Dear Liz: My wife was 69 at the time of her passing. She was still working and not collecting Social Security. I am 72, retired and collecting Social Security. When I spoke with Social Security, I was told that I cannot collect on my wife’s Social Security. All I qualify for is a $255 death benefit. […]
Recent Blog Posts
Q&A: Roth IRA or traditional IRA? Here’s why one might be a better choice for young workers
Dear Liz: My mid-20s nephews and I discussed financial planning for them. After recommending they check with their employers for a 401(k) or equivalent program, we spoke about traditional versus Roth IRAs. Would younger investors benefit more from a Roth IRA because the length of time the money would be invested is so long that the eventual tax-free […]
Q&A: Vehicle insurance coverage limits
Dear Liz: You recently answered a question from someone who lent a van to a friend for more than a year. You mentioned the borrower “may have benefited from free insurance coverage if you continued to pay those premiums.” Some insurance companies limit the time they extend coverage when a car is driven by someone other than the […]
How to make summer camp more affordable
To create a fun but affordable summer for her daughters, ages 11 and 13, Flossie McCowald plans out camps well in advance. The Pennsylvania resident snags early bird discounts, takes advantage of a church-based sleepaway camp that offers scholarships and leverages sibling discounts. “Every little bit helps,” says McCowald, who is the founder of SuperMomHacks.com, […]
This week’s money news
This week’s top story: Smart Money podcast on the future of college debt, and rent vs. buy (with a dog). In other news: Record levels of debt, how trusts can support loved ones with mental illness, and Fed has ‘moved a long way’ but doesn’t promise rate hike pause. Smart Money Podcast: The Future of College […]
Q&A: This spouse wants to keep an inheritance secret from the other spouse. Here’s a better idea
Dear Liz: A good friend is leaving me money from her IRA after she dies. I have asked that the gift be designated as “sole and separate property” to me. As I am married and file joint state and federal taxes, can this money be kept separate for my use only? I prefer that my spouse […]