Key Takeaway: Social Security benefits refer to the payments made by the Social Security Administration to eligible individuals, including retirement, disability, and survivor benefits. Taxable Social Security benefits refer to the portion of these benefits that are subject to federal income taxes, which is determined based on the individual’s total income and filing status. Reporting…
Key Takeaway: The Department of Social Security was founded as a result of the Social Security Act of 1935, which was passed during the Great Depression in the United States. The Social Security Board was established to manage and administer the program, which provided retirement benefits, unemployment insurance, and aid to families with dependent children….
Key Takeaway: To become eligible for the IBEW Pension Plan, individuals must meet age and service requirements, and have contributed to the plan for a certain amount of time. Eligibility varies depending on the plan and the local union. The IBEW Pension Plan offers different types of benefits, including a normal retirement benefit, early retirement…
Key Takeaway: Social Security monitors international travel: Social Security regulations require beneficiaries to report any international travel which might affect their benefits. This is because some benefits have residency restrictions that may be affected by travel outside the country. Failure to report international travel can have consequences: Failing to timely and accurately report international travel…
Key Takeaway: Anyone with a defined benefit pension plan can sell their pension, but it’s important to understand the potential consequences before making a decision. A pension buyout is when a company offers to buy a portion or all of your pension payments in exchange for a lump sum payment. Pros of selling your pension…
Key Takeaway: Social Security Benefit Statements contain important information about an individual’s Social Security earnings and benefits. These statements are typically sent out in the months leading up to an individual’s birthday and can also be accessed online through the Social Security Administration’s website. It is important to review these benefit statements annually to ensure…
Key Takeaway: Understanding the factors affecting pension asset liability is crucial for accurate calculation. Life expectancy, inflation rate, and interest rate should be taken into consideration. Several methods can be used to calculate pension asset liability, including Projected Benefit Obligation (PBO), Accumulated Benefit Obligation (ABO), and Market Value of Assets. Each method has its own…
Key Takeaway: Social Security is facing financial issues: Social Security is projected to run out of money by 2035, as there will be more retirees who live longer than expected. This means that retirees may receive reduced benefits, impacting their retirement plans. The factors contributing to Social Security’s financial problems: A combination of factors, including…
Key Takeaways: Investment banking is a lucrative industry that offers high compensation packages to its employees. The top investment banks in the industry compete to offer the most competitive compensation packages. The factors that influence compensation in investment banking include the size and reputation of the firm, the level of the position, market demand, and…
Key Takeaway: Filing a Social Security Disability case in Federal Court is a complex process that requires extensive review and appeal before reaching a trial. Hiring an experienced attorney is crucial to successfully navigate the Federal Court process, including filing the complaint and engaging in the discovery process. During trial, the presentation of witness testimony…
Key Takeaway: Investment properties generally require a larger down payment than a primary residence; typically between 15-25%. This is due to the higher risk associated with these types of properties and the potential for income fluctuations. The required down payment for an investment property depends on multiple factors such as credit score, debt-to-income ratio, and…