Dear Liz: I am a 66-year-old single male working part-time (not by choice, but it’s the best I can get). I earn about $24,000 per year plus another $4,000 in unemployment during the summer. Work provides healthcare, so I don’t have Medicare premiums yet. With fixed expenses at roughly $50,000 per year, I am withdrawing from […]
Recent Blog Posts
Q&A: Could spouse’s early start stunt Social Security survivor benefit?
Dear Liz: My husband and I plan to delay taking Social Security retirement benefits until the higher-earning spouse is 70. This is to ensure the highest possible survivor benefit. However, the lower-earning spouse will be turning 62 at the same time that the higher earning spouse turns 70. We are concerned that the lower-earning spouse’s future […]
Q&A: How long should I wait before withdrawing from my IRA?
Dear Liz: My husband and I disagree over when to use pre-tax monies (e.g., IRAs). He’ll be 69, and I’ll be 67 in the coming year, so we aren’t required to take distributions yet, and he isn’t starting Social Security until 70. He insists it’s better to use our regular assets to live on and […]
Q&A: Seniors may not have to file tax returns
Dear Liz: I disagree with the tax advice you gave to the 85-year-old lady and her husband, age 87, who hadn’t filed a tax return in the last three to five years. Maybe their combined income is so low they don’t have to file. Did you consider that? If not, you should. Not everyone needs a […]
Q&A: Can I use health savings account to pay Medicare premiums?
Dear Liz: I’m 65. Can I use a health savings account to pay my Medicare premiums? I do not collect Social Security yet. Answer: If you already have an HSA, then yes, you can make tax-free withdrawals from it to pay your Medicare premiums. Once you enroll in Medicare, though, you won’t be able to make further […]
Q&A: Beware of transferring a home’s title before death
Dear Liz: I am in my late 70s. My husband is in his mid 80s and in poor health. Are there advantages to transferring the title to our house into my name alone so I can be the sole owner? Answer: Owning the house solo could make it easier for you to sell or refinance without your […]