The Social Security Administration announced a 1.3% cost of living adjustment that will take effect in January 2021. It will be the lowest COLA since 2017, when benefits increased by just 0.3%. For retired workers, average monthly benefits will rise from $1,523 to $1,543. Disabled workers will see their benefits increase from $1,261 to $1,277 on average. Why Is the COLA So Low? For starters, COLAs are never what youd call generous....

Some people are finding their flexible spending accounts are anything but flexible during the COVID-19 pandemic. The money in their accounts is just sitting there, and that could be a problem. In a normal year, our January through early June aftercare would be about $900, she said. Russ Kohl, Claire Kohl and Melissa Vernon are pictured here. “In a normal year, our January through early June aftercare would be about $900,” Melissa Vernon said....

You need money right now, but youre all tapped out until your next paycheck. Youre really in a pinch. A company calledOppLoansoffers a more affordable alternative. Applying online is easy, and most customers find out if theyre approved same-day***. More than 500,000 people have borrowed money through OppLoans. Heres what you gotta know if youre in a tight spot. So, how exactly are they different from a typical payday or storefront loan?...

A lothas happened this year, including the fact that interest rates have bottomed out at near zero. Whats that mean for you? Lets take the good with the bad. Thumbs down: Your bank is probably paying you virtually no interest. So what if you want to earn some real interest on the money youre banking? The problem is, thats likely not going to happen at a traditional bank. Instead, it could be time to upgrade to the fee-freeWealthfront Cash Account....

As Michael Scott learned in The Office,getting rid of debtisnt as simple as that announcement. Wouldnt that be nice? Many people think of filing bankruptcy as an easy way out. But these people have never filed bankruptcy. And it comes with consequences mainly a serious hit to your credit. But it can also be a lifeline. Bankruptcy creates an orderly, sanctioned plan that tells you who you have to pay back and how much....

We have $100,000 left after paying 75% of the debt. How can we earn some money with that money that is safe? Its in a savings account for safe keeping but not generating any interest. Actually, theres a good reason I still remember those days. Im referring to 2019. Then… well, COVID-19. To stimulate economic recovery, the Fed slashed interest rates to nearly zero. Now youre lucky to get 0.7% or 0....

Its a primary tool used to determine a homes asking price. So what exactly determines the fair market value of a home? That matters a lot. Probably not as good as youd like. It always seems like an uphill battle to build (and keep) a decent amount in savings. But what if your car breaks down, or you have a sudden medical bill? Running Comps (Wait, What are Comps?) It allows them to compare current asking prices and recent sale prices of homes in a given area....

You dont pay anything until next year! The ads are enticing. Can you really wait more than a year to pay off big-ticket furniture, electronics and more? People wait in line to make their purchases at Best Buy on Thanksgiving day in St. Petersburg, Fla., on Nov. 22, 2018. Sharon Steinmann/The Penny Hoarder And what happens if you dont have the money at the end of that period? No Interest Til Almost 2027?...

Truth time: My wardrobe embarrasses me. Its not because I dislike the things I wear its because I haveso many thingsIdontwear. Our team has compiled alist of creative waysyou can fatten your bank account this week. Tina Russell/The Penny Hoarder This is a long list, so dont get overwhelmed. Go ahead and start now, but be sure to bookmark this post so you could easily return later. Well keep it updated as offers changes or expire....

In the beginning of October, American Airlines and United Airlines announced mass layoffs were imminent. American said 19,000 jobs would be eliminated; United estimated 13,000. Disney Parks announced it is laying off 28,000 people more than a quarter of its total workforce. Apply For Unemployment Insurance First things first: Get your unemployment insurance handled. It can be weeks or longer before it takes effect, so the sooner you apply, the better....

One of the latest offshoots weve heard about is credit card companies decreasing consumers credit limits. As more and more Americans lose jobs, theyre worried customers will begin defaulting on their debt. So by loweringyourcredit limit, theyre reducingtheirrisk. Really, credit card companies should be notifying you about this change, but unfortunately its not legally required. It could also result in a lower credit score. When your credit card lowers your credit limit, chances are, your credit utilization rate will increase....

Amazon Prime Day is rapidly approaching, and the holiday shopping season is about to start revving up. Be careful not to break the bank, though. Swap Books for Amazon Gift Cards Have old college textbooks taking up valuable shelf space? Probably not as good as youd like. It always seems like an uphill battle to build (and keep) a decent amount in savings. But what if your car breaks down, or you have a sudden medical bill?...

The field as a whole has been in high demand throughout the pandemic. Maybe its the idea of endless calls about delivery delays and mundane tech issues. Or maybe its the inevitable angry customers. Because of that, we tend to think of them as these thankless jobs. The reality, Reynolds says, is that remote customer service jobs can be very fulfilling. It all depends on the industry. We found remote customer service job postings that counter the notion of mind-numbing call center gigs....