Dear Liz: I am a 57-year-old widow. My children are 23, 22, 20 and 17. When my youngest graduates next June, I will lose the last of our Social Security survivor benefits. Our benefits used to be over $5,000 per month but her check is currently $2,084 per month. I am barely making it monthly now […]
Recent Blog Posts
Q&A: Got an old credit card that you no longer use? What to do instead of canceling it
Dear Liz: I have been keeping a credit card that I no longer use because I’m afraid that canceling it may reduce my credit score. I have had the card since 1983, and it shows on my credit report as my longest credit relationship. I have other credit cards that I use regularly. I no longer […]
This week’s money news
This week’s top story: Smart Money podcast on Black Friday, and how to get holiday travel deals. In other news: 4 ways investors can make the most of inflation, if closing a bank account affect your credit or not, and 3 inflation-savvy moves to make now. Smart Money Podcast: Black Friday Is Canceled, and How to […]
Q&A: A spouse’s debt, your credit score
Dear Liz: My spouse and I have added each other as authorized users on our credit cards. My spouse has more debt than I do. Does this impact my credit scores? Answer: Possibly. Credit scoring formulas look at how much available credit is being used on each account. If your spouse has higher balances than you but also higher […]
Q&A: Sorting out IRA taxes
Dear Liz: My traditional IRA contains both pre-tax and after-tax contributions. (Some years I was ineligible to deduct contributions because I was participating in an employer’s retirement program.) Now I am retired and am considering making Roth conversions from the traditional account. I admit I was a little careless about keeping track of the total after-tax […]
Q&A: Here’s a tip to take advantage of rising interest rates
Dear Liz: Now that interest rates on savings accounts have started to rise, I have a quick tip for you to share: Check the rate you’re getting on your accounts! I discovered my online bank changed its account structure a few years back, and legacy high-yield savings accountholders aren’t getting the recent increases. I was earning […]