The economy is going gangbusters, unemployment is way down, and open positions are going way up. You’d think wages would go up, too, but that just isn’t happening. Where’s that raise you’ve been expecting? Well, it turns out that wages are a lagging economic indicator. Employers are reluctant to lock in salary increases. Today on Moneywise, Rob West and Steve Moore tell you how to successfully negotiate a raise. Next, they answer your questions at (800) 525-7000 and questions@moneywise.org about the following:
-My husband and I are struggling to know what to do with our tax refund. Which debt should we put it toward?
-I quit my job a few years ago, but recently was re-hired by the same employer. I was told that my retirement contributions would just resume to my former account. I’ve recently discovered that that isn’t the case. What should I do with the former IRA?
-A family member recently gifted $100,000 each to my daughters. What should we do with the money until they need to use it?
-We will be empty nesters next year. We are thinking of downsizing our home. We could nearly pay cash for a smaller house. Should we get into a small mortgage this close to retirement?
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