Ask Liz Weston

Ways to recover from a financial shock and be prepared next time

Financial shocks come in many different forms: An unexpected medical bill, house repair or job loss are among the typical ones. The reasons for financial shocks may be common, but recovering from them can be unexpectedly challenging. “These things happen once or twice over a financial lifetime,” says Spencer Betts, a certified financial planner and […]

Q&A: Don’t try evading Roth IRA requirements

Dear Liz: My son is a student. He would like to maximize his Roth IRA at the annual $7,000 limit and has the money in savings to do so. However, his income from odd jobs, paid in cash, will probably be less than the $7,000 required to make this maximum contribution. Can he report additional income […]

This week’s money news

This week’s top story: Getting a second opinion can help ward off misdiagnosis. In other news: What to know about pet insurance, 6 tips for the FAFSA delay, and questions you aren’t asking, but should during open enrollment. Getting a Second Opinion Can Help Ward Off Misdiagnosis Each year, diagnostic error leads to about 371,000 U.S. […]

Someday your boss could help you save for emergencies

When I wrote about employer-provided emergency savings accounts four years ago, the idea was still pretty novel. Some companies were experimenting with ways to help their workers save for short-term needs, but the concept wasn’t even on the radar for many employers. What a difference the pandemic made. Millions were thrown out of work with […]

This week’s money news

This week’s top story: How to protect yourself from student loan scams as bills resume. In other news: Increased commuting costs, how Disney turned Halloween into a money-making machine, and 3 steps to booking holiday travel. How to Protect Yourself From Student Loan Scams as Bills Resume If you get a random text or call about […]

Q&A: Finding an affordable fee-only financial advisor

Dear Liz: You always advocate hiring a fee-only financial advisor. But where do you really find one? I found those who say they are fee-only are really “assets under management” advisors when you dig down deep, and the cheapest fee-only advisor I’ve found costs $6,000. I just want them to look over my financial plan and […]

Q&A: Options for transferring condo to heirs

Dear Liz: I would like to get advice on how to transfer my condo to my son and grandchildren. It looks like I don’t have too much living left and need to get a clear understanding of what would be better for me and for them. All the articles are very confusing. Can you advise me […]

How to plan for a potential inheritance

The amount of wealth millennials and Gen Xers stand to inherit from their parents and grandparents almost defies comprehension: According to Cerulli Associates, a Boston-based research and consulting firm, $84.4 trillion in wealth will be transferred between 2021 and 2045, primarily from baby boomer households to younger generations. Inheritances aren’t just for the rich: Less […]

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