Get smart with your money
If you or a loved one can no longer live safely at home, assisted living may be the answer. Residents typically live in their own rooms or apartments and get housekeeping services, meals and help with personal care.
But facilities can vary enormously, and people’s expectations about assisted living often clash with reality, elder care experts say. Here are some important things to know. In my latest for ABC News, learn 5 surprising facts about assisted living.
This week’s top story: October mortgage rates forecast. In other news: 6 pitfalls to avoid when shopping for Medicare Advantage, 5 tips to get primed and ready for Amazon’s October Prime Day, and entrepreneurs feeling less optimistic as rates rise.
October Mortgage Rates Forecast: Highest in 2 Decades
In September, mortgage rates reached their highest levels since 2000, and they could inch upward in October.
Shopping for Medicare Advantage: 6 Pitfalls to Avoid
From picking a plan for the perks to not checking next year’s network, here are some traps it’s easy to fall into while shopping for Medicare Advantage.
5 Tips to Get Primed and Ready for Amazon’s October Prime Day
Amazon’s Prime Big Deal Days event is next week: Oct. 10-11.
NerdWallet Small-Business Financing Index: Rates Up, Optimism Down
NerdWallet’s annual index considers data about delinquency rates, new loan volumes and business-owner sentiment.
With the holiday shopping season just starting and prices of many consumer goods continuing to rise, saving money can seem impossible. But those financial pressures also make doing so even more important.
“Saving is your margin,” says Eric Maldonado, a certified financial planner and owner of Aquila Wealth Advisors. “When things happen — your car breaks down or there’s a layoff, or smaller stuff like gifts for the holidays — you have something to fall back on.” Maldonado notes that saving can also allow you to have money for fun things.
The personal savings rate for Americans has been dropping in the last few months, and as of July was 3.5%, according to the U.S. Bureau of Economic Analysis.
Maldonado recommends aiming for a savings rate closer to 20% of your take-home income. “You can live off of 80% and put 20% toward deferred gratification,” he suggests.
That guidance matches the popular 50/30/20 budget, which suggests putting 50% of your take-home income toward needs, 30% toward wants, and 20% toward savings and any debt payments. “If you’re just starting out, then it can be too daunting, but you can work toward it,” Maldonado adds.
In Kimberly Palmer’s latest for the Seattle Times, learn 7 saving strategies you may not have tried yet.
This week’s top story: The home and auto insurance crisis and how to keep your coverage. In other news: 5 options if you’re crushed by student loan and credit card debt, why Delta’s elite status changes matter, and 8 Latino financial influencers to follow in 2023.
The Home and Auto Insurance Crisis and How to Keep Your Coverage
What good is insurance if you can’t afford it? More people across the U.S. are finding out.
5 Options if You’re Crushed by Student Loan and Credit Card Debt
Make the most of the 12-month on-ramp period by coming up with a debt-payoff strategy.
Ask a Travel Nerd: Why Delta’s Elite Status Changes Matter
Delta is adopting requirements that raise the bar to earn elite status, leaving loyalists annoyed — and for good reason.
8 Latino Financial Influencers to Follow in 2023
Latino financial experts offer advice for building trust in financial systems, generational wealth and how financial institutions can better serve their communities.
An immediate annuity is an insurance product that provides guaranteed income: You give an insurer a chunk of money, and the company gives you a stream of payments that can last for life. The payments begin within 12 months of purchase.
Now may be a good time for retirees to buy an immediate annuity, since payouts are the highest they’ve been in a decade, says Rob Williams, managing director of wealth management at Charles Schwab.
But buying an immediate annuity — also known as an income annuity or a fixed immediate annuity — is effectively irreversible, so you’ll want to choose carefully.
In my latest for ABC News, learn why retirees may want to buy an immediate annuity now.
This week’s top story: UAW strike at targeted the big three auto companies. In other news: 5 credit card scams to watch out for this holiday season, the most valuable airline miles might surprise you, and the interest rate hike you may already be paying for.
UAW Worker: ‘These Jobs Were Gold Standard’
The union is on strike at targeted locations across the Big Three auto companies.
5 Credit Card Scams to Watch Out for This Holiday Season
Becoming a victim of a scam can turn anyone into a Scrooge. Learn how scammers operate to preserve your time, money and holiday spirit in the last months of the year.
The Most Valuable Airline Miles Might Surprise You
American Airlines AAdvantage miles are worth 1.7 cents each toward award flights, more than any other U.S. airline.
The Interest Rate Hike You May Already Be Paying For
The interest rate that could be affecting the greatest share of households is costly, and one they might have overlooked.
If summer is a season of spontaneity and indulgence, then fall offers a counterpoint: It’s a chance to get back on schedule, and back on budget.
“Summer, with travel and no school, tends to be a really spendy time. The fall is a nice reset,” says Ashley Feinstein Gerstley, a certified financial planner and author of “The 30-Day Money Cleanse.”
Gerstley says giving yourself a “money cleanse” offers a chance to carefully go over your spending and financial habits so you can make any necessary changes to end the year strong. With inflation and economic uncertainty in the background, that’s no easy task, but putting in the extra effort now can pay off. In Kimberly Palmer’s latest for the Seattle Times, learn a step-by-step guide to a fall financial cleanse that could help get your budget on track for the rest of the year.
This week’s top story: 3 ways to reduce taxes on Social Security. In other news: How one driver cut her auto insurance costs by almost 40%, how to budget with a fluctuating income, and divorce after 60 and health benefits.
3 Ways to Reduce Taxes on Social Security
There are a few ways to reduce that tax bite, however, especially if you can plan ahead.
How One Driver Cut Her Auto Insurance Costs by Almost 40%
Auto insurance rates are on the rise. Here’s what you can do to lower yours.
How to Budget With a Fluctuating Income
If you have irregular income, it’s important to track your spending and create a budget so that you can plan ahead.
Divorce After 60: What Happens to Your Health Benefits?
From COBRA to Medicare, here are the questions to ask about health care coverage after a later-in-life divorce.
This week’s top story: September mortgage rates forecast. In other news: Striking writer, 7 balance transfer credit card mistakes, and how to avoid them, and stock market outlook: September 2023.
September Mortgage Rates Forecast: Not Yet at the Top
Mortgage rates might rise in September, for the fifth month in a row, because of uncertainty about what the Federal Reserve will do in coming months.
Striking Writer: ‘This Fight Is a Fight That Is Deep’
A late night TV writer spells out what’s at stake in the ongoing WGA strike.
7 Balance Transfer Credit Card Mistakes, and How to Avoid Them
Balance transfer credit cards can be helpful tools for zapping debt, but they aren’t a cure-all and require you to avoid certain pitfalls.
Stock Market Outlook: September 2023
Student loan payments restart in October. Also, new weight-loss drugs could boost some stocks.
Making money, whether by putting cash into the stock market, buying a home or jumping to a better-paying job, requires some degree of risk. While embracing any of those moves might feel as scary as skydiving off a cliff, there are times when a little risk makes financial sense.
Davidson and other financial experts also caution against being overly risky with your finances. How to find the right level of financial risk for you is highly personal; there’s no formula that can tell you whether or not to buy that house or take that new job. But there are ways to get more comfortable with risk when you know that taking the less comfortable path is the right decision for you. In Kimberly Palmer’s latest for the Washington Post, learn how to get comfortable with taking smart financial risks.