Dear Liz: We are a retired couple in our late 70s. I worked as a carpenter and my wife worked as a nurse. We saved and invested for the long haul with a well-known discount brokerage. Last summer, we were wooed by another financial services firm with a “much better idea.” Our combined portfolio at the […]
Recent Blog Posts
Q&A: Is there a way to avoid taxes on RMDs?
Dear Liz: I have read advice on how to minimize taxes for people who potentially could have higher incomes and taxes after age 70 when they have pensions, Social Security payments and retirement account RMDs. The most common strategy seems to be doing Roth conversions during the later stages of employment, particularly if one spouse retires […]
Q&A: How do I get tax forms from my online bank?
Dear Liz: I have a savings account and a revocable trust money market account with an online bank. They provide the 1099-INT tax form for the savings account as a downloadable file. However, they do not provide a downloadable form for the trust account money market. They insist that it can only be mailed after Jan. […]
Q&A: Broker made mistake calculating RMDS
Dear Liz: While preparing our 2025 taxes, I noticed that our brokerage doubled the required minimum distributions for my husband and me for 2025. I called, and they said they were “running two systems” and sent a notice to investors to look for any problems. I do not recall ever receiving such a notice. Also, I […]
Q&A: How working abroad affects Social Security
Dear Liz: In your answer to the person who wants to move abroad, you forgot to mention that they would have to have 40 work credits to receive Social Security benefits. Answer: Actually, the United States has made “totalization agreements” with more than 30 other countries regarding Social Security coverage. Essentially, a worker who doesn’t have enough […]
Q&A: Should I draw down my 401(k) before accepting Social Security?
Dear Liz: I am a 66-year-old single male working part-time (not by choice, but it’s the best I can get). I earn about $24,000 per year plus another $4,000 in unemployment during the summer. Work provides healthcare, so I don’t have Medicare premiums yet. With fixed expenses at roughly $50,000 per year, I am withdrawing from […]