Ask Liz Weston

Get smart with your money

Liz Weston

Friday’s need-to-know money news

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Today’s top story: The upsides to thinking about when you will die. Also in the news: The upside to ETFs, how debt collectors are invading social media, and 6 financial military benefits for service members and veterans.

The Upsides to Thinking About When You Will Die
A good life expectancy estimate helps you know how much to save, when to retire and when to start Social Security.

Sure, Stocks Are Fun. But ETFs Are Smart
Diversify.

Debt Collectors Can Find You on Social Media Now
Debt collectors are sliding into your DMs.

6 Financial Military Benefits for Service Members and Veterans
Military members and their families have access to special benefits, and new rules make these programs even more valuable.

Thursday’s need-to-know money news

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Today’s top story: Which airline brands have the best and worst fees. Also in the news: How to get preapproved for a credit card, which hotel brands have the best and worst fees, and why you should never quit your job without a plan.

Airline Fee Rankings: Which Brands Have the Best (and Worst) Fees?
Some airlines sneak in extra charges for baggage and seat selection that can bust your travel budget.

Can I Get Preapproved for a Credit Card?
Preapproval is less common than pre-qualification, which is not a guarantee that you won’t be rejected.

Hotel Fee Rankings: Which Brands Have the Best (and Worst) Fees?
Resort fees, parking charges and pet deposits can really add to your room cost at some hotels.

Don’t Quit Your Job Without a Plan
Resist the impulse.

Wednesday’s need-to-know money news

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Today’s top story: Don’t skip these steps when borrowing parent student loans. Also in then news: How to build a home office without breaking the bank, medical student borrowing slows, and the easiest way to lower the interest rate on your credit card.

Don’t Skip These Steps When Borrowing Parent Student Loans
Assess your financial situation and talk openly with your child before borrowing parent student loans.

How to Build a Home Office Without Breaking the Bank
Decide where you’ll invest to make a home office that’s comfortable and productive, as well as affordable.

Med Student Borrowing Slows, but Debt Still an Issue
In the class of 2019, 73% of medical students took out loans; their median debt was $200,000.

The Easiest Way to Lower Your Credit Card Interest Rate
Get ready to spend some time on the phone.

The upsides to thinking about when you will die

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Social Security’s life expectancy calculator predicts I’ll live to about 86. An insurance company’s version says I should expect to die at 98. A longevity calculator created by actuaries demurs, putting the odds at only 32% that I’ll make it to 95.

Eventually, I’ll find out which life expectancy calculator was most accurate. In the meantime, the different results help illustrate one of the most important and difficult calculations in retirement planning: figuring out when it will end.

In my latest for the Associated Press, why life expectancy matters.

Monday’s need-to-know money news

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Today’s top story: 4 tax triggers new investors need to know about. Also in the news: A new episode of the SmartMoney podcast on identity theft and financial stability, how to compare Medicare Advantage plans, and how to save your finances by avoiding these common mistakes.

4 Tax Triggers New Investors Need to Know About
Advice from the tax pros.

Smart Money Podcast: Financial Stability and Identity Theft
Creating financial stability in an unstable world.

Medicare Advantage Plans: How to Compare
Medicare Advantage Plans are an alternative to Original Medicare, offered by private insurers. Here’s how to shop.

Save Your Finances by Avoiding These Common Mistakes
Some errors are more costly than others.

Q&A: Death doesn’t take a holiday

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Dear Liz: In a recent response, you wrote, “Your living trust should name a successor trustee who can take over managing your affairs if you should become incapacitated or die.” This sort of writing is not uncommon but it implies some people won’t die. It would have been better to write “… take over managing your affairs when you die or if you should become incapacitated.” This is important, since it is noteworthy how many people are unwilling to face the facts when it comes to being prepared and finances: None of us are going to get out of this alive.

Answer: Good point!