Key Takeaway: Creating a My Social Security Account is the first step to applying for benefits online. You must provide personal information, such as your Social Security number and date of birth, to verify your identity to set up your account. Register for a My Social Security Account to get access to your Social Security…
Key Takeaway: Investing in gold is a popular way to diversify a portfolio and hedge against market volatility. However, it is important to understand the different forms of gold investment, such as physical gold, gold ETFs, and gold futures contracts, and determine the most suitable option based on personal preferences and market conditions. When buying…
Key Takeaway: TPQY Social Security is a program that provides state agencies with access to Social Security Administration (SSA) data to verify eligibility for various public assistance programs. TPQY Social Security is available to state agencies that administer federal and state-funded public assistance programs. Some examples include Medicaid, Temporary Assistance for Needy Families (TANF), and…
Key Takeaways: Understanding Social Security and Medicare tax withholdings is crucial for accurately calculating taxes and avoiding penalties. To calculate Social Security tax withholdings, multiply an employee’s gross pay by the tax rate of 6.2%, up to a maximum of $142,800 for the year 2021. To calculate Medicare tax withholdings, multiply an employee’s gross pay…
Key Takeaways: Growth investments are high-risk, high-return investments that focus on emerging companies and require a long-term investment horizon. Types of growth investments include stocks and equities, mutual funds and ETFs, and real estate investment trusts. Growth investments offer the potential for high returns, portfolio diversification, and an inflation hedge, but come with high risk,…
Key Takeaways: Understanding the concept of a pension is important before creating one. It is a retirement savings plan that provides a steady income stream in retirement. When creating a pension, it is important to determine retirement age and income needs, decide on the type of pension plan, set up contributions and investment strategies and…
Key Takeaway: Understanding Investment Fees: Investment fees are charges that investors pay to a financial professional or company for managing their investments. These fees can include account maintenance fees, brokerage fees, trading fees, and advisory fees. Factors Affecting Investment Fees: The type and size of investment, the investment professional’s experience, and the investment fee structure…
Key Takeaway: ESG investment stands for Environmental, Social, and Governance. It is an investment approach that focuses on investing in companies that follow sustainable practices and operate ethically. ESG investment has several benefits such as improved financial performance, better risk management, positive environmental and social impact, and good governance. Investing in ESG funds can help…
Key Takeaway: The amount of Social Security Disability pay in California is determined based on a variety of factors, including the applicant’s average monthly earnings, date of disability onset, and type of Social Security Disability program enrolled in. The maximum monthly benefit in California is $1,317, but individuals may receive more or less than this…
Key Takeaway: To receive pension fund, you must meet eligibility criteria set by the government, which includes age limit, years of work experience, and disability criteria. You can apply for pension fund by submitting required documents and following the application procedure set by the government. Once approved, you can receive pension fund through monthly payouts…
Key Takeaway: It is possible to buy a house without a social security number by applying for an Individual Taxpayer Identification Number (ITIN) from the IRS, which can serve as an alternative form of identification for homebuying purposes. When applying for an ITIN, it is important to check the IRS guidelines and gather all required…
Key Takeaways: Social Security is a crucial component of the US federal budget, providing financial assistance to retirees, disabled individuals, and their families. Three main funding sources of Social Security are payroll taxes, trust funds, and interest income. Social Security spending comprises approximately 29% of the federal budget, and is projected to continue to increase…