Key Takeaway: An investment committee is a group of individuals responsible for managing and overseeing an investment portfolio on behalf of an organization or entity. The purpose of an investment committee is to ensure that the investment strategy aligns with the goals and objectives of the organization, while also managing risk and maximizing returns. Members…
Key Takeaway: A sound investment is an investment that has the characteristics of safety, income, and growth. This means investing in assets that have a low risk of losing money, generate income, and have the potential for appreciation over time. Investing in sound investments is important for the long-term growth of wealth, retirement planning, and…
Key Takeaways: Earnin and Chime are two payday apps that accept Social Security as income. This means that individuals on Social Security can receive advances on their benefits through these apps. Other popular payday apps such as Dave and MoneyLion do not accept Social Security as income, so individuals on Social Security should avoid these…
Key Takeaway: A decision on Social Security Disability is made by an Administrative Law Judge (ALJ) after considering all the evidence, including medical records, opinions from medical and vocational experts, and testimony from the claimant. If the ALJ’s decision is unfavorable, the claimant can appeal to the Appeals Council, which may decide the case or…
Key Takeaways: Undocumented immigrants contribute billions of dollars to Social Security each year through payroll taxes, despite being ineligible to receive benefits. Without these contributions, the Social Security trust fund would face even greater financial challenges, as the system relies on payments from workers to support current beneficiaries. Policymakers should consider providing a pathway to…
Key Takeaway: Eligibility for Pension Credits is based on age, income, and savings and investments. To qualify, individuals must be over the state pension age and live in the UK. They must also meet certain income and savings thresholds, which vary depending on their situation. Gathering the required information is an important step in applying…
Key Takeaway: Lump sum pension amounts are calculated using interest rates: Interest rates play a crucial role in determining the lump sum pension amount. Higher interest rates lead to a lower lump sum amount, while lower interest rates result in a higher lump sum amount. Interest rates fluctuation affects lump sum pension amounts: Changes in…
Key Takeaway: Children can receive Social Security benefits under certain circumstances, such as if they have a parent who is disabled, retired, or deceased. These benefits can provide important financial support for the child’s well-being. Children under 18 must meet certain eligibility requirements to receive Social Security benefits, such as being unmarried and dependent on…
Key Takeaways: Age is a primary factor for Social Security benefits eligibility. Those who have reached age 62 or above are eligible to receive benefits. Work credits are also required for eligibility. The length of time you have worked and paid Social Security taxes affects the number of work credits you have earned. Disability status…
Key Takeaway: A frozen pension plan is a defined benefit retirement plan that has stopped accruing benefits for its participants. A pension plan may freeze due to several reasons, such as financial difficulties of the employer, merger or acquisition, or a change in the company’s retirement plan structure. A frozen pension plan means that participants…
Key Takeaway: Social Security checks inmate status through data provided by both federal and state prisons as well as prison authorities, and benefits may be suspended if an inmate is found to receive them illegally. Overpayment issues may also arise if benefits continue to be paid after an individual has been incarcerated, leading to debt…
Key Takeaways: Investing in Real Estate Investment Trusts (REITs) provides tax benefits and diversification of portfolios. REITs invest in real estate properties, and at least 75% of their assets and income must be derived from real estate activities to be exempted from federal income taxes. There are different types of REITs, including Equity REITs, Mortgage…