Dear Liz: My wife and I are well over 70 and receive Social Security. We pay for Medicare Part B as well as IRMAA (Income-Related Monthly Adjustment Amount) for Part B and Part D via deductions from our monthly checks. We just received our annual notice from the Social Security Administration of the 2.8% cost-of-living increase […]
Recent Blog Posts
Q&A: Where can I get advice on saving money?
Dear Liz: Could you possibly recommend a financial advisor I could sit down with who could counsel me on ways to save money? I work a full-time clerical job, but worry all the time about being homeless someday. Answer: Talking with a financial expert can help you formulate a sound plan for your future, which in turn […]
Q&A: Account closure caused long-lasting score drop
Dear Liz: A reader mentioned recently their credit score dropped only four points after closing a credit card they had since 1981. Three years ago I closed a credit card that was over 30 years old and my credit score dropped 20 to 35 points, depending on the credit reporting bureau. My score hasn’t gone up […]
Q&A: Do I need a will if I don’t have much money?
Dear Liz: I have less than $5,000 in my savings account, a 12-year-old car and a mortgage with a $200,000 balance. I am 67 and can’t decide whether to make a will. I live alone and have no children. I have three siblings, but am only close to one. I hate to spend money on […]
Q&A: Bad advice about closing credit accounts?
Dear Liz: Recently, you advised someone that it was OK to cancel a credit card. When someone responded saying they did just that and got a 4-point hit on their credit rating, you again stated it was nothing more than a short-term glitch and not to worry. And you call yourself a “certified” financial advisor? You […]
Q&A: How can a family break a dynasty trust?
Dear Liz: My mother recently died at the age of 93. My sisters and I are her beneficiaries, and all of us are in our 60s. Unbeknownst to us, one of her assets is a “dynasty trust,” established in 1964, that can only be used for “care” and “education.” The lawyer never told us this and […]