Key Takeaway: Before filing a civil action in Social Security, it’s essential to understand the process of civil actions in Social Security. This would help prepare for the filing process, know the requirements, and avoid hiccups along the way. For those seeking to file a civil action in Social Security, preparation is key. Key steps…
Key Takeaway: Social Security updates earnings annually: Social Security updates the earnings record of workers annually, typically in the fall. This means that workers can review their earnings for the previous year and make sure that they are accurate. Changes in earnings can affect benefits: If a worker’s earnings increase or decrease, it can affect…
Key Takeaway: Social Security benefits may be taxable: Depending on the total amount of income you earn, up to 85% of your Social Security benefits may be subject to federal income tax. Calculation of taxable Social Security benefits: Your income and filing status will determine if your Social Security benefits are taxable or not, and…
Key Takeaway: Spousal social security benefits can provide financial support to married couples in retirement: If you are married and your spouse has earned higher than you, spousal benefits can supplement your retirement income. You can receive up to 50% of your spouse’s full retirement benefit. To calculate spousal social security benefits, you need to…
Key Takeaways: Return on Investment (ROI) is a financial metric used to evaluate the profitability of an investment. It measures the amount of return relative to the cost of the investment. Calculating ROI is important because it helps in making informed investment decisions and assessing the financial performance of the investment over time. It also…
Key Takeaway: Homeownership has been a part of American life since colonial times, but it was not until the 20th century that homeownership became a key component of building personal wealth and investment. The post World War II era saw an influx of new homeownership policies, including the creation of the Federal Housing Administration and…
Key Takeaway: Investment visa for USA is a type of visa that allows foreign nationals to invest in the US and obtain permanent residency or citizenship. The requirements for an investment visa include a minimum investment amount, a verifiable source of funds and a viable business plan. The investment visa comes in three types: the…
Key Takeaway: The Little-Known Social Security Contract is a program that can provide eligible applicants up to $17,200 in additional benefits. To qualify for this program, applicants must meet certain age, income, or disability requirements. Important documents, such as a birth certificate, Social Security statement, and tax forms, are required when applying for the program…
Key Takeaways: CDs offer low-risk options with guaranteed returns: If you prioritize safety over high returns, CDs are a better option as they guarantee a fixed rate of return for a set period. This means you won’t lose money and your returns are assured. Mutual Funds offer potential for higher returns: If you can accept…
Key Takeaway: Pension debt on Transparent California refers to the unfunded liabilities of public employee pension plans that are disclosed on the website. These liabilities are the present value of future benefit payments that will be paid to retirees, and are calculated by projecting future earnings and costs. Pension debt is caused by factors such…
Key Takeaways: The Social Security Fairness Act aims to repeal the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) that reduce Social Security benefits for certain retirees, including teachers, police officers, and firefighters. This act has a long history of proposed legislation and bipartisan support, but it has yet to be passed into law…
Key Takeaway: Pension reform refers to changes made to the governmental pension system to ensure its sustainability and make it more efficient. There are two types of pension reform: parametric reforms focus on changes to pension benefit formulas, such as increasing the retirement age, while structural reforms aim to completely overhaul the pension system, often…