Ask Liz Weston

Q&A: Here’s why two 401(k) accounts aren’t better than one

Dear Liz: I changed jobs more than three years ago and did not roll over my 401(k) when I started a 401(k) account with my new employer. I’m perfectly happy having separate accounts. However, I’ve read some IRS rules that I cannot understand about being penalized for not contributing to a 401(k) for five years. […]

Friday’s need-to-know money news

Today’s top story: Why taking Social Security early costs too much. Also in the news: Student loans still cover living costs with classes online, why you should renew your passport right now, and how millennials and Gen Z are using TikTok to learn about personal finance. Why Taking Social Security Early Costs Too Much Longer […]

Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit check reduced by nearly 30%. Many Americans have little choice but to accept the diminished payments. Even before the pandemic, about half […]

Wednesday’s need-to-know money news

Today’s top story: Choosing the right vehicle for your off-road adventures. Also in the news: Why a new fee shouldn’t stop you from refinancing your mortgage, what to do when you’ve paid off your credit card debt, and how to manage any credit card debt you may have racked up the last few months. Choose […]

Tuesday’s need-to-know money news

Today’s top story: Is it harder for seniors to get credit cards? Also in the news: Factoring in fees on grocery, delivery, what to do if losing your job means losing your life insurance, and there’s still time to claim your missing $500 stimulus for dependents. Is It Harder for Seniors to Get Credit Cards? […]

Monday’s need-to-know money news

Today’s top story: Federal loans are paused until 2021 – should you pay anyway? Also in the news: A new episode of the SmartMoney podcast on pet costs and extreme couponing, what to know about the coronavirus charges on your college bill, and the tough choices renters are facing. Federal Loans Are Paused Until 2021 […]

Q&A: IRA confusion leads to disappointment

Dear Liz: Many years ago, I read in a personal finance magazine about a mutual fund company that paid $1 million to a customer who had an IRA for 40 years. So I started an IRA at that company in December 1992 and paid $10,000. As of today, that account is worth only $80,000. What […]

Filed Under: Q&A, Retirement Tagged With: IRA, q&a

Q&A: Taking out a reverse mortgage may help if coronavirus wipes out your job

Dear Liz: I read with interest the letter from the person who was a tour guide and lost their job due to the virus. I kept reading, expecting you to suggest a reverse mortgage. Are these a bad idea? Answer: Not necessarily. The person in question owned the home with a sibling, and the sibling […]

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