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Liz Weston

Thursday’s need-to-know money news

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Today’s top story: How to put 2020 financial survivor’s guilt to good use. Also in the news: The best tips for retirement savings at any age, how COVID-19 is accelerating no-exam life insurance, and is the new Visa Bitcoin rewards card worth it?

How to Put 2020 Financial Survivor’s Guilt to Good Use
Donating time or money can help people who have had economic setbacks in the pandemic — and also those who haven’t.

Best Tips for Saving for Retirement — at Any Age
It’s never too late — or too early — to make sound financial decisions and get yourself set up for retirement.

COVID-19 accelerates no-exam trend in life insurance
Social distancing mandates have hindered the medical exams that are often required for life insurance applications

Is the New Visa Bitcoin Rewards Card Worth It?
Visa dives into cryptocurrency.

Wednesday’s need-to-know money news

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Today’s top story: How to maximize travel rewards on holiday spending this year. Also in the news: Your guide to hotel travel with pets, why renting out your RV has become a lucrative pandemic side hustle, and how to avoid this fake Zoom meeting invite phishing scam.

How to Maximize Travel Rewards on Holiday Spending This Year
Think of your once-a-year holiday shopping as an opportunity to earn more points on your travel credit card.

Your Guide to Hotel Travel With Pets
Finding a pet-friendly hotel can seem complicated unless you know what to look for.

Why Renting Out Your RV Has Become a Lucrative Pandemic Side Hustle
Renewed interest in traveling by motorhome or camper van has fueled the growth of the RV rental market.

Avoid This Fake Zoom Meeting Invite Phishing Scam
Not even your boring work meetings are safe.

Putting financial survivor’s guilt to good use

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Financial therapist Lindsay Bryan-Podvin of Ann Arbor, Michigan, specializes in helping people deal with their anxieties about money. But since the pandemic started, Bryan-Podvin has been hearing more about guilt than fear.

Several people who still have jobs and financial security felt guilty about having been spared while others suffered, says Bryan-Podvin, author of “The Financial Anxiety Solution.”

“I would start to hear things like, ‘I shouldn’t be complaining — my partner has it so much worse,’ or ‘I can’t even believe I’m telling you this because so-and-so in my neighborhood lost their job,’” she says.

The feelings clients expressed and the language they used were almost identical to what Bryan-Podvin hears from people with post-traumatic stress disorder, a mental health disorder that can be triggered by experiencing or witnessing a terrifying event.

In my latest for the Associated Press, what Bryan-Podvin offers better ways to cope.

Tuesday’s need-to-know money news

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Today’s top story: Best tips for saving for retirement at any age. Also in the news: Rewards are now standard on starter cards, how to outsmart porch pirates, and watching out for fake COVID-19 testing sites.

Best Tips for Saving for Retirement — at Any Age
It’s never too late — or too early — to make sound financial decisions and get yourself set up for retirement. Here we cover the best moves to make in your 20s and 30s, your 40s and 50s, and your 60s and 70s.

On Starter Cards, Rewards Are Now Standard. Here’s Why
There’s no need to wait until you qualify for a traditional card to earn rewards. You can do it while building credit.

8 ways to outsmart package-thieving porch pirates over the holidays
Take these steps to keep your packages safe

Watch Out for Fake COVID-19 Testing Sites
Scammers are after both your money and your identity.

Monday’s need-to-know money news

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Today’s top story: Biden’s student loan forgiveness could wipe out debt for 15 million borrowers. Also in the news: A new episode of the Smart Money podcast on what Biden may do for your finances, when to donate rewards to charity and when to give cash, and mortgage rates stay low as December deadlines loom.

Biden’s Student Loan Forgiveness Could Wipe Out Debt for 15 Million Borrowers
More than a third of federal borrowers could see their balances fall to zero with $10,000 in debt cancellation.

Smart Money Podcast: What Biden May Do for Your Finances and How to Make Money
What your finances could look like under a Biden administration.

When to Donate Rewards to Charity and When to Give Cash
Want to help a charity without tapping into your bank account? Sometimes donating your rewards can be a good option.

Mortgage Outlook: Rates Stay Low as December Deadlines Loom
Uncertainty ahead.

Q&A: Are those 529 college savings plans still a good idea?

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Dear Liz: Last week we had an infant come into this world and we’re already thinking about college. I know you’ve addressed this before, but things change and I was wondering if the 529 plan is still the way to go. If our son decides not to go to college, what are the tax consequences?

Answer: Congratulations! Yes, state-sponsored 529 college savings plans are still a great way for many families to save for future college costs. The money grows tax deferred and withdrawals are tax free when used for qualified education expenses.

Even if your son opts not to go to a four-year college, he will probably need some kind of post-secondary education. Withdrawals from 529 plans can be used to pay for any accredited school in any state, including community college and trade schools.

On the off chance that he doesn’t get any kind of schooling, or conversely gets a full ride, you can change the beneficiary so that the money pays for the education of a sibling or other close relative, including yourself. And if nobody wants to use the money for schooling, you can simply withdraw it. The earnings will be taxed and subject to a 10% penalty.