Readers’ financial questions answered
Q: An address listed on my credit report is incorrect. Is there any reason to start a dispute to change it? — K.K. A: It’s a good idea to fix the error. The incorrect address could be the result of a “mixed file,” when information of two individuals gets combined into one credit report, or “it could be an indication of an attempt at identity theft,” said Paul Stephens of the... READ MORE
Beware of these rewards cards gotchas
You drop a hundred bucks on groceries at Walmart, fill your tank at the store’s gas station and pay for both purchases with a credit card that claims to offer heightened rewards on grocery and gas spending. But when you check your statement later, you find that the transactions got a measly 1% cash back, instead of the 3% or more you were expecting. What gives? Purchases from... READ MORE
Share your financial plan with progeny
As my children grow older, I grapple with a mix of emotions — some sadness and nostalgia for when they were small enough to sit on my lap, but above all, excitement for them to learn and experience life on their own. Both of my sons are in college now, and a large part of the transition they are making to adulthood is related to how they engage with and take responsibility for their... READ MORE
Make each dollar you spend spark joy
Famous organizer Marie Kondo has inspired countless people to wipe out clutter. Her KonMari organizing method, popularized by her book and Netflix series, lays out how to get more joy from your life and possessions. This approach can extend to your money, too. Applying her mindset can reduce the financial clutter in your life and help you make a better plan for each dollar. Here’s how... READ MORE
Working longer makes a huge difference
Retirement experts frequently recommend working longer if you haven’t saved enough. But you may not realize just how powerful a little extra work can be. Researchers who compared the relative returns of working longer versus saving more last year reached some startling findings. Among them: — Working three to six months longer was the equivalent of saving an additional 1% for 30... READ MORE
Pre-Medicare? Beware twist on co-pays
If you are not yet on Medicare and use a drug manufacturer’s discount coupon or co-pay assistance card to save money on medicine, check your health plan before you fill your next prescription. Otherwise, you could be in for an unpleasant surprise at the pharmacy counter. You might be subject to a co-pay “accumulator program,” which is a new restriction that prevents your discount... READ MORE
Census offers temp jobs for retirees
Dear Savvy Senior, The U.S. Census Bureau is in the process of recruiting thousands of workers for temporary jobs to help collect valuable data for the 2020 Census, and retirees are ideal candidates. Can you write a column to get the word out? Thanks for your help! — Census Recruiter Dear Recruiter, I’m happy to oblige, and I agree. This once-a-decade job opportunity is... READ MORE
Money mistakes even smart people make
Certified financial planner Jill Schlesinger has seen smart people make some pretty spectacular money mistakes. One client who repeatedly refused to buy disability insurance later developed multiple sclerosis. A doctor she knew put off writing a will and left behind a six-figure tax bill. A technology company engineer balked at her suggestion to sell some of his stock options, only to... READ MORE
Bond funds help avoid interest rate risk
Traditional bond funds lost value last year as the Federal Reserve steadily increased interest rates. The Fed could also increase interest rates in 2019, and this causes some concern among bond fund investors. One of the disadvantages of traditional bond funds in a climate of rising interest rates is that there is no fixed maturity date; fund managers are continually modifying their... READ MORE
Get your grandkids in the giving spirit
Charitable giving is a subject close to my heart and something I have emphasized to my children — and now with my grandchildren — since they were young. It is an opportunity for you to impart your personal values to your family. My mantra is: You are not your money. You are your values. A charitable donation can be made in many ways. It can be as small a gesture as giving spare... READ MORE
Money 2024
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