This week’s money news

This week’s top story: How to manage a retirement spending. In other news: The best time for high CD rates might be right now, the Credit Card Competition Act and credit unions, and what you can expect next if you got a SAVE student loan forgiveness email.

Retirement Spending Is a U-Shaped Curve. Here’s How to Maximize It
From defining your retirement goals to finessing your budget, here’s how you can manage a retirement where spending typically fluctuates over time.

The Best Time for High CD Rates Might Be Right Now
CD rates remain high but have started to dip. Consider if CDs fit your short-term savings goals.

Could the Credit Card Competition Act Impact Credit Unions?
The Credit Card Competition Act won’t directly impact most credit unions, but concerns over ripple effects exist.

Got a SAVE Student Loan Forgiveness Email? Here’s What Comes Next
If you’re among the 153,000 borrowers enrolled in SAVE who got debt cancellation emails, here’s what you can expect next.

Fighting over money? Ways to seek common ground with your partner

Figuring out how to manage money together might be an important part of a happy relationship, but it’s a skill that doesn’t always come naturally.

“When there’s conflict or discord, it’s usually not about the money itself, but related to the meaning each person is attaching to money. There’s always something deeper,” says Cohen Taylor, a licensed family and marriage therapist and behavioral wealth specialist at the registered investment advisory Wealth Enhancement Group.

Getting on the same page as your partner when it comes to finances usually requires a lot of communication and sometimes a little compromise. In some cases, it might include realizing your perception of your partner’s spending habits isn’t entirely accurate. In Kimberly Palmer’s latest for the Seattle Times, learn ways to seek common ground with your partner.

This week’s money news

This week’s top story: The Capital One-Discover Deal and what cardholders can expect. In other news: What the Capital One-Discover deal could mean for bank accounts, The Capital One-Discover deal and Discover student loans, and prepare calling your student loan servicer.

If Capital One Buys Discover, What Can Cardholders Expect?
Even if the deal is approved, it’ll take a while before customers experience changes. But that doesn’t mean there won’t be any.

What the Capital One-Discover Deal Could Mean for Bank Accounts
If federal regulators approve the deal, the combined banks might have similar accounts, and debit cards would migrate onto Discover’s payment network.

Capital One Takeover Might Not Affect Your Discover Student Loans
If you have Discover private student loans, Nelnet should take over your loan servicing in the coming months — but it’s not because of the Capital One deal.

Calling Your Student Loan Servicer? It Pays to Prepare
Do your homework, gather key documents and be patient to get a helpful answer from your federal student loan servicer.

This week’s money news

This week’s top story: Tackle overdue taxes this year. In other news: Businesses can still claim worker tax credit from the pandemic, 10 cities that have the highest minimum wage in the U.S., and 10 rising vacation spots.

Tackle Overdue Taxes This Year
The sooner you can deal with unfiled and unpaid taxes, the better.

Businesses Can Still Claim Worker Tax Credit From the Pandemic
If your business operations were impacted by the COVID-19 pandemic, there’s still time to file claims for the Employee Retention Credit.

These 10 Cities Have the Highest Minimum Wage in the U.S.
Most cities with the highest minimum wages are in Washington and California.

Visit These 10 Rising Vacation Spots Before They Get Too Popular
These 10 vacation spots have seen an uptick in tourism since 2019, but they’re still not widely known.

Romance scammers: They call you honey, but don’t send them money

Valentine’s Day might put you in the mood to look for love online. Unfortunately, criminals are also on the hunt, but for victims, not romance.

“Meeting people online has opened the door to romance fraud,” says Kim Casci-Palangio, program director of the peer support program at the nonprofit Cybercrime Support Network in Ann Arbor, Michigan. “You feel you can trust them,” she says, adding that cybercriminals often cultivate relationships for months before asking for money.

Reports to the Federal Trade Commission show consumers lost $1.3 billion in 2022 to romance scams. In Kimberly Palmer’s latest for the Seattle Times, learn how to reduce your risk of falling for romance scam.

Retiring wasn’t easy — even after years of writing about it

A couple of years ago, I wrote a column about how to have a retirement worth saving for. It ended with a quote from personal finance educator Barbara O’Neill, who reflected on how the pandemic disrupted many retirees’ plans.

“It wasn’t just two years lost, it was two good years,” O’Neill said then. “You don’t know how many of those you have left.”

One of my younger colleagues objected to that sentiment, saying it was a jarring ending to an otherwise upbeat column. But my older co-workers got it. Those of us who currently have good health and energy don’t know how long those blessings will last. There’s no guarantee we’ll get to enjoy the retirements we have planned.

That lesson was driven home in July 2023, when a longtime colleague died at age 61. We’d had many talks over the years about the retirement he had envisioned. It’s heartbreaking that his dreams will never happen.

But his death was the push I needed to make my own decision. By the time you read this, I will have retired from my job at personal finance site NerdWallet.

In my latest for ABC News, learn how I made the decision to retire.

This week’s money news

This week’s top story: Congress delays shutdown again, extends funding to March. In other news: What to do about debt in retirement, 4 strategies for using side hustles to fund retirement savings, and ‘enormous’ savings for Americans by limiting overdraft fees.

Congress Delays Shutdown Again, Extends Funding to March
On Jan. 18, Congress approved yet another stopgap that will avoid a possible government shutdown until March.

What to Do About Debt in Retirement
From taking on side work to strategically downsizing, here are ways to help you tackle retirement debt.

4 Strategies for Using Side Hustles to Fund Retirement Savings
Side hustles can be used to pay for everyday expenses, but they can also help fund your retirement goals.

CFPB: ‘Enormous’ Savings for Americans by Limiting Overdraft Fees
With billions in revenue at stake, banks are lining up against the proposal.

 

Gambling risks rise for young people. How to lower the stakes

For Ambus Hunter, what started as a fun trip to Las Vegas when he was 25 soon turned into a gambling addiction. “I got consumed with the vibes,” he says, recalling how he loved the feeling of winning at first. He began gambling back home in the Midwest and on business trips, playing roulette whenever possible. He burned through thousands of dollars of savings before realizing he needed to find a way to stop.

Now fully financially recovered at 37, Hunter works as an accredited financial counselor in Baltimore, helping other people recover their finances that have been damaged by problematic gambling. “I learned a lot about myself and my relationship with money,” he says, lessons he helps others apply to their own lives and budgets.

Gambling is a growing problem among young adults, according to experts, largely because sports betting and other forms of online wagering are so easily accessible. “More and more youth are becoming vulnerable to gambling and problem gambling. It’s a social contagion,” says Dorothy Nuckols, who teaches personal finance for the University of Maryland Extension in Central Maryland. In Kimberly Palmer’s latest for the Seattle Times, learn how to lower gambling risks.

This week’s money news

This week’s top story: Life insurance living benefits. In other news: What you can do dealing with FAFSA glitches and confusion, what you can do when no-warning credit limit cuts happen, and more student loan changes are on the way.

What Are Life Insurance Living Benefits?
Life insurance living benefits provide extra financial security while you’re still alive, but they come at a cost.

Dealing With FAFSA Glitches and Confusion? Here’s What You Can Do
Technical glitches, new processes and confusing questions are making it tough to complete the redesigned 2024-25 FAFSA, which fully launched on Jan. 8.

Why No-Warning Credit Limit Cuts Happen and What You Can Do
Issuers often cut credit limits to reduce their own risk exposure, but there are things you can do to protect your credit lines.

More Student Loan Changes Are on the Way. Here’s What to Expect
From a redesigned FAFSA to halved monthly payments, a debt cancellation Plan B and more, here’s what’s coming in the college financial aid world.

3 time-sensitive money tasks for new widows and widowers

Widows and widowers are often told not to make any major decisions for a year or more after a spouse’s death. Grief can cause you to make choices you later regret.

Some financial tasks, though, shouldn’t be postponed. Revising your budget, meeting with a tax pro and securing access to credit can help protect you from unpleasant surprises later. In my latest for ABC News, learn 3 time-sensitive money tasks for new widows and widowers.