Image credits: retiregenz.com by Yuval Woodhock Consequences of Not Reporting Marriage to Social Security Marriage is a significant life event, and it is crucial to inform the Social Security Administration (SSA) to ensure that you receive the appropriate benefits. Neglecting to report marriage to the SSA can have several consequences. Failure to report your marriage…
Key Takeaway: Taxation on Pension Plans varies based on the type of plan and the income received from it. Pension income can be either taxable or non-taxable depending on certain criteria. Taxation on Pension Withdrawals also depends on the type of Pension Plan. Traditional Pension Plans require taxes to be paid upon withdrawal, whereas Roth…
Key Takeaway: Using an LLC to buy investment property provides protection for personal assets, tax benefits, and easier access to financing. Setting up an LLC for buying investment property involves choosing a name and registering with the state, drafting an operating agreement, obtaining an EIN, and opening a bank account. When finding the right investment…
Key Takeaway: Starting a gym requires a significant investment: The cost of gym equipment, supplies, location, staffing, marketing, and additional expenses can add up quickly, with the total investment required ranging from tens of thousands to hundreds of thousands of dollars. Gym equipment and supplies are a major cost: Gym equipment such as treadmills, weights,…
Key Takeaway: Inflation can negatively impact investment returns: As inflation increases, the cost of capital also increases, reducing the overall return on investment. Additionally, the purchasing power of returns decreases, making it more difficult to achieve financial goals. Stocks and bonds can be affected differently by inflation: While high inflation can lead to a decrease…
Key Takeaway: Non-medical criteria for Social Security refers to the eligibility requirements based on factors other than medical condition, such as income, citizenship status, and employment status. Income and resources are some of the non-medical criteria considered by Social Security. The amount of income and resources can affect eligibility for certain programs and the amount…
Key Takeaways: Social Security is a vital program that provides financial support to retired, disabled, and widowed Americans based on their lifetime earnings. As the population ages, the future of Social Security has become a topic of concern for many Americans. Candidate A believes in protecting Social Security by increasing taxes on the wealthy and…
Key Takeaway: The Baby Boom generation has a significant impact on Social Security due to their large population size and longer life expectancy, leading to increased demand for benefits and strain on funding. The economic consequences of the Baby Boom include a decrease in the ratio of contributors to beneficiaries, resulting in a potential funding…
Key Takeaway: Defining your investment company’s focus is critical: Your investment company needs a well-defined investment focus in order to attract potential investors. Determine what kind of investments your company will specialize in and how these investments will be managed. Developing your business plan and market analysis is essential: Conduct thorough research on your target…
Key Takeaway: Identity theft can cause your social security number to be frozen, so it’s important to take steps to prevent it from happening in the first place. If your social security number is frozen, contact the credit bureaus to place a fraud alert and unfreeze it. You should also contact the FTC to file…
Key Takeaway: Minimum investment refers to the smallest amount of money required to be invested in a fund to become a shareholder. Different types of funds have different minimum investment requirements, ranging from a few hundred dollars to millions of dollars. Mutual funds and exchange-traded funds (ETFs) typically have lower minimum investment requirements, while hedge…
Key Takeaways: Normal pension age for teachers varies by country, but in the UK it is currently 67 for those joining the Teachers’ Pension Scheme after September 1, 2007. Knowing the normal pension age for teachers is important for financial planning for retirement, career planning for teachers, understanding pension calculation, and maximizing pension benefits. Factors…