Dear Liz: I am almost 59½. Can I retire at 60½? I have $570,000 in a 401(k) and $180,000 in an IRA. I owe $253,000 on a condo that would sell for $600,000. I plan to buy a home next year for $400,000 and pay off the mortgage with the proceeds of the condo. Then […]
Recent Blog Posts
Equifax hack: Freezing your credit isn’t enough
The Equifax hack exposed the names, addresses, birthdates and Social Security numbers of up to 145.5 million Americans. Drivers license information for 10.9 million people was also exposed, according to a Wall Street Journal report. This is the sensitive, private information that’s used to establish your identity, which is why freezing your credit reports — […]
Q&A: Help your son by helping yourself
Dear Liz: I’m a new mom and want to start saving for my son’s college/car/other life expenses while also planning a secure future for him. If I only had, for example, $300 a month to put toward this goal, what would you recommend I spend it on? Life insurance? Savings accounts for him? Savings accounts for […]
Q&A: Adding daughter to home could create a tax burden
Dear Liz: My wife and I are both 80 and we are contemplating adding our 56-year-old daughter as a co-owner and borrower to our home. The house is now valued at $600,000 and our mortgage balance is $196,000. If it is advisable, and I am able to do this, will it prevent the house going into […]
Today’s must-read: Run–don’t walk–out of this store
Everybody knows that renting-to-own furniture, televisions and electronics is an expensive way to buy. What you may not know are all the other ways these transactions can hurt you. It’s not just ruined credit and aggressive collection tactics. In some states, you can even go to jail. NerdWallet’s investigative reporting team exposes the horror stories […]
Q&A: Saving for retirement can’t wait
Dear Liz: I have a family member who at 57 has no savings, a house whose value is 58% mortgaged and debt from a family member of $180,000. This person is just starting a new job that will cover expenses with about $1,000 left over each month. The job offers a 401(k) but doesn’t allow […]