Today’s top story: Don’t make this common – and costly – credit card mistake. Also in the news: Paying by credit card will increase college costs, free credit freezes, and when to buy travel insurance. Don’t Make This Common — and Costly — Credit Card Mistake Even a day late can be costly. To Make […]
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Why your kid should help pay for college
I recently heard from the parents of yet another high school senior who turned down a huge scholarship from a good college to attend her “dream school,” which of course has lousy financial aid. Now her parents are scrambling, trying to figure out how to pay for it . This madness must end. Asking teenagers […]
Monday’s need-to-know money news
Today’s top story: How to plan a vacation without getting into debt. Also in the news: How to save money and drive safer by plugging into your car’s computer, 9 expenses to pack in your moving budget, and 3 people show how they got control of their college debt. How to Plan a Vacation Without […]
Q&A: How to ensure that assets end up with an heir — not that person’s spouse
Dear Liz: What would be the ownership status of assets covered in our will and our retirement accounts when our heirs and beneficiaries receive them? In the case of married heirs, do the asset ownership laws of their state of residence dictate whether inheritance proceeds get held individually or jointly? In addition to having a […]
Q&A: Big severance creates a tax problem
Dear Liz: My husband is being laid off with a severance package equal to seven months’ pay. What’s better for tax avoidance in California, a 529 college savings plan contribution or investing in an IRA? Answer: A 529 college savings plan contribution won’t save you taxes in California. There’s no federal deduction for such contributions, […]
Q&A: Getting spousal benefits after divorce
Dear Liz: When I retired at 63, my husband had been on Social Security for several years. We had been divorced about six months at that time. Should I have been bumped up to his benefits? We had been married for 42 years. Answer: You wouldn’t get an amount equal to his benefit if he’s […]