Get smart with your money
Dear Liz: I retired in 2013 at 55. I purchased an annuity, which will pay $1,000 a month for life for me and my wife as well. That starts in February 2020. My retirement fund, meanwhile, was rolled into an IRA and I’m withdrawing about 10% of that annually. The balance is about $650,000. My […]
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Today’s top story: Are you robbing your parents’ retirement. Also in the news: When is your credit score high enough, when a cash back card is better than travel rewards, and how to pay for your pet’s healthcare. Are You Robbing Your Parents’ Retirement? Parents helping their adult kids at the expense of their future. […]
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Today’s top story: How budgeting date nights help one couple stay on track. Also in the news: What travelers want out of their vacation rentals, how not to get duped when buying a used car, and how to make a home down payment without wrecking your finances. Budget Diary: ‘Budgeting Date Nights’ Help One Couple […]
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Today’s top story: How income-based student loan repayment is calculated. Also in the news: The ideal debt-to-income ratio for student loan refinancing, why you might be eligible for a TurboTax refund, and how adult children are eating into their parents’ retirement savings. How Is Income-Based Repayment Calculated? Determining your monthly student loan payment. Debt-to-Income Ratio […]
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Today’s top story: In the points and miles game, blind loyalty can cost you. Also in the news: The best mortgage lenders with no origination fee, how a personal loan affects your credit score, and how thinking like an optimist could help you save more. In the Points and Miles Game, Blind Loyalty Can Cost […]
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Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans that promise relief but could leave them worse off. Paying off high-rate debt such as credit cards with lower-rate loans may seem like a no-brainer. Unfortunately, many of these loans have hidden […]
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Today’s top story: Pet insurance can be your wallet’s best friend. Also in the news: How to get the most out of online reviews, talking to your parents about their financial plans, and where the 2020 candidates stand on student debt and college affordability. Pet Insurance Can Be Your Wallet’s Best Friend Covering your furry […]
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Dear Liz: I am one of those seniors who purchased their house in the 1970s. I would like to move but I’m reluctant because of the huge capital gain tax that I would have to pay. The exemption amount has not been raised since 1997 when it was enacted. In comparison, the estate tax exemption […]
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Dear Liz: You recently answered a question about determining home sale profits for a widow. My question is how you calculate taxes when there’s a loan in the mix. For instance, when I bought my home, I took out a mortgage. Subsequently, I took out a second mortgage to pay for a pool and landscaping. […]
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Dear Liz: I’m 60. Should I take a $50,000 distribution from my 401(k) to pay down my $146,000 parent Plus college loan and then try to refinance the balance with a private lender at a lower interest rate? I have $364,000 in my 401(k). I’m paying 8% interest on the parent Plus loan and planning […]
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