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Liz Weston

Friday’s need-to-know money news

January 8, 2021 By Liz Weston

Today’s top story: How to nail a no-spend month. Also in the news: New credit card benefits we’d love to see for 2021, the popular online banking service Simple is shutting down, and TurboTax customers will still get their stimulus payment.

How to Nail a No-Spend Month
Recover from the holidays.

New Credit Card Benefits We’d Love to See for 2021
The pandemic forced credit card issuers to revamp their travel card benefits. Why stop there?

Simple, the Popular Banking Service, Is Shutting Down
What to do if you have an account.

TurboTax Customers Will Still Get Their Stimulus Payments
Understanding the glitch.

Filed Under: Liz's Blog Tagged With: credit card benefits, no-spend month, online banking, SIMPLE, stimulus payment, tips, TurboTax

Thursday’s need-to-know money news

January 7, 2021 By Liz Weston

Today’s top story: Start 2021 off strong with these smart money moves. Also in the news: What COVID-related credit card help is available in 2021, how businesses can apply for a second PPP loan, and Medicare Advantage open enrollment begins.

Start 2021 Off Strong With These Smart Money Moves
Money resolutions can include filing taxes early, reviewing spending and saving more for retirement.

What COVID-Related Credit Card Help Is Available in 2021?
Most card issuers continue to offer help to those affected by the pandemic — but it’s up to you to ask for it.

How Businesses Can Apply for a Second PPP Loan
Certain hard-hit businesses are eligible to receive a second PPP loan under the new COVID relief package.

Medicare Advantage Open Enrollment Lets You Switch Plans
The annual period runs from Jan. 1 to March 31.

Filed Under: Liz's Blog Tagged With: COVID, credit card help, Medicare Advantage, money moves, open enrollment, PPP loans

Start 2021 off strong with these money moves

January 6, 2021 By Liz Weston

After the train wreck that was 2020, you may well question whether it’s worth trying to plan anything. But knocking off a few financial tasks early in the year can better prepare you for whatever 2021 has in store. In my latest for the Associated Press, how to start off 2021 on the right financial foot.

Filed Under: Liz's Blog Tagged With: money moves, tips

Tuesday’s need-to-know money news

January 5, 2021 By Liz Weston

Today’s top story: 5 credit card trends to watch in 2021. Also in the news: 7 smart ways to cut car costs in 2021, vague financial resolutions to avoid, and 5 ways young drivers can save on car insurance.

5 Credit Card Trends to Watch for in 2021
Hello, world; goodbye, sweatpants? In 2021, credit cards will appeal to travelers, credit builders and technophiles.

7 Smart Ways to Cut Car Costs in 2021
Easy ways to bring down your automobile costs.

Avoid These Vague Financial Resolutions in 2021
Be more specific.

5 Ways Young Drivers Can Save on Car Insurance
Here’s how to lower your auto insurance costs, even if you’re in your early 20s.

Filed Under: Liz's Blog Tagged With: car costs, car insurance, credit card trends, financial resolutions, tips, young drivers

Monday’s need-to-know money news

January 4, 2021 By Liz Weston

Today’s top story: To raise financially savvy kids, give money lessons a reboot. Also in the news: A new episode of the Smart Money podcast on 2021 money goals, how to discuss family finances in a crisis, and giving your wallet a good cleaning.

To Raise Financially Savvy Kids, Give Money Lessons a Reboot
Going beyond the piggy bank.

Smart Money Podcast: How You Can Achieve Money Goals in 2021
Starting off on the right foot.

How to Discuss Family Finances in a Crisis
Honesty is key.

Take These Cards Out of Your Wallet Right Now
Give your wallet some breathing room.

Filed Under: Liz's Blog Tagged With: crisis, family finances, kids and money, mobile wallets, money lessons, Smart Money podcast

Q&A: When your spouse dies, there are immediate financial steps to take. Here’s a checklist

January 4, 2021 By Liz Weston

Dear Liz: What financial steps need to be taken right after your spouse dies?

Answer: Your attorney or accountant may have detailed checklists to guide you through the many tasks involved. In general, though, you’ll be settling the estate, notifying appropriate parties, signing up for any benefits and shutting down potential identity theft.

To start:

Get 10 to 12 certified copies of the death certificate (ask the funeral home for these).
Find any estate planning documents, such as a will or a living trust, to start the process of settling the estate. That may require opening a probate case at the county courthouse.
If you don’t already have an estate planning or probate attorney, consider hiring one for help.
Contact your spouse’s employer about any life insurance or retirement benefits, such as a 401(k) or pension.
File a claim if your spouse had life insurance.
Call Social Security at (800) 772-1213 to ask about survivor benefits. If you and your spouse were already receiving Social Security benefits, one payment ends at your spouse’s death, and you’ll get the larger of the two checks from now on.
If your spouse served in the military, contact the Veterans Administration to inquire about additional benefits.
Cancel your spouse’s health insurance.
Contact banks, brokerages, lenders and credit card companies to inform them of the death and close accounts or transfer them to your name alone.
Notify the three credit bureaus: Experian, Equifax and TransUnion.
Delete or memorialize social media accounts.
There are a few things to avoid as well. A big one: Don’t give away money or assets prematurely. These may be needed to settle the estate or you may want more time to make good decisions. If you’re getting pressure from family members or anyone else, refer them to your attorney.

Be careful about making big changes, such as moving or selling a home, in the next year or so because grief can impair your decision-making abilities.

Don’t try to do all this yourself. Let the attorney assist with estate-settling tasks and hire a tax pro to file your spouse’s final tax return. Also, consider talking to a fee-only financial planner. You may have options for payouts from retirement accounts, life insurance and Social Security, for example, and your choices could dramatically affect your future standard of living.

Filed Under: Banking, Estate planning, Q&A Tagged With: checklist, post-death finances, q&a

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