Key Takeaway: Inadequate funding is a major issue with the social security system, leading to deficits and the potential depletion of funds in the future. The imbalance in the dependency ratio, where the number of retirement-age individuals is increasing while the number of working-age individuals is decreasing, puts a strain on the system’s finances and…
Key Takeaways: Returning to work after starting Social Security benefits can affect your benefits depending on your age and earnings. It is important to understand how working can impact your benefits to make informed decisions about your finances. The Social Security earnings limit is the maximum amount you can earn without your benefits being reduced….
Key Takeaway: State pension increases annually: The state pension increases every year, usually in April, by either the highest of the average earnings growth, the increase in prices as measured by the Consumer Prices Index (CPI), or 2.5%. This ensures that the pension keeps up with the rising cost of living. Implementation of state pension…
Key Takeaways: Eligibility for Social Security Disability benefits can be impacted by an inheritance due to the assets, income, and resources inherited. Inherited assets and income can affect the eligibility of an SSD beneficiary, and they may need to manage their inheritance carefully to maintain eligibility for benefits. Consultation with an SSD attorney or financial…
Key Takeaway: The Social Security wage cap is the maximum amount of income that is subject to Social Security taxes. In 2021, the wage cap is $142,800. The Social Security wage cap affects both employees and employers, as they are required to pay a certain percentage of wages up to the cap. For employees who…
Key Takeaway: To be eligible for Canada Pension Plan benefits, an individual must meet certain age, contribution, and disability requirements. They must also meet eligibility criteria for survivor and child benefits. To apply for Canada Pension Plan benefits, applicants need to provide specific documents and follow the application process. The processing time for benefits varies,…
Key Takeaway: Police pensions are a retirement benefit for police personnel that provide financial security after years of service. The amount of a police pension is determined by various factors, such as rank, years of service, and eligibility criteria. The pension structure for police personnel is divided into two types: Defined Benefit and Money Purchase….
Key Takeaway: Form SSA-1099 is issued by the Social Security Administration and provides information on the total amount of benefits received in a year, which is required for tax purposes. Income thresholds and age requirements determine whether or not a social security recipient needs to file taxes. Individuals who earn more than $25,000 ($32,000 for…
Key Takeaway: The extra payment from Social Security is a benefit paid in addition to the monthly retirement, disability, or survivor benefits for those who meet the eligibility criteria. The amount of extra payment is determined by factors such as the cost of living adjustments (COLA), Social Security benefit type, and other income earned by…
\n Key Takeaway: \n \n The proposed changes to social security include an increase in retirement age, a reduction in benefits for high earners, changes in COLA calculation, and an increase in payroll taxes. \n The increase in retirement age may impact those who planned to retire at a specific age and could lead to…
Key Takeaway: Running numbers on investment property is crucial in determining its profitability and potential for success. Investors must consider both potential income and expected expenses to accurately forecast cash flow. Evaluating the property’s potential income involves researching rental rates in the area, vacancy rates, and the potential for rental increases over time. Expenses like…
Key Takeaway: Research potential duplex properties carefully, considering location, property condition, and financing options. This will help you make an informed decision and avoid costly mistakes. When making an offer, determine your offer price based on market value and comparable sales. Include contingencies, such as inspection and financing, to protect yourself in case of unforeseen…