Daily Money - Watch Out for This New Scam

Package delivery services are straining under the demand this holiday season. As their employees work harder than ever, scammers are hustling too. Unfortunately, fraudsters have been taking advantage of increased shipping activity during the pandemic. In one of the latest scams, you receive a text message that purports to be from a mail carrier like UPS or FedEx. It tells you to click on a link to retrieve an overdue package, only to mine your personal information for gain. I’ve lost track of how many packages I’m expecting at any given moment and could certainly see myself falling for this. Learn some red flags to watch out for in today’s edition — and if you’re shipping packages to friends and loved ones, mind these deadlines in order for them to arrive on time.

This week in our Retire with Money Facebook group, a member asked the group’s advice on whether he should borrow from his 401(k) to give his three children money for a down payment on their homes. He is 66 and says he has “no concerns about my own retirement.” Responses varied, but most members were opposed to the plan. One asked this good question, “If your children are unable to save up enough for a down payment, will they have enough money to keep up with mortgage payments & the other necessary upkeep on their homes?” Others warned him to mind the IRS gift rules and rules for 401(k) loan repayment. Another had a cautionary tale from her own experience: “We made the huge mistake of providing most of the down payment on our daughter and son-in-law's first house. They do not understand what a gift that was and it has harmed our relationship. I would not ever do this again. They still live paycheck to paycheck.”

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Many employers are reimbursing employees for certain work-from-home expenses. REUTERS

The pandemic offers a natural conversation starter to discuss end-of-life wishes. NEXT AVENUE

Supplies will be tight, initially. KAISER HEALTH NEWS

“Ultimately, retirement is a math problem,” an early retirement blogger writes. THE RETIREMENT MANIFESTO