Dear Liz: My husband and I are thinking of purchasing a house near us. Can we use any funds from our retirement accounts to make the purchase? We would like to use this money along with some savings so that we do not have to carry a mortgage. Answer: You don’t mention how old you are, whether […]
Recent Blog Posts
Don’t let your credit scores retire
Getting rid of debt before retirement is often a good idea. Getting rid of your credit scores? Not so much. People who stop using credit also stop generating enough data to produce credit scores, the three-digit numbers used to gauge creditworthiness. Not having scores can make it harder and more expensive to get loans. Even […]
This week’s money news
This week’s top story: Smart Money podcast on smart ways to get out of debt, and pet insurance planning. In other news: Not enough homes are for sale, so let’s pay owners to sell, how to pay for an expensive summer move, and growing loyalty programs mean more travelers competing for perks. Smart Money Podcast: Smart […]
Q&A: How to plan retirement withdrawals
Dear Liz: I am 65 and plan on working until 70 to get the maximum Social Security. I have a 401(k) worth about $290,000. How do I determine the maximum monthly payout I should take while being somewhat certain it will last until I’m 90? Our family has a history of longevity, typically living into the early 90s. […]
Q&A: How new rules let you roll unused 529 college savings into a retirement plan
Dear Liz: I have about $3,000 left in my daughter’s 529 college savings plan. My ex-wife has about $8,000 left. Our daughter has graduated and is not planning to get an advanced degree. It’s my understanding that new rules allow unused 529 money to be rolled into a Roth IRA in the child’s name, after taxes are paid […]
What to consider before budgeting with the cash-stuffing method
When Giovanna “Gigi” Gonzalez wanted to cut back on her food spending, the finance expert and money coach applied what is known as the “cash-stuffing” method of budgeting. She put the cash she allotted to food for the week into an envelope and limited her spending to that amount. “I could see when I had […]