Today’s top story: 401(k) mistakes for new grads to avoid. Also in the news: 6 financial questions you’re too embarrassed to ask, why you should scatter your bank accounts, and 5 facts that prove Americans don’t know anything about managing money. New Grads, Don’t Make These 401(k) Mistakes Plan carefully. 6 Financial Aid Questions You’re […]
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Are you afraid to look at your finances?
Credit counselor Linda Humburg understands why many of her debt-burdened clients don’t want to open their mail. What bothers her, though, is the sheer volume of untouched bills and collection notices that some bring to their first counseling appointments. “The shoeboxes (full of bills) don’t make my heart drop as much as the grocery bags […]
Monday’s need-to-know money news
Today’s top story: 4 keys to successful debt consolidation. Also in the news: Credit card startups want to get in your wallet, financial must-do’s for newlyweds, and the best ways to get a big credit card bonus without going into debt. 4 Keys to Successful Debt Consolidation Put those cards away. Credit Card Startups Race […]
Q&A: Social Security benefits for spouses can pump up household income
Dear Liz: I have a friend who has a selfish, controlling husband. When talking with her recently, she told me she got only $300 a month from Social Security based on her work history while her husband gets $1,800. I told her she should be getting $900, half of his monthly amount, as a spousal […]
Q&A: When a student loan co-signer dies
Dear Liz: I have a friend who recently died after co-signing a student loan for her son. She was making the payments. Does that loan go to her son now to repay? Answer: Possibly. Another possibility is that her estate is on the hook. It all depends on the loan agreement, which varies from private […]
Q&A: Deducting medical expenses racked up by another person
Dear Liz: I recall reading that an individual could deduct unlimited medical expenses for another person, as long as the provider was paid directly. Looking at IRS Publication 502, it appears that now only a “qualifying relative” (the closest I could get to eligibility) is eligible for a deduction on another person’s return. I’m asking […]