Key Takeaway: A vested pension refers to the amount of pension benefits an employee is entitled to receive even if they leave their job before retirement age. The employee must meet certain criteria, such as length of service, to become vested. If you leave a job before becoming vested, the amount of pension benefits you…
Key Takeaways: Understand your pension plan: Educate yourself on the type of pension plan you have and how it works to make informed decisions about what to do with it when changing jobs. Options for your pension plan: You can choose to leave your pension plan with your previous employer, roll it over into a…
Key Takeaway: Eligibility for Social Security Benefits: To collect Social Security benefits on your deceased parent’s record, you must meet certain eligibility requirements, including age and relationship status. Survivor Benefits: You may be eligible to receive survivor benefits on your deceased parent’s record if you are their spouse, child, or dependent parent. The amount you…
Key Takeaway: The amount of Army Pension depends on several factors, including length of service, rank, and retirement plan. Service members are encouraged to plan ahead to maximize their retirement income. Calculating Army Pension can be complex, and it is important to understand the different types of retirement plans and benefits available. Those who are…
Key Takeaways: Investment in vacant land is referred to as land banking and involves purchasing undeveloped land for future development or resale potential. Vacant land investments can include agricultural, residential, and commercial types, each with its own potential for profitability and risks. Advantages of investing in vacant land include a low cost of entry, minimal…
Key Takeaway: A title company needs a seller’s social security number to verify their identity and comply with state and federal regulations in real estate transactions. The social security number is also used for tax reporting purposes. Without providing the social security number, there are risks of possible liens or claims on the property, delays…
Key Takeaway: VA Pension is a needs-based benefit for eligible wartime veterans, with a maximum annual pension rate that varies based on several factors, including income, age, and disability ratings. To be eligible for VA Pension, veterans must meet specific service requirements, have limited income and net worth, and meet specific disability and age criteria,…
Key Takeaway: Life insurance can be used as an investment through cash-value policies, variable life insurance, and universal life insurance. These policies allow policyholders to build cash value over time, which can be withdrawn or borrowed against. One major benefit of using life insurance as an investment is the tax advantages, as the cash value…
##Key Takeaway: Key Takeaway: Eligibility Requirements: To qualify for Social Security benefits, you must have earned a minimum of 40 Social Security credits, which are earned based on the amount of money you contribute to the Social Security system through payroll taxes. Calculating Your Benefit: You can access your Social Security statement and understand your…
Key Takeaway: Social Security is a program designed to provide financial support to individuals who have retired, become disabled, or lost a loved one who was a wage earner. It is funded by taxes that are taken out of a worker’s paycheck throughout their career. The amount of Social Security taxes taken out of a…
Key Takeaway: The Social Security Act was passed in 1935, but Medicare was not added until 1965. Medicare was created to provide healthcare coverage for Americans over the age of 65, as well as those with certain disabilities. The addition of Medicare to the Social Security Act had a profound impact on American healthcare, increasing…
Key Takeaway: An investment wrapper is a type of financial package that groups one or more investments together in a tax-efficient way. It allows investors to hold a range of investments within a single product, simplifying the management of their portfolio. The most common types of investment wrappers include unit trusts, investment bonds, individual savings…