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Tag: money

Second stimulus checks may be on the way. Here’s what advisors say you should do with the money

Finance
sturti | E+ | Getty ImagesA new stimulus check is in the works for millions of Americans.If you're eligible for a payment, it may feel either like a life raft or a sudden windfall, depending on how Covid-19 has affected you and your family.The payments are said to be around $ 600 per individual, down from the $ 1,200 sums that were authorized by Congress in the spring, according to the latest reports out of Congress. Lawmakers are continuing to negotiate on new coronavirus relief aid.That's as 20.6 million Americans were receiving unemployment benefits as of Nov. 28. First-time claims rose by 885,000 for the week ending Dec. 12, the biggest one-week increase since Sept. 5."If you're jobless, you should obviously pay for one of three things, either shelter, food or medication," Winnie Sun...

Op-ed: The clock is ticking. Here are some money moves to make before the year ends

Finance
Nitat Termmee | Moment | Getty ImagesAt the end of every year, there's an opportunity to make smart financial moves to reduce taxes, increase net investment income and decrease portfolio risk.Some of these financial moves are especially timely. They're enabled by federal legislation and temporary changes in tax rules aimed at easing pandemic-related financial distress. Some other year-end moves are suggested by the change in presidential administrations in January.So, here are some potential financial moves you need to consider.Borrowing money from your 401(k) plan. The CARES Act gives accountholders what will probably be a once-in-a-lifetime chance to borrow up to $ 100,000, penalty-, interest- and tax-free for three years. Sure, this would be additional debt, but if you're laid off, thi...

People do crazy things with money. Avoiding these blind spots can help prevent future regrets

Finance
AscentXmedia | iStock | Getty ImagesWhen it comes to managing money, most everybody has doubts as to whether they're doing it right.So you may breathe a sigh of relief to know that no one is crazy, according to Morgan Housel, author of the book "The Psychology of Money."That goes for both the person you know who saves every penny to the person who spends like there's no tomorrow."People do all kinds of crazy things with their money," Housel says."There are things that I do with my money and there are things you do with your money that completely make sense to us that might look crazy to someone else," he said.Even two equally smart people can disagree on how to manage their assets and what financial plan is best.The reason comes down to where each person grew up and when, how they were rai...

How seniors and their money would fare under a Trump or Biden presidency

Finance
A supporter of Donald Trump drives by the Joe Biden rally in the golf cart during President Donald Trump's campaign stop at The Villages Polo Club on October 23, 2020 in The Villages, Florida.Octavio Jones | Getty Images News | Getty ImagesIt goes without saying that the outcome of the presidential election will have an impact on all Americans.That's especially true for seniors, those ages 65 and up, who may see key issues affecting them change based on who occupies the White House.Both President Donald Trump and Democratic presidential nominee Joe Biden are campaigning hard for the support of that demographic.For evidence, look no further than Florida, where both have made multiple campaign stops.Biden visited Tampa on Thursday. Among those in the crowd was Ione Townsend, 70, of Plant Cit...

3% Social Security boost? $1,200 stimulus checks? How to get needed money to seniors

Finance
Rep. Peter DeFazio, D-Ore.Sarah Silbiger | CQ-Roll Call Group | Getty ImagesAmericans are hurting financially amid the Covid-19 pandemic, and that includes the nation's seniors.Now, two House Democratic lawmakers are hoping to help retirees with a bill to increase next year's Social Security cost-of-living adjustment.Rep. Peter DeFazio, D-Ore., is introducing a bill today with Rep. John Larson, D-Conn., that would boost the COLA for next year to 3% from 1.3%.The emergency COLA would help pay for extra expenses seniors face amid the pandemic, such as the cost of having food delivered and higher utility bills as they spend more time at home.The proposed one-year boost comes as research shows the cost-of-living adjustments have generally not been keeping up with the rising costs older America...