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Recent Blog Posts

November 26, 2012 By Liz Weston

Gifting home creates unnecessary tax bill

Dear Liz: My wife and her brother are selling their parents’ home. The parents transferred the deed to their children’s names years ago. My wife should receive about $85,000 from the sale. Our yearly income (one salary; she’s a stay-at-home mom) is around $75,000. My wife is worried about capital gains taxes and wants to […]

November 26, 2012 By Liz Weston

Government recoups defaulted student loan debt

Dear Liz: I read your response to the person questioning the rationale behind taxpayer-supported federal student loans. Your response was well written, but do you have any information about how much money is owed to the government for student loans and what percentage of all the loans are actually paid back in full? You mentioned […]

November 19, 2012 By Liz Weston

Low car loan rate could have been lower

Dear Liz: I recently bought a new car, and the dealer, after running a credit check, told me my Experian score was 783. I have had only credit cards and no loans. This is my first auto loan. They gave me a 3.5% interest rate and I took it reluctantly. I do not like the […]

November 19, 2012 By Liz Weston

Don’t use your 401(k) to pay debt

Dear Liz: I will be 61 in December. I have $15,000 in credit card debt at 9.9% and $41,000 in a certificate of deposit earning 3% per year. I have $590,000 in my 401(k) account. I want to pay off the credit card balance to redirect my income to paying off my $26,000 mortgage by […]

November 14, 2012 By Liz Weston

Student loans aren’t handouts

Dear Liz: I am increasingly annoyed by the entitlement attitude of today’s students. Why should the taxpayers (me) pay to educate somebody else’s children? I remember when there was no such thing as a student loan. If I wanted to go to college and didn’t have the money for tuition, I delayed starting college until […]

November 14, 2012 By Liz Weston

How Social Security calculates your check

Dear Liz: I have been told over the years that your Social Security monthly benefit amount is computed using years closest to retirement. I have now been told benefits are calculated from your highest earning year in your working life. Which is true? I am 61 and unable to work more than part time for […]

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