Dear Liz: My Social Security is much higher than my husband’s. He started taking his at 62 and I started at my full retirement age of 67. If I die before him, can he start taking my Social Security at some reduced rate? My current payment before any Medicare premiums is about $3,700 and his […]
Recent Blog Posts
Q&A: Survivor benefits from spouse’s higher Social Security check
Q&A: Should I borrow to boost my credit scores?
Dear Liz: I’m one of the beneficiaries named in my late relative’s will, and plan to use the money to buy a new car. Should I pay cash up front and avoid the interest charges on a loan, or set up monthly payments to help enhance my credit score (currently just under 800)? Answer: A […]
Q&A: Time to move, but what about the capital gains?
Dear Liz: My husband and I built a home on a hillside over 30 years ago in a desirable neighborhood with a beautiful view. We thought it would be our retirement home, but life had different plans. Now seniors, dealing with age, stairs and progressive health issues, we have been advised that selling and moving […]
Q&A: Bankruptcy may be best option for indebted widow
Dear Liz: I am an 82-year-old widow with a disabled daughter in a desperate financial situation. Payments on my credit cards and a personal loan eat up half the income I get from Social Security, my late husband’s pension and my IRA. My total debt is over $100,000 and my only assets are a car […]
Q&A: Required withdrawals could change Social Security taxation
Dear Liz: Is it true that when you start your required minimum distributions from 401(k) and 403(b) plans, you give up your monthly Social Security payment? I plan to start RMDs next year at age 71 thinking I will get less money for more years. Answer: Your withdrawals from retirement plans won’t reduce your Social […]
Q&A: Future mate hasn’t filed tax returns. Am I liable?
Dear Liz: I’m engaged to someone who just confessed that they have not filed tax returns for the last several years. How do we fix this? If they owe a lot of money, could the IRS come after me if we’re married? Answer: Technically, debts incurred before marriage are considered separate. But there are many […]