Many companies try to help their workers to save for retirement. Employers often offer 401(k)s, company matches and automatic enrollment to encourage saving. Much of that effort goes to waste, though, when employees leave. A study published last year in Marketing Science, a peer-reviewed research journal, found more than 40% of departing workers cashed out […]
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This week’s money news
This week’s top story: Watch for these 3 Medigap shopping surprises to avoid overpaying. In other news: What home buyers should know as mortgage rates top 8%, cut EV costs with electric company incentives, and what to buy on Black Friday and Cyber Monday 2023. Watch for These 3 Medigap Shopping Surprises to Avoid Overpaying Medicare […]
Q&A: Helping beneficiaries find documents
Dear Liz: Not so much a question but a follow-up to previous advice in your column. I agree online statements are safe and reasonable but suggest keeping at least one printed statement a year from each account with important papers. Also, take time to place “transfer on death” beneficiaries on each account. My younger brother passed away without […]
Q&A: Trusts and taxes
Dear Liz: My parents set up a family trust, which my brother and I have now inherited but not fully distributed. Included in that trust was the understanding that $130,000 would go to my daughter who is now 23. She has not received any of the money yet but would like to receive it within the […]
Q&A: Married more than once? Here’s what that means for Social Security survivor benefits
Dear Liz: I’m in a second marriage that’s lasted 10 years. Is my wife fully entitled to my Social Security after I die? My first wife and I were married for 19 years. Is my ex entitled to any of it? Answer: Both your current spouse and your ex could be entitled to survivor benefits based on your work […]
Q&A: Home sales and taxes
Dear Liz: My in-laws passed away earlier this year within months of each other. Their primary asset, part of their living trust, is their home, worth close to $1 million. There is a reverse mortgage of about $332,000 that will be paid off once the house sells. Will capital gains tax apply to the four beneficiaries? […]