Friday’s need-to-know money news

Today’s top story: Are high-deductible Medicare supplement insurance plans worth it? Also in the news: Are older workers a solution to the labor shortage, 2022 best cities for freelancers, and two of the biggest financial regrets women say they have.

Are High-Deductible Medicare Supplement Insurance Plans Worth It?
Compare premiums to check whether high-deductible Medigap Plan G and Plan F could offer savings.

Are Older Workers a Solution to the Labor Shortage?
Older workers, a large segment of the U.S. labor force, can deliver valuable benefits to businesses of any size.

2022 Best Cities for Freelancers
The pandemic has created more opportunities for remote, self-directed and freelance work than ever.

Here are two of the biggest financial regrets women say they have — and what you can do to avoid them
Fidelity’s 2022 Money Moves survey polled women between the ages of 18 and 35.

Thursday’s need-to-know money news

Today’s top story: Can you have too much credit? Also in the news: 5 things to know about gold’s record breaking run, the Equal Opportunity Act and its effect on women’s finances, and negotiating with your landlord during COVID-19.

Can You Have Too Much Credit?
Credit scoring formulas don’t punish people for having too many credit accounts, but too much debt can hurt scores.

5 Things to Know About Gold’s Record-Breaking Run
As COVID-19 concerns continue to rattle markets, investors are turning to one of the world’s oldest currencies.

Women and credit: In the 1970s, the Equal Credit Opportunity Act became law— a key step in financial freedom for women
The law barred shady credit practices including lender discrimination based on race, sex, age, nationality or marital status.

Negotiate With Your Landlord During COVID-19
Be upfront and honest.

Thursday’s need-to-know money news

Today’s top story: How to stock up wisely, emergency or not. Also in the news: Some rental owners could get an extra tax break this year, how to unlock the debtor’s prison of student loans, and the most important money move that women aren’t making.

How to Stock Up Wisely, Emergency or Not
No panic shopping.

Some Rental Owners Could Get an Extra Tax Break This Year
The new QBI.

Unlock the Debtor’s Prison of Student Loans
Looking for relief.

This is the most important money move that women aren’t making
It’s time to invest.

Thursday’s need-to-know money news

Today’s top story: What homeowners must remember at tax time this year. Also in the news: A GOP proposal to take student loan payments straight from your paycheck, why you might not have to pay that medical bill, and the biggest financial mistake women make.

Here’s What Homeowners Must Remember at Tax Time This Year
Learning the new tax rules.

A GOP proposal could snatch your student loan payment right from your paycheck
This could get ugly.

You Might Not Have to Pay That Medical Bill
Get ready to spend some time on the phone.

The biggest financial mistake women make? Not investing enough.
Deepening the wage gap.

Tuesday’s need-to-know money news

Today’s top story: The biggest financial mistake women make. Also in the news: How to find the dirt on your tax preparer, nine states where you can file your taxes after April 15th, and experts reveal who is likely to get a lower refund this tax season.

The Biggest Financial Mistake Women Make
Navigating the wage gap.

How to Find the Dirt on Your Tax Preparer
Be careful who you trust.

You Can File Taxes After April 15 in These Nine States
Is yours one of them?

Here’s who is more likely to get a lower refund this tax season, according to experts
Don’t be caught by surprise.

Monday’s need-to-know money news

Today’s top story: Hoping for a 529 tax deduction for K-12? Not so fast. Also in the news: 4 business credit card mistakes you can’t afford to make, the biggest financial mistakes women make, and one-size-fits-all financial advice.

Hoping for a 529 Tax Deduction for K-12? Not So Fast
The rules have changed.

4 Business Credit Card Mistakes You Can’t Afford to Make
Take it easy with those cards.

The Biggest Financial Mistake Women Make
Narrowing the wage gap.

Follow This One-Size-Fits-All Financial Advice
Rules that everyone can follow.

Friday’s need-to-know money news

Today’s top story: The biggest financial mistake women make. Also in the news: 4 business credit card mistakes you can’t afford to make, 5 divorce mistakes that can cost you, and why you might owe taxes this year.

The Biggest Financial Mistake Women Make
Investing is important.

4 Business Credit Card Mistakes You Can’t Afford to Make
Don’t get in over your head.

5 Divorce Mistakes That Can Cost You
No talking on Twitter.

Why You Might Owe Taxes This Year
About that tax break…

Thursday’s need-to-know money news

Today’s top story: Using your tax refund to spring clean your finances. Also in the news: A money conference for women, why the IRS wants their share of your March Madness winnings, and how Millennials can make car buying easier.

Use Your Tax Refund to Spring Clean Your Finances
Tidying up your money.

Lola: A money conference for women.
How to better deal with financial issues unique to women.

You Won! Congratulations — Now Pay Your Taxes
The IRS wants their share of your March Madness winnings.

5 Ways Millennials Can Make Car Buying a Smoother Ride
Making the process easier.

9 Smart Ways to Spend Your Tax Refund
Buying yet another overpriced gadget isn’t one of them.

How Much More It Costs to Own vs. Rent in Your State
Where does your state rank?

Advisors to women: Don’t quit

Zemanta Related Posts ThumbnailWomen with young children often discover that child care costs eat up much of what they earn. If they’re married to a big earner in a high tax bracket, they could lose most of the rest of their wages to high marginal tax rates.

But advising them to quit working is short sighted, two Certified Financial Planners suggest in the most recent issue of the Journal of Financial Planning.

Jerry A. Miccolis and Marina Goodman note in “Advising Married Women on Investing–in Themselves” (may be restricted to FPA member access only) that child care costs usually drop when the kids enter school while the mother’s income typically rises over time. Stopping out, meanwhile, often leads to lower lifetime earnings. The authors suggest women view those early years, when they’re working for not much financial gain, as an investment in their future–sort of an extended internship, if you will. They write:

“[W]ork experience leads to career advancement, which could have a quantum-level impact on her financial future. Say a woman spends five years working while getting no financial benefit due to taxes and child care costs. Her youngest then enters school and suddenly child care costs plummet. After five years of experience, she may get promoted and now her income may be $75,000. If, instead, she was just starting out at that point, she would be earning $50,000. (We’re ignoring inflation in this simple example—it would, of course, merely magnify the effects.) The difference is not $25,000. It is more like being an entire professional level higher for the next 30 years. Over the course of a career it can be the difference between middle management and eventually being in the C-suite.”

The authors note that “A woman’s ability to earn a decent salary is the most comprehensive insurance policy she can have.” Staying employed, even part time, and keeping up any professional credentials can help her family if her partner loses a job, becomes disabled or suffers a business setback. It can also be an insurance policy for her in the far greater risk of divorce:

“Even among upper-income families, many women would still experience a significant decline in lifestyle upon divorce, especially if they have no means of supporting themselves. The risk that a woman will get divorced is greater than the sum of the risks of her husband’s premature death, disability, or just about any other financial catastrophe all put together.”

This information may be most relevant for the kinds of women financial planners are most likely to advise: college-educated women with careers, rather than jobs. The price for stopping out may be less if you’re in a low-wage, low-skilled job rather than one where significant financial advances are possible. But any parent contemplating time away from work should be looking at the longer term financial picture, and those who choose to stay home should make sure they have significant savings to help offset their greater financial vulnerability.