Ask Liz Weston

May 31, 2023 By Liz Weston Leave a Comment

This week’s money news

This week’s top story: Smart Money podcast on the cost of climate change and preparing for the worst. In other news: House votes to restart student loan, April saw a sharper uptick in inflation, and what impacts bank account rates mid-2023.

Smart Money Podcast: The Cost of Climate Change: Preparing for the Worst
This week’s episode wraps up our nerdy deep dive into the broad effects of climate change on personal finances, with a focus on how to manage a natural disaster.

House Votes to Restart Student Loan Payments, but Don’t Panic Yet
The president says he will veto legislation that ends student loan forbearance early via the Congressional Review Act.

Ouch. April Saw a Sharper Uptick in Inflation, New Data Shows
This month’s personal consumption expenditures price index, or PCE, increased 0.4% in April after rising 0.1% in March.

What Impacts Bank Account Rates Mid-2023
Fed rate increases and banks’ competition for consumer deposits play key roles.

Filed Under: Liz's Blog Tagged With: bank account rates mid-2023, climate change, inflation, managing a natural disaster, Smart Money podcast, student loan payments

May 31, 2023 By Liz Weston Leave a Comment

Q&A: Should your retirement savings plan include life insurance? Here are some pros and cons

Dear Liz: Are indexed universal life insurance products worthwhile, and how do they compare to a Roth IRA? Answer: Both offer the potential for tax-free distributions in retirement, but indexed universal life insurance is a complex product with high expenses that’s not a good fit for most investors. With a Roth IRA, virtually all of your money can […]

Filed Under: Insurance, Investing, Q&A, Retirement Savings, Taxes

May 22, 2023 By Liz Weston Leave a Comment

This week’s money news

This week’s top story: Smart Money podcast on more money hot takes, and leaving your job. In other news: How businesses can navigate digital options, forgiveness, forbearance and other student loan changes to know, and what concierge medicine is. Smart Money Podcast: More Money Hot Takes, and Leaving Your Job This week’s episode starts with a […]

Filed Under: Liz's Blog Tagged With: business digital options, concierge medicine, Smart Money podcast, Student Loans, tip, tipping

May 22, 2023 By Liz Weston Leave a Comment

Q&A: Roth IRA or traditional IRA? Here’s why one might be a better choice for young workers

Dear Liz: My mid-20s nephews and I discussed financial planning for them. After recommending they check with their employers for a 401(k) or equivalent program, we spoke about traditional versus Roth IRAs. Would younger investors benefit more from a Roth IRA because the length of time the money would be invested is so long that the eventual tax-free […]

Filed Under: Investing, Q&A, Retirement Savings

May 22, 2023 By Liz Weston Leave a Comment

Q&A: Vehicle insurance coverage limits

Dear Liz: You recently answered a question from someone who lent a van to a friend for more than a year. You mentioned the borrower “may have benefited from free insurance coverage if you continued to pay those premiums.” Some insurance companies limit the time they extend coverage when a car is driven by someone other than the […]

Filed Under: Insurance, Q&A

May 8, 2023 By Liz Weston Leave a Comment

How to make summer camp more affordable

To create a fun but affordable summer for her daughters, ages 11 and 13, Flossie McCowald plans out camps well in advance. The Pennsylvania resident snags early bird discounts, takes advantage of a church-based sleepaway camp that offers scholarships and leverages sibling discounts. “Every little bit helps,” says McCowald, who is the founder of SuperMomHacks.com, […]

Filed Under: Liz's Blog Tagged With: affordable summer, summer camp

May 8, 2023 By Liz Weston Leave a Comment

This week’s money news

This week’s top story: Smart Money podcast on the future of college debt, and rent vs. buy (with a dog). In other news: Record levels of debt, how trusts can support loved ones with mental illness, and Fed has ‘moved a long way’ but doesn’t promise rate hike pause. Smart Money Podcast: The Future of College […]

Filed Under: Liz's Blog Tagged With: college debt, federal funds rate, inflation, Smart Money podcast, trusts

May 8, 2023 By Liz Weston Leave a Comment

Q&A: This spouse wants to keep an inheritance secret from the other spouse. Here’s a better idea

Dear Liz: A good friend is leaving me money from her IRA after she dies. I have asked that the gift be designated as “sole and separate property” to me. As I am married and file joint state and federal taxes, can this money be kept separate for my use only? I prefer that my spouse […]

Filed Under: Couples & Money, Inheritance, Q&A, Taxes

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