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Liz Weston

Thursday’s need-to-know money news

June 21, 2018 By Liz Weston

Today’s top story: 9 unsung ways to earn airline miles for free. Also in the news: 5 ways not to blow a financial windfall, 5 ways to save at summer music festivals, and the best credit cards for grocery and dining out rewards.

9 Unsung Ways to Earn Airline Miles for Free
Racking up miles while on the ground.

5 Ways Not to Blow a Financial Windfall
Using your newfound money wisely.

5 Ways to Save at Summer Music Festivals
Skip the ten dollar water.

The Best Credit Cards for Grocery and Dining Out Rewards
How to maximize your rewards.

Filed Under: Liz's Blog Tagged With: airline miles, dining rewards, financial windfall, grocery rewards, summer music festivals, tips

Wednesday’s need-to-know money news

June 20, 2018 By Liz Weston

Today’s top story: Shady industry finds new ways to charge student borrowers. Also in the news: A guide to garage door installation costs, athleisure vacations, and how to split the bill when eating out with friends.

Shady Industry Finds New Way to Charge Student Borrowers
A new company is offering loans to cover fees.

A Guide to Garage Door Installation Cost
Reducing your costs.

On an Athleisure Trip, See the Sights and Stay in Shape
And how to do it for less.

How to Split the Bill When You’re Eating Out With Friends
Handling the awkward moment.

Filed Under: Liz's Blog Tagged With: athleisure, garage door installation, splitting the check, student borrowers, Student Loans, tips, vacation

Tuesday’s need-to-know money news

June 19, 2018 By Liz Weston

Today’s top story: A credit check-up for new grads. Also in the news: How couples can marry clashing investment styles, how your credit history can impact your life insurance rate, and ten steps to writing a will.

New Grads, Unlock Your Future With a Credit Check-Up
Your new world requires good credit.

How Couples Can Marry Clashing Investment Styles
Finding a happy medium.

Your Credit History’s Role in Your Life Insurance Rate
It’s all about reliability.

10 Steps to Writing a Will
Making your intentions known.

Filed Under: Liz's Blog Tagged With: college grads, credit check-up, Credit History, Estate Planning, investment styles, life insurance, wills

3 money tasks you shouldn’t tackle on your own

June 19, 2018 By Liz Weston

No one cares as much about your money as you do, but never asking for help can be dangerous — and expensive.

In a previous column, I detailed the hazards of trying to do your own estate plan and how problems often aren’t apparent until it’s too late to fix them. The following financial tasks also are more complex than they may seem, and the consequences for ignorance can be severe. In my latest for the Associated Press, why hiring an expert help may ultimately save you a bundle.

Filed Under: Liz's Blog Tagged With: audits, Bankruptcy, financial experts, Retirement

Monday’s need-to-know money news

June 18, 2018 By Liz Weston

Today’s top story: 6 college money lessons you didn’t learn in high school. Also in the news: Affordable ways to refresh your home, 5 ways not to blow a financial windfall, and the high financial cost of being gay.

6 College-Money Lessons You Didn’t Learn in High School
Lessons to take with you on campus.

Affordable Ways to Refresh Your Home
New looks for less.

5 Ways Not to Blow a Financial Windfall
You don’t need a yacht.

The High Cost of Being Gay
Marriage equaliity doesn’t equal financial equality.

Filed Under: Liz's Blog Tagged With: college expenses, home updating, LGBT, money lessons, tips, windfall

Q&A: When a Social Security spousal benefit goof is suspected

June 18, 2018 By Liz Weston

Dear Liz: A family member recently lost her spouse. His monthly Social Security check was $1,800 and hers is $750. I have two questions.

First, is my understanding correct that she is able to begin collecting his monthly amount instead of her own?

Second, instead of collecting Social Security based on her earnings history, was she eligible instead to have collected 50% of her husband’s monthly benefit? If so, she was entitled to $150 more than she’s been collecting. If this is accurate, is there any recourse for collecting the additional benefit from Social Security?

Answer: To answer your first question, yes, your relative will now receive a survivor’s benefit equal to what her husband was receiving. She will no longer receive her own benefit.

The answer to your second question is a bit more complicated. Your relative may have started benefits before her own full retirement age, which used to be 65 and is now 66. When people start benefits early, they receive a permanently reduced amount whether they’re receiving their own retirement benefit or a benefit based on a spouse’s earnings. It’s possible that her reduced retirement benefit was more than her reduced spousal benefit.

Another possibility is that she started benefits before her husband. To get spousal benefits, the primary earner typically needs to be receiving his or her own benefit. (There used to be a way around this, called “file and suspend,” that allowed the primary earner to file for benefits and then suspend the application. That no longer exists.)

If your relative started benefits before her husband, she may have been able to get a bump in her check once he applied, assuming her spousal benefit was worth more than her own retirement benefit. That bump in benefits is now automatic, but if she turned 62 before 2016, she would have had to apply to get the increase, says Mary Beth Franklin, a Social Security expert who writes for Investment News.

She wouldn’t be eligible to get all the missed benefits back at this point, but she could get up to six months’ worth.

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

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