Dear Liz: You recently wrote about how closing credit cards can hurt your credit scores. I’m wondering what impact closing a business credit card would have on my personal credit score. For many years I have been working in the film industry under contracts with my personal services loan-out company. My company has two credit cards, including a […]
Recent Blog Posts
Q&A: Social Security survivor benefits
Dear Liz: I am trying to understand the Social Security survivor benefit. I delayed starting to receive my benefits until I reached age 70. My wife just started receiving benefits at 66 and 10 months. Upon my passing, will she receive my benefit at full retirement age, plus the 8% annual delayed retirement credit plus the annual cost […]
This week’s money news
This week’s top story: Should you use your home or car as collateral for a credit card? In other news: 5 financial new year’s resolutions for 2024, airline that has been the most reliable in 2023, and to cash a check at any bank or check-cashing service. Should You Use Your Home or Car as Collateral for […]
Q&A: Distributing funds from inherited IRAs
Dear Liz: You have referenced the relatively new 10-year rule that sets a deadline for distributing money out of an inherited IRA. You mentioned that surviving spouses are one exception to that rule. Aren’t there others? Answer: Yes. The 10-year rule applies to IRAs of those who die after Dec. 31, 2019. Most non-spouse inheritors must empty an inherited […]
Q&A: What is a ‘qualified higher education expense’ for 529 college savings plans?
Dear Liz: We are tapping our child’s 529 college savings plan for the first time and are confused on what qualifies as a “qualified higher education expense.” Obviously tuition counts, but what about other fees, such as student body fees, health insurance coverage and tuition insurance? We’re also trying to figure out how much we can withdraw to […]
Q&A: Claiming Social Security benefits
Dear Liz: My husband turned 70 this past May and waited until then to take his Social Security. I am 61 and will qualify for a benefit based on my work history, although my benefit is substantially less than his. I understand I can take half of his benefit at my full retirement age of 67. […]