susan tompor

YOUR MONEY: When is it OK to tap the 401(k)?

I heard from a family the other day that wondered about taking a loan out of the 401(k) — or maybe a hardship withdrawal. Did somebody lose a job? Was it hard to pay the mortgage? The car note? No. The mom told me the son needed braces that would cost about $5,000. Bad idea? Not necessarily.

By Susan Tompor , October 28, 2009

YOUR MONEY: Look for rush to get home buyer credit

More than a million people have been able to benefit so far from first-time home buyer credits, according to numbers released Tuesday by the Internal Revenue Service. The rush is likely to hit full throttle in the next few weeks, though, as taxpayers try to close their purchases on a first home by Nov. 30 to qualify for the credit.

By Susan Tompor , October 08, 2009

YOUR MONEY: 401(k) losses may mean putting off retirement date

As employers review offering buyouts or making changes in their 401(k) plans, they need to realize that they could be looking at two audiences. The younger-than-50 crowd remains worried about layoffs but not retirement after living through the worst single year for stocks since the 1930s.

By Susan Tompor , September 17, 2009

AUTO NEWS: New car buyers qualify for tax cut on 2009

The cash-for-old-cars rebate — I hesitate to say clunkers, since my '04 ride apparently, technically, would qualify — isn't the only stimulus deal out there for new car buyers.

By Susan Tompor , August 20, 2009

YOUR MONEY: Small cuts help families stay afloat

After the unsettling economic fallout, it's truly all about the Roosevelts now. Every dime saved counts — even for higher-income families.

By Susan Tompor , August 13, 2009

AT THE OFFICE: Authorities warn about job-shop hustles

When you're wondering how you're going to find another job in an era of high unemployment, any kind of job offer starts to sound good.

By Susan Tompor , August 06, 2009

YOUR MONEY: Advice may be a scam in disguise

Investors who consider themselves fairly savvy would never touch a stock that they've heard about through a message board or spam e-mail. Those same investors, though, might end up handing thousands of hard-earned retirement dollars to a financial adviser they meet through friends at their union or church or bowling league.

By Susan Tompor , July 27, 2009

YOUR MONEY: Managing hefty student loans

Q: I am a widow, stretched to my paycheck's limits. After cobbling together unsubsidized and subsidized Stafford loans with private loans cosigned by my father, I was able to get my only daughter through a private college. But she graduated with what amounts to a small mortgage. She hasn't yet found any real work—only bartending and teaching dance part-time. I don't know how she'll repay these loans. Any advice?

By Susan Tompor , July 23, 2009

YOUR MONEY: Programs empower women affected by economic abuse

In domestic-abuse situations, abusers use money or finances to prevent victims from leaving. Advocates of domestic violence victims are concerned that the difficult economy could lead to more cases of financial abuse — especially if the abuser is out of work, too.

By Susan Tompor , July 22, 2009

YOUR MONEY: Free money comes with a steep price

Last week, the FTC announced a crackdown on scammers who take advantage of the economic downturn. Operation Short Change targets several schemes, including bogus government grants. See www.ftc.gov.

By Susan Tompor , July 15, 2009

YOUR MONEY Q and A: How long will a foreclosure or bankruptcy affect credit?

A foreclosure can be reported on your credit report for seven years from the date the foreclosure was filed in the court, according to Gerri Detweiler, author of "Reduce Debt, Reduce Stress." The book is $14.95, and an ebook is available at www.ReduceDebtReduceStress.com.

By Susan Tompor , July 09, 2009

YOUR MONEY: A way to boost Social Security

Upon reaching full retirement age — now 66 — a married individual is able to pick and choose some benefits. Married workers are entitled to a retired worker benefit based on their own earnings. Or they are entitled to a spousal benefit equal to one half of their spouse's benefit claimed at the full retirement age.

By Susan Tompor , July 02, 2009

YOUR MONEY: How safe is your GM pension?

The good news now is that GM is not terminating its pension plan. GM said the company does not expect any immediate changes to the qualified pension plans and health and life insurance benefits that GM provides to retirees, survivors and beneficiaries.

By Susan Tompor , June 19, 2009

YOUR MONEY: Extended warranties may not fix car problem

Amy Whiteman, 27, wanted to have extra assurance that she could get her 2000 Chevy S-10 truck repaired if it broke down. She regularly drives from her home in Clarkston, Mich., to Wayne State University in Detroit, where she is taking courses toward a master's degree.

By Susan Tompor , May 05, 2009

YOUR MONEY: Credit card changes can cost plenty

While interest rates on savings hit ugly lows, interest rates on credit cards are flying to even higher double digits for many households. The bad economy - and high consumer defaults - mean that credit card issuers are likely to continue to tighten standards, as well as increase rates and fees, said Bill Hardekopf, chief executive of LowCards.com.

By Susan Tompor , April 27, 2009

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