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Social Security

Friday’s need-to-know money news

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Zemanta Related Posts ThumbnailToday’s top story: A little known tax credit could save future retirees money. Also in the news: How to avoid overspending during the holidays, making the right upgrades when selling your home, and how to maximize your Social Security benefits.

The Crucial Tax Credit Retirement Savers Don’t Know About
Your 401(k) contributions could save you money come tax time.

Watch out! 11 ways retailers get you to overspend
Retailers have their eyes on your wallet for the holidays.

Know Your Market When Doing Home Upgrades To Increase Value
Investing in the right improvements.

How to Maximize Social Security for Your Retirement
When you decide to start taking benefits can make a huge difference.

5 Ways to Whip Your Budget Into Shape for the Holidays
The holidays don’t have to leave you broke.

Wednesday’s need-to-know money news

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Social-Security-benefitsToday’s top story: With the holidays comes identity theft. Also in the news: What divorcees need to know about Social Security, a different way to budget, and how money can wreck your marriage (but it doesn’t have to).

The 12 Scams of Christmas
‘Tis the season to protect your identity.

What Older Divorcees Need to Know About Social Security
Understanding the complexities.

Focus on Cash Flows, Rather than Expenses, to Spend Without a Budget
Static expenses vs itemizing everything.

Yours, Mine, Or Ours? How Money Wrecks Your Marriage
But it doesn’t have to!

10 Things You Need to Know If Your Kid’s Applying for College
Besides kissing your wallet goodbye.

Q&A: Social Security spousal benefits

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Dear Liz: Can you please explain Social Security spousal benefits? Is there a certain length of time a husband and wife need to have been married that will qualify the spouse to get the spousal benefit after divorce? For example, if a couple has been married for 20 years and then divorces, will the spouse still be entitled to collect the spousal benefit, or is the spousal benefit only for those who stay married?

Answer: Spousal benefits are available to divorced spouses as long as the marriage lasted at least 10 years. But you have to be unmarried to get benefits based on an ex’s work record. If you remarry, those benefits end.

The amount you get as a spouse or divorced spouse can equal up to half of what the primary earner gets. As with other Social Security benefits, however, your checks typically will be reduced if you start benefits before your own full retirement age. Starting spousal benefits early also precludes you from later switching to your own retirement benefit, even if that benefit would be larger.

Thursday’s need-to-know money news

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avoid-pitfallsToday’s top story: Retirement planning pitfalls you need to avoid. Also in the news: 2014 scariest credit cards, protecting yourself against credit card hacks, and three proposed changes to Social Security.

The Five Scariest Retirement Planning Pitfalls
Try to swing right over these.

2014’s scariest credit cards
How terrifying is a 36% interest rate?

7 Ways To Protect Against Credit Card Hacks
You can’t afford not to protect yourself.

Congress Proposes Three Changes To Social Security That Make Sense
For a change.

5 Things You Own That Cost More Than $500 a Gallon
You’ll never look at eye drops the same way again.

Q&A: Social Security spousal benefits and divorce

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Dear Liz: My fiancé was married to a wealthy woman for over 10 years. Will he lose his opportunity to use her earnings record as the basis for his Social Security retirement benefits if we get married?

Answer: The short answer is yes. Spousal benefits for divorced people are available only to those who remain unmarried. Many people confuse spousal benefits with survivors benefits. Survivors benefits for widows, widowers and divorced spouses of the deceased can continue after the recipient remarries, but only if the remarriage occurs after age 60.
You shouldn’t assume that your fiancé’s spousal benefits necessarily will be larger than his own benefit. His ex could have been wealthy without being a high earner. Even if she did, 100% of his own benefit could be worth more than 50% of hers. To find out for sure, he needs to contact the Social Security Administration.

Thursday’s need-to-know money news

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imagesToday’s top story: How to tackle your financial demons this Halloween. Also in the news: What to keep an eye on during open enrollment, what next year’s cost of living increase will be, and why your tax refund check could be later than usual.

5 Financial Fears to Confront and Conquer This Halloween
Time to put your tough guy mask on.

What to watch for during open enrollment
Keep an eye out for plan changes.

Social Security benefits get another tiny raise
An average of $20.00 per recipient.

IRS Chief Warns of Possible Tax-Refund Delays
Your refund may be a bit late this year.

How Chess Players Can Win at Personal Finance
Thinking several moves ahead.