5 Things to Know about Social Security Income

Just over 71 percent of all unmarried seniors receive at least half of their income from Social Security. The financial assistance that this program provides is extremely important to many people, and that is why all future beneficiaries need to spend some time familiarizing themselves with this system. 

Here is a look at five facts that every retiree should know about Social Security and Social Security Disability benefits.

You Won’t Receive Benefits Automatically

Many employees believe that they will begin receiving benefits as soon as they hit a certain age, but that is no longer true. Everyone must file an official application with the Social Security Administration in person, online, or over the phone. 

Luckily, your application can be filed a few months in advance so that you have ample time to take care of any problems.

You Can Receive Benefits Starting at Age 62

Even though you can apply for Social Security at the age of 62, you might want to wait until you are at least 66. Delaying your Social Security by just a few years could increase your monthly benefits by hundreds of dollars. 




It might be tempting to apply as soon as possible, but those who are financially secure should consider delaying their application.

Beneficiaries Can Continue to Work

Just because you are receiving Social Security doesn’t mean that you need to stop working. Some beneficiaries continue to work so that they can pay off high-interest loans with the additional income. 

Before you apply for Social Security, you must take a close look at your finances to see if it is the right decision.

Your Benefits Might Be Taxed

Unfortunately, you may end up paying taxes on your Social Security benefits if you are in a certain tax bracket. As a general rule, your benefits will be taxed if you are a single individual who is receiving more than $25,000 from all sources of income. 

Couples are taxed if their joint annual income is over $32,000 a year.

SSDI Isn’t the Same as Social Security

If you are injured or impaired in any way, then you might be eligible for Social Security Disability benefits before the age of 62. Employees who have been severely injured or impaired in any way should contact a social security disability attorney to learn more about their options. 

SSDI income can help with additional expenses such as medical bills, medications, and physical therapy.

With a little extra planning and some research, you won’t have to worry about any hiccups with your Social Security benefits. 

Those who wait until the last minute to file for Social Security could end up dealing with a wide variety of problems that make it difficult to cover their monthly bills.

The Best Money Moves to Take During Your 50s – Know How to Build Wealth

Soon after your 40s, you step into your midlife or the 50s and this life is replete with opportunities and challenges at the same time. You may be still paying for college fees but the other costs that come up with raising your kids should all be done away with. Now that you’re older, you’re closer to losing your job and this is also going to be the peak years for earning money.

So, when you’re at your peak earning years, don’t you think you should also keep aside most? As per a study found by Hearts & Wallets, 40% of the savers who were successful in building nest eggs which were equal to their 10 times pay did it by saving 15% or more than that during the last 10 years of their lives. 

Here are few of the best money moves to make during your 50s.

Don’t consider your bonus as everything

Even a decade back, your bonus was enough to let you qualify for buying a house. But times have changed and now you have to use the bonus to save for your near future. 

Reports reveal that majority of the burst-savers keep aside any extra income that they make apart from their salary like raises, bonuses or even the banner commissions.

Keep your age in mind

You’re in your 50s! The very year you celebrate your 50th birthday, you can begin to make matched contributions to your workplace retirement accounts. How about an additional $6000 towards your 401(k) and one more extra $1000 towards your IRA?

Take a close look at your future 

Now that you’re in your 50s, don’t let your energy drain out. Visualize how your life is going to be 20 or 30 years later. The Columbia University researchers find that the people who are closely connected to their future are willing to eagerly wait for obtaining the rewards of their later life. Try and design an aged picture to see whether or not you look satisfied. 

Don’t raid your 401(k)

There might arise a time when your college costs are high enough and this is when you feel that your retirement fund could be raided for help. According to what J.P Morgan says, from the tender age of 25, save at least 8% and if you do this, you could earn $1.3 million by the age of 65. 

Later on, if you take out a loan amount of $10,000 at the age of 33 for buying a home, a loan of $10,000 at the age of 50 for paying off college costs and you withdraw $10,000 when you’re 62, this amount will drop down to $930,000.

Focus on your investment fees

Did you know that more than 65% of the investors don’t have any idea on how their stock trading advisers are paid. In fact, there are many who think that the advice is totally free. It can be tough to figure it out but don’t go without determining the fee of the adviser.

CFDs

Apart from the lure of making huge amounts of money, traders usually choose to trade CFDs because they are settled in the form of cash instead of physical goods or other securities. Let’s go through the few mistakes that you should avoid committing while trading CFDs.

Therefore, now that you know the different tips and advices to follow when you reach the age of 50, you should take immediate steps to make the worthiest investment to build wealth for your future. 

Planning for Retirement: 5 Tips to Make Your Pension Last

If you’re getting set to retire, it’s important that you find ways to make your money last throughout the rest of your life. Maximizing your retirement funds can be done with the right planning. Here are five tips to help you make your pension last.

Work for as Long as Possible

It may be a good idea to hold off on retiring so that you can continue to generate more income. Working longer will allow you to save more money and apply it to your living expenses after you’ve retired. Delaying your retirement can also help you maximize your social security earnings.

Settle Debts Beforehand

Retiring while still in debt can lead to financial ruin. Even debt that seems small can quickly spiral out of control. You should try to pay off your home, credit cards and any vehicles that you have before quitting work. 



Running a credit check on yourself will allow you to see if you have outstanding debts that you may have forgotten about and will also let you know if you have any collections on your record that need to be settled.

Invest Wisely

Putting money into funds that will give you a greater return as interest rates grow is a great way to secure your retirement. Many people have found success by investing into an annuity or an IRA plan. 

Buying stocks and bonds and selling them when you decide to retire is another great option. If you’re really a savvy investor, you can try investing in a real estate or business venture to grow your retirement fund.

Hire a Financial Advisor

A financial advisor like RMR Wealth Builders, Inc. or someone similar can help you invest your money wisely and will assist you with planning your retirement financing. 

From building a financial portfolio to informing you of all your assets and liabilities, your financial advisor will be able to work with you in many areas. 

You should make sure that any financial advisor that you’re considering hiring is registered with the Financial Industry Regulatory Authority (FINRA) and has experience in assisting retirees.

Consider Moving

Relocating might be your best option if you live in an area where housing costs and other expenses are high. Texas, Alabama and Tennessee are among the cheapest places to retire in the U.S. and offer plenty of opportunities for fun and easy living. 

If moving out of the country is a better option, you can retire in style and make your money last by settling in a budget-friendly country like Thailand, Ecuador or Panama.

You shouldn’t have to worry so much about having money in your golden years. Taking the right steps to ensure financial security when you retire can pay dividends.

How Medical Facilities Can Effectively Manage Their Spending

Spend management is a critical aspect of operating any business, medical facilities included. Managing spending properly is crucial for facilities that wish to offer optimal services and products to all patients. 

If you want to provide patients with the finest medical care experiences possible, you have to begin with smart spend management practices.

Minimize Your Expenses

If you want to manage your spending the right way, you can begin by decreasing your expenses. Figure out how your medical facility can decrease costs. You may be able to purchase supplies and tools from a reputable company that’s less expensive. 

You may be able to minimize any costs that are associated with digital marketing campaigns for your facilities as well. Try an audit on your own that can assess the distribution of funds throughout your business. You may be able to improve upon it.

Begin Budgeting

Medical facilities need to have business plans in place. In-depth budgets can help staff members stay in the loop regarding revenues. They can help professionals assign money to specific accounts. 



Budgets, last but not least, can give medical facilities the opportunity to observe their savings. Absence of budgeting can make medical facility employees feel totally helpless and out of control.

Invest in High-Quality Money Management Software

There are many convenient software options available to medical facilities and businesses in general that want to handle their spending practices well. Look for software that can help you monitor and handle all spending for your facility. 

Financial management software for businesses can assist medical facilities with all sorts of things. Some companies, like Porzio AggregateSpendID, know that it can also assist with extended financial preparation efforts. 

It can aid them with the documentation of all expenses. It can even help businesses keep tabs on current expenses of all kinds.

Understand Any Cash Flow Vulnerabilities You May Have

You need to make a point to identify specific components that could interfere with facility cash flow. Overheads may be an example. 

Take note of other elements that may influence the flow of cash for your facilities as well. Accounts receivable and inventory matters may be a couple of examples.

Businesses need to be able to conquer their spend management practices. Medical facilities should be able to conquer them just as easily. 

If you’re driven and organized, your facility should be in a good position. The assistance of efficient software that can aid with budgeting and spending matters can be an enormous advantage.

Loan Against Insurance – A Quick Insight!

A loan against insurance is not common and widely practiced in India. It’s because most of the insurance policyholders are unaware of the facility that’s available along with their policies.

However, if you are faced with an urgent situation demanding money, you can easily avail a loan against insurance.

In the same context, let’s provide you some insights on loan against insurance.

Apart from providing an insurance cover that any insurance policy offers, it can always be utilized to grab a loan to cover some urgent needs at an aggressive rate of interest.

A loan against insurance policy is on offer by leading banks, non-banking finance companies (NBFCs) and other eligible financial institutes. 

However, you should note that a loan against insurance is not available against Ulips or term insurance policies that put your money in equities or equity-based securities.

The Loan Figures

The maximum amount of loan that an insurance policyholder can avail varies as per the policy types availed and surrender value. A loan against security amount that’s provided is nothing but a proportion of the policy surrender value. 



A loan amount that will be finally dispersed could be as higher as 80% to 90% of the surrender assessment in case of endowment or conventional money back insurance policies.

The Documents

To avail a loan against insurance, a loan application form should be filled by an insurance policyholder. The original insurance policy document should accompany the form. 

What’s more, the payment receipt or the invoice of the loan figure and cancelled cheque copy should also be attached to the loan application.

Assignment Deed

An insurance policy also requires being assigned in favour of the insurance company/lending institution as the case. 

A policyholder needs to execute the assignment deed in a prescribed format. Also, the assignment details are authorized in the policy document as well.

Charges

An insurance company or institution may ask for a minimal loan processing charges for crediting the loan amount in your bank account.

Some Other Points to Note and Ponder

Other than taking into account the above-discussed pointers while seeking a loan against insurance, you should also ensure to consider some below points:

The interest rate on a financial product like a loan against insurance scheme is typically much lesser and affordable as compared to a personal loan.

If you see that the interest due on loan is surpassing or exceeding the surrender value, a policyholder may have to deal with the risk of losing insurance coverage.

The Bottom Line

You just went across some of the major aspects of the loan against insurance so that you may be better prepared for it. A loan against insurance is often an ignored product in India, but you can always make the most of it in urgency and cover your needs. All the best!

How to Set Aside Extra Funds for a Rainy Day

If you’re looking to do something on a rainy day, you’re going to need some extra money to do so. Fortunately, there are plenty of ways you can set aside money for a rainy day. Here are some of the best ways you can start putting away extra funds today!

Swear Jar

One of the easiest ways you can set aside money for a rainy day is by establishing a swear jar for the family. The premise is pretty simple, every time someone swears, they put a quarter in the jar. 

Depending on what kind of family you have, the next rainy day you spend together can be a lot of fun not that you have some extra funds to spend.

Savings Account

Another popular way of setting aside some extra funds for a rainy day is to set up an additional savings account at your bank. Simply put two to three percent of your paycheck into this account and watch your funds grow. 



This is a great way to keep your cash untouched until the next rainy day. By the time the next rainy day comes, you’ll have plenty of money to spend with your family or significant other.

Pawn Your Gold Jewelry

One way to add a little bit of cash to your rainy day fund is by pawning your gold jewelry. If you have broken pieces of jewelry or things that you don’t wear anymore, there is no point in keeping them around your home. 

Instead, head down to your local pawn shop and sell them. Alternatively, if you need some quick cash, you can pawn jewelry in your home and return for it later on.

Searching for Change

Another great way to find extra cash for a rainy day is by checking for loose change around your home and in your car. You can likely find some lost money in between your couch cushions, under the bed, in your car’s glove compartment, and more. 

You may even find an old piggy bank that you had forgotten about. You never know how much cash you will come across!

Rainy days can feel pretty glum, but they can get a whole lot better when you have extra funds to spend. Hopefully, with the help of the examples above, you can get a better idea of how you can set rainy day funds aside and enjoy the day off, even if it is downpouring outside.