Key Takeaway: Retirement disability refers to a program by the Social Security Administration that provides financial benefits to those who are no longer able to work due to a physical or mental disability, but were not yet old enough to claim retirement benefits. To be eligible for retirement disability, an individual must have worked and…
Key Takeaway: The number of years of teaching required before retirement varies depending on factors such as retirement eligibility age, years of service required for retirement benefits, and personal financial goals and needs. Teachers should evaluate retirement eligibility requirements, such as age and service requirements, to plan for retirement effectively. Exploring retirement saving options and…
Key Takeaway: Form 1099-R should be used for reporting distributions from your retirement accounts, whether they are from a traditional IRA or a 401(k) plan. Form 5498 should be used for reporting contributions made to your retirement accounts, whether they are made by you or your employer. Form SSA-1099 should be used for reporting Social…
Key Takeaway: A defined benefit retirement plan is a retirement plan in which an employer promises to pay a specific amount of money as a retirement benefit to its employees based on a formula that takes into account factors such as salary and length of service. A defined benefit plan provides employees with a guaranteed…
Key Takeaway: A 401k retirement calculator helps estimate how long your retirement savings will last. It takes into account various factors such as starting balance, annual contribution, rate of return, and retirement age, among others, to provide an estimate. The importance of a 401k retirement calculator lies in its ability to help you develop a…
Key Takeaway: Railroad Retirement provides benefits to surviving family members of a deceased railroad employee. Spousal Benefits include the option for a surviving spouse to receive a portion of the railroad employee’s benefits. Survivor Benefits for Unmarried Children are available for children of a deceased railroad employee who were unmarried and under 18 years of…
Key Takeaway: Only around half of workers in the United States have access to retirement benefits, with a smaller percentage having access to defined benefit plans compared to defined contribution plans. Retirement benefits are important for ensuring financial security in retirement, and can come in the form of defined contribution plans such as 401(k)s or…
Key Takeaway: You can have multiple retirement accounts: There’s no limit to the number of retirement accounts you can have. You can have a 401(k), an IRA, a Roth IRA, and more, as long as you comply with the contribution limits and other rules and regulations. Having multiple retirement accounts can provide diversification and tax…
Key Takeaway: Eligibility for medical retirement depends on several factors, including the individual’s length of service, the severity of their medical condition, and their ability to perform their job duties. To qualify for medical retirement, an individual must have a medically determinable condition or disability that prevents them from performing their job duties, and the…
Key Takeaway: A Safe Harbor Retirement Plan is a type of retirement plan that is designed to automatically meet certain IRS nondiscrimination requirements, which can help employers avoid costly penalties and compliance errors. Safe Harbor plans offer many benefits, including increased contribution limits, additional flexibility for highly compensated employees, and compliance with IRS regulations that…
Key Takeaways: CALSavers is a retirement savings program designed to help Californians save for their future. It is a state-sponsored program that offers access to retirement savings plans for workers who do not have access to a workplace retirement savings plan. To be eligible for CALSavers, workers must be employed in California and not have…
Key Takeaway: Eligibility for retroactive social security retirement benefits can be determined by considering factors such as age, work history, and disability or survivor benefits received. It is important to consult with a financial advisor to determine eligibility and the best course of action. Filing for retroactive social security retirement benefits involves completing an application…