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%, […]
Recent Blog Posts
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 […]
Q&A: Widower can file for survivor benefits now and his own later
Dear Liz: My sister and brother-in-law were both 68 when she passed away last December. She had been on Social Security disability since her mid 50s until it was converted to retirement in her 60s. He is the higher wage earner and still working. Can he file for survivor benefits now, and then file for […]
Q&A: Filing a tax return after a parent dies
Dear Liz: My mother’s only income was Social Security. Her accountant told her many years prior to her passing that she didn’t need to file a tax return. I was the executor of her trust and told the attorney I hired to help settle the estate that I would file her final tax return. I […]
Q&A: Should a spouse start Social Security now or later?
Dear Liz: I waited until age 70 to start collecting Social Security. My wife turns 65 this year so her full retirement age is 67. Can she start collecting Social Security benefits now based on my benefit or should we wait until her full retirement age? Answer: If she applies for Social Security now, she […]
Q&A: Inherited IRA could increase tax bill and Medicare premiums
Dear Liz: If someone inherits my retirement account, is there any way they can avoid having their Medicare premiums increased for one year? Answer: A large-enough retirement account could affect their Medicare premiums for up to 10 years, not just one. Normally inheritances aren’t taxable, but retirement accounts are the exception. Withdrawals from inherited retirement […]