Any 401(k) can help you save for retirement. A great 401(k) allows you to save a whole lot more. The difference between a mediocre plan and a great one could translate into tens of thousands of dollars in future retirement money. Plus, a 401(k)’s quality can show how serious a company is about attracting and […]
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This week’s money news
This week’s top story: Smart Money podcast on buy now, pay later loans and credit reports. In other news: What to do if your homebuying plan got scrapped this year, when the car market will return to normal, and 3 steps to lower the cost of your debt. Smart Money Podcast: Money Hot Takes, and Too […]
Q&A: ‘Fee based’ vs. ‘fee only’ financial planners: There’s a big difference
Dear Liz: How do you find a fee-based financial planner? I just inherited a lot of money, and trying to figure out our future is stressing me out. Answer: That’s understandable. Getting sound advice can mean the difference between growing your newfound wealth and wasting it. But finding a good, honest, competent planner requires some work. Most […]
Q&A: Health savings account rules
Dear Liz: I established a health savings account when I was self-employed using an HSA-compliant healthcare plan. Now I am employed. My employer does not offer a health plan that was designated as an HSA, but my deductible is $7,000, higher than the minimum for an individual. Can I continue to contribute to my existing HSA? […]
Q&A: Social Security and inflation
Dear Liz: If I wait until I am 70 to claim Social Security, my benefit will increase 8% a year. With inflation above 8%, should I take Social Security early? I am almost 68. Answer: This question was answered in a previous column but needs to be addressed again because so many people misunderstand how Social Security cost-of-living increases […]
How to handle your medical bills
When she was 19, writer Emily Maloney found herself facing about $50,000 in medical debt after hospital treatment for a mental health crisis. The debt followed her throughout her twenties, hurting her credit and leading to stressful calls from collection agencies. Her experience is all too common: The Consumer Financial Protection Bureau reports that about […]