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child tax credit expansion

Thursday’s need-to-know money news

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Today’s top story: The checks that could change your financial life. Also in the news: Should you sign up for Medicare if you’re 65 and still working, 6 signs you’re about to overpay for life insurance, and 7 products being slammed by inflation.

The Checks That Could Change Your Financial Life
A temporary boost to the child tax credit can help fuel emergency savings, cut debt and build financial stability.

Should You Sign Up for Medicare If You’re 65 and Still Working?
Signing up for Medicare at 65 may make sense even if you have private insurance through your or your spouse’s job.

6 Signs You’re About to Overpay for Life Insurance
If you focus on convenience or a policy’s extra benefits, you might pay too much. Here’s what to look out for.

7 Products Being Slammed by Inflation (and How to Avoid Spending More)
From computer chips to steaks.

The checks that could change your financial life

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Starting in July, most families with kids will start getting monthly payments of up to $300 per child as part of the American Rescue Plan’s expansion of the child tax credit.

The payments are scheduled to end in December, and it’s unclear whether they will be extended. But even six months of payments could make a big difference in many families’ finances.

For some, the money will be a lifeline to pay rent, food and other essential expenses. For others, the cash could be a chance to make lasting changes that could help them become more financially stable.

In my latest for the Associated Press, find out more about the child tax credit expansion.