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Dear Liz: I am in my early 60s and have a friend the same age who keeps telling me to invest in companies which she has found from looking at YouTube videos. She says that she picks stocks by seeing which companies are repeated over and over again in different videos. She claims she is making a 400% return. She tells me I am losing money by investing in safer products, such as certificates of deposit. First of all, is this a good idea to invest everything in stocks, when one is in their mid-60s to 70s, when retirement is on the horizon? Also, neither she nor I are working full time at the moment, so, the risk is great if the market goes up and down and the value of a portfolio changes. I’ve seen my retirement funds drop the last few years, even though they are ever so slowly creeping back up. Finally, what is your opinion on getting financial advice or stock picks from social media platforms?
Answer: Perhaps your friend is the next Warren Buffett. More likely she’s exaggerating her results or simply hasn’t dealt with a down market yet. Few investors can consistently produce outsize returns over time, especially when they’re essentially picking stocks at random.
In answer to your first question: It’s rarely smart to invest everything in any one thing, whether it’s stocks, bonds, real estate, certificates of deposit or alpaca farms. Diversification helps investors reduce risk. If one type of investment is performing poorly, another may be doing better.
Having some money in “safe” investments may be prudent, but you’re typically losing ground to inflation with low-return CDs or Treasurys. Most people will need to have at least some portion of their portfolios in stocks, before and after retirement, if they want to outpace inflation.
Business
The 50/30/20 budget was popularized by Sen. Elizabeth Warren and her daughter Amelia Warren Tyagi in their book, “All Your Worth: The Ultimate Lifetime Money Plan.”
April 23, 2023
Dear Liz: My son is a student. He would like to maximize his Roth IRA at the annual $7,000 limit and has the money in savings to do so. However, his income from odd jobs, paid in cash, will probably be less than the $7,000 required to make this maximum contribution. Can he report additional income on his income tax beyond what he earned, pay the associated additional income taxes and thus meet the $7,000 income requirement?
Answer: Your son’s enthusiasm for retirement savings is commendable, but filing fraudulent tax returns is not. He can’t contribute more than he legitimately earns.
Dear Liz: My in-laws passed away earlier this year within months of each other. Their primary asset, part of their living trust, is their home, worth close to $1 million. There is a reverse mortgage of about $332,000 that will be paid off once the house sells. Will capital gains tax apply to the four beneficiaries? Or do we get to take advantage of the step up in cost basis? The house is in escrow right now. I don’t think the house has gone up in value since the last death.
Answer: The home will get the favorable step up in tax basis. That means the beneficiaries won’t have to pay capital gains tax on all the appreciation that happened during the parents’ lifetime.
California
Last year, an Airbnb guest at a luxury studio in Brentwood refused to check out after her scheduled stay ended. She hasn’t paid rent in more than 500 days.
Oct. 4, 2023
Dear Liz: My husband died 10 years ago. He had a good salary for many years. I just turned 60 and have been told that I may now claim Social Security benefits as his widow. He has a minor child from another relationship. If I claim survivor benefits now, will it diminish the benefits his child now receives?
Answer: No. If you’re still working, however, your benefit will be reduced by $1 for every $2 you earn over a certain limit, which in 2023 is $21,240. The earnings test disappears once you reach full retirement age, which is 67 for people born in 1960 and later.
Also, you’re allowed to switch from a survivor benefit to your own and vice versa. That flexibility is unusual, and could allow you to let your own benefit grow until it maxes out at age 70. You may want to consult a fee-only financial planner or a Social Security claiming strategy site for advice.
Liz Weston, Certified Financial Planner, is a personal finance columnist for NerdWallet. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.
Liz Weston, Certified Financial Planner, is a personal finance columnist for the Los Angeles Times and NerdWallet. Questions may be sent to her at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.
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