Your tax refund may take a few days longer to land in your bank account this year. That’s because criminals from around the world are determined to get to it first. “Our systems are attacked about a million times a week,” IRS Commissioner John Koskinen says. “These are Russian syndicates, Chinese. … They’re coming from […]
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Tuesday’s need-to-know money news
Today’s top story: How to prevent identity theft. Also in the news: The costs that are often overlooked when deciding to rent or buy, reasons to file a tax extension, and how you’re using your credit card incorrectly. How to Prevent Identity Theft Staying one step ahead. The Major Costs People Often Overlook When Deciding […]
Q&A: Cashing out an IRA to pay off credit card debt
Dear Liz: I owe about $49,000 on my credit cards and now have the money to pay them off in full. Should I? Or should I slowly pay them in large amounts? Answer: There’s typically no reason to delay paying off credit card debt. Carrying balances costs you money and doesn’t help your credit scores. […]
Q&A: Tax break for helping out son
Dear Liz: Our son bought a house and lost his job two months after the purchase. We have helped him stay afloat. Thankfully he has a new job. We don’t expect to get the money back — he is still trying to get out from under — but we have given him close to $10,000. […]
Q&A: Taking Social Security at 70
Dear Liz: My husband will be turning 70 in August. Must he start taking Social Security at 70 or can he wait a little longer? He will still be earning money and if I understand correctly that will lower the amount he will receive. Does he have to do anything like apply for it or […]
Q&A: Financial benefits of marriage
Dear Liz: My registered domestic partner and I are both 64. We have similar incomes, similar 401(k) accounts and own a home together. We plan on retiring at 66, at which time we will also get similar Social Security benefits. We are each other’s beneficiary on all insurance, accounts, etc. My question: Now that the […]