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Friday’s need-to-know money news

September 9, 2016 By Liz Weston

budgetToday’s top story: Mapping your financial journey. Also in the news: What Wells Fargo’s settlement might mean for you, six unusual ways to get out of debt, and surprising Social Security benefits for divorced spouses.

Mapping Your Financial Journey
Building a roadmap to success.

What Wells Fargo’s $185 Million Settlement May Mean for You
The Wells Fargo wagon has rolled into some big trouble.

6 Unusual Ways to Get Out of Debt
You don’t have to deliver pizzas.

2 surprising Social Security benefits some divorced spouses can get
All is not lost.

Filed Under: Liz's Blog Tagged With: debt, divorce and money, financial journey map, Settlement, Social Security, tips, Wells Fargo

Thursday’s need-to-know money news

September 8, 2016 By Liz Weston

FICO-score-calculation-300x281Today’s top story: Applying for the wrong credit cards can make bad credit worse. Also in the news: Store reward programs worthwhileness, preschoolers and personal finance, and the #1 cause of financial stress in your state.

Applying for the Wrong Credit Cards Can Just Make Bad Credit Worse
Be selective.

Are Store Rewards Programs Worthwhile?
Only if you’ll actually use the benefits.

Should Preschoolers Be Taught Personal Finance?
It’s never too early to start.

This is the No. 1 cause of financial stress in your state
Odds are pretty good your state is worried about debt.

Filed Under: Liz's Blog, Uncategorized Tagged With: bad credit, Credit Cards, financial stress, kids and money, personal finance, store reward programs

Wednesday’s need-to-know money news

September 7, 2016 By Liz Weston

payday-loansToday’s top story: Financial aid tips for procrastinators. Also in the news: Auto insurance in the driverless car era, payday alternative loans, and six ways your teen driver will affect your wallet.

4 Financial Aid Tips for College Procrastinators
Don’t waste any more time.

If You Hate Auto Insurance, You’ll Love Driverless Cars
A change in who’s to blame for accidents.

What Is a Payday Alternative Loan?
Avoiding the traditional payday loan trap.

6 Ways Your Teen Driver Will Affect Your Wallet
It’s more expensive than you’d think.

Filed Under: Liz's Blog Tagged With: auto insurance, college tuition, financial aid, payday alternative loan, payday loans, teen drivers

Tuesday’s need-to-know money news

September 6, 2016 By Liz Weston

Pile of Credit CardsToday’s top story: What yo look for in a credit card for bad credit. Also in the news: How to decide whether you should save, invest, or pay off student loans, how to spend less money in your 20s, and why next year’s tax refund might be late.

What to Look for in a Credit Card for Bad Credit
Pay close attention to fees.

Should I Save, Invest or Pay off Student Loans?
Using your money wisely.

10 Ways to Spend Less in Your 20s
The more you can save the better.

Adjust Your Withholding Now Because Next Year’s Tax Refund Might Be Late
Be prepared to wait.

Filed Under: Liz's Blog Tagged With: bad credit, Credit Cards, Investing, saving, Student Loans, tax refunds

Q&A: Naming co-executers

September 6, 2016 By Liz Weston

Dear Liz: Is it legal for my parents to appoint me co-executer of their estate, along with my sister, without asking me first if I was okay with this, and keeping me as co-executer after I told them I do not want the responsibility? My sister is more intelligent and competent than I am and would do a better job of this by herself.

Answer: Your parents can name pretty much anyone they want, but that doesn’t mean you’re legally obligated to accept the role when they die. You’ll have the right to decline.

If your parents don’t name an alternate, your sister may be allowed to serve on her own or another executor may be appointed by the court, depending on how the will is written.

Obviously, your parents are being short-sighted by trying to force you to serve when you’ve made your feelings clear. Being an executor can be a time-consuming, complex and often thankless task that shouldn’t be foisted on anyone who’s not willing. If they don’t trust your sister to function alone, they should name someone else—and get that person’s permission before they do. It’s smart to name an alternate or two besides, in case their choices also decide they don’t want to serve.

Filed Under: Estate planning, Q&A Tagged With: Estate Planning, executers, q&a

Q&A: Social Security survivors benefits

September 6, 2016 By Liz Weston

Dear Liz: My husband and I were married after dating for over four years, but he died suddenly on our honeymoon. When I got home, I was told by our local Social Security office that I did not qualify for survivors benefits because we were not married long enough. I am going to be 66 next month and he was already receiving Social Security benefits. People have been advising me to look into getting this marriage benefit, even by contacting my Congressional representative, since I don’t plan to apply for my own benefit until I’m 70 and could really use the survivor benefit now.

Answer: Social Security isn’t likely to help you cope with your devastating loss. The rule that couples have to be married for at least nine months is meant to prevent deathbed marriages designed just to give the survivor benefits.

There are some exceptions to the nine-month rule, such as when the death was accidental or in the line of duty for service members, or if you had a child together. The exceptions are outlined on the Social Security’s site: https://www.ssa.gov/OP_Home/cfr20/404/404-0335.htm

Filed Under: Uncategorized Tagged With: q&a, Social Security, Social Security survivors benefits

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