Dear Liz: My bookkeeper cousin told me I could get half my husband’s Social Security instead of my own. I took Social Security at 66, when my benefit was $1,300. My husband waited until 70, when his was $3,295. Does that mean I could be getting a monthly check for $1,600? Answer: Probably not. Spousal benefits can […]
Recent Blog Posts
Q&A: A husband handles the investing. What happens when he’s gone?
Dear Liz: My husband has always handled our investments. He doesn’t think it makes sense to pay someone 1% to do what he can do on his own. As we’re getting older, I’m starting to worry about what I would do if he dies first. We also have a friend who got scammed, and it’s made […]
Q&A: Giving your money away? The IRS wants to know about it.
Dear Liz: You recently wrote that “the only givers who have to pay taxes are those who have given away millions in their lifetimes.” I tend to be generous with my offspring who are the beneficiaries of my trust. For example, I gave a down payment on a house to my son last year. Because of […]
Q&A: When giving cash gifts, does anyone need to pay taxes?
Dear Liz: I am a widow age 95. I would like to give my three kids, who are in their 60s, $5,000 each this year. What are the taxes, and who pays them? Answer: Gifts aren’t taxable to the recipients, and the only givers who have to pay taxes are those who have given away millions […]
Q&A: Is it only the bread winners who get Social Security?
Dear Liz: How is it that elderly people who have never contributed to Social Security can collect a check? My wife’s grandmother was getting more than $1,000 a month. Answer: Spousal and survivor benefits are nearly as old as the Social Security program itself. Social Security was signed into law in 1935. Initially, benefits were only […]
Q&A: The new roof is done. Now, what’s the smart way to pay for it?
Dear Liz: I borrowed $35,000 from my home equity account a couple of years ago to pay for a new roof. The house is paid for; there is no mortgage. My wife thinks I should pay off the balance, which is $29,000. This would create a significant gap in our liquid assets. The current payment […]