Ask Liz Weston

January 14, 2019 By Liz Weston

Q&A: Why do 401(k) and IRA contributions have such different rules?

Dear Liz: Can you please explain to me why the IRS allows an employee in a workplace 401(k) to contribute $19,000 but a wage earner without a 401(k) can contribute only $6,000 to an IRA? This seems grossly unfair. Why does one group get to save three times as much for retirement? Answer: Congress works […]

Filed Under: Q&A, Retirement Tagged With: 401(k), IRA, q&a, retirement savings

January 14, 2019 By Liz Weston

Q&A: A required minimum distribution headache

Dear Liz: For more than four years my husband has had to take a required minimum distribution from his 457 deferred compensation plan. We have always chosen when to do that, knowing that it has to be done by Dec. 31. This year we processed the distribution on Dec. 28 to take advantage of stock […]

Filed Under: Q&A, Retirement Tagged With: 457 plan, q&a, required minimum distribution, retirement savings

January 11, 2019 By Liz Weston

Friday’s need-to-know money news

Today’s top story: How to budget for a family trip to Disney. Also in the news: How to cancel an extended car warranty, investment strategies for 2019, and 5 credit card trends to watch in 2019. How to Budget for a Family Trip to Disney Saving money for the Mouse. How to Cancel an Extended […]

Filed Under: Liz's Blog Tagged With: budget, credit card trends, Disney, extended car warranties, investment strategies, vacation

January 10, 2019 By Liz Weston

Thursday’s need-to-know money news

Today’s top story: Furloughed workers face potential damage to their credit scores. Also in the news: A bill could expand the financial literacy of students, 8 budget types for businesses, and 6 practical ways to pay off credit card debt. A big problem looms for furloughed workers — preventing damage to their credit scores Another […]

Filed Under: Liz's Blog Tagged With: budgets, credit card debt, Credit Scores, financial literacy, furloughed workers, government shutdown

January 9, 2019 By Liz Weston

Wednesday’s need-to-know money news

Today’s top story: How to stay afloat financially in a federal shutdown. Also in the news: 5 things not to say when you’re buying a car, how to sleep for free (or nearly free) when traveling, and the average kid’s allowance rose faster than American workers’ salaries in 2018. How to Stay Afloat Financially in […]

Filed Under: Liz's Blog

January 8, 2019 By Liz Weston

Tuesday’s need-to-know money news

Today’s top story: NerdWallet’s best credit card tips for January 2019. Also in the news: What the government shutdown means for home loans, 5 reasons credit cards rule for family vacations, and why you should ask your student loan servicer to ungroup your loans. NerdWallet’s Best Credit Card Tips for January 2019 New year, new […]

Filed Under: Liz's Blog Tagged With: credit card rewards, credit card tips, Credit Cards, family vacations, government shutdown, Home Loans, Student Loans, ungrouping

January 8, 2019 By Liz Weston

3 money tasks you need to do right now

Most financial to-do lists focus on what you need to get done by Dec. 31, but there’s also a brief window early in the new year to save yourself some significant cash. In my latest for the Associated Press, three tasks to consider doing now.

Filed Under: Liz's Blog Tagged With: financial to-do lists, Savings

January 7, 2019 By Liz Weston

Monday’s need-to-know money news

Today’s top story: Quick ways to save more money in 2019. Also in the news: Medical bills plague millennials, 3 simple strategies to max out your 401(k), and the basics of Parent PLUS loan forgiveness. Quick Ways to Save More Money in 2019 Focusing on the simple. Medical Bills Plague Millennials; These Tips May Be […]

Filed Under: Liz's Blog Tagged With: 401(k), medical bills, millennials, Parent PLUS loans, retirement savings, saving money, student loan forgiveness, Student Loans, tips

January 7, 2019 By Liz Weston

Q&A: How to find affordable healthcare insurance

Dear Liz: I am 25 and work two part-time jobs, neither of which offers health insurance. Once I’m 26, I will no longer be able to remain on my parents’ policy. Do I need a full-time job to receive health benefits, or do I have other options? Answer: You currently have other options, but you […]

Filed Under: Health Insurance, Q&A Tagged With: affordable care act, health insurance, q&a

January 7, 2019 By Liz Weston

Q&A: Options for high debt, low income

Dear Liz: I’m 87 and drowning in debt, owing more than $21,000 with an income of $23,000 from Social Security and two small pensions. I don’t like the idea of debt consolidation but is that better than bankruptcy? My only asset is a 2003 car. Answer: Debt consolidation merely replaces one type of debt (say, […]

Filed Under: Credit & Debt, Q&A Tagged With: Bankruptcy, debt, Debt Consolidation, q&a

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