When will the U.S. economy recover?
Mark Zandi is the chief economist of Moody’s Analytics. He spoke with Kiplinger’s Anne Kates Smith in a series of interviews on March 26 and 27. This is an edited transcript of their conversations. Q. What’s your outlook for the economy? How deep a recession do you see? A: It’s going to be a struggle between now and this time next year. We’re in the teeth of the downturn now.... READ MORE
Some simple strategies for CD savers
Since the Federal Reserve slashed the federal funds rate to near zero in March, yields on certificates of deposit, a federally insured savings account with fixed interest rates and fixed dates of withdrawal, have been tumbling. “Unfortunately for savers, we will return to the ultra-low interest earnings that prevailed for years following the 2008 financial crisis,” said Greg... READ MORE
Avoid some common estate plan mistakes
A few years ago, I received a phone call from a woman understandably upset that she might not inherit any of her deceased father’s large 401(k) plan, even though he was divorced and she was an only child. Unfortunately, about a year before, her father divorced for the second time and failed to remove his ex-wife as the beneficiary of his 401(k). While the man probably never intended... READ MORE
Should your next car be new or used?
At Kiplinger, we’ve hewed pretty closely to the same car-buying advice over the years: Used cars offer the best value. Not overspending on a depreciating asset fits well with our get-rich-slowly philosophy. As designated car guy, I’ve repeated that mantra plenty of times. But recently a friend challenged me on it. He was looking for something safe for his kids, with a stick... READ MORE
Top financial regrets of recent retirees
In a previous column, I detailed retirees’ biggest lifestyle regrets, such as not traveling more before their health gave out and not communicating clearly with a partner about what they hoped retirement would be like. Now we’ll cover the money moves retirees wish they hadn’t made. The big ones, of course, are starting to save too late and not saving enough, but there are other... READ MORE
As you fill out your 2020 Census form…
It’s a question spouses, domestic partners and roommates are going to be forced to confront in the next few weeks as they fill out their 2020 Census forms: Who gets to be the primary person in the household? Everyone else who lives in the home has to be identified on the form by how they are related to so-called “Person 1.” It’s a question that even the most egalitarian homes are ... READ MORE
Be a skeptical consumer during pandemic
Whether dealing with snake oil products, phishing scams, price gouging or cancelled travel arrangements, it is a difficult time to be a consumer. Scammers and their schemes change daily. As a consumer, how can you protect yourself? Here are some of the more common scams circulating together with the virus. First, know that there are no approved potions, pills or treatments to cure... READ MORE
How virus affects your investments
Americans already worried about their health are now frightened about their finances. Global financial markets spiraled into bear market territory in record time thanks to the virulent, cross-border spread of the coronavirus that causes the COVID-19 infection. As the number of U.S. cases surged in mid-March and President Trump declared a national state of emergency, the specter of ... READ MORE
Growing trend in clothes shopping: rent
Renting clothes could be the future of fashion — or it could just be a fad. A growing number of traditional retailers are now offering customers the option to rent clothes for a monthly fee instead of buying them. Bloomingdale’s, Banana Republic and Urban Outfitters are the latest to offer the services. Even footwear chain Designer Brands said it’s considering launching a shoe... READ MORE
Leave grandchildren an annuity as legacy
A trust is one way to leave a legacy, but you’ll need to hire a lawyer to draw it up. And there may be ongoing management fees that will reduce the amount your loved ones will receive. There are simpler, cheaper ways to leave a legacy. For instance, you can buy a cash-value life insurance policy or fund a 529 college savings plan. But one of the best options, an income annuity, is... READ MORE
Money 2024
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