Key Takeaway: Social Security is a system that provides financial assistance to the elderly and disabled individuals in the United States. Retirement benefits, survivor benefits, and disability benefits are the main types of Social Security benefits available to the elderly. The income received from Social Security payments is taxable, and the amount received depends on…
Key Takeaway: Social Security funds were first used by Ida May Fuller, a legal secretary from Vermont, in 1940. She received the first Social Security check for $22.54. Social Security was created in the United States in 1935 as a safety net for retirees, disabled workers, and survivors of deceased workers. Since Ida May Fuller,…
Key Takeaway: International students in the US are eligible to obtain a Social Security Number (SSN) if they have a valid non-immigrant status, such as F-1 or J-1 visa, and have been authorized to work by the Department of Homeland Security. When applying for an SSN, international students must submit documents including passport, visa, I-94,…
Key Takeaway: Understanding the eligibility requirements and benefits calculation of social security benefits is crucial before deciding when to collect them. Eligibility is based on age and work credits, while the benefits calculation takes into account the highest earning years and the claiming age. Collecting benefits early (at age 62) will result in a reduced…
Key Takeaway: Fintech investment is the investment made in technology-enabled financial services companies. It includes investing in both early and mature stage companies which are developing innovative technologies for the financial industry. The trend of fintech investment is increasing due to the potential for high returns, diversification of investment portfolio, and the growing demand for…
Key Takeaway: WEP or Windfall Elimination Provision is a Social Security rule that reduces the retirement benefits for people who worked in jobs where they did not pay Social Security taxes. It is important to understand WEP to properly calculate your Social Security benefits. The factors that determine WEP for Social Security include your work…
Key Takeaway: High risk investments are those that have a high potential for loss, but also a high potential for reward. It is important to carefully consider your financial goals and risk tolerance before investing in high-risk options. Examples of high risk investments include penny stocks, cryptocurrencies, start-up companies, futures and options trading, and foreign…
Key Takeaway: Individuals who receive social security benefits may continue to work and earn a certain amount of money before their benefits are affected. For individuals under full retirement age, the earnings limit is $18,960 in 2021. For individuals over full retirement age, there is no longer an earnings limit. If an individual earns more…
Key Takeaways: Mitch McConnell has a history of proposing changes to Social Security, including supporting privatization and increasing the retirement age. McConnell has opposed expanding Social Security benefits, citing concerns about the impact on the federal deficit. The future of Social Security under McConnell’s leadership remains uncertain, with potential changes and implications for current and…
Key Takeaways: Measuring investment performance is essential for evaluating investment success, and it involves analyzing key metrics such as ROI, RAR, volatility, beta, Sharpe ratio, and Treynor ratio, to make informed investment decisions. Tools such as standard deviation, benchmarking, and portfolio analysis can help investors measure their investment performance and compare their results to industry…
Key Takeaways: W2 form from Social Security provides details of your annual earnings and taxes paid. It is important to obtain this form as it is required for filing taxes. You can obtain your W2 form from Social Security by requesting it online, by phone or by mail. Online requests are the quickest and simplest,…
Key Takeaway: An Enterprise Investment Scheme (EIS) is a government scheme designed to encourage investment in small and growing businesses by offering tax relief to investors. Both companies and investors have eligibility criteria that must be met to qualify for an EIS. Companies must be unquoted, have less than £15 million in assets, and employ…