Saving with Steve, November 29, 2022
Saving With Steve with Steve Sexton
Guest, Jill Gonzalez, how rate hikes affect travel plans
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins-and-outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton having a happier healthy relationship with my my name is Steve sex and I want to thank you for joining us today with exceeded the 600,000 Mark with listeners here in the United<br> States from Florida to California this is just wonderful and we wanted to thank you for sharing this with your friends and family you know what we also have over 80,000 listeners over receives between 54 countries so we're very very excited for that again thank you for just sharing this with everybody else last episode was one heck of an episode we had Crystal Lockwood she's a mama's five who teaches mom's how to declutter without becoming a full-blown minimalist you know what she has a wonderful website called motherhood simplified we did the episode last week we had a lot of people go to viewers at saving with Steve. U.s.a. beers at saving this Steve guy that had tons of positive comments went to our website and you want to go check that out if you'd like to go to the website and check out Krista Lockwood's segment on motherhood simplified episode 101 and you<br> go to saving with Steve. Us okay today I want to be talking in I'm packing that 8.7% inflation adjustment for Social Security what it mean what things you should look it out if you're about to take Social Security today with a very special guests we have analyst for wallethub Jill Gonzalez Jill is a Consumer Finance expert financial literacy Advocate and she's going to help us unpack the 2022 travel survey what's going on with the issues are and what you can do about where you get the best credit card rates the whole shop Jill is a new she's appeared on NBC Nightly News Fox Business News watch live DNC span Wall Street Journal Finance has been featured in Publications like the New York Times Washington Post fortune in killinger's you been around there Joe ya ya been been around a little bit<br> we're going to have some busy travel day is fast approaching we got Thanksgiving Christmas we got the whole travel season next year it will attend announced it the results for the 2022 winter travel survey and I just you know what love for you to share that with us what's going on what are people thinking what can people do about it coming around as it does every year coming around with the holidays but it's going to look a little bit different this year a lot of people 40% of people say that the federal reserve's rate hikes will affect their travel plans this year 70% of people are worried about inflation when it comes to travel so because of that about 25% more than 1 and 4 people plan to apply for a new credit card to save on winter travel you know there's a lot of good kind of bonus deals want to get travel cards out there right now<br> and a lot of people plan to redeem rewards to help with winter holiday expensive especially if you have a point there a miles card and a lot of people you know we're mostly talking about traveling when we're looking at airfare hotels nearly 60% of people say gas is too expensive for a road trip this when I can understand that for many people gas is going to buy more than $2 in the last couple years unless you're so and I obviously it went down recently because the B Administration open up a lot of barrels of oil from the reserve question is how long that's going to last when it comes to people's travel plans and they're still looking to travel where's the best day of the month less places to go about getting deals on travel are you are we seeing airline's dropping freight trains someone slightly<br> not necessarily a great deal right I mean up prices so much over the past few months that they're still higher than they were a but they have dropped just you know within the last couple months from what they were so right now is a little bit of a dip in air air travel so if that's something that you're interested I would look now the closer that we get to the holidays I think the more expensive it is going to be how you could find some good hotel deals but again we're getting into peak season if you could be traveling off-peak season so right after the holidays that was what the good deals to really get behind trains a little bit more expensive if you know the trains right now understand that people are turning to them maybe instead of driving because gas so expensive or instead of airfare so that's actually one area that has gone up a little bit<br> people are still booking cruises there's not as many cruises to book another pandemic I would say took the harshest toll on cruises out of any other type of vacation but there are still in a really good cruise deals because of that and they're just simply are not as many Cruise as on the cruise lines going to running right now so you'll Rouse might be more truncated or simply less routes to go for during the pandemic of the airline's everybody I totally understand that now when it comes to the best travel credit cards what are the one sitting here what should people be looking at when it comes to credit cards who has the best travel credit cards to get the most points who gets the both bonuses for travel credit cards they stink of like a Coke<br> branded car do you know what the American Airlines MasterCard or you know the Hilton Honors this unless you are so brand-specific if you're only flying with one Airline or both staying at one hotel then you really should be looking at a general use travel card so the best one right now the Capital One Venture rewards credit card that one is giving you know a really good combination of an introductory bonus as well as ongoing Ward if you're just looking for the sign up bonus as many people are especially this time of year then the Chase Sapphire Preferred Card as a really good one we're looking for a while without an annual fee you're usually the better the travel card the higher the annual fee Discover It miles is a no-fee card that is also very<br> so let's talk about that just in a moment we're going to have to take a quick break so stick with us we're going back more Jill Gonzalez analyst for wallethub she's going to help us unpack the 2022 travel survey what's going on with the issues are and what you can do about where you get the best credit card rates the whole shop will be right back stick with us more expert advice for having a happier relationship with money still to come I'm the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the shaving with Steve show where we talked about the ins-and-outs of money pretty much everything in this unreleased you having a happier or healthier day with money and if you would like to go check us out on Facebook and go to saving with Steve Sexton behind-the-scenes stuff gas gives the whole shot by the way check out a few of our feelings that you can't help Radio AM FM 247 and DBS Radio they're all here to help you uplift your spirits live life and financial personal freedom and again I want a welcome back analyst for wallethub Jill Gonzalez Jill is a Consumer Finance expert Financial is the advocate she's going to help us unpack the 2022 travel survey what's going on with the issues are and what you could do about where you get the best credit card rates the whole shop<br> appeared on NBC Nightly News Fox Business News watch live DNC span Wall Street Journal Finance has been featured in Publications like the New York Times Washington Post fortune in killinger's now we're going to have some busy travel day is fast approaching we got the whole travel season next year while attending Oz did the results for the 2022 winter travel survey what is things I do want to ask you do you know what should people be looking at when it comes to credit cards who has the best travel credit cards to get the most points who gets the both bonuses for travel yes it is smart to pay with a credit card whenever possible because not only do the best card for travel provide value through you know what those are boars both said our points are miles for every dollar you spend but they give you $0 liability guarantee for fraud so that's better than you do paying with a debit card and complimentary Rental Car in<br> Franz keto bread so if you are going somewhere and renting a car that's something that you know you don't have to worry about or pay extra for you that's a good idea to use for one of the majority of your travel expenses we talked about avoiding peak season prices you know look at taking a midweek flayed going to a small town renting a house instead of booking rooms in an expensive hotel if you're big if you're with a breakthrough so all of those things you know their tree resources once you get there like public transportation depending on where you're going and natural beauty and instead of you paying for more activities I sold those things I would say are definitely something to keep in mind and then if you are traveling abroad<br> using a credit card for currency conversion will usually say about 7% on what banks and Credit Unions charge to convert your money and remember that you don't want to pay for it for you to get a credit card with no foreign transaction fee that'll save you up to another 4%<br> I exceed every time I've done foreign travel I've always use the credit card it just saves me at 10 I just keep looking at the exchange rates at this mess in the fees that they charge to do that at something else what other tips do you have<br> as far as you know if you are getting or shopping for a new travel card you want to choose your credit card wisely you know we talked about some of them but if you're interested in a new one in manly for a quick rewards score then focus on the best initial bonus says if you want to keep the same card for a long time then you can place more emphasis on those ongoing rewards and if you're worried about financing you know especially with a big trip then an introductory 0% offer can probably save you more than even the best travel rewards card so just you know as you are looking for a new card if that's something you want to do before traveling<br> make sure that you are really thinking about you and use case here that what she'll do if she'll go get one of those zero interest credit cards for the first year and she'll go put a whole big Cruise special on it get the big discount for the cruise and then paid off through 5 through the year with no interest and she thinks it's just wonderful and on top of that she gets points and stuff like that so it really makes a big difference for him and that's another thing to think about if you are using these cards for different things and we're just talking about travel so making sure that you are just using your travel card for travel is another important. I just called the island approach so it's like thinking about your different credit cards like they are a chain of islands like Hawaii you know they're all related obviously they're all yours<br> Angel tools but<br> you know there are issues for something different so you have your everyday car that you might pay off in full at the end of each month your card that is for dining out or groceries and then your travel card so you can really easily keep track of the money you're spending as well<br> that's a great perspective I've never even thought of it like that so you're talkin travel you're talkin everyday expenses you're talkin like gifts things like that you can keep it all in line using a specific card for each one<br> exactly as the island approaches a good way to think about it especially if you're using one of them to go to Hawaii then there you go Hub to find so here we're talkin about travel credit card but you know depending on if you want just your overall rewards credit card I cash back card employees card specifically a Miles Card if you're looking at balance transfers word your percent intro offers we have you no different pages for all of those things and you can filter each one by your credit score or know that there are particular issue where is that you liked working with all of those different things so you can really<br> try to find the car that is best for you and your knee very easily because you know it's hard to shop for a credit card it's very overwhelming there so many offers are changing all the time so we try to take the leg work out of that for you<br> that's wonderful and now how how do people do they just go to wallethub.com that everybody goes to<br> yeah there we have a website that's just wallethub.com we also have in the app available for iPhones and Androids that you can help you do that as well so you know all your information is saved whenever you do need something new you can head there and there's a lot of service as well you know we were talking earlier about the winter travel survey and you can just kind of get engaged as to what other consumers are feeling and usually it's the same thing that you are<br> Rob I live I understand I love to understand that I'm in the same boat as everybody else but I also understood understand the different chips that won't have provides because it does make a big difference in running my lights but the lies of our list are so that's wonderful hey Joe I want to thank you for joining us today the information you provide will make a big difference in our listeners lives and I just a really appreciate it again everybody this is Joe Gonzalez use in an illicit wallethub you probably seen her hit you up or what look for Jill Gonzalez if she's when she goes back on in a box business and BC and Wall Street Journal on wonderful places wonderful you know translations have been able to go on those shows<br> thank you so much and thank you for having me on yours you have a wonderful day you know what these days be helping okay thanks you can buy with wallethub you want to stick with us will be right back with more shaving Wednesday more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the in an ounce of money does Financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve Sexton on a saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton talk about the ins-and-outs of money I truly thank you for turning in and I appreciate you letting your friends family and Associates know about the show all the replays are available at sitting with Steve. Us if you're enjoying the stories of helpful information and Hanson insides on saving his teeth and encourage you to subscribe to your YouTube channel or Google Play Channel and so on hey also check out a few bird feuilly that you can help a b o b b s radio talk radio New York City and so on all these networks are dedicated to empowering you to uplift your spirit and live a life of personal and Financial Freedom look for Jill Gonzalez if she's when she goes back on it on Fox Business and BC and Wall Street Journal doesn't get a wonderful places today we're going to be<br> talking a little bit about social security increased so there's a couple things that we want to do expecially now that we've got significant inflation cost to Rob borrowing rates Arab it's always better to earn interest in paying interest when we get to the holiday season it's called the cost of living allocation and each and every year they calculate the cost of living based off rule standard every day workers that people make up 10 of money and they check calculate inflation with that and that increase comes up in this year was 8.75% which is wonderful news and increase for Social Security many people like that is better than the one or two but you know what it's only happened once in forty years OK Google to go all the way back to the 80s in the seventies to get that high so we're probably not going to see that type of increased again but there's a couple things that you want to pay attention to if you're about to get Social Security or looking towards Social Security and if your spouse<br> you're if you're married if you've been divorced if you've been here you've lost your spouse is a lot of things you want to take a look at so let me hit you with a couple things here first of all when you take a look at Social Security can start early 62 the full retirement age which means that your your your your full retirement age benefit is at 67 okay or if you're boarding up if our prior to 1990 born after 1960 and at the age of 70 so might as well just take it okay if your 62 to 67 and you decide to take it at 62 of the thing to do here is you can't earn very much in fact if you earn more than $90,600 you know what they're going to start taking back social security for every $2 you earn more than that they're going to take back one so you really want to understand if you're going to go back to work<br> or work part-time after the age of 62 if you're taking social security you won't want to earn too much cuz you can lose some of your Social Security Now if you get to the point where your one year away from when you take your your social security benefit or your full retirement age I'm sorry you can make a little over $55,000 and then for every $3 you make they'll take $1 away but it gives you more of a Speedway now once you get that full retirement age hey they're not going to take anyting the basement Social Security's telling you there is like hey if you're going to take your social security or if you're going to retire early we don't want to earn too much but once you hit to the point where your full retirement age is a that 67 or 66 whatever it is for you you know what you can learn as much as you like all bets are off okay there's no caps no limits or nothing if you're Mary did you know that for retirement is this a you know what your full retirement age of 67 you're going to get $3,000 it's 67<br> get that $3,000 and you know what your spouse she might have raised 4 Kids didn't have a chance to work and you know she just turned 67 and her social security benefits five hundred bucks but guess what she is eligible for spousal benefit will give you or her a benefit equal to half of yours so that means you'll get 3000 and she'll get $1,500 hey that's a big Angry so you want to make sure you check that with social security by the way if your spouse's social security benefit is more than 50% of yours well guess what she's going to get her benefit not 50% of yours and if your age if you take your Social Security benefits early your spousal benefit will be 30% less than what she would actually receive your spouse to receive at full retirement age that's important to see that now if you lost your spouse you have the ability to take a spouse<br> benefits as early as age 60 minutes equal to 71% of your spouse's benefit at full retirement age so that means if your spouse is a benefit for retirement ages $3,000 and sixty you get $2,100 a month and you know what you can take your spouse's social security benefit and you know what age 67 when you hit your you can switch up to yours that can make a big difference think of that $2,100 a year from 62 to 7 it's 5 years that's like $125,000 difference so you know it when you take Social Security Board understand the difference between you taking 60 to 6770 could be $10,000 decision 2050 $200,000 Vision we've had situations were a people have been in have made decisions that positively affect their in<br> and assets while we're $200,000 over their lifetime so it's a big decision and it's a guaranteed income next hey what if your divorced spousal divorce benefits which equal to your spouse is full retirement age benefit you'll get past that you're not there but it'll make a big difference for you okay and you know what if you have a kids under that you know if you have kids with disabilities and things like that you're entitled to special benefits for them as well so you really want to look into your Social Security benefits especially if you're you're three to five years away from retiring or getting close to that 60 to 8 or 65 or 66 cuz you really want to see what's the best interest you you want to find some Financial professional am somebody that will analyze your retirement in the context of your Social Security to show you hates this would be the best time for you to take Social Security because<br> it's going to make sure your assets as long as you do give you more acid or two and to create the highest possible guaranteed income for you so I'll so it's really important to calculate your own factors that your help longevity with your family when you take your Social Security because of your family passes away at 72 73 it might make more sense for you to take your Social Security at 62 as opposed to 75 because you're going to get more money secondly if you're waiting Chilli age of 70 in year 66 is your full retirement age and you know what you're giving up $3,000 a month to get $3,600 a month you got to remember you giving up $100,000 to do that what would be the impending fact of that when you're 82 83 24 you might be needing some of that money for help so hyper realistic retirement plan figure out how much money you'll need in retirement from all your income sources that includes Social Security savings Pence's rental income<br> more the key here is to be realistic and honest with yourself about the estimate hey don't think you're going to make 10 or 12% a year especially with the markets only averaged 8.1 5 for the last twenty years or so but even then make sure you understand the sequence of return to make sure you have a regional rate of return so you're not pulling yourself shorts because you overestimated now they have a realistic retirement plan requires you to think outside the box you know it's not just the numbers you have to ask him where do I plan to live when I retire what do I do in retirement do I have a plan to work part-time or volunteer how much do I plan to travel these are important lifestyle questions you will help you develop a more accurate realistic plan for the long-term you want or have a plan that's based off of your true not a sumption understanding what insurance plans work for you whether it's a life insurance long-term care coverage make sure you don't leave that rock unturned study shows 70% of<br> over the age of 65 will need some sort of long-term care this is a big number so I'd advise you to start looking into this as early as possible because their rates will be less expensive not all policies of the same this isn't time to do due diligence and make sure you know what you're getting into was it be long-term care life insurance Medicare there's always a little engine ass in those icebergs Under the Sea are the ones that get you maximizing Social Security age you can start collecting age 62 and maximize the benefits at age 73 7% of people take their social security early why sometimes it's cuz I work this hard that I want the money others facing Social Security going to go away folks is not the way to do it 57% of people if they just wait a little bit longer with their social security they can accumulate more assets look for ways to maximize your Social Security in the context of early retirement to Max not on your end<br> temperature retirement savings and again you got me looking at the long-term that concludes the US to enjoy those replays get gas gives helpful story encourage you to never miss an extra I'll look forward to seeing you all next week right here on saving with Steve they say they've stayed healthy will look forward to seeing you again bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>