Key Takeaway: Social Security benefits can be garnished for certain types of debt, such as federal taxes, federal student loans, and child support. It is important to know which debts can result in garnishment and to understand how much of your benefits can be taken. There are exceptions to garnishment, including if you receive Supplemental…
Key Takeaway: Old Age Pension is a program offered by the Canadian government to provide financial assistance to seniors over the age of 65 who meet certain residency and income requirements. To be eligible for Old Age Pension, you must be a Canadian citizen or legal resident who has lived in the country for at…
Key Takeaway: Setting up an investment spreadsheet involves creating columns for stock/asset details, purchase information, cost information, and performance information to organize data efficiently and make it easy to analyze the portfolio. Inputting data involves adding new investments and updating existing investments regularly to ensure the spreadsheet remains accurate and up-to-date. Utilizing formulas is essential…
Key Takeaway: A Social Security Card is an important document that serves as proof of identity and citizenship. It’s essential for government and financial transactions, as well as for employment. Laminating a Social Security Card is not recommended because it can damage the security features on the card, make it illegal to alter, and cause…
Key Takeaway: Eligibility requirements: To claim a war pension, you must have an injury or illness resulting from your service in the military. The injury or illness must have been caused or aggravated by your military service, and you must have served on active duty for a certain amount of time. Applying for a war…
Key Takeaway: The largest investment for many firms is capital expenditures, which involves spending on long-term assets such as property, equipment, and infrastructure. These investments are critical for long-term growth and profitability. The size and type of the firm and the industry and market conditions are major factors affecting the largest investment. Small firms may…
Key Takeaways: Social Security uses a five-step process to determine disability eligibility, taking into account medical evidence and the ability to engage in substantial gainful activity. The date of disability onset is determined based on medical evidence and other factors, such as the individual’s work history and the onset and progression of the disability. To…
Key Takeaways: Investing in gold provides diversification from traditional investments, making it a strategic part of any portfolio. Gold mutual funds or ETFs are convenient ways to invest in gold without the hassle of owning and storing physical gold. Buying physical gold, such as gold coins or bars, can be a tangible and accessible way…
Key Takeaway: A fully favorable decision from Social Security means that your application for disability benefits has been approved and you will receive monthly payments to support your living expenses. Eligibility for a fully favorable decision requires meeting the medical and non-medical requirements set forth by Social Security, including a severe medical condition that prevents…
Key Takeaways: Receiving a social security letter is important to confirm your eligibility and benefit amount. If you have not received it within 3 months of applying, you should take steps to check its status. To check the status of your social security letter, you can create an online account with the Social Security Administration…
Image credits: retiregenz.com by Harry Duncun What is Social Security Social Security is a government program designed to provide financial assistance to individuals who are retired, disabled or have lost their income due to unforeseen circumstances. This program is funded through payroll taxes paid by both employees and employers. It serves as a social safety…
Key Takeaway: A good payback period for an investment varies based on factors such as the type of investment, investment risk, and company policies. A shorter payback period is generally preferred, but it is important to balance it with other factors such as the anticipated rate of return. Payback period analysis is important for assessing…