Like many other educators, high school science teacher Robert Curtiss of Dearborn, Michigan, thought he was doing the right thing by investing in his school district’s 403(b) retirement plan. Then federal regulators charged the company handling Curtiss’ investments with fraud. In July 2022, the Securities and Exchange Commission said Equitable Financial Life Insurance Co. had […]
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This week’s money news
This week’s top story: Smart Money podcast on using AI to budget and save and debit vs. credit card pros and cons. In other news: What the 2024 Social Security COLA could mean for your retirement, what parents of college students need to know about new FAFSA, and first-time home buyer affordability report. Smart Money Podcast: Using […]
Q&A: Here’s how a health savings account works. Spoiler: It can be a stealth retirement fund
Dear Liz: For the first time, I signed up for a high-deductible insurance plan along with a health savings account. However, I don’t quite understand a couple of key concepts. When our medical bills roll in, will we pay using our personal credit card or the HSA card provided by my employer? We have no trouble […]
Q&A: Transferring bonds after a spouse dies
Dear Liz: In 2001 I bought $50,000 worth of I Bonds. Half of them were in my name with my wife as beneficiary; the other half were in her name with me as beneficiary. She died two years ago but I do not want to cash her bonds in. How do I get them in my […]
Q&A: Explaining required minimum distributions
Dear Liz: When my wife reached age 59½, we initiated required minimum distributions for all of her retirement funds. During the process, the investment company representative stated that as long as she was still working and contributing to her 401(k) and 403(b) at work, she was not required to take RMDs for those accounts. With all […]
Smart steps to take when helping your grandchildren financially
In his early 20s, Chris Chen’s nephew dreamed of becoming a professional photographer, but to pursue that dream, he needed equipment that cost over $5,000. His nephew worked hard to save $1,500, then his maternal grandmother provided an additional $750. Chen, a certified financial planner in Newton, Massachusetts, covered the rest. “It helped him understand […]