July 19, 2013 |
Dear Liz: My partner passed away a little more than a year ago. I inherited his 401(k) and life insurance. I opened an IRA in which to place the amount of the 401(k), but the company told me that after a year (which is now), I have to withdraw the money over five years. Is that really required? I'd like to be able to have it on hand in case of an emergency but at the same time save it for our 2-year-old son's college education. Answer: Since you weren't married, you don't have the option of treating this inherited account as your own. That would have allowed you to delay withdrawals until after you turned 70 1/2 , if you wanted.
December 14, 2009
Too Much Money A Novel Dominick Dunne Crown: 288 pp., $26
October 2, 2012 |
Who's the most influential billionaire business figure in national politics? If you answered one of the Koch brothers (Charles or David) or George Soros, you're wearing your partisan blinders. The former are known for their devotion to conservative causes, the latter to liberal. In either case, you're wrong. The most influential billionaire in America is Peter G. Peterson. The son of Greek immigrants, Peterson, 86, served as Commerce secretary under President Nixon, then became chairman and chief executive of Lehman Bros.
October 27, 2013
Re "Secretive groups fined a state record $16 million," Oct. 25 There they go again. Secretive political groups cite the U.S. Constitution to defend their shadowy solicitation of massive sums from anonymous, megabucks donors to fund campaign propaganda. The 1st Amendment's guarantee of freedom of expression, like the 2nd Amendment's right to bear arms, should be considered in light of late 18th century life. At the time, no one imagined modern assault weapons. Similarly, the modes of mass communication in the 1700s were town criers and primitive printing presses, and proponents of their messages were easily determined.
December 10, 2000
Regarding "Paying the Right Price for Foreign Pocket Money" (Travel Insider, Nov. 26): Writer Andrea Sachs' advice on foreign currency exchange rates presupposes that it is smart to start out a foreign trip with "a pocketful of pesos, pounds or francs." She tries to demonstrate differences in exchange rates with a few purchases of British pounds. Doesn't she know that one can buy British pounds at the airport on arrival in Britain at a much better rate? For U.S. companies to offer foreign currencies, they need to have on hand thousands of dollars' worth of at least a dozen different currencies, money that is not earning interest.
March 27, 2013 |
It looks like the trustees of the Museum of Contemporary Art have put their money where their mouths are. They have been talking about an ambitious plan to quadruple the roughly $23 million endowment to $100 million, and on Tuesday, they put out an announcement that they had obtained commitments in the last two weeks for enough money to get them to $60 million. That's a great start, and a quick one too. The Times' editorial board recently said we'd like to see MOCA remain independent if that's financially possible.
April 9, 2013 |
Are you a recent college graduate with a big pile of loans? Are you at mid-career and finding your paycheck doesn't match your spending? Have you inherited a bunch of money and want to make sure you don't blow it? Have you retired but are worried that your savings won't last? Whatever your situation, a financial tuneup can't hurt. The Los Angeles Times' Business section is looking for people to feature in a series of money makeover stories, which bring a reader together with a professional advisor.
January 1, 2012
One of the most fascinating displays at the Visitor Center of the Western Currency Facility explains the work of the 19 examiners of the bureau's Mutilated Currency Division. They're the people who piece together damaged money for people who want their bucks back. One of them was a farmer from Iowa. "A cow came up and ate the wallet out of his back pocket," said Charlene Williams, the facility's director. "He had plenty of filet mignon and beef from the cow, because he killed the cow, took the stomach, boxed it up and sent it in. " In another case, a dying man from Texas confessed to his wife that he'd been stashing money for their retirement behind the furnace.
April 1, 2012 |
Dear Liz: My husband and I are nearing 60. The company where we both have worked for over 30 years recently merged with another firm. The money in our retirement accounts, which totals several hundred thousand dollars, will be distributed to us, and we need to figure out how to manage it. We took your advice to interview several fee-only financial planners, and all of them are pushing for wealth management. They would manage the money in exchange for a percentage of the assets.