Key Takeaways: Joint investment accounts can be held by spouses or non-spouses, and the tax liabilities and reporting requirements can differ depending on the type of joint account. For joint investment accounts with spouses, the income and tax liabilities are generally split 50/50, regardless of who contributed the funds or investment decisions. For joint investment…
Key Takeaway: Unfunded pension liability refers to the difference between the funds available in a pension plan and the amount required to cover all expected future pension payments to current and retired employees. The main causes of unfunded pension liability include insufficient contributions, economic downturns, and pension benefit enhancements. Unfunded pension liability can have a…
Key Takeaway: A Pension Transfer Value is the cash value that someone holding a pension plan can receive if they decide to transfer their pension to another scheme, rather than accepting the income promised by their original pension plan. The calculation of Pension Transfer Value depends on several factors, including the pension plan’s conditions, the…
Key Takeaway: Meeting the medical criteria and work requirements are important factors for determining eligibility for Social Security Disability for back problems. Applicants must demonstrate significant limitations in physical function, either by providing medical documentation or undergoing a medical examination by an SSA-approved physician. In addition, they must have worked for a sufficient period and…
Key Takeaway: Economic investment is the allocation of funds or resources with the expectation of generating a profitable return. Examples of economic investments include financial investment, real estate investment, business investment, and commodity investment. When making an economic investment decision, it is essential to consider factors such as risk and return, time horizon, and economic…
Key Takeaway: Social Security checks come early because of the payment schedule, which takes into account weekends and holidays, as well as the fiscal year calendar schedule. Processing time for Social Security payments is also a factor in the early payment schedule. Benefits of receiving Social Security payment early include greater ability to budget and…
Key Takeaways: Social Security taxes are calculated as a percentage of your income, currently at 6.2% for employees and 12.4% for self-employed individuals. The maximum amount of Social Security taxes is capped each year and changes annually based on national wage trends. There are income limits in place for Social Security taxes, with the threshold…
Key Takeaway: Social Security Number 1 holds significance as it was the first assigned SSN in history and represents the beginning of the social security system in the United States. The identity of the owner of Social Security Number 1 is unknown and shrouded in mystery, but it is believed to be an individual of…
Key Takeaway: Social Security and Medicare taxes are contributions made by employees and employers to fund retirement, disability, and healthcare benefits for eligible individuals. Employers are responsible for withholding these taxes from their employees’ paychecks and matching the amount contributed by each employee. The contribution rates for Social Security tax are 6.2% of taxable wages,…
Key Takeaways: Understanding Pension Cash-In: It is the process of accessing your pension savings before retirement. This allows you to receive a lump sum or regular income, depending on the pension type. Eligibility for Pension Cash-In: You must meet certain age requirements and have a pension type that allows cash-in. Inflation-adjusted annuities may also affect…
Key Takeaway: The 1980s saw significant changes in the social security system due to the Reagan Administration’s efforts to reduce government spending and promote individual responsibility for retirement planning. The 1981 and 1983 Social Security Amendments aimed to address the financial challenges facing the system by increasing the retirement age, taxing social security benefits, and…
Key takeaways: Airbnb has a significant market share in the lodging industry, making it a profitable investment opportunity. With consistent revenue growth over the years, Airbnb has demonstrated its potential for generating high returns for investors. Airbnb’s user-friendly app and website, diverse lodging options, and strong brand reputation have given the company a competitive advantage…