When do I have to apply for a Social Security number for my newborn?
There’s no time limit on applying for a Social Security number for your newborn. However, you may want to do it right away, because you’re required to include a child’s Social Security number on your tax return to claim that child as a dependent.
Are life insurance proceeds income taxable?
In general, life insurance proceeds paid to you because of the death of the insured are not subject to federal income tax. To qualify for such favorable tax treatment, the life insurance contract must meet certain IRS requirements.
How can you estimate your future Social Security benefits?
Knowing how much retirement income you might receive from Social Security may help you decide when to begin claiming benefits, and how Social Security might fit into your overall retirement income plan.
What are the main types of auto insurance?
There are four main types of auto insurance that are available: liability, uninsured or underinsured motorist, collision and comprehensive, and personal injury. Most states require drivers to carry certain types of auto insurance.
What if I change my mind about when to begin Social Security benefits?
You have a limited opportunity to change your mind after you’ve applied for benefits.
Delaying Social Security Benefits and Signing up for Medicare
Even if you plan on waiting until full retirement age or later to receive Social Security retirement benefits, consider signing up for Medicare.
Why are annuities considered an insurance product?
Annuities are financial vehicles that can be sold only by insurance companies. Basically, an annuity is a contract between you and an insurance company, which promises to pay you a future income in exchange for the lump-sum payment or premiums that you pay.
How Will I Manage To Send My Child To College?
You’ll want to put aside as much money as possible; the more money you save now, the less you will need to borrow later.
Health Insurance While Traveling
If your health insurance won’t cover your family while traveling, consider purchasing a short-term supplemental health insurance policy.
Understanding Defined Benefit Plans
How much you receive generally depends on factors such as your salary, age, and years of service with the company.