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Liz Weston

Q&A: Here’s a big mistake to avoid when planning your wedding

April 1, 2019 By Liz Weston

Dear Liz: Would you advise taking money out of your 401(k) for your wedding if you’re getting a lump sum of money within the same year and can pay the full amount back?

Answer: How about postponing the wedding until you can pay for it in cash?

That would be so much better than starting your life together “betting on the come” — in gambling parlance, counting on cards that haven’t yet been dealt into your hand. There are so many ways that can go wrong and only a few where it can go right.

The most obvious risk in borrowing from your 401(k) is that you will lose your job and won’t be able to pay back the money before the balance is deemed a withdrawal, incurring taxes and penalties. Plus, you can’t put the money back, so you’ve lost all the future tax-deferred compounding those savings could have earned.

You’re also setting a seriously bad precedent for your marriage when you borrow money for a luxury, which is what a wedding is. (You also might want to read the Emory University study that found the duration of a marriage was inversely proportional to how much was spent on the engagement ring and wedding. The more spent, in other words, the shorter the marriage.)

It’s easy to get in the habit of borrowing rather than making hard choices or having hard discussions. But a good marriage, and sound finances, requires plenty of both. Give yourselves the gift of a wedding you can afford, when you can afford it.

Filed Under: Couples & Money, Q&A Tagged With: Savings, wedding planning, weddings

Q&A: Social Security spousal benefits

April 1, 2019 By Liz Weston

Dear Liz: My husband is 78 and receives a large Social Security check every month. I will be 66 in two years. Should I take my benefit then — we may need it — and then switch to his benefit if he dies before I do? His benefit will be much higher than mine. I see that some of your older posted responses mention a spousal benefit. I think this is no longer offered as of a few years ago — is that correct?

Answer: Spousal benefits, which can be up to 50% of the primary earner’s benefit, are still very much available. What was eliminated for people born on or after Jan. 2, 1954, was the option of filing a restricted application for spousal benefits only, and then switching to one’s own retirement benefit later.

When you apply for Social Security, your spousal benefit is compared to your own benefit and you’ll get the larger of the two. When one of you dies, the survivor will get only one check, which will be the larger of the two you received as a couple.

Filed Under: Q&A, Social Security

Friday’s need-to-know money news

March 29, 2019 By Liz Weston

Today’s top story: There’s more than one way to slay a debt. Also in the news: How to know when it’s OK to spend, 3 steps to spring cleaning your credit card debt, and what to do when you desperately need help with medical bills.

There’s More Than One Way to Slay a Debt
These key points could help.

How to Know When It’s OK to Spend
Loosening the purse strings.

3 Steps to Spring-Cleaning Your Credit Card Debt
Time to shake the dust off.

What To Do When You Desperately Need Help With Medical Bills
Looking into medical debt forgiveness.

Filed Under: Liz's Blog Tagged With: credit card debt, debt, debt forgiveness, medical debt, spending, tips

Thursday’s need-to-know money news

March 28, 2019 By Liz Weston

Today’s top story: How your tax refund could improve your credit. Also in the news: What to buy (and skip) in April, 8 warning signs it’s time to course correct in college, and 7 last-minute tax tips to lower your 2018 bill.

How your tax refund could improve your credit
Using your refund strategically.

What to Buy (and Skip) in April
Good time for a vacuum upgrade.

8 Warning Signs It’s Time to Course Correct in College
Change course if you want to graduate.

7 Last-Minute Tax Tips to Lower Your 2018 Bill
There’s still time to save money.

Filed Under: Liz's Blog Tagged With: April shopping, college, Credit Score, tax refund, tax tips

Wednesday’s need-to-know money news

March 27, 2019 By Liz Weston

Today’s top story: 5 freebies with your student loans. Also in the news: How to stem ‘subscription creep’, how baby steps can get your credit life rolling, and everything Apple isn’t telling you about its new credit card.

5 Freebies With Your Student Loans
Loyalty discounts and academic assistance.

How to Stem ‘Subscription Creep’
Stop paying for that movie subscription you never use.

Baby Steps Can Get Your Credit Life Rolling
One tiny step at a time.

Here’s Everything Apple Isn’t Telling You About Its New Credit Card
Reading the fine print.



Filed Under: Liz's Blog Tagged With: building credit, freebies, Student Loans, subscription creep, tips

Tuesday’s need-to-know money news

March 26, 2019 By Liz Weston

Today’s top story: How Free Money bank promotions can boost your savings. Also in the news: Apple’s new credit card is generous if you use Apple Pay, how to reclaim tax breaks you may have missed in recent years, and matching your kid’s IRA contributions to incentivize savings.

How ‘Free Money’ Bank Promotions Can Boost Your Savings
A good way to build your emergency fund.

New Apple Card Is Generous, but Only Through Apple Pay
Regular rewards are on the skimpy side.

Reclaim Tax Breaks You May Have Missed in Recent Years
The clock is ticking.

Match Your Kid’s IRA Contributions to Incentivize Savings
Encouraging savings early.

Filed Under: Liz's Blog Tagged With: Apple Card, Apple Pay, bank accounts, emergency savings, free money promotions, IRA contributions, kids and money, tax breaks

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