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The Savings Game: Timing is key for initiating survivor benefit

The Savings Game: Timing is key for initiating survivor benefit

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Q. I am 64 and recently widowed. I plan on working until age 70 before I apply for a Social Security benefit. I currently earn $150,000 per year. Are there any disadvantages in applying for a survivor benefit now? I understand that applying for a survivor benefit now will not prevent me from applying for my work benefit at age 70. Is that correct? I intend to apply for Medicare when I reach 65. I also intend to periodically make withdrawals from my IRA. How will these factors affect my tax situation?

A. It is correct that you can initiate a survivor benefit now and at 70 apply for a larger benefit based on your work record. Although you can file for a survivor benefit now, there is a disadvantage. Because you have not reached your full retirement age (FRA), your survivor benefit will be reduced because of the level of your current income.

Under current regulations, in 2025, any income that you report above $23,400 will result in a reduction of any Social Security benefit of $1 for every $2 of income above $23,400. So, if you report $150,000 in income, that would exceed the $23,400 limit by $126,600. So, $63,300 would be withheld from Social Security. You would receive no survivor benefit. After you reach FRA, there will be no penalty associated with income above $23,400. So you should consider waiting until you reach your FRA before you apply for a survivor benefit. read more

From cradle to grave: There was something for everyone alive and otherwise at the Chicago funeral directors convention

From cradle to grave: There was something for everyone alive and otherwise at the Chicago funeral directors convention

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The National Funeral Directors Association annual convention, which happens every October, and has met for more than 140 years, was not a solemn gathering. There was a small bar off to the side, between the booth for Southern Funeral Director Magazine and a casket maker. I saw women dressed as flowers trying to drum up attention for an AI-assisted database for funeral homes. I saw a man take bites of his hot dog between answering questions about cremation niches, those roomy holding spaces for urns. Hubert McQuestion, vice president of a longtime family-owned vault company, told me he slipped a check for $2 million into his late father’s jacket pocket, to be buried with him for eternity, though: “He still hasn’t cashed it.”

The Eagle Coach Company displays a hearse that carries an... The Eagle Coach Company displays a hearse that carries an urn, Oct. 29, 2025, during the National Funeral Directors Association Convention at McCormick Place. (Brian Cassella/Chicago Tribune) A natural leaf casket made from water hyacinth on display,... A natural leaf casket made from water hyacinth on display, Oct. 29, 2025, during the National Funeral Directors Association Convention at McCormick Place. (Brian Cassella/Chicago Tribune) Love Urns products are on display Oct. 29, 2025, during... Love Urns products are on display Oct. 29, 2025, during the National Funeral Directors Association Convention at McCormick Place. (Brian Cassella/Chicago Tribune) Seth Viddal walks by his Natural Funerals device that can... Seth Viddal walks by his Natural Funerals device that can turn a body into a soil, Oct. 29, 2025, during the National Funeral Directors Association Convention at McCormick Place. (Brian Cassella/Chicago Tribune) Love Urns products are on display, Oct. 29, 2025, during... Love Urns products are on display, Oct. 29, 2025, during the National Funeral Directors Association Convention at McCormick Place. (Brian Cassella/Chicago Tribune)

1 of 5 The Eagle Coach Company displays a hearse that carries an urn, Oct. 29, 2025, during the National Funeral Directors Association Convention at McCormick Place. (Brian Cassella/Chicago Tribune)

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I learned that as a person is being prepared for their casket, an old-school yardstick is typically used. I learned that we are getting larger and sometimes cemeteries need to dig multiple plots to hold just one newly dead person. I was told of a man so large that he was laid to rest in a septic tank. read more

Consumer sentiment tumbles close to record lows in latest U Michigan survey

Consumer sentiment tumbles close to record lows in latest U Michigan survey

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NEW YORK (AP) — Consumer sentiment dropped to a three-year low and close to the lowest point ever recorded by the University of Michigan one month into the government shutdown, with pessimism over personal finances and anticipated business conditions weighing on Americans.

The November survey showed the index of consumer sentiment at 50.4, down a startling 6.2% from last month and it plunged nearly 30% from a year ago.

Economists were caught off guard. Those polled had expected a slight month-to-month increase for a reading of 54.2.

“With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy,” said Joanne Hsu, Surveys of Consumers Director at University of Michigan. “This month’s decline in sentiment was widespread throughout the population, seen across age, income, and political affiliation.”

The one exception, Hsu said, were those with large stock holdings. Big tech companies, particularly in artificial intelligence, have driven explosive returns for investors. The tech-heavy Nasdaq is up 17% this year. read more

Two people, many credit cards: How couples can manage credit together

Two people, many credit cards: How couples can manage credit together

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Whether you share one credit card account or you juggle multiple cards at once, managing credit cards with a partner requires a lot of coordination.

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It’s not just about day-to-day spending decisions where you agree upon which card to use at the grocery store and which to use at the doctor’s office. The way you use credit can help or hinder your shared financial goals, and that can affect your happiness as a couple.

Even if you maintain separate finances, your actions affect your whole household. It’s important to have candid, frequent talks about your credit card use so you can work toward a shared set of money goals. read more

Stocks wind up mixed on Wall Street after spending most of the day in the red

Stocks wind up mixed on Wall Street after spending most of the day in the red

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By DAMIAN J. TROISE, AP Business Writer

NEW YORK (AP) — Stocks wavered to a mixed finish on Wall Street Friday and notched their first weekly loss in the last four.

Major indexes wobbled throughout most of the week, but ultimately pulled back from records set the prior week. Technology stocks once again determined the broader direction of the market.

The S&P 500 spent most of the day in the red and was down as much as 1.3%. It ultimately eked out a gain, rising 8.48 points, or 0.1%, to close at 6,728.80. The Dow Jones Industrial Average made a similar reversal and rose 74.80 points, or 0.2%, to close at 46,987.10.

The technology-heavy Nasdaq was down as much as 2.1% at one point during trading, but recovered most of the losses. It fell 49.46 points, or 0.2% to 23,004.54.

The market was weighed down by technology stocks, especially several big names with huge valuations that give them outsized influence over the direction of the market. Google’s parent company, Alphabet, fell 2.1% and Broadcom fell 1.7%. read more