Dear Liz: I just turned 62 and I have 3 children, ages 11, 13 and 15. I understand that starting Social Security now means my benefit is permanently reduced. Should I delay or take it now, since my children could get benefits? Answer: The so-called “child benefit” complicates the math that usually favors delaying the […]
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Q&A: Here’s why two 401(k) accounts aren’t better than one
Dear Liz: I changed jobs more than three years ago and did not roll over my 401(k) when I started a 401(k) account with my new employer. I’m perfectly happy having separate accounts. However, I’ve read some IRS rules that I cannot understand about being penalized for not contributing to a 401(k) for five years. […]
Friday’s need-to-know money news
Today’s top story: Why taking Social Security early costs too much. Also in the news: Student loans still cover living costs with classes online, why you should renew your passport right now, and how millennials and Gen Z are using TikTok to learn about personal finance. Why Taking Social Security Early Costs Too Much Longer […]
Why taking Social Security early costs too much
Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit check reduced by nearly 30%. Many Americans have little choice but to accept the diminished payments. Even before the pandemic, about half […]
Wednesday’s need-to-know money news
Today’s top story: Choosing the right vehicle for your off-road adventures. Also in the news: Why a new fee shouldn’t stop you from refinancing your mortgage, what to do when you’ve paid off your credit card debt, and how to manage any credit card debt you may have racked up the last few months. Choose […]
Tuesday’s need-to-know money news
Today’s top story: Is it harder for seniors to get credit cards? Also in the news: Factoring in fees on grocery, delivery, what to do if losing your job means losing your life insurance, and there’s still time to claim your missing $500 stimulus for dependents. Is It Harder for Seniors to Get Credit Cards? […]