Everyone needs a rainy-day fund — your financial health depends on it. Your employer could help you build one. Many companies offer 401(k)s and other retirement plans, but until recently few had programs to promote short-term savings. That’s starting to change, as employers experiment with matching funds, payroll deductions and other methods to encourage workers […]
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Tuesday’s need-to-know money news
Today’s top story: Don’t let holiday shopping sink your credit score. Also in the news: 10 housing and mortgage trends or 2020, money habits that are doing you more harm than good, and the No. 1 job of 2019 pays $140,000 – and its hiring growth has exploded. Don’t Let Holiday Shopping Sink Your Credit […]
Monday’s need-to-know money news
Today’s top story: Letting go of shame over your debt. Also in the news: How to get the highest credit card welcome bonuses, 3 tax mistakes you’re probably making today, and what to do when debt collectors keep calling for someone else. It’s Time to Let Go of Shame Over Your DebtIt’s counterproductive and does […]
Q&A: This generous gift has no tax effects
Dear Liz: If I give $15,000 to my grandson, do I report it on my tax return? Is it deductible? Does my grandson report the gift on his tax return and does he owe tax on it? What if three sets of grandparents (parents and stepparents of his parents) do the same? Answer: No, no, […]
Q&A: Don’t rush to collect Social Security
Dear Liz: I would like you to explain to us retirees why we should delay taking Social Security. I have two tax preparers — and other people — who say delaying is a terrible idea. I’m in my 20th year of collecting Social Security, and I can assure you that people who delay are making […]
Q&A: Too many credit cards? Protect your credit scores while closing accounts
Dear Liz: Over the years, my husband and I have accumulated a number of credit cards. All have had a zero balance for years. I want to start canceling these cards, but I’m concerned that will hurt our great credit scores. How should I go about this, or should I? Answer: As you probably know, […]