Ask Liz Weston

March 29, 2021 By Liz Weston

Monday’s need-to-know money news

Today’s top story: 5 pandemic-driven financial habits worth keeping. Also in the news: A new episode of the Smart Money podcast on spring cleaning and COVID taxes, life insurance options when living with HIV, and be on the lookout for streaming service price hikes. 5 Pandemic-Driven Financial Habits Worth Keeping Americans have picked up new […]

Filed Under: Liz's Blog Tagged With: COVID taxes, financial habits, financial spring cleaning, HIV, life insurance, price increases, Smart Money podcast, streaming services

March 29, 2021 By Liz Weston

Q&A: Where to find the most bang for your savings buck. Spoiler: On Wall Street

Dear Liz: I recently sold my home and want to put away funds for my daughters. I want to place $130,000 each in an account that will earn 7% to 10% interest for 30 years or so, providing them with a comfortable retirement fund. I’m thinking of having them start with a low-cost index mutual […]

Filed Under: Investing, Q&A Tagged With: Investing, q&a, Wall Street

March 29, 2021 By Liz Weston

Q&A: Roth IRA contributions

Dear Liz: I am a retired public employee and receive most of my compensation in monthly payments, for which I get a 1099R form at tax time. The rest of my compensation also comes in monthly installments and I receive an annual W-2 for that. My question is: Can I deposit my W-2 amount in […]

Filed Under: Q&A, Retirement, Saving Money Tagged With: q&a, Roth IRA

March 29, 2021 By Liz Weston

Q&A: Backdoor Roth Ira conversions

Dear Liz: I am 65, self-employed and have a SEP IRA as well as a Roth IRA. I’ve had a few low-income years, and I find myself in a very low tax bracket, most likely lower than when I begin to take distributions and collect Social Security in a few years. What are the steps […]

Filed Under: Q&A, Retirement Tagged With: backdoor IRA, conversions, q&a

March 25, 2021 By Liz Weston

Thursday’s need-to-know money news

Today’s top story: Will you really run out of money in retirement? Also in the news: What to do if your mortgage forbearance is ending, 5 home remodeling trends to watch for 2021, and how to pay your medical bills without crowdfunding. Will You Really Run Out of Money in Retirement? Most people adjust spending […]

Filed Under: Liz's Blog Tagged With: COVID, crowdfunding, home remodeling trends, medical bills, mortgage forbearance, Retirement, retirement savings

March 24, 2021 By Liz Weston

Wednesday’s need-to-know money news

Today’s top story: How one airline is prioritizing customer safety. Also in the news: Getting your money resolutions back on track, treating your third stimulus differently, and the IRS expands eligibility for $10,2000 unemployment tax break. Spring Travel Ahead? One Airline Is Prioritizing Customer Safety Delta is now the only major airline blocking middle seats […]

Filed Under: Liz's Blog Tagged With: money resolutions, spring travel, stimulus checks, unemployment tax break

March 23, 2021 By Liz Weston

Tuesday’s need-to-know money news

Today’s top story: IRS Free File and how to get free tax preparation or free tax help in 2021. Also in the news: How women investors can rewrite their financial futures, options for people who can’t afford their tax bills, and beware of lender’s mistakes in your credit report. IRS Free File & How to […]

Filed Under: Liz's Blog Tagged With: credit report, IRS free file, lender mistakes, tax help, tax preparation, women investors

March 23, 2021 By Liz Weston

Will you really run out of money in retirement?

Many U.S. households retire without enough money to maintain their pre-retirement standard of living. Once retired, though, people often reduce their spending enough to make their money last, according to a recent study by David Blanchett, head of retirement research at Morningstar, and Warren Cormier, executive director of the Defined Contribution Institutional Investment Association’s Retirement […]

Filed Under: Liz's Blog Tagged With: Retirement, retirement savings

March 22, 2021 By Liz Weston

Monday’s need-to-know money news

Today’s top story: Making a plan to get your money resolution back on track. Also in the news: A new episode of the Smart Money podcast on redlining and auto loans, the 6 biggest life insurance myths about COVID, and how to know if there’s too much cash in your savings account. Make a Plan […]

Filed Under: Liz's Blog Tagged With: banking, COVID, life insurance, money resolutions, redlining, savings account, Smart Money podcast

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