Dear Liz: I am retired and subject to both the windfall elimination provision and the government pension offset. In a recent column you indicated someone wouldn’t be subject to the windfall elimination provision if they had 30 years of “substantial earnings” in a job where Social Security tax was withheld. I contributed to Social Security for […]
Recent Blog Posts
Q&A: I’ve got a 457(b), not a 401(k). Are they insured the same?
Dear Liz: As an employee of a public agency that offers a 457(b) account, it would be helpful to know if these accounts are insured in a manner similar to a 401(k). Answer: Employer-provided, tax-deferred 457(b) accounts are quite similar to 401(k)s. Both allow employees to make pretax contributions to a retirement account that can be invested […]
Q&A: Should I be afraid of payment apps?
Dear Liz: I pay rent via check (yes, I am aware of the risks). My landlord would prefer that I use Zelle, which has drawbacks. People have had their bank accounts drained. Also, I heard that peer-to-peer money transfer apps should only be used by friends and family, not for business, and not for large sums […]
This week’s money news
This week’s top story: What Visa’s upcoming changes might mean for your wallet. In other news: HELOC to pay kid’s college tuition or not, weekly mortgage rates dip, and what women should know about their investing power and needs. What Visa’s Upcoming Changes Might Mean for Your Wallet Combining multiple payment methods onto one ‘credential’ is […]
Q&A: What to do when your financial advisor isn’t doing right by you
Dear Liz: My husband and I are in our 80s, living in a retirement community. Our investment account is valued at $550,000. This has to see us through till we die. We have no pension, no other assets. Social Security provides $2,760 a month and we are in the lowest tax bracket. Our financial advisor is […]
Q&A: When an inherited house gets sold, it pays to know the tax rules
Dear Liz: My sister and I inherited a house from our mom in 2003. Back then, it was appraised at close to $500,000. It’s now worth $1.3 million and we want to sell and split the profits. My sister has lived in the house since Mom passed. Approximately what would the tax liability be? Answer: You’ll determine […]