Wednesday’s need-to-know money news

imagesToday’s top story: Choosing the best student loan refinancing offer. Also in the news: Taking 15 minutes a month for your financial health, using your 1040 for a retirement savings check-up, and how couples can financially prepare for the inevitable.

How to Choose the Best Student Loan Refinancing Offer for You
Sorting through the options.

15 Minutes a Month to Maintain Financial Health
Easy steps that can build longterm success.

Use Your 1040 For A Retirement Savings And Investment Tax Check-Up
The perfect time to take stock of your finances.

Widow/widower financial preparedness 101: 5 things to do right now
Making a difficult time less complicated.

Monday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: How Generation X should plan for retirement. Also in the news: Factors that affect your Social Security benefits, five things that can ruin your tax refund, and important financial steps widows and widowers need to take.

Retirement planning steps for Generation X
Time’s running out.

3 Factors That Affect Your Social Security Benefits
How to plan ahead.

5 things that can kill a tax refund
Don’t get caught off guard.

8 Important Financial Steps for Widows and Widowers to Take
Important steps to take during a difficult time.

Roth IRA vs. Traditional IRA: Which Is Right for You?
The pros and cons of each retirement plan.

Q&A: Widow’s Social Security benefits

Dear Liz: I’ve been reading your answers to Social Security questions, but they do not address my situation, which is extremely unconventional. I was a quasi-widow at 31 with three children under age 9. My husband was institutionalized because of an accident when he was 33. He died 23 years later, having outlived all his insurance. I never remarried. I was disabled at 61 and started receiving my deceased husband’s Social Security benefit at age 62, after the expiration of my disability benefits from work. I am now 73. Am I eligible to also begin receiving my own Social Security benefits as well as my late husband’s? I hope your answer is positive.

Answer: It’s not. Although the details may not be conventional, your situation doesn’t change the fact that widows (and widowers) are entitled to only one check. They can’t collect their own benefits plus survivor’s benefits. They can and should, however, choose the larger of the checks to which they’re entitled.

It is possible that you’ve earned a larger benefit on your own work record than the survivor’s benefit you’re currently receiving. You should call Social Security at (800) 772-1213 and ask.