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Life and money lessons from the pandemic

December 9, 2020 By Liz Weston

I’m a “be prepared” kind of person. I like having money in the bank and a good stock of emergency supplies.

But I wasn’t prepared to see empty shelves at the supermarket, or thousands of cars lined up at a Texas food bank, or nurses dressed in garbage bags because there wasn’t enough protective equipment.

The pandemic showed me that being personally prepared isn’t enough. Our communities need to be better prepared, as well.

That lesson may seem obvious in retrospect — many lessons are. But the revelation made me curious about what other people have learned from this year. In my latest for the Associated Press, four of my buddies in the personal finance realm agreed to share what the pandemic has taught them about money and life.

Filed Under: Liz's Blog Tagged With: money lessons, pandemic

Tuesday’s need-to-know money news

December 8, 2020 By Liz Weston

Today’s top story: Read this before you refinance your federal student loans. Also in the news: COVID-19 accelerates no-exam trend in life insurance, low-cost ways small businesses can help employees save more, and what’s up with the latest COVID relief bill.

Read This Before You Refinance Federal Student Loans
Even with low rates, refinancing isn’t right for everyone.

COVID-19 Accelerates No-Exam Trend in Life Insurance
Staying away from the exam room.

Here are some easy, low-cost ways small businesses can help employees save more
Technology and competition have made workplace savings plans more accessible in recent years

What’s Up With the Latest COVID Relief Bill?
Things continue to move slowly.

Filed Under: Liz's Blog Tagged With: COVID relief bill, no exam life insurance, refinancing student loans, small business owners, tips

Monday’s need-to-know money news

December 7, 2020 By Liz Weston

Today’s top story: Federal borrowers get to skip another student loan payment. Also in the news: A new episode of the Smart Money podcast on the financial lessons of the pandemic, how to recover after being denied a mortgage, and how to financially plan for having kids.

Federal Borrowers Get to Skip Another Student Loan Payment
New deadline of January 31st.

Smart Money Podcast: Pandemic Money Lessons, and Saving for a Down Payment
What we can take away from the pandemic.

Mortgage Denied? Here’s How to Recover
Determine the reason for denial — such as lack of credit history or a high debt-to-income ratio — then address it before reapplying.

How to Financially Plan for Having Kids
It’s going to be a long haul.

Filed Under: Liz's Blog Tagged With: mortgage denial, pandemic financial lessons, planning for kids, Smart Money podcast, student loan payments

Q&A: Reconciling checking accounts

December 7, 2020 By Liz Weston

Dear Liz: Any suggestions for the best way to catch up with monthly statements from checking accounts? Friends and I need to know: Should we start from the first one we missed or work backward?

Answer: With the switch to online banking, many people don’t reconcile their checkbooks anymore. In fact, many don’t use checks, so there’s no risk that one will clear belatedly and trigger overdrafts.

That’s not to say overdrafts aren’t possible or that errors and fraud don’t happen. People should review their transactions regularly, even if they don’t reconcile.

To answer your question, typically the best way to start reconciling your checking account is to start from the first month you missed and work forward.

Filed Under: Banking, Q&A Tagged With: banking, checking account, q&a

Q&A: Don’t get creative with mom’s money

December 7, 2020 By Liz Weston

Dear Liz: My 91-year-old mother lost her mobile home (and everything else) in a fire. I was able to put her in assisted living and she is actually doing better than when she was by herself. There was insurance money, which is now in a joint account, but considering her age, we have decided not to buy another place. Is there something I should do with this money? Friends have told me I should invest it. Her new home will keep her whether she pays or is (eventually) on Medicaid.

Answer: You should talk to an elder law attorney before doing anything with the money. Typically, your mom wouldn’t be able to get on Medicaid until she spends virtually everything she has. If she tries to avoid spending her money by transferring it improperly, the transfer could delay her eligibility. You can get referrals from the National Academy of Elder Law Attorneys.

Filed Under: Elder Care, Q&A Tagged With: elder care, nursing homes, q&a

Q&A: Her dead ex’s kids can’t dictate benefits

December 7, 2020 By Liz Weston

Dear Liz: My husband and I were living apart but not legally separated when he passed away. He was receiving disability benefits. His children, who are grown, tell me I am not eligible for widow or survivor benefits and that only they can collect his benefits. I am disabled myself and 51. Do their claims hold any weight? Could he have removed me as a recipient?

Answer: No and no. The children are wrong, not just about your eligibility for benefits but also about their own. Social Security survivor benefits typically aren’t available to children over 18, but they are available to widows and widowers starting at age 60, or starting at 50 if the spouse is disabled.

As long as you weren’t divorced, you would be eligible for survivor benefits. And if you had divorced, you could still be eligible for survivor benefits if the marriage lasted at least 10 years.

You can call the Social Security toll-free number at (800) 772-1213 for more information.

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

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