A scammer reveals his secrets
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What to do with an older car: fix or sell?
You’re looking at a $1,200 repair estimate for your ailing car when an ad catches your eye: a brand new set of wheels for a mere $450 a month. At first, dumping your old car might seem like a no-brainer — and you can’t help picturing how good you would look in that new car. But automotive experts say you’ll almost always come out ahead — at least financially — by fixing old... READ MORE
Thinking, and writing, about your legacy
About half of Americans create at least one New Year’s resolution at the start of a new year, and most of those will have become a distant memory within months. But something you do at any time, and that can make a meaningful difference, is to draw up your own Personal Legacy Statement. It’s like an estate plan, but instead of focusing on finances, it focuses on what kind of life you ... READ MORE
Money market funds offering juicier yields
For years, money market mutual funds have paid practically nothing. But each time the Federal Reserve lifts short-term interest rates, yields on money market funds tend to rise in tandem. “That’s one of their most attractive qualities,” said Peter Crane, president of Crane Data, a money fund research company. Many money funds yield more than 1 percent, and Crane expects yields on... READ MORE
How rising interest rates affect your money
After years at rock bottom, interest rates are moving slowly and steadily upward. In late March, the Federal Reserve raised its benchmark lending rate to a range between 1.50 percent and 1.75 percent, the highest point since the 2008 financial crisis. The median forecast reported is for another three nudges upward this year. In April, Fed Chairman Jerome Powell reiterated the central... READ MORE
Update estate plan in light of new tax law
The new tax law has led some people to assume they can delete estate planning from their to-do lists. But that is a dangerous assumption. Yes, the new tax law roughly doubles the federal estate-tax exemption, to about $11.2 million per person — meaning the vast majority of people will not be subject to federal estate tax. But before you take your estate planner off speed dial,... READ MORE
E-mails from the IRS and other tax scams
Question: I received an e-mail claiming to be from the IRS, asking for my bank account information to deposit my refund. I’m almost positive it’s a scam. How can I find out for sure, and how can I report it if it is fraudulent? Answer: It’s a scam — and one that’s common around tax season. The IRS doesn’t initiate contact with taxpayers by phone or e-mail. Most people know ... READ MORE
Why to consider long-term care insurance
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A ‘new friend’ may signal a big problem
Your elderly mother has a new best friend who accompanies her everywhere. She has always been frugal, but now lavishes pricey gifts on her new pal. And although you used to speak with her every few days, she never seems to answer your calls anymore. Are these simply the signs of a senior living it up in her later years? Or is something sinister happening? Those are the difficult... READ MORE
An indispensable guide to Social Security
There is no question that Social Security issues are important to the American public. It is not unusual for me to receive more than 100 responses from readers when I write a Social Security-related column. Regular readers know that I frequently reference Andy Landis as a source. He has just updated his book, Social Security: The Inside Story (https://www.andylandis.biz), which I... READ MORE