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Liz Weston

Tuesday’s need-to-know money news

April 26, 2022 By Liz Weston

Today’s top story: Skipped college in 2021? Enroll this fall. Also in the news: Kickstarting your online clothing reselling gig, getting on board with travel subscriptions, and what it really costs to propose on the jumbotron.

Skipped College in 2021? Enroll This Fall
If you didn’t enroll or reenroll in college during the pandemic, this fall is the time to get back on the path to higher education.

Millennial Money: Kick-start your online clothing resale gig
With the recent rise of resale apps like Depop and Poshmark, the idea of selling old clothes online is becoming more fashionable.

Subscriptions are coming to travel, should you get on board?
Welcome to the Netflixification of travel.

What It Really Costs to Propose on a Jumbotron (and Better Ways to Spend That Money)
Financial literacy takes many forms, and sometimes it’s about the money you don’t spend.

Filed Under: Uncategorized Tagged With: college, jumbotron proposals, reselling clothes, travel subscriptions

Tweak your tech settings to protect your privacy

April 26, 2022 By Liz Weston

So much of our sensitive personal data is being tracked and sold that trying to protect our privacy can seem like a pointless exercise.

We can disable the location tracking on phone apps only to find new apps stalking us the next time we check. We can turn off personalized advertising and still get bombarded by marketers that ignore our wishes. We can be fooled by language that’s designed to protect companies’ access to data rather than our privacy.

All this surveillance allows advertisers to manipulate us into spending more. People who are struggling financially can be targeted by predatory lenders and other seedy companies. If there’s a database breach, criminals can buy our information for just a few dollars and use it to impersonate or target us for various scams.

As individuals, we have limited ability to stop the prying. Meaningful action typically must come from regulators and lawmakers. In my latest for the Associated Press, what steps we can take to reclaim small but significant chunks of privacy and send a signal to companies that we don’t like what they’re up to.

Filed Under: Liz's Blog Tagged With: big data, digital privacy

Monday’s need-to-know money news

April 25, 2022 By Liz Weston

Today’s top story: How smart devices could save you money on home insurance. Also in the news: A new episode of the Smart Money podcast on protecting your privacy and front-loading a 401(k), investing guides for parents, and how many movies you need to see to make a theater subscription pay off.

Smart-Home Devices Could Save You Money on Home Insurance
Smart-home devices provide not only comfort and convenience, but also potential insurance discounts.

Smart Money Podcast: Protecting Your Privacy, and Front-Loading a 401(k)
How to protect yourself from being tracked by websites and apps that want to use your personal data.

Investing for Parents: Save for Retirement, Avoid These Mistakes
Raising a child is expensive, but sacrificing your retirement savings could cost you more.

How Many Movies Do You Need to See to Make a Theater Subscription Pay Off?
We are living in a golden age of movie theater subscription services—here’s how each one compares.

Filed Under: Liz's Blog Tagged With: home insurance, investing for parents, protecting your data, smart devices, Smart Money podcast, theater subscriptions

Q&A: How to minimize taxes after you retire

April 25, 2022 By Liz Weston

Roth conversionsDear Liz: In preparing my 2021 tax returns, I was dismayed to find out that my first required minimum distributions from my retirement account have pushed me into the highest tax bracket ever in my life and caused 85% of my modest Social Security benefit to become taxable. Since I retired five years ago at full retirement age, I never had to pay taxes on my Social Security as it was the majority of my income. In my remaining years, I wonder if there is anything I can do to avoid paying about $8,000 to $9,000 a year in income taxes!? Even a partial conversion from a 401(k) to a Roth IRA would surely increase my Medicare Part B premium, another financial problem. I am not rich, just average middle class, and my financial goals are to carefully plan my necessary expenses so that I will not run out of funds. I do not need to leave an inheritance to my two adult children.

Answer: You’re probably correct that Roth conversions aren’t the answer now, although they may have been helpful earlier. You also may have been able to reduce the overall taxes you pay by waiting until age 70 to claim Social Security and taking distributions from your 401(k) instead.

You can discuss your situation with a tax pro to see if there are any other opportunities for reducing your taxes. Mostly, though, your situation is a good illustration of why it’s so important to get professional financial planning and tax advice well before you retire. Even if you think you’re well informed, you’re inexperienced — you’ve never retired before, whereas experienced financial planners and tax pros have guided many people through this phase of their lives.

Some of the decisions you make around retirement are irreversible and can have a profound effect on how much money you can spend. Ideally, you’d meet with a fee-only, fiduciary financial planner five to 10 years in advance of your retirement date and have several check-ins to make sure your financial plan is sound before you give notice.

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

Q&A: Switch to electronic documents

April 25, 2022 By Liz Weston

Dear Liz: I have to disagree with your suggestion to switch to electronic documents versus using the U.S. mail. People need to keep an eye on dubious actors like cable and cellphone companies, where it’s important to pay attention to sneaky new charges or “expiring discount rates.” The same is true for credit cards, where fraudulent charges are likely to appear. I know I will open and read a bill in the mail while email is much more likely to be deleted unread. It’s a personal preference, but I think it’s sound financial discipline. Also, good luck trying to refinance or get a loan using e-statements — lenders refuse them.

Answer:
Your last statement may have been true for some lenders before the pandemic, but the financial industry was rapidly digitizing even before the lockdowns began. After all, uploading electronic documents is much faster and more secure than relying on the mail. Our last refinance was handled entirely electronically, although we did have to sign a few closing documents in person with a notary who sat six feet away on our porch. Even if our lender had asked for a paper copy of an electronic document, though, that wouldn’t have been a problem: That’s what printers are for.

If you’re in the habit of scrutinizing paper bills while ignoring your email, switching to electronic documents can be tricky. Some people use personal finance apps to help them monitor what’s happening in their accounts while others put reminders on their calendars to review their transactions.

Reminders also can help you avoid paying more when you take advantage of a limited-time offer, such as an introductory rate for a service or a teaser rate on a credit card. Put the expiration date on your calendar as a prompt to renegotiate with the company or find another deal.

Simplifying your finances also can help you more easily spot fraud and unnecessary charges. It’s easier to monitor one checking account, one savings account and one credit card than a bunch of accounts spread across multiple companies.

Of course, there will be some people who simply can’t change the habits of a lifetime. For those who can, though, electronic documents are the way to go.

Filed Under: Banking, Q&A Tagged With: electronic documents, q&a

Thursday’s need-to-know money news

April 21, 2022 By Liz Weston

Today’s top story: Find out what big data says about you — and how to fix it. Also in the news: Part II of the Smart Money deep dive on student debt, why fixing the supply chain won’t cure homebuying woes, and 5 places where you can still get a decent meal for under $10.

Find Out What Big Data Says About You — and Fix It
Discovering and correcting mistakes is no small task.

Smart Money Podcast: Student Debt Cancellation Debate, Part 2
Would student loan cancellation liberate those crushed by debt, or is it a potentially ineffective political ploy?

The Property Line: Fixing Supply Chain Won’t Cure Homebuying Woes
Expect a modest and gradual increase in completed new homes when gaps in the supply chain are closed, not a flurry of new options.

Five Places You Can Still Get a Decent Meal for Under $10
Fast food is not as cheap as it once was—but there are still some good deals out there to be had.

Filed Under: Liz's Blog Tagged With: big data, dining out, Smart Money podcast, student debt, supply chain

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