Key takeaway: Union pensions are retirement plans offered by labor unions to their members, providing a steady stream of income during their retirement years. Union pensions work by collecting contributions from both employers and employees, which are then invested in a carefully selected portfolio of stocks, bonds, and other assets to generate sufficient returns to…
Key Takeaway: The Social Security Death Index (SSDI) contains information about deceased individuals who had a Social Security number. It is a valuable resource for genealogy research and other purposes. To access the SSDI, online resources such as Ancestry.com, FamilySearch.org, and the Social Security Administration’s website can be used. In-person resources such as the National…
Key Takeaway: Knowing the Social Security Withholding Limit for 2012 is important to prevent overpayment or underpayment of taxes. It is the maximum amount of earnings subject to the Social Security tax for that year and varies depending on whether you are an employee or self-employed. For employees, the Social Security Withholding Limit for 2012…
Key Takeaway: The Social Security Administration holds US Treasury Bonds as part of its trust fund to fund Social Security benefits for millions of Americans. By holding US Treasury Bonds, the SSA is able to earn interest on their investment and help ensure the long-term financial stability of the Social Security program. However, holding US…
Key Takeaways: An IRA investment is a retirement savings account that allows individuals to invest in stocks, bonds, and other assets to grow their savings for retirement. There are several types of IRA investments, including traditional IRA, Roth IRA, SEP IRA, and simple IRA. Each offers different tax advantages and contribution limits, so it’s important…
Key Takeaway: Medicare Advantage plans can lower out-of-pocket costs and add value-added benefits for beneficiaries, allowing them to save money and potentially increase their Social Security benefits. Medicare Advantage plans are funded through Medicare premiums and subsidies, as well as reimbursements from Medicare for services provided. These funds can be used to add money back…
Key Takeaway: Age requirement: To be eligible for old age pension in the USA, individuals must be at least 62 years old. Length of residency: Applicants must have resided in the USA for at least 5 years, with some exceptions for military personnel or those with mutual agreement countries. Social Security work credits: Applicants must…
Key Takeaway: Indirect investment refers to investing in assets that do not involve direct ownership, but instead involve investing in a company or entity that owns the assets. This allows investors to diversify their portfolio and gain exposure to assets that they may not have been able to afford or access otherwise. There are several…
Key Takeaways: Social Security accumulation is based on factors such as income, employment history, retirement age, and cost of living adjustments (COLAs). Maximizing Social Security accumulation can be done by delaying benefits, avoiding early withdrawals, and working during retirement. Careful consideration of these factors and strategies can lead to a more secure and comfortable retirement…
Key Takeaway: Building business credit without a social security number can be challenging, but it is possible by establishing your business as a separate legal entity and obtaining an Employer Identification Number (EIN) from the IRS. Business credit is important because it provides financing opportunities for your business, improves your credibility with vendors and suppliers,…
Key Takeaway: Different types of loans are available for investment properties, including traditional mortgage loans, government-backed loans, commercial loans, and hard money loans. Each of these loan types has unique features, benefits, and drawbacks, so it is important to carefully research and compare your options before choosing a loan. Traditional mortgage loans are a popular…
Key Takeaway: Understanding investments on Cash App is the first step towards successful investing. Before investing, it is important to research various investment options such as stocks, ETFs, and cryptocurrencies. This will help you make informed investment decisions and minimize the risk of losses. Connecting your Cash App account to a brokerage is easy and…