Key Takeaway: Public pension refers to a retirement plan funded by the government for eligible individuals, typically government employees or retired individuals. There are various types of public pensions, including defined benefit plans and defined contribution plans. Each has its own funding system and payout structure. The importance of public pension in society is significant…
Key Takeaways: A Self Invested Personal Pension (SIPP) is a personal pension plan that offers individuals more control and flexibility over their investments and retirement planning. One advantage of SIPP is the tax benefits it offers. Contributions are tax-free, investments grow tax-free, and withdrawals are taxed at the individual’s marginal tax rate. Another advantage of…
Key Takeaways: Equity investments such as dividend stocks and mutual funds can offer the potential for high dividends, but also come with higher risk. Fixed income investments such as bonds and CDs may offer lower dividends but come with less risk. Real estate investments such as rental properties and REITs can also provide dividends, but…
Key Takeaway: Disability and Social Security payments are different: Disability payments are for those who are unable to work due to a medical condition, while Social Security payments are for retirees and those who have worked and paid into Social Security. Disability payments may pay more in some cases: Disability payments are based on the…
Key Takeaway: Net Present Value (NPV) is a financial metric used to determine the present value of future cash flows generated by an investment, adjusted for the time value of money. The calculation of NPV involves forecasting the cash flows that will be generated by the investment and discounting them back to their present value…
Key Takeaway: An investment deck is a concise, visually appealing presentation that presents a company or project to potential investors. It typically includes information such as the company’s mission, target market, marketing and sales strategies, and financial projections. An investment deck is important because it provides potential investors with an overview of the company, helping…
Key Takeaways: 1099 income affects Social Security eligibility: If you earn more than the Social Security income limit while receiving benefits, you may lose some or all of your benefits. However, if you are not yet receiving benefits, your 1099 income has no effect on your eligibility to apply for Social Security. 1099 income affects…
Key Takeaway: Required documents for social security card update after citizenship include citizenship certificate, identification documents such as passport or driver’s license, and social security card if available. Application for social security card update can be done online or in-person. Online application requires creating an account on the Social Security Administration website, while in-person application…
Key Takeaway: When a parent passes away, their surviving children may be eligible for social security benefits. To apply, it is important to gather the necessary documents, such as the death certificate and proof of relationship, and choose between applying online, in-person or by phone. In order to obtain a deceased parent’s social security number,…
Key Takeaway: Total investment refers to the sum of all investments made by an individual or organization in different asset classes such as financial, real estate, and business investments. It is important to understand the different types of total investment and factors to consider such as risk assessment, investment goals, horizon, and budget before making…
Key Takeaway: Report your lost Social Security card immediately by contacting the Social Security Administration and following their instructions for obtaining a replacement card. Protect your personal information by notifying financial institutions and credit reporting agencies of the loss and monitoring your credit report for any suspicious activity. Prevent identity theft by freezing your credit…
Key Takeaway: There are three main types of pensions in the USA: Social Security, employer-sponsored pensions, and individual retirement accounts (IRAs). It is important to understand the differences between them and plan accordingly. The amount of pension benefits you receive is determined by various factors, including the formula used to calculate benefits, the age of…