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Liz Weston

Wednesday’s need-to-know money news

January 30, 2019 By Liz Weston

Today’s top story: This winter, your credit should freeze, too. Also in the news: 5 keys to picture-perfect TV buying, when to hire someone to do your taxes, and 5 things consumers should watch out for now that the Fed hasn’t raised rates.

This Winter, Your Credit Should Freeze, Too
Protecting your personal info.

5 Keys to Picture-Perfect TV Buying
Just in time for the Big Game.

When to Hire Someone to Do Your Taxes
When Turbo Tax isn’t enough.

5 things consumers should watch for now that the Fed has NOT raised rates
Bad news for savers.

Filed Under: Liz's Blog Tagged With: consumers, Credit, credit freeze, Fed, interest rates, Taxes, television shopping

Tuesday’s need-to-know money news

January 29, 2019 By Liz Weston

Today’s top story: Could you live on your retirement savings for 23 years? Also in the news: How a new pilot manages $116,000+ in loans, what your tax refund will look like this year, and the top 10 colleges for financial aid.

Could You Live on Your Retirement Savings for 23 Years?
How long will your money last?

Debt Diary: How a New Pilot Manages $116,000+ in Loans
A payoff strategy.

What Your Tax Refund Will Look Like This Year
It might not be as much as you think.

The top 10 colleges for financial aid
Some colleges are quite generous.

Filed Under: Liz's Blog Tagged With: debt diary, financial aid, retirement savings, tax refund, Taxes

5 divorce mistakes that can cost you

January 29, 2019 By Liz Weston

If you’re getting a divorce, it pays to keep quiet on social media, says New York divorce attorney Jacqueline Newman. Trashing a soon-to-be ex or boasting about your great new life can complicate divorce negotiations.

One client’s husband, for example, insisted he couldn’t afford a proposed settlement. Then, he inadvertently gave Newman leverage to get a better deal.

“He bragged (on social media) about the great vacation he just took and the big deal he just closed,” Newman says. “And I said, ‘Thank you very much.’”

Oversharing isn’t the only mistake people make when their marriages are ending. In my latest for the Associated Press, four more mistakes that can have significant financial consequences.

Filed Under: Liz's Blog Tagged With: Divorce, divorce mistakes, social media

Monday’s need-to-know money news

January 28, 2019 By Liz Weston

Today’s top story: How to prepare for the next recession. Also in the news: How to grow your tax refund, everything you need to know to file your 2018 taxes, and how to wean grown kids off of your payroll.

There’s Always a Next Recession, so Be Prepared
Soften the blow of the next economic downturn.

If You’re Expecting a Tax Refund, Make a Plan to Grow It
Invest your refund instead of blowing it.

Everything You Need to Know to File Your 2018 Taxes
A handy list.

How to wean grown kids off your payroll, freeing up more retirement cash
Cutting the purse strings.

Filed Under: Liz's Blog Tagged With: 2018 taxes, adult children and money, recession, tax refund, tips

Q&A: There can be legal pitfalls in DIY estate planning

January 28, 2019 By Liz Weston

Dear Liz: You answered a letter from a reader who was asked to be the executor of a friend’s estate. The reader was worried about being pulled into a lawsuit because the friend planned to disinherit a brother. You mentioned that the friend’s estate will pay the legal fees and other expenses if the brother contests the will and that executors can be compensated for their time. You also should have mentioned the importance of hiring an experienced attorney when disinheriting someone because there are a lot of ways this can go wrong.

Answer: Even Nolo, the self-help legal publisher, warns people that they need to hire an attorney if their estate plans are likely to be contested. A do-it-yourself estate plan can wind up costing far more than it saves if the parties wind up in court.

Filed Under: Estate planning, Q&A Tagged With: Estate Planning, q&a

Q&A: Social Security survivor benefits complications

January 28, 2019 By Liz Weston

Dear Liz: My husband started collecting Social Security benefits at age 62. I was still working at the time. When I reached my full retirement age of 66, I started collecting spousal benefits, or 50% of the benefit he received. After I reached age 70 and retired, I switched over to my own benefit as it was a larger amount.

If my husband should die first, can I switch back to a survivor benefit based on his earnings record or do I have to continue collecting my own? As I understand it, the survivor benefit would be 100% of his benefit, which is more than I currently receive.

Answer: When one of you dies, the survivor will get one check instead of two, and the amount will be the larger of the two benefits you’re receiving now. So if he dies first, you’ll essentially stop getting your check and start collecting a survivor’s benefit equal to his.

You were lucky that you were able to file what’s known as a “restricted application” to get spousal benefits first, so that your own benefit could continue to grow. That option is not available to people born on or after Jan. 2, 1954.

But it’s unfortunate that your husband started benefits early because that permanently reduces the amount the survivor will receive in the future. Typically it’s best for the higher earner in a couple to delay receiving Social Security benefits as long as possible to maximize what’s left for the survivor.

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

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