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Liz Weston

Q&A: Survivor benefits and remarriage

October 13, 2020 By Liz Weston

Dear Liz: Regarding your recent advice to the person whose husband had just died. I could be completely wrong, but I think that in order to collect her late husband’s benefits when she turns 60, she can’t remarry.

Answer: You’re right that you’re wrong, but your confusion is understandable.

There are different types of Social Security benefits that people can receive based on the earnings of a spouse or ex-spouse. People whose spouses or ex-spouses have died may collect survivor benefits. Those benefits can continue if the survivor remarries at 60 or later.

The other type of benefit is a spousal benefit, which is based on a living person’s earnings record and which may be available to current spouses as well as ex-spouses. Someone who is divorced and receiving spousal benefits based on an ex’s earning record will lose those benefits if they remarry at any age.

Filed Under: Q&A, Social Security Tagged With: q&a, Social Security survivor benefits

Q&A: Social Security earning years matter

October 13, 2020 By Liz Weston

Dear Liz: In a recent column, you wrote that Social Security’s estimates of the dollar amount one will receive at various ages — 62, full retirement age of 66 to 67, or 70 — assumes one continues working until one applies. Therefore, one won’t receive the amount posted at full retirement age if one had stopped working at, say, age 62. Aren’t people’s benefits based on their top 35 earning years?

Answer: Yes, which is why I wrote that the benefit may be lower. Social Security assumes you’ll keep earning the same amount you are now. Those assumed future earnings could be high enough to replace one or more of your previous 35 highest-earning years. If that’s the case, your estimated benefit could be somewhat larger than the one you actually receive if you stop work early.

Filed Under: Q&A, Social Security Tagged With: q&a, Social Security earning years

Friday’s need-to-know money news

October 9, 2020 By Liz Weston

Today’s top story: How to choose a Medicare prescription drug plan in 5 steps. Also in the news: Should you go back to school like many grads are, it’s time to audit your autopay subscriptions, and 1 in 5 Americans could be out of money by Election Day.

How to Choose a Medicare Prescription Drug Plan in 5 Steps
It’s important to remember that the drugs covered and the costs you pay under Plan D can change year to year.

More Grads Are Going Back to School: Should You?
Consider the options, price and return on investment before returning to graduate school.

It’s Time to Audit Your Autopay Subscriptions
Stop paying for services you don’t use.

1 in 5 Americans could be out of money by Election Day
More than 20% of Americans have less than three weeks of financial runaway

Filed Under: Liz's Blog Tagged With: autopay subscriptions, debt, going back to school, Medicare prescription drug plan, pandemic

Thursday’s need-to-know money news

October 8, 2020 By Liz Weston

Today’s top story: Hidden home risks that send insurance through the roof. Also in the news:How to buy a salvage-title vehicle, 12 items you should always buy in bulk, and why savings accounts and CDs are still worth it despite low rates.

Hidden Home Risks That Send Insurance Through the Roof
A house’s location, construction or age can dramatically increase its risks and the cost to insure it.

Too good to be true? How to buy a salvage-title vehicle
They can be a good value if you know the history of the car, but proceed with caution

12 Items You Should Always Buy in Bulk
Not everything bought in bulk provides the best value, but these items are often a deal.

Savings accounts and CDs are still worth it despite low rates
The rates may be low but stability matters.

Filed Under: Liz's Blog Tagged With: bulk buying, CDs, home costs, home risks, Insurance, interest rates, salvage title vehicles, savings account

Wednesday’s need-to-know money news

October 7, 2020 By Liz Weston

Today’s top story: How to shop during Medicare open enrollment. Also in the news: Don’t wait to apply for student loans for next year, 6 things you should add to your pandemic travel kit, and how to handle a suspicious inquiry in your credit report.

Medicare Open Enrollment: How to Shop
Two Medicare-related open enrollment periods offer a chance to switch your coverage. Here’s how to compare plans.

Don’t wait to apply for student loans for next year—some of the money could actually run out
Apply for the FAFSA now, there is ‘a lot of risk in applying late’

6 things you should add to your pandemic travel kit
It’s a whole new ballgame.

How to Handle a Suspicious Inquiry in Your Credit Report
Contact the lender directly.

Filed Under: Liz's Blog Tagged With: credit report, FAFSA, Medicare open enrollment, pandemic travel kit, Student Loans, suspicious inquiries

Tuesday’s need-to-know money news

October 6, 2020 By Liz Weston

Today’s top story: No credit? 3 steps to qualify for a great credit card. Also in the news:Ugrading your space while working at home means a call to your insurance agent, how to avoid impulse buying by disabling Amazon’s 1-Click ordering, and how to budget for long-term unemployment.

No Credit? 3 Steps to Qualify for a Great Credit Card
If you’re eager for a rewarding credit card but have little or no credit, these steps can help you qualify.
Upgrading Your Space While Stuck at Home? Get It Insured

Upgrading Your Space While Stuck at Home? Get It Insured
Notify your insurer ASAP.

Avoid Impulse Buying by Disabling Amazon’s 1-Click Ordering
Prime Day is coming up soon.

How to Budget for Long-Term Unemployment
Understand the steps for building a budget after experiencing a job loss.

Filed Under: Liz's Blog Tagged With: Amazon Prime Day, Credit Cards, home insurance, impulse buying, long-term unemployment, no credit, working from home

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