Monday’s need-to-know money news

download (1)Today’s top story: How to put an end to credit card solicitations. Also in the news: How a two checking account system could help automate your budget, how to maximize your pension, and five surprising sources of debt.

How to Stop Credit Card Solicitations for Good
Reclaiming your mailbox.

Use the Two Checking Account System to Automate Your Budget
Why two accounts could make budgeting easier.

Maximize Your Pension With This Calculator
Calculating the best option for your retirement.

5 Surprising Sources of Debt
Racking up debt from unexpected sources.

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Comments

  1. Hi. I’m desperate to get an answer to this question. My husband passed away 2 years ago, at age 56. He had cancer and was receiving disability. I am now 59. Can I start collecting a survivor benefit on his account at 60 or 62 and then switch to my own benefit at 70? Or vice versa, can I collect on my benefit starting at 60 or 62 and switch to a survivor benefit on his record at 66? Thank you.

    • Gina Loukareas says:

      From Liz: Judy, you can definitely start reduced widow’s benefits at 60 and switch to your own benefit later, if it’s larger. You also could start your own benefit at 62 and switch to a widow’s benefit later. The math in these calculations is wicked complicated, so consider spending $40 at the MaximizeMySocialSecurity.com site to get a better feel for your options.

    • Liz Weston says:

      You can do either, but it’s often best to collect a survivor benefit at 60 and switch to your own (if it’s larger) when it maxes out at age 70. Check with a SS claiming strategy calculator.