Student loans aren’t handouts

Dear Liz: I am increasingly annoyed by the entitlement attitude of today’s students. Why should the taxpayers (me) pay to educate somebody else’s children? I remember when there was no such thing as a student loan. If I wanted to go to college and didn’t have the money for tuition, I delayed starting college until […]

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How Social Security calculates your check

Dear Liz: I have been told over the years that your Social Security monthly benefit amount is computed using years closest to retirement. I have now been told benefits are calculated from your highest earning year in your working life. Which is true? I am 61 and unable to work more than part time for […]

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Public service may winnow student loan debt

Dear Liz: I am the single mother of four daughters, including one who has a serious heart condition that causes $10,000 to $30,000 in out-of-pocket medical expenses each year. These medical bills have caused me to file bankruptcy twice, but the bankruptcies have not wiped out my student loans. I have qualified for minimum payments […]

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Selling home could ease student loan burden

Dear Liz: Your answer to the parents with $200,000 in student loans for their daughters’ educations was interesting — and cautionary. I wonder, since they mentioned refinancing their home, why not explore using their equity by selling the home and renting? Depending on the amount they have in the home, they might be able to […]

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Parents trapped by huge student loan debt

Dear Liz: My husband and I took out more than $200,000 in federal parent PLUS loans to pay for our two daughters’ college educations. My husband earned over $300,000 when the loans were made. Since then, he lost his job and now makes $100,000. I went back to work and earn $35,000. We finally succeeded […]

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Delaying Social Security increases your options

Dear Liz: I’m confused by your answer about the “file and suspend” strategy for boosting Social Security benefits. You wrote that the higher-earning, younger spouse in this case had to wait until her full retirement age if she wanted to use this strategy to let her husband claim a spousal benefit while her own benefit […]

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Are you ready?

A big storm is threatening the East Coast, and my buddy Elizabeth Razzi had some good advice yesterday for getting ready:  “From my experience, most important prep includes doing ALL the laundry, making milk jugs of ice for the fridge, clearing leaves from drains and having a good supply of ground coffee for the French […]

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Don’t buy an education you can’t afford

Dear Liz: Please make me feel like I’m doing the right thing. My daughter happens to be very talented academically and athletically. She will graduate from one of the best prep schools in the country. She also plays ice hockey and is being recruited by some of the best schools. However, we are of middle-class […]

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What’s a “must have”?

Dear Liz: You’ve written frequently about the 50/30/20 budget, where no more than 50% of your after-tax income should be spent on “must haves” so that you have 30% for “wants” and 20% for debt repayment and savings. In which category would alimony fall? How about car payments? Answer: Any expense that can’t be put […]

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How to help a friend with big debts

Dear Liz: I have a friend who owes $30,000 in credit card debt. I suggested he see a financial advisor who can help him to get out of this situation, but he never finds the time to do it. He pays all his bills on time, but only the minimum required, and there’s nothing left […]

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