Dear Liz: I have a 401(k) that has a required annual distribution because I am over 71 1/2 years old. Can I use this distribution as qualified income to invest in a Roth IRA? I have no W-2 earnings, although I do have other income sources that are reported on 1099 forms. Answer: To contribute […]
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Q&A: Social Security spousal benefits
Dear Liz: I am 13 years older than my wife. Is it possible for me to receive Social Security spousal benefits based on her earnings when I reach full retirement at age 66? I’d like to shift to my benefit when it reaches its maximum at age 70. If I can do this, what impact, […]
Friday’s need-to-know money news
Today’s top story: How your kids can hurt your credit. Also in the news: How to find the best financing when purchasing a new car, why baby boomers need help paying down their debt, and five banking fees that are actually worth paying. 5 Ways Your Kid Can Hurt Your Credit Intentionally and unintentionally. Need […]
Thursday’s need-to-know money news
Today’s top story: AT&T agrees to pay customers over a hundred million dollars to settle claims of false charges. Also in the news: Why you should check your bills for mistakes, mortgage mythbusting, and why it may not be the right time to buy a new home. AT&T May Owe You a Refund for Bogus […]
Wednesday’s need-to-know money news
Today’s top story: How to build credit faster. Also in the news: Debunking financial planning misconceptions, the dangers of overdraft fees, and why too many people are underestimating post-retirement health care costs. Will More Credit Cards Help Me Build Credit Faster? Proceed with caution. 6 Financial Planning Misconceptions — Debunked Everyone can use a little […]
Most colleges worry they won’t have enough students
Getting into an Ivy League school is basically a lottery for smart kids. There are no guarantees. Winning admission at many highly-regarded public universities is easier, but only by comparison. UCLA accepts about a quarter of its applicants, instead of the single digit acceptance rate at Harvard or Yale. Look outside that privileged circle of […]