Dear Liz: I adopted my granddaughter when she was 2. She has a number of student loans. Do I have the right to pay off her loans as her parent without tax consequences to her or to me? Answer: Paying off someone’s student loans would be considered a gift. You may have to file a gift tax […]
Recent Blog Posts
Q&A: Social Security and break-even math
Dear Liz: You recently wrote about the complexity of retiring with a government pension and Social Security. You left out one very important resource: the Social Security Administration. Going into a Social Security office and sitting with a representative who can explain exactly how much a person will get (almost impossible to determine online using formulas) was the most […]
This week’s money news
This week’s top story: Smart Money podcast on making hobbies affordable, and saving money priorities. In other news: What a usury law is and how it affect interest rates, May jobs data shows strong growth, even as unemployment rose, and 3 signs it’s time to pause credit card spending. Smart Money Podcast: Making Hobbies Affordable, and […]
Q&A: Credit report mistakes are common. Here’s how to fix them
Dear Liz: Two of my credit card issuers have drastically lowered my credit limits. They blamed my credit report at Equifax. At first, Equifax could not even find my report. I had to send paperwork to verify that I even exist. It turned out that my credit file had some inaccuracies. One of the credit card […]
This week’s money news
This week’s top story: Smart Money podcast on the cost of climate change and preparing for the worst. In other news: House votes to restart student loan, April saw a sharper uptick in inflation, and what impacts bank account rates mid-2023. Smart Money Podcast: The Cost of Climate Change: Preparing for the Worst This week’s episode […]
Q&A: Social Security and government pensions
Dear Liz: When is the “sweet spot” for me to start receiving Social Security benefits? I am retired and collecting two government pensions — mine and my ex-husband’s. I paid into Social Security for 26 years of substantial earnings when I was in the private sector. I do not want to return to work to get […]