Ways to benefit from rising interest rates
The economy is strong, unemployment is low and inflation is worrisome, hitting a 40-year high of 7.5% in January. So, the Federal Reserve has moved up plans to wind down its bond-buying stimulus program and start lifting short-term rates. Kiplinger forecasts four hikes in 2022, with the first one in March. Rate hikes are a blessing and a curse for consumers. You’ll pay higher interest... READ MORE
Guidebook for divorced women, widows
For decades, I have taught personal finance courses at several colleges, including for almost 20 years at the New School for Social Research in New York. Most of the students were women; many were single, and many were divorced or widowed. I learned as much from them as they learned from me. I gained a better understanding of why women, especially single women, continue to have many... READ MORE
Money mistakes could signal dementia
Some of the early signs of dementia are financial: forgetting to pay bills, for example, or having trouble calculating a tip. People who develop dementia also are more likely to miss credit card payments and have subprime credit scores years before they’re diagnosed, according to a study published last year in medical journal JAMA Internal Medicine. Researchers linked health records... READ MORE
Things a will can’t or shouldn’t try to do
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes. But you should be aware of what a will can’t or shouldn’t do. This is particularly true if you’re drafting your own document without an attorney’s help, since you could unknowingly make a mistake that upends your whole estate plan. What a will... READ MORE
A good time for inflation-protected bonds
If you had a significant proportion of your portfolio in diversified index funds or exchange-traded funds in 2021, you should have had a good return on your investments. It is also likely that the return on the bond portion of your portfolio was not very good because of the low interest rates on most bond investments. So, if you are considering rebalancing, which I recommend at least... READ MORE
Should you use a credit or debit card?
In the debate over credit cards versus debit cards, proponents of both sides have good reasons for embracing one method and rejecting the other. The case for credit The greatest advantage a credit card offers is security. Under the Fair Credit Billing Act (FCBA), if someone uses your card number fraudulently to go on a spending spree, federal law limits your liability to $50. And many... READ MORE
A 2022 guide to key dates for retirees
Deadlines are relentless, whether for tax filings, health plan open enrollments or required distributions from retirement savings. The clock is always ticking, even in retirement, and the consequences for missing a financial deadline can be painful. This guide to key dates in 2022 serves as both a reminder and a checklist of what you need to do and when. Tear it out of the Beacon and... READ MORE
Pet insurance helps keep costs in check
Do you have a pet, or are you thinking of adding a furry friend to the family? If so, you’ll be in good company: 70% of U.S. households have a pet, according to a recent American Pet Products Association National Pet Owners Survey. As cute as pets are, they’re a financial commitment. Americans spent $103.6 billion on their pets in 2020 alone, APPA said. Some expenses, like food... READ MORE
Steps to take to get your affairs in order
Dear Savvy Senior, I would like to get my personal, legal and financial information organized so my kids will know what’s going on when I’m no longer around. Can you offer any tips on the best way to do this? —Unorganized Emma Dear Emma, Organizing your important papers and getting your personal and financial affairs in order is a smart idea and wonderful gift to your loved... READ MORE
Should you bank with your brokerage?
If you’ve invested with a brokerage firm in recent years, you may have noticed that your brokerage offers a product called a cash management account (CMA). These accounts are very similar to a checking or savings account and typically provide competitive interest rates, debit cards and other money management features. However, those services aren’t always standard. So what, then,... READ MORE
