Share to Twitter Share to Linkedin Today's Social Security column addresses questions about whether to file early when taking spousal benefits, non-W-2 income and the monthly earnings test and other questions about early spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here . Have Social Security questions of your own you’d like answered? Ask Larry about Social Security here . When Should My Wife File For Social Security Spousal Benefits? Hi Larry, I turned 65 last December and plan to start drawing social security in June. I stopped working completely in January 2020 — does that mean there will be a reduction in benefits? Also, my spouse doesn’t have enough credits to claim a Social Security retirement benefit on her own. Assuming she outlives me, is there any way that her widow's benefits will be … [Read more...] about Ask Larry: What Is The Highest Possible Social Security Retirement Benefit Rate?
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Share to Twitter Share to Linkedin Today's Social Security column addresses questions about whether a new application is necessary to receive retirement benefits after taking spousal benefits, taking early survivor's benefits before retirement benefits and when Social Security considers you to be 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here . Have Social Security questions of your own you’d like answered? Ask Larry about Social Security here . Will I Need To Reapply for Social Security Retirement Benefits At 70? Hi Larry, I will be 70 in July and will then be changing from spousal to my retirement benefits. I expect to get about $3,400.00. My wife, who was born in 1954, started her retirement benefits at 62. Her benefit is about $1,200. When I'm 70, will I have to reapply for my retirement benefit? also, when I'm … [Read more...] about Ask Larry: Will I Need To Reapply For Social Security Retirement Benefits At 70?
Share to Twitter Share to Linkedin The cash balance pension plan has been growing in popularity with the self-employed and small business owners who are looking to minimize their taxes. This valuable retirement plan also works well for those with large incomes who have procrastinated when it comes to investing for retirement. Why You Should Start A Cash Balance Plan A cash balance pension plan is a qualified retirement plan, which is fully funded by the employer. Depending on your income and how far you are from retirement, a cash balance plan allows for contributions as large as $3 million in 2021. More common are business owners making contributions in the range of $150,000 to $350,000, per year. This is usually in addition to a profit-sharing 401(k) plan, which only allows a maximum contribution of $58,000 (employee + employer for 2021). In case you were wondering, you get a tax deduction for each dollar you contribute to a cash balance pension … [Read more...] about How To Set Up A Cash Balance Pension Plan
- A + A KUALA LUMPUR (Jan 24): Youth and Sports Minister Datuk Seri Ahmad Faizal Azumu (pictured) hopes all parties will refrain from turning the issue between the Badminton Association of Malaysia (BAM) and Lee Zii Jia into a polemic or making negative assumptions. Ahmad Faizal, who held a meeting with the country's No 1 singles ace on Monday (Jan 24) evening, hoped both parties could find an amicable solution to ensure Malaysia's image in the sport would continue shine brightly on the world stage. "I had the opportunity to meet Zii Jia in a relaxed manner, but discussed matters concerning his wishes and problems. I was told that he will meet with the BAM leadership tomorrow and they will discuss. "I hope the meeting tomorrow will be able to resolve the problem. I also hope Zii Jia will have a good rest with his family during the Chinese New Year celebrations,” he said via a video clip shared with the media. Ahmad Faizal had earlier held a one-hour closed door … [Read more...] about BAM-Zii Jia issue: Ahmad Faizal wants all parties to refrain from making negative assumptions
Rivian Automotive ( NASDAQ:RIVN ) has been one of the most talked-about names in the EV sector since its initial public offering (IPO) in Nov. 2021. The company raised a staggering $12 billion from its public listing and has the backing of e-commerce giant Amazon, which led a $700 million investment round in Rivian in 2019. That helped investors drive its shares briefly to a point where the company was valued at more than $150 billion, with virtually no revenue. But some stumbles and news that it won't be the exclusive supplier for Amazon's delivery vans brought shares right back down to the $78 per-share IPO price. That makes it a good time to look at what could be an additional boost, along with any potential pitfalls that could be ahead, for Rivian. Image source: Rivian Automotive. Green flag to watch Ironically, what has been one of the top sources of pressure on Rivian's share price also remains its biggest green flag to watch -- that being its relationship … [Read more...] about 1 Green Flag for Rivian in 2022, and 1 Red Flag
If you're working on your checklist of financial goals for the new year, getting quality insurance coverage should be at the top. In this segment of Backstage Pass recorded on Jan. 7 , Fool contributor Toby Bordelon discusses some of the types of coverage to consider for 2022. Toby Bordelon: I think it's a good time, we're still in the first week of the year, so a good time for people just sit to down, maybe make sure all your boxes are checked. You got everything in order. If you remember the Rule Your Retirement service, that's a great one to check out too, they have a lot of checklists and stuff that can be helpful. I want to highlight the insurance angle too just to make sure we got that covered. Following off of these fires. Make sure your insurance coverage is sufficient. Sometimes you have a dollar amount, for your homeowner's insurance, and that might go up a little bit every year, but make sure it's enough in your area, and you can get a sense of that. … [Read more...] about Top Insurance Moves to Consider in 2022
Retirees shouldn't plan to live on Social Security alone, but that doesn't mean it's not smart to try to get the largest possible monthly benefit. A bigger Social Security check can come in handy if your savings starts to run dry, since your checks won't end over the course of your life. During times of high inflation, Social Security checks also get bigger, helping to protect you from declining buying power due to rising prices. But how exactly can you make your retirement checks larger? There are five steps you should consider, some of which can be taken throughout your life, and others that become available to you in your later years. Image source: Getty Images. 1. Boost your income Social Security checks are designed to replace around 40% of preretirement income, and each person's benefit amount is calculated based on what they were earning before leaving the workforce. A higher income will almost always translate to a larger monthly benefit. But to make a big … [Read more...] about 5 Secrets to Supersizing Your Social Security Checks
In this weekend conversation, Tom and David Gardner, co-founders of The Motley Fool, talk about things including: How investing fits into the pursuit of becoming smarter, happier, and richer. The importance of being a lifelong learner and investor. Using index funds and how to approach buying individual stocks. Two core Motley Fool approaches -- Rule Breaker and Everlasting investing philosophies. Setting the right expectations for returns. Mastering the mindset of investing and managing volatility. You can follow Tom and David on Twitter @TomGardnerFool and @davidgfool. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . To get started investing, check out our quick-start guide to investing in stocks . A full transcript follows the video. This video was recorded on Jan. 08, 2022. David Gardner: There's no substitute for being invested with skin in the game in the world at large, and it does have you, once … [Read more...] about How to Invest — and Why — With Tom and David Gardner
New Year's Day 2022 has come and gone, but you might still have a chance of lowering your 2021 tax bill. Although most tax-related items for 2021 locked in place when the calendar year turned, you still might be able to use a traditional individual retirement account (IRA) to lower your 2021 tax bill, well into 2022. If you're eligible to contribute and to deduct your contributions into a traditional IRA, then the IRS may still let you lower your 2021 tax bill before you file your taxes by April 15 . The opportunity isn't open to all people, however, and in some cases, you may be able to contribute but not deduct your contribution. Still, if you can make it work, then it could provide a great chance to both save for your future and reduce what you need to pay to Uncle Sam today. Image source: Getty Images. Keys to making it work If you had earned income from a job or contractor-type income in 2021, you can contribute to a traditional IRA until April 15, 2022. The maximum … [Read more...] about The IRS May Still Let You Lower Your 2021 Tax Bill
Beh Lih Yi (Thomson Reuters Foundation) (The Jakarta Post) PREMIUM Sungai Acheh, Malaysia ● Tue, January 25 2022 Walking across a swamp, retired fisherman Ilias Shafie and a small group of villagers plant mangrove saplings on Malaysia's west coast, one tree at a time. They have put in some 400,000 mangrove trees since a restoration initiative started two decades ago, in what was initially a bid to increase the catch of local fishermen. Now their work has taken on extra significance as alarm grows over global warming and nature loss, with mangroves regarded as a key weapon in the fight against climate change. to Read Full Story SUBSCRIBE NOW Starting from IDR 55,000/month Unlimited access to our web and app content e-Post daily digital newspaper No advertisements, no interruptions Privileged access to our events and programs Subscription to our newsletters We accept Register to read 3 premium articles for free … [Read more...] about Malaysia’s mangrove-planting fishermen held back by lack of financing