Credit scores are a financial tool, but whether they’re a lever or a hammer depends on how good they are. You can leverage great scores into great deals — on loans, credit cards, insurance premiums and cell phone plans. Bad scores can hammer you into missing out or paying more. The lifetime cost of higher […]
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Monday’s need-to-know money news
Today’s top story: Why minimum payments on credit cards are designed to keep you in debt. Also in the news: Retirement planning rules Millennials can break, how to choose the right health insurance plan “metal tier,” and why it’s so hard to stick to a budget. Credit Card Minimums: Perfectly Calibrated to Keep You in […]
Q&A: What to consider when investing in target date retirement funds
Dear Liz: I have 100% of my 401(k) in a fund called “Target Retirement 2030.” This fund is made of several other funds, so does that qualify as “diversified”? Answer: It does. Target date funds have become increasingly popular in 401(k) plans because they do the heavy lifting for investors. The funds select asset allocations […]
Q&A: Life insurance for people over 65
Dear Liz: Can you give us some direction on how to get good term life insurance when you’re over 65? We had 25-year term policies and the premiums skyrocketed, so we are looking. Will getting a group plan (such as the one offered by AARP) help me? I’ve had two heart valve surgeries and knee […]
Q&A: 30-year versus 15-year mortgage
Dear Liz: Regarding the 57-year-old woman who wanted to refinance to a 15-year mortgage, why didn’t you present the benefits of keeping the low interest and low payments available on a 30-year loan and investing the difference? In 30 years the house would be paid off, but there would also be a pot of cash […]
Friday’s need-to-know money news
Today’s top story: How to know you’re mortgage pre-approval worthy. Also in the news: AmEx doubles your rewards at small businesses until the end of the year, where the savviest shoppers live, and the most common money schemes people still fall for. How to Know You’re Mortgage Preapproval Worthy Don’t be caught by surprise. AmEx […]