Financial fallout from the pandemic is hitting millennials hard — and many will soon turn to their parents for help, if they haven’t already. Before parents ride to the rescue, financial planners urge them to map out a strategy that doesn’t just plug a short-term need but also makes sense in the long run. “Often […]
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Monday’s need-to-know money news
Today’s top story: These are probably your best options for travel this summer. Also in the news: A new episode of the SmartMoney podcast on how the pandemic is changing our financial lives, how your state may let you deduct the costs of working from home during the pandemic, and 10 steps to avoiding tax-return […]
Q&A: Why tax refunds are taking so long to arrive
Dear Liz: You mentioned that people who file electronically and use direct deposit generally get their refunds much more quickly than those who file paper returns. That has always been true for me, but this year I filed in February and got a message that there was a problem but not to contact the IRS […]
Q&A: Refinancing reverse mortgage
Dear Liz: I am a senior citizen who fell for the hype about reverse mortgages during a really hard time in my life. To this date I regret profoundly having sold my home to the devil! I never imagined that my debt would grow such as it has. My home is currently valued at $120,000 […]
Q&A: Roth IRA penalties
Dear Liz: I read your column in which you talked about the Roth IRA and how withdrawals can be penalized if you’re younger than 59½ or the account is not 5 years old. But are there any exceptions? Can we withdraw from our Roth IRA and not pay any tax or penalty if we use […]
Friday’s need-to-know money news
Today’s top story: How to stand out in a tough job market. Also in the news: 3 ways to skip your bank’s long phone lines, how a temporary relocation during the pandemic may affect your taxes, and new HSA rules. How to Stand Out in a Tough Job Market A message for the Class of […]