Women often don’t score as well as men in surveys of financial literacy. One area where we seem to do better is “longevity literacy,” or understanding how long we’re likely to live. Longevity literacy is essential to smart retirement planning. Overestimate your longevity, and you could retire too late or scrimp too much. Underestimate it […]
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This week’s money news
This week’s top story: Smart Money podcast on money scams, and renting credit card tradelines for cash. In other news: AI and hiring decisions, June 2023 rent report, and CFPB warning that student loan borrowers will struggle with repayment. Smart Money Podcast: Money Scams, and Renting Credit Card Tradelines for Cash This week’s episode starts with […]
Q&A: Annuities can come with a tax surprise
Dear Liz: I made a one-time purchase of a variable deferred annuity with a $10,000 inheritance I received about 25 years ago, based on a co-worker’s advice. Over the years I have not made any additional payments or withdrawn any funds. It matures in about a year with an option of withdrawing the lump sum, which was nearly […]
Q&A: Social Security misunderstandings
Dear Liz: As a former Social Security Administration employee, I can tell you there are countless times people misunderstand the information that is provided to them or only hear what they want to hear. There is no incentive for the employees to misinform or mislead people. Maybe you can begin your responses by saying, “If what […]
Q&A: Student loan payoff and gift taxes
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 […]
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 […]