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
Rising Medicare Part B premiums in 2022
As of January 1, 2022, all Medicare beneficiaries will pay higher Part B premiums, and those with higher incomes will pay higher surcharges as well. These increases were announced in November by the Centers for Medicare and Medicaid Services (CMS). They are the largest annual increases in recent history. The standard Medicare Part B premium has risen from $148.50 to $170.10 per month.... READ MORE
Let someone know where your money is
A few weeks ago, I received a call at 8:30 a.m. from a stressed-out woman in Florida. Her brother, a retired Delta Air Lines pilot, was in a coma. Bills needed to be paid but no one in the family, including his wife, had any information about his savings, investments, debt or other finances. She believed he had approximately $800,000 in investments. All he ever told them was that he... READ MORE
Reluctant to retire? 3 signs you’re ready
Many people don’t have much choice about when they retire. Illness, job loss or caretaking responsibilities push them out of the labor force, ready or not. But some people have the opposite problem: They do have a choice, and yet they can’t quite bring themselves to quit working. Some love what they do and never want to retire. Others are paralyzed by fear of the unknown,... READ MORE
How one drug boosts Medicare premium
Medicare’s “Part B” outpatient premium will jump by $21.60 a month in 2022, one of the largest increases ever. Officials said a new Alzheimer’s drug is responsible for about half of that. The increase guarantees that healthcare will gobble up a significant chunk of the recently announced Social Security cost-of-living allowance — a boost that had worked out to $92 a month for... READ MORE
Rules to follow should you inherit an IRA
Dear Savvy Senior, What are the rules regarding inherited IRAs? When my mom died this year, I inherited her traditional IRA and would like to know what I need to do to execute it properly. —Confused Daughter Dear Confused, I’m very sorry about the loss of you mother. Inheriting an IRA has a unique set of rules you need to know, which will help you make the most of the money you... READ MORE
