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☆ Here are some big money blind spots you need to avoid, advisors say
▼ + stars: | 2024-04-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Here are some of the biggest financial blind spots, according to several certified financial planners on CNBC's Digital Financial Advisor Council. 1. Credit scoresConsumers often don't understand the importance of their credit score, said Kamila Elliott, CFP, co-founder and CEO of Collective Wealth Partners based in Atlanta. The average person with a credit score between 760 and 850 would get a 6.5% interest rate, according to national FICO data as of April 1. The latter's monthly payment would cost $324 more relative to the person with a better credit score — amounting to an extra $116,000 over the life of the loan, according to FICO's loan calculator. "Ten out of 10 people couldn't explain how the tax withholding system works," said Ted Jenkin, CFP, CEO and founder of oXYGen Financial based in Atlanta.

Persons: Kamila Elliott, Wills, Barry Glassman, I'm, Glassman, Elliott, That's, Ted Jenkin, Uncle Sam, Jenkin Organizations: Getty, Digital Financial, CFP, Wealth Partners, Consumer Financial, Bureau, Wealth Services, Westend61, Collective Wealth Partners, Business, Employers, Workers Locations: Atlanta

☆ Here's what beneficiaries need to know as the Social Security Administration phases in new policies for overpayments
▼ + stars: | 2024-04-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Social Security beneficiaries who owe money to the Social Security Administration may see much lower default withholding rates from their monthly checks, thanks to new policies that are going into effect. As of March 25, the Social Security Administration no longer plans to collect 100% of a total monthly Social Security benefit payment to recoup the money beneficiaries owe due to overpayment of benefits. But there may be a short period where beneficiaries are still affected by the old policy, the Social Security Administration announced on Friday. If that happens, affected beneficiaries should call the Social Security Administration at 1-800-772-1213 to lower their withholding rate, the agency said. Under the new leadership of Commissioner Martin O'Malley, the Social Security Administration is working to curb the burden to affected beneficiaries.

Persons: overpayments, David Camp, it's, Camp, Martin O'Malley, O'Malley Organizations: Social Security, Social Security Administration, Finance, Social, Security, National Organization of Social Security, Representatives

☆ After 35 years, he got $119,500 in student debt forgiven. Then the government refunded him $56,801
▼ + stars: | 2024-02-16 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 years or 25 years. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, refuted that the companies benefit by veering from the government's orders. Shortly after Fox heard that his student loans were forgiven, he received a payment from the government for $56,801. When he told people he was still paying off his student debt, they scratched their heads. Over the decades, based on Fox's records which CNBC reviewed, he paid around $200,000 to his federal student loans.

Persons: Marlon, George, servicers, Nadine Chabrier, Fox, he'd, Scott Buchanan, Buchanan, I've, Marlon Fox, overpayments, Biden, Debbie Organizations: Biden, U.S . Department, Center for, Lending, The Education, Student Loan, Alliance, Palmer College of Chiropractic, CNBC Locations: forbearances

☆ When You Call Social Security, Expect to Wait Even Longer
▼ + stars: | 2023-12-02 | by ( Mark Miller | ) www.nytimes.com time to read: +2 min

The overpayment problem has affected some of the most vulnerable beneficiaries: recipients of disability benefits and Supplemental Security Income, the program that supports very low-income Americans. A key cause of the problem is adjustments to benefits required under the law when a beneficiary’s income, work status or amount of assets change. is developing a system to tap third-party payroll data that will reduce reporting responsibilities of beneficiaries and improve efficiency. But a new report from the agency points to overpayment problems in the retirement and disability programs. Dr. Kijakazi notes that a review is underway to determine whether other procedural changes could address the broader overpayments problem.

Persons: Kijakazi, ”, “ Organizations: Congress, Social Security Locations: overpayments

☆ Pension-eligible workers face complex Social Security rules that may reduce benefits. How to more accurately estimate retirement income
▼ + stars: | 2023-12-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Richard Stephen | Istock | Getty ImagesWhen Joyce Debnam's husband passed away, she began receiving $1,400 a month in Social Security survivor benefits. That life change prompted Debnam's Social Security benefits to be cut to just $174 a month. Moreover, the Social Security Administration notified her she had to return $5,000 in benefits she had been overpaid. Debnam is one of millions of workers who is affected by Social Security rules related to public workers and reductions in the benefits they are eligible to receive. "We recommend that people review their Social Security Statement at least once every year, which includes important information about WEP and GPO," a Social Security spokeswoman said in a statement.

Persons: Richard Stephen, Istock, Joyce Debnam's, Debnam, Mike Carey R, Mike Carey, Carey, Mark Warshawsky, Warshawsky Organizations: Social, United States Postal Service, Debnam's Social, Social Security Administration, Social Security, Congressional Research Service, GPO, Security, American Postal Workers Union, American Enterprise Institute Locations: Debnam, Suitland , Maryland, Ohio, Baton Rouge , Louisiana

☆ US jury awards $17.7 mln to Kraft, other producers in egg price-fixing case
▼ + stars: | 2023-12-01 | by ( Mike Scarcella | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +3 min

The damages award could be tripled under U.S. antitrust law to more than $53 million. The same jury on Nov. 21 found the egg producers liable for the alleged antitrust conspiracy after a more than five-week trial. The damages award was limited to alleged overpayments during a four-year window in the mid-2000s. The jury's liability decision held Cal-Maine accountable with other defendants, including trade associations United Egg Producers and United States Egg Marketers. The case is Kraft Foods Global Inc v. United Egg Producers Inc, U.S. District Court for the Northern District of Illinois, No.

Persons: Oscar Mayer, Heinz, General Mills, Kellogg, Brandon Fox, Jenner, Steven Seeger, Robin Sumner, Troutman Pepper Hamilton Sanders, Patrick Collins of King, Rose Acre, James King, Porter Wright Morris, Mike Scarcella Organizations: Kraft, Kraft Foods Group Inc, 3G Capital, Berkshire Hathaway Inc, Food, Nestle, Friday, Cal, Maine Foods, United Egg Producers, United States Egg, U.S, Kraft Foods Global Inc, United Egg Producers Inc, Northern, Northern District of, Jenner, Patrick Collins of King & Spalding, Arthur, Thomson Locations: Northfield , Illinois, Acre, Ridgeland , Mississippi, Maine, Cal, Northern District, Northern District of Illinois

☆ Verizon and AT&T are now requiring debit card payments to get the full autopay discount. Here's how to decide if it's worth it.
▼ + stars: | 2023-11-11 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +6 min

But your credit card rewards and cell phone protections may be worth more than the monthly savings. Credit card transactions cost businesses more than debit card payments. Credit card issuers use those extra fees to fund credit card perks such as rewards and discounts. The main difference between linking a debit card and a credit card is account protection. Fees no monthly service fee Annual Percentage Yield (APY) None Minimum Deposit Amount $0 Pros Check mark icon A check mark.

Persons: —, Cash Organizations: Verizon, AT, Service, Discover, Discover Bank Locations: Canada, Mexico, Caribbean

☆ Covid stimulus checks caused some Social Security, SSI beneficiaries to lose benefits. Lawmakers are pressing for answers
▼ + stars: | 2023-10-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Douglas Sacha | Moment | Getty ImagesWhen Covid-19 stimulus checks were deployed to millions of Americans, the government reassured Social Security and Supplemental Security Income beneficiaries they were eligible for payments. Social Security beneficiaries have also reportedly received overpayment notices. Ron Wyden, D-Ore.; Sherrod Brown, D-Ohio; and Bob Casey, D-Pa. — to send a letter to the Social Security Administration last week stating they are "deeply concerned." One reason for that is it can be a challenge for the Social Security Administration to communicate guidance all the way down to the local level, she said. "If you receive an overpayment notice from the Social Security Administration, and believe that it was due to a Covid stimulus payment or another error that was made by the Social Security Administration, you should file an appeal," Milburn said.

Persons: Douglas Sacha, —, — Sens, Ron Wyden, Sherrod Brown, Bob Casey, Kilolo Kijakazi, Brown, Darcy Milburn, It's, Milburn Organizations: Social Security, Social, Democratic, —, Social Security Administration, SSI Locations: Ohio

☆ Meet a single mom with $60,000 in student debt who was billed over $100 more than she was told her monthly payment would be: 'I will be struggling if I made that payment'
▼ + stars: | 2023-10-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The new SAVE income-driven repayment plan was intended to make borrowers' monthly payments cheaper. But many borrowers have faced errors with the plan and their payments are higher than what they can afford. "I do want to pay something, but I'm not able to pay that amount that they're requiring me to pay." When the Education Department officially rolled out the SAVE plan in August, it was coined as "the most affordable repayment plan yet." When she applied for the SAVE plan, she was told her monthly payment would be $125 a month, but when she got her billing statement, she was facing a $428 payment, according to documents reviewed by Insider.

Persons: —, Ann Currie, Currie, Joe Biden's, I'm, servicers, she's, Joanna Arbach, hasn't, Arbach, it's, They've Organizations: Service, Education Department, SAVE, Federal Student Aid Locations: Washington

☆ Student loan borrowers hit snags as payments resume: 'It's a challenging environment,' head of loan servicer group says
▼ + stars: | 2023-10-13 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

"These student loan borrowers had the reasonable expectation and belief that they would not have to make additional payments on their federal student loans," said Education Department Undersecretary James Kvaal said in a court filing last year. Former President Donald Trump first announced the stay on federal student loan bills and the accrual of interest in March 2020, when the coronavirus pandemic hit the U.S. and crippled the economy. New SAVE payment plan leads to billing errorsTo ease the transition for borrowers, the Biden administration worked quickly to implement a new payment plan option, which it describes as the "most affordable repayment plan ever." Yet many borrowers who've signed up for the Saving on a Valuable Education, or SAVE, plan, complain they've gotten incorrect bills. According to Kantrowitz, student loan servicers seem, in some cases, to be using the 2022 poverty line to calculate borrowers' payments instead of the current 2023 figure.

Persons: Joe Biden's, James Kvaal, Kvaal, Donald Trump, Biden, who've, they've, Mark Kantrowitz, he's, Kantrowitz, servicers, Ella Azoulay, Buchanan Organizations: Creatas, Getty, U.S . Department, Valuable Education, U.S . Department of Education Locations: U.S

☆ Do not make student-loan payments if you're in one of these 3 groups of borrowers
▼ + stars: | 2023-10-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

AdvertisementAdvertisementStudent-loan payments have resumed, but not all federal borrowers should be making payments. However, it's in some borrowers' best interests to not make payments — even if their servicer has given them a billing statement. While borrowers can submit those claims individually, the Education Department has also announced relief for groups of defrauded borrowers without them needing to take any action themselves. AdvertisementAdvertisementIf borrowers received notice of relief but are still in repayment status, they can contact their servicer, or Federal Student Aid's ombudsman. However, interest will still accrue during that time, and the Education Department cannot control how credit scoring companies interpret the missed payments.

Persons: —, Joe Biden's, servicers Organizations: Service, Joe Biden's Education Department, Education Department, Corinthian Colleges Locations: it's, Cardona

☆ Health care has had a tough year. Where we stand on our 5 stocks in the sector
▼ + stars: | 2023-09-22 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +12 min

Bausch Health (BHC) is a different case. Key points Health-care stocks outperformed the broader U.S. stock market last year, but this year it's been much-tougher sledding for the sector due to a variety of headwinds. We feel comfortable owning our three other primary health care stocks: GE Healthcare, Humana and Danaher. In recent weeks, analysts at Wells Fargo and Citigroup have started coverage of GE Healthcare with buy ratings. The analysts at Jefferies now rate Bausch Health stock a buy, with a price target increase to $16 per share from $9.

Persons: There's Eli Lilly, Eli Lilly, That's, Eli Lilly's, Ryan Issakainen, we're, Issakainen, –, Stryker, Jim Cramer, it's, Jim, We've, Bausch, BHC, We're, I'm, Jefferies, Jim Cramer's, Frederick Florin Organizations: GE Healthcare, Health, Federal Reserve, First Trust Advisors, Humana, Medicare, Dow, UnitedHealth, GE, General Electric, —, Citigroup, Jefferies, CNBC, AFP, Getty Locations: what's, China, STE, Biogen, Wells, Bausch, Fegersheim, France

☆ US Jobless Aid Programs Bilked of up to $135 Billion During COVID, Watchdog Says
▼ + stars: | 2023-09-12 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +3 min

(Reuters) - Up to $135 billion of jobless benefits paid out by U.S. states during the coronavirus pandemic may have arisen from fraudulent claims, Washington's top government watchdog said on Tuesday in a report suggesting the problem is much bigger than previously estimated. But a new General Accountability Office report estimates the problem is much bigger: Between $100 billion and $135 billion of the roughly $900 billion in jobless benefits payouts from April 2020 through May 2023 may have been fraudulent. At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: Reuters, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department Locations: U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ US jobless aid programs bilked of up to $135 bln during COVID, watchdog says
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

At the high end, that would equal about $1 of every $7 paid in aid over that time. "The full extent of UI fraud during the pandemic will likely never be known with certainty," the GAO report summary said. After several extensions, the PUA - which provided benefits to jobless individuals who would not typically have been eligible for them - expired in September 2021. Fraudulent claims activity has periodically distorted the data reported weekly by the Labor Department, befuddling economists who count on the data for gauging the wherewithal of the job market. Another short-lived increase in new claims in August was seen by some economists as related to an increase in fraudulent claims activity in Ohio.

Persons: Brent Parton, Dan Burns, Leslie Adler Organizations: REUTERS, Labor Department, of Columbia, U.S ., The Labor Department, Relief, Economic Security, Department, Thomson Locations: Manhattan, New York City , New York, U.S, of Columbia , Puerto Rico, U.S . Virgin, Massachusetts, Ohio

☆ The lawsuits to block student-loan forgiveness keep coming — and the latest would keep borrowers who 'have earned the forgiveness' in debt, Biden's Education Department says
▼ + stars: | 2023-08-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Conservative groups filed a lawsuit last week to block Biden's latest student-debt relief effort. The relief would discharge loans for over 800,000 borrowers on income-driven repayment plans. But there are similarities in the arguments from the October lawsuit, and the most recent one challenging the income-driven repayment relief. "Unlawful cancellation of student-loan debt reduces the amount of a borrower's PSLF-cancellable debt and thus reduces the amount by which PSLF benefits qualified employment," it said. It's unclear how this lawsuit will impact debt discharges, but the administration has made no indication yet that the process will be halted.

Persons: Joe Biden's, —, Harris Organizations: PSLF, Service, New Civil Liberties Alliance, Cato Institute, Mackinac Center for Public, Education Department, Biden, Harris Administration, Public, Cato Institute and Mackinac Center, Federal Register Locations: Wall, Silicon

☆ George Santos was accused of unemployment fraud. The House may vote this week on an unemployment fraud bill that he co-sponsored.
▼ + stars: | 2023-05-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Rep. George Santos is being accused of stealing COVID-19 unemployment aid, among other charges. In March, he co-sponsored a bill that incentivizes states to recoup money lost through unemployment fraud. The indictment contains 13 counts of wire fraud, money laundering, and theft of public funds. Two months before his indictment, Santos co-sponsored a bill, along with 34 Republican lawmakers, that incentivizes states to recoup money lost through COVID-19 unemployment fraud. Spokespersons for Santos and Rep. Jason Smith, the lead sponsor of the bill, did not respond to a request for comment.

☆ Meet a teacher who paid his student loans for 6 more years than he needed to qualify for debt cancellation. Now he can't get his money back.
▼ + stars: | 2023-04-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

He contacted his servicer, MOHELA, in August to get refunded on those payments, but hasn't had any luck. Currence, 41, took on about $13,000 in student loans for his Bachelor's degree in 2005, and he had nearly paid it all off by the time he took on another $15,000 in loans in 2018 for his Master's degree. Given his career in public service, Currence wanted to take advantage of the Public Service Loan Forgiveness (PSLF) program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments. Currence jumped at the opportunity to consolidate his loans into federal direct loans under student-loan company MOHELA to qualify for debt relief. They told him he could then consolidate his loans to get his remaining balance wiped out under PSLF, he said.

☆ If Student Loan Forgiveness Is Overturned by the Supreme Court, Refinancers Are Waiting
▼ + stars: | 2023-03-07 | by ( Thomas Gokey | ) www.businessinsider.com time to read: +16 min

The PSLF program cancels federal student loans for people who work in public-service jobs for 10 years, and the impact of relief is profound. In the process, borrowers forfeit many protections that come with federal student loans, including the chance to get their loans canceled. In one survey, more than one-third of respondents who refinanced their federal student loans said they eventually came to regret it. President Biden announced a plan to cancel $10,000 in student loan debt, but if you privately refinanced, you won't benefit. Most private student loans allow for some kind of "cosigner release" so no one else is on the hook for your loans.

☆ Student-Debt Relief: Why Refinancing Your Student Loans Is a Trap
▼ + stars: | 2023-02-28 | by ( Thomas Gokey | ) www.businessinsider.com time to read: +15 min

The PSLF program cancels federal student loans for people who work in public-service jobs for 10 years, and the impact of relief is profound. In the process, borrowers forfeit many protections that come with federal student loans, including the chance to get their loans canceled. Recent changes to the law require private student loans to be discharged if you die, but that isn't the case with older loans. Most private student loans allow for some kind of "cosigner release" so no one else is on the hook for your loans. Refinancing companies make the system worse for everyonePrivate refinancing companies don't just hand out their loans to anyone.

☆ Private Medicare Plans Face Tough New Audits That Could Cost Billions
▼ + stars: | 2023-01-31 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

The new rule could prompt Medicare to seek to recover billions of dollars in alleged overpayments from insurers. Federal health regulators said they would implement a tough new standard for auditing the billings of insurers that offer private Medicare plans, the latest sign of stepped-up scrutiny of the companies. Yet the new rule, set to be issued Monday by Medicare’s parent agency, doesn’t go as far as it could have in applying the standard to earlier years.

☆ 12 million people got a refund from the IRS for a tax break on 2020 unemployment benefits
▼ + stars: | 2023-01-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The IRS has issued tax refunds to 12 million people eligible for a tax break on unemployment benefits received in 2020, when the pandemic caused joblessness on a scale unseen since the Great Depression. However, President Joe Biden signed the law in March 2021, after many households had already filed their tax returns. The average tax refund associated with those corrections was $1,232. More from Personal Finance:Trump's tax returns show no Social Security benefit incomeWhy your investment ego may be costly2022 was the worst-ever year for U.S. bondsIn total, the agency corrected 14 million tax returns, the agency said. The IRS mailed letters informing these taxpayers of the corrections and advised keeping them with their tax records.

☆ DC United owner Jason Levien accused by MLS team's former top lawyer of dodging millions in taxes
▼ + stars: | 2022-12-14 | by ( Jack Newsham | ) www.businessinsider.com time to read: +5 min

Jason Levien is CEO of DC United and owns part of Swansea City and the Brisbane Bullets. Levien denied wrongdoing and said he filed New York taxes. The lawsuit was brought by Christopher Deubert, who until last year was the top lawyer for Levien's DC United soccer club. In a statement shared with Insider, Jon Bouker, a lawyer for Levien, said his client paid all the taxes he owed and filed taxes in New York, contrary to Deubert's claims. December 14, 2022: This story has been updated to include comments from Levien's lawyer and a person close to Levien.

☆ Popular Medicare Advantage plans have 'clear cases of overpayments and improper billing of US taxpayers,' advocates and analysts say
▼ + stars: | 2022-12-05 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The original Medicare program is offered directly through the federal government. "There hasn't been enough of an indictment of Medicare Advantage plans," Mary Johnson, a Social Security and Medicare policy analyst at the Senior Citizens League, told Insider. The Congressional Budget Office estimates that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will grow to 61% by 2032. The politics of Medicare AdvantagePoliticians, primarily Republicans, have done their part to promote Medicare Advantage over the original Medicare plans since President George W. Bush overhauled the program in 2003. Johnson said Medicare Advantage was so popular among conservatives because it shifted financial responsibility from the government to patients.

Mary Meisenzahl/InsiderEarning credit card sign-up bonuses is the fastest way to earn rewards for (nearly) free travel. If you don't think you can meet the spending requirement to earn a card bonus, there are tricks to help you get there (without overspending). Note that credit card lenders may use many different variations of credit score models when considering your application. Let's take a look at a few powerful ways to meet credit card minimum spending requirements. Pay your rent or mortgageThere are a few services that let you pay your rent or mortgage by credit card.

In that environment, crooks were easily able to impersonate jobless Americans using stolen identity information for sale in bulk in the dark corners of the internet. When Yvonne Matlock lost her job last year and applied for unemployment benefits online, she was told she was already getting relief money. Through a public records request, NBC News obtained data from the Labor Department, which funds Covid relief unemployment benefits programs, that are riddled with blank values and underestimates. ID.meMore than two-thirds of states, 34, reported no cases of identity theft overpayments in the most vulnerable unemployment benefits program. Cash App, which describes itself as "the easiest way to send money, spend money, save money, and buy cryptocurrency," has been frequently used by fraudsters to move money, law enforcement officials and private consultants said.

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