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 […]
Recent Blog Posts
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 […]
Q&A: What happens to your HSA money when you die?
Dear Liz: What designation or instructions should I make for assets (if any) which remain in my health savings account at the time of my death? Do any remaining funds go directly to my estate or am I allowed to name a beneficiary for this money? If “yes” to the beneficiary question, is the beneficiary subject to the […]
This week’s money news
This week’s top story: New changes for Medicare in 2024. In other news: Fed hits pause on rate hikes, third times since March 2022, Black Friday shopping could look different this year, and the busiest days to fly during the winter holidays. What’s New for Medicare in 2024? Check next year’s premiums and deductibles, as well […]