Dear Liz: When my wife reached age 59½, we initiated required minimum distributions for all of her retirement funds. During the process, the investment company representative stated that as long as she was still working and contributing to her 401(k) and 403(b) at work, she was not required to take RMDs for those accounts. With all […]
Recent Blog Posts
Smart steps to take when helping your grandchildren financially
In his early 20s, Chris Chen’s nephew dreamed of becoming a professional photographer, but to pursue that dream, he needed equipment that cost over $5,000. His nephew worked hard to save $1,500, then his maternal grandmother provided an additional $750. Chen, a certified financial planner in Newton, Massachusetts, covered the rest. “It helped him understand […]
This week’s money news
This week’s top story: December mortgage rate forecast. In other news: 2024 housing trends, 5 steps to creating financial boundaries during the holidays, and how to make a liberal arts degree count. December Mortgage Rate Forecast: Falling and Heading Lower Mortgage rates are likely to slip a bit lower in December as inflation cools. 2024 Housing […]
Q&A: Transferring a house to heirs
Dear Liz: We are updating our estate plan to account for the transferral of our home to our six children when we die. The home currently has a large mortgage balance on it. We would prefer that it not have to go through probate, and that any outstanding mortgage balance would not be immediately due. I […]
Q&A: Why debt settlement companies are the wrong way to deal with high credit card debt
Dear Liz: Finance companies claim if you owe too much credit card debt that by law you need not pay it all back, but can retire some or most of this debt. They say this is not a credit card debt reduction program through balance transfers or debt consolidation loans. It sounds more like a faux semi-bankruptcy declaration. […]
Q&A: Survivor benefits for estranged spouse
Dear Liz: My dad recently passed away. He was technically married, however his wife kicked him out of their home three years prior to his passing, making him homeless. Is she eligible to receive Social Security survivor benefits? Answer: Social Security doesn’t try to gauge how married a couple was. As long as they were legally wed, she […]