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Thursday’s need-to-know money news

October 22, 2020 By Liz Weston

Today’s top story: Why playing the market right now is an especially bad idea. Also in the news: Is student loan discharge in bankruptcy within reach, the difference between being preapproved and prequalified for a credit card, and how your credit score is determined.

Playing the Market Is a Bad Idea, Especially Now
Brokerages have reported a surge in day trading, but the vast majority would be better off in low-cost funds.

Is Student Loan Discharge in Bankruptcy Now Within Reach?
Recent court rulings and lawmakers’ support to expand relief could help borrowers meet the stringent standards.

What’s the difference between being preapproved and prequalified for a credit card?
An unsolicited approval from a credit card issuer can be a red flag—they could be trying to sell you on a card you don’t need or want

How Your Credit Score Is Determined
Unraveling the mystery.

Filed Under: Liz's Blog Tagged With: Bankruptcy, credit card preapproval vs prequalification, Credit Cards, Credit Score, day trading, stock market, Student Loans

Wednesday’s need-to-know money news

October 21, 2020 By Liz Weston

Today’s top story: Are you saving money in the right place? Also in the news: Why it’s time to dump home buyer love letters, can you be denied life insurance for smoking weed, and 5 fresh kitchen backsplash ideas.

Are You Saving Money in the Right Place?
What to consider when you’re stashing your savings.

Why It’s Time to Dump Home Buyer Love Letters

Can You Be Denied Life Insurance for Smoking Weed?
You might have to shop around.

5 Fresh Kitchen Backsplash Ideas
A stylish and functional backsplash can breathe new life into your kitchen.

Filed Under: Liz's Blog Tagged With: banking, home buying love letters, kitchen backsplash, life insurance, marijuana, real estate, remodeling, saving money

Tuesday’s need-to-know money news

October 20, 2020 By Liz Weston

Today’s top story: Suddenly retired? What to do next. Also in the news: 9 low-cost ways to make virtual learning easier for kids, the safety of air travel right now, and how to get a stimulus check if you’re a low-income earner.

9 Low-Cost Ways to Make Virtual Learning Easier for Kids
A few relatively inexpensive items, such as blue-light glasses and kid-size headphones, can help your child focus during remote learning.

Suddenly Retired? Here’s What to Do Next
If you retire earlier than planned, you may need to cut expenses, find health insurance and talk to an advisor.

How Safe Is Air Travel Right Now?
Some preliminary data suggest COVID-19 is rarely spread in an airplane cabin.

You Can Still Get a Stimulus Check If You’re a Low-Income Earner
The deadline has been extended.

Filed Under: Liz's Blog Tagged With: air travel safety, Coronavirus, low-income workers, remote learning, stimulus chck, sudden retirement, virtual learning

Playing the market is a bad idea, especially now

October 20, 2020 By Liz Weston

The current day trading boom will end as these frenzies always do: in tears. While we wait for the inevitable crash, let’s review not only why day traders are doomed but also why most people shouldn’t trade, or even invest in, individual stocks.

Day trading basically means rapidly buying and selling investments, hoping to profit from small price fluctuations. Brokerages have reported a surge in trading and new accounts this year, starting with March’s stock market crash when investors rushed in looking for bargains. As pandemic lockdowns kept people from their jobs and classrooms, trading continued to soar, especially among young adults. In my latest for the Associated Press, why playing the market, especially now, is a bad idea.

Filed Under: Liz's Blog Tagged With: day trading, Robinhood, stock market

Monday’s need-to-know money news

October 19, 2020 By Liz Weston

Today’s top story: Surprising things renters insurance covers — and leaves out. Also in the news: A new episode of the SmartMoney podcast tackles sudden retirement and finding lost money, using a crisis to help build helpful money habits, and why Powerball and Mega Millions aren’t reaching giant jackpots anymore.

Surprising Things Renters Insurance Covers — And Leaves Out
You may think buying renters insurance means you’re covered for just about any disaster, but that’s not the case.

Smart Money Podcast: Sudden Retirement and Finding Lost Money
What to do when you’re forced to retire sooner than you expected.

You Can Use a Crisis to Build Helpful Money Habits
Making the best of a bad situation.

Here’s why Powerball and Mega Millions jackpots aren’t reaching giant amounts anymore
It’s not just the pandemic.

Filed Under: Liz's Blog Tagged With: forced retirement, lost money, lottery, Mega Millions, money habits, powerball, renters insurance, SmartMoney podcast

Q&A: Older parents and retirement: What about child benefits?

October 19, 2020 By Liz Weston

Dear Liz: I am trying to decide whether to take Social Security at my full retirement age (66 years and four months) or wait and take it at 70. I am 64 and have two children, 13 and 11. My older child could get the child benefit for 24 months while my younger one would receive it for 41 months. Currently I am scheduled to receive about $2,600 a month at full retirement age or $3,500 at 70. My family maximum is $4,668 per month. I am having a hard time finding out what each dependent would earn monthly. Also, when my older child turns 18, does my younger child’s payment increase?

Answer: Starting Social Security earlier than age 70 means giving up the delayed retirement credits that otherwise would boost your checks for the rest of your life, and potentially those of a surviving spouse. As mentioned in an earlier column, though, child benefits complicate the math that typically favors waiting to claim Social Security.

Once you start your own Social Security benefit, each eligible child could get an amount up to 50% of your benefit. Eligible children are those who are unmarried and younger than 18, or under 19 if they’re still in high school, or 18 or older with a disability that began before age 22.

There’s a maximum a family can receive based on one worker’s earning record, however. The family maximum is 150% to 180% of the worker’s benefit. If your family’s total benefit would exceed that maximum, the children’s checks would be reduced, but yours would stay the same.

If you were receiving $2,600 a month, and your family maximum is $4,668, your children would split the remaining $2,068 and get $1,034 apiece. Once your older child is no longer eligible, your younger child’s benefit would increase to equal 50% of what you receive ($1,300, plus any cost of living adjustments).

If you were to start your benefit now, before your full retirement age, these checks would be subject to the earnings test that reduces the benefit by $1 for every $2 earned over a certain limit, which is $18,240 in 2020. The earnings test doesn’t apply after full retirement age.

Free Social Security claiming calculators typically don’t include child benefits as a variable, so you’d be wise to invest $20 to $50 in a more sophisticated calculator, such as Maximize My Social Security or Social Security Solutions.

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

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