income Archives - Page 5 of 6 - DR News - News, Retirement, Finance

Tax Relief: Governor Justice Plans to Scrap Social Security Income Tax in Three-Year Proposal

Charleston, West Virginia – West Virginia Governor Jim Justice has put forward a proposal to phase out the state income tax on Social Security benefits over the course of three years. This plan has garnered support from the House Finance Committee, marking a significant development in tax legislation in the state. The proposed plan aims to provide relief to retirees and elderly residents who depend on Social Security as a primary source of income. Governor …

Tax-Free Retirement? Financial Planner Weighs in on Social Security Income

Los Angeles, California – A new bill in Congress seeks to remove federal taxation of Social Security benefits for retirees, potentially boosting their net income. While the You’ve Earned It Act is still pending, it’s crucial for retirees to understand how their Social Security benefits are taxed at the federal level. Contrary to popular belief, Social Security benefits are not entirely tax-free. In fact, retirees who have a well-funded retirement income plan may be subject …

Maximizing Social Security Benefits: Setting Up Alternative Income Streams for Retirement

Long Beach, CA – Social Security is a crucial safety net for retirees, providing a steady income stream that is guaranteed for life. However, for most Americans, relying solely on Social Security is not enough to ensure a comfortable retirement. According to the Social Security Administration, the program is designed to replace about 40% of pre-retirement income, leaving a significant gap that needs to be filled in order to maintain a standard of living. Eric …

Spousal Social Security Benefits: How Divorcees Can Boost Their Income

Elderly individuals in Boca Raton, Florida, often face financial challenges after going through a divorce, especially if they have limited income. Many may qualify for Social Security benefits, but their checks may not be substantial if they have a limited work history or low earnings. However, there is a potential for ex-spouses to become the key to larger Social Security checks for some divorced individuals. When calculating Social Security benefits, the government assesses an individual’s …

Social Security Made Easy: Tips to Help Apply for Supplemental Income and More for Someone You Love

Montgomery, Alabama – Social Security impacts people of all ages, and this Valentine’s Day serves as a reminder of the various ways in which it can help individuals. Whether it’s applying for benefits such as Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), or checking the status of a pending application, there are ways in which loved ones can assist one another in navigating the Social Security system. Applying for SSI and SSDI …

Retirement Income Guide for Canadians in 2024: Everything You Need to Know

Toronto, Canada – Planning for retirement can be a daunting task, especially when it comes to ensuring a stable income in the golden years. The 2024 Canadian Retirement Income Guide aims to provide valuable insights and guidance for individuals navigating their way towards retirement in Canada. The guide covers a wide range of topics, including the various sources of retirement income available in Canada, such as government benefits, employer-sponsored pension plans, and personal savings. It …

Social Security Retirement Income: Statistics and Maximum Benefits in 2024

San Francisco, CA – Social Security benefits are not intended to be the sole source of income for retirees. Typically, these benefits are designed to replace about 40% of an average worker’s salary. Many financial planners assert that retirees will need approximately 80% of their pre-retirement income to maintain the same standard of living after leaving the workforce. As a result, the majority of Americans rely on other sources such as savings in 401(k) or …

Retirement Income Needed Soars to £59,000 a Year Amid Rising Family Costs

LONDON, UK – Recent reports indicate that the amount needed for a “comfortable” retirement has soared to £59,000 a year, causing concern among individuals planning for their future. According to experts, the income required to retire has jumped due to the rising costs of maintaining a family, with the looming pension crisis adding further pressure on middle-aged savers. The increase in the cost of retirement, up £8000 a year, has placed enormous pressure on households, …

Retirement Income Strategies: Expert Tips for 401(k) Nest Egg

Globe, AZ – Retirement can be a daunting transition for many, as they move from earning an income to not earning one. And for those seeking to turn their accumulated savings into a dependable source of income, there are numerous financial strategies and products available to help navigate this new phase in life. One common concern for retirees is the fear of running out of money. As such, it is crucial to carefully plan and …