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 […]
Recent Blog Posts
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 […]
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 […]