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Even if you never worked, you’re eligible for Social Security benefits if you are at least 62 years of age and your spouse/ex-spouse has already claimed retirement benefits.
Typically, you will keep that $300,000. The remaining $500,000 might be considered a marital asset and be distributed between you and your spouse. You might then agree to split that money 50/50 ...
For seniors who have been through a divorce, it's important to know the rules regarding Social Security benefits. Although married couples are entitled to spousal benefits, those benefits don't ...
The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions ...
For pre-tax contributions, the employee does not pay federal income tax on the amount of current income he or she defers to a 401(k) account, but does still pay the total 7.65% payroll taxes (social security and medicare). For example, a worker who otherwise earns $50,000 in a particular year and defers $3,000 into a 401(k) account that year ...
4. Ask Social Security Whose Record Gets You the Best Benefit. Now take that information you gathered about your ex to Social Security so you can figure out whose record will give you the biggest ...
Marriage can affect how you do your taxes, make money and plan for retirement. If your marriage ends, it's important to know the rules regarding divorce and Social Security. Who's eligible for ...
Let’s go over three key mistakes many savers make — and how to avoid them. 1. Mismanagement of retirement accounts. Transitioning to retirement requires a thorough review of your savings ...