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June 12, 2020 By Liz Weston

Friday’s need-to-know money news

Today’s top story: How to stand out in a tough job market. Also in the news: 3 ways to skip your bank’s long phone lines, how a temporary relocation during the pandemic may affect your taxes, and new HSA rules.

How to Stand Out in a Tough Job Market
A message for the Class of 2020.

3 Ways to Skip Your Bank’s Long Phone Lines
Don’t sit on hold forever.

How Will a Temporary Relocation During the Pandemic Affect Your Taxes?
You may be required to file twice.

New HSA Account Rules
New rules make HSAs even more valuable.

Filed Under: Liz's Blog Tagged With: banking, class of 2020, health savings account, HSA, job hunting, pandemic, relocation, resumes, Taxes, tips
May 21, 2020 By Liz Weston

Thursday’s need-to-know money news

Today’s top story: Should seniors consider a reverse mortgage now? Also in the news: Make the most of these store cards during a crisis, financial experts say a recession could be looming, and why you should think of your HSA as an extension of your emergency fund.

Should Seniors Consider a Reverse Mortgage Now?
Reverse mortgages offer tax-free cash for home equity, but understand how they work and explore alternatives.

Make the Most of These Store Cards During a Crisis
Some of the best cards to optimize your budget.

Financial experts say a recession could be looming; here’s how you can prepare
Be proactive.

Think of Your HSA as an Extension of Your Emergency Fund
Your contributions can increase in 2021.

Filed Under: Liz's Blog Tagged With: emergency fund, health savings account, HSA, recession, reverse mortgage, store credit cards, tips
May 8, 2019 By Liz Weston

Wednesday’s need-to-know money news

Today’s top story: When can I retire? Also in the news: How to get your own royal family photos at commoner prices, how to make the most of your HSA, and how living in one of these cities means you could pay your student debt off sooner.

When Can I Retire?
How to determine the right time.

Get Your Own ‘Royal’ Family Photos at Commoner Prices
You don’t need a castle.

How to make the most of your HSA — for now, and the future
Protecting your health costs.

Living in one of these cities means you could pay your student debt off quicker, study says
Cost of living can make a big difference.

Filed Under: Liz's Blog Tagged With: family photos, health savings account, HSA, Retirement, royal family, student debt, Student Loans
March 29, 2018 By Liz Weston

Thursday’s need-to-know money news

Today’s top story: The IRS isn’t having any of these reasons not to pay taxes. Also in the news: What to buy (and skip) in April, how to shop for used clothes – and why you should, and 4 ways to use your health savings accounts to boost your bottom line.

The IRS Isn’t Having Any of These Reasons to Not Pay Taxes
The IRS doesn’t want to hear your arguments.

What to Buy (and Skip) in April
Look for Tax Day goodies.

How to Shop for Used Clothes — and Why You Should
Lots of money to be saved.

4 ways to use health savings accounts to boost your bottom line
Cushion your emergency savings.

Filed Under: Liz's Blog Tagged With: April shopping, excuses, health savings account, IRS, Taxes, tips, used clothes
May 22, 2017 By Liz Weston

Q&A: Health savings accounts can supercharge retirement funds, but not for this guy

Dear Liz: Prior to retiring in 2015, I contributed to a health savings account. At the time my spouse and I were enrolled in my employer-provided high deductible health insurance plan. After I retired, I enrolled in an HMO plan my employer provided, which is not high deductible, and my wife enrolled in a Medicare supplemental plan. Can I make a one-time IRA rollover of $8,750 into the HSA? If not the $8,750, can I make any one-time contribution to the account while I am enrolled in the Kaiser health insurance plan? I have only $53 in the HSA. Are there any reasons to keep the account open or should I close it?

Answer: You did have the option, while you were enrolled in the high-deductible plan, to make a one-time rollover from your IRA to your HSA. The amount you could roll over is capped to the HSA contribution limit. The limit in 2015 would have been $7,650 ($6,650 for a family, plus a catch-up contribution of $1,000 for those 55 and over). You would have had to subtract from the rollover any amounts already contributed to the account that year.

Since you no longer have the high-deductible plan, though, rollovers and new contributions aren’t allowed. There’s no reason to keep open a plan with just $53 in it because most HSA providers charge monthly fees that will quickly eat up such a small balance. (Your employer may have paid these fees while you were working and covered by the high-deductible plan.)

That’s too bad, because a properly funded HSA can be an excellent way to save for medical expenses in retirement. HSAs offer a rare triple tax break: Contributions are pre-tax, the money can grow tax deferred and withdrawals are tax free when used for qualifying medical expenses. HSAs are meant to cover the considerable out-of-pocket expenses that come with high-deductible health insurance plans, but the money in the account can be rolled over from year to year and even invested so it can grow.

Filed Under: Insurance, Q&A, Retirement Tagged With: health insurance, health savings account, q&a, Retirement
September 12, 2016 By Liz Weston

Monday’s need-to-know money news

Mom daughter cruise worldToday’s top story: How to decide if you need travel insurance. Also in the news: Steps to take if you didn’t get enough financial aid, why not being in debt is better than having awesome credit, and 4 things you should know about health savings accounts.

When Do You Need Travel Insurance?
Protecting yourself and your money.

6 Steps to Take if You Didn’t Get Enough Financial Aid
Don’t panic.

Not Being In Debt Is Better Than Having Awesome Credit
Surprise!

4 Things You Should Know About Health Savings Accounts
You’re probably using yours wrong.

Filed Under: Liz's Blog Tagged With: Credit Cards, Credit Score, debt, financial aid, health savings account, health savings accounts, travel insurance
March 24, 2016 By Liz Weston

Thursday’s need-to-know money news

Pile of Credit CardsToday’s top story: Understanding renters insurance. Also in the news: How many credit cards is too many, financial tips for military members making the transition to civilian life, and how your Health Savings Account can work like a super-IRA.

Understanding Renters Insurance
Protecting your valuables.

Can You Have Too Many Credit Cards?
Is there a magic number?

5 Financial Tips for Military Members Transitioning to Civilian Life
Making a smooth transition to civilian finances.

This retirement savings account can be a super-IRA
Your Health Savings Account can provide more than just glasses.

Filed Under: Liz's Blog Tagged With: Credit, Credit Cards, health savings account, military, renters insurance, Retirement, tips
February 5, 2016 By Liz Weston

Friday’s need-to-know money news

18ixgvpiu0s24jpgToday’s top story: Key factors to look for when evaluating your 401(k) plan. Also in the news: Banks turn to lottery-type prizes to get you to save, how to maximize your HSA in 2016, and how your student loan debt could threaten your retirement.

3 Key Factors When Evaluating Your 401(k) Plan
Finding a plan that works in your best interests.

Banks dangle lottery-like prizes to turn people into savers
Could a shot at a prize get you to save?

10 Ways to Maximize Your HSA in 2016
Making the most of your medical expense dollars.

How Does Your Student Loan Debt Threaten Your Retirement?
Will you still be paying back your loans into your 60’s?

How Mortgage, Auto, and Student Loan Credit Inquiries Affect Your FICO Score
Old vs new formulas.

Filed Under: Liz's Blog Tagged With: 401(k), banking, Credit Score, FICO score, health savings account, HSA, Retirement, Savings, student loan debt, Student Loans
May 18, 2015 By Liz Weston

Monday’s need-to-know money news

cc-travelToday’s top story: How to protect your credit cards while traveling. Also in the news: New reverse mortgage rules, why you shouldn’t put off home repairs, and how Health Savings Accounts can benefit your taxes.

5 Ways to Keep Your Credit Cards Safe When You Travel
Don’t let credit card theft ruin your summer travel.

New Reverse Mortgage Rules Open Door To A More Secure Retirement
Find out what’s changed.

Around the House, It’s Better to Pay Now to Save Later
Putting off repairs can cost more down the line.

The Triple Tax Benefit of Health Savings Accounts
HSAs can help save you money during your retirement.

Filed Under: Liz's Blog Tagged With: Credit Cards, health savings account, home repairs, reverse mortgages, travel
December 12, 2013 By Liz Weston

Thursday’s need-to-know money news

Today’s top story: Year-end tax tips from the experts. Also in the news: rescuing your 401(k), 2014 tax tables, and tips for combating financial holiday stress.

Year-End Tax Tips For 2013 From Tax Experts
These tips could make a big difference in your tax return.

Are You Doomed If Your 401(k) Has Bad Fund Choices?
Not if you’re aggressive.

2014 Tax Tables: What They Mean for Your Taxes
Getting ready to file.

7 Tips for Coping With Holiday Financial Stress
Combating holiday money woes.

Shopping for a Health Savings Account
Putting money aside for out-of-pocket medical expenses.

Filed Under: Liz's Blog Tagged With: 401(k), health savings account, holiday spending, HSA, out-of-pocket medical expenses, Retirement, tax return, tax tables, tax tips

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