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Retirement Planning: Single Mother in British Columbia Strategizes on Reaching $60,000 After-Tax Income Goal

Kelowna, British Columbia – A single mother, Mary, aged 46, is navigating the challenges of planning for her future while raising her 13-year-old son. As a self-employed accountant in British Columbia, Mary is looking to increase her income to secure a stable future for both herself and her child. With a gross income of approximately $90,000 per year and various sources of financial support, including child benefits and child support, Mary is actively working towards …

Social Security Administration Removes Food from Supplemental Security Income Calculations, Simplifying Eligibility Process

Washington D.C., U.S. – The Social Security Administration recently announced a significant change in the calculations used to determine eligibility for Supplemental Security Income (SSI) payments. As of September 30, food will no longer be included in these calculations, marking a shift in policy aimed at easing access to benefits for older adults and disabled individuals. Under the previous rule, in-kind support and maintenance items, such as informal food assistance from friends, family, and community …

Income Tax on Social Security Benefits in West Virginia Phased Out Over Three Years by New Bill

Charleston, West Virginia – Governor Jim Justice has signed House Bill 4880, which will phase out the state income tax on Social Security benefits over the next three years. This move comes as a relief to many retirees and seniors in West Virginia who have been burdened by this tax on their retirement income. The bill will eliminate the state income tax on Social Security benefits for single filers earning more than $50,000 and couples …

Expensive: Income Needed for Comfortable Living in Top US Cities Revealed by SmartAsset

San Francisco, California – When considering the cost of living in some of the most expensive cities in the United States, it is clear that families must earn substantial incomes to maintain a comfortable lifestyle. SmartAsset recently analyzed data from the MIT Living Wage Calculator to determine the income needed for a 50/30/20 budget, which allocates income towards necessities, savings, and discretionary spending. In cities like San Francisco, California, and San Jose, California, families of …

Retirement Income Sources Unveiled in Weekend Reading Edition

Toronto, Canada – Planning for retirement can be a daunting task, especially when considering the various income sources available. Understanding the pillars of Canada’s retirement income system is crucial for individuals preparing for their golden years. These pillars include benefits such as Old Age Security (OAS), Guaranteed Income Supplement (GIS), Canada Pension Plan (CPP), and personal retirement savings like Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). The first pillar, funded by general …

Retirement: Data Reveals Claiming Social Security at 70 Maximizes Lifetime Income

Los Angeles, California – Social Security benefits play a crucial role in the financial security of many elderly Americans across the country. According to a recent report from the Transamerica Center for Retirement Studies, over 40% of baby boomers rely on their monthly Social Security checks as their primary source of income during retirement. Making informed decisions about when to start receiving these benefits can significantly impact the size of one’s monthly payments. Deciding when …

American Seniors Rely on Social Security for Financial Stability and Retirement Income

Orlando, Florida – American seniors across the country eagerly await the arrival of their monthly Social Security benefits, which serve as a crucial financial lifeline to cover essential expenses such as housing, food, healthcare, transportation, and entertainment. Beyond being a mere retirement program, Social Security provides a foundation of income enabling individuals to construct their retirement plans upon. In addition to retirement benefits, Social Security encompasses vital disability insurance and life insurance protection for American …

Retirees Benefit: 10 States That Won’t Tax Social Security Income in 2024

Seattle, Washington – Many retirees in the U.S. heavily rely on Social Security as their primary source of income, a recent analysis by AARP revealed. However, these benefits may come with taxation implications that could affect retirees’ financial well-being. Taxation on Social Security benefits was introduced in 1984, following amendments signed into law by President Reagan in 1983. This law stipulated that up to 50% of Social Security benefits could be considered taxable income if …

Nontaxable Income Insights: Discover What You Don’t Need to Report to the IRS

The IRS can be a source of frustration for many hardworking individuals in handling taxable income. While wages, tips, and commissions are commonly taxed by the federal government, there are various forms of income that are exempt from taxation. Understanding what income is taxable can be a complex process that requires careful consideration of rules and regulations. To navigate through the complexity of taxable income, consulting with a trusted tax professional or financial adviser can …

Fixed Income Takes Center Stage as Franklin Templeton Strategist Urges Abandoning Cash

New York, NY – As the financial landscape continues to evolve, many are considering shifting their focus from cash investments to fixed income opportunities. According to a strategist from Franklin Templeton, now may be the time to make this transition. With the uncertainties in the current market and the potential for interest rates to rise, fixed income assets are becoming an attractive option for investors seeking stability and consistent returns. This shift in focus reflects …