Pay

Security Expert Warns of Potential 25% Social Security Pay Cut in 2033-2034

LOUISVILLE, Ky. – Social Security, a program created by President Franklin D. Roosevelt as a safety net “against the hazards and vicissitudes of life,” is facing long-term financing challenges. Many Americans rely on it as their main source of income during retirement, but the program’s future remains uncertain. With changes looming on the horizon, financial experts like Marcus Warren of Warren Wealth Management and Tax Planning are working to educate pre-retirees and retirees on how …

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Self-Employed Individuals Pay Double: Social Security Taxation Breakdown Explained

Washington, D.C. – In the United States, both employees and employers contribute 6.2 percent of income earnings to support the Social Security system. However, individuals who are self-employed are responsible for paying the full 12.4 percent on their own. It is worth noting that there is a cap on the wages subject to Social Security taxation, which stands at $168,600. Any income exceeding this threshold is not taxed for Social Security benefits. This financial arrangement …

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Retirement Pay Finally Released to Former IBC-13 Employees After 22-Year Wait

Manila, Philippines – More than two decades after their retirement, 145 former employees of state-run Intercontinental Broadcasting Corp. (IBC) in the Philippines have finally received their long overdue retirement pay. Some of these retirees, who have been grappling with health issues, were able to benefit from the release of approximately P500 million in retirement pay. According to the Presidential Communications Office, it took 22 years and 28 management teams before the payment was finally released. …

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Pensioners given option to change pay frequency from four weeks to every seven days

London, England – Pension recipients in the UK are now able to adjust the frequency of their payments, moving from a four-week period to a weekly schedule. This change provides individuals with greater flexibility in managing their finances and budgeting effectively for their needs. Avoiding tax creep during retirement is crucial for maintaining financial stability. By understanding the tax laws and planning accordingly, retirees can maximize their savings and ensure a comfortable future. Seeking professional …

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Wealth Accumulation Solutions for Women Aim to Bridge Pay Gap in Spain and the US

Washington, D.C. – Economists have been analyzing the disparity in lifetime wealth accumulation outcomes for men and women in different countries, shedding light on the impact of caregiving responsibilities and gender pay gaps on retirement savings. According to the U.S. Department of Labor, women who take time off to care for children or loved ones end up with an average lifetime wealth accumulation of $295,000 less than men in similar roles, further widening for women …

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