Key Takeaway: The National Pension Scheme (NPS) is a retirement savings scheme available to all Indian citizens between the ages of 18 and 65. It is administered by the Pension Fund Regulatory and Development Authority (PFRDA). The interest rate for NPS Tier I and Tier II accounts is determined by the PFRDA and reviewed quarterly….
Key Takeaway: The Social Security Tax is a payroll tax that funds the retirement, disability, and survivor benefits of millions of Americans. The cap on Social Security Tax is the maximum amount of income that is subject to the tax. In 2021, the cap is $142,800. The cap has an impact on high-income earners, who…
Key Takeaway: The Pension Plan for Congress provides retirement benefits to members of Congress, including senators and US representatives. Eligibility for the pension plan requires specific criteria, including age and years of service. Congresspeople must serve at least 5 years to be eligible for a pension and become vested in the plan after 3 years…
Key Takeaway: Knowing the types of pension funds is crucial for anyone planning for retirement. The three main types are: defined benefit, defined contribution and hybrid pension funds. It is important to note that Retirement Savings Account (RSA) and Individual Retirement Account (IRA) are not types of pension funds, but they are other retirement savings…
Key Takeaway: Financial freedom refers to a state of being where an individual has enough income and assets to cover their expenses without being dependent on a job or an employer. Understanding financial freedom involves defining it and recognizing its characteristics, such as having a passive income stream, being debt-free, and having emergency funds. Achieving…
Key Takeaways: Eligibility to Request Cancellation: Individuals who have been receiving Social Security benefits for less than a year can request to cancel their benefits. Reasons for Cancelling Social Security Benefits: Individuals may choose to cancel their benefits due to various reasons, such as returning to work or inheriting assets. Procedures for Cancelling Social Security…
Key Takeaway: The Kentucky pension changes of 2017 include reduced benefits for new teachers and increased employee contributions for both teachers and state employees. Changes to retirement age and eligibility requirements have also been implemented, affecting all pension plan members. Protests and legal challenges have been raised against the changes, which have a significant impact…
Key Takeaway: A medium risk investment is an investment option that has a moderate level of risk, offering investors the potential for higher returns compared to low-risk investments. Types of medium risk investments include stocks, mutual funds, and corporate bonds, which offer relatively stable returns and usually carry lower risks than high-risk options such as…
Key Takeaway: Deferring your state pension can increase your weekly payments: if you defer your state pension, you will receive an increase in your weekly payout when you do decide to claim it. The increase amount is dependent on how long you defer and the amount of your pension. Deferring your state pension can provide…
Key Takeaways: Grossing up social security income involves calculating and adding estimated taxes to the taxable benefit amount. To gross up social security income, one must first calculate taxable social security benefits and determine the provisional income to estimate taxes due on social security benefits. Legal requirements for grossing up social security income include following…
Key takeaways: Over 176 million people are eligible for social security benefits in the United States. This includes retirees, disabled individuals, and survivors of deceased workers. As of December 2020, over 64 million people were receiving social security benefits. This includes 46.4 million retired workers, 6.1 million survivors of deceased workers, and 9.1 million disabled…
Key Takeaway: Investing in Ripple can be risky due to the volatility of cryptocurrency prices. There is no guarantee that the value of Ripple will increase over time, and investors could potentially lose their investment. Ripple is criticized for its centralization and control over its blockchain. This goes against the decentralized and open nature of…