Ask Liz Weston

August 7, 2012 By Liz Weston

Don’t throw that away!

Please welcome Jeff Yeager, one of my favorite cheapskates and an all-around good guy. I asked him to write the very first guest post for AskLizWeston.com based on advice from his latest book, “Don’t Throw That Away!” The book, and this post, focus on the middle part of the “reduce, reuse, recycle” mantra, with creative […]

Filed Under: Saving Money Tagged With: Jeff Yeager, recycling, repurposing, saving money

August 6, 2012 By Liz Weston

Will her bad credit prevent him from getting a mortgage?

Dear Liz: Is it possible for me to buy a home without having my wife on the mortgage? She lost her business because of the recession. I do not want to deal with her creditors. Answer: You can apply for a mortgage based solely on your own income, credit scores and debt-to-income ratio, if those […]

Filed Under: Couples & Money, Credit & Debt, Q&A, Real Estate Tagged With: Credit Scores, credit scoring, FICO, FICO scores, mortgages

August 6, 2012 By Liz Weston

Live it up now, or insure against longevity

Dear Liz: I was born in 1960 and plan to retire with reduced Social Security benefits at 62. I’ve read in many places that taking reduced benefits isn’t a good idea because you are locked into a lower amount for life. While this is true on a monthly basis, what about on a cumulative basis? […]

Filed Under: Q&A, Retirement Tagged With: early retirement, Social Security, Social Security benefits calculator, timing Social Security benefits

August 6, 2012 By Liz Weston

How the “earnings test” works

Dear Liz: Hi. I learned the hard way about taking early Social Security benefits. I kept working and wound up losing $1 of Social Security benefits for every $2 I earned over a certain low threshold. Do I get this money back at some point or is it a penalty? Answer: It’s considered a penalty, […]

Filed Under: Q&A, Retirement Tagged With: early retirement, earnings test, Social Security

August 6, 2012 By Liz Weston

Why some debtors don’t get sued

Dear Liz: You recently answered a question from a business owner who defaulted on some credit card accounts and wanted to know how to pay these old debts. How is it that this person has not been subjected to numerous judgments on the cards in question? In fact, how could he or she have proceeded […]

Filed Under: Credit & Debt, Q&A Tagged With: collections, Credit Cards, Debts, garnishment, judgment, lawsuit judgment

July 30, 2012 By Liz Weston

Parents’ estate plan triggers IRA tax bill

Dear Liz: My sister and I are in the middle of distributing our parents’ estate. The beneficiary of the estate is a trust. Part of the estate consists of a traditional IRA, which will be split between my sister and me. The problem is that because the IRA will be distributed from the trust and […]

Filed Under: Estate planning, Q&A, Retirement Tagged With: Estate Planning, estate plans, inherited IRA, IRA, Taxes, trusts

July 30, 2012 By Liz Weston

Old debts don’t disappear

Dear Liz: I am astonished you would counsel someone to try to negotiate a settlement of credit card debts from 2003 that were written off in 2007. Why? The statute of limitations is no more than six years in California and can be much shorter in many other states. If a reader of your column […]

Filed Under: Credit & Debt, Q&A Tagged With: collections, Credit Cards, debt, debt collection, debt settlement, Debts, statute of limitations

July 26, 2012 By Liz Weston

Are you paying too much for car insurance?

Shopping for auto insurance is still a pain in the butt. I’d hoped it would be better by now. I’d hoped that the Internet would make the whole process more transparent. But you still have to check several Web sites and pick up the phone to call a few agents to get a truly comprehensive […]

Filed Under: Liz's Blog Tagged With: auto insurance, California Department of Insurance, CarInsurance.com, Insurance

July 23, 2012 By Liz Weston

Short sales, foreclosures have similar effect on credit scores

Dear Liz: I went through a divorce in the last year after being separated for two years. During our separation, we closed credit cards with high balances to make sure neither party would spend more on credit. We also had to short sell our home. So, as a single woman in her mid-30s, I have […]

Filed Under: Credit & Debt, Credit Scoring, Divorce & Money, Q&A, Real Estate Tagged With: Credit Cards, credit score recovery, Credit Scores, credit scoring, Debts, FICO, FICO scores, foreclosure, foreclosures, short sales

July 23, 2012 By Liz Weston

Delay collecting Social Security for a bigger benefit

Dear Liz: My spouse started collecting Social Security in 2002 at age 63. I am 59, and not working, so my future benefits are unlikely to increase very much, even if I wait until age 70. If he dies before I do, will I get same amount he would be collecting at that time? If […]

Filed Under: Q&A, Retirement Tagged With: Retirement, Social Security, spousal benefits, survivors benefits

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