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Liz Weston

Friday’s need-to-know money news

February 26, 2021 By Liz Weston

Today’s top story: Smart ways to negotiate your salary in an uncertain economy. Also in the news: Student loan scams are on the rise, 5 things to consider when picking a college in the COVID-19 era, and how to claim retroactive unemployment benefits.

Smart Ways to Negotiate Your Salary in an Uncertain Economy
If you’re seeking a raise, it’s important to read the room and understand a few different strategies. Research and preparation are both key.

If a Stranger Offers You Student Loan Forgiveness, Hang Up
Biden student loan forgiveness and stimulus forgiveness scams are on the rise. Here’s how to protect yourself.

5 Things to Consider When Picking a College in the COVID-19 Era
When choosing a college, consider how it’s met the challenges of the pandemic.

How to Claim Retroactive Unemployment Benefits
The Department of Labor has expanded eligibility.

Filed Under: Liz's Blog Tagged With: colleges, COVID-19, retroactive unemployment benefits, salary negotiation tips, student loan scams

Thursday’s need-to-know money news

February 25, 2021 By Liz Weston

Today’s top story: Why you should stop waiting to sell your home. Also in the news: How to find a Black financial advisor, sharing renters insurance with a roommate, and why you need to start claiming crypto on your taxes.

Why You Should Stop Waiting to Sell Your Home
Now maybe a good time to sell your home. First, decide whether to sell before or after finding your next place.

How to Find a Black Financial Advisor
There are a few ways, but understanding the “why” may be just as important as the “how.”

Can I Share Renters Insurance With My Roommate?
Many companies permit it, but there’s no guarantee it’ll save you money in the long run.

Why You Need to Start Claiming Crypto on Your Taxes
The IRS wants to know.

Filed Under: Uncategorized Tagged With: Black financial advisors, cryptocurrency, real estate, renters insurance, Taxes

Tuesday’s need-to-know money news

February 24, 2021 By Liz Weston

Today’s top story: 5 IRA mistakes you may be making. Also in the news: 8 reasons why an RV is your spring break best friend, the Black homeownership gap, and how to keep your expiring travel reward points.

5 IRA Mistakes You May Be Making
It’s OK. We all make mistakes. But here’s how to course-correct if you find your IRA is off track.

8 Reasons Why an RV Is Your Spring Break Best Friend
For COVID-era travel during spring break, take a hard look at renting an RV.

The Black Homeownership Gap: A Fair Housing Leader’s Solutions
Down payment assistance and housing laws are highlighted by the president and CEO of the National Fair Housing Alliance.

How To Keep Your Expiring Travel Rewards Points
Know the type of card you have.

Filed Under: Liz's Blog Tagged With: Black homeownership, IRA mistakes, RV travel, travel rewards

Tuesday’s need-to-know money news

February 23, 2021 By Liz Weston

Today’s top story: The latest trends in home renovations and how to pay for them. Also in the news: 4 tips for starting or restarting a business in tough times, student loan forgiveness scams, and key 2021 financial deadlines to add to your calendar.

The latest trends in home renovations—and how to pay for them
Don’t worry, the open floor plan isn’t dead

4 Tips for Starting or Reinventing a Business in Tough Times
Entrepreneurs should adapt to market changes, fix problems that bother them and tweak existing strategies.

If a stranger offers you student loan forgiveness, hang up
Scammers are everywhere.

Add These Key 2021 Financial Deadlines to Your Calendar Now
Helpful reminders.

Filed Under: Liz's Blog Tagged With: business tips, financial deadlines, home renovations, student loan scams

Monday’s need-to-know money news

February 22, 2021 By Liz Weston

Today’s top story: How to get the most home insurance help after a winter storm. Also in the news: A new episode of the Smart Money podcast on filing your taxes early and tapping into your home equity, 8 ways to take your credit card rewards to the next level in 2021, and how to get relief with your federally backed mortgages.

How to Get the Most Home Insurance Help After a Winter Storm
Talking to your insurer and documenting everything will help you manage and recover from serious storm damage.

Smart Money Podcast: Filing Taxes Early and Tapping Home Equity
Why you probably want to file your taxes sooner rather than later.

8 Ways to Take Your Credit Card Rewards to the Next Level in 2021
With some extra steps — like an inventory of your wallet, a chat with your issuer, and a willingness to track and stack — you can squeeze more value from points and miles.

How to Get Relief With Your Federally Backed Mortgages
There’s a new extension.

Filed Under: Liz's Blog Tagged With: credit card rewards, homeowners insurance, mortgage relief, Smart Money podcast, Taxes, winter storm

Q&A: Don’t rush to start collecting Social Security

February 22, 2021 By Liz Weston

Dear Liz: Having read your advice on Social Security numerous times, I’m having a heck of a time encouraging a friend who reached full retirement age last year to start collecting her benefits. She said her Social Security isn’t enough to live on and she needs to work two more years before collecting. She said if she waits to apply that it would increase her Social Security by $400 a month. I’ve informed her that she can both collect and continue to work without penalty because she has reached full retirement age. She also would still get an annual increase based on her earnings, in addition to the annual cost-of-living increase. She won’t let me know how much her Social Security would be now, and I haven’t asked, but I’ve told her this is extra money she could invest.

Answer: Are you sure you were reading this column?

Copious research shows that most people are better off waiting as long as possible to file for Social Security. Given life expectancies at 65, most who make it that far will live beyond the break-even age where the larger checks they’ll get will more than offset the smaller ones they pass up.

Waiting is particularly important for the higher earner in a couple, since that determines what the survivor gets to live on. Waiting is also important for single people, since they don’t have a partner’s income to help. Single women have an especially high risk of finishing their days in poverty, which means maximizing their Social Security is usually the right call.

Besides, there’s no risk-free investment that would guarantee her an 8% annual return. That’s what she’s getting by waiting to start her Social Security benefit (at least until age 70, when the benefit maxes out). She might be able to generate similar returns with stock market investments, but she also could lose her shirt.

Something else to consider: Benefits are based on our 35 highest-earning years. If she’s making more now than she did in one of those previous years, she could be boosting her benefit even more by continuing to work. People who took time off to raise families or who had a history of low wages or part-time work often see a bigger benefit by continuing to work as well as waiting to apply.

Filed Under: Q&A, Social Security Tagged With: q&a, Social Security

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