Key takeaway: The retirement pension in the Philippines is divided into three categories: Social Security System (SSS) Pension, Government Service Insurance System (GSIS) Pension, and Private Retirement Plans. Eligibility and qualification for retirement pension in the Philippines depends on age requirement and months of contribution. Retirement benefits calculator is available to compute for the estimated…
Key Takeaways: Qualified individuals are eligible to take coronavirus-related distributions from their retirement plans without incurring early withdrawal penalties. Qualified individuals are required to report these distributions on their tax returns, even if they choose to repay the distributions within three years. Non-compliance with reporting requirements may result in potential penalties such as additional tax…
Key Takeaway: Inflation can have a significant impact on retirement savings, making it important to have a plan in place to manage it. Investing in inflation-protected securities, diversifying your retirement portfolio, delaying social security benefits, and considering part-time work can all be effective strategies for managing inflation in retirement. Evaluating your spending habits and regularly…
Key Takeaway: An insolvency worksheet is a document used to calculate how much debt can be discharged through bankruptcy. It considers a person’s assets, liabilities, and expenses to determine if they have enough disposable income to pay off their debts. Retirement accounts are generally protected from bankruptcy, but interest in those accounts may be taken…
Key Takeaways: Traveling before retirement is important because it offers various benefits, such as improved physical and mental health, exposure to new cultures and perspectives, opportunities for personal growth and development, and quality time with loved ones. There are several challenges associated with traveling after retirement, including limited mobility, financial constraints, and health issues, which…
Key Takeaway: A good Fidelity Retirement Score is essential to ensuring a secure retirement. It takes into account factors such as investment performance, asset allocation, and expense ratio to determine an overall retirement readiness score. Achieving a good Fidelity Retirement Score requires careful management of your portfolio, including rebalancing, diversification, and maximizing contributions to your…
Key Takeaways: NBA players have a high risk of going broke after retirement due to poor financial management, lack of financial literacy, and high expenses during their playing career. Common financial mistakes made by NBA players include overspending on luxury items, investing in high-risk ventures without proper research, and supporting a large entourage. According to…
Key Takeaway: The legal retirement age in South Africa is 60 years old for most employees, but may differ depending on the industry. Anyone who meets the legal retirement age can retire in South Africa but must apply for retirement benefits through their employer or financial institution. Retirement benefits in South Africa may include lump…
Key Takeaway: Stay physically healthy during Covid-19 by engaging in regular exercise, maintaining a nutritious diet, and following proper Covid-19 safety measures. This can help boost immunity and reduce the risk of Covid-19 infection. Stay mentally healthy during Covid-19 by staying connected with family and friends, engaging in leisure activities, and practicing mindfulness and meditation….
Key Takeaway: Physical effects of aging can impact retirement decisions: decreased physical abilities, chronic conditions, and increased healthcare costs can lead older adults to retire earlier than planned or delay retirement to continue working for healthcare coverage. Societal effects of aging can also impact retirement decisions: changing social roles, financial constraints, and age discrimination in…
Key Takeaway: The current retirement age in Japan is 65 for both men and women, but there are plans to gradually raise the age to 70 due to an aging population and declining birth rates. Factors affecting retirement age in Japan include gender differences, company policies, and social security eligibility. Women often retire earlier than…
Key Takeaway: Retirement Points are a significant factor in qualifying for a VA Loan: Retirement Points are earned by military personnel for their service time and other activities, and can be used to meet the minimum service requirements for VA Loans. Calculating Retirement Points can be complex: Retirement Points are calculated based on a combination…