Inherited money can have a big impact on your budget, but that doesn’t mean it’s automatically shielded from creditors. Dragon Claws/Getty Images With inflation elevated and now climbing, borrowing costs remaining high and household debt balances growing, most Americans are feeling at least some of the pressure this economic landscape is putting on their finances. … Read more
Social Security back pay generally receives the same protections as regular benefits, but there are exceptions to the rule. MargJohnsonVA/Getty Images For many Americans, a Social Security back pay deposit marks the end of a long and stressful wait. Disability claims can take months to clear, appeals can drag the timeline out further and retirement … Read more
A garnishment order impacts your pay, but it doesn’t hand your employer discretion over your paycheck. Getty Images/iStockphoto There’s a common assumption that wage garnishment is a standoff between you and the creditor you owe money to. What many borrowers don’t realize, though, is that the moment a garnishment order takes effect, a third party … Read more
Your Social Security benefits aren’t automatically off-limits once you’ve reached a certain age, but there are caveats to know. Richcano/Getty Images For millions of retired Americans, turning 70 is an important milestone. At that age, there’s typically a little more financial certainty, as many retirees are claiming their maximum Social Security benefit and have adjusted … Read more
Having your wages garnished while living paycheck to paycheck can turn a difficult financial situation into a crisis. J Studios/Getty Images Right now, Americans are being stretched thin by rising housing costs, elevated borrowing rates and persistent (and now increasing) inflation. These and other looming economic hurdles mean that each dollar in the paycheck is … Read more
SSDI benefits come with protections, but those safeguards aren’t always as far-reaching as you’d expect. Min Wang/Getty Images The financial strain Americans are facing has intensified in recent months, as rising inflation just keeps pushing the cost of essentials higher. Rent, groceries, insurance premiums and medical expenses have all become more difficult to manage, particularly … Read more
The rules regarding Social Security survivor benefits and debt collection are more nuanced than you may expect. Imagesbybarbara/Getty Images When a loved one dies, the financial fallout can extend far beyond funeral costs and estate issues. In turn, Social Security survivor benefits often become an important income source for surviving spouses and dependents — one … Read more
Certain debts could eat away at a portion of your Social Security benefits, making it tough to cover your expenses. Nora Carol Photography/Getty Images When it comes to managing your retirement finances, there’s typically little room for error. After all, it can be tough to cover even one major expense when you’re living on a … Read more
Social Security benefits receive broad federal protections from creditors, but not all debt is handled the same way. Douglas Sacha/Getty Images Older Americans are carrying more debt into retirement than any previous generation. That alone is a problem, as high-rate debt can quickly eat away at a fixed retirement budget and cause major issues with … Read more
Wage garnishment can affect your eligibility for certain debt relief options, but not in the way some borrowers may assume. Hanizam/Getty Images If you find yourself increasingly worried about your personal financial health now, it’s easy to see why. Inflation in March surged to its highest level in years, and a frozen Federal funds rate … Read more