Dear Liz: We paid a lot for our house, and a lot to renovate it seven years ago. My banker recommended taking a low-interest loan against our assets at the bank instead of selling investments to pay for the renovations, which cost $900,000. The bank offered a rate of prime plus half a point. Up until a […]
Recent Blog Posts
Q&A: Spousal and divorced spousal benefits are available only while the primary worker is still alive
Dear Liz: You recently answered a question about divorced survivor benefits. Is the survivor benefit going to be 100% of what the deceased ex-spouse was receiving at death or 100% of the ex’s benefit at full retirement age? My ex-wife is 65, the marriage lasted 34 years, it’s been two years since our divorce and she’s planning […]
How to reduce your ‘widow’s penalty’
After a spouse dies, the survivor often ends up paying higher taxes on less income — something known by accountants and financial planners as the “widow’s penalty,” because women typically outlive their husbands. Couples who know what’s coming often can take steps to soften the penalty’s effect, but too many don’t think far enough ahead, says Barbara […]
This week’s money news
This week’s top story: What to expect if the Credit Card Competition Act passes. In other news: How to avoid the cost, risk and stress of unneeded medical tests, how to get the best interest rate on your business loan, and get ready for an even busier holiday travel season in 2023. What to Expect if […]
Q&A: Delayed Social Security benefits
Dear Liz: I know my spouse can get up to half of my Social Security benefit amount if it is greater than her benefit. I am planning to delay starting Social Security until age 70. Will my spouse get half of my benefit at my full retirement age (which is 66 and 2 months) or half […]
Q&A: Home equity in community property states
Dear Liz: I live in California and have been married for 20 years. My spouse bought our home before our marriage and my name is not on the title as a co-owner. However, I contribute to most of our monthly financial obligations which include paying the mortgage, property taxes, etc. In the event of death or […]