Dear Liz: I have a savings account and a revocable trust money market account with an online bank. They provide the 1099-INT tax form for the savings account as a downloadable file. However, they do not provide a downloadable form for the trust account money market. They insist that it can only be mailed after Jan. […]
Recent Blog Posts
Q&A: Broker made mistake calculating RMDS
Dear Liz: While preparing our 2025 taxes, I noticed that our brokerage doubled the required minimum distributions for my husband and me for 2025. I called, and they said they were “running two systems” and sent a notice to investors to look for any problems. I do not recall ever receiving such a notice. Also, I […]
Q&A: How working abroad affects Social Security
Dear Liz: In your answer to the person who wants to move abroad, you forgot to mention that they would have to have 40 work credits to receive Social Security benefits. Answer: Actually, the United States has made “totalization agreements” with more than 30 other countries regarding Social Security coverage. Essentially, a worker who doesn’t have enough […]
Q&A: Should I draw down my 401(k) before accepting Social Security?
Dear Liz: I am a 66-year-old single male working part-time (not by choice, but it’s the best I can get). I earn about $24,000 per year plus another $4,000 in unemployment during the summer. Work provides healthcare, so I don’t have Medicare premiums yet. With fixed expenses at roughly $50,000 per year, I am withdrawing from […]
Q&A: Could spouse’s early start stunt Social Security survivor benefit?
Dear Liz: My husband and I plan to delay taking Social Security retirement benefits until the higher-earning spouse is 70. This is to ensure the highest possible survivor benefit. However, the lower-earning spouse will be turning 62 at the same time that the higher earning spouse turns 70. We are concerned that the lower-earning spouse’s future […]
Q&A: How long should I wait before withdrawing from my IRA?
Dear Liz: My husband and I disagree over when to use pre-tax monies (e.g., IRAs). He’ll be 69, and I’ll be 67 in the coming year, so we aren’t required to take distributions yet, and he isn’t starting Social Security until 70. He insists it’s better to use our regular assets to live on and […]