January 27, 2020 By

Q&A:Don’t make this mistake with your retirement savings

Dear Liz: My wife and I are in our mid-40s and planning to buy what likely will be the last house we’ll purchase. I’ve decided to withdraw around $15,000 from my IRA to buy down the rate, which will guarantee returns in the form of interest savings, even if those will be less than the […]

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January 23, 2020 By

Thursday’s need-to-know money news

Today’s top story: Who should consider a Roth conversion now? Also in the news: Morgan Stanley’s new cash account, how to make a savings plan, and an important student loan deadline. Who Should Consider a Roth Conversion Now? The Secure Act brings new options. Should You Check Out Morgan Stanley’s New Cash Account? A look […]

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January 22, 2020 By

Wednesday’s need-to-know money news

Today’s top story: How to have a ‘no regrets’ retirement. Also in the news: How to sell your car to family and friends, the debt payoff method that can also help your credit, and your last chance to file an Equifax breach settlement claim. How to Have a ‘No Regrets’ Retirement Putting off travel, buying […]

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January 21, 2020 By

Tuesday’s need-to-know money news

Today’s top story: 4 things to know if you’ve never budgeted before. Also in the news: Equifax breach – claims cutoff and more scammers ahead, how auto insurers use your nondriving habits to raise prices, and the benefits of filing taxes early. 4 Things to Know if You’ve Never Budgeted Before Breaking down the basics. […]

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January 21, 2020 By

Who should consider a Roth conversion now?

If you’ve saved a lot for retirement, or your parents have, you could be affected by recent changes in the rules about retirement distributions. The recently enacted Secure Act eliminated the “stretch IRA,” a strategy used by affluent investors to pass tax-advantaged money to their heirs. The stretch IRA allowed nonspouse beneficiaries — typically children […]

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January 20, 2020 By

Q&A: New Secure Act changes some retirement rules

Dear Liz: At age 70½, when I must withdraw money from my IRA, may I donate those dollars to a charitable organization without paying tax on the withdrawn funds? Answer: The short answer is yes, but you should know there have been some recent changes to retirement plan rules. Required minimum distributions now start at […]

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January 20, 2020 By

Q&A: A tricky Social Security plan

Dear Liz: In a recent column, you described the difference between withdrawal and suspension of Social Security benefits. I am 64 and want to take Social Security for two months to get out from under a few one-time bills. I’ll then withdraw my application and pay back the money. Do I understand that I’d have […]

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January 20, 2020 By

Q&A: How to keep tax benefits when renting out your primary residence

Dear Liz: If my wife and I sell our primary residence of 12 years, I understand we can exclude up to $500,000 in home sale profits from taxes. But if we rent it for a year or two, then sell, have we lost that tax break by converting it to income property? Answer: As long […]

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January 17, 2020 By

Friday’s need-to-know money news

Today’s top story: Alter your buying habits in 2020 and keep the change. Also in the news: When the gift of giving brings a tax on receiving, student loan forgiveness and taxes, and 7 alternatives to costly payday loans. Alter Your Buying Habits in 2020, and Keep the Change Cutting back on impulse buying. When […]

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