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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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. […]
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 […]
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I must withdraw money from my IRA, may I donate those dollars to a charitable organization without paying tax on the withdrawn funds?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 […]
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 […]
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 […]