Dear Liz: I am 67 and am delaying taking my Social Security until age 70 to take advantage of the 8% annual deferral. I was told by an individual at the Social Security office that I won’t get any inflation adjustments, such as the 8.7% increase for this year, and that people only receive the inflation […]
Recent Blog Posts
Q&A: Taxes on account withdrawals
Dear Liz: We have two large expenses that need to be paid this year. I’m in my late 60s. My wife is in her 50s. I think that we should pull the money from our brokerage account (which is taxable) and protect the money in our IRA and Roth IRA accounts so that it can continue […]
Q&A: How to help someone else build credit
Dear Liz: My 30-year-old son lives in Southeast Asia. He has some U.S. bank accounts but no U.S. credit cards. If I add him to my credit card, will that help to establish credit? Or is there another way for him to start getting credit in the U.S.? At some point, he and his wife will […]
This week’s money news
This week’s top story: Smart Money podcast on neurodiverse money, and financial infidelity. In other news: Health care sharing mimics Medigap, but isn’t insurance, what to know to take Social Security early, and 12 words sum up a successful plan for a financial life without budgeting. Smart Money Podcast: Neurodiverse Money, and Financial Infidelity This week’s […]
How to bolster your financial confidence
Melinda Perez, a financial educator, still remembers the first time she felt financially confident. She had recently started investing money outside of her employer-sponsored retirement account because she was finally earning more than she spent. “It was exciting because for once, I had what felt like extra money,” recalls Perez, who lives in San Antonio, […]
Q&A: 401(k) payouts and Social Security
Dear Liz: I was laid off from my job in late 2021 and at 62 was unable to find employment. After six months of unemployment benefits, I filed for Social Security. My 401(k) account from my previous employer was rolled into a traditional IRA. I also took a distribution to carry me through the months without […]