Key Takeaway: President Lyndon B. Johnson took money from the Social Security trust funds to finance the Vietnam War and other government programs. The use of Social Security funds for non-Social Security purposes has had negative impacts on current beneficiaries, including delayed cost of living adjustments and decreased reserves for future beneficiaries. The long-term consequences…
Key Takeaway: Offshore investment refers to investing in assets located outside of one’s country of residence or citizenship, often in low-tax or tax-free jurisdictions. The benefits of offshore investment include potential tax savings and asset protection, as well as access to a wider range of investment options. However, offshore investment also involves risks, such as…
Key Takeaway: A QROPS pension is a Qualifying Recognized Overseas Pension Scheme. It is a pension scheme that meets certain regulatory requirements set by Her Majesty’s Revenue and Customs (HMRC) and allows individuals to transfer their UK pensions abroad. The benefits of a QROPS pension include tax advantages, investment flexibility, and estate planning benefits. QROPS…
Key takeaways: VA disability benefits and Social Security benefits can work together to provide additional financial support to veterans with disabilities. However, these benefits may be subject to an offset, which reduces the amount of Social Security benefits received by the amount of VA disability benefits received. Veterans can apply for VA disability and Social…
Key Takeaway: The investment environment is defined as the factors that influence investment opportunities, investor confidence, and investment risk, such as political, economic, market, social, and technological components. Government policies, economic indicators, market conditions, social factors, and technological advancements are all important factors to evaluate when assessing the investment environment. The investment environment plays a…
Key Takeaways: Excess social security and tier 1 RRTA tax withholding can occur when too much tax is withheld from an employee’s paycheck for these taxes. To calculate excess social security tax withheld, determine taxable wages for social security and calculate the social security tax withheld. To calculate excess tier 1 RRTA tax withheld, understand…
Key Takeaway: Individuals born in 1961 can begin receiving Social Security benefits at age 62, but their benefit amount will be reduced by up to 30%. It’s important to consider other sources of retirement income and expenses when deciding whether to retire early. The amount of Social Security benefits received at age 62 is based…
Key Takeaway: Social Security checks are typically mailed out on a regular schedule based on the recipient’s birth date and method of payment, with most recipients receiving their checks on the second, third, or fourth Wednesday of each month. Those who receive their Social Security benefits via direct deposit can expect their payments to be…
Key Takeaway: The social security office may not answer the phone due to lack of personnel, as there may be too few employees to handle the high volume of calls received. The high volume of calls may also be a reason for why the social security office does not answer the phone, as it may…
Key Takeaway: Acknowledge Your Feelings: Allow yourself to feel the emotions associated with losing everything in an investment, and accept the reality of the loss. This is an important step in the grieving process and can help you move towards emotional recovery. Seek Support from Family and Friends: Share your feelings with trusted loved ones…
Key Takeaway: An investment strategy refers to a plan of action for managing and growing one’s investment portfolio. Components of an investment strategy include assessing one’s risk appetite, creating an asset allocation plan, diversifying one’s investments, and regularly monitoring and adjusting one’s portfolio. There are various types of investment strategies, including growth, value, income, and…
Key Takeaways: Delays in receiving Social Security checks in July may occur due to mailing issues, bank delays, or errors in personal information. To check the delivery status of the Social Security check, visit SSA.gov, call SSA customer service, or check with the local bank or post office. If the Social Security check is not…