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Liz Weston

Wednesday’s need-to-know money news

June 19, 2019 By Liz Weston

Today’s top story: Pension lump sum or annuity? How to decide. Also in the news: 7 things college freshmen don’t need – and 10 they do, how to get your credit card’s annual fee waived, and exactly how much it will cost to retire well in every state in America.

Pension Lump Sum or Annuity? How to Decide
The health of your fiscal plan is key.

7 Things College Freshmen Don’t Need — and 10 They Do
Skip the big TV.

How to Get Your Credit Card’s Annual Fee Waived
Get ready to spend some time on the phone.

This is exactly how much it will cost to retire well in every state in America
Planning ahead.

Filed Under: Liz's Blog Tagged With: annual fee, college freshmen, Credit Cards, packing for college, pension lump sum vs annuity, retirement costs per state

Make your money last in retirement

June 19, 2019 By Liz Weston

Many people worry about running out of money in retirement. That’s understandable, since we don’t know how long we’ll live, what your future costs might be and what kind of returns we can expect on our savings.

There are several ways, however, to boost the odds that your money will last as long as you need it. In my latest for the Associated Press, how to make your money last in your retirement.

Filed Under: Liz's Blog Tagged With: Retirement, retirement savings, tips

Tuesday’s need-to-know money news

June 18, 2019 By Liz Weston

Today’s top story: Hot to curtail currency fees when paying for stuff abroad. Also in the news: Social Security myths, which grocery delivery subscription is the best deal, and why your investing plan really matters.

How to Curtail Currency Fees When Paying for Stuff Abroad
Saving a little extra.

Don’t Believe These Social Security Myths
Separating fact from fiction.

Which Grocery Delivery Subscription Is the Best Deal?
Breaking down the costs.

Why Your Investing Plan Really Matters
Taking the emotion out of it.

Filed Under: Liz's Blog Tagged With: foreign currency fees, grocery delivery subscriptions, investing plans, Social Security myths

Monday’s need-to-know money news

June 17, 2019 By Liz Weston

Today’s top story: What college students need to know about driving for Uber, Lyft. Also in the news: 4 beach vacations that maximize your points and miles, how to make your day at the ballpark a money-saving win, and how the opioid crisis is leading to elder financial abuse.

What College Students Need to Know About Driving for Uber, Lyft
It could impact your financial aid.

4 Beach Vacations That Maximize Your Points and Miles
Head to the sand.

How to Make Your Day at the Ballpark a Money-Saving Win
Hit a home run without the Major League prices.

How the opioid crisis is leading to elder financial abuse
Advisors are urged to look for potential fraud.

Filed Under: Liz's Blog Tagged With: baseball games, beach vacations, college students, elder financial abuse, Lyft, opioid crisis, reward miles, reward points, rideshare, tips, Uber

Q&A: When family balks at paying their fair share

June 17, 2019 By Liz Weston

Dear Liz: I inherited half a duplex from my parents. They were partners with my aunt and uncle. When alive, all parties shared expenses for the common areas. I rent out my half of the duplex while my aunt still lives in the other half. My cousins now control my aunt’s finances (she is 94 and in poor health). They refuse to reimburse me for common-area expenses such as painting the exterior (the paint was peeling, exposing the wood, and hadn’t been painted in more than 10 years) and repairing and updating the electrical panel, which had frayed and exposed wires that posed a fire hazard. The panel is on their half of the duplex but serves both units. These costs were about $15,000. What can I do? It’s not fair that I pay for everything when both owners benefit from the necessary repairs.

Answer: Your best hope may be to change your approach. Did you ask your cousins to help you pay for the repairs before you had them done, or only afterward? If they had no input into what was done or how, it’s understandable that they would balk when presented with half the bill.

Of course, they might have balked anyway, and that’s why owning property with other people can get tricky: They often don’t share your opinions about what needs to be done and how much to spend. Some prefer to defer maintenance and repairs indefinitely rather than shell out money to protect their investment. Others understand how important maintenance and repairs are but might want to do some of the work themselves to save money (although do-it-yourselfers shouldn’t attempt an electrical panel upgrade, obviously.)

So your frustration is understandable, but your options may be limited. If you can’t work something out with your cousins, your alternative may be to sell your half of the duplex, but that could require going to court to force a “partition” of the property. You should talk to an attorney familiar with the property laws in your state so you can get an idea of your options and their cost.

Filed Under: Inheritance, Q&A, Real Estate Tagged With: expenses, Inheritance, inherited property, q&a, real estate

Q&A: Working after retirement

June 17, 2019 By Liz Weston

Dear Liz: My profession was one of the hardest hit by the Great Recession. I retired by default when I turned 62 in 2012. My Social Security payment was reduced because I started it early. I’ve found it necessary to return to the workforce part time to move beyond just surviving and have some discretionary funds. What does my employment mean for future Social Security payments?

Answer: You’re past your “full retirement age” of 66, so you no longer face the earnings test that can reduce your Social Security benefit by $1 for every $2 you earn over a certain limit ($17,640 in 2019).

Sometimes returning to work — or continuing to work after you start receiving Social Security — can increase your benefit if you had some low- or no-wage years in your work history. Social Security uses your 35 highest-earning years to calculate your checks. The amounts are adjusted to reflect changes in average wages, which is somewhat similar to an inflation adjustment. If you should earn more this year than you did in one of those previous years, your current earnings would replace that year’s earnings in the calculation and could increase your check.

Another way to boost your benefit if you’ve reached full retirement age but are not yet 70 is to suspend it. That means going without checks for a while, but your benefit earns delayed retirement credits that can increase the amount by 2/3 of 1% each month, or 8% a year. It may not be practical for you to do this: You probably need the money, and you could be too close to 70 to get much benefit. But perhaps that’s not the case for someone else reading this.

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

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