submitted, debt should be forgiven in 4 – 6 weeks. You should apply for forgiveness before Nov. 15th . The payment pause ends Deb. 31st, 2022

To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.

The ability for public service workers to have debt forgiven has changed.

• Fixing the broken Public Service Loan Forgiveness (PSLF) program by proposing a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive appropriate credit toward loan forgiveness.
• To ensure borrowers are aware of the temporary changes, the White House has launched four PSLF Days of Action dedicated to borrowers in specific sectors: government employees, educators, healthcare workers and first responders, and non-profit employees. You can find out other information about the temporary changes on PSLF.gov.
• You must apply to PSLF for the waver before the temporary changes end on October 31, 2022. Check to see if you qualify for public service loan forgiveness (PSLF). Go to Studentaid.gov/pslf  to check to see if your employer qualifies: studentaid.gov/pslf/employer-search

If you paid off your loans in full during the federal payment freeze, you are likely still eligible for both a refund and student loan forgiveness. You can request a refund of the payments you made during the pandemic and your balance will return to the pre-pandemic amount. https://www.forbes.com/advisor/student-loans/student-loan-payment-refunds/#:~:text=If%20you%20paid%20off%20your,to%20the%20pre%2Dpandemic%20amount. 

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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/

What should I do if I get a call claiming there's a problem with my Social Security number or account? https://faq.ssa.gov/en-us/Topic/article/KA-10018

https://www.ssa.gov/myaccount/

That national phone number is 1-800-772-1213.

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We love having theme shows on Money Talks – budgets, credit cards, new baby costs, cutting expenses. But sometimes, like today, we have an Open Topic show. Ask us anything. Today we’ll discuss vacation homes, bonds, CDs, and anything else you’d like to ask our experts.

According to a study by Porch dot com, Jackson is the 8th best midsize college town for student renters according to a weighted average for off-campus room and board cost. https://porch.com/advice/best-college-towns-for-student-renters

Past Money Talks podcast: I Bonds and interest rates (Previous MT show: http://moneytalks.mpbonline.org/episodes/money-talks-open-topic-august

The Biden administration forgave $3.9 billion from the student loan records last Tuesday for more than 200,000 former students, who still owe on a federal student loan from their time at ITT Technical Institute. One campus was located in Jackson.

https://finance.yahoo.com/news/president-biden-forgives-nearly-4-200000606.html

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Tax evasion is the failure to pay or a deliberate underpayment of taxes. Tax avoidance is an action taken to lessen tax liability and maximize after-tax income. We’ll be discussing ways to avoid taxes legally and give some tax-efficient investing tips. Our experts also take your other personal finance questions. 

The Senate passed Inflation reeducation Act of 2022 allocates approximately 124 billion dollars for IRS tax enforcement. https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

The IRS’s website: https://www.irs.gov has a “get answers to your tax questions” area where you can find authoritative tax information. The IRS encourages taxpayers to create an I D me account from https://www.irs.gov/ so they have access to their tax information. It is a multistep process that uses facial recognition and authentication to prove that you are you.

Questions:

• W9
• Capital gains in MS
• Timber sales
• REITs
• Tax on Municipal bonds
• Vacation home expenses

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