Key Takeaway: Understanding pension: It is important to know what pension is, how it works and how it can support your retirement lifestyle. Factors that affect pension calculation: Service length and contributions, average salary, and pension plan type all play a role in how much your pension will be when you retire. Pension calculator: By…
Key Takeaway: To be eligible for Social Security Compassionate Allowance, an applicant must have a medical condition that is on the Social Security Administration’s list of Compassionate Allowance conditions. The application process for Social Security Compassionate Allowance can be done online or in person, and requires submission of several documents including medical records and a…
Key Takeaway: When your social security card says ‘valid for work only’, it means that you are authorized to work in the United States but are not eligible for other benefits, such as Social Security retirement benefits. A social security card is a government-issued identification card that is used to track your earnings and eligibility…
Key Takeaway: Understanding social security taxes: Social security taxes are paid by employees and employers to fund benefits programs for retired, disabled, and deceased workers. The tax rate is a fixed percentage of income up to a certain amount. Overpayment of social security taxes: Overpayment can occur if an employee has multiple jobs, changes jobs…
Key takeaways: A deferred pension is a retirement plan in which an individual delays the receipt of pension payments until a later date, typically beyond the normal retirement age. This allows the individual to continue working and earning a salary while accruing more retirement benefits. Eligibility criteria for deferred pension vary depending on the plan,…
Key Takeaway: Social Security is a federal program that provides financial assistance to retirees, disabled individuals, and families of deceased workers. Social Security raise, also known as Cost of Living Adjustment (COLA), is an annual increase in Social Security benefits to account for inflation and rising living costs. To calculate your Social Security raise, you…
Image credits: retiregenz.com by Adam Arnold Determining eligibility for survivor’s benefits Survivor’s benefits from a deceased spouse’s social security depend on the length of the marriage and age requirements. To see if you’re eligible, find out more about the benefits based on these criteria. Dive into the details! Image credits: retiregenz.com by David Washington How…
Key Takeaway: Investment losses can have tax implications: If you sell an investment at a lower price than what you paid for it, you may be able to use the loss to reduce your taxable income. However, there are rules and limitations for claiming capital losses on your tax returns. Capital gains tax may offset…
Key Takeaway: Social Security may provide benefits for funeral expenses: Social Security may provide a one-time payment of $255 to survivors of eligible beneficiaries to help with funeral expenses. However, this payment is not available to everyone and may not cover all funeral expenses. Eligibility criteria for Social Security benefits: To be eligible for the…
Key Takeaway: Blockchain investment is a form of investment that involves buying, holding, or trading cryptocurrencies, tokens, or digital assets on a blockchain network. It offers several advantages over traditional investment methods, including increased transparency, reduced costs, and improved security. One of the types of blockchain investment is Initial Coin Offering (ICO), which allows companies…
Key Takeaway: To earn social security credits, you must work a certain period and pay social security taxes or receive non-work credits based on special circumstances such as being disabled or retired. The number of credits required to be eligible for benefits and the amount of benefits you receive are based on a complex formula…
Key Takeaway: It is important to sign your Social Security Card as soon as possible to ensure that your legal identity is established. Black or blue pens are recommended for signing your Social Security Card because they are the most permanent and readable colors. Using other colors may result in your signature becoming illegible or…