Finance

Social Security serves as a financial safety net for millions of Americans, but not everyone qualifies for these benefits. Understanding who is ineligible and the reasons behind their ineligibility is crucial for effective retirement planning. Here are eight categories of individuals who may not receive Social Security benefits:​ Certain Government Employees: Some federal, state, and local government employees are not covered by Social Security but instead participate in alternative pension programs. For example, many public school teachers and law enforcement officers contribute to state-specific retirement systems rather than Social Security. Railroad Employees: Individuals who have worked for the railroad industry for a certain number of years are covered under the Railroad Retir...

Imagine waking up one day to find that your Social Security benefits have been halted because the government believes you're deceased. This unsettling scenario became a reality for Leonard "Ned" Johnson, an 82-year-old resident of Seattle. In February, his wife received a letter from their bank expressing condolences for Ned's supposed passing and informing her that $5,201 in Social Security benefits had been returned to the Social Security Administration (SSA) .​People.com The Impact of Erroneous Death Declarations Being mistakenly declared dead by the SSA is not just a clerical error; it has profound implications. Individuals like Ned face the sudden cessation of benefits, cancellation of Medicare insurance, and potential issues with bank accounts and other financial services. This...

The Internal Revenue Service (IRS) is cautioning taxpayers to be on the lookout for a surge in scams that target both people and businesses as tax season draws near. Since scammers are always changing their strategies, it is essential to identify the most prevalent ones in order to prevent becoming a victim. 1. Phishing Emails and Texts Phishing emails or texts purporting to be from the IRS or other reliable organizations are used by cybercriminals. Links or attachments in these messages frequently promise to take rapid action, including confirming personal information or paying off a tax debt.Advice: The IRS never contacts you by text or email. Never respond to unsolicited demands for personal information or click on links. 2. Phone Scams Threatening phone calls are made by ...

According to WalletHub, gift cards continue to be the most popular holiday present for the 18th year in a row. Not all gift cards are created equal, and each year, billions of dollars' worth of gift card value is wasted, despite the fact that they provide a practical option to give without assuming someone's preferences. Here are some tips to make sure your gift card has an effect: Top Gift Card Tips for 2024 Look for Discounts Many gift cards can be purchased below face value online. Avoid Card-Network Gift Cards Visa and Mastercard gift cards may seem versatile, but fees can reduce their value. Cash is a more cost-effective alternative. Don t Confuse Gift Cards with Prepaid Cards Prepaid cards often carry fees and are reloadable, unlike traditional gift cards. Watch for Loyalty Card Exp...

Gift cards are still a popular option as the holidays draw near because of their versatility and ease of use. To prevent possible problems, both donors and recipients should read the tiny print and comprehend the rules pertaining to gift cards. Here is all you should know about common scams, gift card protections, and safety advice. Federal Protections for Gift Card Buyers For customers buying gift cards from stores, restaurants, or banks, the Credit Card Accountability Responsibility and Disclosure (Credit CARD) Act provides crucial protections. Expiration Dates: Under federal law, gift cards cannot expire until at least five years from the activation date. Fee Limitations: Dormancy or inactivity fees can only be charged after a year of inactivity, and the card must clearly disclose such...

South Carolina is not an exception to the negative effects of the recent economic turmoil on Americans. Many people are in financial distress, which WalletHub describes as having a credit account in forbearance or deferred payments because of financial difficulties, as a result of inflation, changes in unemployment, natural disasters, and other difficulties. Based on variables including average credit scores, bankruptcy trends, and search interest for financial assistance, WalletHub's most recent analysis places South Carolina as the ninth most financially troubled state in the country. Credit Challenges and Financial Struggles In Q3 2024, South Carolina had the eighth-lowest average credit score in the US, indicating that many people had trouble keeping up sound financial practices. The s...

South Carolina is not an exception to the negative effects of the recent economic turmoil on Americans. Many people are in financial distress, which WalletHub describes as having a credit account in forbearance or deferred payments because of financial difficulties, as a result of inflation, changes in unemployment, natural disasters, and other difficulties. Based on variables including average credit scores, bankruptcy trends, and search interest for financial assistance, WalletHub's most recent analysis places South Carolina as the ninth most financially troubled state in the country. Credit Challenges and Financial Struggles In Q3 2024, South Carolina had the eighth-lowest average credit score in the US, indicating that many people had trouble keeping up sound financial practices. The s...

Black Friday, the day following Thanksgiving, is one of the largest shopping days in the US and is well-known for its crazy crowds and doorbuster sales. The term's history, however, goes much beyond its contemporary use in relation to retail sales. Despite what many people think, the idea of businesses turning from losses (in the red) to profits (in the black) is not the origin of the name Black Friday. Rather, its origins can be found in Philadelphia in the 1960s, when police officers first used the term to characterize the mayhem brought on by the influx of suburban shopping. These tourists frequently came to watch the annual Army-Navy football game and start their holiday shopping. Longer police shifts were necessary due to the traffic bottlenecks caused by the inflow. Local retailers' ...

A significant transition is underway as thousands of seniors will no longer have access to Medicare Advantage plans, impacting their healthcare coverage options. This shift raises concerns among the elderly population who rely on these plans for comprehensive medical services. Understanding the implications of this change is crucial for seniors navigating their healthcare choices. The Shift Away from Medicare Advantage Recent regulatory changes have led to the discontinuation of several Medicare Advantage plans, leaving many seniors in a state of uncertainty regarding their health insurance coverage. Medicare Advantage plans, which offer additional benefits beyond traditional Medicare, have been popular among seniors due to their comprehensive coverage options and lower out-of-pocket...

In a significant shift, new regulations are on the horizon that will disallow the acceptance of bank bills in transactions. This change is expected to reshape the landscape of payment methods and could have widespread implications for consumers and businesses alike. Understanding the details of this transition is essential for adapting to the upcoming financial landscape. The Transition Away from Bank Bills Starting soon, financial institutions will no longer accept bank bills as a form of payment. This decision is part of a broader initiative to streamline financial transactions and enhance security measures. The move aims to reduce the risks associated with counterfeit currency and improve the overall efficiency of monetary exchanges. As this regulation comes into effect, indivi...