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Monday’s need-to-know money news

August 31, 2015 By Liz Weston

o-CREDIT-REPORT-facebookToday’s top story: Mistakes that can demolish your credit score. Also in the news: Does giving your kid an allowance make them better with money, how to maintain financial security during retirement, and how much you’ll save with a CD Ladder vs a single CD.

7 Mistakes That Can Demolish Your Credit Score
How to avoid the wrecking ball.

Will Giving Your Kid an Allowance Make Them Better With Money?
Starting them off early.

5 Steps to Maintain Financial Security in Retirement
Putting your fears to rest.

Calculate How Much More You’ll Save With a CD Ladder vs. a Single CD
Use this calculator to find out!

Filed Under: Uncategorized Tagged With: CD ladder vs straight CD, credit mence, Credit Score, financial istakes, kids and money. allowance

Thursday’s need-to-know money news

July 9, 2015 By Liz Weston

thumbs_up_mature_woman-resized-600Today’s top story: Phone calls that can save you money. Also in the news: How to slash your tax liability in retirement, handling the financial challenges of caring for aging parents, and a guide to repaying your student loans.

4 Phone Calls That Can Save You a Ton of Money
Savings could be just a quick phone call away.

5 ways to slash your tax liability in retirement
Keeping more money in your pocket.

How to handle the financial challenges of caring for aging parents
Navigating through tough waters.

The A-to-Z Guide to Repaying Your Student Loans
All your repayment options.

Would you trust a robot with your finances?
But still no flying cars.

Filed Under: Liz's Blog, Uncategorized Tagged With: Retirement, robot bankers, Savings, savings tips, Student Loans, tax liabilities

Q&A: Social Security

June 22, 2015 By Liz Weston

Dear Liz: My husband decided we should take Social Security before age 65. I worked intermittently until 67. I do not get half of his Social Security as do many women who never worked. Can you explain why?

Answer: The reason is probably because your own benefit is greater than what you would get as a spouse.

When you apply for Social Security early and have a qualifying work record of your own, you are “deemed” to be applying for both your benefit and any spousal benefit to which you might be entitled. You’re essentially given the larger of the two.

Both potential benefits are reduced by the fact that you applied early, and you lost the option of receiving just a spousal benefit for a few years before switching to your own benefit.

This “claim now, claim more later” strategy could have substantially boosted your checks and the lifetime amounts you received from Social Security.

The decision to apply early can be a costly one and shouldn’t be made without fully understanding the consequences.

A recently published book, “Get What’s Yours: The Secrets to Maxing Out Your Social Security,” does a good job of explaining the options. Consulting a fee-only financial planner who is up to date on claiming strategies is a smart idea as well.

Filed Under: Uncategorized Tagged With: q&a, Social Security

Q&A: Social Security spousal benefits

March 16, 2015 By Liz Weston

Dear Liz: I am 61 and going through a second divorce. Would I be able to start drawing my first husband’s Social Security now or would I have to wait till I am 62 later this year? Also, could I draw off my second husband’s work record, since he made more money? Which would benefit me more?

Answer: To qualify for spousal benefits as a divorced spouse, the marriage has to have lasted at least 10 years and your ex must qualify for Social Security retirement or disability benefits. The minimum age to qualify for retirement or spousal benefits is 62.

If your ex is 62 or older but hasn’t applied for retirement benefits, you can receive spousal benefits if you have been divorced at least two years.

Even if you qualify to start benefits early, though, you probably should wait. When you apply for spousal benefits before your own full retirement age of 66, you’re permanently locking yourself into a smaller payment (you’d get 35% of your ex’s benefit, rather than 50%). You also lose the ability to switch to your own benefit later, even if it’s larger.

When you apply early, Social Security forces you to apply for both your own benefit and the spousal benefit. You’re given the larger of the two. If you wait until 66, you can file what’s called a restricted application and get just the spousal benefit, retaining the option to change to your own benefit when it maxes out at age 70.

Most people will live well past the “break even” point where they’ll receive more by delaying Social Security than they would by starting early. More important, a bigger Social Security check also serves as a kind of longevity insurance. The longer you live, the more likely you are to outlive your other assets and end up relying on Social Security for most if not all of your income.

As a single woman, you’re in greater danger of poverty than most retirees. You could wind up living for decades on an inadequate check if you’re not careful about how you claim your benefit.

To find out the amounts you’d get from spousal benefits, call Social Security at (800) 772-1213. Also find out what your own benefit would be at 62, 66 and 70, for comparison purposes.

AARP and T. Rowe Price have free calculators that can help you make this decision.MaximizeMySocialSecurity.com offers a more sophisticated calculator for about $40.

Filed Under: Uncategorized Tagged With: divorced spousal benefits, q&a, Social Security

Friday’s need-to-know money news

June 27, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: The consequences of never checking your credit report. Also in the news: How your smart phone can help your budget, how bad America is at saving for college, and are memberships to big box stores worth it?

What Happens if I Never Check My Credit Report?
You really, really don’t want to do that.

How Your Phone Can Boost Your Budgeting
Savings at your fingertips.

How Bad Is America at Saving for College?
Needs improvement.

What Member Discount Programs are Worth the Cost?
Are the gigantic packs of toilet paper worth it?

In 30 Minutes, She Cut Her Credit Card Debt by $3,128
Negotiating skills are a must.

Filed Under: Liz's Blog, Uncategorized Tagged With: apps, budget, budgeting tools, College Savings, Credit, credit report, membership savings

Monday’s need-to-know money news

June 2, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Tips on how to raise your credit score. Also in the news: How to save money while on a road trip this summer, the proper amount of allowance you should give your kids, and how to be prepared for unscheduled home repairs.

7 Ways to Increase Your Credit Score Fast
Closing your accounts is NOT one of them.

4 Ways to Save Money on a Road Trip
More money for t-shirts!

How Much Allowance Should You Give Your Kid?
Allowances can teach kids good savings habits at an early age.

Unscheduled Home Repairs: Are You Financially Prepared?
Don’t get caught off guard.

There’s Probably No Cash in Your Wallet. Could That Cost You?
Why living on plastic can add up.

Filed Under: Liz's Blog, Uncategorized Tagged With: allowances, Credit Score, debit card fees, home repairs, travel expenses

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