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Liz Weston

Thursday’s need-to-know money news

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Today’s top story:  How to talk money with your parents this holiday. Also in the news: How to bounce back after a business fails, and some fallout U.S. cardholders could face later from the recent Amazon-Visa spat.

How to Talk Money With Your Parents This Holiday
It’s fine to observe the holiday and talk about money later.

How to Bounce Back After a Business Fails
What can set you apart is how you respond to failure in the moment – and what you learn from it when you look back.

No, Amazon Hasn’t Banned Your Visa Card
The recent Amazon-Visa spat won’t hinder cardholders in the U.S. as they go about their holiday shopping – but there still could be some fallout later.

Wednesday’s need-to-know money news

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Today’s top story:  Harsh vibe continues for home buyers in 2022. Also in the news: Important lessons from Mortgage application data, new for Medicare in 2022, 5 mistakes that can lead to a bad car loan, and TV Black Friday 2021 deals.

The Property Line: Harsh Vibe Continues for Home Buyers in 2022
Signs point toward a friendlier market for buyers in 2022, if only marginally so.

Why Might Your Mortgage App Fail? Learn From 2020’s Denials
Mortgage application data from years past can teach important lessons.

What’s New for Medicare in 2022?
Costs are going up for Original Medicare, including a big increase for Medicare Part B.

5 Mistakes That Can Lead to a Bad Car Loan
Extending the loan’s term and not shopping for a loan are among the common mistakes that can lead to a bad car loan.

TV Black Friday 2021 Deals: Are They Worth It?
Amazon has a 50-inch Fire TV for $329.99.

Tuesday’s need-to-know money news

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Today’s top story: What to seek if you don’t like your bank. Also in the news: iPhone Black Friday 2021 deals, how to bank your digital coin, and the best time to buy a Christmas tree this year.

Survey: Most Like Their Bank; What To Seek if You Don’t
“Choosing a bank is a very personal decision, and no two banks are the same,” says Chanelle Bessette, a banking specialist with NerdWallet.

iPhone Black Friday 2021 Deals: Are They Worth It?
At&T is offering a free iPhone 13 or iPhone 13 mini with eligible trade-in.

From Cryptocurrency to Cash: How to Bank Your Digital Coin
Crypto banking allows consumers to hold and spend cryptocurrency with crypto debit cards.

The Best Time to Buy a Christmas Tree This Year
This year, due to supply chain issues, do it sooner. And bring more cash.

How to talk money with your parents this holiday

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Holiday gatherings may present an opportunity to talk to your parents about important money issues, such as estate planning or long-term care. The need to discuss this stuff may feel particularly acute if you don’t see your folks often or these are the first holidays you’ll be together since the pandemic started.

Tread carefully, though, because these discussions can easily go wrong. Diligent preparation, the right approach and a respectful attitude can help your family tackle potentially uncomfortable subjects without ruining the holiday, advises Amy Goyer, AARP’s national family and caregiving expert.

In my latest for the Associated Press, learn the steps to talk to your parents about money.

Monday’s need-to-know money news

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Today’s top story: The surprising change in airfares since last year. Also in the news: Smart Money Podcast on holiday shopping report and retirement plan options for self-employed people, and Fitbit Black Friday 2021 deals.

The Surprising Change in Airfares Since Last Year
Airfares dropped 4.6% in terms of unadjusted percent change between October 2020 and 2021.

Smart Money Podcast: Holiday Shopping Trends and Self-Employed Retirement Options
A discussion about NerdWallet’s holiday shopping report and money question on retirement plan options for self-employed people.

Fitbit Black Friday 2021 Deals: Are They Worth It?
Kohl’s will throw in Kohl’s Cash with Fitbit purchases.

Q&A: Windfall elimination provision

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Dear Liz: I just read your answer regarding the windfall elimination provision question. I receive a pension after having retired from law enforcement. I was fortunate to be able to retire at 46. Then I landed a great job with excellent pay. I expect to pay into Social Security for a total of 17 years and I’ve been contributing the maximum for the last six. How will this affect my benefits? Will I still be penalized?

Answer: The only way the windfall elimination provision wouldn’t affect you is if you paid into Social Security for 30 years or more. If you pay Social Security taxes for 20 years or less, you’ll face the full impact of this provision, which affects those who get pensions from jobs that didn’t pay into Social Security. Starting at year 21, the effect begins to lessen until it disappears at year 30.

You can learn more about what to expect on Social Security’s site. Some of the paid Social Security claiming strategy sites, including Maximize My Social Security and Social Security Solutions, can incorporate the windfall elimination provision into their calculations if you want to model how different retirement dates might affect your benefits.