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Q&A: Stimulus money for Social Security recipients is finally on the way

May 26, 2020 By Liz Weston

Dear Liz: My mother filed a paper return for 2019 in early March but hasn’t received her refund yet. Also, she hasn’t received the stimulus check to which she is entitled. She receives Supplemental Security Income via direct deposit and she included her banking info on her tax return for direct deposit. Given the IRS’ limited staffing, when might she receive her money? Will she still receive her stimulus check if many more months pass before the IRS processes her tax return?

Answer: Your mom may have already received her stimulus paymentby the time you read this. The Social Security Administration said Tuesday that it had started sending payments to SSI recipients.

The best way to check her refund status is via the IRS site. People who filed electronically can check their refund status 24 hours after filing. When a paper return is filed, people should wait four weeks before checking. She’ll need to enter her Social Security number, filing status and exact amount of her expected refund.

Filed Under: Coronavirus, Q&A Tagged With: Coronavirus, q&a, stimulus check

Friday’s need-to-know money news

May 22, 2020 By Liz Weston

Today’s top story: Credit score drop? How to diagnose why and what to do next. Also in the news: Put off debt payments to start saving now, going contactless as a way to pay safer, and many unemployed people aren’t aware of all the relief they may qualify for during the pandemic.

Credit Score Drop? How to Diagnose Why, and What to Do Next
If you got a payment modification and saw a score drop, it’s tempting to think they’re related. They may not be.

Put Off Debt Payments to Start Saving Now
In uncertain times, it makes sense to prioritize building a cash reserve over paying down debt balances.

Looking for Safer Ways to Pay? Go Contactless
Contactless payments like mobile wallets, P2P apps and tap-to-pay cards are easy to use and help lessen risk of contagion.

Many unemployed people aren’t aware of all the relief they may qualify for during the pandemic
Take a look at what’s available.

Filed Under: Liz's Blog Tagged With: benefits, contactless payment, Coronavirus, Credit Score, debt, Savings, unemployment

Thursday’s need-to-know money news

May 21, 2020 By Liz Weston

Today’s top story: Should seniors consider a reverse mortgage now? Also in the news: Make the most of these store cards during a crisis, financial experts say a recession could be looming, and why you should think of your HSA as an extension of your emergency fund.

Should Seniors Consider a Reverse Mortgage Now?
Reverse mortgages offer tax-free cash for home equity, but understand how they work and explore alternatives.

Make the Most of These Store Cards During a Crisis
Some of the best cards to optimize your budget.

Financial experts say a recession could be looming; here’s how you can prepare
Be proactive.

Think of Your HSA as an Extension of Your Emergency Fund
Your contributions can increase in 2021.

Filed Under: Liz's Blog Tagged With: emergency fund, health savings account, HSA, recession, reverse mortgage, store credit cards, tips

Wednesday’s need-to-know money news

May 20, 2020 By Liz Weston

Today’s top story: 0% intro APR credit cards can help in a crisis, but mind the details. Also in the news: A look at metro home affordability for first time buyers, how to find the right credit card for your side hustles, and how to stretch your money while you’re unemployed.

0% Intro APR Credit Cards Help in a Crisis, but Mind the Details
That 0% can be more complicated than you’d think.

First-Time Home Buyer Metro Affordability Report – Q1 2020
What the market was like before the pandemic.

Side Hustle Much? You Might Have the Wrong Credit Card
Finding the right card for the gig economy.

Ways to Stretch Your Unemployment Benefits
Making your benefits last.

Filed Under: Liz's Blog Tagged With: 0% intro APR, Credit Cards, first-time home buyers, gig economy, side hustle, tips, unemployment benefits

Tuesday’s need-to-know money news

May 19, 2020 By Liz Weston

Today’s top story: Side hustle much? You might have the wrong credit card. Also in the news: Make a financial recovery kit to rally faster after disaster, 7 finance tips for 2020 grads entering an economy with few jobs, and that debit card your were mailed is actually your coronavirus relief payment.

Side hustle much? You might have the wrong credit card.
You could qualify for a business credit card.

Make a Financial Recovery Kit to Rally Faster After Disaster
Use your free time wisely.

7 finance tips for 2020 grads entering an economy with few jobs
Finding the help you need.

That Debit Card You Were Mailed Is Actually Your Coronavirus Relief Payment
Don’t throw it out.

Filed Under: Liz's Blog Tagged With: 2020 grads, coronavirus relief payments, Credit Cards, financial recovery kit, jobs, side hustles

Should seniors consider a reverse mortgage now?

May 19, 2020 By Liz Weston

Reverse mortgages allow older homeowners to turn part of their home equity into tax-free cash, using a loan that doesn’t have to be paid back until they die, sell or move out.

That sounds good to a lot of seniors navigating financial fallout during the coronavirus pandemic. Stay-at-home orders may have taken away jobs needed to make ends meet, while low interest rates and a volatile stock market have endangered income from retirement savings.

A reverse mortgage could be exactly the right tool at the right time. Or it could be an expensive mistake. In my latest for the Associated Press, learn exactly how these loans work and alternatives to explore before you commit.

Filed Under: Liz's Blog Tagged With: reverse mortgage, Seniors

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