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This article from Kiplinger Personal Finance provides a list of top banks and credit unions for library patrons to consider when looking for a new banking relationship. The article categorizes the banks into national banks, internet banks, and credit unions, and highlights two institutions that are a good fit for high-net-worth clients, retirees, and travelers. It also mentions the importance of considering interest rates and provides information on specific accounts and their features. The article emphasizes the need for patrons to check the current yields and terms before committing to any accounts. [Extracted from the article]

Although rate cuts are unlikely in the near future, the Fed is winding down its rate-boosting campaign, so now may be a good time to lock in a high yield on a CD. Many one-year CDs with minimum-deposit requirements of $1,000 or less offer yields of more than 5%, and some five-year CDs offer rates north of 4.5%. The high-yield savings account from Evergreen (www.evergreenbank group.com) has a 5.25% yield, no monthly fees and a minimum-deposit requirement of $100. Look for a high-yield, low-minimum money market deposit account or savings account to store your emergency fund. [Extracted from the article]

DISCOVER BANK www.discover.com Why it won: A no-fee checking account, high-yield savings accounts and strong customer service make Discover a bank worth considering for retirees. Sapphire customers also pay no monthly fee on Chase savings accounts and up to nine additional personal Chase checking accounts (excluding Private Client checking and savings). The menu of free checking accounts from Axos includes the basic ESSENTIAL CHECKING as well as REWARDS CHECKING, which pieces together a total yield based on which of several requirements the account holder meets. Recently, the ONLINE SAVINGS ACCOUNT yielded 3.9% with no minimum-deposit requirement, and the MONEY MARKET ACCOUNT - which comes with a debit card and free checks - yielded 3.8% on balances of less than $100,000 and 3.85% on higher balances. [Extracted from the article]

NELLIE S. HUANG INVEST IN HIGH-QUALITY STOCKS The stocks below, from S&P Capital IQ, are among the S&P 500 stocks that are trading at levels furthest below Wall Street analysts' projected 18-month price targets. We also uncovered promising stocks and other investing deals to feed your bottom line. Out of 27 analyst recommendations on the stock tracked by S&P Capital IQ, 20 are "Buy" or "Outperform", and the stock carries a quality rating of A-minus, which translates to above average. N.S.H. SNAG TOP TECH DEALS The best tech deals feature the latest innovations at budget-friendly prices. [Extracted from the article]

DELTA AIR LINES CARDS Outstanding for: Customer service Most recommended In conjunction with American Express, Delta offers a few consumer credit cards, including the Delta SkyMiles Blue (no annual fee), Gold ($99 annual fee, waived the first year), Platinum ($250) and Reserve ($550). DISCOVER IT Outstanding for: Customer service Most recommended Survey respondents were quick to highlight outstanding customer service from Discover, with a couple expressing appreciation that its representatives are 100% U.S.-based. AMERICAN EXPRESS EVERYDAY Outstanding for: Customer service Amex EveryDay had a strong showing for customer service in our survey. Discover's savings account, which charges no monthly fee, recently yielded 3.75%, and the no-fee money market account yielded 3.65% for balances of less than $100,000 or 3.7% for balances of $100,000 or more. [Extracted from the article]

MONEY ILLUSTRATIONS BY STEPHAN SCHMITZ Clamping down on fraud and identity theft is a little like playing a game of Whac-A-Mole: As soon as authorities and security experts act to knock down one type of problem, another pops up somewhere else because scammers' strategies are constantly evolving. GUARD FINANCIAL ACCOUNTS AND PAYMENTS The problem: Although technological advances have cut down on certain types of fraud involving bank and credit card accounts, criminals continue to find ways to exploit weaknesses. And tax refund fraud, in which a criminal gets ahold of your personal information and uses it to file a tax return under your identity to get a refund, was one of the top fraud types reported. [Extracted from the article]

Like other federal loans, PLUS loans have a fixed rate, but it runs higher; for PLUS loans disbursed from July 1, 2022, through June 2023, the rate is 7.54%, compared with 4.99% for undergraduate loans. MONEY Make no mistake: Paying for college is a significant undertaking for many families. If savings, financial aid and student-held federal loans aren't enough to cover all college expenses, students and parents may cast an eye toward other loan types. For both parents and students, the FAFSA takes stock of income as well as assets including checking, savings and brokerage accounts; 529 college-savings plans and Coverdell accounts; and real estate other than your primary home. [Extracted from the article]

FLEXIBLE TRAVEL REDEMPTIONS AMERICAN EXPRESS EVERYDAY Sign-up bonus: 10,000 points if you spend $2,000 in the first six months Amex EveryDay provides a way to earn Amex's Membership Rewards points without paying an annual fee. You get two points per dollar on up to $6,000 of supermarket purchases per year and one point per dollar on all other spending. Restaurant and grocery store purchases get four points per dollar, and other spending earns one point per dollar. WYNDHAM REWARDS EARNER PLUS VISA Annual fee: $75 Sign-up bonus: 45,000 Wyndham Rewards points if you spend $1,000 in the first 90 days Purchases with Wyndham hotels and gas stations both earn six points per dollar spent. [Extracted from the article]

Most likely, it makes sense to focus on paying down credit card debt before, say, your car loan or student loans, which probably carry lower rates (but continue making at least the minimum payment on your other debts). And interest rates on credit cards are typically in the double digits, recently averaging more than 18% on accounts that assess interest, according to the Fed. Personal-finance site Wal-letHub estimates that people with credit card debt are spending an additional $25.6 billion in interest in 2022 as a result of rate hikes (for more, see "New Year's Resolution: Pay Down Your Credit Card Debt", on page 14). "Paying down expensive credit card debt is always a good idea, but it is probably better to conserve cash by not paying down longer-term debt like mortgages and student loans any more than needed to stay current." Most credit cards come with a variable rate, so each time the Fed boosts its benchmark rate, the rate you pay on your card balance goes up, too. [Extracted from the article]

But in a 2021 survey by employee-benefits consultant Mercer, just 36% of firms with 500 or more employees offered a retiree health plan, and only 24% made their plans for preMedicare-eligible retirees available to newly hired employees (rather than a closed pool of current and future retirees). Because marketplace-plan premiums are age-related, if you are in your early sixties you can expect a marketplace premium to run at least $1,000 a month if you don't qualify for a premium tax credit, says Pollitz. Employer plans typically come with broader physician networks and lower deductibles than plans in the individual market, and employers usually subsidize a substantial chunk of the premium. [Extracted from the article]

If you still have funds left to spend, make doctor's appointments for you or your family and use FSA funds for the co-payments or deductibles. MONEY TRIM YOUR 2022 TAX BILL Don't buy a tax liability. A distribution of 2% to 3% of the share price probably won't cause you a lot of tax headaches, but if the fund estimates it will pay out 20% to 30% of the share price, wait until after the distribution to buy - or consider investing in a different fund. Even if you don't itemize and choose to take the standard deduction, giving appreciated assets to a donor-advised fund can provide a tax benefit because you may eliminate paying taxes on capital gains you've accumulated through the years. [Extracted from the article]

According to the Identity Theft Resource Center's 2023 Data Breach Report, the number of publicly reported data breaches in the U.S. reached a record high of 3,205, a 78% increase from the previous year. Supply-chain attacks, where criminals exploit third-party vendors with weaker security protections to gain access to larger organizations, have seen a significant increase. The report predicts that the high number of breaches in 2023 will lead to a rise in identity crimes, such as impersonation scams and synthetic identity fraud. The ITRC recommends implementing more uniform laws and regulations for reporting data breaches and expanding the use of facial identity verification to combat identity crimes. Library patrons can protect themselves from fraud by being cautious of phishing schemes, installing software updates promptly, and using multifactor authentication when possible. [Extracted from the article]

Say you have $1,000 to invest and want to buy stock in NVR (NVR), a homebuilder recently rated "strong buy" by investment research firm CFRA. REWARDS INVEST IT Buy some small fry. But you should be able to buy a few hours of time with a fee-only adviser, who accepts no commissions from companies for selling their financial products to clients. Labor market analysis firm Lightcast recently analyzed thousands of job postings and found growing demand for data visualization, social media marketing and data analysis skills, even for positions in areas such as human relations and marketing that as recently as 2016 did not have such technology requirements. [Extracted from the article]

Check a CCRC's Financial Strength A CCRC will take a close look at your financial situation before accepting you as a resident, and you should apply the same due diligence to the CCRC. A sentiment echoed by CCRC providers, experts and residents alike: Don't wait too long to make the move into a CCRC. RETIREMENT Touring the grounds of Pine Run Retirement Community, in Doylestown, Pa., it's easy to see the appeal for its 450 or so residents. [Extracted from the article]

TRAVEL AIRLINE BAGGAGE FEES Typical amount: $30 to $35 for the first checked bag and $40 to $45 for the second on major U.S. airlines Southwest Airlines charges no fee for the first or second checked bag of standard weight. CREDIT CARD LATE-PAYMENT FEES Typical amount: As much as $30 for the first late payment and $41 for subsequent late payments within six months Missing a credit card payment usually comes with a sizable fee, and the Consumer Financial Protection Bureau recently announced that it is assessing whether such fees are reasonable and proportional. SHOPPING, DINING AND ENTERTAINMENT CREDIT CARD PAYMENT FEES Typical amount: 2% to 4% of the transaction amount When a business accepts a credit card payment, it pays fees to the card network. [Extracted from the article]

Or check out the no-fee CITI CUSTOM CASH MASTERCARD, which provides 5% cash back automatically in whichever single category among 10 possibilities that you spend the most on each month; the categories include grocery stores, gas stations, restaurants and select travel. MONEY 15 MINUTES AUTOMATE YOUR SAVINGS With automatic transfers from your checking to your savings and investment accounts each payday, you're paying yourself first - and increasing the odds that your savings and investment accounts will grow. (Coinstar has a 12.5% processing fee to exchange coins for cash, but there's no fee if you choose gift cards, including cards for major retailers such as Amazon and Lowe's.) The AMERICAN EXPRESS BLUE CASH PREFERRED card carries a $95 annual fee, but it provides an outstanding 6% cash back on up to $6,000 spent annually at the supermarket (grocery purchases from superstores, such as Target and Walmart, and warehouse clubs are excluded). [Extracted from the article]

If your modified adjusted income (which includes earned income, Social Security benefits, and investment, retirement-account and pension income) falls below certain levels, you'll qualify for a government subsidy that will lower the premium. Working for a new employer shouldn't affect a pension you've earned from a former job. If you're receiving Social Security and earning income from work before you reach full retirement age, your benefits are subject to the earnings test. [Extracted from the article]

This article from Kiplinger Personal Finance discusses the idea of having a second home in retirement, particularly in a warmer location during the winter months. The article provides a list of eight retiree-friendly cities that offer pleasant winter weather, a reasonable cost of living, high-quality healthcare, and low taxes. It also offers advice on deciding whether to buy or rent a second home, managing Medicare coverage, and ensuring that your estate plan is flexible enough to move with you. The article emphasizes that these criteria can be used to search for a retirement home anywhere in the country, and that remote work has made it possible to live in a different location than your primary home for extended periods of time. The article also includes personal stories of individuals who have chosen to have two homes in different locations for various reasons. [Extracted from the article]

The article from Kiplinger Personal Finance is a midyear issue that is packed with extra features on investing, retirement, and other topics. The executive editor provides an investing outlook, discussing factors such as the upcoming presidential election and inflation. The magazine also includes advice on managing retirement income, including information on pensions and annuities. Additionally, the article highlights the Readers' Choice Awards, which provide insight into the financial service providers that readers prefer. The article concludes with information on Fidelity Investments and rewards credit cards. [Extracted from the article]

The article discusses the increasing frequency and severity of natural disasters, such as tornadoes and hurricanes, and the importance of having sufficient insurance coverage for property. It highlights the challenges faced by homeowners in obtaining affordable coverage, with some individuals becoming underinsured or having no insurance at all. The National Association of Insurance Commissioners has called for data from property insurers to help regulators ensure more consumers have access to affordable coverage. The article also provides tips on how to reduce insurance costs without sacrificing necessary coverage and emphasizes the importance of disaster preparedness, including creating an emergency kit and documenting belongings for insurance claims. [Extracted from the article]

And starting sometime this year, Chase customers who overdraw their accounts by more than $50 will have until the end of the next business day to bring their account balance to $50 overdrawn or less to avoid overdraft fees. Others are lowering their fees, increasing the amount by which customers can overdraw their checking accounts without fees or allowing customers more time to get their balance out of the red before hitting them with fees. The PREMIERE MONEY MARKET account, for example, yields 0.04% on balances of less than $1 million for Performance Select customers who make at least five PNC debit or credit card transactions monthly or have $5,000 or more in monthly direct deposits into their Performance Select checking account. The account comes with free standard checks, money orders, cashier's checks and incoming wires, and it reverses all fees for rush bill payments, one outgoing wire fee per month and two overdraft fees per year. [Extracted from the article]

Over the past two years, the stock ETF, which tracks a Morning-star index of large-company stocks, has gained 20.4% annualized. The fund tracks the S&P Regional Banks Select Industry index and holds 139 stocks in equal weights, providing unconcentrated exposure across a diversified spectrum of mostly midsize- and small-company stocks. Cloud-computing data warehouse company Snow-flake and vacation-rental firm Airbnb are the fund's top holdings. REWARDS BARGAIN SHOPPING FOR STOCKS Persistent inflation, rising interest rates and uncertainty in Ukraine have weighed on every broad-market index since the start of the year. [Extracted from the article]

Donor-advised fund Daffy Charitable (www.daffy.org) accepts more than 120 cryptocurrencies along with cash and stocks, and you choose among standard, ESG (screened for environmental, social and governance standards) and crypto portfolios to invest the funds. Many charities don't accept crypto directly, but some donor-advised funds take crypto contributions and dispense donations in dollars from the fund to charities you choose. Stablecoins, such as Tether and USD Coin, are a type of cryptocurrency that peg their value to an asset such as gold or fiat currency (a government-issued currency, such as the U.S. dollar, that's not backed by a commodity). A Digital Dollar Could Be Coming In an executive order earlier this year, President Biden directed the U.S. government to investigate whether a central-bank digital currency (CBDC) - in other words, a digital version of the U.S. dollar that the Federal Reserve would issue - is in the national interest. [Extracted from the article]

REWARDS As high inflation rears its head, consumers are looking for ways to offset painful increases in the price of groceries, gas and other budget staples. TRAVEL REBATES WORTH THE FEE GOLD: Capital One Venture Rewards Visa www.capitalone.com Annual fee: $95 Sign-up bonus: 60,000 miles if you spend $3,000 in the first three months Typical annual rebate: 56,000 points, worth $465 after subtracting the annual fee Travel rewards are easy to earn and redeem with Capital One Venture. The 5% rebate is limited to $500 in monthly spending.) If you dedicate the card primarily to grocery spending, the 5% rate you'll earn on grocery purchases all year is outstanding for a card that carries no annual fee. GOLD: Capital One Venture X Rewards Visa www.capitalone.com Annual fee: $395 Sign-up bonus: 75,000 miles if you spend $4,000 in the first three months This card's attractive features combined with an annual fee that's lower than the fees of some of its competitors pushes it to the top of our ranking. [Extracted from the article]

LISA GERSTNER Pay Off Debt High-rate debt holds you back from your full wealth-building potential. MONEY Investing: Keep Calm in Rough Seas The financial markets in 2022 provide a vivid reminder of why good investing hygiene is important all the time. For fixed-income investors, floating-rate funds, which hold bank loans with interest rates that adjust upward with market rates, are good bets. Some private student loans have variable rates, so you may consider refinancing any such loans before rates rise significantly - perhaps switching to a loan with a fixed rate. [Extracted from the article]

A product manager in financial services, she has quadrupled her annual income from $48,000 at her first job in 2017 by gaining promotions and switching to higher-paying jobs. BOOST YOUR SAVINGS The precursor to the question of how you'll ensure adequate income after you retire is how you'll save enough money to produce it - especially on an accelerated time line. RETIREMENT IN the early days of the coronavirus pandemic, some called into question whether the Financial Independence, Retire Early movement would survive the recession and job losses that swept the country. Barista FIRE describes those whose savings aren't quite sufficient to retire, so they work part-time, gaining additional income and perhaps health insurance benefits. [Extracted from the article]

Premium credit cards from American Express, Capital One, and Chase offer cardholders complimentary access to airport lounges. American Express Centurion lounges are available to holders of Amex's Platinum, Business Platinum, and Corporate Platinum cards, with plans for a new lounge at Ronald Reagan Washington National Airport. Capital One Lounges are open at Dallas Fort Worth, Denver, and Dulles airports, with plans for lounges at JFK and Las Vegas airports. Chase Sapphire Reserve, J.P. Morgan Reserve, and Ritz Carlton credit card holders can visit Chase Sapphire by The Club lounges at Boston Logan, JFK, and LaGuardia airports, with plans for lounges in Las Vegas, Philadelphia, Phoenix, and San Diego. [Extracted from the article]

This article reflects on the author's one-year anniversary as the editor of Kiplinger Personal Finance. The author acknowledges the valuable input and ideas from readers, incorporating their feedback and suggestions into the magazine. They also highlight the collaborative effort involved in producing the publication, recognizing the talent and dedication of the writers, editors, and designers. The article concludes by mentioning other retrospective pieces in the issue, including financial lessons from a retired editor and an exploration of the impact of the Employee Retirement Income Security Act. [Extracted from the article]

Capital One has announced plans to acquire Discover Financial in a $35.3 billion deal, which would make Capital One the largest credit card lender in the United States. Discover is one of four companies that operate a global payment network, alongside American Express, Mastercard, and Visa. The acquisition would enhance Discover's network and expand Capital One's presence in digital banking. However, the deal is subject to regulatory approval, and some congressional Democrats have expressed concerns about limited consumer choice in an already concentrated industry. If approved, the merger is expected to close in late 2024 or early 2025. [Extracted from the article]

This article from Kiplinger Personal Finance emphasizes the importance of saving early and often for building wealth. It provides an example of how starting to save at age 25 can result in significantly more money by retirement age compared to starting at age 30. The article also suggests ways to help children and grandchildren start their own financial journeys, such as funding a Roth IRA or contributing to a 529 college-savings plan. Additionally, it mentions that assisting adult children or grandchildren with a down payment on a home can be a valuable gift, and explains the gift tax rules for financial gifts. [Extracted from the article]

The article discusses changes brought about by SECURE Act 2.0, a law with various retirement-related provisions, that are affecting the age at which individuals must begin taking annual required minimum distributions (RMDs) from traditional IRAs and other tax-deferred accounts. Under the new law, if an individual reached age 72 in 2023, their RMD starting age is 73. If they reached age 72 in 2022, their starting age for RMDs was 72. The article clarifies a previous correction regarding the due dates for RMDs based on age, explaining that those who turned 73 in 2023 would have turned 72 in 2022, when the starting age for RMDs was still 72. [Extracted from the article]

The housing market has experienced challenges and opportunities in recent years. The pandemic led to low mortgage rates and increased savings, prompting many people to buy homes. However, the low supply of homes caused prices to rise, making it difficult for buyers to enter the market. Homeowners with low mortgage rates are choosing to stay in their homes longer, leading to a decrease in home sales. The article provides strategies for buyers and sellers to navigate the market and discusses the potential profitability of renting out homes. The housing and rental markets also impact young adults, who may choose to live with their parents to save money. The article offers advice on maintaining financial harmony in these situations. Additionally, readers are invited to participate in the 2024 Kiplinger Readers' Choice Awards by completing a survey and have a chance to win a $200 Amazon gift card. [Extracted from the article]

Fidelity Investments now offers a new service that allows customers to set up automatic, recurring investments in stocks and exchange-traded funds (ETFs). This is significant because other major brokers have only allowed automatic investing in mutual funds. The service also allows customers to take advantage of dollar-cost averaging, which involves investing equal dollar amounts at regular intervals to buy more shares when prices are low and fewer shares when prices go up. [Extracted from the article]

The article discusses the Biden administration's efforts to address student loan debt in the United States. While the Supreme Court struck down President Biden's plan to cancel $400 billion in federal student loan debt, the administration has approved $132 billion in debt relief for over 3.6 million borrowers through existing programs. These programs include income-driven repayment plans, public service loan forgiveness, total and permanent disability discharge, and borrower defense loan discharge. The administration has made adjustments to expand eligibility and address issues with these programs, resulting in significant debt relief for borrowers. For more information, readers are directed to visit the website studentaid.gov. [Extracted from the article]

The article discusses whether individuals should hire a tax professional or prepare their tax returns themselves. The author shares their personal experience of initially doing their taxes themselves but eventually hiring a tax preparer due to complications from moving and filing returns in different states. The author also includes input from magazine staff members, some of whom use tax preparers for specific situations, such as real estate transactions. The article suggests that hiring a tax professional may be beneficial for individuals with complex tax situations, but most taxpayers can do their own taxes. The article also provides tips for transitioning from using tax software to hiring a tax preparer. [Extracted from the article]

We factored in consumer complaints about the companies tracked by the Consumer Financial Protection Bureau (CFPB) and the National Association of Insurance Commissioners (NAIC), and we reviewed the mobile apps and websites of the firms to see whether customers are well served by their digital tools. Amex bested the competition in our survey of current customers, with outstanding ratings for client interactions with customer-service representatives. CREDIT CARD ISSUERS Gold: American Express Silver: Discover Bronze: Chase Excellent customer service from a credit card issuer may mean little interaction between you and the company. [Extracted from the article]

MONEY THE KIPLINGER 25 UPDATE WHETHER SPLITTING A RESTAURANT BILL WITH FRIENDS, PAYING THE PET sitter or tipping your barber, there's a good chance you've found yourself using a peer-to-peer payment app - or at least considering it. You link your bank account, debit card or credit card to the app, so you don't have to swap sensitive financial-account information with the other person in a transaction. Cash App also offers a debit card linked to your Cash App balance, and through its "Boosts", you can get discounts when you make purchases at some merchants. [Extracted from the article]

Briefing After lifting the federal funds rate at a rapid clip throughout most of 2022 and at a more moderate pace in the first half of 2023, the Federal Reserve put its series of rate hikes on pause at its June policy meeting. If you have debt with a variable interest rate - which may include a credit card balance, a home equity line of credit or a private student loan - your rate will tick up along with the Fed's increases. To combat inflation, the Fed pushed up its benchmark rate over the course of 10 consecutive meetings before the one in June, with the rate rising from near 0% in early 2022 to a recent range of 5% to 5.25%. [Extracted from the article]

Chase's most popular checking account is TOTAL CHECKING, which waives the $12 monthly fee if you have at least $500 of electronic deposits, keep a checking balance of at least $1,500 or have $5,000 or more in combined balances among Chase deposit and investment accounts. The no-fee, no-minimum FIRST CHECKING account ($50 opening deposit) gets teens off to a sound start with banking, offering a 0.1% rate, up to $12 monthly in ATM fee refunds, and no overdraft or insufficient-funds fees. CHASE SAVINGS yields 0.01% (the $5 monthly fee is waived if you are younger than 18, have a balance of at least $300, set up a recurring $25 transfer from a Chase checking account or link a qualifying Chase checking account). Standout accounts: YIELD PLEDGE CHECKING charges no monthly fee, pays interest and reimburses ATM fees. [Extracted from the article]

The company is "executing on all cylinders", says Ken Leon, analyst at research firm CFRA. Growth in revenue is slowing, but analysts still expect average annual increases of more than 25% in revenues and 28% in earnings over the next two years. REWARDS REWARDS ILLUSTRATION BY DELPHINE LEE BUY THE DIP DURING THE TECH-STOCK BREATHER Lately, amid ripping gains in the S&P 500 index, information technology shares have been on the sidelines. But supply issues should be resolved by late 2021, and Morningstar analyst Abhinav Davuluri believes the company will withstand regulatory investigations and continue collecting licensing revenue. [Extracted from the article]

SILVER: Frequent fliers on Southwest Airlines get a lot of bang for their buck to offset the annual fee on the SOUTHWEST RAPID REWARDS PRIORITY VISA (www.chase.com; $149 annual fee; annual rebate of 27,000 points, worth about $256 after subtracting the annual fee). SILVER: The CAPITAL ONE SAVORONE MASTERCARD (www.capitalone.com; $375 annual rebate) offers 3% cash back on restaurant and entertainment spending (the entertainment category includes purchases at movie theaters, sporting events, amusement parks, zoos and some other venues), 2% back at grocery stores and 1% back on other purchases. EVERYDAY SPENDING Payback at the Pump GOLD: Abound Credit Union Platinum Visa www.aboundcu.org Annual fee: None Typical annual rebate: $324 Get 5% cash back on fuel purchases paid at the pump and 1% back on other retail spending. If you spend significant amounts on dining purchases, the $95 fee on the CAPITAL ONE SAVOR card may be worthwhile because it pays a higher rate of 4% back on dining purchases. [Extracted from the article]

COVER STORY MONEY Even after employers pick up a substantial amount of the cost, Americans spend thousands of dollars on health care annually. For laid-off workers the law covers through September the full cost of premiums for COBRA, through which former employees can continue employer-sponsored insurance coverage for 18 months. High-deductible health plans may cover certain treatments for chronic conditions, such as insulin for diabetes and statins for heart disease, before policyholders reach their deductible. You often can't use coupons or discount programs in conjunction with your insurance - so a drug purchase with a coupon or discount program won't count toward your deductible unless the insurer allows you to submit the purchase later. [Extracted from the article]

REWARDS REWARDS A big slice of the cost of owning a home is what you spend on energy. Tax credit: 10% of the cost of bulk insulation and air-sealing materials (installation costs are not eligible). Savings: An Energy Star gas storage water heater uses 10% less energy than a standard model, and a family of four can save hundreds of dollars in energy costs over its lifetime, according to Energy Star. Tax credit: 10% of the cost of certified metal and asphalt roofs with pigmented coatings or cooling granules to reduce heat gain (installation costs aren't eligible). [Extracted from the article]

According to projections that the Social Security Board of Trustees released last April, starting in 2021 the program's annual costs will exceed its income from employee and employer payroll taxes and interest earnings. To determine benefits, Social Security averages a worker's 35 years of highest earnings and adjusts them for average growth in wages until the year the worker turns 60. Workers who had low earnings receive a benefit that replaces a higher percentage of their average preretirement income than those who had high earnings. [Extracted from the article]

IBM has made a change to its retirement benefits by discontinuing the 5% matching contribution to employees' 401(k) plans. Instead, the company will contribute an amount equal to 5% of employee salaries into a "retirement benefit account" that will earn interest. This change may be due to IBM's $3.5 billion surplus in its pension plan, which could free up cash for the company. While this change may benefit employees who don't participate in the 401(k) plan, it could also result in employees having too many fixed-income investments. Other companies may follow IBM's lead in making similar changes to their retirement plans. [Extracted from the article]

Peer-to-peer payment services like Cash App, PayPal, Venmo, and Zelle provide a convenient way to transfer money, but they lack fraud protections. These services are not required to reimburse users who are tricked into sending money to scammers. However, Zelle has started reimbursing customers who sent money to criminals posing as government agencies or banks. The Consumer Financial Protection Bureau has proposed rules that would subject large nonbank companies offering payment apps to the same oversight as banks. It is important to be cautious when using these services and only send money to people you know and trust. If your payment-app account is hacked, liability protections for the underlying payment method may apply. [Extracted from the article]