Monday, June 2, 2025
A person can collect Social Security benefits while working, but there are some rules and considerations to be aware of: Earnings Test: n 2025, if you’re younger than your full retirement age (FRA) and earn more than $23,400 annually, your Social Security benefits will be reduced by $1 for every […]
When it comes to Social Security claiming options for couples, there are several strategies to consider that can help maximize your benefits. The best strategy depends on your individual circumstances, including your ages, health, life expectancy, income needs, and other retirement resources. Here are some key options and strategies: Key […]
Alabama No state minimum wage law. Employers subject to the Fair Labor Standards Act must pay the current Federal minimum wage of $7.25 per hour. Alaska Basic Minimum Rate (per hour): $11.91 Premium Pay After Designated Hours 1 : Daily – 8, Weekly – 40 Under a voluntary flexible work hour plan approved […]
Rental property income can play a vital role in the financial stability of retirees, providing a steady stream of income to supplement pensions, Social Security, or other retirement savings. For the retirement community, investing in rental properties in landlord-friendly states can minimize risks and maximize returns. These states often have […]
The IRS has announced several key updates for 2025 affecting various retirement accounts, health savings plans, Social Security, and tax provisions. Here’s a summary of the changes: Retirement Account Contribution Limits: 401(k), 403(b), and Governmental 457 Plans: The contribution limit increases to $23,500, up from $23,000 in 2024. Catch-Up Contributions […]
A reverse mortgage is a loan that allows homeowners aged 62 or older to borrow against the equity in their home without having to make monthly payments. Instead, the loan is repaid when the borrower sells the home, moves out permanently, or passes away. The most common type of reverse […]
Georgia has restructured its tax system for 2024, introducing changes that affect income, property, and sales taxes, with provisions for retirees and residents aged 65 and older. Below is a detailed overview: Income Tax Flat Tax Rate: As of January 1, 2024, Georgia has adopted a flat income tax rate […]
Here is a detailed overview of California’s tax information for 2024, including income tax brackets, property tax, sales tax, and other specific taxes relevant to residents, with a focus on how pensions, retirement income, and investment income are taxed, as well as potential tax breaks for residents aged 65 or […]
In Georgia, academically accomplished high school students who are state residents have access to several financial aid programs that can significantly reduce or even eliminate college tuition costs. HOPE Scholarship The HOPE Scholarship is a merit-based award available to Georgia residents who have demonstrated academic achievement. To qualify, students must […]
Strategy for Parents: Buying Property for In-State Tuition Savings Choose a State with Favorable In-State Tuition Policies: Identify states where owning property and establishing residency can qualify students for in-state tuition fees. Examples include Texas, Florida, and Georgia, where residency can be established relatively quickly. Estimate Tuition Savings: Compare in-state […]