Dear Liz: I am under full retirement age, collecting Social Security and working part-time. I just received a letter from Social Security telling me I earned over the $22,320 limit and now have to pay back some of my Social Security. I was aware of the limit, so the letter was not unexpected. What I’m […]
Recent Blog Posts
Q&A: Should you keep more than $250,000 in one bank?
Dear Liz: You recently wrote that it’s easier to have one bank than many, but I worry about FDIC insurance limits because I have more than $250,000 in savings. Answer: You may be able to get more coverage at one bank than you think. FDIC insurance is per depositor, per ownership category, per bank. Ownership […]
Q&A: Why living trusts are a good option, most of the time
Dear Liz: My goal is to avoid probate and allow simplified access for my heir, who is also my executor. I have no family. I have chosen payable-on-death and transfer-on-death accounts instead of putting all financial assets in my trust, against the wishes of the attorney who drew up the trust for my condo. I […]
Q&A: Widow may be eligible for home sale tax relief
Dear Liz: My late husband and I bought my present home in 1969. I am now 80. From what I understand, my widowed status does not make any difference in regard to the home sale exemption. His death means that when I want or need to sell the house, I lose out on half the […]
Q&A: The pros and cons of rewards cards with high interest rates
Dear Liz: I expect to travel to Europe in the next few months. I applied for a new credit card to take advantage of its “no foreign transaction fees” policy. With a credit score of 740, I figured I would get a decent rate. Today I learned that I’m approved with a rate of 29%, […]
Q&A: When is the right time to start simplifying your finances?
Dear Liz: You recently answered a question about closing credit cards and mentioned the “mental load” of managing too many cards. That got me thinking about when is the right time to start simplifying my finances. I have lots of rewards credit cards and have opened several bank accounts to get bonuses, but I wonder […]