Key Takeaway: The Government Pension Offset (GPO) reduces Social Security spousal or survivor benefits for individuals who receive a government pension based on work not covered by Social Security. The offset amount depends on the amount of the government pension and can eliminate the entire spousal or survivor benefit. The Windfall Elimination Provision (WEP) reduces…
Example Response: Key Takeaway: An investment farm on FAFSA is a farm that generates income and is used as a long-term investment for the family. This is different from a family farm which is the primary income source for the household. Investment farms are important to report on FAFSA because they are considered assets and…
Key Takeaway: Report Social Security fraud immediately: If you suspect that someone is using your Social Security number fraudulently, report it to the Social Security Administration and the Federal Trade Commission as soon as possible. This can help protect your identity and prevent further damage. Gather information: Before reporting fraud, gather as much information as…
Key Takeaway: Section 1 of the I-9 Form can be completed without a Social Security Number, but alternative forms of identification must be used to establish work eligibility, such as a Permanent Resident Card or Employment Authorization Document. Section 2 of the I-9 Form requires an employer to physically review and verify original forms of…
Key Takeaway: Investment pools are a way for multiple investors to pool their resources together to make larger investments, providing access to opportunities and reducing individual risk. The characteristics of investment pools include pooling of funds, diversification of investments, and professional management, which can lead to reduced risk and economies of scale. Types of investment…
Key Takeaway: TIC investments are an ownership model where multiple investors come together to purchase a property, allowing for access to larger and potentially more profitable real estate deals. Compared to traditional investment vehicles, TIC investments provide greater diversification and passive income generation, as well as reduced risk and liability for investors. However, TIC investments…
Key Takeaway: Monmouth Real Estate Investment Corporation (MREIC) is a real estate investment trust (REIT) that invests in industrial properties such as warehouses and distribution centers. As a publicly-traded company, MREIC has a stock ticker symbol, which is a unique series of letters assigned to it for identification on stock exchanges. MREIC’s stock ticker symbol…
Key Takeaway: A Social Security Card is an official government-issued identification card used for various purposes such as employment, taxes, and benefits eligibility. A Social Security Card typically includes the cardholder’s full name, Social Security number, and a unique nine-digit identification number. The front of the card features the cardholder’s name and identification number, while…
Key Takeaway: Investment companies acting as fiduciaries put clients’ interests first: A fiduciary is legally and ethically bound to act in the best interest of their clients. Investment companies acting as fiduciaries prioritize the long-term financial success of their clients. Investment companies acting as fiduciaries prioritize trust and transparency: Fiduciary investment companies are transparent about…
Key Takeaway: Eligibility for the $255 death benefit from Social Security is limited to surviving spouses or children of the deceased, subject to certain conditions such as age and dependency. The application process for the death benefit typically involves submitting required documentation, such as proof of death and proof of relationship, either online, by phone,…
Key Takeaway: The Social Security Administration calculates benefits based on an individual’s earnings history and average indexed monthly earnings (AIME). Individuals who worked for only 10 years will generally receive less benefits than those who worked longer. Factors that affect social security benefits for those with 10 years of work history include retirement age and…
Key Takeaway: Searching for a social security number is important for various reasons, such as verifying identity or conducting a background check on someone. Online resources can be used to find social security numbers, including paid services and free databases. However, it is important to be cautious of fraudulent websites and ensure the legality of…