Things To Do In SW Florida

By Kate Ashford | NerdWallet

Sure, you’re probably not using paper checks for most things. But are you returning payments to medical providers and insurance companies in the mail? Paying by check for the random parking ticket or your child’s piano lessons? Now is a good time to stop: Check fraud tied to mail theft is up nationwide, according to a February alert from the Financial Crimes Enforcement Network. And letter carrier robberies are also on the rise.

This is partially due to the effects of the pandemic, when thieves targeted government relief checks in the mail. “Fraudsters just went back to tried-and-true potential attack factors that seemed to be working,” says Michael Bruemmer, head of global data breach resolution for Experian.

The U.S. Postal Service is vulnerable, and thieves who can access your checks can change the amount and ferret those funds right out of your bank account. And then it can take weeks to get the funds back.

“It’s absolutely a life disruption event when you mail a check and it’s been intercepted,” says Mary Ann Miller, fraud and cybercrime executive advisor and vice president of client experience at consumer identity company Prove. “That can take all the money out of your account at once.” read more

Q: I want to be debt free when I retire in five years. I have a mortgage and paying extra principal each month. I also contribute 15% to my 401(k). When the markets are going down, should I reduce my contributions and use that money to pay my debt down sooner?  – M.M., Orlando

A: Continuing your contributions in the 401(k)  allows you to dollar cost average while prices are lower. You have a low-interest rate on your mortgage with a modest balance. I suggest you remain on your current plan of action. – Gregg Collier

Q: I would like to give a cash gift of $10,000 to my child this year. Will I have to pay taxes if I do this? — A.B. Orlando

A: You can give $17,000 or less from one person to any other person in 2023 without incurring a gift tax or reducing your lifetime gift or estate tax exemption. A married couple can jointly give $34,000 to each child. — Charlie Fitzgerald III

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations. read more