Ask Liz Weston

May 29, 2013 By Liz Weston

Split credit accounts when you split with a spouse

Dear Liz: I just finished paying off my last credit card and checked my credit report as I am now separated from my wife. I found we had one joint account that she had not been paying. There are two stretches of five months each of no payment. I immediately called up the creditor and […]

Filed Under: Credit & Debt, Credit Cards, Credit Scoring, Divorce & Money, Q&A Tagged With: Credit Cards, Credit Scores, credit scoring, Divorce, FICO, FICO scores, marriage

May 29, 2013 By Liz Weston

Opt out of credit card offers

Dear Liz: I am receiving many unsolicited credit card offers in the mail and am worried about identity theft. Do you know of a phone number or Web address whereby I can opt out of these offers? Answer: You can call 1-888-5OPTOUT or visit www.optoutprescreen.com to remove your name from marketing lists that the three […]

Filed Under: Credit & Debt, Credit Cards, Q&A Tagged With: Credit Bureaus, Credit Cards, opt-out

May 22, 2013 By Liz Weston

Smarter travel planning this summer

It’s time to plan some summer fun, and yesterday’s “Smarter Travel” Tweetchat with Ally Bank featured some great tips. (You can check out the conversation using #allymoneychat on Twitter.) Here are some ideas to cut your costs: Travel outside the box. Your options aren’t just “fly or drive”? Donna Freedman recommends checking out the Megabus. […]

Filed Under: Liz's Blog, Saving Money Tagged With: travel

May 20, 2013 By Liz Weston

How much cash should you keep on hand?

Dear Liz: A few years ago I finished paying off my debt and now am in the very low-risk credit category. I have savings equal to about three months’ worth of bills and am working to get that to six months’ worth. I’m wondering, though, about an emergency that may require me to pay in […]

Filed Under: Banking, Budgeting, Q&A, Saving Money, The Basics Tagged With: emergency fund, emergency preparedness, emergency savings

May 20, 2013 By Liz Weston

Why delaying Social Security can make sense

Dear Liz: Your comments about the benefits of delaying Social Security misled readers. While a cost-of-living increase was standard for many years, it no longer is. You might want to check back over the last 10 years to get details. In addition, a reader might interpret your points about the increased benefit at full retirement […]

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

May 20, 2013 By Liz Weston

Want to get away this summer?

Please join me on Twitter tomorrow (Tuesday) at 2 p.m. Eastern/11 a.m. Pacific when we’ll be discussing “Smart Planning for Summer Travel.” Among the topics: How to take advantage of dropping airfares How to plan financially for travel and take advantage of discounts Good apps and Web sites to use When to consider home swaps […]

Filed Under: Liz's Blog, Saving Money Tagged With: travel

May 13, 2013 By Liz Weston

Waiting to take Social Security has hidden benefits

Dear Liz: When I was 62, I started Social Security and I’m currently saving half of my monthly benefit after taxes (about $750). My decision to take my benefits early was influenced by a financial columnist who suggested that if I started at 62 and invested half or more of it until I reached full […]

Filed Under: Q&A, Retirement Tagged With: file and suspend, Social Security, survivors benefits, timing Social Security benefits

May 13, 2013 By Liz Weston

High, safe returns don’t exist

Dear Liz: I’m getting about $500,000 from the sale of my business this year and next year will be getting an additional $1 million. What’s the best way to invest the money so I can make $150,000 to $200,000 a year? I am 55 years old and will have no other income than what I […]

Filed Under: Investing, Q&A, Retirement, The Basics Tagged With: Investing, safe withdrawal rates

May 13, 2013 By Liz Weston

Paper statements may not be necessary

Dear Liz: I’m wondering how long we really need to keep bank statements, since banks now offer paperless options. My son doesn’t even open the statements anymore; he just views his account information online. Answer: There’s nothing magical about paper bank statements. If your son doesn’t open them, he probably shouldn’t even get them. He […]

Filed Under: Banking, Q&A, The Basics Tagged With: banking, financial records, IRS, paperwork, purging paperwork

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