Ask Liz Weston

Get smart with your money

Liz Weston

Thursday’s need-to-know money news

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Today’s top story: How to choose the right health plan. Also in the news: Your data is out there: how to take action, 7 retirement savings mistakes financial advisors see too often, and what to do if you haven’t filed your taxes in years.

How to Choose the Right Health Plan
Open enrollment season is here.

Your Data Is Out There: Don’t Freak Out, Do Take Action
Taking preventative measures.

7 Retirement Savings Mistakes Financial Advisors See Too Often
How they help their clients recover.

What to Do If You Haven’t Filed Your Taxes in Years
Time to come clean.

Wednesday’s need-to-know money news

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Today’s top story: Your student debt doesn’t always die with you. Also in the news: 10 ways to meet a credit card’s minimum spend requirement, how today’s Fed rate cut affects you, and how to churn credit cards without getting penalized.

Your Student Debt Doesn’t Always Die With You
It all depends on the type of loan.

10 Ways to Meet a Credit Card’s Minimum Spend Requirement
Don’t let your rewards slip away.

Here’s how the Fed rate cut affects you
Cheaper loans, lower interest on savings.

How to Churn Credit Cards Without Getting Penalized
Targeting those sign-up bonuses.

Tuesday’s need-to-know money news

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Today’s top story: Ditch the turkey – six ideas for a Thanksgiving getaway. Also in the news: How to get the most out of the Walmart Rewards Mastercard, the potential pros and cons of buying a post-scandal Volkswagen Diesel, and how to get a retention bonus by threatening to cancel your credit card.

Ditch the Turkey: 6 Ideas for a Thanksgiving Getaway
The turkey can wait.

How to Get the Most Out of the Walmart Rewards Mastercard
Maximizing your rewards this holiday season.

Should You Snap Up a Post-Scandal Volkswagen Diesel?
The pros and cons.

Threaten to Cancel Your Credit Card to Get a Retention Bonus
The bank wants to keep you as a customer.

How to choose the right health plan

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When we’re given a choice about our health care plans, we often choose badly.

In one study, more than 80% of the employees at a Fortune 100 company picked the wrong plans, often choosing low-deductible options that ultimately cost them more. Another study found that inertia — sticking with the same plan, rather than evaluating the options each year and choosing a better one — cost workers an average $2,032 annually.

In my latest for the Associated Press, steps to help you pick a better plan.

Monday’s need-to-know money news

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Today’s top story: How to vanquish 5 common financial fears. Also in the news: Will you get what Social Security promises, how to save money online with these sneaky tricks, and 10 better money habits to start now.

Vanquish 5 Common Financial Fears
Time to put these fears to rest.

Will You Get What Social Security Promises?
Making smarter decisions about claiming your benefit.

Save Money Online Shopping With These Sneaky Tricks
Thinking beyond coupons.

10 Better Money Habits to Start Now
The right habits can boost your savings.

Q&A: Triggering the windfall elimination provision

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Dear Liz: After working and paying into Social Security for more than 40 years, I took a city job at age 60. This job does not pay into Social Security and will afford me a small pension upon retirement in a few years (I’m now 64). Will this pension amount be deducted from my Social Security payments?

Answer: Normally, people who get pensions from jobs that didn’t pay into Social Security face the “windfall elimination provision,” which can reduce any Social Security benefits they may have earned. If, however, you have 30 or more years of “substantial earnings” from a job that paid into Social Security, then this provision does not apply. The amount that counts as “substantial earnings” varies by year; in 2019, it’s $24,675.