Retire with MONEY

Why Everyone Should Be Asking for Cheaper Car Insurance Rates Right Now by Brad Tuttle Even with the recent auto insurance rebates offered by many big insurers because of the coronavirus pandemic, you’re probably still paying too much on your premiums. Why? Odds are, you’ve been driving a whole lot less in 2020. That means you’re also significantly less likely to get into an accident and need to file a car insurance claim. Insurers are well aware of this.

6 Smart Moves if You Get Laid Off Before You Were Planning to Retire by Ingrid Case The coronavirus pandemic has thrown many older workers’ plans into disarray, as they lose their jobs before they’d planned to retire. April saw the highest monthly job loss on record: 20.5 million jobs. Overall unemployment jumped to 14.7%, the highest since the Great Depression. For people age 55 and older, unemployment surged from 3.3% in March to 13.

Everything You Need to Know About Reverse Mortgages by Martha C. White For seniors wondering how to fund retirement, tapping the wealth you’ve built in your home can seem appealing. But reverse mortgages are complicated and can have big downsides you need to aware of before you commit. Reverse mortgages allow you to spend down your home’s equity even while you continue to live in it, then pay the money back when you move out, often from the proceeds of a home sale.

Is Online College Worth the Cost? 5 Ways Students and Parents Can Evaluate Remote Courses by Frederick Singer, CEO of Echo360, which makes video platforms for education, and the father of three high school and college students Purdue University, University of Southern California, Vanderbilt University, and more than two dozen other colleges are now facing lawsuits from students who are demanding tuition refunds after the spread of coronavirus forced many institutions to finish spring classes entirely online. That frustration will only grow as campuses struggle to safely reopen...

Is Now the Perfect Time to Take the Budgeting App Plunge? by Julia Glum From tracking your heart rate to determining the optimal bathroom break time at the movies, there’s an app for everything these days. Personal finance is no exception. No matter which smart device you have, the app stores are full of free and paid programs that promise to help you spend, save and invest smarter. Right now, as the economy flounders due to the coronavirus, may seem like a great time to try one.

Annuities Offer Retirees Peace of Mind in Choppy Markets. But They Come at a Cost by Ingrid Case When the markets take a stomach-tightening dive, many investors head for the perceived safety of annuities. These insurance products offer the promise of guaranteed income, an attractive proposition for many retirees in a volatile market. Variable annuity sales rose 16% in the first quarter over the same period last year.

What Is a Recession, and Are We in One? MONEY Asked 3 Economists to Weigh in by Julia Glum Five months in, it’s safe to say 2020 is not going well. The coronavirus pandemic continues to devastate populations, newspapers are filled with heart-wrenching headlines, and jobs reports have become downright scary.

Boomers Are Postponing Their Retirements Due to Coronavirus. Here's Why That's a Good Idea by Alina Dizik After nearly 50 years of helping run his family’s Berlin, N.H. lumber business, 70-year-old Barry Kelley was ready to retire this year. Then came the coronavirus. Now, even with his son and nephew primed to take over the 50-person firm, he’s staying put – at least for another year or two. “You want to be there during this uncertain time,” says Kelley.

Once-in-a-Lifetime Deals': Buying a Car During Coronavirus Isn't Easy, But You Could Save Big by Daniel Bortz In the midst of a pandemic, buying a car might not be the first thing on your mind. But if you're willing to leap through some hurdles, there are great deals out there, experts say. A case in point: U.S. new-car and truck sales plunged to a 30-year low of around 633,000 vehicles last month, a 53% decrease from April 2019, according to industry analyst Edmunds.com.

How Many Credit Cards Is Too Many? by Kenadi Silcox Some financial gurus will tell you to avoid credit cards like the plague if you want to stay out of debt, much less diversify the types of cards you have. But if you’re an autonomous adult, capable of making decisions for yourself, making smart choices about credit cards isn’t something to be afraid of. Yet, there’s a fine line to straddle between not having “enough” credit cards and having way too many.

The IRS Says Wednesday Is the Last Day to Sign Up for Stimulus Check Direct Deposit by Brad Tuttle The last day to use the IRS Get My Payment app and receive your stimulus check via direct deposit is coming up. According to the IRS, the deadline is Wednesday, May 13.

The Definitive Guide to Antibody Tests: What They Do, Where to Get Them, and How Much They Cost by Elizabeth O'Brien As some states ease their shutdowns, there’s a growing interest in antibody tests that can tell whether you’ve been infected with the new coronavirus — and presumably, have developed some degree of immunity to the disease. But these tests have limitations, scientists caution.

Travel Deals Are Everywhere. Is It Worth the Risk? by Alina Dizik When Niemah Butler started planning a weekend away for her friend’s 40th birthday, she wasn’t going to let a pandemic get in the way. Instead, Butler and seven friends booked a long weekend away to the Dominican Republic. Their trip includes airfare and an all-inclusive hotel for $800 for travel at the end of July.

How We're Paying off $50,000 in Student Loans, Even With a Job Loss During Coronavirus by Wade Thiel Last year, my wife and I paid off more than $30,000 in student loans. This year, we should pay off another $21,000. That’s $51,000 of debt eliminated in just 24 months. We didn’t inherit a large sum of money from a grandparent or a long-lost uncle. For the first time in our lives, we simply focused on our financial health.

Experts Say Struggling Airbnb Hosts May Be Forced to Sell Their Properties by Gabriella Cruz Martinez As the coronavirus continues to wreak havoc on the economy and travel industry, Airbnb homeowners are starting to wonder if they’re going to be able to make their next mortgage payment. “It’s a worrying time,” said CJ Hunt, an Airbnb host in Hampton Roads, Virginia. “There will be a lot of shifts and some people that depend on Airbnb income may not make it.