Dear Liz: Our elderly father took out a reverse mortgage in 2010 with the goal of getting a $1,000 monthly income stream. Fast forward to today: Dad has passed away, and our mom is still alive at 97. The payback amount of the mortgage has ballooned to $360,000. Because it’s an adjustable rate mortgage, the rate […]
Recent Blog Posts
Creative ways to cut your energy costs this summer
Blasting the air conditioning to counteract stifling heat can provide much-needed relief this summer, but the utility bills that follow might not be as pleasant. According to the Bureau of Labor Statistics, the price of electricity has been steadily climbing over the past two years. “Most U.S. households will continue to pay high costs for […]
This week’s money news
This week’s top story: Smart Money podcast on the price of parenthood. In other news: 4 tips on avoiding financial regrets in retirement, opening a Roth IRA with a summer job, and Supreme Court strikes down student debt cancellation. Smart Money Podcast: The Price of Parenthood: In Vitro Fertilization and the Future of Parenthood This week’s […]
Q&A: How to keep your spouse’s next spouse from spending your money after you die
Dear Liz: I want to make sure that I leave an inheritance for my son from my first marriage. I remarried 12 years ago. My husband has no children. I do have a prenuptial agreement. My husband and I are financially fine. We own our own home and have adequate investments. I wouldn’t want to leave […]
Q&A: Taxes and Social Security
Dear Liz: You wrote in a column about retirement plan distributions and the effect that those have on taxation of one’s Social Security benefits. Your example was if someone made over $44,000 in combined earnings then their benefits would be taxed at 85%. Does this apply if one waits until full retirement age to start drawing Social Security? […]
This week’s money news
This week’s top story: Smart Money podcast on tipping, and managing high credit card annual fees. In other news: If you should financially support adult kids, how to use ChatGPT to plan your next trip, and if you can’t afford long-term care. Smart Money Podcast: Nerdy Tips on Tipping, and Managing High Credit Card Annual Fees […]